In recent developments shaping the cryptocurrency landscape this past week, Ethereum’s co-founder Vitalik Buterin voiced concerns over digital identity initiatives, particularly criticizing the zero-knowledge proof approach championed by Worldcoin. Buterin emphasized potential risks to user pseudonymity, a cornerstone feature valued by many crypto enthusiasts. His comments arrive amid reports that Worldcoin has surpassed 13 million verified users.
Meanwhile, Ripple Labs finally closed its elongated legal confrontation with the United States Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse announced that the company would withdraw its cross-appeal, matching the regulator’s earlier indicated withdrawal. Garlinghouse confirmed that Ripple intends to leave this chapter behind, focusing instead on expanding its vision of building the “Internet of Value.”
Robinhood entered the spotlight by unveiling micro cryptocurrency futures on its platform. Retail traders can now access micro-sized contracts for XRP and Solana, as well as a smaller variant of existing Bitcoin futures products—a move intended to provide more flexible trading options for smaller investors.
Digital asset marketplace Bakkt Holdings reported to the SEC its plans of a $1 billion securities offering aimed at generating funds for potential investments into Bitcoin treasuries. Bakkt’s filing comprises a variety of instruments, including common stocks, preferred shares, debt securities, warrants, and stock bundles, allowing greater adaptability to market opportunities.
Japanese Bitcoin treasury firm, Metaplanet, also captured attention with its significant acquisition of 1,234 Bitcoins, valued at approximately $132 million. This purchase, one of the largest Bitcoin transactions recently, marks a continued effort to accumulate crypto assets strategically.
Kraken, the cryptocurrency exchange headquartered in San Francisco, broadened its market presence by launching ‘Krak’, a peer-to-peer payments app positioned as a competitor to mainstream services like CashApp and Venmo. Additionally, Kraken secured a pivotal EU operational license in Ireland under Europe’s newly implemented Markets in Crypto Assets (MiCA) regulation.
San Francisco-based financial services provider SoFi confirmed it will re-enter the crypto trading and custody business, planning to extend these offerings to its customers later this year. Bitcoin and Ethereum are among the digital currencies expected to be tradable on SoFi’s revived platform.
The XRP Ledger team pushed an important network update with the release of its reference client software “rippled” version 2.5.0. The updated version contains several crucial amendments which are undergoing a mandatory voting phase requiring support from at least 80% of trusted validators over fourteen days.
Sharplink Gaming continued its investment push into Ethereum, acquiring an additional 12,207 ETH worth roughly $30.7 million, strengthening its crypto asset portfolio considerably.
Ledger, the cryptocurrency hardware wallet provider, announced its first entry into professional sports sponsorships by forging a long-term partnership with NBA team San Antonio Spurs. Ledger’s branding will be displayed prominently on the team jerseys starting this week, coinciding with the NBA Draft.
Procap, a Bitcoin treasury company recently unveiled by Anthony Pompliano, purchased its initial batch of Bitcoin holdings totaling 3,724 BTC for around $385 million, at an average cost of approximately $103,785 per coin. The firm has indicated an interest in eventually reaching a total Bitcoin treasury of $1 billion.
Strategy, the largest publicly-traded Bitcoin holding company, modestly expanded its holdings by acquiring another 245 Bitcoins at a cost of $26 million. This addition brings Strategy’s total holdings to 592,345 BTC.
Lastly, Texas made bold steps toward digital asset adoption as Governor Greg Abbott signed Senate Bill 21 into law, formalizing the establishment of Texas’s Strategic Bitcoin Reserve. The new reserve fund, intended to hedge against inflation and financial volatility, permits the state comptroller broad transactional discretion in acquiring, selling, and overseeing Bitcoin assets.
