This week in crypto saw major developments, including President Donald Trump’s executive order for a Strategic Bitcoin Reserve, continued struggles for Ethereum ETFs, and regulatory shifts impacting Kraken, Yuga Labs, and Cumberland. Meanwhile, El Salvador remains defiant against IMF restrictions, and Mt. Gox made a significant Bitcoin transfer. Here’s a recap of the biggest stories:
Trump Signs Executive Order for Bitcoin Reserve
President Trump signed an executive order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. The reserve will consist of Bitcoin acquired through federal criminal and civil asset forfeiture proceedings, with White House crypto czar David Sacks emphasizing that it “will not cost taxpayers a dime.”
The order came ahead of the White House crypto summit, where industry leaders gathered to discuss digital asset policies.
Not Everyone Is on Board
Solana co-founder Anatoly Yakovenko expressed skepticism about the U.S. crypto reserve initiative, stating his preference for “no reserve” and warning that government involvement could impact decentralization.
Regulatory Shifts: Kraken, Yuga Labs, and Cumberland Benefiting
Regulatory easing under the Trump administration continues to benefit cryptocurrency companies:
- The SEC withdrew its lawsuit against crypto exchange Kraken, which is now reportedly considering an IPO.
- A three-year investigation into Yuga Labs concluded with the determination that “NFTs are not securities.”
- Cumberland DRW, the crypto trading arm of DRW, had its SEC charges dismissed after previously being accused of operating as an unregistered securities dealer.
El Salvador Defies IMF Bitcoin Restrictions
Despite restrictions outlined in El Salvador’s $3.5 billion loan agreement with the International Monetary Fund (IMF), President Nayib Bukele confirmed that the country will continue accumulating Bitcoin. The IMF had reportedly included a clause prohibiting the voluntary accumulation of BTC by El Salvador’s public sector, but Bukele remains committed to his Bitcoin strategy.
Ethereum ETFs Face Heavy Outflows
Ethereum has been struggling to maintain price stability, hovering around $2,100 over the past week. Wall Street investors continue dumping Ethereum ETFs, with outflows reaching:
- $120 million last week
- $335 million the previous week
- Totaling $455 million in two weeks
By comparison, Bitcoin ETFs have seen net inflows of $37 billion, far exceeding Ethereum’s $2.7 billion.
Other Major Crypto Developments
Mt. Gox Moves Over 11,800 BTC
The bankrupt exchange Mt. Gox moved approximately 11,834 BTC (worth about $1.07 billion) to an unmarked address, according to Arkham Intelligence. This marks the exchange’s first major Bitcoin movement since January 2025, potentially related to ongoing creditor repayments.
Tether Freezes $28 Million USDT on Russian Exchange
Stablecoin issuer Tether blocked $28 million USDT held on the Russian exchange Garantex, which has been sanctioned by the EU for alleged ties to the Russian government and criminal organizations.
Following the freeze, Garantex announced a temporary suspension of its services, impacting its users.
Texas Advances Bitcoin Investment Bill
The Texas Senate passed SB 21, a bill that would authorize the state to invest public funds in Bitcoin. Texas joins a growing list of states exploring similar pro-crypto policies.
Bitwise Files for Aptos ETF
Bitwise filed an S-1 registration with the SEC for a spot Aptos ETF, following its initial Delaware registration last week.
Ethereum Developers Delay Pectra Upgrade
Ethereum developers announced the delay of the Pectra upgrade after encountering issues in two test implementations. Originally slated as the most significant upgrade since 2024, further testing is now required before rollout.
ETF Market Expands: XRP ETFs and More
Volatility Shares Files for XRP ETF Products
ETF asset manager Volatility Shares has filed for three XRP ETFs:
- Spot XRP ETF – direct price tracking
- 2x Leveraged XRP ETF – amplified daily price movements
- Inverse -1x XRP ETF – allowing bets against XRP price increases
Additionally, Canary has advanced its Sui ETF registration process in Delaware, following recent filings for AXL, Hedera (HBAR), Litecoin (LTC), XRP, and Solana (SOL) ETFs.
Crypto VC Funding: Gemini’s IPO and Major Raises
Gemini Confidentially Files for IPO
The Winklevoss twins’ crypto exchange Gemini has submitted a confidential IPO filing with Goldman Sachs and Citigroup assisting in the process. The company has not made a final decision on the listing.
Flowdesk Raises $52M in Series B
Crypto market maker Flowdesk secured $52 million in a Series B round led by BlackRock, signaling continued institutional investment interest.
Crypto and Sports: FIFA and Formula 1 Enter the Space
- FIFA President Gianni Infantino suggested the organization could develop its own cryptocurrency token.
- Formula One teams continue to receive sponsorships from major crypto firms, including Gate.io, Binance, and ApeCoin.
Final Thoughts
This week has underscored major shifts in crypto regulation, institutional investment, and governmental support. With the Strategic Bitcoin Reserve, regulatory rollbacks, and new ETFs emerging, the landscape continues to evolve. As Ethereum ETFs struggle, Bitcoin remains the dominant force, bolstered by state-level investments and global accumulation trends.
