We worked with many great organizations to get this deal done.I want to give a special shout out to our lawyers and bankers.Reed Smith, Cohen Capital Markets, and Clear Street were instrumental in making this work. ...

Core Insights - The UK's Financial Conduct Authority (FCA) has reduced the average time for crypto registration application approvals by 69% since 2023, now averaging 158 days compared to 511 days in the 22/23 financial year [4] - Despite the faster approval process, there has been a 43.5% decline in the number of applications submitted over the past two years, with successful applications dropping from eight in 22/23 to three in 24/25 [1][2] - The FCA's approval rate has also decreased from 17.4% in 22/23 to 11.5% in 24/25, reflecting a decline in total applications received [3] Application Trends - The total number of applications received by the FCA has decreased from 46 in 22/23 to 26 in 24/25 [3] - The number of firms withdrawing applications has significantly reduced, from 70 in 22/23 to 15 in 24/25, indicating improved confidence in the application process [6] Industry Response - Representatives from the UK cryptocurrency industry, such as CryptoUK, have welcomed the faster application process, believing it will enhance confidence among crypto-related businesses [5] - The Executive Director of the UK Cryptoasset Business Council noted that the FCA has improved its internal knowledge and resources, contributing to the expedited process [7] - However, there remains a concern regarding the declining number of applications, attributed to ongoing perceptions of lengthy timelines and uncertainty in the regulatory environment [7]

Group 1 - Trump Media and Technology Group Corp. completed a $2.5 billion bitcoin treasury deal, marking one of the largest cryptocurrency treasury acquisitions by a public company [1] - The company entered into subscription agreements with approximately 50 institutional investors for a private placement offering of $1.5 billion in common stock and $1 billion in convertible senior secured notes, which closed on May 29, 2025 [2][5] - The offering includes $1.5 billion in common stock at the last market price and $1 billion in convertible notes at a conversion price reflecting a 35 percent premium, adding bitcoin to Trump Media's balance sheet alongside existing cash and short-term investments totaling $759 million as of Q1 2025 [5] Group 2 - The transaction reflects the rapidly accelerating momentum in the cryptocurrency market, indicating surging interest and investment in the space [4] - Yorkville Securities, LLC and Clear Street LLC served as co-lead placement agents, with BTIG, LLC and Cohen & Company Capital Markets as co-placement agents, while Reed Smith acted as legal counsel for the placement agents [3]