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On May 12, the U.S. Senate Banking Committee released the latest version of the Clarity Act, detailing the framework proposal for the cryptocurrency market currently advancing in Congress. This bill text will be discussed at the committee hearing this week, and there are no significant unexpected provisions, reflecting the multiple rounds of debate and consultation over the past months regarding stablecoin yields and the regulation of the decentralized finance industry.

[U.S. Senate Banking Committee Officially Releases Full Text of the Clarity Act Ahead of Hearing]On May 12, the U.S. Senate Banking Committee released the latest version of the Clarity Act, detailing the framework proposal for the cryptocurrency market currently advancing in Congress. This bill text will be discussed at the committee hearing this week, and there are no significant unexpected provisions, reflecting the multiple rounds of debate and consultation over the past months regarding stablecoin yields and the regulation of the decentralized finance industry.

U.S. Senate Banking Committee Officially Releases Full Text of the Clarity Act Ahead of Hearing

On May 12, according to Barchart, the Buffett Indicator (U.S. stock market total market cap/GDP) surpassed 230% for the first time in May, reaching a historic high. Analysts believe this reflects the high valuation status of the U.S. stock market, particularly driven by tech giants. However, high valuations do not necessarily indicate an imminent market crash. The market is concentrated in a few large stocks, and historical experience suggests that this indicator is more suitable for long-term risk assessment rather than precise timing.

[U.S. Stock Market Total Market Cap/GDP Ratio Hits Record High]On May 12, according to Barchart, the Buffett Indicator (U.S. stock market total market cap/GDP) surpassed 230% for the first time in May, reaching a historic high. Analysts believe this reflects the high valuation status of the U.S. stock market, particularly driven by tech giants. However, high valuations do not necessarily indicate an imminent market crash. The market is concentrated in a few large stocks, and historical experience suggests that this indicator is more suitable for long-term risk assessment rather than precise timing.

U.S. Stock Market Total Market Cap/GDP Ratio Hits Record High

According to monitoring by Beating, two AI giants with a combined valuation nearing $2 trillion are taking action to clean up their equity tables ahead of their IPOs. OpenAI announced a formal policy on its website today, stating that all share transfers without written consent are invalid, covering direct sales, SPV (Special Purpose Vehicle) shares, tokenized rights, and forward contracts. Both buyers and sellers will receive no economic value and may also violate U.S. securities laws. As early as August 2025, OpenAI publicly warned investors to be wary of unauthorized SPV scams, and this marks the establishment of formal rules. Anthropic has similarly tightened its policies, using the term 'void' rather than 'voidable' on its equity trading policy page. Crypto lawyer Gabriel Shapiro noted that this represents the most aggressive legal stance under Delaware corporate law: voidable transactions can still be salvaged, while void transactions are legally considered to have 'never occurred.' Sellers can retain both their shares and the money received, while buyers can only seek recourse upstream. Anthropic also specifically named several platforms, including Open Door Partners, Unicorns Exchange, Forge Global, and Hiive, announcing that shares purchased through these channels carry no shareholder rights. The ban comes against the backdrop of a frenzied secondary market. Anthropic's primary financing valuation in February was $380 billion, yet the secondary market has soared to around $1 trillion. OpenAI is valued at $852 billion. Both companies plan to IPO in the fourth quarter of this year, aiming to clean up uncontrolled 'wild shareholders' from their equity tables before going public, which is both a compliance necessity and a struggle for pricing power.

[OpenAI and Anthropic Ban Unauthorized Share Transfers: Non-Authorized SPV Investments Nullified]According to monitoring by Beating, two AI giants with a combined valuation nearing $2 trillion are taking action to clean up their equity tables ahead of their IPOs. OpenAI announced a formal policy on its website today, stating that all share transfers without written consent are invalid, covering direct sales, SPV (Special Purpose Vehicle) shares, tokenized rights, and forward contracts. Both buyers and sellers will receive no economic value and may also violate U.S. securities laws. As early as August 2025, OpenAI publicly warned investors to be wary of unauthorized SPV scams, and this marks the establishment of formal rules. Anthropic has similarly tightened its policies, using the term 'void' rather than 'voidable' on its equity trading policy page. Crypto lawyer Gabriel Shapiro noted that this represents the most aggressive legal stance under Delaware corporate law: voidable transactions can still be salvaged, while void transactions are legally considered to have 'never occurred.' Sellers can retain both their shares and the money received, while buyers can only seek recourse upstream. Anthropic also specifically named several platforms, including Open Door Partners, Unicorns Exchange, Forge Global, and Hiive, announcing that shares purchased through these channels carry no shareholder rights. The ban comes against the backdrop of a frenzied secondary market. Anthropic's primary financing valuation in February was $380 billion, yet the secondary market has soared to around $1 trillion. OpenAI is valued at $852 billion. Both companies plan to IPO in the fourth quarter of this year, aiming to clean up uncontrolled 'wild shareholders' from their equity tables before going public, which is both a compliance necessity and a struggle for pricing power.

OpenAI and Anthropic Ban Unauthorized Share Transfers: Non-Authorized SPV Investments Nullified

On May 12, Bitmine Chairman Tom Lee stated that Bitmine purchased 26,659 ETH last week, a slowdown compared to previous purchases of over 100,000 ETH per week. However, the company still plans to hold 5% of the circulating supply of Ethereum by the end of 2026. Currently, the company's total staked Ethereum exceeds 4.7 million, with an expected annual reward of approximately $352 million once fully staked. Tom Lee believes that if Ethereum's closing price is above $2,100 by the end of May, it will confirm that 'crypto spring' has arrived.

[Bitmine Plans to Hold 5% of Ethereum Supply by End of 2026]On May 12, Bitmine Chairman Tom Lee stated that Bitmine purchased 26,659 ETH last week, a slowdown compared to previous purchases of over 100,000 ETH per week. However, the company still plans to hold 5% of the circulating supply of Ethereum by the end of 2026. Currently, the company's total staked Ethereum exceeds 4.7 million, with an expected annual reward of approximately $352 million once fully staked. Tom Lee believes that if Ethereum's closing price is above $2,100 by the end of May, it will confirm that 'crypto spring' has arrived.

Bitmine Plans to Hold 5% of Ethereum Supply by End of 2026

On May 12, SoftBank Group is set to announce its Q4 earnings on Wednesday. According to a survey by Visible Alpha of analysts, the net profit for SoftBank Group for the three months ending in March (Q4) is expected to decline by 64% to 187.8 billion yen (approximately $1.19 billion). In comparison, the net profit for the same period last year was 517.2 billion yen. Driven by growing expectations for demand related to artificial intelligence, the company's stock price has risen 31% year-to-date as of Monday. Prior to this, the stock had increased by 92% in 2025.

[Analysts Expect SoftBank Group's Q4 Net Profit to Decline]On May 12, SoftBank Group is set to announce its Q4 earnings on Wednesday. According to a survey by Visible Alpha of analysts, the net profit for SoftBank Group for the three months ending in March (Q4) is expected to decline by 64% to 187.8 billion yen (approximately $1.19 billion). In comparison, the net profit for the same period last year was 517.2 billion yen. Driven by growing expectations for demand related to artificial intelligence, the company's stock price has risen 31% year-to-date as of Monday. Prior to this, the stock had increased by 92% in 2025.

Analysts Expect SoftBank Group's Q4 Net Profit to Decline

On May 12, this Friday (May 15) marks the statutory deadline for institutional investors to submit their 13F forms, revealing changes in their holdings for the first quarter. A large number of small to mid-sized institutions have already submitted their filings, but most well-known large institutions and hedge funds have yet to disclose, with expectations for a concentrated release on Thursday and Friday. Notable investment entities to watch include Nvidia's strategic equity investments, Situational Awareness LP led by 25-year-old Wall Street AI investor Leopold Aschenbrenner, as well as major traditional Wall Street investment firms like Vanguard and BlackRock. The changes in holdings from these prominent institutions will serve as important market indicators, to some extent determining the next direction of the AI boom.

[Major Institutional Holdings Disclosure This Week: AI Investor Leopold, Nvidia, and Wall Street Firms to Showcase]On May 12, this Friday (May 15) marks the statutory deadline for institutional investors to submit their 13F forms, revealing changes in their holdings for the first quarter. A large number of small to mid-sized institutions have already submitted their filings, but most well-known large institutions and hedge funds have yet to disclose, with expectations for a concentrated release on Thursday and Friday. Notable investment entities to watch include Nvidia's strategic equity investments, Situational Awareness LP led by 25-year-old Wall Street AI investor Leopold Aschenbrenner, as well as major traditional Wall Street investment firms like Vanguard and BlackRock. The changes in holdings from these prominent institutions will serve as important market indicators, to some extent determining the next direction of the AI boom.

Major Institutional Holdings Disclosure This Week: AI Investor Leopold, Nvidia, and Wall Street Firms to Showcase

On May 12, according to monitoring by Ark Invest Tracker, Cathie Wood's Ark Invest increased its holdings by 41,904 shares of Circle stock, amounting to approximately $5.52 million.

[Ark Invest Increases Stake in Circle Stock by Approximately $5.52 Million]On May 12, according to monitoring by Ark Invest Tracker, Cathie Wood's Ark Invest increased its holdings by 41,904 shares of Circle stock, amounting to approximately $5.52 million.

Ark Invest Increases Stake in Circle Stock by Approximately $5.52 Million

On May 12, UBS stated that it maintains its year-end predictions for gold and silver prices, expecting them to reach $5,600 and $100 per ounce, respectively, as the fundamental factors supporting precious metals remain intact. It noted that since the outbreak of the Iran war, gold prices have been under pressure, but rising inflation and the Federal Reserve's decision to keep interest rates unchanged have compressed real interest rates, which will support gold. The buying of gold by retail and institutional investors indicates that the theme of 'diversification' remains very solid. Global central banks are 'unlikely' to stop purchasing gold and are also unlikely to sell gold directly.

[UBS Still Expects Gold Prices to Reach $5,600 per Ounce by Year-End, Silver to Hit $100]On May 12, UBS stated that it maintains its year-end predictions for gold and silver prices, expecting them to reach $5,600 and $100 per ounce, respectively, as the fundamental factors supporting precious metals remain intact. It noted that since the outbreak of the Iran war, gold prices have been under pressure, but rising inflation and the Federal Reserve's decision to keep interest rates unchanged have compressed real interest rates, which will support gold. The buying of gold by retail and institutional investors indicates that the theme of 'diversification' remains very solid. Global central banks are 'unlikely' to stop purchasing gold and are also unlikely to sell gold directly.

UBS Still Expects Gold Prices to Reach $5,600 per Ounce by Year-End, Silver to Hit $100

On May 12, the Ethereum Foundation unstaked 21,271 ETH from Lido, causing panic in the market. Arkham published an analysis stating that the Foundation's move may be due to concerns over the security of third-party protocols. Additionally, the Foundation has recently sold ETH multiple times, indicating a need for treasury rebalancing, which typically does not lead to immediate sell-offs.

[Arkham: Ethereum Foundation's Large ETH Unstaking May Not Cause Short-Term Selling Pressure]On May 12, the Ethereum Foundation unstaked 21,271 ETH from Lido, causing panic in the market. Arkham published an analysis stating that the Foundation's move may be due to concerns over the security of third-party protocols. Additionally, the Foundation has recently sold ETH multiple times, indicating a need for treasury rebalancing, which typically does not lead to immediate sell-offs.

Arkham: Ethereum Foundation's Large ETH Unstaking May Not Cause Short-Term Selling Pressure

According to CoinDesk, Bitcoin miner CleanSpark (CLSK), lowered its year-end 2023 hashrate or computing power guidance to 16 exahash per second (EH/s), from 22.4 EH/s previously, citing delays in building a mining facility by one of its partners, Lancium.
The miner announced a partnership with energy technology company Lancium earlier this year for an initial 200 megawatts (MW) of power capacity in west Texas, which translates to 6.6 EH/s of hashrate, with an option for an additional 300MW in the future.
However, Lancium informed CleanSpark that capital constraints have affected its ability to meet its commitments, according to a statement. The expected completion dates have been pushed into late 2023 or even later, which led to the guidance cut by the miner.

Detail

【Bitcoin miner CleanSpark cuts 2023 hashrate outlook by nearly 30%】According to CoinDesk, Bitcoin miner CleanSpark (CLSK), lowered its year-end 2023 hashrate or computing power guidance to 16 exahash per second (EH/s), from 22.4 EH/s previously, citing delays in building a mining facility by one of its partners, Lancium.
The miner announced a partnership with energy technology company Lancium earlier this year for an initial 200 megawatts (MW) of power capacity in west Texas, which translates to 6.6 EH/s of hashrate, with an option for an additional 300MW in the future.
However, Lancium informed CleanSpark that capital constraints have affected its ability to meet its commitments, according to a statement. The expected completion dates have been pushed into late 2023 or even later, which led to the guidance cut by the miner.

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OSMO Current Price at $0.0886, 24-Hour Increase of 68.32%

Bitcoin miner CleanSpark cuts 2023 hashrate outlook by nearly 30%

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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