There is positive development in the cryptocurrency industry, as Solana makes a strong rebound and BlackRock shows interest in investing in Bitcoin. Additionally, there are other exciting developments happening as well.

This edition of Crypto Biz covers the resurgence of Solana, the increasing involvement of BlackRock funds in Bitcoin, Bitfarms receiving a bid from Riot Platforms, and Semler Scientific utilizing BTC as part of their treasury reserves.

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During this bullish period, the Solana blockchain has stood out as one of the top performers, experiencing a surge in both network activity and integrations despite previous issues and difficulties. As reported by Hello Moon, the network achieved a milestone of 55 million new addresses being created between March and April, largely fueled by the enthusiasm for memecoins and increased usage of decentralized apps like DePINs.

PayPal recently joined Solana, bringing its stablecoin, PYUSD, to the network on May 29. This move aims to enhance the use of Solana for everyday transactions. Additionally, the LayerZero interoperability protocol also integrated Solana onto its network of over 70 chains on the same day.

Solana has faced difficulties in its growth. Worries remain about the network’s strength following a string of disruptions throughout the community. The foundation has stated that a complete version of the Firedancer update will be released in the upcoming months.

BlackRock introduces own Bitcoin ETF to income and bond portfolios.

In the first quarter, BlackRock, the investment company, purchased additional shares of its existing portfolio funds. These include its own BTC through the iShares Bitcoin Trust (IBIT). The Strategic Income Opportunities Fund (BSIIX) bought $3.56 million worth of IBIT shares, while the Strategic Global Bond Fund (MAWIX) made a smaller purchase of $485,000. The company’s regulatory filings with the Securities and Exchange Commission on May 28 show these transactions.

After integrating Bitcoin as a reserve asset, the value of Semler Scientific’s shares increased by 30%.

Nasdaq-listed Semler Scientific (SMLR) saw its stock price soar by 30% on May 28 after announcing that Bitcoin would become its primary treasury reserve asset. As part of the strategy, Semler purchased 581 BTC for a total of $40 million. The company’s board of directors and senior management reportedly spent “substantial time” examining potential uses for its cash reserves, including evaluating acquisition opportunities.

Riot Platforms has suggested a potential purchase of Bitfarms for $950 million amidst a disagreement with the CEO.

Riot Platforms, a company responsible for mining Bitcoin, has put forth a proposal to purchase Bitfarms, a Canadian competitor, for a total of $950 million in cash and stocks. This offer would give Bitfarms a 24% increase in their average share price. Riot already holds 9.25% of Bitfarms’ shares, making them the largest shareholder. The acquisition offer comes after Bitfarms’ internal issues, such as the removal of former CEO Geoffrey Morphy, who has now filed a lawsuit against the company.

ARK Invest, managed by Cathie Wood, invests $60M into Elon Musk’s artificial intelligence enterprise.

ARK Invest, led by Cathie Wood, has purchased shares in xAI, Elon Musk’s artificial intelligence company. The investment was announced by the company’s chief futurist on May 28 and makes up approximately 2% of ARK’s portfolio. As they continue to prioritize investments in the AI industry, ARK also shared that they currently hold 4% of their portfolio in OpenAI and 5% in Anthropic.

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