Bitcoin Reserves Expand Through Strategic Moves, Nexo Restarts U.S. Operations, Ex-Celsius CEO Faces Decade-Long Imprisonment (Weekly Overview)
Daily Crypto Digest: Bitcoin Buying Spree, Nexo's US Return, and Update on Mashinsky Trial
Let's dive into the latest happenings in the crypto world, covering Strategy's Bitcoin purchases, Nexo's US comeback, and the latest on Celsius founder Alex Mashinsky's trial.
Strategy gone Bitcoin crazy
- Strategy, formerly known as MicroStrategy, splashed over $1.42 billion on 15,355 BTC, averaging around $92,737 per Bitcoin. With 553,555 BTC, they control about 2.5% of the total supply.
- Strategy Chair Michael Saylor aren’t worrying about Bitcoin's volatility and are bloomin' excited that over 70 public companies are jumping into the "digital gold rush." Sources expect Strategy to own 691,249 BTC by the end of 2025. Analysts are staying positive, despite the risk.
Nexo ventures back into the US
- After a two-year absence, crypto lending platform Nexo reentered the US, providing full services like high-yield savings and asset-backed credit lines. Nexo previously paused US operations after settling a $45 million fine with the SEC over an unregistered lending product.
The Mashinsky verdict call
- Federal prosecutors are pushing for Alex Mashinsky, former Celsius Network founder, to serve 20 years in prison. Some investors who lost savings in Celsius' collapse demand life sentences. No further details are available on the trial's progress.
- The SEC postponed decisions on XRP and Dogecoin ETFs. Although not specified, the Bitwise Dogecoin ETF and Franklin XRP Fund have new decision dates set for June 15th and 17th respectively.
- The SEC wrapped up its investigation into PayPal's stablecoin PYUSD and other inquiries involving cryptos like Dragonchain, Coinbase, Gemini, Uniswap, and Ripple.
- Coinbase took a stand by filing an amicus brief to the US Supreme Court, advocating for privacy protections in crypto transactions.
NFT sales surge 22% to $107m, Pudgy Penguins recover
The Trump crypto gold rush
- A report by State Democracy Defenders Action claims that Donald Trump and his family now make up nearly 40% of their net worth from cryptocurrency, totaling about $2.9 billion.
- Freight Technologies struck a $20 million deal to acquire Trump-themed digital assets.
- Eric Trump spoke with CNBC, criticizing the current financial system and calling for blockchain technology adoption.
Unsuccessful Ripple acquisition bid for Circle
- Ripple made an unsuccessful attempt to acquire Circle, the company behind USDC stablecoin. Sources indicate Ripple remains interested but hasn't decided if they'll make another offer.
World's biometric crypto expansion to US
- World, an eyeball-scanning project co-founded by OpenAI CEO Sam Altman, announced its official launch in six major US cities: Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco.
Tether earns $1 billion Q1 profit despite decline
- Tether reported profit of over $1 billion for Q1 2025, but this is a drop from Q1 2024 profits.
Kraken uncovers North Korean job applicant
- During a routine remote engineering position interview, Kraken discovered a job candidate suspected of being a North Korean operative. Kraken chose to continue the interviews to gather intelligence on their tactics.
Movement Labs suspends co-founder amid token controversy
- Ethereum layer-2 startup Movement Labs suspended co-founder Rushi Manche following the unauthorized dumping of 66 million MOVE tokens on the open market.
Tether's US focused stablecoin launch plans
- Tether plans on launching a US-specific stablecoin by late 2025 or early 2026, once the stablecoin legislation is sorted out. The new stablecoin intends to complement Tether's $148 billion USDT stablecoin and meet U.S. regulatory requirements.
Seven million dollars of stolen Bitcoin retrieved
- $7 million of the stolen $330 million from an "OG Bitcoiner" was seized. The recovery process involved multiple investigators and Binance's security team after the stolen funds passed through six exchanges. The thieves attempted to launder the Bitcoin by converting portions into privacy coin Monero.
Ripple lawyer explains legal win after SEC backs down on crypto enforcement
Insights:
- The SEC's Crypto Task Force, led by Commissioner Hester Peirce, aims to develop a comprehensive regulatory framework for digital assets[1][3].
- On March 20, 2025, the SEC Staff clarified that crypto mining activities do not implicate the securities laws[5].
- The SEC is holding roundtables to discuss regulatory paths for digital assets and trading platforms, such as the April 25, 2025, event on crypto custody[3].
- The SEC's Division of Corporation Finance emphasizes clear, concise, and tailored disclosures for issuers[2][4].
[1] - SEC Crypto Task Force: SEC.gov[2] - Enforcement Division Guidance on Disclosure: SEC.gov[3] - Upcoming SEC Roundtable on Crypto Custody: SEC.gov[4] - SEC Guidance Update on Investment Companies and Funds: SEC.gov[5] - SEC Staff Statement on Crypto Mining: SEC.gov
- MicroStrategy, now known as Strategy, invested $1.42 billion in Bitcoin, purchasing 15,355 BTC at an average price of $92,737 per coin, owning a total of 553,555 BTC, representing 2.5% of the total supply.
- Strategy chairman, Michael Saylor, remains undeterred by Bitcoin's volatility and sees potential in 70 public companies joining the "digital gold rush." Analysts expect Strategy to hold 691,249 BTC by the end of 2025.
- Nexo resumed operations in the US, providing services like high-yield savings and asset-backed credit lines, after a two-year hiatus prompted by a $45 million fine from the SEC for an unregistered lending product.
- The SEC delayed decisions on XRP and Dogecoin ETFs, with new decision dates set for June 15th for the Bitwise Dogecoin ETF and June 17th for the Franklin XRP Fund.
- Coinbase filed an amicus brief to the US Supreme Court to advocate for privacy protections in cryptocurrency transactions.
- NFT sales increased by 22% to $107 million, with Pudgy Penguins reporting a recovery.
- Donald Trump and his family are said to have amassed nearly 40% of their net worth through cryptocurrency, amounting to approximately $2.9 billion.
- Ripple attempted to acquire Circle, but the offer was unsuccessful, with Ripple considering another bid in the future.
In addition, the SEC's Crypto Task Force is working to develop a comprehensive regulatory framework for digital assets, with the SEC Staff recently clarifying that crypto mining activities do not implicate securities laws. The SEC is also holding roundtables to discuss digital asset regulatory paths and trading platforms and emphasizing clear, concise, and tailored disclosures for issuers.
Further developments include the discovery of a suspected North Korean operative during a remote engineering position interview at Kraken, the seizure of $7 million in stolen Bitcoin by multiple investigators and Binance's security team, and the suspension of Movement Labs co-founder Rushi Manche following the unauthorized dumping of MOVE tokens on the open market.
Lastly, Tether plans to launch a US-specific stablecoin by late 2025 or early 2026 to meet U.S. regulatory requirements and complement its $148 billion USDT stablecoin.
