Weekly summary: Bitcoin's strategy boosts hoard, Nexo reappears in U.S., ex-Celsius CEO faces potential 20-year sentence
The Weekly Crypto Recap
Get your dose of the crypto world's latest happenings, featuring Strategy's Bitcoin spree, Nexo's U.S. comeback, and recent updates on Alex Mashinsky's trial, among other hot topics!
Strategy pumps more Bitcoin
- After dropping a cool $1.42 billion on 15,355 BTC, Strategy, formerly known as MicroStrategy, now holds a whopping 553,555 BTC - about 2.5% of the total supply. The average price per Bitcoin was $92,737.
- Strategy chief Michael Saylor threw a party during an earnings call, dismissing criticism over Bitcoin's volatility and boasting that over 70 companies are eyeing the "digital gold rush." He predicts that by the end of 2025, Strategy will hold 691,249 BTC.
Nexo bounces back to America
- European crypto lending platform Nexo is back in the U.S. after a two-year hiatus, ready to offer its bells and whistles, including high-yield savings products and asset-backed credit lines.
- Nexo pulled the plug on U.S. operations following a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) over an unregistered lending product.
Mashinsky's Trial Drama
- Federal prosecutors want former Celsius Network founder Alex Mashinsky to serve 20 years in the slammer. Some investors who took a hit when Celsius went bust are even demanding life imprisonment.
- The SEC scheduled a decision on XRP and Dogecoin ETFs for June 15 (Bitwise Dogecoin ETF) and June 17 (Franklin XRP Fund). The investigation into PayPal's stablecoin, PYUSD, is now in the dustbin of history under the leadership of Trump appointee Paul Atkins.
- Coinbase took a stand in the Harper vs IRS case, filing an amicus brief to the U.S. Supreme Court, advocating for stronger crypto transaction privacy protections.
NFT Sales & Recovery
- NFT sales hopped 22% to $107 million, with Pudgy Penguins staging a comeback.
Trump's Crypto Billions & Memecoin Deals
- According to a report from State Democracy Defenders Action, nearly 40% of Donald Trump's net worth is tied up in digital assets, racking up around $2.9 billion.
- Publicly-traded logistics firm Freight Technologies signed a $20 million deal to scoop up Official Trump memecoins.
- Eric Trump told CNBC that banks must hop on the blockchain train if they want to stay afloat, calling SWIFT an outdated disaster.
Ripple's Circle Acquisition Attempt
- Ripple made a play for Circle, the company behind USDC stablecoin, but strikes out. Rumor has it Ripple might try again.
World Eyeball Scanning Launch & Tether's Big Profits
- World, an eyeball-scanning project founded by OpenAI CEO Sam Altman, launched in six U.S. cities, including Atlanta, Austin, and San Francisco.
- Tether announced first-quarter profits of over $1 billion, a decrease from Q1 2024 figures.
Kraken's North Korean Job Candidate & MOVE Token Controversy
- Kraken sniffed out a North Korean operative during a routine remote engineering job interview, but decided to continue the process to gather intel on tactics.
- Movement Labs suspended co-founder Rushi Manche after he unauthorizedly offloaded 66 million MOVE tokens.
Tether's US-Focused Stablecoin Plan & Stolen Bitcoin Recovery
- Tether aims to launch a U.S.-specific stablecoin by late 2025 or early 2026, subject to stablecoin legislation timeline. The new product will complement Tether's $148 billion USDT stablecoin while abiding by U.S. regulations.
- ZachXBT reported that $7 million of the $330 million stolen from an "OG Bitcoiner" has been recovered after a team effort between various investigators and Binance's security squad.
Ripple Lawyer Explains Legal Win After SEC Waves White Flag on Crypto Enforcement
[4]: https://cointelegraph.com/news/bl immediates-internal-memo-on-nyse-launching-first-btc-futures-database* Protections will deter terrorism, money laundering, and other illicit activities.
[28]: https://www.coindesk.com/markets/2021/07/12/grayscale- Ethereum-trust-files-to-convert-into-an-etf-on-nyse-arca
[71]: https://www.coindesk.com/policy/2021/05/06/a-bipartisan-senate-crypto-bill-would-give-feds- broader-supervisory-authority-over-digital-tokens[72]: https://www.coindesk.com/policy/2021/05/05/north-dakota-house-unanimously-passes-bill-to-require- crypto-mining-facilities-to-obtain-business-licenses
[74]: https://www.coindesk.com/policy/2021/05/04/miami-miami-valentine-hearns-only-senate-official-to-set-up- political-action-committee-focused-on-crypto
[76]: https://www.coindesk.com/policy/2021/05/03/ebay-begins- accepting-cryptocurrencies-on-platform-crypto-industry-reacts
[83]: https://www.coindesk.com/policy/2021/04/27/ethereum-foundation-schedules-release-of-eth2- upgrade-roadmap[84]: https://www.coindesk.com/policy/2021/04/27/stanford-investigation-into-crypto-project- ends-without-any-charges
[86]: https://www.coindesk.com/policy/2021/04/26/crypto-investor-pledges-10-million-to- promote-digital-payment-regulation
[91]: https://www.coindesk.com/policy/2021/04/22/bitcoin-and-ethereum-set-to-outperform- gold-through-2023
[96]: https://www.coindesk.com/policy/2021/04/20/university-token-sales-driven-by-rising- awareness-of-blockchain
[98]: https://www.coindesk.com/policy/2021/04/19/sec-picks-bitwise-as- index-provider-for-erg-ethereum-class-action-lawsuit[99]: https://www.coindesk.com/policy/2021/04/19/chainalysis-coins-linked-to-drugs-seized-in- large-hong-kong-bust
[102]: https://www.coindesk.com/policy/2021/04/16/crypto-network-source- glasses-issues-stake-less-official-launch-of-the-world-id-project
[105]: https://www.coindesk.com/policy/2021/04/14/two-bitcoin-option-exchange-traded-products- gain-clearing-approval-from-cftc[106]: https://www.coindesk.com/policy/2021/04/12/lawmakers-introduce-new-banking-bill-with-Litecoin- language[107]: https://www.coindesk.com/policy/2021/04/12/sec-commissioner-hester-peirce- encouraged-crypto-mining-revitalization-of-rural-america
[110]: https://www.coindesk.com/policy/2021/04/09/sec-chair-addresses-rvitual-drag- on- crypto-regulation
[112]: https://www.coindesk.com/policy/2021/04/08/bart-scott-ripple-sued-dutch-back-for- alleged-lobbying-efforts-in-switzerland
[114]: https://www.coindesk.com/policy/2021/04/07/ripple-closes-5-billion-unicorn-round- as-battle-for-xcv-control- intensifies[115]: https://www.coindesk.com/policy/2021/04/06/ripple-disputes-claims-sec-official-reportedly-called-it-the- worst-case-scenario-in-securities-law-enforcement
[118]: https://www.coindesk.com/policy/2021/04/04/nick-sabbata-on-bitcoin-legal- status-eth-investments-and- broader-crypto-optimism[119]: https://www.coindesk.com/policy/2021/04/03/senators-congressmen-urge- greater-fairness-and-certainty-in-crypto-rulemaking
[121]: https://www.coindesk.com/policy/2021/04/03/crypto- in-poland-no-longer- counts-as-tax-on-capital-gains-in-constitutional-court-ruling[122]: https://www.coindesk.com/policy/2021/04/02/celsiuss- karaboda-plans-to-launch- crypto-education-foundation[123]: https://www.coindesk.com/policy/2021/03/31/us-senate-to-take-up-digital- asset-bill-this-week-sources-say
blockchain-to-bitcoin-continue-to-develop- worldwide
[129]: https://www.coindesk.com/policy/2021/03/29/bitcoin-full-node- software-opensourcelled-on-github
[131]: https://www.coindesk.com/policy/2021/03/29/final-transition-of-ethereum-to-proof-of-stake-comes- amid-rapid-growth-and- rising-interest
In recent news, the American crypto landscape has seen a series of developments. Let's break it down:
Federal Reserve Policy Shifts
The Federal Reserve recently revised its supervisory approach, no longer requiring banks to seek advance approval for crypto-related activities. However, the crypto-focused institutions still lack access to Federal Reserve master accounts, with critics like Sen. Lummis arguing that the Fed maintains anti-crypto policies through reputational risk assessments and unrepealed guidance.
SEC Enforcement & Settlements
The SEC demonstrated a more conciliatory posture in 2025:
- Ripple settled with the SEC for $50 million, dropping its appeal of the court ruling that XRP isn't a security when traded publicly.
- The SEC paused its lawsuit against Binance, citing the new Crypto Task Force's work.
- The SEC hasn't made a decision yet on Dogecoin ETFs or stablecoin regulations beyond the broader regulatory softening.
Legislative & Tax Developments
- Congress nullified IRS reporting requirements for decentralized finance (DeFi) platforms on April 10, 2025.
- The Trump administration has issued several pro-crypto orders and reshaped agency leadership to favor innovation.
Unresolved Issues
The search results don't mention Harper vs IRS case updates. Recent crypto tax changes focus on DeFi exemptions rather than individual litigation.
Industry Response
Binance CEO Richard Teng notes significant regulatory evolution, with institutions now embracing compliance investments previously neglected. The regulatory landscape appears to be shifting from adversarial enforcement to structured engagement, though critics argue core policy objections remain.
- Binance CEO Richard Teng acknowledges significant regulatory evolution in the crypto industry.
- Strategy, under the leadership of Michael Saylor, has purchased 15,355 Bitcoin for $1.42 billion, holding a total of 553,555 BTC - roughly 2.5% of the total supply.
- The average price per Bitcoin during the purchase was $92,737.
- Nexo is resuming its U.S. operations after a two-year hiatus, offering high-yield savings products, asset-backed credit lines, and other features.
- Federal prosecutors are seeking a 20-year prison sentence for Alex Mashinsky, the former Celsius Network founder, with some investors demanding life imprisonment.
- The SEC has scheduled a decision on XRP and Dogecoin ETFs for June 15 and June 17, respectively.
- Coinbase has advocated for stronger crypto transaction privacy protections, filing an amicus brief to the U.S. Supreme Court in the Harper vs IRS case.
- NFT sales have risen by 22% to $107 million, with Pudgy Penguins seeing a comeback.
- The report from State Democracy Defenders Action suggests nearly 40% of Donald Trump's net worth is tied up in digital assets, amounting to around $2.9 billion.
