Asia Morning Briefing: Thai Banks Poised to Hold Crypto as SCB 10X CEO Foresees Regulatory Clarity and Fintech Innovation
Plus: Kaweewut Temphuwapat, new CEO of SCB 10X, anticipates a surge in crypto dealmaking and AI-driven growth across Southeast Asia.
Welcome to Asia Morning Briefing, your daily digest of key overnight U.S. headlines and insights into Asian markets. For full coverage of U.S. trading, check out CoinDesk’s Crypto Daybook Americas.
Uniswap’s UNI Rallies 5%, Reaching $6.65 Amid Growing Institutional Interest
Uniswap’s UNI token jumped from $6.00 to $6.65 over the last 24 hours, marking a 5% increase. This upswing contrasts with a 1.8% drop in the broader CoinDesk 20 Index. Uniswap recorded its strongest monthly trading volume since February, exceeding $73 billion, contributing over $380 million in revenue this year. The rally was further supported by a significant whale buying nearly $4 million worth of UNI.
SCB 10X’s CEO Eyes AI and Crypto as Engines for Southeast Asia’s Fintech Growth
Kaweewut Temphuwapat, newly appointed CEO of SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, highlighted the firm’s focus on the intersection of AI and cryptocurrency.
“We are actively pursuing opportunities where AI and crypto converge,” Temphuwapat told CoinDesk, calling these sectors a core part of SCB 10X’s investment strategy.
He expects clearer U.S. crypto regulations to boost deal flow into Asia’s crypto markets. Praising Thailand’s proactive regulators and solid payments infrastructure, he said Thai banks, including SCB, may soon hold crypto assets on their balance sheets, initially through regulatory sandboxes.
Trader James Wynn Shifts from Massive Bitcoin Bets to High-Leverage Memecoin Positions
Known for colossal bitcoin trades on Hyperliquid, pseudonymous trader “James Wynn” has pivoted to memecoins, recently opening a $1 million long position on Pepe (PEPE) with 10x leverage.
Wynn previously closed a $1.2 billion BTC long position at a $17.5 million loss, then profited roughly $3 million from a 40x leveraged short. He announced stepping back from perpetual futures trading after netting $25 million in profits.
His new Pepe trade has gained $500,000 amid a near 6% rise in the memecoin.
Strategy (MSTR) Adds 4,020 BTC for $427M, Now Holds Over 580K Bitcoins
Strategy, the largest corporate bitcoin holder, bought 4,020 BTC between May 19 and 25 for about $427 million, increasing total holdings to 580,250 BTC.
The purchase was funded via three ongoing at-the-market equity programs involving sales of common and preferred stock totaling $427 million.
The average price paid for this batch was $106,237, bringing the company’s total bitcoin investment to over $40.6 billion at an average price of $69,979 per coin, reflecting a disciplined, equity-backed accumulation strategy.
Market Summary
- Bitcoin (BTC): Holding steady near $109,000 amid subdued U.S. trading and tariff uncertainties, with ongoing accumulation from long-term holders.
- Ethereum (ETH): Staying above $2,500, buoyed by institutional inflows into spot ETH ETFs.
- Gold: Slightly down after tariff delay, but remaining above $3,310 amid inflation worries.
- Hang Seng: Opened lower at 23,304, dragged down by tech sector declines including Meituan’s 4.9% drop.
- Nikkei 225: Down 0.13% as markets digest tariff developments.
- S&P 500: Closed Monday for Memorial Day.
