SpaceX made headlines today in the crypto world after revealing its Bitcoin holdings in its initial public offering (IPO), at a time when the Hyperliquid platform showed strength by surpassing the fully diluted market value (FDV) of the Solana network, while a Korean funeral company suffered millions of dollars in losses due to the failure of a leveraged deal. These stories are currently dominating discussions on social media.
Hyperliquide climbed to the top spot in the market after reaching a fully diluted market capitalization of $54 billion, surpassing Solana. The platform’s associated HYPE token has seen gains of 20%, outperforming all major coins during the current bearish wave, highlighting the platform’s growing influence in decentralized commerce as meme season on the Solana network draws to a close.
Hyperliquide overthrew Solana by FDV. pic.twitter.com/rDF5FRg4TK
-Arkham (@arkham) May 21, 2026
Hyperliquid moves and news from SpaceX, Circle and Coinbase amid market hemorrhage
SpaceX’s pre-IPO listing is now available on Binance (SPCXUSDT) and Hyperliquid. This development injects additional fuel into the HYPE coin rally, building on the strong momentum generated by the new Circle and Coinbase. This indicates the maturity of the hyperliquid ecosystem amid volatile market conditions and changing dynamics.
Coming back to SpaceX news, the company revealed in its IPO filing that it held 18,712 bitcoins, worth an estimated $1.45 billion today. This number far exceeds expectations, confirms SpaceX’s commitment to crypto as a cash reserve strategy, and reflects widespread interest in institutional adoption of digital assets.
Market reactions to the SpaceX news have been mixed but mostly positive, with many seeing it as a frank recognition of the value of Bitcoin. The company continues to push the boundaries not only in space, but also in finance, in line with industry trends toward asset diversification and long-term value preservation.
Capitalizing on Korean Funeral Home Disaster
Elsewhere, South Korean funeral company Bumo Sarang lost $33 million in prepaid customer funds after betting with 2x leverage on the BitMine ETF, a deal that ended in failure. The company’s decision to use client funds in high-risk transactions raised serious ethical questions about its corporate responsibility.
– Be Bumo Sarang
– One of the largest funeral companies in South Korea
-Manages prepaid funeral money for thousands of families
-instead of holding it securely
– starts buying crypto-related leveraged ETFs
– specifically BMNU
– a 2x daily leveraged ETF linked to… pic.twitter.com/VbRewfvp6Y– StarPlatinum (@StarPlatinum_) May 20, 2026
The Korean funeral home incident is a stark reminder of the risks of leveraged crypto trading for entities outside the industry, but it also highlights how non-crypto businesses are moving down the path to institutional adoption.
In a related development, crypto vault company Nakamoto is considering a 1-40 reverse stock split, after its stock price collapsed dramatically by 99%. This structure aims to strengthen investor confidence and meet future stock exchange listing requirements.
Meanwhile, Bitcoin exchange-traded funds (ETFs) saw additional outflows of $1 billion as investor confidence cooled, with the latest surge hitting $648 million amid a growing Wall Street run and profit-taking. This year has certainly been difficult for financial and mining companies.
Separately, a Trump order suspended Kraken, Ripple, Coinbase and Circle from direct access to Federal Reserve payment lanes, in what is being described as a major victory for crypto. With this, we could see greater integration with traditional banking systems.
The Federal Reserve has proposed limited master accounts that crypto companies have long sought to improve access to banking services and reduce their reliance on traditional brokers. At the same time, US Treasury sanctions target drug traffickers who launder their profits through crypto channels, part of ongoing efforts to combat illicit activities.
JUST IN:
President Trump directs the US government to update regulations to integrate crypto into traditional financial and payment systems. – Watcher.Guru (@WatcherGuru) May 20, 2026
In contrast, Singapore revoked Bsquared’s crypto license due to an alleged serious violation of compliance rules. The decision sends a strong signal to the industry regarding regulatory oversight in Asia, as Japan prepares to open its payments system to foreign stablecoins from June 1, as part of efforts to modernize finance and attract international businesses.
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