CryptoNewsFarm

UAE Firm Invests $100M in Trump-Backed Crypto Venture, Raising Regulatory Concerns

World Liberty Financial (WLFI), the cryptocurrency firm with backing from U.S. President Donald Trump and his family, has announced a substantial investment from a United Arab Emirates-based company. The UAE firm has acquired $100 million worth of WLFI’s governance token, significantly boosting its stake in the platform.

The announcement came in a joint statement released Thursday by World Liberty Financial and the Aqua1 Foundation, a self-proclaimed “Web3-native fund.” According to the release, the $100 million investment aims to accelerate the development of a blockchain-driven financial ecosystem. The focus will be on Real World Asset (RWA) tokenization, stablecoin integration, and the broader advancement of blockchain infrastructure. The partnership seeks to redefine capital efficiency on a global scale.

With this investment, Aqua1 becomes the largest WLFI tokenholder, surpassing Tron founder Justin Sun, who previously invested $30 million in the project in November 2024.

“Aqua1 and WLFI will work together to discover and grow high-potential blockchain initiatives,” said Dave Lee, founding partner of Aqua1. “The WLFI USD1 ecosystem and its RWA initiatives represent a multi-trillion-dollar structural pivot opportunity. We aim to catalyze a future where decentralized finance converges with traditional capital markets to reshape the global financial system.”

However, this expansion of WLFI’s influence has not gone unnoticed by U.S. lawmakers. The Trump family’s direct involvement—Trump’s three sons are listed as co-founders—has drawn increased scrutiny. In a June financial disclosure, President Trump reported $57.4 million in income connected to WLFI and personally holds 15.75 billion governance tokens.

Growing Scrutiny Amid Stablecoin Legislation Push

Regulatory concerns surrounding WLFI intensified in May when Eric Trump revealed that Abu Dhabi-based MGX Investment Group would use WLFI’s USD1 stablecoin to process a $2 billion investment into Binance. The move raised ethical questions as it coincided with Congress debating legislation related to payment stablecoins.

Democratic lawmakers have expressed apprehension that the president could be leveraging his position to advance legislation beneficial to his family’s crypto interests. These concerns came to light again during a Senate Appropriations Committee hearing on Wednesday, where U.S. Attorney General Pam Bondi deflected a question from Oregon Senator Jeff Merkley regarding potential conflicts of interest tied to World Liberty Financial.

“It’s critical that the head of the Justice Department be vigilant about foreign influence,” Merkley said. “I urge you to take this seriously. This isn’t a partisan issue—Democrats and Republicans alike believe that Americans should be making decisions in the national interest, not under the influence of foreign capital funneled through crypto assets.”

Lawmakers have since proposed several legislative avenues to prevent conflicts of interest within the digital asset industry. These include revisions to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and separate bills to prohibit sitting presidents and other high-ranking officials from investing in or profiting from digital assets while in office.

Texas Governor Signs SB21, Establishing Official State Bitcoin Reserve

Texas Governor Greg Abbott has officially signed Senate Bill 21 (SB21), paving the way for the creation of the Texas Strategic Bitcoin Reserve. This landmark legislation authorizes a state-managed fund dedicated to holding Bitcoin (BTC) as part of Texas’s long-term financial assets strategy.

The newly formed Bitcoin reserve will operate separately from Texas’s general treasury system. According to the bill text, its primary purpose is to enhance the state’s financial resilience and provide a potential hedge against inflation. Importantly, SB21 mandates that only assets with a market capitalization exceeding $500 billion can be included—at present, Bitcoin is the only asset meeting this requirement.

The Texas Comptroller of Public Accounts will oversee the administration of the reserve. Supporting this effort will be an advisory committee consisting of three seasoned crypto investment professionals, ensuring that the reserve’s strategies align with best practices in digital asset management.

Texas Bitcoin Reserve May Grow Through Airdrops, Forks, and Donations

Beyond direct Bitcoin acquisitions, the Texas Strategic Bitcoin Reserve can increase its holdings through a variety of channels. These include gains from forks, airdrops, public donations, and traditional investment returns. To ensure transparency, the state will publish a public report on the reserve’s holdings and performance every two years.

SB21 builds upon earlier crypto-friendly legislation, such as House Bill 4488, which Governor Abbott previously signed. This law protects the Bitcoin reserve from being absorbed into the state’s general revenue fund, safeguarding it from fluctuations in budgetary priorities.

With this move, Texas becomes the third U.S. state to establish a legal Bitcoin reserve, joining Arizona and New Hampshire. However, Texas distinguishes itself as the first state to allocate public funds and build an independent structure specifically for Bitcoin holdings.

Public Companies Continue to Drive Bitcoin Adoption

The trend of Bitcoin adoption extends beyond state governments. A growing number of publicly traded companies are adding Bitcoin to their balance sheets, inspired by strategies championed by Michael Saylor’s Strategy (formerly MicroStrategy).

In a notable example, Nakamoto Holdings, founded by U.S. President Donald Trump’s crypto adviser David Bailey, recently raised $51.5 million through a private placement in public equity (PIPE) deal aimed at acquiring more BTC. Similarly, French tech firm The Blockchain Group, listed in Paris, expanded its Bitcoin portfolio last week by purchasing 182 BTC for approximately $19.6 million. This brings its total Bitcoin holdings to 1,653 BTC.

BUDAPEST, Hungary, June 21st, 2025, Chainwire

Byreal, the ultimate onchain liquidity layer for real assets, officially announced its brand launch today. In collaboration with Bybit and Solana Foundation, the platform sets out to build towards a truly distributed financial system accessible to everyone.

A Platform with Laser-Sharp Purpose: Bringing Authenticity Back On-Chain

At its core, Byreal is building a genuine, open, and transparent financial order. It seeks to welcome both professional and retail participants into a unified onchain economy where capital is deployed with conviction.

This vision is a direct response to what the DeFi space has become: overrun by short-termism, unaudited promises, and superficial growth signals. Byreal believes it is time to reset the narrative—to build infrastructure that rewards substance over noise.

To achieve this, Byreal focuses on three core principles:

Builder-first – empowering quality projects through curated listings and community-centric launch mechanisms

Trader-centric – offering CEX-level execution and tooling without compromising DeFi values

Liquidity-deep – bridging blue-chip and real-world assets with Solana’s composability and speed

This foundational ethos translates into a suite of flagship products purpose-built to rewire the DeFi experience.

Introduces 3 flagship Byreal products – from DEX, Launchpad to Vault

1. Byreal DEX

Powered by a smart-routing engine that fuses CLMM and RFQ, the Byreal DEX enables gasless, zero price impact trades with robust MEV protection. In internal benchmarks, the DEX achieved quote speeds of under 200ms, with RFQ orders consistently executing at requested terms, delivering zero slippage and zero gas fees, setting a new standard for decentralized trading on Solana.

2. Reset Launch

The platform’s launchpad introduces features like the Smart Price Ladder, Fairshare Engine, and price-based allocation mechanics, a direct answer to the industry-harming inefficiencies of blind airdrop farming. Reset Launch enables real investors to access high-quality IDOs with fairness, transparency, and aligned incentives.

3. Revive Vault

Offering frictionless yield strategies, Revive Vault includes bbSOL-exclusive vaults, diverse ecosystem selections, and integrated on/off-chain yield flows. This empowers users to deploy capital across Solana with efficiency, security, and competitive returns.

Together, these products form a unified, full-cycle growth engine, supporting asset discovery, trading, and yield generation in one composable interface. Additionally, Byreal provides real asset accessibility, dual liquidity engines, and institutional-grade execution into a unified, full-cycle growth engine supporting asset discovery, trading, and yield generation across multiple ecosystems.

Emily Bao, Founder of Byreal, said, “A great exchange doesn’t just facilitate transactions — it helps the world discover what’s truly valuable and gives those assets the liquidity they deserve. The next wave of value won’t be unlocked by hype, but by platforms that help real assets find real markets. Byreal is built to do exactly that — turning fragmented liquidity into unified opportunity.” 

Ben Zhou, Co-founder and CEO of Bybit, states, “The future of trading lies in the seamless integration of centralized and decentralized exchanges. Byreal embodies this vision by serving as the on-chain outpost of CEX while bringing blue-chip assets and institutional-grade liquidity into the decentralized world. Bybit is proud to pioneer this CEX+DEX integration trend, leading the way for a new era of unlocking unprecedented liquidity and market access.”

Lily Liu, President of the Solana Foundation, said, “Byreal’s focus on improving liquidity infrastructure and bringing capital market assets onchain is closely aligned with Solana’s long-term vision. We’re encouraged by the team’s approach to building DeFi-native tools that prioritize accessibility, efficiency, and composability on Solana.”

Byreal’s testnet is live now, with its mainnet launch scheduled for late Q3 2025.

Note: Byreal is a standalone entity. It is not accessible through, or affiliated with any product offerings from Bybit Global or Bybit EU.

About Byreal

Byreal is the ultimate liquidity layer built for real assets, delivering unmatched liquidity for users. It integrates DEX, Launch, and Vault into a unified smart routing architecture, forming a full-cycle growth engine that supports asset discovery, trading, and yield generation across multiple ecosystems.

https://x.com/byreal_io

Contact

FounderEmily [email protected]

New York Authorities Recover $140K and Freeze $300K in Crypto Investment Scam Targeting Russian Speakers

New York authorities have successfully recovered $140,000 and frozen an additional $300,000 in funds tied to a sophisticated cryptocurrency investment scam that exploited fake ads on popular social media platforms.

The scheme, which primarily targeted Russian-speaking communities in New York and across the United States, was uncovered through a joint investigation involving the Brooklyn District Attorney’s Office, the New York State Attorney General’s Office, and the New York State Department of Financial Services (DFS).

According to officials, fraudsters used cryptocurrency to finance deceptive digital asset investment ads on platforms such as Facebook. These ads lured unsuspecting victims to fraudulent investment sites, leading to significant financial losses.

In response, New York Attorney General Letitia James emphasized the importance of public vigilance, stating, “These scammers targeted Russian speakers on Facebook with enticing ads, and my office, together with DFS and the Brooklyn District Attorney’s Office, took decisive action to stop these scammers and protect New Yorkers.”

The investigation, while successfully recovering or freezing over $440,000 in stolen crypto funds, revealed the scam had inflicted more than $1 million in losses within Brooklyn alone. Authorities have identified over 300 victims affected by this fraudulent operation.

Central to the scam was a counterfeit cryptocurrency investment website that falsely claimed to hold a BitLicense — the official license required for crypto firms to operate legally in New York State. This false assurance was intended to mislead investors into believing they were engaging with a legitimate, regulated business.

The fraudulent advertisements, often referred to as “Black Hat” ads, were predominantly in Russian and distributed widely on Facebook. Following notification of the investigation, Meta — the parent company of Facebook — took action by removing more than 700 deceptive ads linked to the scam.

Crypto Users Remain at Risk from Evolving Scams

Despite efforts to crack down on such fraudulent activities, crypto users continue to face significant threats. A recent report from blockchain analytics firm Chainalysis revealed that illicit transactions involving digital assets reached approximately $51 billion in 2024. While ransomware-related payments dropped by 35%, authorities remain concerned about the increasing role of artificial intelligence in enabling and amplifying scam operations.

Among the notorious scams using social media ads are fraudulent XRP airdrop schemes impersonating Ripple CEO Brad Garlinghouse. These scams not only exploit the credibility of well-known figures in the crypto space but also take advantage of ongoing legal battles, such as Ripple’s high-profile case with the U.S. Securities and Exchange Commission (SEC).

Trump Reports $57.4 Million Crypto Windfall from World Liberty Financial

Former US President Donald Trump has revealed earning $57.4 million from his involvement with World Liberty Financial, a cryptocurrency project he supports along with his sons, Donald Trump Jr. and Eric Trump.

This information was disclosed in Trump’s 2025 public financial statement, submitted to the US Office of Government Ethics on June 13. According to the filing, Trump holds 15.75 billion governance tokens in World Liberty Financial. These tokens not only represent ownership but also grant him voting rights within the project.

Although the disclosure does not specify the exact structure or market valuation of these governance tokens, the significant income figure indicates that Trump may have liquidated a portion of his holdings or that the tokens were assigned a high internal valuation for reporting purposes. The filing lists the income as precisely “$57,437,927”, without clarifying whether this came from token sales, staking rewards, or another form of crypto-related income.

World Liberty Financial Secures $550 Million in Funding

World Liberty Financial has successfully raised approximately $550 million through two rounds of public token sales. The firm disclosed that the first token sale brought in $200 million, while the second raised an additional $250 million, as reported in March 2025.

Launched in September 2024, World Liberty Financial focuses on decentralized finance (DeFi) solutions and dollar-pegged stablecoins, positioning itself as an alternative to traditional financial institutions. The project’s ambitious vision has attracted major crypto backers. Notably, Justin Sun, founder of Tron, invested $30 million in November 2024, acquiring 2 billion WLFI tokens at a price of $0.015 per token. In January 2025, Web3Port contributed a $10 million investment, while Oddiyana Ventures joined as a strategic investor, though its contribution amount was not disclosed.

Trump’s Expanding Digital Asset Portfolio

Trump’s financial disclosure highlights his wider involvement in the digital asset ecosystem. Previous filings have shown income from NFT initiatives, particularly the Trump Digital Trading Cards collection, although the latest report indicates no new revenue from NFTs.

Additionally, Trump continues to hold positions in several entities linked to his digital ventures, such as CIC Digital LLC and CIC Ventures LLC. However, these companies appear to generate minimal or no income at present, according to the filing.

Sandeep Nailwal Appointed as First CEO of Polygon Foundation, Refocusing on AggLayer and Future Scalability

Polygon co-founder Sandeep Nailwal has officially taken the reins as the first-ever CEO of the Polygon Foundation, signaling a strategic shift away from its earlier decentralized governance structure. This move marks a significant evolution in the management of the Polygon ecosystem, as the foundation looks to streamline decision-making and accelerate progress in the increasingly competitive layer-2 blockchain space.

The Polygon Foundation, which provides oversight for Polygon Labs and other integral components of the network, will now operate under Nailwal’s leadership. According to an official announcement shared with Cointelegraph, the foundation aims to reposition itself for rapid innovation and execution.

“In our early days, Polygon was all about bold execution and ambitious targets. Between 2021 and 2023, we worked to institutionalize our vision, welcoming several brilliant co-founders, forming a board, and dedicating ourselves to intense tech research and development,” Nailwal said.

“Now, the time has come to act decisively, move swiftly, and stay fully focused,” he added.

This leadership transition comes at a time when Polygon is facing industry headwinds. Its native token, POL, has lost over 80% of its value from all-time highs, as reported by CoinMarketCap. However, Nailwal’s return to the driver’s seat suggests a renewed push to regain momentum and strengthen Polygon’s technical edge.

AggLayer to Become a Central Focus

One of the first major initiatives under Nailwal’s direction is a renewed emphasis on Polygon AggLayer, an interoperability protocol designed to connect fragmented chains within the ecosystem. The upcoming AggLayer v0.3, expected to launch by the end of the year, will be more closely integrated with the Polygon brand as part of a broader consolidation strategy.

In a related move, the zkEVM chain will be phased out by 2026, due to ongoing performance limitations and developer challenges. The foundation acknowledged that the zkEVM’s scaling inefficiencies had hindered adoption and growth.

Meanwhile, the Polygon PoS (Proof-of-Stake) chain is undergoing a major transformation into what the team describes as a “GigaGAS” chain, capable of processing 100,000+ transactions per second. The objective is to enable real-time, low-cost transactions at scale, and to support the secure transfer of trillions of tokenized assets.

Bhilai Upgrade and Strategic Partnerships

In July, Polygon will launch its much-anticipated Bhilai upgrade, designed to improve finality speed, reduce gas fees, and integrate the network more deeply with AggLayer. This upgrade is part of a broader effort to cement Polygon’s role in the future of blockchain-based payments.

Polygon’s enterprise partnerships continue to reflect strong market interest, with key collaborators including JPMorgan and Stripe. These alliances aim to support scalable blockchain solutions for real-world finance and commerce.

Co-Founder Departures Continue

Nailwal’s new role follows a string of notable departures from Polygon’s founding team. On May 24, co-founder Mihailo Bjelic officially stepped down from the foundation board and ended his day-to-day involvement with Polygon Labs.

“After deep reflection, I’ve decided to step away from my active role in Polygon,” Bjelic stated at the time.

Earlier exits included fellow co-founders Jaynti Kanani and Anurag Arjun, both of whom left over the past two years. These transitions underscore a broader generational change within Polygon’s leadership structure as the project gears up for its next phase of development.

California Moves Closer to Accepting Cryptocurrency for State Payments

California has made significant progress toward integrating cryptocurrency into its state operations. Assembly Bill 1180 (AB 1180), aimed at enabling state departments to accept digital currencies for payments, passed unanimously in the California State Assembly with a 68-0 vote on June 2. The bill now awaits consideration in the state Senate.

AB 1180 mandates the Department of Financial Protection and Innovation (DFPI) to establish regulations that would allow fees and transactions under the Digital Financial Assets Law (DFAL) to be paid using cryptocurrency. The DFPI is the state’s regulatory body responsible for overseeing financial services, protecting consumers, and fostering responsible innovation within the financial sector. Under existing frameworks, any individual or entity conducting crypto-related business in California must obtain a license from the DFPI.

If approved by the Senate and signed into law by Governor Gavin Newsom, AB 1180 would take effect starting July 1, 2026. A pilot program would be launched and run through January 1, 2031, after which the program would become fully operational.

Assemblymember Avelino Valencia, the bill’s sponsor, emphasized that this initiative positions California to potentially join other crypto-forward states such as Florida, Colorado, and Louisiana, where select government entities already accept cryptocurrency for specific payments.

In addition to establishing a legal framework for state crypto transactions, AB 1180 requires the DFPI to submit a detailed report by January 1, 2028. This report must document all crypto transactions processed by state departments, as well as any technological or regulatory hurdles encountered during implementation.

Under the DFAL, crypto transactions are defined as any digital representation of value used as a medium of exchange, though not recognized as legal tender.

Before its passage, AB 1180 underwent four amendments. One of the most notable changes was the removal of language that had sought to define terms related to ride-sharing services and personal vehicle use in transportation.

A Complementary Bill: AB 1052 – “Bitcoin Rights”

AB 1180 also aligns with another pending legislative effort, Assembly Bill 1052, often referred to as California’s “Bitcoin rights” bill. This separate legislation is focused on protecting the self-custody rights of crypto holders in California and ensuring the legal use of digital assets in private transactions.

Passed by an 11-0 vote in its first committee reading on May 23, AB 1052 is currently awaiting a third reading in the Assembly. If enacted, it would legally recognize the use of digital assets in private transactions and prevent public agencies from imposing taxes or restrictions based solely on a digital asset’s use as a payment method.

As the state continues to explore crypto adoption, recent data from BTC Maps shows that at least 117 merchants in California already accept Bitcoin payments, indicating growing mainstream acceptance.

Singapore Sets June 30 Deadline for Local Crypto Firms to End Overseas Digital Token ServicesSingapore’s central bank, the Monetary Authority of Singapore (MAS), has issued a firm deadline for all locally based crypto service providers to stop offering Digital Token (DT) services to foreign markets by June 30, 2025. This directive is part of MAS’s broader effort to enhance regulatory oversight of Digital Token Service Providers (DTSPs) under the Financial Services and Markets Act 2022 (FSM Act).

MAS Clarifies No Transition Period for Overseas Crypto ServicesIn its official response to industry feedback on the proposed regulatory framework, MAS confirmed that there will be no transitional arrangements for Singapore-based DTSPs conducting business abroad. This means that any Singapore-incorporated entity, partnership, or individual involved in DT services outside the country must either cease operations or secure a valid license before the DTSP provisions take effect at the end of June.

According to MAS, firms falling under Section 137 of the FSM Act must suspend or terminate all foreign DT-related services by the deadline. “DTSPs which are subject to a licensing requirement under section 137 of the FSM Act must suspend or cease carrying on a business of providing DT services outside Singapore by 30 June 2025,” MAS stated.

Heavy Penalties for Non-ComplianceUnder the FSM Act, any crypto-related firm based in Singapore is presumed to be operating locally and is subject to licensing, even if its overseas token operations are not the core of its business. Non-compliant businesses could face financial penalties of up to SGD 250,000 (approximately USD 200,000) and imprisonment of up to three years.

Only companies currently licensed or exempted under Singapore’s existing financial legislation — including the Securities and Futures Act, Financial Advisers Act, and Payment Services Act — may continue operations without breaching the new DTSP provisions.

Licensing Likely in Rare Cases OnlyWhile the new framework technically allows for licensing, experts say approvals will be granted sparingly. In a LinkedIn analysis, Hagen Rooke, a Partner at Gibson, Dunn & Crutcher, noted that licenses under the updated DTSP rules will likely be issued only under exceptional circumstances, mainly due to elevated risks associated with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT).

“The MAS will grant licences under the new framework only in extremely limited circumstances (as this type of operating model generally gives rise to regulatory concerns, e.g. AML/CFT-related),” Rooke commented. He advised affected firms to consider immediate operational restructuring to eliminate their Singapore connections and reduce regulatory risk.

Strengthening Oversight of Cross-Border Crypto ActivitySingapore’s decision reflects a significant tightening of its stance on crypto operations, especially those with cross-border exposure. The MAS has expressed concerns that crypto firms registered in Singapore could exploit regulatory loopholes by operating unregulated services in other countries.

The legislative shift began with the passing of the FSM Act in April 2022, which extended MAS’s authority to oversee Singapore-based crypto businesses operating abroad. The law mandates such firms to comply with the country’s AML and CFT obligations, regardless of whether they serve local customers.

This move is part of Singapore’s broader strategy to mitigate financial crime risks in the evolving digital asset space and ensure that firms based in the city-state uphold international regulatory standards.

Top Bitcoin Bulls Revise 2025 Price Targets: From $130K to Over $1.5M

As 2025 unfolds, leading Bitcoin bulls are refining their price forecasts, with projections ranging from a grounded $130,000 to an ambitious $1.5 million. Despite ongoing skepticism from figures like gold advocate Peter Schiff and economist Nouriel Roubini—who continue to predict a dramatic collapse—Bitcoin has remained resilient, riding a wave of institutional momentum and setting new records.

In May, Bitcoin reached an all-time high of $111,970, fueling optimism across the crypto landscape. It has since hovered near that level, building anticipation for a potential new price ceiling. Let’s explore some of the most significant Bitcoin price predictions from the first half of 2025.

1. Adam Back: Bitcoin Could Exceed $1 Million if U.S. Adopts Reserve Strategy

Blockstream CEO Adam Back suggests Bitcoin could surpass $1 million “this cycle” if the United States formally adopts a Strategic Bitcoin Reserve. Back’s prediction gained traction in March when the White House proposed the Bitcoin Reserve Act—positioning Bitcoin as a digital reserve asset akin to gold by leveraging BTC seized from criminal investigations. Although the bill has not yet been enacted by Congress, several U.S. states are already moving forward.

In May, New Hampshire became the first state to pass legislation establishing a Bitcoin reserve. Texas soon followed, advancing a similar bill backed by Governor Greg Abbott.

Back, speaking with Cointelegraph Magazine, estimated Bitcoin could reach “a few hundred thousand dollars” in 2025, citing renewed retail interest. This optimism is partly driven by the reintroduction of roughly $16 billion into the market through FTX bankruptcy repayments, which he believes will rejuvenate crypto trading volumes and investor confidence.

2. Institutional Analysts Align on $200K Year-End Target

A number of institutional analysts have coalesced around a $200,000 year-end price target for Bitcoin. Geoff Kendrick, Global Head of Digital Assets at Standard Chartered, predicted that Bitcoin could reach $120,000 in the first half of 2025, on its way to $200,000 by year-end. In his note to Cointelegraph, Kendrick attributed this bullish momentum to the rising influence of stablecoins.

He referenced the U.S. Senate’s approval of the GENIUS Act, which aims to regulate stablecoins. “The point of the Stablecoin Act is that stablecoins will further legitimise the entire asset class. All boats will rise,” Kendrick noted.

Other experts joined the chorus during a recent Chain Reaction X Spaces session hosted by Cointelegraph. André Dragosch, Head of European Research at Bitwise, echoed the $200,000 target. Markus Thielen pointed to Bitcoin’s historical price action, noting its tendency to move in $16,000 increments, which places the next major resistance around $122,000. Meanwhile, SkyBridge Capital founder and former White House Communications Director Anthony Scaramucci reaffirmed the $200,000 forecast in a recent interview.

3. Mike Novogratz Predicts Next Rally Will Hit $130K–$150K

Mike Novogratz, founder of Galaxy Digital and a former Goldman Sachs partner, remains one of the most influential voices in Bitcoin investment circles. While his past includes some high-profile wins in Bitcoin and Ethereum, it also includes backing the ill-fated Terra ecosystem.

Following Galaxy Digital’s recent public listing, Novogratz appeared on CNBC to share a more conservative outlook compared to others. He sees Bitcoin advancing to a price range between $130,000 and $150,000, driven by steady institutional inflows, a declining U.S. dollar, and broadening interest in digital assets.

“We had a euphoric top right around the inauguration,” Novogratz stated. “Now, it looks like we’ll take out [$106,000–$108,000] and make the next flight to [$130,000–$150,000]. At that point, you’re in price discovery.”

4. Cathie Wood’s Long-Term Vision: Bitcoin at $1.5 Million by 2030

Cathie Wood, CEO and Chief Investment Officer at ARK Invest, has laid out one of the most ambitious Bitcoin forecasts in the market: $1.5 million by 2030. This target implies a compound annual growth rate (CAGR) of 58% over the next five years—a bold projection grounded in rising institutional adoption.

In a YouTube video published in February, Wood emphasized that major financial institutions increasingly view Bitcoin as a viable long-term asset. ARK Invest, known for its high-conviction plays in disruptive innovation, including early investments in Tesla and Bitcoin, maintains that Bitcoin’s scarcity and decentralization make it an ideal store of value in a rapidly digitizing global economy.

The Reserve Bank of India (RBI) is advancing the development of its central bank digital currency (CBDC) by expanding the scope of both retail and wholesale digital rupee pilots, as outlined in its Annual Report for 2024–25. This strategic move aims to enhance financial inclusion, increase adoption, and solidify India’s leadership in digital payments.

As part of this expansion, the RBI is exploring critical innovations such as programmability and offline functionality. These features are expected to unlock new avenues for digital transactions, particularly in regions with poor internet connectivity. Programmable CBDCs could also enable tailored payment solutions for specific purposes like government subsidies and corporate expense management, thereby offering greater control and transparency in fund usage.

Retail and Wholesale CBDC Pilots Gain MomentumThe RBI’s ongoing pilots for retail and wholesale CBDCs continue to gather traction. The retail CBDC, currently being tested with select customers and merchants through participating banks, has already reached 600,000 users across 17 banks. To boost adoption, the central bank has permitted certain non-bank entities to offer CBDC wallets, expanding accessibility and driving innovation in the digital currency ecosystem.

On the wholesale side, which focuses on interbank transactions, the pilot has garnered growing interest from institutional players. According to the RBI report, the program’s scope has been broadened with the inclusion of four standalone primary dealers (SPDs). This expansion aims to evaluate the potential of wholesale CBDCs in enhancing the efficiency of the financial market infrastructure.

India Leads the World in Real-Time Digital PaymentsIndia’s digital payment landscape continues to thrive. During the financial year 2024–25, digital payment volumes surged by 34.8%, while their value increased by 17.9%, underlining a nationwide shift toward cashless transactions.

The RBI highlighted India’s global dominance in real-time payment systems, led by the Unified Payments Interface (UPI). UPI accounted for a staggering 48.5% share of global real-time payment transactions by volume, firmly positioning India as a frontrunner in digital financial innovation.

To further expand digital inclusion, the RBI introduced several user-centric features. Notably, the “Delegated Payments” function was launched, allowing a primary user to authorize a secondary user to conduct UPI transactions within a specified limit. This feature empowers individuals with greater flexibility and control over digital transactions, especially for family or employee-related payments.

Supreme Court Urges Action on Crypto RegulationIn a significant development, India’s Supreme Court has voiced concern over the lack of a clear regulatory framework for cryptocurrencies such as Bitcoin. On May 20, Justice Surya Kant called attention to the government’s delay in formulating regulations, despite enforcing a 30% tax on crypto gains since April 2022.

Justice Kant criticized the emergence of a “parallel economy” driven by unregulated digital assets, warning that it could undermine the stability of India’s formal financial system.

Despite regulatory uncertainty, India is home to an estimated 100 million crypto holders, making it one of the largest markets for digital assets globally. The continued growth of this sector highlights the urgent need for a cohesive and secure regulatory approach to safeguard investors and the broader economy.

Strategy Acquires 4,020 Bitcoin as Price Briefly Surpasses $110K

Michael Saylor’s firm, Strategy, widely recognized as one of the most prominent corporate Bitcoin investors, has once again made headlines with a major acquisition. As Bitcoin momentarily crossed the $110,000 threshold last week, Strategy secured an additional 4,020 BTC—demonstrating its continued bullish stance on the flagship cryptocurrency.

According to an official announcement made on May 26, the company accumulated the new Bitcoin holdings between May 19 and May 23, at an average price of $106,237 per BTC. The total investment amounted to approximately $427.1 million. Notably, Bitcoin surged above $110,000 on May 22, marking a significant milestone during the acquisition period.

This purchase is the fourth instance of Bitcoin accumulation by Strategy in May alone. With this latest acquisition, the company’s total Bitcoin reserves have climbed to 580,250 BTC. The combined value of these holdings sits around $40.61 billion, with an average acquisition price of $69,979 per coin. These figures solidify Strategy’s position as a dominant institutional holder in the Bitcoin space.

Executive Stock Sales Follow Major BTC Buy

Amid the latest Bitcoin acquisition, Strategy director Jarrod Patten executed a series of Class A share sales. As detailed in a securities filing submitted on May 22, Patten sold 2,650 shares of MSTR between May 16 and 21, amounting to nearly $1.1 million in proceeds.

Since April 22, Patten has offloaded a cumulative total of 17,050 Class A shares, valued at approximately $6.7 million. These sales highlight a notable trend of insider activity coinciding with major company investments.

In a separate transaction, Strategy’s Chief Financial Officer, Andrew Kang, sold 2,185 Class A shares on May 23. The sale netted Kang around $719,447, as disclosed in an amended securities filing on the same day.

MSTR Stock Falls 12% Amid Legal Challenges

Despite the aggressive accumulation of Bitcoin, Strategy’s stock (MSTR) has experienced downward pressure. Over the past week, MSTR shares declined by roughly 12%, dropping from a high of about $420 to $369, according to data from TradingView.

This recent dip comes on the heels of a class-action lawsuit filed against the company on May 19. The lawsuit accuses Strategy of misrepresenting its Bitcoin investments and seeks to recover financial losses incurred by shareholders affected by the alleged securities fraud that surfaced in April 2025.

The historical peak closing price for MSTR stock was approximately $474, recorded on November 19, 2024. The recent pullback underscores investor unease amid both the company’s aggressive crypto strategy and its legal troubles.

Nonetheless, Strategy remains firmly committed to its Bitcoin-first approach. Michael Saylor, the company’s founder and Bitcoin advocate, reaffirmed his long-standing commitment in late 2024, stating he would “keep buying Bitcoin at the top forever”—a philosophy that continues to drive the firm’s investment strategy.

Bitcoin Inflows Could Surge to $420 Billion by 2026, Driven by Institutional and Sovereign Demand

The demand for Bitcoin is rapidly expanding beyond retail investors, fueled by a diverse mix of institutional participants—including publicly listed corporations establishing Bitcoin treasuries, sovereign wealth funds, spot Bitcoin exchange-traded funds (ETFs), and even national governments. This trend is expected to generate massive capital inflows into the asset in the coming years. According to Bitwise Asset Management, a leading crypto index fund provider, inflows into Bitcoin could reach $120 billion by the end of 2025, with an additional $300 billion anticipated in 2026.

In its report titled Forecasting Institutional Flows to Bitcoin in 2025/2026, Bitwise outlines the explosive growth of U.S.-listed spot Bitcoin ETFs, which recorded a remarkable $36.2 billion in net inflows in 2024. This growth surpasses the early momentum of the SPDR Gold Shares (GLD) ETF, which once transformed gold investing. Notably, Bitcoin ETFs achieved $125 billion in assets under management (AUM) within just one year—20 times faster than GLD. Bitwise projects that if this trajectory continues, Bitcoin ETF inflows could potentially triple to $100 billion annually by 2027, positioning Bitcoin to outperform gold as a leading alternative asset.

However, despite the strong momentum, a significant portion of capital—estimated at $35 billion—remained on the sidelines in 2024. This was largely due to conservative compliance policies from major financial institutions like Morgan Stanley and Goldman Sachs, which collectively manage around $60 trillion in client assets. These institutions typically require multi-year performance histories before onboarding new asset classes, but the growing legitimacy and adoption of Bitcoin ETFs could soon unlock this capital.

Jurrien Timmer, Director of Global Macro at Fidelity Investments, highlighted Bitcoin’s growing stature by noting that a sustained price above $100,000 could cement its status as a digital store of value, rivaling gold. His analysis also revealed a convergence in the Sharpe ratios of Bitcoin and gold, suggesting the two assets are becoming increasingly similar in terms of risk-adjusted returns—a key metric for institutional investors.

Bull, Bear, and Base Case Scenarios for Bitcoin Allocation

Bitwise’s report also examines potential future allocation scenarios across institutional categories, including sovereign nations, public and private corporations, U.S. states, and wealth management platforms. As of now, companies hold approximately 1,146,128 BTC (worth around $125 billion), which represents 5.8% of Bitcoin’s total supply. Sovereign nations collectively hold 529,705 BTC (valued at $57.8 billion), led by the United States (207,189 BTC), China (194,000 BTC), and the United Kingdom (61,000 BTC).

Bitwise senior investment strategist Juan Leon, UTXO research lead Guillaume Girard, and research analyst Will Owens presented three scenarios: bear, base, and bull cases for Bitcoin adoption.

Bear Case: Nation-states allocate just 1% of their gold reserves to Bitcoin, resulting in $32.3 billion in inflows (323,000 BTC, or 1.54% of total supply). U.S. states create 10% Bitcoin reserves, contributing $6.5 billion. Wealth management platforms allocate 0.1% of their assets ($60 billion), while public companies add another $58.9 billion. Cumulatively, these moves would drive over $150 billion into Bitcoin.

Base Case: A moderate 5% allocation of gold reserves by nation-states would lead to $161.7 billion in inflows (1,617,000 BTC, or 7.7% of supply). U.S. states raise their adoption rate to 30% ($19.6 billion), while wealth platforms allocate 0.5% ($300 billion). Public companies double their Bitcoin holdings to $117.8 billion. This scenario matches Bitwise’s overall forecast of $420 billion in inflows by 2026, capturing roughly 20.32% of total Bitcoin supply.

Bull Case: A more aggressive 10% allocation of gold reserves to Bitcoin could drive $323.4 billion in inflows (3,234,000 BTC, or 15.38% of supply). U.S. state adoption reaches 70% ($45.8 billion), wealth platforms allocate 1% of assets ($600 billion), and public companies quadruple their holdings to $235.6 billion. In this case, total inflows could exceed $426.9 billion, absorbing approximately 4,269,000 BTC.

Long-Term Implications for Bitcoin

The accelerating interest from institutional investors and sovereign entities signals a growing recognition of Bitcoin as a viable long-term asset. With approximately 94.6% of its total supply already mined—19,868,987 BTC as of May 2025—Bitcoin is increasingly seen as a hedge against inflation, fiat currency debasement, and systemic financial risks.

As traditional and sovereign investors deepen their exposure to Bitcoin, the next few years could mark a significant shift in global asset allocation. The implications extend beyond price appreciation, potentially positioning Bitcoin as a foundational component of modern diversified portfolios.

Semler Scientific Strengthens Bitcoin Portfolio with $50 Million Acquisition, Reinforces Position Among Top BTC Treasury Holders

Semler Scientific, a prominent medical device company, has significantly expanded its cryptocurrency holdings with the purchase of $50 million worth of Bitcoin (BTC) between May 13 and May 22, 2025. This strategic acquisition increases the market value of Semler’s Bitcoin reserves to an impressive $474.4 million, cementing its position among the top 13 companies holding BTC as part of their corporate treasury.

In a regulatory filing dated May 23, Semler disclosed that it acquired a total of 455 BTC at an average price of $109,801 per Bitcoin. The company utilized funds raised through its at-the-market (ATM) equity offering program to finance the purchase. To date, Semler Scientific has successfully raised approximately $115 million in net proceeds by selling close to 3 million shares of its common stock.

Despite the bold move into digital assets, Semler Scientific’s stock experienced a slight dip of 1.36% on the day of the disclosure. However, this decline mirrors broader market trends, as the Nasdaq Composite Index, which tracks major technology companies, also dropped around 1% during the same trading session.

The BTC purchase comes amid a challenging financial period for the company. In its Q1 2025 earnings report released on May 13, Semler reported a 44% year-over-year decline in revenue. Although the company touts its Bitcoin investment strategy as a long-term value play, its share price has fallen 18% so far in 2025, according to data from Google Finance.

Nevertheless, investor interest in Bitcoin treasury strategies continues to grow. These strategies typically involve publicly traded firms leveraging equity or debt offerings to purchase and hold Bitcoin as a reserve asset. This approach has gained significant traction since MicroStrategy, led by Michael Saylor, pioneered the model in August 2020. Saylor’s BTC strategy has since inspired a wave of institutional adoption.

Bitcoin’s performance has remained robust, appreciating 181.6% year to date. Semler Scientific’s stock has also seen a 53% gain since the company initially announced its Bitcoin-focused treasury strategy in May 2024, reflecting growing investor confidence in this alternative asset allocation method.

JPMorgan to Soon Allow Clients to Buy Bitcoin, Confirms CEO Jamie Dimon

In a major development for cryptocurrency adoption in traditional finance, JPMorgan Chase & Co. is preparing to offer its clients the ability to purchase Bitcoin. However, the banking giant will not provide custody services for the digital asset.

Speaking at JPMorgan’s annual investor day on May 19, CEO Jamie Dimon stated, “We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients.” This move signifies a shift in how JPMorgan approaches digital assets, reflecting growing client demand despite Dimon’s well-known skepticism about cryptocurrencies.

JPMorgan Embraces Bitcoin ETFs, Not Direct Custody

According to a CNBC report, JPMorgan plans to give its clients access to Bitcoin exchange-traded funds (ETFs), rather than direct holdings of the cryptocurrency. Citing sources familiar with the matter, the report notes that JPMorgan has previously restricted its crypto offerings to futures-based products, steering clear of direct digital asset ownership. This new approach aligns more closely with market trends and client interest while maintaining a controlled exposure to volatile assets like Bitcoin.

The decision also places JPMorgan in closer competition with peers like Morgan Stanley, which has already started offering spot Bitcoin ETFs to eligible clients. The U.S. market for spot Bitcoin ETFs has seen significant traction since their approval in January 2024, with total inflows nearing $42 billion, highlighting growing institutional interest in the asset class.

Jamie Dimon’s Evolving Stance on Bitcoin

Despite JPMorgan’s strategic shift, Jamie Dimon continues to voice his personal reservations about cryptocurrencies. His comments at the event reiterated concerns about the potential misuse of digital currencies, including associations with illicit activities like money laundering, sex trafficking, and terrorism financing.

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon remarked, signaling a libertarian stance on individual financial freedoms, even while criticizing the asset class itself.

Dimon has a long history of criticizing Bitcoin. In 2018, he dismissed it as a scam and reiterated his negative views during the 2021 bull market, calling Bitcoin “worthless.” In 2023, during a Senate Banking Committee hearing, he said, “I’ve always been deeply opposed to crypto, Bitcoin, etc. The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance. If I were the government, I’d close it down.”

Even after Bitcoin hit the $100,000 milestone in 2024, Dimon remained unmoved. At the World Economic Forum in Davos, he commented, “Bitcoin does nothing. I call it the pet rock.”

A Strategic Shift Driven by Market Demand

While Dimon’s personal views remain unchanged, JPMorgan’s business strategy reflects the broader market reality: demand for cryptocurrency products—especially regulated ones like ETFs—is rising among institutional and retail clients alike. Offering access to Bitcoin ETFs allows the bank to participate in the crypto economy without taking on the direct risks of asset custody or market volatility.

As Bitcoin continues to gain legitimacy through financial products like spot ETFs, even traditional banking institutions with skeptical leadership are being compelled to adapt.

Dubai’s Crypto Regulator Sets June Deadline for Compliance With Revised Rulebooks

The Virtual Assets Regulatory Authority (VARA) of Dubai has issued a deadline of June 19, 2025, for all licensed digital asset companies to comply with its updated, activity-based Rulebooks, aimed at reinforcing market integrity, risk oversight, and regulatory transparency.

In an official announcement dated May 19, VARA introduced Version 2.0 of its Rulebooks, marking a significant step in the evolution of Dubai’s virtual asset regulatory framework. These revisions are designed to elevate operational consistency and better align with global regulatory standards.

Strengthened Controls and Clarified Definitions

The updated Rulebooks introduce stricter controls on margin trading and token distribution services, in addition to aligning compliance requirements across various licensed activities. VARA has also provided enhanced definitions for key terms such as collateral wallet arrangements, improving clarity for market participants.

A 30-day transition period has been granted to all Virtual Asset Service Providers (VASPs), during which VARA will actively engage with entities to support their transition. Full compliance is expected by June 19, 2025, after the transition period concludes.

“In line with global regulatory best practices, a 30-day transition period has been granted to all impacted VASPs,” the regulator noted in its statement.

Enhanced Oversight Across Regulated Activities

VARA emphasized its commitment to strengthening supervisory mechanisms across a range of regulated activities, including advisory, broker-dealer services, custody, exchange operations, lending and borrowing, virtual asset (VA) management and investment, and VA transfer and settlement services.

A VARA spokesperson explained that the updated Rulebooks bring greater uniformity to operational definitions, citing improved consistency in terms such as “client assets,” “qualified custodians,” and “collateral requirements.”

The changes also harmonize risk management protocols and disclosure obligations in areas where activities such as brokerage, custody, and exchange overlap. This integration aims to minimize regulatory ambiguity and help VASPs achieve cross-functional compliance more effectively.

Margin Trading and Token Distribution See Tighter Controls

Significant updates have been made to rules governing margin trading. VARA has reduced leverage thresholds, enforced stricter collateralization standards, and imposed enhanced monitoring obligations on VASPs offering margin services.

Margin trading allows users to open larger positions using borrowed capital, potentially increasing both profits and losses. By tightening leverage, VARA aims to reduce the risk of systemic market shocks during periods of high volatility.

Additionally, a new framework for token distribution has been introduced. This includes clear licensing prerequisites, investor protection measures, and stringent marketing restrictions, particularly for retail-facing promotions.

“It’s about aligning with global conduct expectations and closing observed regulatory gaps,” the VARA spokesperson stated, emphasizing the importance of ethical marketing in safeguarding retail investors.

UK to Mandate Crypto Firms to Report Every Customer Transaction Starting January 2026

Beginning January 1, 2026, cryptocurrency firms operating in the United Kingdom will be legally required to collect and report detailed information on every customer trade and transfer. This significant development is part of the UK government’s broader strategy to enhance transparency and compliance in crypto tax reporting.

According to a statement released by HM Revenue and Customs (HMRC) on May 14, crypto platforms must gather and disclose critical user data for each transaction. Required information includes the user’s full name, residential address, tax identification number (TIN), the specific cryptocurrency involved, and the transaction amount. This applies not only to individual users but also to entities such as companies, trusts, and charities engaged in crypto transactions.

The new compliance mandate forms part of the UK’s adoption of the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF). This international framework aims to promote standardized and robust tax reporting mechanisms for digital assets, reinforcing the UK’s commitment to regulatory transparency in the rapidly evolving crypto industry.

Non-compliance or inaccuracies in data reporting could result in fines of up to £300 (approximately $398.40) per individual violation. HMRC has stated that it will provide detailed guidance in due course to help crypto firms understand and implement the upcoming requirements effectively. Nonetheless, authorities are strongly urging companies to begin collecting necessary user data now to ensure full compliance by the 2026 deadline.

In a parallel move to tighten regulatory oversight, UK Chancellor Rachel Reeves unveiled a draft bill in late April. The proposed legislation aims to bring cryptocurrency exchanges, custodians, and broker-dealers under the UK’s formal regulatory framework. This initiative is designed to tackle issues such as fraud, abuse, and market instability.

“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” Reeves stated.

The government’s dual approach of enforcing strict data reporting and expanding regulatory supervision underscores its intent to foster a secure and accountable crypto environment. It also seeks to position the UK as a global leader in digital finance while ensuring consumer protection.

According to a 2024 study by the UK’s Financial Conduct Authority (FCA), cryptocurrency ownership among UK adults rose to 12%, up sharply from 4% in 2021. This surge in adoption highlights the importance of regulatory frameworks that can keep pace with growing market participation.

UK’s Regulatory Direction vs. EU’s MiCA FrameworkThe UK’s integration of CARF stands in contrast to the European Union’s Markets in Crypto-Assets Regulation (MiCA), introduced last year. While both aim to regulate digital assets, the approaches differ significantly.

For instance, the UK will permit foreign stablecoin issuers to operate within its jurisdiction without the need for local registration. Additionally, the UK has not imposed volume caps on stablecoins—a notable departure from the EU’s more restrictive stance designed to mitigate systemic risks.

The UK’s balanced strategy reflects a desire to maintain financial innovation and industry growth while implementing robust oversight to curb misuse and enhance public trust in crypto markets.

New Zealand Man Arrested in Global $265M Crypto Scam Tied to FBI Investigation

A man from Wellington, New Zealand, has been arrested as part of a sweeping FBI-led investigation into a sophisticated international cryptocurrency fraud scheme. Authorities allege that the operation defrauded victims of over $450 million NZD (approximately $265 million USD) through a complex series of crypto transactions and laundering activities.

The arrest is one of 13 made following coordinated law enforcement actions across Auckland, Wellington, and California, executed over a three-day period. New Zealand Police confirmed the man’s arrest, noting his significant role in what they describe as an organized transnational criminal network.

Charges Include Racketeering, Wire Fraud, and Money Laundering

According to the U.S. Department of Justice, the individual faces serious federal charges, including racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering. These charges are part of a broader indictment targeting a criminal enterprise accused of exploiting victims to obtain large amounts of cryptocurrency between March and August 2024.

Authorities believe the group used deceptive schemes to manipulate at least seven victims into transferring digital assets, which were then funneled through various cryptocurrency platforms to obscure their origin and destination—a classic case of cryptocurrency laundering.

Lavish Spending on Luxury Goods and Services

Prosecutors allege that proceeds from the stolen funds were used to finance an extravagant lifestyle. Approximately $9 million was reportedly spent on luxury vehicles, high-end designer items like handbags, watches, and clothing, along with exclusive services including nightclub access, private security, and premium rentals in cities such as Los Angeles, Miami, and the Hamptons.

The accused appeared in Auckland District Court, where he was granted bail with interim name suppression. He is scheduled to reappear before the court on July 3.

International Law Enforcement Collaboration

New Zealand Police emphasized the importance of global cooperation in combating cybercrime. “We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” they stated. “Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”

The investigation remains active and ongoing, with further developments anticipated as authorities continue to pursue leads across multiple jurisdictions.

Surge in Crypto Thefts: $360 Million Lost in April 2025

In a related trend, cryptocurrency theft surged dramatically in April 2025, with losses reaching $360 million across 18 separate hacking incidents, according to data from blockchain security firm PeckShield. This marks an astonishing 990% increase compared to March’s $33 million in reported crypto losses.

The surge was largely driven by a single massive event involving a $330 million unauthorized Bitcoin transaction, identified by blockchain investigator ZachXBT. The transfer was later confirmed to be the result of a social engineering attack targeting an elderly individual in the United States. This incident now ranks among the largest single crypto thefts in history.

Coinbase Stock Falls 7% Amid SEC Investigation and Cyberattack Exposure

Coinbase (COIN) shares dropped sharply, falling 7% to $244 in after-hours trading on May 15, following reports of a serious data breach and an ongoing Securities and Exchange Commission (SEC) investigation into potentially misstated user numbers from 2021. The combination of regulatory scrutiny and cybersecurity concerns has sent shockwaves through investor circles.

The SEC probe, initially reported by The New York Times, centers on allegations that Coinbase may have overstated its user base in disclosures made during its 2021 public listing. The investigation began under the Biden administration and has continued into the Trump administration, indicating persistent regulatory interest in the company’s disclosure practices.

In response, Coinbase confirmed the investigation and emphasized its transparency regarding reporting metrics. Paul Grewal, Coinbase’s Chief Legal Officer, told Cointelegraph, “This is a holdover investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public.”

Grewal further clarified that while the metric in question—claiming “100+ million verified users”—has not been used since 2022, the company continues to report “monthly transacting users,” a more relevant and meaningful metric that measures actual platform engagement. He also reaffirmed Coinbase’s commitment to resolving the investigation: “While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”

Despite the SEC dropping its enforcement lawsuit against Coinbase in 2023, the current probe remains active. To manage its legal response, Coinbase has retained the prominent law firm Davis Polk & Wardwell.

Cyberattack and Extortion Attempt Target Coinbase

On the same day, Coinbase disclosed a significant cybersecurity incident involving a $20 million extortion attempt. The breach involved overseas support agents, reportedly recruited by cybercriminals, who gained unauthorized access to internal customer support systems. This insider attack resulted in the compromise of account data belonging to a small subset of users.

Coinbase has refused to comply with the ransom demands and emphasized that it is taking strong remedial action. The company pledged to reimburse affected users who fell victim to phishing attacks stemming from the breach. Estimated remediation and compensation costs are expected to fall between $180 million and $400 million.

“These insiders abused their access to customer support systems to steal the account data for a small subset of customers,” Coinbase stated in its official communication.

Tether Acquires $458.7 Million in Bitcoin for Twenty One Capital Ahead of SPAC Merger

Tether, the issuer behind the leading stablecoin USDT, has acquired $458.7 million worth of Bitcoin on behalf of Twenty One Capital, a Bitcoin-focused investment firm it financially supports. The firm is currently awaiting the completion of its Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners.

According to a filing submitted by Cantor Equity Partners to the U.S. Securities and Exchange Commission (SEC) on May 13, Tether purchased 4,812.2 BTC at an average price of $95,319 per Bitcoin. These assets were transferred to an escrow wallet on May 9 as part of a strategic move to bolster Twenty One Capital’s holdings and long-term investment structure.

This transaction boosts Twenty One Capital’s total Bitcoin holdings to 36,312 BTC, with Cantor Equity Partners currently holding 31,500 BTC on the firm’s behalf. Upon completion of the SPAC merger, the company will begin trading under the ticker symbol XXI.

Jack Mallers, CEO of Twenty One Capital and founder of Strike, confirmed that the merger process is in progress, although a definitive completion date has not yet been announced. Despite the uncertainty, the firm’s ambitions remain crystal clear.

According to data from BitcoinTreasuries.net, Twenty One Capital has now positioned itself as the third-largest corporate Bitcoin holder—behind only Strategy (formerly MicroStrategy) and MARA Holdings, which hold approximately 568,840 BTC and 48,237 BTC respectively.

Tether holds a majority stake in Twenty One Capital alongside crypto exchange Bitfinex. The SPAC merger is being sponsored by Wall Street powerhouse Cantor Fitzgerald, which is providing financial advisory services and has secured $585 million in funding to support the firm’s aggressive Bitcoin acquisition strategy.

In addition to Tether’s support, Japanese conglomerate SoftBank has invested $900 million in Twenty One Capital, further cementing confidence in the firm’s vision and leadership under Mallers.

Twenty One Capital Eyes Strategy’s Crown in Bitcoin Exposure

In an April presentation to the SEC, Twenty One Capital outlined its ambition to become the premier vehicle for capital-efficient Bitcoin exposure, aiming to eventually eclipse Michael Saylor’s Strategy in the institutional Bitcoin investment space.

Unlike many traditional investment firms, Twenty One aims to be a “pure play” Bitcoin entity, focusing on Bitcoin-native operations. The company intends to offer investors direct exposure to Bitcoin with greater operational flexibility and more frequent strategic capital raises.

A major distinction from conventional investment strategies is the firm’s decision to measure success not by earnings per share (EPS) but by Bitcoin per share (BPS). The firm has made it clear that accumulating Bitcoin will take precedence over short-term profits, reflecting its long-term commitment to Bitcoin as a strategic reserve asset.

Twenty One Capital has set a target to hold 42,000 BTC at launch. Earlier filings show that this total will comprise approximately 23,950 BTC from Tether, 10,500 BTC from SoftBank, and 7,000 BTC from Bitfinex—the latter of which will be converted into equity at $10 per share.

Market Responds to Bitcoin Purchase

Cantor Equity Partners’ share price reacted positively to the Bitcoin acquisition. On May 2, the stock surged from $10.65 to $59.73, though it later corrected to $29.84, according to Google Finance. Following the latest announcement, the stock experienced a further 5.2% increase in after-hours trading, signaling growing investor interest in the Bitcoin-driven strategy.

Hong Kong-based fintech innovator RedotPay has officially introduced its cryptocurrency-enabled payment cards in South Korea, signaling a bold entry into a market long dominated by traditional credit card providers and mobile payment platforms. With this strategic launch, RedotPay positions itself as a forward-thinking disruptor amid rising interest in digital assets across the country.

According to a May 9 report by The Korea Economic Daily, RedotPay’s crypto debit cards, available in both physical and virtual formats, are now fully compatible with any Korean merchant that accepts Visa. This integration provides a seamless and familiar point-of-sale experience, while harnessing the power of blockchain technology.

This move follows RedotPay’s global expansion strategy, including a key partnership formed in February 2025 with Visa and BIN sponsor StraitsX. That collaboration was aimed at strengthening cross-border cryptocurrency payment infrastructure, enhancing the ability to spend crypto effortlessly across multiple regions.

Founded in 2023, RedotPay has experienced impressive growth, with its crypto card program first rolling out in late 2024. The platform now boasts a user base exceeding 4 million globally, highlighting increasing consumer appetite for crypto-integrated financial products.

In South Korea, users can obtain a virtual RedotPay card for $10 or a physical card for $100, with only basic verification requirements such as name, address, and valid ID. The simplified onboarding process allows for quick activation. According to Korean users posting on X (formerly Twitter), the card can be used instantly through smartphones without waiting for a physical card, by completing a brief identity verification process.

RedotPay Cards Support Major Cryptocurrencies and Multiple Blockchain Networks

RedotPay’s cards support top-tier cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as leading stablecoins like USD Coin (USDC) and Tether (USDT). Users can fund their cards using assets from a variety of blockchain ecosystems including Solana, Polygon, Binance Smart Chain (BSC), Tron, and Arbitrum.

A standout feature of the RedotPay card system is its real-time stablecoin payment and refund mechanism. Transactions deduct stablecoins directly from the user’s linked crypto wallet at the time of purchase, offering transparency and instant settlement. If a transaction is canceled, refunds in USDC or USDT are processed within minutes, a significant improvement over traditional banking delays.

Apple Pay Integration and Competitive Advantage in South Korea

In a country where Apple Pay access remains exclusive to Hyundai Card customers, RedotPay’s Apple Pay compatibility provides a significant advantage. Users in Seoul can now integrate their RedotPay cards with Apple Pay, offering greater convenience and expanding the utility of crypto assets in everyday purchases. This compatibility allows RedotPay to challenge Korea’s established digital payments infrastructure more effectively.

Rising Crypto Adoption and Political Momentum in South Korea

South Korea has seen surging cryptocurrency adoption, with over 16 million residents reportedly holding digital assets. This widespread adoption has propelled crypto into the political spotlight ahead of the 2025 presidential elections.

On May 6, Lee Jae-myung, leader of the Democratic Party of Korea and a presidential candidate, vowed to approve spot crypto exchange-traded funds (ETFs) and introduce a range of crypto-friendly regulations if elected. Similarly, the ruling People Power Party announced its own crypto policy initiatives in late April, including promises to legalize spot crypto ETFs, dismantle the one-exchange-one-bank rule, and develop a regulatory framework for stablecoins.

With these regulatory tailwinds and growing consumer demand, RedotPay’s expansion into South Korea seems both timely and strategically aligned with the country’s evolving digital finance landscape.