Mike Novogratz’s Galaxy Digital gets SEC nod for Nasdaq listing
Artificial intelligence and crypto investment firm Galaxy Digital has been given the nod from the US Securities and Exchange Commission to list on the Nasdaq stock exchange. The company, which is listed on the Toronto Stock Exchange (TSX), plans to relocate its home base from the Cayman Islands to Delaware, according to an April 7 statement from Galaxy, pending shareholder and TSX approval. “Our registration statement is now effective with the SEC. We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization. Let’s go!” Galaxy CEO Michael Novogratz said in an April 7 statement to X. Source: Michael NovogratzGalaxy anticipates listing on the Nasdaq under the ticker symbol GLXY shortly after the vote, with the transition to be completed by mid-May, contingent on meeting Nasdaq listing requirements.Galaxy chooses Delaware for favorable corporate environmentIn the SEC Form S-4, first filed on March 27, Galaxy said it chose Delaware for the relocation because it would provide “a favorable corporate environment,” which would help it “compete more effectively with other publicly traded companies.” The firm also chose Delaware because it’s the “choice of domicile for many publicly traded corporations,” has an abundance of case law to assist in interpreting the Delaware General Corporation Law (DGCL), and lawmakers frequently update the DGCL to reflect current technology and legal trends. After the change, Novogratz will maintain control of the company with nearly 60% of voting power, according to the filing. Galaxy Digital’s share price on the TSX was down 8% after the bell, trading at $12.30 Canadian dollars ($8.70), according to Google Finance. The stock was first listed in July 2015 and peaked at just under $50 Canadian dollars ($35) on Nov. 12, 2021.Galaxy Digital’s share price on the TSX was down 8% after the TSX closed. Source: Google FinanceGalaxy recently agreed to pay $200 million in a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA). Related: NYSE proposes rule change to allow ETH staking on Grayscale’s spot Ether ETFsOther crypto firms are listed on the Nasdaq. Coincheck Group, the parent company of Japanese crypto exchange Coincheck, was one of the most recent, debuting on Dec. 11. Bitcoin-stacking investment firm Metaplanet has also been exploring a potential listing outside of Japan, such as the US, after CEO Simon Gerovich met with officials at the New York Stock Exchange and Nasdaq in March. Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
Corporate Bitcoin treasuries drop more than $4B on US tariff hike impact
Corporate Bitcoin (BTC) treasuries collectively shed more than $4 billion in value after US President Donald Trump’s tariffs triggered a global market sell-off, data shows. As of April 7, corporate Bitcoin holdings are worth approximately $54.5 billion in the aggregate, down from roughly $59 billion before April 2, according to data from BitcoinTreasuries.net.The cryptocurrency’s volatility has also weighed on publicly traded Bitcoin holders’ share prices. The Bitwise Bitcoin Standard Corporations ETF (OWNB) — an exchange-traded fund (ETF) tracking a diverse basket of corporate Bitcoin holders — has lost more than 13% since Trump announced sweeping US import tariffs on April 2, according to Yahoo Finance.Even shares of Strategy — the de facto Bitcoin hedge fund founded by Michael Saylor that pioneered corporate Bitcoin buying — are down, clocking losses of more than 13% since April 2, Google Finance data showed. The losses highlight ongoing concerns about Bitcoin’s increasing popularity as a corporate treasury asset. Historically, corporate treasuries hold extremely low-risk assets like US Treasury Bills. “Cryptocurrencies’ high volatility and uncertain regulatory landscape are misaligned with the fundamental goals of treasury management [such as] stability, liquidity, and capital preservation,” David Krause, a finance professor at Marquette University, said in a January research publication. Entities holding Bitcoin. Source: BitcoinTreasuries.NETRelated: Bitcoin, showing ‘signs of resilience’, beats stocks, gold as equities fold — BinanceIs Bitcoin right for corporate treasuries?In 2024, surging Bitcoin prices pushed Strategy’s shares up more than 350%, according to data from FinanceCharts. Strategy’s success has inspired dozens of copycats, but investors are becoming skeptical.In March, GameStop lost nearly $3 billion in market capitalization as shareholders second-guessed the videogame retailer’s plans to stockpile Bitcoin. “There are question marks with GameStop’s model. If bitcoin is going to be the pivot, where does that leave everything else?” Bret Kenwell, US investment analyst at eToro, told Reuters on March 27. The case for Bitcoin as a corporate treasury asset. Source: Fidelity Digital AssetsStill, adding Bitcoin to corporate treasuries can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks,” asset manager Fidelity Digital Assets said in a 2024 report.That thesis may already be playing out as Trump’s tariffs rattle markets, Binance said in an April 7 research report. “[I]n the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance said.Investors “will be watching closely to see if BTC is able to retain its appeal as a non-sovereign, permissionless asset in a protectionist global economy,” according to the report.Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5
Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up
Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets. The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7. Zhao will advise the regulatory body on cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.CZ is seen signing documents during his appointment by Pakistan’s Ministry of Finance. Source: Business RecorderZhao is one of the most recognizable names in crypto, having served as CEO of Binance between 2017 and 2023. He resigned as CEO of the exchange in November 2023 after pleading guilty to charges related to violating US money laundering laws. He was later sentenced to four months in prison. For Pakistan, Zhao is a high-profile appointment that could potentially help the country lure foreign investment in an industry that has taken on new strategic importance.In March, the CEO of Pakistan’s Crypto Council, Bilal bin Saqib, told Bloomberg that the country plans to develop a clear regulatory framework for digital assets.“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”Related: Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain techCrypto in Pakistan: Adoption and pain-pointsPakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora and thriving black market for foreign exchange trades. The value of cash sent to Pakistan through formal remittance channels surged at the end of last year amid a countrywide crackdown on black market dollar trades.“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” John Ashbourne, an economist at Fitch Solutions, told Bloomberg. Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.In 2024, Pakistan ranked ninth among Central and Southern Asia and Oceania (CSAO) countries. Source: ChainalysisStablecoins have emerged as one of crypto’s most prominent use cases in regions with high demand for US dollars due to currency depreciation.Although data on stablecoin usage in Pakistan is slim, a 2023 KuCoin survey revealed that 33% of local crypto investors use digital assets to hedge against the rupee’s devaluation. A more recent survey conducted by Bitget found that 46% of respondents in South Asia — a region that includes India, Pakistan, Bangladesh and others — use digital assets for speed and accessibility of transactions. Magazine: How crypto laws are changing across the world in 2025
Was Bitcoin price drop to $75K the bottom? — Data suggests BTC to stocks decoupling will continue
Bitcoin (BTC) fell below $75,000 on April 6, pressured by traditional markets as S&P 500 futures hit their lowest levels since January 2024. The initial panic also caused WTI oil futures to drop below $60 for the first time in four years. However, markets later recovered some losses, allowing Bitcoin to reclaim the $78,000 level.Bitcoin’s high correlation with traditional markets tends to be short-livedWhile some analysts argue that Bitcoin has entered a bear market following a 30% price correction from its cycle peak, historical data offers numerous examples of even stronger recoveries. Notably, Bitcoin’s high correlation with traditional markets tends to be short-lived. Several indicators suggest traders are simply waiting for better entry opportunities.40-day correlation: S&P 500 futures vs. Bitcoin/USD. Source: TradingView / CointelegraphBitcoin’s recent performance has been closely tied to the S&P 500, but this correlation fluctuates significantly over time. For example, the correlation turned negative in June 2024 as the two asset classes moved in opposite directions for nearly 50 days. Furthermore, while the correlation metric exceeded the 60% threshold for 272 days over two years—roughly 38% of the period—this figure is statistically inconclusive.The recent Bitcoin price drop to $74,440 reflects heightened uncertainty in traditional markets. While periods of unusually high correlation between Bitcoin and traditional assets have occurred in the past, they rarely last long. Furthermore, most major tech stocks are currently trading down by 30% or more from their all-time highs.Gold failed as a “store of value” between 2022 and 2024Even with a $1.5 trillion market capitalization, Bitcoin remains one of the top 10 tradable assets globally. While gold is often regarded as the only reliable “store of value,” this perspective overlooks its volatility. For instance, gold dropped to $1,615 by September 2022 and took three years to recover its previous all-time high of $2,075.Although gold boasts a $21 trillion market capitalization—14 times higher than Bitcoin’s—the gap in spot exchange-traded fund (ETF) assets under management is much narrower: $330 billion for gold compared to $92 billion for Bitcoin. Additionally, Bitcoin-listed instruments like the Grayscale Bitcoin Trust (GBTC) debuted on exchanges in 2015, giving gold a 12-year advantage in market presence.Bitcoin ETFs’ importance and resilience in BTC derivativesFrom a derivatives standpoint, Bitcoin perpetual futures (inverse swaps) remain in excellent condition, with the funding rate hovering near zero. This indicates balanced leverage demand between longs (buyers) and shorts (sellers). This is a sharp contrast to the period between March 24 and March 26, when the funding rate turned negative, reaching 0.9% per month—reflecting stronger demand for bearish positions.Bitcoin perpetual futures 8-hour funding rate. Source: Laevitas.chAdditionally, the $412 million liquidation of leveraged long positions between April 6 and April 7 was relatively modest. For comparison, when Bitcoin’s price dropped by 12.6% between Feb. 25 and Feb. 26, liquidations of leveraged bullish positions totaled $948 million. This suggests that traders were better prepared this time or relied less on leverage.Finally, stablecoin demand in China offers further insight into market sentiment. Typically, strong retail demand for cryptocurrencies drives stablecoins to trade at a premium of 2% or more above the official US dollar rate. Conversely, a premium below 0.5% often signals fear as traders look to exit crypto markets.Related: Michael Saylor’s Strategy halts Bitcoin buys despite dip below $87KUSDT Tether (USDT/CNY) vs. US dollar/CNY. Source: OKXThe premium for USD Tether (USDT) remained at 1% on April 7, even as Bitcoin’s price dropped below $75,000. This suggests that investors are likely shifting their positions to stablecoins, potentially waiting for confirmation that the US stock market has reached its bottom before returning to cryptocurrency investments.Historically, Bitcoin has shown a lack of correlation with the S&P 500. Additionally, the near-zero BTC futures funding rate, relatively modest futures liquidations totaling millions, and the 1% stablecoin premium in China point to a strong likelihood that Bitcoin’s price may have found a bottom at $75,000.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Whale makes $14M Ether emergency deposit to avoid $340M liquidation
An unidentified cryptocurrency whale injected millions of dollars in emergency capital to avoid a potential liquidation of more than $300 million in Ether as markets slumped amid renewed macroeconomic pressure.The whale is reportedly close to liquidation on a 220,000 Ether (ETH) position on MakerDAO, a decentralized finance (DeFi) lending platform. To stave off liquidation, the investor deposited 10,000 ETH — worth more than $14.5 million — and 3.54 million Dai (DAI) to raise the position’s liquidation price, blockchain analytics firm Lookonchain said in an April 7 post on X.“If $ETH drops to $1,119.3, the 220,000 $ETH($340M) will be liquidated.”Source: LookonchainThe development came hours after another Ether investor was liquidated for over $106 million on the decentralized finance (DeFi) lending platform Sky.The whale lost more than 67,000 ETH when the asset crashed by around 14% on April 6. Sky’s system employs an overcollateralization ratio, typically 150% or higher, meaning that users need to deposit at least $150 worth of ETH to borrow 100 DAI.Related: Decentralized exchanges gain ground despite $6M Hyperliquid exploitAccording to data from CoinGlass, more than 446,000 positions have been liquidated in the past 24 hours, with total losses surpassing $1.36 billion. That includes $1.21 billion in long positions and $152 million in shorts.Crypto market liquidations, 24-hours. Source: CoinGlassThe largest single liquidation was a $7 million Bitcoin (BTC) position on crypto exchange OKX.Related: Smart money still hunting for memecoins despite end of ‘supercycle’Crypto markets crash after Trump’s tariff announcement, but 70% recovery chance by JuneUS President Donald Trump announced his reciprocal import tariffs on April 2, which sent tremors across global markets, leading to a $5 trillion loss by the S&P 500, its largest two-day drop on record.Still, the tariff announcement may finally end the global uncertainty plaguing traditional and digital markets for the past two months.“In my opinion, the tariffs are the representation of the uncertainty in the markets,” Michaël van de Poppe, founder of MN Consultancy, told Cointelegraph. “Liberation Day is basically the peak of that period, the climax of uncertainty. Now it’s out in the open. Everybody knows the new playing field.”The end of tariff-related uncertainty may bring the start of a “rotation toward the crypto markets,” as investors will start buying the dip as digital assets become “undervalued,” said van de Poppe.Crypto intelligence firm Nansen also estimated a 70% probability that the market may bottom by June, depending on how the tariff negotiations evolve.Magazine: BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12–18
A defendant tried to use an AI avatar in a legal appeal. It didn't work
A defendant in a New York appeals court has been slammed by a judge for using an artificial intelligence avatar to represent himself in a recent case. A New York appeals court faced an unusual situation in late March when Jerome Dewald, representing himself in an employment dispute, submitted an AI-generated avatar to present his legal arguments via video, a livestream of the hearing shows. It’s the latest example of artificial intelligence tools trickling their way into courtrooms. Within seconds of the video starting, Justice Sallie Manzanet-Daniels called for it to stop, asking whether the avatar was counsel for the case. “I generated that,” 74-year-old Dewald responded, adding, “That is not a real person.”The judge appeared displeased, retorting, “It would have been nice to know that when you made your application,” stating that the defendant had previously appeared before the court and been able to testify verbally in the past. “I don’t appreciate being misled,” the judge added. She asked the defendant if he was suffering from an ailment that prevented him from articulating before adding, “You are not going to use this courtroom as a launch for your business,” and then yelling, “Shut that off,” pointing to the video screen. Appellate Division, First Department Stream. Source: YouTubeDewald later apologized, explaining he thought the AI avatar would deliver his arguments more eloquently than he could.Speaking to The Associated Press, Dewald said he applied to the court for permission to play a prerecorded video, then used a San Francisco tech company to create the AI avatar. He originally tried to generate a digital replica of himself but was prevented by time constraints before the hearing. “The court was really upset about it,” Dewald conceded, adding, “They chewed me up pretty good.”Related: Meta’s Llama 4 puts US back in lead to ‘win the AI race’ — David SacksAI entering the legal worldThe incident highlights growing challenges as AI enters the legal world. In 2023, a New York lawyer was blasted for citing fake cases generated by ChatGPT in a legal brief as part of a lawsuit against a Columbian airline.In March, Arizona’s Supreme Court began using two AI-generated avatars, similar to the one that Dewald used in New York, to summarize court rulings for the public.In September, the US Federal Trade Commission took action against companies it claimed misled consumers using AI, including a firm that offered an AI lawyer.Magazine: ‘Chernobyl’ needed to wake people to AI risks, Studio Ghibli memes: AI Eye
As gaming giants crumble, onchain gaming promises remain unfulfilled
Opinion by: Daryl Xu, co-founder and CEO, NPC LabsWhile gaming has been on a steady decline since the end of COVID-19 lockdowns, 2024 hit the industry especially hard, with layoffs and studio closures hitting even the most prominent studios. While unsustainable development costs and an innovation crisis seem to be the main culprits behind the collapse, Web3 gaming emerged as a potential solution promising to return power to developers — and it raised billions of dollars in investment to do so. Yet, despite a continued rise in crypto adoption, Web3 gaming has failed to capture mainstream players’ attention or solve any of gaming’s fundamental problems. Why? Early blockchains were designed for financial applications. Game developers were forced to either build on blockchains that weren’t designed for their use or create their own chains that isolated themselves from the blockchain ecosystem. Either choice led to poor player experience and an overemphasis on tokenomics. Many developers choose the latter, picking control over connectivity. Inadvertently, this resulted in walled gardens that were not dissimilar to the ones that contributed to traditional gaming’s collapse.A solution that created more problemsA recent article in The New York Times revealed that over the last 30 or 40 years, video game industry executives have bet on better graphics to bring in players and profits rather than leaning on creativity. Traditional gaming development is costly, regularly exceeding $100 million per title. Indie developers often struggle to compete against large publishers who ultimately control funding and distribution.Blockchain seemed to be a promising solution for indie studios, providing them with new avenues to raise funds and giving them control over distribution. Early Web3 gaming platforms, however, ended up recreating the same enclosed systems that blockchain was trying to fix. With high player acquisition costs and limited Web3 gamers, Web3 gaming platforms deepened their moats to prevent users from moving away. As it continued developing, Web3 gaming introduced its own problems. An impossible choice for game developersThe technological infrastructures of layer-1 blockchains like Ethereum and Solana were created for finance and not aligned with gaming’s requirements. Beyond transaction speed, layer-2 solutions were not designed to handle gaming’s unique needs either.Game developers — attracted to Web3’s funding model, promises of ownership and user engagement, are forced to either build on existing blockchains and compromise gameplay or launch their own chain — which diverts attention and resources away from what they want to do: make better games. Recent: Web3 gaming investors no longer throwing money at ‘Axie killers’While crypto native players may feel this is a worthwhile tradeoff, mainstream gamers want engaging experiences. A January DappRadar report showed that Web3 gaming had reached 7.3 million unique active wallets, but in speaking with the community anecdotally, approximately 10,000 of those represent the actual gaming cohort who aren’t in games just to farm rewards. This number may be higher but is not more than 50,000 to 100,000 at the most.A misalignment with gaming cultureThe thing that converts mainstream users onchain isn’t non-fungible tokens (NFTs) or decentralized finance, its meaningful ownership of in-asset games. Mainstream gamers have spent decades on arcade games, Nintendo or mobile games. If combined with true ownership of in-game assets, that familiarity is powerful enough to create a compelling experience for developers and gamers.While Web3 games claim to be revolutionizing gaming, most projects aren’t listening to actual gamers. In actuality, they end up competing for the same crypto-native users. Rather than focusing on fun and engaging gameplay, most Web3 games are led by crypto technology and tokenomics. Within this bubble, success in Web3 gaming meant taking crypto users from each other rather than bringing new players onchain. With rare exceptions, the industry lost sight of what’s important: making fun games that people want to play.This misalignment also extends to game developers who want to enter Web3 to create better player experiences and sustainable revenue models. Game studios understand the potentials of Web3 but are hesitant to navigate crypto’s complex systems, which require technical skills to build protocols with sufficient liquidity and user bases while delivering seamless gameplay simultaneously.Make games fun againAs major studios continue to struggle, Web3 has a second chance to deliver on its promise. But this time, we must rethink how games interact. We must focus on creating access for creators and players instead of building new walled gardens. This requires Web3 gaming-specific infrastructure that provides both developer control and cross-ecosystem collaboration. The path forward is clear. We need to restore economic freedom to creators and put control back in players’ hands. That means revenue models that reward collaboration instead of isolation. Most importantly, it means returning to gaming’s roots — making games fun again. The future of gaming isn’t about better graphics or token incentives. It’s about creating an industry where creativity and collaboration can thrive. When developers can focus on making engaging experiences instead of building moats, everyone wins.Opinion by: Daryl Xu, co-founder and CEO, NPC Labs.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bitcoin holds firm as stocks lose $5T in record Trump tariff sell-off
Bitcoin is gaining renewed attention as a hedge against financial instability after holding relatively steady during a record-breaking stock market downturn that saw $5 trillion wiped from the S&P 500.The S&P 500 posted a $5 trillion loss in market capitalization over two days, its largest drop on record, surpassing the $3.3 trillion decline in March 2020 during the initial wave of the COVID-19 pandemic, according to an April 5 report by Reuters.The record sell-off occurred after US President Donald Trump announced his reciprocal import tariffs on April 2. The measures aim to shrink the country’s estimated trade deficit of $1.2 trillion in goods and boost domestic manufacturing.S&P 500 record $5.4 trillion loss. Source: ZerohedgeBitcoin’s (BTC) dip after the tariff announcement was significantly smaller than traditional markets, proving Bitcoin’s growing maturity as a global asset, according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.“What we’re potentially witnessing is an evolution in Bitcoin’s market positioning,” the co-founder told Cointelegraph, adding:“Historically, Bitcoin has been strongly correlated with risk assets during macro shocks, but this divergence might signal an emerging perception shift among investors.”“Bitcoin’s fixed supply architecture inherently contrasts with fiat currencies that may face inflationary pressure under tariff-driven economic changes,” he added.Related: 70% chance of crypto bottoming before June amid trade fears: NansenWhile stocks plunged, Bitcoin dipped just 3.7% over the same two-day period, trading at around $83,600 as of April 5, according to TradingView data.BTC/USD, 1-hour chart. Source: Cointelegraph/TradingViewDespite the $5 trillion sell-off in traditional markets, “BTC shows its worth, staying above its $82,000 key support level — a sign that structural demand remains intact even amid forced selling and elevated volatility,” Nexo dispatch analyst Iliya Kalchev told Cointelegraph.Related: Michael Saylor’s Strategy buys Bitcoin dip with $1.9B purchaseBitcoin may emerge as “digital gold” amid Trump tariff talksDespite Bitcoin’s decoupling from traditional stocks, its initial plunge in price signals that some investors still see Bitcoin as a risk asset, according to James Wo, the founder and CEO of venture capital firm DFG.“With Bitcoin ETFs enabling greater institutional exposure, it is now even more influenced by macroeconomic trends,” Wo told Cointelegraph, adding:“However, if Bitcoin remains resilient amid ongoing uncertainty, its hard-capped supply and decentralized nature could not only strengthen its ‘digital gold’ narrative but also position it as an even more reliable store of value.”Despite the current lack of momentum, analysts are confident in Bitcoin’s upside potential for the rest of 2025.BTC projected to reach $132,000 based on M2 money supply growth. Source: Jamie CouttsThe growing money supply could push Bitcoin’s price above $132,000 before the end of 2025, according to estimates from Jamie Coutts, chief crypto analyst at Real Vision.Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
Crypto Biz: The ‘worst quarter’ since the FTX collapse is finally behind us
The election of US President Donald Trump was supposed to usher in a golden era of crypto. Although the regulatory stars are aligning, the crypto industry just experienced its worst quarter in years.The prices of Bitcoin (BTC) and Ether (ETH) recorded their worst Q1 in seven years, market sentiment fell to its lowest point since the last bear market, and Coinbase stock experienced its worst sell-off since the FTX debacle. With the first quarter finally in the books, investors are looking forward to positive catalysts for Bitcoin and the broader market. This could come in the form of favorable Spring seasonality, more clarity on Trump’s tariff policy and shifting policy winds at the Federal Reserve. Coinbase stock suffers worst quarter since 2022Coinbase stock, which has long been considered an important bellwether for the crypto industry, plunged by 33% in the first quarter despite reporting strong business fundamentals and a solid revenue outlook. As Cointelegraph reported, it was the worst quarterly decline since the FTX exchange collapse in late 2022.Like other crypto-native businesses, Coinbase’s performance languished under the pressure of Trump’s tariff war, volatile digital asset prices and the overhang of tightening financial conditions from the previous quarter.Beyond these short-term headwinds, though, Coinbase is booming. The company’s revenues more than doubled in 2024, reaching $6.6 billion. Its adjusted earnings rose to $3.3 billion, marking two consecutive years of growth. COIN stock’s volatile year so far. Source: Google FinanceTrump family backs Bitcoin mining ventureDespite fear and volatility gripping the crypto markets, Donald Trump’s family is doubling down on its long-term investments in the industry. On March 31, two of Trump’s sons, Eric and Donald Jr., announced they are backing a new crypto-mining venture called American Bitcoin. The venture is majority-owned by Hut 8, a public crypto miner. American Bitcoin “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,” the announcement said.Although crypto prices are down, it’s getting harder for investors to remain bearish on the industry with the Trump family investing so heavily. The family is behind the DeFi project World Liberty Financial, which has amassed a large portfolio of digital assets that include Ether, Wrapped Bitcoin (WBTC), Aave (AAVE) and Chainlink (LINK).Tether stacks more BTCStablecoin issuer Tether bolstered its balance sheet in the first quarter by acquiring 8,888 Bitcoin, according to onchain data that was later confirmed by CEO Paolo Ardoino. The company now holds 100,521 BTC valued at roughly $8.7 billion.Tether is able to acquire Bitcoin and expand its venture capital business thanks in large part to its highly profitable stablecoin operations. The company generated $13 billion in profit last year on the back of its massive holdings of interest-bearing US Treasury bonds. Despite its success, Tether has been the subject of negative reports by the media, industry and politicians. A recent JPMorgan report argued that Tether would be forced to sell a portion of its Bitcoin holdings to comply with forthcoming US stablecoin regulations. A company spokesperson threw cold water on the conclusion, telling Cointelegraph that JPMorgan understands “neither Bitcoin nor Tether.” GameStop raises $1.5B for Bitcoin purchasesVideo game retailer turned meme stock GameStop Corporation is poised to add Bitcoin to its balance sheet after finalizing a $1.5 billion convertible debt offering.“The company expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company’s Investment Policy,” GameStop said.GameStop’s board approved the plan to invest in Bitcoin last month. The approval also green-lighted the company’s acquisition of US dollar-denominated stablecoins. In addition to raising debt to buy Bitcoin, GameStop hinted at potentially using a portion of its $4.8 billion cash reserves to fund future acquisitions. GameStop shares have experienced extreme volatility since March 26, when the company first disclosed its plan to acquire BTC. Source: Google FinanceCrypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
Babylon users unstake $21M in Bitcoin following token airdrop
More than $21 million worth of Bitcoin was unstaked from the Babylon protocol in the 24 hours after the platform’s token airdrop, according to blockchain data shared by a developer.On April 4, Bitfeed developer Mononaut shared that in the previous 24 hours, 256 Bitcoin (BTC) had been unstaked from the staking protocol. Mononaut said that the unstaking transactions paid 1.35 BTC in fees and consumed 1.318 Megavirtualbytes (MvB) of blockspace. This means the transactions generated high fees and occupied roughly a third of an entire Bitcoin block. The activity followed Babylon’s 600 million airdrop of its native token, BABY, which was distributed to early users and contributors.Related: Bitcoin L2 ’honeymoon phase’ is over, most projects will fail — Muneeb AliBabylon airdrops 600 million tokens to early adoptersIn a previous Cointelegraph interview, Babylon co-founder Fisher Yu said that, unlike Ethereum and Solana, Bitcoin staking does not reward stakers in the chain’s native asset. Instead, they may get rewards in the form of the native token of the blockchain secured by the staked Bitcoin capital. On April 3, the Babylon Foundation announced the details of the airdrop program for its early adopters. The protocol said the airdrop was dedicated to its Phase 1 stakers, non-fungible token (NFT) holders and developers contributing to its ecosystem. The staking protocol said it was airdropping 600 million BABY tokens, 6% of its total supply; 30 million BABY were allocated to the protocol’s Pioneer Pass NFT holders, while 5 million BABY were slated for open-source contributors. The rest of the tokens were to be distributed among eligible stakers who participated in the protocol’s Phase 1. This included a stake participation airdrop of 30 million BABY, a base staking reward airdrop of 335 million BABY and a bonus staking reward airdrop for Phase 2 transition of 200 million BABY. While the platform distributed an airdrop for its early adopters, it clarified that it did not include wallet campaigns and liquid staking incentives in this airdrop event. In response to the airdrop, crypto exchange OKX listed the BABY token and USDT pair in pre-market futures. Pre-market futures allow traders to speculate on an asset’s future price. This allows investors to trade BABY futures before the asset becomes available in spot markets.Data platform DefiLlama shows that Babylon currently has a total value locked (TVL) of $4.29 billion. This represents 80% of the Bitcoin ecosystem’s overall TVL of $5.34 billion. Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express