Bitcoin juggernaut Strategy, Ethereum giant BitMine Immersion Technologies, and crypto exchange Coinbase all looked much more verdant Friday as the price of BTC stabilized after dropping 14% on Thursday. Strategy, which trades on the Nasdaq under the MSTR ticker, had gained 22% since the opening bell and was recently changing hands for $131. The company holds 713,502 BTC in its treasury, which was acquired for an average price of $76,047. But after BTC took a plunge yesterday, the Virginia software company ...

Core Insights - Gemini is shutting down operations in the UK, EU, and Australia, and reducing its workforce by 25% to cut operating expenses and focus on profitability [1][3] - The company aims to concentrate on prediction markets, which it believes have significant growth potential [5] Company Operations - Gemini, founded in 2015, expanded to over 60 countries but faced challenges in foreign markets, leading to a decision to streamline operations [2] - The closure of accounts in the affected regions will occur over the next two months, with all accounts closing by April 6 [2] Workforce Reduction - The company is reducing its headcount by 25% to enhance efficiency, particularly by leveraging artificial intelligence [3] Prediction Market Focus - Gemini received a CFTC license in December to launch a prediction market platform in the U.S., attracting over 10,000 users and generating $24 million in trading volume [4] - The founders believe prediction markets could rival or surpass traditional capital markets in size and opportunity [5] Market Reaction - Following the announcement, Gemini's shares fell over 7.5%, trading at $6.77, significantly lower than the IPO price of $28 [5]

Binance announced it will convert its $1 billion SAFU fund from stablecoins to Bitcoin reserves within 30 days, responding to mounting community criticism that intensified after prominent Wall Street investor Cathie Wood publicly attributed recent market weakness to a Binance-related deleveraging event. The exchange pledged to maintain the fund’s value at $1 billion through regular rebalancing, replenishing it with additional Bitcoin if price fluctuations push the fund below $800 million. The move comes ...

Publicly traded American crypto exchange Coinbase continued its expansion beyond crypto trading on Wednesday, officially rolling out its prediction market product to American users in all 50 states. The markets allow individuals to test their knowledge across sports, culture, politics, and crypto, making use of the already established market presence and contracts offered by leading prediction market platform, Kalshi. “Prediction markets are the ultimate form of truth-seeking,” Coinbase CEO Brian Armstro ...

Coinbase (COIN) has rolled out its new prediction market platform to U.S. users, enabling them to trade on the outcomes of real-world events including elections, sports, collectibles, and economic indicators. The platform, announced in December, is built in partnership with Kalshi, a U.S.-regulated prediction market operator recently valued at $11 billion. Kalshi offers event-based contracts that function like simplified derivatives—traders buy “yes” or “no” positions on specific outcomes, with the price ...

Crypto exchange Bitget has appointed Oliver Stauber as CEO of Bitget EU as the company advances plans to establish its European headquarters in Vienna, Austria. The move comes as Bitget positions itself for operations under the European Union’s Markets in Crypto-Assets Regulation (MiCA) which introduces a more harmonized framework for governance across the bloc. Bitget describes Europe as a core region under its Universal Exchange vision with MiCA expected to shape the next phase of regulated digital as ...

Core Viewpoint - Speculation arises that GameStop may be exiting its bitcoin position after transferring 4,710 BTC, valued at approximately $420 million, to Coinbase Prime [1][2][3] Group 1: GameStop's Bitcoin Holdings - GameStop purchased its bitcoin holdings in May, estimated to have spent around $504 million at an average price of $107,900 per coin [2] - If GameStop sold its bitcoin at the current price of approximately $89,000, it would incur a loss of about $84 million [2] Group 2: Market Context and Speculation - The transfer of bitcoin to Coinbase Prime has led to speculation that GameStop may be exiting its bitcoin position, particularly as digital asset treasury firms face pressure from declining crypto markets [3] - Other firms, such as ETHZilla, have already sold significant portions of their holdings to manage debt, indicating a trend in the industry [3] Group 3: Transfer Implications - Moving funds to Coinbase Prime, which serves institutional clients, often suggests an intent to sell, although not all large transfers indicate imminent liquidation [4] - Coinbase Prime also provides custodial services, which could imply internal transfers rather than a sale [4] - GameStop has not yet commented on the recent transfer [4]

Company Overview - BitGo achieved a valuation of $2.59 billion after its stock opened 24.6% higher at $22.43 per share, surpassing the $18 offer price in its New York debut [1] - The company sold 11.8 million shares, raising $212.8 million, with the offering price exceeding the marketed range of $15 to $17 [2] - BitGo is positioned as a profitable and regulated "digital asset infrastructure company," which may insulate it from daily price fluctuations of cryptocurrencies [5] Market Context - BitGo's IPO is seen as a significant indicator of market appetite for crypto listings in 2026, following a period of low activity in the sector [3] - The crypto market has faced volatility, particularly after a selloff in the fourth quarter of 2025, with Bitcoin experiencing a 6.4% decline for the year [4] - A more favorable regulatory environment under the Trump administration has encouraged crypto-linked businesses to pursue capital markets [3] Regulatory Developments - BitGo received approval from a top U.S. banking regulator to convert its state trust bank charter to a national charter, enabling nationwide operations [6]

Core Insights - Base has emerged as a leading layer-2 network, achieving over 10 million daily transactions and a total value locked (TVL) exceeding $5.1 billion, indicating strong market activity and user engagement [1] - The competitive landscape is intensifying with other rollups like Ink launching utility tokens, prompting Base to consider formalizing its tokenomics to maintain its market position [1] - Coinbase has a unique opportunity to create a differentiated token model that ties on-chain governance to off-chain corporate power, potentially decentralizing ownership and influence among a broader base of token holders [1][2] Token Design and Governance - A proposed structure for the Base token would link it directly to voting power over Coinbase, similar to the Rainbow wallet's Class F stock model, which ties token holders to equity exposure [2] - The Base Foundation could raise approximately $35 billion to acquire up to 50% of Coinbase shares, effectively turning the Base token into a proxy for corporate ownership and aligning its value with Coinbase's long-term performance [4] - This model would decentralize power by allowing a diverse group of token holders to exercise shareholder rights without diluting existing Coinbase equity holders' interests [5] Market Implications - If Base successfully ties its token to Coinbase, it would create a new asset class of on-chain equity reflections, representing economic exposure to a regulated U.S. company rather than merely a speculative token [8][9] - This could prompt other crypto projects to rethink their governance models, moving towards direct value capture rather than relying on traditional incentive structures [10] - The Base DAO's acquisition of Coinbase shares would establish a precedent for network-level governance with real-world assets, potentially reshaping the competitive landscape of layer-2 solutions [10] Strategic Considerations - The proposed structure would not weaken Coinbase's control but rather formalize a new class of transparent, long-term aligned shareholders, enhancing the company's strategic position [13][14] - Engaged shareholders could provide durable capital and strategic coherence, aligning their interests with Coinbase's growth rather than short-term earnings [14] - Coinbase retains operational control while benefiting from a globally distributed constituency that mirrors the company's long-term success [15][16] Industry Context - As decentralized exchanges grow to represent about 25% of all spot trading, Coinbase must extend its influence beyond its centralized exchange business [17] - A Base token linked to Coinbase would transform the monetization dynamic, creating a governance base with economic incentives to expand the Base network's usage [17] - The industry has a significant opportunity to demonstrate that tokens can represent true ownership and utility, rather than just speculative assets [18]

Cathie Wood's Ark Invest scoops up more Coinbase shares following crypto exchange's 'System Update' event https://t.co/iKqVzX24fP ...