In this week’s recap, Strategy expands its Bitcoin holdings with a major purchase, Nexo re-enters the U.S. market after a two-year break, and legal issues mount for former Celsius founder Alex Mashinsky, who could face 20 years in prison. Meanwhile, President Trump is reported to have made billions from cryptocurrency investments, and Kraken uncovers a potentially dangerous job candidate during hiring. Tether announces strong profits despite market fluctuations, as attempts to recover stolen crypto succeed.
Weekly Recap: Strategy Expands Bitcoin Vault, Nexo’s Comeback, Alex Mashinsky’s Legal Troubles
This week’s recap highlights major movements in the crypto sphere including Strategy’s substantial Bitcoin purchases, Nexo’s re-entry into the U.S. market, and the latest legal challenges facing Celsius founder Alex Mashinsky.
Strategy’s Bitcoin Expansion
Formerly known as MicroStrategy, Strategy has ramped up its Bitcoin acquisitions. They have invested over $1.42 billion in 15,355 BTC at an average price of $92,737 each. This brings their total holdings to 553,555 BTC, which constitutes roughly 2.5% of Bitcoin’s overall supply. In a recent earnings call, executive chair Michael Saylor allayed concerns about Bitcoin’s volatility and mentioned that over 70 public companies are investing in cryptocurrencies. Looking ahead, Strategy predicts it will hold 691,249 BTC by the end of 2025, which is a significant increase from an earlier forecast of 601,029 BTC. While some analysts are cautious, others remain optimistic about their approach.
Nexo Re-enters the U.S. Market
Nexo, a crypto lending platform, is back in the U.S. after a two-year hiatus, now offering a full suite of services, including high-yield savings and asset-backed credit lines. This strategic comeback follows a pause in operations after the firm faced a $45 million fine from the SEC over its unregistered lending product. Nexo’s return comes amid a growing acceptance of digital currencies in mainstream finance, raising hopes for its successful reintegration into the U.S. market.
Legal Challenges for Celsius Founder
In troubling news for Alex Mashinsky, the founder of the now-defunct Celsius Network, federal prosecutors are pushing for a 20-year prison sentence in his ongoing trial. Some investors want Mashinsky to face life imprisonment due to their substantial losses when Celsius collapsed. Meanwhile, the SEC announced it would delay decisions regarding ETF applications for XRP and Dogecoin, setting new decision dates for mid-June. Furthermore, they concluded their investigation into PayPal’s PYUSD stablecoin, as the agency seems to be retreating from other cryptocurrency-related inquiries.
Trump Family and Crypto Profits
A newly released report indicates that President Donald Trump and his family have amassed billions through cryptocurrency investments, with as much as 40% of his net worth—approximately $2.9 billion—believed to stem from digital assets. Recently, logistics company Freight Technologies made headlines for a $20 million deal related to Trump’s memecoins. Eric Trump, during a CNBC interview, discussed the necessity for banks to incorporate blockchain, characterising the existing financial framework as inefficient and costly.
Ripple’s Unsuccessful Acquisition Attempt
Reports surfaced suggesting Ripple attempted to acquire Circle, the firm behind the USDC stablecoin, though the attempt fell flat. While Ripple still shows interest in pursuing Circle again, no decisions have been finalised yet. This move highlights Ripple’s ongoing ambition to expand its influence in the crypto market.
World Launches Biometric Crypto Program in Six Cities
In a bold move, World—co-founded by OpenAI CEO Sam Altman—has launched its biometric crypto program in six major U.S. cities, including Los Angeles and Miami. Participants will receive free cryptocurrency in exchange for their biometric data, raising eyebrows regarding privacy and security implications.
Tether’s Financial Report
The stablecoin issuer Tether disclosed a profit of over $1 billion for the first quarter of 2025, despite a decline compared to the same period last year. This profit level reflects Tether’s resilience in a fluctuating market.
Kraken’s Unusual Interview Findings
Kraken made headlines after discovering a job candidate suspected to be a North Korean operative while interviewing for a remote engineering job. Rather than terminating the interview, Kraken opted to continue in the hopes of better understanding the tactics employed.
Disciplinary Action at Movement Labs
Movement Labs, an Ethereum layer-2 startup, has put its co-founder Rushi Manche on hold following his unapproved sale of 66 million MOVE tokens. This incident highlights the ongoing challenges in maintaining ethical governance within crypto initiatives.
Recoveries and Future Plans
In a positive turn, on-chain investigator ZachXBT reported that $7 million of a total $330 million stolen from an “OG Bitcoiner” was successfully recovered, thanks to coordinated efforts from securities teams. Additionally, Tether has announced plans to launch a U.S.-focused stablecoin, likely in late 2025 or early 2026, designed to adhere to forthcoming regulations surrounding stablecoins.
