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On May 12, Bakkt released its Q1 2026 financial report, showing a net loss attributable to the company of $11.7 million, or a loss of $0.41 per share; compared to a net profit of $7.7 million in the same period last year. The decline in crypto trading volume impacted Bakkt's crypto services revenue, which fell from $1.07 billion in the same quarter last year to $243.6 million, a 77% year-on-year decrease, although most of this was offset by crypto costs and brokerage fees. At the end of the first quarter, the company held $82.6 million in cash and had no long-term debt. Bakkt stated that it is transitioning from crypto trading infrastructure to stablecoin payments and AI financial infrastructure, having completed the acquisition of Distributed Technologies Research on April 30, gaining an AI-native payment engine and a stablecoin compliance technology stack.

[Bakkt Q1 Crypto Revenue Falls 77% Year-on-Year, Shifts Focus to Stablecoin Infrastructure]On May 12, Bakkt released its Q1 2026 financial report, showing a net loss attributable to the company of $11.7 million, or a loss of $0.41 per share; compared to a net profit of $7.7 million in the same period last year. The decline in crypto trading volume impacted Bakkt's crypto services revenue, which fell from $1.07 billion in the same quarter last year to $243.6 million, a 77% year-on-year decrease, although most of this was offset by crypto costs and brokerage fees. At the end of the first quarter, the company held $82.6 million in cash and had no long-term debt. Bakkt stated that it is transitioning from crypto trading infrastructure to stablecoin payments and AI financial infrastructure, having completed the acquisition of Distributed Technologies Research on April 30, gaining an AI-native payment engine and a stablecoin compliance technology stack.

Bakkt Q1 Crypto Revenue Falls 77% Year-on-Year, Shifts Focus to Stablecoin Infrastructure

On May 12, SlowMist released a security monitoring report indicating that the decentralized shipping project Aurellion was attacked. The attacker seized ownership of the Diamond contract and transferred a total of 455,003 USDC from multiple authorized victim addresses.

[SlowMist: Aurellion Attacked, 455,000 USDC Lost]On May 12, SlowMist released a security monitoring report indicating that the decentralized shipping project Aurellion was attacked. The attacker seized ownership of the Diamond contract and transferred a total of 455,003 USDC from multiple authorized victim addresses.

SlowMist: Aurellion Attacked, 455,000 USDC Lost

On May 12, market sources reported that eBay has rejected GameStop's acquisition offer of approximately $56 billion, citing the reasons as "neither credible nor attractive." Previously, on May 4, GameStop had proactively proposed to acquire the American online marketplace eBay for about $56 billion. GameStop's CEO Cohen stated that the company holds about 5% of eBay's shares and proposed to acquire it for $125 per share in cash and stock. If eBay does not accept this proposal, Cohen is prepared to initiate a proxy battle and present the proposal directly to shareholders.

[eBay Rejects GameStop's $56 Billion Acquisition Offer]On May 12, market sources reported that eBay has rejected GameStop's acquisition offer of approximately $56 billion, citing the reasons as "neither credible nor attractive." Previously, on May 4, GameStop had proactively proposed to acquire the American online marketplace eBay for about $56 billion. GameStop's CEO Cohen stated that the company holds about 5% of eBay's shares and proposed to acquire it for $125 per share in cash and stock. If eBay does not accept this proposal, Cohen is prepared to initiate a proxy battle and present the proposal directly to shareholders.

eBay Rejects GameStop's $56 Billion Acquisition Offer

On May 12, Gelephu Mindfulness City in Bhutan launched an expedited licensing pathway for globally regulated cryptocurrency companies, providing eligible firms with comprehensive regulatory and banking services, 0% corporate income tax, and zero capital gains tax.

[Gelephu Mindfulness City in Bhutan Offers Tax Exemptions for Eligible Cryptocurrency Companies]On May 12, Gelephu Mindfulness City in Bhutan launched an expedited licensing pathway for globally regulated cryptocurrency companies, providing eligible firms with comprehensive regulatory and banking services, 0% corporate income tax, and zero capital gains tax.

Gelephu Mindfulness City in Bhutan Offers Tax Exemptions for Eligible Cryptocurrency Companies

According to monitoring by Dongcha Beating, Codex's /goal mode allows the Agent to loop continuously until the task is completed, but this amplifies the flaws in vague human prompts. OpenAI engineer Chris Hayduk pointed out from internal practical experience that vague instructions like 'optimize code' can cause the model to give up too early due to not knowing what the endpoint is, or to fall into a blind modification loop. To ensure the Agent can work steadily for days or even longer, he summarized three disciplines: - Eliminate qualitative terms and replace them with checklists: The model cannot assess what is 'better,' but it can understand 'reduce time by 20% without failing tests.' When faced with qualitative tasks like formatting papers, he even directly provided Codex with a Markdown checklist containing 200 formatting requirements, brutally transforming abstract tasks into quantitative ones—'completing all checkboxes means completion.' - Reduce validation time to minutes: The Agent needs to validate actions through testing. Do not let it run for hours in a large production environment; instead, provide it with a sample dataset and lightweight framework to make the feedback loop as short as possible. - Create three files as an 'external brain': Even with a large context window, it will lose memory after running for a few days. He recommends directly creating three Markdown files locally: PLAN.md (macro plan), EXPERIMENTS.md (record of experiments and outcomes), and EXPERIMENT_NOTES.md (real-time thinking drafts), forcing the model to write the trial-and-error process to the hard drive.

[Why Does Your Agent Stop Working After a Few Minutes? OpenAI Engineer: It Needs a Scoreboard and External Memory]According to monitoring by Dongcha Beating, Codex's /goal mode allows the Agent to loop continuously until the task is completed, but this amplifies the flaws in vague human prompts. OpenAI engineer Chris Hayduk pointed out from internal practical experience that vague instructions like 'optimize code' can cause the model to give up too early due to not knowing what the endpoint is, or to fall into a blind modification loop. To ensure the Agent can work steadily for days or even longer, he summarized three disciplines: - Eliminate qualitative terms and replace them with checklists: The model cannot assess what is 'better,' but it can understand 'reduce time by 20% without failing tests.' When faced with qualitative tasks like formatting papers, he even directly provided Codex with a Markdown checklist containing 200 formatting requirements, brutally transforming abstract tasks into quantitative ones—'completing all checkboxes means completion.' - Reduce validation time to minutes: The Agent needs to validate actions through testing. Do not let it run for hours in a large production environment; instead, provide it with a sample dataset and lightweight framework to make the feedback loop as short as possible. - Create three files as an 'external brain': Even with a large context window, it will lose memory after running for a few days. He recommends directly creating three Markdown files locally: PLAN.md (macro plan), EXPERIMENTS.md (record of experiments and outcomes), and EXPERIMENT_NOTES.md (real-time thinking drafts), forcing the model to write the trial-and-error process to the hard drive.

Why Does Your Agent Stop Working After a Few Minutes? OpenAI Engineer: It Needs a Scoreboard and External Memory

Alex Thorn, Director of Galaxy Research, posted on the X platform stating that the U.S. Senate Banking Committee has released the complete draft of the updated CLARITY Act, which includes significant adjustments in several key chapters, including: 1. A major rewrite of Chapter 1 regarding definitions and the authority of the Securities and Exchange Commission (SEC); 2. The addition of insider trading provisions in Section 109; 3. Updating 'common control' to 'coordinated control' in Chapter 2; 4. A rewrite of Section 301 to further clarify the regulatory boundaries between DeFi and CeFi; 5. Updating Section 404 to incorporate the compromise proposals from Tillis and Alsobrooks; 6. Adjusting Section 505 to narrow the scope of SEC's authority limitations in the tokenization space; 7. Restructuring the bankruptcy and insolvency framework in Sections 701 and 702; 8. The addition of Section 904, titled 'Build Now Act'; 9. The protective provisions for developers in the Blockchain Regulatory Certainty Act in Section 604 remain largely intact, with only minor modifications that do not weaken its core protections.

[Galaxy Research Director: Revised CLARITY Act Draft Adds Insider Trading Provisions and Multiple Adjustments]Alex Thorn, Director of Galaxy Research, posted on the X platform stating that the U.S. Senate Banking Committee has released the complete draft of the updated CLARITY Act, which includes significant adjustments in several key chapters, including: 1. A major rewrite of Chapter 1 regarding definitions and the authority of the Securities and Exchange Commission (SEC); 2. The addition of insider trading provisions in Section 109; 3. Updating 'common control' to 'coordinated control' in Chapter 2; 4. A rewrite of Section 301 to further clarify the regulatory boundaries between DeFi and CeFi; 5. Updating Section 404 to incorporate the compromise proposals from Tillis and Alsobrooks; 6. Adjusting Section 505 to narrow the scope of SEC's authority limitations in the tokenization space; 7. Restructuring the bankruptcy and insolvency framework in Sections 701 and 702; 8. The addition of Section 904, titled 'Build Now Act'; 9. The protective provisions for developers in the Blockchain Regulatory Certainty Act in Section 604 remain largely intact, with only minor modifications that do not weaken its core protections.

Galaxy Research Director: Revised CLARITY Act Draft Adds Insider Trading Provisions and Multiple Adjustments

According to monitoring by Dongcha Beating, Doubao Input Method, a product under ByteDance, has officially released its macOS version. Previously, this product only supported iOS and Android platforms, and the official page indicates that the Windows version is still under development. This version integrates the same voice model as Doubao, supporting accurate dialect recognition, light tone input, and Chinese-English mixed transcription, automatically filtering redundant words in spoken language during transcription. In terms of regular keyboard input, the product features long text error correction capabilities and can provide intelligent suggestions based on the context of previous text.

[Doubao Input Method Officially Launches Mac Version: Features Doubao Voice and Chinese-English Mixed Input]According to monitoring by Dongcha Beating, Doubao Input Method, a product under ByteDance, has officially released its macOS version. Previously, this product only supported iOS and Android platforms, and the official page indicates that the Windows version is still under development. This version integrates the same voice model as Doubao, supporting accurate dialect recognition, light tone input, and Chinese-English mixed transcription, automatically filtering redundant words in spoken language during transcription. In terms of regular keyboard input, the product features long text error correction capabilities and can provide intelligent suggestions based on the context of previous text.

Doubao Input Method Officially Launches Mac Version: Features Doubao Voice and Chinese-English Mixed Input

On May 12, TheBlock reported that the non-custodial crypto wallet Exodus (NYSE: EXOD) announced its Q1 2026 performance, with revenue of $22.7 million, a 37% year-over-year decline, primarily due to a 40.8% drop in exchange aggregation revenue. The net loss for the quarter widened to $32.1 million, compared to $12.9 million in the same period last year. The transaction volume was $1.18 billion, a 26% decrease quarter-over-quarter. Additionally, Exodus completed its acquisitions of Monavate and Baanx on May 1. In after-hours trading on Monday, Exodus's stock fell by 4.9%. The stock has risen 20.5% over the past month but is still down 47.9% year-to-date.

[Exodus Q1 Revenue Falls 37%, Net Loss Expands to $32.1 Million]On May 12, TheBlock reported that the non-custodial crypto wallet Exodus (NYSE: EXOD) announced its Q1 2026 performance, with revenue of $22.7 million, a 37% year-over-year decline, primarily due to a 40.8% drop in exchange aggregation revenue. The net loss for the quarter widened to $32.1 million, compared to $12.9 million in the same period last year. The transaction volume was $1.18 billion, a 26% decrease quarter-over-quarter. Additionally, Exodus completed its acquisitions of Monavate and Baanx on May 1. In after-hours trading on Monday, Exodus's stock fell by 4.9%. The stock has risen 20.5% over the past month but is still down 47.9% year-to-date.

Exodus Q1 Revenue Falls 37%, Net Loss Expands to $32.1 Million

On May 12, Wintermute released its weekly market summary, stating that the U.S. stock market continued its strong performance, recording a sixth consecutive week of gains, with the Nasdaq index rising by 4.5% and the S&P 500 index increasing by 2.3%, both reaching historic highs, as small-cap stocks and tech giants strengthened simultaneously. Non-farm payroll data exceeded expectations, with the unemployment rate stable at 4.3%, indicating a resilient labor market. Despite the turbulent situation in the Strait of Hormuz, the market viewed it as noise, with the war premium significantly retreating. Negotiations between Iran and the U.S. have returned to square one, as Iran's demands for sovereignty, compensation, and sanctions relief were outright rejected by Trump. This week's CPI data will test the transmission of energy prices to inflation, with Powell's term ending and Waller taking over, making the Fed's June FOMC dot plot a focal point. In the crypto asset space, Bitcoin broke through the $80,000 mark, reaching a high of around $83,000, and for the first time surpassed the 200-day moving average (the first time in seven months). However, this surge was clearly driven by leverage: open interest surged by $10 billion in a month, while spot trading volume hit a two-year low, indicating a typical short squeeze rather than a healthy breakout. Institutional funding remains supportive, with ETF net inflows of $623 million and trading platform reserves hitting a seven-year low, but short-term risks are elevated—RSI has entered the overbought zone, and if the squeeze ends without spot trading picking up, Bitcoin's price may quickly retreat. Altcoins are shifting towards personalized narratives, with tokenization and AI computing sectors performing notably. Overall, the crypto market's current rebound needs to be quickly validated as a true bull market starting point: it is primarily driven by resonance with the stock market and leverage, and if CPI rises or the Fed's leadership change brings uncertainty, Bitcoin's ability to maintain above $80,000 will become a critical confirmation signal.

[Wintermute: Recent Surge Driven by Leverage, Open Interest Soars Amid Declining Spot Volume]On May 12, Wintermute released its weekly market summary, stating that the U.S. stock market continued its strong performance, recording a sixth consecutive week of gains, with the Nasdaq index rising by 4.5% and the S&P 500 index increasing by 2.3%, both reaching historic highs, as small-cap stocks and tech giants strengthened simultaneously. Non-farm payroll data exceeded expectations, with the unemployment rate stable at 4.3%, indicating a resilient labor market. Despite the turbulent situation in the Strait of Hormuz, the market viewed it as noise, with the war premium significantly retreating. Negotiations between Iran and the U.S. have returned to square one, as Iran's demands for sovereignty, compensation, and sanctions relief were outright rejected by Trump. This week's CPI data will test the transmission of energy prices to inflation, with Powell's term ending and Waller taking over, making the Fed's June FOMC dot plot a focal point. In the crypto asset space, Bitcoin broke through the $80,000 mark, reaching a high of around $83,000, and for the first time surpassed the 200-day moving average (the first time in seven months). However, this surge was clearly driven by leverage: open interest surged by $10 billion in a month, while spot trading volume hit a two-year low, indicating a typical short squeeze rather than a healthy breakout. Institutional funding remains supportive, with ETF net inflows of $623 million and trading platform reserves hitting a seven-year low, but short-term risks are elevated—RSI has entered the overbought zone, and if the squeeze ends without spot trading picking up, Bitcoin's price may quickly retreat. Altcoins are shifting towards personalized narratives, with tokenization and AI computing sectors performing notably. Overall, the crypto market's current rebound needs to be quickly validated as a true bull market starting point: it is primarily driven by resonance with the stock market and leverage, and if CPI rises or the Fed's leadership change brings uncertainty, Bitcoin's ability to maintain above $80,000 will become a critical confirmation signal.

Wintermute: Recent Surge Driven by Leverage, Open Interest Soars Amid Declining Spot Volume

China-based Bitcoin mining pool, Poolin, registers a record decline in hash rate share to 1% from its all-time high of 18% – a 94% decline, according to data from Glassnode.
Poolin contributed 4354 blocks in the Bitcoin mining pool with a hash rate share of 8.182% if we extend the timeline to a year.  But, in 2022, Bitcoin mining suffered a significant blow due to increasing mining difficulty, declining Bitcoin prices, and miners closing their businesses due to declining profitability.

Detail

【Poolin Bitcoin mining hash rate share falls by 94% from ATH】China-based Bitcoin mining pool, Poolin, registers a record decline in hash rate share to 1% from its all-time high of 18% – a 94% decline, according to data from Glassnode.
Poolin contributed 4354 blocks in the Bitcoin mining pool with a hash rate share of 8.182% if we extend the timeline to a year.  But, in 2022, Bitcoin mining suffered a significant blow due to increasing mining difficulty, declining Bitcoin prices, and miners closing their businesses due to declining profitability.

Poolin Bitcoin mining hash rate share falls by 94% from ATH

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ACA fluctuated over 50% in 24 hours!

Poolin Bitcoin mining hash rate share falls by 94% from ATH

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

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