Shares of Coinbase Global Inc. (ticker: COIN) led gains in the S&P 500 on May 22, rising 5% despite criticism from several industry leaders earlier in the week. Meanwhile, the cryptocurrency-related stock SWC.AQ experienced a rally, with new all-time highs exceeding $111,000, prompting increased retail interest in Bitcoin (BTC) at valuations reportedly reaching $3.1 million per BTC. However, concerns have been raised about dilution effects, with promoters and insiders holding tens of millions of warrants, pushing fully diluted valuations of BTC on SWC to nearly $4.8 million. Despite a recent BTC price decline, SWC shares continued to rally by 15% to 20%, with some investors paying a fully diluted BTC price of $3.5 million. Criticism has also targeted Coinsilium (ticker: COIN.AQ), another crypto-related stock, which has seen investors use gains from SWC to invest despite the company reportedly delivering no shareholder value and losing about half of its investment over nearly a decade. Regulatory scrutiny from the Financial Conduct Authority (FCA) has been implied in discussions about the safety and valuation of these crypto assets and stocks.