Last week, a series of notable developments occurred in the crypto world, especially with publicly listed companies. From Circle and eToro entering a 'quiet period' simultaneously, Bitcoin miners unexpectedly selling large volumes, to Semler Scientific maneuvering financially through Bitcoin to settle a penalty with the U.S. Department of Justice (DOJ). Below is a detailed summary of what is happening and why all of this is closely related to the crypto market – especially for investors on Binance.



Circle and eToro 'silent' – upcoming IPO?


A buzzworthy move this week was the announcement from Circle, the issuer of the USDC stablecoin, that they are entering a 'quiet period' – a time of restricted public statements after filing an S-1 with the SEC in preparation for an IPO.


This raises expectations that Circle may be nearing a public listing, despite concerns surrounding recently delayed tech IPOs due to the impact of trade tensions during President Donald Trump's administration.


Not long after, another popular trading platform also made a similar statement: they are in a quiet period and cannot comment on the IPO. This further reinforces the view that the two giants in the crypto space are preparing to enter the U.S. stock market.


For Binance users and the crypto market in general, the entry of these two big names onto the exchange could spark a new growth wave for the digital asset ecosystem, from investor confidence to institutional capital inflow.



Bitcoin miners are selling off – a bad signal?


While Circle and eToro remain silent, Bitcoin miners are doing the opposite: dumping en masse.


According to data from CryptoQuant, on April 7 alone, 15,000 BTC were sold, equivalent to at least $1.12 billion at the lowest price of the day (~$75,000/BTC). This was the third-largest daily sell-off since the beginning of 2025.


Previously, in June 2024, when Bitcoin was at $66,000, miners sold only about $200 million. Therefore, this sell-off indicates that liquidity pressure is significantly increasing. Many mining companies have abandoned the traditional HODL strategy to use Bitcoin to cover operating costs or pay debts.


For example:



  • CleanSpark has increased its credit limit from Coinbase to $200 million and has started selling a portion of its mined BTC monthly.



  • Cipher Mining and Hut 8 also have credit limits from Coinbase for operational purposes.




The ongoing withdrawals of BTC by mining companies for sale indicate a defensive move against price volatility, simultaneously creating selling pressure on the market – something that Binance users need to particularly watch.



Semler Scientific 'uses Bitcoin to pay DOJ debt'?


The strangest story this week comes from Semler Scientific (SMLR) – a medical technology company that is also a Bitcoin 'treasury' listed on Nasdaq.


The company is facing allegations of violating federal anti-fraud laws related to the QuantaFlo product. To prepare for potential penalties with the U.S. Department of Justice (DOJ), Semler borrowed money from Coinbase Credit.


Notably, they announced plans to issue $500 million in securities to buy more Bitcoin – and use that BTC as collateral for a loan from Coinbase to pay the DOJ fine.


This is a bold financial strategy, if not risky, to use a highly volatile asset (Bitcoin) to address serious legal obligations. However, using BTC as collateral indicates long-term confidence in Bitcoin's value, while also raising the question: will other companies follow this model?



Coinbase is being sued again


Still Coinbase, this time the largest exchange in the U.S. continues to face legal troubles.


Oregon has become the latest state to sue Coinbase, accusing the company of violating state securities laws by facilitating the buying and selling of cryptocurrencies that are deemed unregistered securities. According to the Oregon Attorney General, Coinbase 'earned millions of dollars in transaction fees while the people of Oregon suffered significant losses.'


In response, Coinbase's legal director – Paul Grewal – expressed dissatisfaction. He emphasized that the SEC's previous lawsuit was dismissed in February and argued that Oregon's continued lawsuits are untimely.


For users on Binance or any major exchange, the continuous lawsuits against Coinbase by various states indicate that the regulatory environment in the U.S. remains unclear – and could impact how exchanges list or operate services here.



Some other news



  • Kraken is restructuring and cutting jobs in preparation for an IPO. They have also added stock and ETF trading – a gradual step towards the traditional financial market.



  • MicroStrategy (MSTR), although recently warning of an unrealized loss of $6 billion, continues to buy more BTC, bringing its treasury value close to that of fictional icons like Carlisle Cullen (Twilight), Smaug (The Hobbit), or Scrooge McDuck (Disney).



  • Base (Coinbase's L2) does not have an official token. However, many investors have been 'rekt' for believing in fake tokens named 'Base' – a reminder that Binance users need to be cautious of unclear tokenomics projects.





Conclusion


This week, the picture of publicly listed crypto companies painted a clear message: Bitcoin is increasingly becoming a central financial instrument, whether for fundraising, collateral, or legal risk management. However, behind this development are liquidity pressures, lawsuits, and uncertainty from U.S. policy.


Binance users need to closely monitor the developments of Circle, eToro, and the financial status of companies like Semler or CleanSpark – as all of these indirectly affect the sentiment and volatility of the global crypto market.



Risk warning: The cryptocurrency market is highly volatile and carries significant risks. The information above is not investment advice. Investors should carefully consider before making decisions and should not invest more than they can afford to lose.