TheCoinAnalysis

Bitcoin absorbs the initial shock
When tensions erupted between the United States, Israel, and Iran, Bitcoin $BTC was not spared from the initial panic.
However, this drop did not last: by the following week, the #bitcoin had regained strength, showing a low of 68,000 dollars on March 7, then holding above 69,400 dollars after the attacks on tankers on March 12.
Rocketing rise after the panic
As the escalade militaire se poursuivait au Moyen-Orient, the #bitcoin.” distinguished itself by its ability to bounce back faster and stronger than most traditional assets. The Saturday following the attack on Kharg Island, it maintained a floor of 70,596 dollars. Meanwhile, its technical ceiling remained between 73,000 and 74,000 dollars: an area that repelled four attempts at further takeoff in two weeks.

The Iran-USA war, driver of bitcoin
The military escalation between Iran and the United States immediately triggered a shockwave in global markets, particularly in oil and cryptocurrencies.
But unlike previous episodes where crypto mainly served as a temporary safe haven, this crisis has seen a massive influx of capital into the sector, counter to panic selling in other markets.
Massive purchases support crypto
At the heart of this turbulent period, major institutional buyers played a crucial role in stabilizing the market. ETFs #bitcoin $BTC listed in the United States recorded over $700 million in net inflows this month alone, according to SoSoValue. In the previous week, these flows had already reached $568 million. Since the end of February, spot ETFs #Bitcoin❗ have shown a positive balance of $1.7 billion after four consecutive months of net outflows. This sharp turnaround reflects a renewed appetite for the digital asset despite geopolitical uncertainty.

Mixers Not Just for Criminals
In a marked departure from its previous position, the U.S. Treasury Department has acknowledged that cryptocurrency #Mixers —the tools that blend digital asset transactions to obscure their origins—may serve legitimate privacy purposes, not just illicit ones. This recognition comes in a 2025 report to Congress, where the Treasury emphasized that mixers can help shield personal finances, business deals, and even charitable donations from public scrutniy on blockchains.
The report points out that as digital asset payments become more common, individuals may wish to keep their consumer spending habits private. The Treasury’s new language contrasts sharply with its 2022 action against #TornadoCash. , an $ETH #Ethereum -based mixing service accused of facilitating billions of dollars in laundering tied to North Korea’s Lazarus hacking group. That year, the Office of Foreign Assets Control (OFAC) blacklisted Tornado Cash, barring Americans from using it and sending shockwaves through the crypto community.

OFAC’s 2022 sanctions on Tornado Cash marked the first time a U.S. government agency blacklisted an open-source smart contract.
Policy Pivot: Privacy Gains New Ground
By March 2025, the policy landscape had shifted. The Treasury’s report explicitly states that privacy tools are not inherently illegal and can coexist with compliance measures when designed with safeguards like record-keeping. The Department of Justice also indicated in August it would stop aggressively pursuing charges against developers building privacy-focused crypto tools—a significant change for open-source software creators.
However, the same report warns that non-custodial and decentralized mixers remain popular among cybercriminals for moving illicit funds. Since May 2020, over $1.6 billion in deposits from mixing services flowed into crypto bridges, underscoring ongoing risks and the need for robust anti-money laundering (AML) controls.
OFAC Blacklist Reversed After Legal Push
The legal status of privacy tools reached a turning point when Tornado Cash was removed from #OFAC ’s blacklist in 2025 following court challenges. An appellate court questioned whether the Treasury had authority to sanction open-source smart contracts rather than just individuals or entities. Although Tornado Cash co-founder Roman Storm was released on bail after facing prosecution for knowingly aiding cybercriminals, legal uncertainty remains for developers in this space.
On paper, privacy tools were banned; in practice, legal challenges forced a reassessment.
Why It Matters: Practical Impact on Crypto Users
For everyday users and businesses transacting in digital assets, the Treasury’s recognition of lawful uses for mixers could have concrete effects. In 2025, lawmakers debated bills like the Digital Asset Market Clarity Act (CLARITY bill), which drew criticism for potentially requiring decentralized finance (DeFi) platforms to collect user identification. Alexander Grieve of Paradigm argued that such measures lack sufficient protections for open-source developers—a group already navigating shifting regulatory sands.
Privacy-focused tokens have seen wild price swings amid this regulatory uncertainty. Zcash surged nearly 2,000% between August and September 2025 before crashing by over 65% after its core team exited. Monero hit an all-time high of almost $800 in January 2025 but later dropped below $300 as market sentiment soured and policy debates intensified.
Meanwhile, capital is flowing into projects like Railgun, Nocturne, Zama, Aleo, and Nillion—all offering new approaches to transactional privacy using zero-knowledge technology.
Compliance and Privacy: A Balancing Act
The Treasury now suggests custodial mixers—those run by companies rather than code—could provide identifying information to help track flows if needed. This opens the door for privacy tools to operate within existing AML frameworks without sacrificing user confidentiality entirely. At the same time, calls for a federal ‘hold law’—allowing authorities to freeze suspicious crypto—highlight ongoing concerns about crime and sanctions evasion.
As reported by coindesk.com, the Treasury's latest statements reflect an evolving view: technology itself is not the enemy; rather, it’s how these tools are used and regulated that matters most.
With central bank digital currencies (CBDCs) looming—Ray Dalio recently warned they could become “very effective controlling mechanisms” for governments—the debate over financial privacy versus compliance is set to intensify well beyond 2025.
Key developments still ahead
If the Digital Asset Market Clarity Act of 2025 (CLARITY bill) is passed with its current language requiring DeFi platforms to collect user identification, DeFi leaders warn it would immediately impose new compliance burdens and raise concerns for open-source software developers, though the final scope remains unclear.

The #Nikkei collapses, $BTC resists
On Monday morning, Asian markets were shaken by a surge in oil prices, a direct consequence of geopolitical tensions between Iran, the United States, and Israel.
The increasing correlation between the #bitcoin $BTC and US stock indices — notably the Nasdaq — has been confirmed since the arrival of spot bitcoin ETFs in the United States, but the oil crisis highlights a temporary decoupling in Asia.
Asian trading: rush for bitcoin

Oil is soaring, Bitcoin is stumbling
Last week, the escalation of tensions between the United States, Iran, and Israel caused a shockwave in global markets.
In a few hours, the #bitcoin $BTC has dropped from a peak of over 74,000 dollars early in the week to a floor of 68,176 dollars on Friday morning, a decline of more than 7% in two days according to TradingView.
This volatility has not spared other cryptocurrencies or traditional markets. Nervousness has heightened with Maersk's suspension of two maritime routes connecting the Middle East to Asia and Europe, adding an extra layer of global logistical uncertainty.

Bitcoin Surges Amid Middle East Turmoil
#bitcoin $BTC ’s price shot up to $68,000 early Sunday after Iranian state television confirmed the death of Supreme Leader Ayatollah Ali #Khamenei in coordinated U.S. and Israeli airstrikes. The move erased Saturday’s steep losses, marking a dramatic $4,000 swing from lows near $64,000 and restoring nearly $80 billion in market capitalization within hours. Khamenei, who held ultimate authority over Iran’s military and nuclear policy, leaves behind a power vacuum as a temporary council assumes control until the Assembly of Experts designates a successor.
The region’s instability is amplified by its role in global oil markets. Iran sits at the heart of an area responsible for about a third of worldwide crude exports. As tensions escalated, bitcoin climbed back above $66,800 just ahead of traditional futures markets opening on Sunday—underscoring crypto’s reputation as a hedge during geopolitical crises.

On Saturday, bitcoin’s market cap swung by nearly $80 billion as prices rebounded from $63,000 to $68,000 within hours.
Crypto Markets Whipsaw on Airstrike News
The initial response to the airstrikes was far from orderly. Bitcoin plunged from around $65,600 to $63,000 after news of the strikes broke, before rebounding sharply as markets digested the implications. #solana $SOL led major tokens with a 10.8% rally in the aftermath, while ether reclaimed the $2,000 mark.
Oil-linked futures on decentralized exchange #Hyperliquid $HYPE  surged more than 5%, reflecting fears that conflict could disrupt shipments through the Strait of Hormux - narrow channel just 21 miles wide at its tightest point and responsible for about 20 million barrels of oil shipments daily in 2024. Several major oil traders reportedly suspended shipments through this key chokepoint as violence flared.

On paper, crypto markets are insulated from regional conflicts—but sudden volatility shows how interconnected these assets are with global events.
Iran’s Shadow Crypto Economy Unmasked
The crisis has cast new light on Iran’s burgeoning crypto sector. Since legalizing mining in 2019, #Iran has become a significant player—at times accounting for between 2% and 5% of global bitcoin mining power. Chainalysis estimates that Iranian crypto flows reached $7.78 billion in 2025, with over half attributed to addresses linked to the Islamic Revolutionary Guard Corps (IRGC). That means more than $3 billion flowed into IRGC-connected wallets last year alone.
Iran’s central bank has also accumulated at least $507 million in Tether (USDT) reserves this year, according to coindesk.com. With the rial having lost over 96% of its value against the U.S. dollar, both state actors and ordinary Iranians have increasingly turned to digital assets as economic lifelines—especially during periods of protest or internet blackouts when withdrawals from local exchanges to personal wallets have spiked.
Regime Change Uncertainty Rattles Investors
Leadership uncertainty adds another layer of risk for investors watching Iran’s next moves. Under Iran’s constitution, interim authority now rests with a council comprising the president, judiciary head, and a Guardian Council jurist until a new Supreme Leader is selected—a process that could take weeks or months. Meanwhile, bitcoin mined domestically at costs as low as $1,300 per coin continues to be sold at prevailing market prices by state-linked entities.
Unusual market activity has also surfaced elsewhere: six Polymarket accounts earned roughly $1.2 million by betting on U.S. strikes against Iran just hours before explosions were reported in Tehran and other cities. These wallets were funded within 24 hours prior to the attack and had no previous trading history beyond these high-stakes bets. Trading volume on related contracts exceeded $90 million for February 28 alone.
It remains uncertain how long this volatility will persist or whether further escalation will deepen crypto’s role as both refuge and risk vector for participants across borders.
Developments to follow
If the Assembly of Experts announces a successor to Ayatollah Ali Khamenei in the coming days, immediate shifts in Iranian state crypto flows—estimated at over $7.8 billion in 2025—could be observed, though the timing of this appointment remains unclear.

What leaked at Axiom
On June 13, 2024, blockchain investigator #zachxbt implicated Broox Bauer, a senior employee of Axiom Exchange, for exploiting access to the platform's internal tools.
Axiom Exchange, founded in early 2024 by Mist and Cal and integrated into the Winter 2025 cohort of Y Combinator, said it was 'shocked and disappointed' in a statement on X. The company claims to have revoked access to the relevant tools and is conducting its internal investigation. Several traders mentioned in the revealed documents confirmed the accuracy of the information regarding their portfolios, which strengthens the credibility of the accusations made against Bauer.

The council approves the sale of bitcoins
GD Culture Group (GDC), a publicly traded company specializing in artificial intelligence and livestreaming, has obtained approval from its board of directors to sell part of its 7 500 bitcoins.
The current value of GDC's reserve #bitcoin $BTC is around 510 to 518 million dollars according to recent market estimates, while the group's market capitalization does not exceed 236.7 million dollars.
The company had built up this cash reserve in September 2025 during the buyback of

The 100th purchase, but the most modest
Strategy, the company led by Michael Saylor, announced this Wednesday that it has made its 100th purchase of #bitcoin $BTC since August 2020.
This last purchase is therefore the lowest recorded by the company in 2026, while the volumes invested this year had so far largely exceeded this threshold.
Latent losses that are accumulating
With this acquisition, #Strategy now holds 717,722 bitcoins for a total purchase value of $54.56 billion. Yet, the current price of bitcoin hovers around $66,000 – far from the average entry price of Strategy, which stands at $76,020 per #Bitcoin❗ . The company thus shows an estimated latent loss of nearly $7 billion on its portfolio.

Ripple CEO Bets Big on Legislation
#Ripple ’s leadership is placing a significant wager on near-term regulatory clarity in the United States. Brad Garlinghouse, Ripple’s CEO, announced a striking 90% probability that the Clarity Act—a bill designed to define which digital assets $XRP fall under securities #Regulation and which are overseen by the Commodity Futures Trading Commission—will pass by the end of April. This forecast was made during a Fox Business interview and marks one of the most confident public predictions from a major crypto executive this year.
The Clarity Act has faced hurdles, particularly around stablecoin rewards and whether crypto platforms can offer yield-like incentives. Despite these obstacles, Garlinghouse pointed to renewed engagement from lawmakers and the White House, with March 1 set as a target date for advancing negotiations. Ripple has spent nearly $3 billion since 2023 on liquidity management and cross-border payment solutions, underscoring its commitment to regulatory progress.
RLUSD $RLUSD Rises as SEC Softens Rules
Regulatory winds are shifting for stablecoins in the U.S., with Ripple’s RLUSD emerging as a direct beneficiary. The Securities and Exchange Commission (SEC) recently issued new guidance reducing the capital deduction—or “haircut”—that broker-dealers must apply to payment stablecoin holdings from 100% down to just 2%. SEC Commissioner Hester Peirce clarified that this aligns with requirements for money market funds, making RLUSD and other qualifying stablecoins more attractive for institutional use.
This rule change applies specifically to payment stablecoins issued by state-regulated money transmitters or trust companies before next year’s GENUS Act effective date. SEC Chair Paul Atkins described this move as a positive development for traditional financial firms interested in on-chain markets. For broker-dealers, it means they can now settle trades using stablecoins like RLUSD without severely impacting their balance sheets—a shift called “the most important win of the year” by Exodus CEO JP Richardson.
On paper, regulatory relief sounds technical, but it could significantly boost liquidity and efficiency across both crypto and traditional asset trading.
SBI Launches Blockchain Bonds Using XRP
In Asia, Ripple’s influence is expanding through its partnership with SBI Holdings. The Japanese financial giant announced plans to issue its first Series ST Bonds worth $64.52 million—bonds that will pay investors in XRP rather than yen or dollars. These bonds will be digitally registered and tokenized via BOOSTRY’s “ibet for Fin” platform, bypassing Japan’s conventional securities settlement systems entirely.
SBI will handle issuance, administration, and settlement fully on-chain. Secondary trading is scheduled to start on March 25, 2026, through Osaka Digital Exchange’s START system. Retail investors are eligible if they hold an account with SBI VC Trade and complete necessary steps by May 11. In addition to receiving XRP equivalent to their bond subscription upon payment confirmation, holders will be rewarded with extra $XRP on interest dates in March 2027, March 2028, and March 2029.
As of press time, XRP trades between $1.4 and $1.45—a modest increase of 0.81% over the past week according to CoinMarketCap.
Why It Matters
These developments carry practical weight for both institutional players and everyday investors. The SEC’s reduction of the stablecoin haircut from 100% to 2% means broker-dealers can finally integrate digital dollars into their operations without crippling capital costs—potentially improving trade settlement speed for millions of retail brokerage accounts. Interactive Brokers’ move last month to allow stablecoin deposits is one immediate example of this shift taking root in mainstream finance.
For retail investors in Japan, SBI’s blockchain bonds represent a tangible way to access digital assets—receiving payouts in XRP rather than fiat currency—and could serve as a template for future tokenized securities globally. However, it remains uncertain how widely these models will be adopted outside regulated environments or replicated in other jurisdictions soon.
Micro-Contrast: Progress Amid Volatility
On paper, Ripple is gaining ground with regulators and financial institutions; yet its native token XRP recently experienced a steep decline of 40%, highlighting persistent volatility even as structural advances unfold. While legislative optimism runs high among executives like Garlinghouse—with his 90% confidence in U.S. regulatory breakthrough—the broader market reaction remains mixed.
This contrast raises a key question: Can regulatory clarity and institutional adoption offset price swings enough to reassure both investors and industry participants?
According to journalducoin.com, #Ripple has invested nearly $3 billion since last year into liquidity management and cross-border payments—an indication that its strategy extends well beyond short-term market movements.
The Essentials
•Ripple CEO Brad Garlinghouse predicts a 90% chance the Clarity Act will pass by the end of April 2024.•The SEC reduced the stablecoin haircut for broker-dealers from 100% to 2%, directly benefiting Ripple’s RLUSD.•SBI Holdings will issue $64.52 million in on-chain bonds paying investors in XRP, with secondary trading starting March 25, 2026.
Signals worth watching
If the Clarity Act—intended to clarify the regulatory status of digital assets including Ripple’s XRP—passes by the end of April as Ripple CEO Brad #Garlinghouse estimates a 90% chance, it would immediately resolve ongoing uncertainty over XRP’s classification in the U.S.; however, this outcome remains unconfirmed as legislative negotiations continue.

Bitcoin rallies, but nerves remain
Bitcoin traded near $68,000 on Friday, showing resilience despite the U.S. Supreme Court’s decision to strike down President #DonaldTrump ’s global tariff regime. The ruling, delivered in a 6-3 split, declared that Trump lacked authority to impose sweeping tariffs under the International Emergency Economic Powers Act (IEEPA). Yet, after an initial 2% surge that briefly pushed #Bitcoin❗ above $68,000, the price quickly slipped back below $67,000 before recovering. This pattern mirrored the broader market’s cautious optimism—Wall Street’s S&P 500 and Nasdaq 100 indices rose 0.9% and 0.7%, respectively.
On paper, a major legal shakeup might have rattled crypto markets more decisively; in reality, Bitcoin and its peers appeared largely unfazed by the high court’s intervention.
The Final Word
The U.S. Supreme Court struck down Trump's global tariffs in a 6-3 decision, leaving refund processes for "tens of billions" unclear.Bitcoin briefly rose 2% above $68,000 after the ruling on Friday but quickly dropped back below $67,000.Altcoins like Solana ($SOL ), Dogecoin ($DOGE at $0.1001), and Cardano ($ADA at $0.2835) gained 3%-4% in 24 hours.
Supreme Court leaves tariff refunds murky
While the Supreme Court halted Trump’s previous approach to tariffs, it left key questions unanswered about what happens to the billions already collected from import duties. The Cato Institute estimates that “tens of billions” in customs duties may now be subject to litigation and complex refund processes—a burden likely to fall hardest on small importers. Senator Elizabeth Warren highlighted that there is currently no legal mechanism for consumers or small businesses to reclaim tariff payments, despite an estimated per-household cost of $1,300 this year according to the Tax Foundation.
It remains uncertain whether any meaningful refunds will materialize soon.
See Also
Trump, Crypto, and the Wyoming Bet: A New Era of Political Finance
Altcoins outpace Bitcoin after ruling
As Bitcoin recovered from its brief dip, several major altcoins posted stronger gains. Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Cardano (ADA) all advanced between 3% and 4% over the past 24 hours. DOGE hovered at $0.1001 and ADA at $0.2835 as of Friday morning in Asia. The CoinDesk 20 Index—a broad measure of crypto performance—rose by 2.5%, outpacing Bitcoin’s single-session move.
Gold also found support amid geopolitical jitters, holding near $5,000 an ounce after two days of gains. Meanwhile, Ether dipped slightly below $2,000 even as other digital assets rallied. This divergence suggests traders are recalibrating portfolios in response not only to legal news but also to shifting Federal Reserve signals and renewed U.S.-Iran tensions.
Trump vows swift new tariffs
Undeterred by the Supreme Court setback, Trump announced at a Friday press conference that he would order a new 10% global tariff using different legal authorities under Section 122. He indicated this fresh round would be implemented within three days and last for roughly five months as his administration seeks another route for tariff policy. Notably, no president has previously invoked Section 122 for tariffs on this scale or scope.
Lawmakers remain divided: Senator Bernie Moreno criticized the court’s decision on X (formerly Twitter), while Warren publicly supported it but acknowledged its limitations for affected households and businesses.
U.S. economic data added further complexity—core personal consumption expenditures rose by 3% year-over-year in the final quarter of 2025, outpacing forecasts and marking an uptick from prior readings. At the same time, GDP growth slowed to just 1.4% for Q4 and 2.2% annually—the slowest pace since 2020.
Small traders buy Bitcoin dip
Despite institutional hesitancy—large holders trimmed their Bitcoin positions by 0.8% since October’s all-time high—retail investors have increased their BTC holdings by 2.5%. Santiment data shows these smaller wallets have steadily accumulated coins even as volatility returned following both macroeconomic data releases and the Supreme Court ruling.
CryptoQuant reports record inflows of Bitcoin from large holders to Binance during this period of legal uncertainty and shifting policy signals.
For now, crypto markets appear more focused on central bank policy and geopolitical risk than on U.S. trade law drama—even as traders brace for further surprises from Washington.
As reported by coindesk.com, neither the Supreme Court decision nor Trump’s renewed tariff threats have fundamentally altered crypto’s upward trajectory so far this week.
Key developments still ahead
If President Trump’s newly announced 10% global tariff, set to take effect in three days, is implemented as scheduled, markets will immediately face fresh trade policy uncertainty, while the fate of "tens of billions" in previously collected tariff revenue remains unclear and may require further litigation according to the Cato Institute.

March 1 Deadline Drives Bill Talks
The #whitehouse has set a March 1 target to accelerate negotiations on the Digital Asset Market Clarity Act, a bill that could reshape how digital assets are regulated in the United States.
#Ripple $XRP 's CEO Brad Garlinghouse recently stated on Fox Business that he sees a 90% chance the Clarity Act will pass by April, citing momentum in receent discussions and #Ripple💰 ’s own legal victories, including a federal court ruling that $XRP is not a security.
Banks, Crypto Leaders Hash Out Rewards
On Thursday, the White House hosted its third working session in just over two weeks, bringing together Wall Street banks and crypto industry representatives to debate how—and whether—stablecoin rewards should be allowed. Executives from Coinbase and Ripple participated alongside banking lobbyists as President Donald #TRUMP 's crypto adviser Patrick Witt led the talks. According to cointelegraph.com, specific language was discussed regarding how stablecoin rewards might be structured, with proposals surfacing to tie rewards to transaction activity rather than account balances.

Section 404 of the Clarity Act is under revision and could overhaul the GENIUS Act, which became law in 2023.
Despite three meetings in sixteen days, no final agreement has emerged.
The U.S. banking sector remains opposed to allowing crypto firms to offer yield-like incentives on stablecoins—a practice currently permitted under last year’s GENIUS Act. Bankers have pressed for stricter language in the Clarity Act’s Section 404 to limit or ban such rewards entirely. Meanwhile, crypto leaders argue that limited rewards could foster innovation without destabilizing financial markets.
Stablecoin Reward Debate Remains Stalled
While there is consensus emerging around some aspects of stablecoin regulation, the question of yield incentives remains unresolved. The White House appears willing to allow “limited” stablecoin rewards but is pushing for tighter controls in the next draft of the bill. Blockchain Association CEO Summer Mersinger described Thursday’s meeting as a “step forward,” but acknowledged that significant differences persist between industry and banking interests.
Democratic negotiators have added their own demands: they want senior government officials barred from direct involvement in crypto businesses and insist on filling Democratic vacancies at both the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). These issues add layers of complexity for drafters already navigating competing priorities from banks and crypto firms.
Ripple CEO Sees Bill’s High Odds
Despite these hurdles, optimism remains high among some industry leaders. Brad Garlinghouse pointed to Ripple’s recent expansion—nearly $3 billion spent on acquisitions since 2023 in areas like custody and treasury management—as evidence that companies are preparing for a more clearly regulated environment. On paper, Wall Street banks have successfully slowed some provisions they oppose; but with Polymarket bettors assigning an 82% chance of passage by year-end, market sentiment suggests compromise is likely.
Still, it’s unclear if negotiators can bridge all gaps before the March 1 deadline set by the White House.
Key Findings
The White House set a March 1, 2024 target to accelerate negotiations on the Digital Asset Market Clarity Act.Ripple CEO Brad Garlinghouse estimates a 90% chance the Clarity Act will pass by April 2024.Section 404 of the Clarity Act is being revised to potentially limit stablecoin rewards, overhauling the 2023 GENIUS Act.
Upcoming market signals
The White House has set a March 1 target to push negotiations on the Clarity Act forward, and if a compromise on stablecoin rewards is reached in the next draft circulated to Wall Street banks, it would immediately signal progress toward resolving one of the bill's main sticking points; however, no deal has yet been confirmed following the latest meeting.

Non-stop crypto trading is coming
On May 29, #cme Group plans to launch continuous trading, 24 hours a day, seven days a week, for its futures and cryptocurrency options.
The trading volumes recorded by CME on its crypto products reached record levels: the notional volume exceeded $3 trillion in 2025 and the average daily volume since January 2026 stands at 407,200 contracts, representing a 46% increase compared to the previous year.

Ledn's unprecedented bet on debt
#Ledn , a platform specialized in loans secured by cryptocurrencies, has just opened a new chapter for digital finance by raising 188 million dollars through a bond issuance backed by loans #bitcoin ( $BTC ). This operation, carried out this Wednesday according to data from the report dated February 9, marks Bitcoin's first foray into the traditional asset-backed securities (ABS) sector, these debt securities backed by a set of underlying assets. The transaction was structured in two distinct tranches, one of which received an "investment grade" rating, a sign of unprecedented institutional recognition for a product so exposed to crypto volatility.

Leadership Vacuum Sends Shares Tumbling
#GeminiSpaceStationInc faced a sharp market backlash on Tuesday as its stock plunged more than 14% following the immediate departure of three top executives. Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade all exited their roles without transition periods, leaving investors to process the sudden leadership vacuum just five months after the company’s Nasdaq debut at $28 per share.
By Tuesday afternoon, shares had fallen to $6.47, marking an 86% decline from Gemini’s IPO price and dragging the firm’s market capitalization down to roughly $760 million from its initial $4.4 billion valuation.
On paper, #Gemini 's September IPO raised $425 million in fresh capital, but the subsequent months have seen mounting losses and a shrinking executive team. The abrupt nature of this leadership shakeup—especially so soon after going public—has amplified market jitters and left open questions about the company’s direction.

Gemini announced it would cut about 25% of its global workforce and exit the U.K., EU, and Australian markets as part of its restructuring.
#Winklevoss Steps In Amid Mass Exodus
The company confirmed that Marshall Beard would not be replaced as COO; instead, co-founder Cameron Winklevoss will absorb many of Beard’s operational and revenue-generating responsibilities. Beard has also resigned from Gemini’s board of directors, further consolidating control within the founding team. Meanwhile, Danijela Stojanovic, previously chief accounting officer since May 2025, has been named interim CFO, while Kate Freedman steps in as interim general counsel.
It is unclear whether these interim appointments will bring stability or simply buy time for deeper restructuring.
At least one other high-level staff member from Gemini’s Asia-Pacific division was also let go on Tuesday, signaling that the shakeup extends beyond just the C-suite. According to decrypt.co, these changes come amid broader layoffs affecting roughly 25% of Gemini’s global workforce—a significant reduction for a firm once touting international ambitions.
Gemini Retreats to U.S. Stronghold
Alongside its leadership overhaul, Gemini is making a decisive strategic retreat from overseas markets. The company recently announced plans to shutter its crypto exchange operations in the United Kingdom, European Union, and Australia. This shift marks a stark reversal from earlier expansion efforts and signals a renewed focus on core U.S. offerings and prediction markets.
While Gemini expects net revenue for year-end 2025 to land between $165 million and $175 million—up from $141 million in 2024—these projections are overshadowed by anticipated net losses of up to $602 million next year and adjusted EBITDA losses approaching $267 million.
The SEC dismissed its civil case against Gemini Trust Company in January over alleged unregistered securities offerings—a legal win that could have provided breathing room. However, persistent financial headwinds and market exits have left investors wary about whether Gemini can regain momentum with a narrower geographic focus.
Boardroom Upheaval Jolts Post-IPO Hopes
Gemini’s rapid-fire executive departures come at a precarious moment for both the company and its shareholders. The decision not to appoint a successor COO—and instead fold those duties into Cameron Winklevoss’ portfolio—underscores both urgency and uncertainty at the top. For now, interim leaders like Stojanovic (CFO) and Freedman (general counsel) face the challenge of navigating through ongoing layoffs and operational cutbacks while reporting to a board that has itself just lost a key member.
Investors are left asking: can consolidation under Winklevoss restore confidence or will continued volatility deepen skepticism? With shares trading below $7—down more than 13% on Tuesday alone—the market verdict remains grim for now.
Key Learnings
Gemini stock dropped over 14% to $6.47 on Tuesday, down 86% from its $28 IPO price in September 2023.COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade departed immediately, with no successor COO planned; Cameron Winklevoss assumes key duties.Gemini will cut about 25% of staff and exit the U.K., EU, and Australia markets as part of restructuring.
What remains under scrutiny
If Gemini’s interim leadership—appointed after the immediate departure of its COO, CFO, and CLO on Tuesday—fails to stabilize operations ahead of its next earnings report, the company’s shares, already down over 86% since its September IPO at $28, could face further pressure in the wake of projected 2025 net losses between $587 million and $602 million as disclosed in recent SEC filings.

Nakamoto's all-stock bet
The company #Nakamoto , listed on Nasdaq under the ticker #NAKA , has just announced a definitive agreement to acquire two pillars of the ecosystem #bitcoin : $BTC Inc and #UTXO Management. This operation, revealed this Wednesday, will be carried out exclusively in Nakamoto common stock, with no cash disbursement. The holders of the two companies will receive 363 589 816 NAKA shares, representing a total valuation of approximately 107.3 million dollars based on the last closing price of 0.2951 dollars.

Bitcoin, less in the fragrance of sanctity
In the fourth quarter of 2025, Harvard Management Company (HMC), manager of the largest university endowment in the world with 56.9 billion dollars under management, significantly reduced its
The value of this line #bitcoin was set at 265.8 million dollars on December 31, 2025, compared to nearly 443 million three months earlier. This refocus comes as the price of $BTC has experienced marked volatility: after nearly touching 126,000 dollars in October, it fell to less than 90,000 dollars in early January.

Integrated trading arrives on X
The X platform, formerly #Twitter , is preparing for the arrival of stock and cryptocurrency trading directly in the news feed of its 600 million monthly users, according to statements
As of January, Bier had leaked an image showing a prototype of Smart Cashtags, but no official confirmation had followed at the time; this time, the timeline is more precise and communication is more direct.

The first version of #CashTag , launched in 2022, allowed tracking the price of Bitcoin (BTC) and Ether (ETH) before being removed due to lack of deep integration.

Truth Social targets the ETF market
Trump Media & Technology Group, the parent company of the social network Truth Social, has filed two new crypto ETF proposals with the SEC.
The two new products aim to offer direct exposure to the leading cryptocurrencies in the market, while integrating staking mechanisms to generate additional income.
Bitcoin, Ether and Cronos in the spotlight
The first vehicle considered, named Truth Social Bitcoin and Ether ETF, would allocate approximately 60% of its assets to Bitcoin ($BTC ) and 40% to Ethereum ($ETH ). This fund also promises to redistribute to investors the rewards from staking Ether, a practice that involves locking up tokens to secure the Ethereum network in exchange for returns. The second proposed product is the Truth Social Cronos Yield Maximizer ETF: it would focus exclusively on CRO, the native token of the Cronos blockchain operated by Crypto.com. This fund would provide exposure to native staking as well as liquid staking of CRO.