BTC surpasses USD 110k for first time amid stablecoin bill progress

BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before pairing back gains over the weekend to stand at USD 108.7k per token as of midnight last night. The digital currency is up 14.1% this month alone and 15.4% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

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Whetting the appetite of investors is the expectation that the US Senate will soon advance a stablecoin bill that would create the country’s first regulatory framework for digital assets, according to the Financial Times. The new rules could expand the stablecoin market more than 8x to USD 2 tn by 2028, according to investment bank Standard Chartered.

Pushing up the price of the digital currency has also been Moody’s decision todowngrade the US’ sovereign credit rating, which has pushed some investors to search for alternative investments outside the USD. While BTC is up 14.1% over the month, the USD Index is down -0.4%

Corporate purchases and acceptance has also been pointed to a reason behind the price rise, with crypto exchange Coinbase entering the S&P 500 and JPMorgan’s about-turn to let its clients buy the crypto currency.

Some think BTC still has a long way to rise in 2025, with Nexo co-founder Antoni Trenchev telling Reuters that “a target of USD 150k in 2025 is still very much on the cards” and Standard Chartered pencilling in an even higher USD 200k by the end of the year.

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% on Thursday on turnover of SAR 4.4 bn. The index is down 7.0% YTD.

In the green: Saudi Re (+3.7%), Alrajhi Takaful (+3.7%) and UACC (+3.4%).

In the red: SHL (-4.9%), Aletihad (-3.9%) and Saudi Aramco (-3.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% on Thursday on turnover of SAR 29.8 mn. The index is down 13.4% YTD.

In the green: Enma Alrawabi (+7.8%), Lamasat (+7.6%) and NGDC (+6.8%).

In the red: Albattal Factory (-16.8%), Amwaj International (-8.5%) and Alfakhera (-7.0%).

CORPORATE ACTIONS-

Chubb Arabia Cooperative Ins.’s BoD recommended hiking the firm’s capital by 33.3% to SAR 400 mn via a bonus share issuance, it said in a disclosure to Tadawul. The additional SAR 100 mn will be raised by tapping SAR 52 mn from retained earnings and SAR 48 mn from statutory reserves, set to be used to shore up the capital base and support business activities. In the process, shareholders will receive one bonus share for every three shares held.

Mulkia Investment Company received approval from the Capital Market Authority to increase its capital to SAR 78 mn through the transfer of SAR 13 mn in retained earnings, the authority said in a statement. Shareholders will receive one bonus share for every five shares owned, raising the total number of shares to 7.8 mn from 6.5 mn. The move must secure approval from shareholders and comply with all regulatory requirements within 6 months.

Middle East Specialized Cables Company’s BoD recommended a dividend distribution of SAR 20 mn for 1H 2025 at SAR 0.50 per share, according to a disclosure to Tadawul. The distribution date is yet to be announced.

Bupa Arabia for Cooperative Ins.’s BoD recommended a SAR 600 mn dividend payout for FY 2024 at SAR 4 per share, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

Almoosa Health’s BoD greenlit a SAR 11.1 mn dividend distribution for 1Q 2025 at SAR 0.25 a piece, with distribution starting on Tuesday, 3 June, it said in a disclosure to Tadawul.