Solana’s rise, Blackrock’s growing BTC exposure and more.

Solana's blockchain has been one of the strongest of this bull cycle so far, with network activity and integrations past disruptions and technical challenges.

According to data from Hello Moon, the network saw 55 million new addresses created between March and April, much to the chagrin of memecoin and the growing popularity of decentralized applications such as DePINs.

One of the latest companies to join Solana's ecosystem is PayPal. The fintech integrated the stablecoin PayPal USD (PYUSD) into its network on May 29, aiming to expand its benefits for everyday transactions.

Similarly, the communication protocol LayerZero included Solana on a network with more than 70 chains on the same day. According to LayerZero, Solana's high revenue rate and low transaction fees make it ideal for “decentralized applications, especially in DeFi, NFTs and games.”

Solana's growth is not without challenges. After a series of outages, the threat of network resiliency still lingers around the ecosystem. According to the foundation, the full version of the Firedancer update will be available in the coming months.

Along with Solana's return, this week's CryptoBiz explores BlackRock funds' growing exposure to Bitcoin, Riot Platforms' ‘Bitfarms' auction, Semler Scientific's use of BTC as a treasury store, and more.

BlackRock adds its own Bitcoin ETF to income and bond funds

BlackRock is adding shares of the spot Bitcoin (BTC) exchange-traded fund (ETF) to its current portfolio of funds. The company's investment fund bought back its own BTC shares in the first quarter, according to regulatory filings. BlackRock Strategic Income Opportunities Fund (BSIIX) collected $3.56 million worth of iShares Bitcoin Trust (IBIT), while Strategic Global Bond Fund (MAWIX) bought $485,000, according to a May 28 filing with the Securities and Exchange Commission. IBIT's shares are part of BSIIX and MAWIX's investment portfolios, valued at $37.4 billion and $776.4 million, respectively.

Semler Scientific has gained 30% since accepting Bitcoin as a treasury.

Shares of Nasdaq-listed Semler Scientific ( SMLR ) surged 30 percent on May 28 after announcing that bitcoin would become its primary treasury asset. As part of the strategy, Semler bought 581 BTC for a total of $40 million. The company's board of directors and senior management are said to have spent an “extensive period” exploring the potential for the stock, including acquisition opportunities. “After studying various options, we decided that holding Bitcoin was the best use of our surplus funds,” Semler Scientific Chairman Eric Semler said in a statement.

Riot Platforms offers $950M acquisition to Bitfarms amid CEO controversy

Bitcoin mining company Riot Platforms has offered to acquire smaller Canadian competitor Bitfarms for $950 million in cash and common stock, representing a 24% premium over Bitfarms' average share price. Riot is already Bitfarms' largest shareholder, with a 9.25% stake. The offer follows Bitfarms' internal management turmoil, including the recent ouster and impeachment of former CEO Geoffrey Morphy. The executive sued the company for $27 million for breach of contract, wrongful termination and damages. BitFarms fired him on May 13 and appointed chairman and co-founder Nicolas Bonta to replace him.

Cathy Wood's ARK Invest invests $60M in Elon Musk's AI venture

Kathy Wood's investment firm ARK Invest has acquired a stake in Elon Musk's AI startup xAI. In the year Announced on May 28, ARK's chief futurist Brett Winton said the new investment would make up about 2% of the fund's holdings. The move follows the May 10 introduction of AI-powered audiences to X advertisers. With an increasing focus on AI-related investments, the company recently announced that it has 4% of its holdings in OpenAI shares and 5% in Anthropoc shares. Winton said he believes the AI ​​foundation's models will be worth “multiple trillion dollars by the end of this decade.”

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