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Bitcoin News Roundup for May 21, 2020

Spoooky! BTC saw a ghost Wednesday and scared the markets. It's CoinDesk's Markets Daily podcast.

Updated Dec 11, 2022, 7:30 p.m. Published May 21, 2020, 4:00 p.m.
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Spoooky! BTC saw a ghost Wednesday and scared the markets. It's CoinDesk's Markets Daily podcast.

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This episode is sponsored by ErisXThe Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund.

Today's stories:

50 BTC Just Moved for First Time Since 2009 – But It Doesn't Look Like Satoshi

Bitcoin Drops Over 3% Despite Golden Cross and Bank Calls for More US Stimulus

After Lawsuits and Delays, Overstock Hands Shareholders Digital Dividend

Genesis Trading Buys Crypto Custodian Vo1t in Bid to Become Prime Broker

For early access before our regular noon Eastern time releases, subscribe with Apple PodcastsSpotifyPocketcastsGoogle PodcastsCastboxStitcherRadioPublica or RSS.

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
  • Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
  • Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
  • Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

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How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem

Strive CEO Matt Cole speaks at BTC Asia in Hong Kong (screenshot)

The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.

What to know:

  • Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
  • The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
  • Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.