This week in crypto brought a flurry of major developments from billion-dollar Bitcoin buys and regulatory shifts to high-profile legal drama. Here’s everything you need to know.
Strategy Grows Its Bitcoin War Chest
MicroStrategy now rebranded as Strategy has once again doubled down on its Bitcoin bet. The company purchased 15,355 BTC for $1.42 billion, bringing its total holdings to a staggering 553,555 BTC, approximately 2.5% of Bitcoin’s total supply. The average acquisition price was $92,737 per BTC.
In a May 1 earnings call, Strategy Executive Chair Michael Saylor addressed volatility concerns and celebrated the broader institutional momentum behind Bitcoin, noting that over 70 public companies are participating in what he dubbed a “digital gold rush.” Strategy is projected to end 2025 with nearly 691,249 BTC, up from previous forecasts.
Nexo Re-Enters the U.S. Market
Crypto lending platform Nexo has officially resumed operations in the U.S. after a two-year hiatus. The return comes after settling a $45 million fine with the SEC related to its unregistered lending services. Nexo plans to reintroduce its full suite of products, including high-yield savings and asset-backed loans, in compliance with U.S. regulations.
Legal Heat: Celsius Founder Faces 20-Year Sentence
Federal prosecutors are seeking a 20-year prison sentence for Alex Mashinsky, the former CEO of defunct crypto lender Celsius Network. Investors impacted by the platform’s collapse are calling for even harsher penalties, with some demanding life imprisonment.
SEC Activity: Delays, Withdrawals, and Ripple Effects
The SEC has delayed decisions on two key ETF applications:
- Bitwise Dogecoin ETF (new decision date: June 15)
- Franklin XRP Fund (new decision date: June 17)
Meanwhile, the agency has ended its probe into PayPal’s PYUSD stablecoin, marking another instance of softened regulatory enforcement under Chair Paul Atkins, a Trump appointee. Investigations into Dragonchain, Coinbase, Gemini, Uniswap, and Ripple have also been dropped in recent weeks.
Additionally, Coinbase has filed an amicus brief with the U.S. Supreme Court in the Harper vs IRS case, pushing for enhanced privacy protections in crypto tax matters.
Trump World Goes Crypto
A report from State Democracy Defenders Action revealed that nearly 40% of Donald Trump’s net worth, estimated at $2.9 billion, now comes from digital assets. Logistics firm Freight Technologies struck a $20 million deal to acquire Trump-themed memecoins, becoming one of the first companies to anchor its Web3 strategy around the former president.
Eric Trump, EVP of the Trump Organization, criticized the traditional banking system and called SWIFT a “disaster,” urging adoption of blockchain for financial institutions.
Ripple’s Failed Acquisition of Circle
Reports emerged this week that Ripple attempted to acquire Circle, the issuer of the USDC stablecoin. While the bid was unsuccessful, sources say Ripple is still weighing another offer, indicating potential consolidation in the stablecoin sector.
Other Noteworthy Headlines:
- Worldcoin Launches in U.S.: The Sam Altman-backed biometric crypto project World began operations in six U.S. cities, offering crypto in exchange for iris scans.
- Tether Posts $1 Billion Q1 Profit: Despite a decline from 2024, Tether maintained a strong showing and revealed plans to launch a U.S.-focused stablecoin by 2026.
- Kraken Uncovers North Korean Scam: During a hiring process, Kraken’s HR team identified a candidate suspected of being a North Korean operative. The company continued interviews to gather intelligence on the operation.
- Movement Labs Co-Founder Suspended: Rushi Manche was suspended after dumping 66 million MOVE tokens on the open market without authorization.
- $7 Million in Stolen Bitcoin Recovered: On-chain investigator ZachXBT helped track and recover $7 million of a $330 million Bitcoin theft, with help from Binance and other exchanges.
Final Thoughts
This week showcased the complex interplay between regulation, institutional adoption, and crypto’s growing political influence. With Strategy doubling down on Bitcoin, regulators stepping back, and major returns to the U.S. market, the second quarter of 2025 is shaping up to be a pivotal chapter in crypto history.
