The Wire PM — May 24, 2026
New Fed Chair Kevin Warsh brings disclosed crypto portfolio to the central bank. Blockchain.com files for IPO. Bank of America trims altcoin ETF exposure.
The Wire PM — May 24, 2026
First Crypto-Holding Fed Chair Takes Office
Kevin Warsh was sworn in as the 17th Chairman of the Federal Reserve on May 22, replacing Jerome Powell after a 54-45 Senate confirmation vote. What makes this notable for crypto: Warsh disclosed investments in over 30 crypto projects, with total portfolio value between $131M and $209M, including holdings in Solana and a direct stake in a spot Bitcoin ETF. He has publicly stated that Bitcoin "does not make me nervous." His policy stance leans toward shrinking the Fed's balance sheet while leaving room for rate cuts when data supports them. Markets are calling it "hawkish easing." The practical impact on crypto liquidity remains to be seen.
Sources: CryptoBriefing, Yahoo Finance, CoinFomania
Blockchain.com Files Confidentially for US IPO
The crypto exchange and wallet provider submitted a draft S-1 to the SEC on May 21, joining a growing but cautious wave of crypto companies testing the public markets. Blockchain.com says it has been profitable for three years, supports 95 million wallets and 43 million confirmed accounts. Share count and pricing have not been set. The timing is tricky: Kraken and Ledger recently paused their own US listing plans, and BitGo's post-IPO performance has cooled investor enthusiasm for crypto equity. Whether the market window stays open long enough is the open question.
Sources: CoinDesk, PYMNTS, Axios
Bank of America's 13F: Bitcoin In, Altcoins Out
Bank of America's latest filing shows $53M in total crypto ETF exposure as of Q1 2026. The bank doubled down on BlackRock's IBIT Bitcoin ETF, growing its position to roughly $37M. Meanwhile, it trimmed both Ethereum and Solana-linked fund holdings. ETH allocation dropped to about $1M through BlackRock's ETHA. The signal: institutional capital is consolidating around BTC while treating altcoin ETFs as tactical, not strategic, positions.
Sources: FX Leaders, CoinPedia, Crypto.news
Numbers (Updated)
| Asset | Price | 24h |
|---|---|---|
| BTC | $77,000 | +1.2% |
| ETH | $2,058 | -3.0% |
| SOL | $83.92 | +2.5% |
Total crypto market cap near $2.56T after Trump signaled progress on Iran deal negotiations, easing risk-off sentiment. ONDO jumped 10%+ on the day.
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