Crypto News, May 21: SpaceX Holds $1.4B in BTC, Hyperliquid Surpasses Solana, Korean Funeral Firm Implodes on Leverage

In today’s crypto news, SpaceX has made headlines with its Bitcoin holding revelation in its IPO filing, Hyperliquid is demonstrating its strength by surpassing Solana’s fully diluted valuation (FDV), and a Korean funeral firm has lost millions on a leveraged trade. These stories are dominating social media discussions.

Hyperliquid has surged ahead in the market, with its fully diluted valuation reaching $54 billion, surpassing Solana. The associated HYPE token gained 20%, outperforming all major tokens during this market downturn. This highlights the platform’s growing influence in decentralized trading as the memecoin season on Solana cools off.

Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK

— Arkham (@arkham) May 21, 2026

Hyperliquid Moves on Circle, Coinbase, and SpaceX News as Crypto Bleeds

The SpaceX pre-IPO shares listing is now available on both Binance (SPCXUSDT) and Hyperliquid. This injects another gallon of fuel into the HYPE rally, adding momentum to an already impressive run driven by news from Circle and Coinbase. It shows that the Hyperliquid ecosystem is maturing amid volatile conditions and shifting market dynamics.

Still, from SpaceX, in its IPO filing, the company has revealed its Bitcoin holdings of 18,712 BTC, valued at $1.45 billion today. This figure is far bigger than expectations and shows SpaceX’s commitment to crypto as a treasury reserve strategy. SpaceX’s reported Bitcoin holdings undoubtedly show widespread interest in institutional adoption.

Market reactions to the SpaceX news have been mixed but largely positive, with many seeing it as validation for Bitcoin. The company continues to push boundaries not just in space but in finance, too. It aligns with industry trends toward asset diversification and long-term value preservation.

Discover: The best crypto to diversify your portfolio with

Korean Funeral Firm’s Leverage Disaster

In another part of the world, a South Korean funeral firm, Bumo Sarang, lost $33 million of its customers’ prepaid funds after placing a leveraged 2x bet on the BitMine ETF that went sour. The Korean funeral firm’s decision to use customer money for high-risk trading has raised serious ethical questions about its corporate responsibility.

– be Bumo Sarang
– one of the biggest funeral companies in South Korea
– manages prepaid funeral money from thousands of families
– instead of holding it safely
– starts buying leveraged crypto-related ETFs
– specifically BMNU
– a 2x daily leveraged ETF tied to… https://t.co/JqIZCzxyS9 pic.twitter.com/VbRewfvp6Y

— StarPlatinum (@StarPlatinum_) May 20, 2026

This Korean funeral incident serves as a stark reminder of the dangers of leveraged crypto trading for entities outside the industry. But it does highlight how even businesses unrelated to crypto are joining institutional adoption.

Another crypto treasury company, Nakamoto, is plotting a 1-for-40 reverse stock split following a dramatic 99 percent price plunge in its shares. This restructuring aims to boost investor confidence and meet exchange listing requirements going forward.

At the same time, Bitcoin ETFs experienced another $1 billion in outflows as investor sentiment cooled, with $648 million hitting in the latest wave amid increased Wall Street crowding and profit-taking.

For sure, it has been a bad year for treasury and mining companies.

In other news, far from cautious, Trump’s order has lined up Kraken, Ripple, Coinbase, and Circle for direct Fed payment rails in what is being called a major crypto win. With this order, we might see greater integration with traditional banking systems.

The Fed has proposed limited master accounts that have long been sought by crypto firms to improve banking access and reduce reliance on traditional intermediaries. The US Treasury sanctioned drug traffickers who were laundering profits via crypto channels in a continued effort to curb illicit activities.

JUST IN: President Trump orders US government to update regulations to integrate crypto into traditional finance and payment systems.

— Watcher.Guru (@WatcherGuru) May 20, 2026

In contrast, Singapore revoked Bsquared’s crypto permit over an alleged serious breach of compliance rules. This sends a strong signal to the industry about regulatory scrutiny in Asia, as Japan is set to open its payment system to foreign stablecoins starting June 1, as part of efforts to modernize finance and attract international business.

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