Ethereum (ETH) Sees Best Day Since 2021 in 20% Surge

American fast food outlet Steak ‘n Shake has announced it will begin accepting Bitcoin as payment at all locations starting on May 16.

The firm said on X on May 9 that it was making the cryptocurrency available to more than 100 million customers, adding that “the movement is just beginning,” before signing off as “Steaktoshi.”

The fast food chain initially hinted at accepting Bitcoin in March when it posted “Should Steak ‘n Shake accept Bitcoin?” on social media.

The tweet drew the attention of the crypto community and Bitcoin proponents such as Jack Dorsey, who rapidly replied with a “yes.”

The firm has built momentum since then with Bitcoin-themed marketing, Tesla promotions, and visual hints on its social media feeds.

Fresh off its most recent Bitcoin purchase, Japanese investment firm Metaplanet is raising more funds through another bond issue to expand its growing crypto treasury.

Through a $21.25 million issue of “0% Ordinary Bonds,” the firm said in a May 9 statement that the “funds raised will be allocated to the purchase of Bitcoin.”

Zero-coupon bonds don’t offer any interest to the holder. Most of the time, they are issued at a steep discount from their normal value, and when they mature, the holder receives the full value.

Following a board of directors meeting, the firm said it will issue a 14th Stock Acquisition Rights to EVO Fund, an investment management firm in the Cayman Islands, with a redemption date of Nov. 7.

Ripple CEO Brad Garlinghouse has taken to the X social media network to urge U.S. senators to pass pivotal stablecoin legislation. 

"The sooner that the US can pass workable, clear rules, the faster it reaps the benefits of this technology," he said. 

Garlinghouse has noted that stablecoins are currently "exploding" globally based on the sheer number of announcements across crypto and traditional finance. 

As reported by U.Today, the GENIUS Act, which is meant to create a clear regulatory framework for stablecoins, failed to pass a procedural hurdle in the Senate on Thursday in order to be able to advance to a full vote. 

Arizona Senator Ruben Gallego claimed that the Democrats did not have enough time to familiarize themselves with the proposed changes, which is why the bill did not get enough votes to meet cloture. Some Republican senators, including libertarian Rand Paul, also voted against the high-stakes stablecoin bill.

It is likely that a new version of the bill will be considered by senators next week. 

In a statement reposted by Garlinghouse, Treasury Secretary Scott Bessent stated that the bill presented a "once-in-a-generation opportunity" to expand the dominance of the U.S. dollar. Bessent has warned that cryptocurrency innovation could move offshore. 

Galaxy CEO Mike Novogratz has stressed that it is "imperative" for the Senate to pass stablecoin legislation, stressing that it should not be partisan.

Bitcoin (BTC), the market’s leading cryptocurrency, has surpassed the $100,000 mark for the first time since February, driven by a notable shift in President Donald Trump’s tariff policies, which sparked renewed optimism in the crypto market.

Bitcoin Only 6% Off Its All-Time High

Over the past months, aggressive tariff strategies implemented by Trump negatively impacted cryptocurrency prices, with Bitcoin experiencing a significant correction. The digital asset dropped to as low as $74,000, marking a 25% decline from its record high of $109,000 reached in January. 

However, the President’s decision to pause his so-called “tariff war” has led to a remarkable rebound in crypto prices boosted by a $6 billion trade deal with the UK announced on Thursday. 

In the thirty-days time frame, the market’s largest cryptocurrency has recorded a staggering 31% price surge, positioning it just 6.7% below its all-time high. Antoni Trenchev, co-founder of the crypto exchange Nexo, remarked: 

Other major cryptocurrencies have also benefited from this shift. Ethereum (ETH) has regained the $2,000 mark for the first time since late March, experiencing a 12% surge in just 24 hours, while Dogecoin (DOGE) followed closely with an 11% increase. 

Trenchev pointed out that Bitcoin’s recent performance is bolstered by a supportive pro-crypto administration and increased buying interest from spot-exchage-traded fund (ETF) investors. He noted that Bitcoin’s outperformance against US equity benchmarks in 2025 reinforces its status as a resilient and safe-haven asset.

Analysts Warn Of Challenges Ahead Amid Global Uncertainty

Despite the current bullish sentiment, Trenchev cautioned that Bitcoin’s resilience will be tested amid an uncertain global macroeconomic and geopolitical environment. 

Rising tensions between India and Pakistan pose potential risks, while the US Federal Reserve (Fed) remains cautious about cutting interest rates amid concerns over unemployment and inflation.

Since the introduction of the tariff policy in early April, Bitcoin has gained more than 16%, while spot gold has risen nearly 6%, and the S&P 500 has seen only marginal gains, illustrating Bitcoin’s growing appeal as a hedge against traditional market fluctuations.

In order to confirm its upward trend, analysts predict that Bitcoin will need to break above its January high of over $109,350. According to Trenchev, the cryptocurrency’s price might stay between $70,000 and $109,000 for the months following the election. 

Nevertheless, he emphasized that reclaiming the $100,000 milestone is a significant achievement for Bitcoin. “Buying during peak fear—just last month Bitcoin was languishing around $74,000—can be exceptionally lucrative,” he concluded.

Featured image from DALL-E, chart from TradingView.com

Bitcoin mining and energy infrastructure firms MARA Holdings, CleanSpark, and Hut 8 have released their financial reports for the first quarter of 2025. MARA and CleanSpark’s reports highlighted significant revenue growth despite substantial net losses. 

The former saw a 30% year-over-year revenue increase, while CleanSpark’s revenue surged by 62.5%. However, Hut 8’s revenue declined by 58.1%.

MARA and CleanSpark Report Strong Revenue Growth Amid Net Losses

In their latest shareholder letter, MARA Holdings revealed that its Q1 2025 revenue reached $213.9 million, up from $165.2 million in Q1 2024. The revenue growth was driven by a 77% increase in the average Bitcoin price, despite a 21.8 million decrease in Bitcoin production due to the halving event. 

Furthermore, the company’s Bitcoin holdings expanded dramatically to 47,531. This marked a 174% increase from the previous year. The holdings were valued at approximately $3.9 billion. 

The company’s net loss was $533.4 million. This represented a 258% decrease in income, primarily attributed to a decline in Bitcoin prices at the quarter’s end.

MARA is currently focused on transforming itself into a vertically integrated digital energy and infrastructure company. The company is prioritizing strategic growth by expanding its operations with low-cost energy solutions and efficient capital deployment, including investments in renewable energy sources like a 114 MW wind farm in Texas.

Meanwhile, CleanSpark’s revenue performance was also strong. Revenue increased year over year from $111.8 million to $181.7 million. Bitcoin production grew to 1,957 coins, generating an average revenue per coin of $92,811.

At the same time, the company reported a net loss of $138.8 million, a stark contrast to the $126.7 million income in Q1 2024. Adjusted EBITDA dropped from $181.8 million in Q1 2024 to a loss of $57.8 million.

Additionally, as of March 31, 2025, CleanSpark’s total assets amounted to $2.7 billion, with $97.0 million in cash and $979.6 million in Bitcoin. The company’s total current assets were valued at $947.5 million. The working capital was $838.2 million.

Hut 8 Q1 2025 Revenue Dips 58.1%

In contrast to MARA Holdings and CleanSpark’s revenue performance, Hut 8’s revenue declined in Q1 2025. The report highlighted a revenue of $21.8 million, down from $51.7 million in the same period last year. 

The company recorded a net loss of $134.3 million. In Q1 2024, it generated a net income of $250.7 million. Adjusted EBITDA declined sharply from a profit of $297.0 million last year to a loss of $117.7 million this year.

Hut 8’s strategic Bitcoin reserve grew to 10,264 BTC. The reserve’s market value stood at $847.2 million as of quarter end.

The total energy capacity under management reached 1,020 megawatts. Additionally, Hut 8 upgraded its ASIC fleet, resulting in a 79% increase in hashrate and a 37% improvement in fleet efficiency. 

BeInCrypto reported that the firm also launched American Bitcoin, a subsidiary focused on industrial-scale Bitcoin mining and accumulation.

Another Bitcoin mining firm, Core Scientific, also released its fiscal report on May 7. Although the firm experienced a 55.7% revenue loss, its net income increased by 175.6%. Thus, the financial outcomes for Q1 2025 illustrate the dual challenges and opportunities within the sector. 

Unichain, Uniswap's native Layer 2 blockchain, has emerged as the dominant chain for Uniswap version 4, surpassing Ethereum in transaction volume.

A Dune Analytics dashboard by Entropy Advisors shows that Unichain has overtaken Ethereum to become the leading chain for Uniswap v4, with a market share of about 75% at the time of writing. Ethereum's share, by contrast, is below 20%. This shift began accelerating in mid-April 2025, driven by Unichain's growth and strategic incentives.

Notably, Ethereum remains the dominant chain for Uniswap v3 in terms of trading volume, and that version is currently more widely used by end users.

Uniswap v4, launched in January 2025, is the DEX's latest version and introduces hooks for custom code execution, dynamic fees, gas savings, and native ETH support. Unichain primarily focuses on Uniswap v4 and does not operate Uniswap v3 as a core component of its ecosystem.

Uniswap v4: Volume Breakdown by Blockchain. Source: Dune Analytics (via entropy_advisors)

Unichain's dominance in v4 is also attributed to a $45 million liquidity incentive program, which has driven a sharp increase in active addresses and value locked. According to DeFiLlama, it is currently the third-largest Layer 2 rollup by total value locked, at $800 million.

Unichain, built on the Optimism Superchain, offers roughly 95% lower transaction costs than Ethereum's Layer 1. It features one-second block times, with plans to introduce 250ms sub-blocks to achieve near-instant transactions.

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