Weekly Summary: 4,020 Bitcoin added through strategy, Circle plans for IPO, potential crypto tax reduction in India
Crypto Weekly: Bitcoin Bonanza, Regulatory Shifts, and Exchanges Galore
This week's edition takes a spin through the crypto world, where GameStop and Strategy made massive Bitcoin acquisitions, totaling over $1.3 billion. Meanwhile, El Salvador and Pakistan have expanded their sovereign crypto reserves, brushing off global pressure from the IMF. Buckle up for updates on Circle's public offering, OpenSea's platform upgrade, and Coinbase's homecoming to San Francisco!
Strategy Buys 4k Bitcoin Through Multisource Funding
Between May 19 and 25, Strategy purchased approximately 4,020 Bitcoin for nearly $427 million, bringing their total holdings to 580,250 BTC. They financed the transaction by selling MSTR, STRK, and STRF preferred stocks.
India's Crypto Industry Sees Regulatory Opportunities
Industry insiders believe that Prime Minister Narendra Modi's government has become more open to digital assets since Donald Trump's return to the White House. Crypto executives have reportedly discussed the matter with New Delhi officials, suggesting a potential shift in India's regulatory stance.
Can XRP Crash Back to $2.20? Ripple Foundation Makes Moves
In the midst of crypto volatility, the Ripple Foundation could be making moves that might push XRP towards $2.20. Keep an eye on the groundbreaking digital asset landscape.
Circle Files for NYSE Public Offering
The USDC stablecoin issuer announced plans to go public on the New York Stock Exchange, offering 24 million class A shares. Stay tuned for more updates on this exciting move!
El Salvador Defies IMF with New Bitcoin Buy
Despite the IMF demanding a freeze on government cryptocurrency acquisitions under a $1.4 billion loan agreement, El Salvador has acquired eight additional BTC, increasing their holdings to nearly 6,200 BTC.
Cetus Protocol Secures Compensation Funding After Exploit
In response to last week's $223 million security incident, Cetus Protocol has secured a loan from the Sui Foundation to fully reimburse affected users. This compensation fund is subject to an on-chain community vote and covers bridged assets.
Crypto VC Funding: $161m Pours into Startups as Token Prices Fluctuate
The crypto market witnessed a $161 million VC funding flood for various startups, as token prices sway in the current digital asset landscape.
GameStop Announces $513 Million BTC Purchase
The video game retailer surprised the market by announcing the acquisition of 4,710 Bitcoin. GameStop, however, remained tight-lipped about the timing and purchase price.
Pakistan Announces Government-Led Bitcoin Reserve
At the Bitcoin 2025 conference in Las Vegas, Pakistan's cryptocurrency council CEO announced the creation of a "government-led" strategic Bitcoin reserve. This move marks a notable step towards increasing cryptocurrency adoption in the country.
Telegram Raises $1.5 Billion Through Convertible Bonds
The messaging giant secured funding through five-year convertible bonds to refinance its existing liabilities and extend repayment deadlines.
NFT Sales Plunge 16.7% to $105.7m, Ethereum Sales Surge 30%
In the rapidly evolving NFT market, OpenSea officially rolled out its OS2 upgrade to the public. The improved platform now supports token trading across 19 blockchains.
SEC Drops Binance Lawsuit Without Explanation
The SEC and Binance jointly filed a motion to end their lengthy legal battle, with the SEC's crypto task force putting the case on hold to "develop a regulatory framework for crypto assets."
Coinbase Returns to San Francisco with New Lease
The cryptocurrency exchange has signed a lease for office space in San Francisco's Mission Rock development, signaling its return to the city after dropping its headquarters model approximately three years ago.
Thailand Blocks Access to Major Crypto Exchanges
In an effort to crack down on unauthorized crypto exchanges, the SEC of Thailand has blocked access to Bybit, CoinEx, OKX, 1000X, and XT.com for traders in the Southeast Asian nation.
FTX Begins Second Round of Creditor Distributions
Former FTX users have reported receiving payouts, as the bankrupt exchange announced the start of the second round of distributions valued at approximately $5 billion. This payout, part of a previously announced bankruptcy plan, is aimed at compensating affected creditors.
White House Dips toes in Memecoin Market - SEC Remains Indifferent
In an unusual move, the White House has shown an interest in memecoins, while the SEC remains indifferent to these crypto trends, creating an intriguing contrast in the ever-evolving crypto landscape.
Enrichment Data:The regulatory environment in India is characterized by a multi-agency approach, where the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Ministry of Finance collaborate to oversee different aspects of cryptocurrencies. Cryptocurrencies are not considered legal tender but are legal to hold and trade within certain regulatory and tax frameworks. The Indian government intends to release a crypto policy discussion paper in June 2025, aiming to guide its regulatory stance with input from global bodies like the IMF and FSB. Policymakers emphasize the need for global coordination before implementing comprehensive regulations. The Financial Stability Board (FSB) review in October 2025 will focus on aligning India's crypto regulations with global standards.
- Strategy's Bitcoin holdings reached 580,250 after financing a purchase of 4,020 Bitcoin with sales of MSTR, STRK, and STRF preferred stocks.
- Crypto executives in India are discreetly discussing regulatory opportunities with New Delhi officials, believing the government has become more open to digital assets with Trump's return to the White House.
- The Ripple Foundation is speculated to be making moves that could push XRP towards $2.20, amidst crypto market volatility.
- Circle, the USDC stablecoin issuer, has announced plans to go public on the New York Stock Exchange, offering 24 million class A shares.
- El Salvador, despite the IMF's demands, continued to buy Bitcoin, acquiring eight additional coins to increase their holdings to nearly 6,200 BTC.
- Cetus Protocol, following a $223 million security incident, has secured a loan from the Sui Foundation to fully reimburse affected users.
- The crypto market witnessed a $161 million VC funding flood for various startups, as token prices fluctuated in the current digital asset landscape.
