• Kazakhstan powers up crypto mining to boost its energy grid.
• Mining sector thrives under new rules, raking in $34.6M in taxes.
• Oil gas gets a second life—turned into power for crypto farms.
• Crypto trade hits $1.4B as Kazakhstan eyes nationwide expansion.
• Blockchain fuels Kazakhstan’s push for energy and fiscal reform.

Kazakhstan plans to use crypto mining to strengthen its energy system and boost revenue from underused resources. The country aims to modernize aging thermal power stations through a structured 70/30 model involving foreign partnerships. Crypto continues to shape Kazakhstan’s digital and energy strategies, linking blockchain infrastructure with national energy reforms.

Kazakhstan Launches Energy Overhaul with Crypto Mining Integration

The government will direct 70% of newly generated energy to the national grid and allocate 30% for crypto mining. This method will help stabilize the grid during low-demand periods while enhancing energy efficiency. Officials say crypto miners can operate flexibly and support energy distribution with real-time demand balancing.

By tapping into digital mining, Kazakhstan expects to turn excess or wasted energy into economic output through data processing. The model reflects strategies used in countries like the United States, where mining farms absorb surplus electricity. Kazakhstan believes this approach can modernize power stations while increasing grid reliability and reducing losses.

The Ministry of Digital Development is coordinating efforts to convert associated petroleum gas into electricity for mining farms. This solution addresses gas flaring while generating power for crypto operations near major oil fields. Authorities argue this will reduce environmental harm and create a new revenue path for oil producers.

Crypto Mining Sector Records Growth Amid New Regulations

Since 2023, Kazakhstan has registered 415,000 mining devices and granted 84 operating licenses. Five mining pools are accredited, and three remain operational under regulatory oversight from the Digital Ministry. These developments reflect a structured approach to managing the crypto mining sector’s rapid growth.

Over the past three years, the sector has added $34.6 million in tax contributions, signaling economic potential despite past criticism. Officials aim to expand the regulatory base while minimizing illegal operations and improving data transparency. Enforcement actions have already shut down 36 unauthorized crypto exchanges, freezing millions in assets.

Authorities discovered miners bypassed regulated electricity suppliers instead of sourcing power from auctions and importing from Russia. A recent audit revealed that crypto miners consumed 901 million kilowatt-hours, worth $25.5 million. As energy demand rises, Kazakhstan intends to regulate access and promote fair energy distribution within the mining ecosystem.

Crypto Trading Expansion Could Boost Budget Revenues

Crypto trade volume at the AIFC jumped from $324.2 million in 2023 to $1.4 billion in 2024. Despite this growth, officials confirmed that 91.5% of crypto transactions remain outside the regulatory framework. The Ministry now proposes extending crypto trading rules beyond the AIFC to capture this grey-zone activity.

By legalizing nationwide crypto trading, the government projects up to 190 billion tenge in new annual revenue through a 10% tax. These funds could support key infrastructure like schools and hospitals across the country. The ministry stresses the importance of transparency through regulated exchanges and crypto ATMs.

Officials emphasize the need to collaborate with the National Bank and financial regulators to implement these reforms. Kazakhstan also advances its digital tenge project, issuing 250 billion tenge to improve budget traceability. With these combined efforts, crypto remains central to Kazakhstan’s economic and technological strategy.

The post Kazakhstan Eyes Crypto Mining to Modernize Power Stations in Central Asia appeared first on CoinCentral.

• Sui and 21Shares team up to target U.S. growth.
• New alliance brings Sui into regulated markets.
• Sui gains edge in real-world asset tokenization.
• 21Shares taps Sui for U.S. crypto expansion.
• Sui evolves as a top Layer-1 for DeFi and RWA.

Sui and 21Shares have partnered to support SUI  expansion across the United States. The collaboration aims to enhance SUI adoption through joint product development, institutional engagement and increased exposure in regulated markets. This move reinforces Sui’s growing appeal in digital assets, particularly real-world asset tokenization and DeFi infrastructure.

Global Partnership to Scale Sui Ecosystem

21Shares and Sui’s partnership includes co-developing research content, educational materials and digital asset offerings linked to the Sui ecosystem. As a result, Sui will gain more access to international markets, while 21Shares deepens its presence in key jurisdictions.

We've teamed up with @21Shares / @21Shares_US for next-level product collaborations, research reports, and other initiatives.

Institutional interest in the Sui ecosystem continues to grow.

With insane throughput and scalability, it’s the ultimate chain for real-world asset… pic.twitter.com/NnrQh18F3l

— Sui (@SuiNetwork) May 14, 2025

The agreement follows rising demand for efficient and scalable blockchain solutions among market participants seeking secure infrastructure. Sui offers transaction speed and reliability through its object-centric architecture, appealing to institutions and product builders alike. With this alignment, Sui becomes a focal point for institutional-grade blockchain integration in global markets.

Both companies bring strengths that support mutual growth and broaden blockchain product offerings for the digital asset economy. Sui’s technical design allows transaction execution with sub-second finality, ideal for real-time blockchain use cases. 21Shares contributes expertise in regulated financial instruments and investor access across traditional and emerging markets.

Sui Gains Ground as 21Shares Eyes U.S. Market

21Share has built a strong digital asset presence in Europe and now targets growth in the United States. The firm aims to utilize Sui’s infrastructure as it introduces regulated offerings in new markets with favorable conditions. The partnership reflects growing traction for Sui amid rising demand for blockchain-native financial applications.

Sui continues attracting interest from institutions seeking reliable, high-performance blockchain networks for scalable use cases. Its architecture supports secure and fast execution, making it suitable for tokenized treasuries and regulated on-chain services. These features give Sui a technical edge in the evolving digital financial infrastructure landscape.

With this partnership, 21Shares positions itself at the center of blockchain adoption, while Sui advances toward mainstream integration. Their collaboration builds on shared goals for expanding access, enhancing functionality and enabling broader market reach. The U.S. expansion comes amid growing interest in blockchain-backed financial tools with real-world utility.

Advanced Layer-1 Infrastructure Supports Broader Use Cases

Sui provides a scalable and efficient Layer-1 network designed for mass-market adoption. Its parallel transaction execution and developer-friendly tools simplify onboarding for both retail and institutional users, positioning Sui as a preferred platform for Web3 products that demand speed and simplicity.

Sui supports various applications, from gaming consoles to tokenized assets, and is now drawing attention from leading financial entities. Its recent support for consumer-facing tools like the SuiPlay0X1 console shows how blockchain can enter everyday use. Additionally, zkLogin and gasless features help bridge Web2 familiarity with Web3 functions.

By partnering with 21Shares, Sui gains access to regulated markets and broader infrastructure support for institutional applications. This includes platforms like Greece’s ATHEX on-chain fundraising and Ondo’s tokenized treasury offerings. The collaboration reflects the joint ambition to establish Sui as a core layer for future digital economies.

The post Sui and 21Shares Partners to Drive U.S. Blockchain Expansion and Institutional Adoption appeared first on CoinCentral.

• eToro completed its IPO raising $620 million with shares priced at $52, higher than the proposed $46-$50 range
• The company begins trading May 14 on Nasdaq under the ticker ETOR with a valuation around $4.2 billion
• eToro’s net income grew from $15.3 million to $192.4 million last year
• Crypto now accounts for 25% of eToro’s trading revenue, up from 10% previously
• BlackRock expressed interest in purchasing $100 million of shares at the IPO price

Israel-based trading platform eToro has finally made its public market debut, raising $620 million in an initial public offering that exceeded expectations. The company priced its shares at $52 each, above its initial target range of $46 to $50 per share.

The trading platform sold nearly 12 million shares in total. About half came from eToro itself, raising approximately $310 million for the company. The other half came from existing shareholders cashing out portions of their holdings.

Trading is set to begin on May 14 on the Nasdaq Global Select Market. The company will use the ticker symbol ETOR, making it easy for investors to find the stock when it goes live.

The successful IPO values eToro at around $4.2 billion. While this is a huge accomplishment, it’s worth noting that this valuation is less than half of what the company might have been worth in its earlier public offering attempt.

eToro first tried to go public in 2022 through a special purpose acquisition company (SPAC) deal. That merger would have valued the company at more than $10 billion but was canceled during a market downturn.

The Road to Wall Street

The path to this IPO wasn’t straightforward. eToro began making confidential filings with the Securities and Exchange Commission in January. They publicly announced their IPO plans on March 24.

However, the company had to temporarily put its plans on hold. Market uncertainty following President Trump’s April 2 tariff announcements caused many companies to delay their public offerings.

eToro wasn’t alone in this pause. Other companies like online lender Klarna and ticket reseller StubHub also shelved their IPO plans during this period of market uncertainty.

Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro has built a business that directly competes with Robinhood. Both platforms aim to make investing accessible to everyday people.

Robinhood, which went public in July 2021, has seen its shares rise more than 67% year to date. It closed at $62 per share on May 13, near its all-time high of $65 from February.

The success of Robinhood may have helped create a favorable environment for eToro’s market debut. Investors familiar with the trading platform business model had already seen strong returns from a similar company.

eToro makes money through various fees related to trading, including spreads on buy and sell orders. It also generates revenue from non-trading activities such as withdrawal fees and currency conversion charges.

The company’s financial performance has been impressive. Net income jumped nearly thirteenfold last year to $192.4 million from $15.3 million a year earlier.

eToro has been expanding its crypto business at a rapid pace. Revenue from cryptoassets more than tripled to over $12 million in 2024. One-quarter of its net trading contribution last year came from crypto, up from just 10% the year before.

BlackRock, the world’s largest asset manager, showed confidence in eToro’s prospects. According to the IPO prospectus, BlackRock expressed interest in buying $100 million worth of shares at the offering price.

eToro’s CEO Yoni Assia has long maintained that going public was part of the company’s strategy. In early 2023, he told CNBC, “We definitely are eyeing the public markets. I definitely see us becoming eventually a public company.”

eToro’s successful IPO might signal growing market appetite for new offerings. This could be good news for other companies planning to go public soon.

The post eToro Takes on Robinhood: $620M IPO Sets Stage for Trading Platform Battle appeared first on CoinCentral.

• Coinbase will join the S&P 500 index on May 19, 2025, becoming the first crypto company in the index
• It will replace Discover Financial Services which was acquired by Capital One
• Coinbase shares rose 8.8% to $225.4 in after-hours trading following the announcement
• CEO Brian Armstrong stated “Crypto is here to stay” in response to the news
• The inclusion is seen as a major milestone for both Coinbase and the broader crypto industry

In a watershed moment for the cryptocurrency industry, Coinbase Global (COIN) is set to become the first crypto company to join the prestigious S&P 500 index. The addition will take place on May 19, 2025, when Coinbase replaces Discover Financial Services, which was recently acquired by Capital One Financial Corp.

The news, confirmed by S&P Global on May 12, sparked an immediate market reaction. COIN shares jumped 8.8% to $225.4 in after-hours trading following the announcement. The company finished the trading day up 4%, bringing its market cap to $52.8 billion.

Coinbase’s inclusion represents a pivotal shift in how traditional finance views cryptocurrency. The S&P 500 tracks the performance of 500 of the largest publicly traded companies in the US and serves as a broad measure of the overall US stock market.

This move will likely increase demand for Coinbase stock. Index funds and exchange-traded funds that track the S&P 500 must buy COIN shares to mirror the index, potentially bringing new investors to the company.

From Startup to Financial Heavyweight

Founded in 2012, Coinbase has traveled a long road from fringe technology startup to mainstream financial player. The company went public in 2021 through a direct listing on Nasdaq and has grown into the largest US-based crypto exchange.

Coinbase Chief Financial Officer Alesia Haas described the inclusion as a “major milestone” for both Coinbase and the broader crypto industry. “Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading,” Haas stated.

CEO Brian Armstrong also weighed in on the historic announcement. On social media, Armstrong kept his message simple but powerful: “Crypto is here to stay.”

The company marked the occasion with humor, posting a twist on a famous quote: “First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500… Or something like that.”

Congratulations @Brian_Armstrong on $COIN being added to the S&P 500 Index. A major milestone for Coinbase and for Bitcoin.

— Michael Saylor (@saylor) May 12, 2025

Market Impact and Requirements

The S&P 500 tracked an aggregate market cap of $49.8 trillion as of March 31. It is a market-cap-weighted index, giving more weight to larger firms such as Microsoft, Apple, and Nvidia.

Coinbase will likely be among the bottom 400 companies in the index. These firms are typically weighted between 0.01% and 0.2% of the overall index.

For companies to be included in the S&P 500, they must meet several requirements. They need to be trading on a major US stock exchange like the NYSE or Nasdaq and generate at least half their revenues in the US.

Companies must also have a market cap above $18 billion. Perhaps most importantly, they must have been profitable in the last calendar year and the most recent quarter.

Some crypto-related companies have fallen short of these requirements. Bitcoin-holding firm MicroStrategy was seen as an S&P 500 candidate last year but posted a net loss of $4.2 billion for the first quarter of 2025, making it ineligible for now.

Coinbase joins Tesla and Block Inc. as large corporate Bitcoin holders currently in the index fund. The cryptocurrency exchange’s S&P 500 inclusion sends a clear message that the digital asset economy has moved from the margins to become part of the financial establishment.

The milestone cements a shift in Wall Street’s perception of crypto, with legacy institutions increasingly engaging with blockchain infrastructure, digital custody solutions, and tokenized assets. Coinbase’s S&P 500 debut on May 19 will mark a historic day for cryptocurrency’s integration into mainstream finance.

The post Coinbase Makes History as First Crypto Company to Join S&P 500 appeared first on CoinCentral.

• Mayor Eric Adams is inviting crypto companies to establish themselves in New York City with the goal of making it a global crypto hub
• Adams plans to host NYC’s first Crypto Summit next week to bring together city officials and industry representatives
• He announced partnerships with Figure founder June Ou and Traction and Scale CEO Richie Hecker as advisers for the city’s crypto efforts
• Adams previously received his first three paychecks in Bitcoin and reported holding between $5,000-$54,999.99 worth of Bitcoin
• Trump’s DOJ officials directed prosecutors to drop corruption charges against Adams earlier this year, with the case dismissed with prejudice

New York City Mayor Eric Adams has renewed his commitment to making the city a hub for cryptocurrency and blockchain technology. At a press conference held at Gracie Mansion on May 12, Adams invited crypto companies to set up operations in New York as part of his vision to transform the city into the “crypto capital of the globe.”

“This is the Empire State,” Adams said during the press briefing. “We should be looking forward to building empires, particularly in the crypto space.”

The mayor, who is currently running for reelection, emphasized his dedication to creating a business-friendly environment for crypto companies both large and small. His goal remains consistent with his initial campaign promises.

“My goal remains the same as it was on day one as mayor: making New York City the crypto capital of the globe,” Adams stated. His vision aligns with President Donald Trump’s repeated pledge to make the United States the “crypto capital of the planet.”

Strategic Partnerships and Summit Announcement

During the press conference, Adams announced partnerships with key figures in the financial technology sector. June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, will serve as advisers to the city.

These advisers will help guide New York’s next steps in “economic development and opportunities to serve the public using digital assets,” according to the mayor. Their expertise will help shape the city’s approach to embracing blockchain technology.

Adams also announced that next week he will host New York City’s first-ever Crypto Summit. The event will bring together city officials and representatives from the crypto industry.

“We’re going to attract world-class talent, provide opportunities for underbanked communities, and make government more user-friendly,” Adams explained. “We are focused on the long term values of these technologies for our city and its people, not chasing memes or trends.”

The summit appears to follow in the footsteps of the White House Digital Asset Summit held in March. Adams’ administration described the event as “coming on the heels of the White House Digital Asset Summit.”

Adams has previously shown personal commitment to cryptocurrency. After taking office in January 2022, he received his first three paychecks in Bitcoin.

According to a 2023 financial disclosure, the mayor reported holding between $5,000 and $54,999.99 worth of Bitcoin. He suggested the value was higher in a December 2024 press conference.

The mayor’s crypto push comes after legal challenges earlier this year. Adams had faced corruption charges over alleged illegal donations from the Turkish government.

However, Justice Department officials appointed by President Trump stepped in and directed local prosecutors to drop the charges. The case was dismissed with prejudice in April.

Adams visited the White House on May 9, reportedly to thank Trump for his “words of support” during his 2024 campaign. It remains unclear if the May 12 announcement is connected to this meeting.

The mayor addressed regulatory concerns during the press conference. New York’s crypto industry is regulated by the New York Department of Financial Services (NYDFS), which issues the Bitlicense required for crypto companies operating in the state.

While Adams has previously criticized the Bitlicense as stifling innovation, he took a more balanced approach in his recent remarks. “It’s good to know that the city is going to have safe regulations in place for those who are investing, and there’s not going to be any abuses,” he said.

However, he cautioned against excessive regulation. “But at the same time, we can overregulate and prevent growth. There’s a level of safety that comes with the right regulations, but overregulations can hurt this industry and we don’t want that to happen.”

The Crypto Summit is scheduled for May 20, where more details about the city’s plans for cryptocurrency integration may be revealed.

The post NYC Mayor Eric Adams Pushes to Make New York a Crypto Hub appeared first on CoinCentral.

• Animoca Brands, a Hong Kong-based crypto investor, plans to list on the New York stock exchange soon
• CEO Yat Siu cites Trump’s crypto-friendly regulations as creating a “unique moment” to enter US markets
• Bitcoin has jumped more than 50% to over $102,000 since Trump’s election in November
• The company was previously delisted in Australia in 2020 but now reports $97 million in earnings from $314 million in revenue
• Other crypto firms including Kraken, OKX, and Nexo are also eyeing US expansion under the new regulatory climate

Animoca Brands, a major Hong Kong-based crypto investor, is preparing to list on the New York stock exchange as Donald Trump’s administration creates what the company’s leader calls a “unique moment” for digital asset companies to enter the US market.

Yat Siu, Animoca’s executive chair, told the Financial Times that an announcement about the listing could come “soon.” The company is currently examining several potential shareholding structures for its public debut.

“It’s a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn’t at least try,” Siu explained.

Trump’s Impact on Crypto Regulation

The crypto market has responded positively to Trump’s election, with Bitcoin jumping more than 50% to over $102,000 since November. This surge comes as the new administration has dropped numerous digital asset enforcement cases that were initiated under former President Joe Biden.

Trump has pledged to make the United States the global center for digital assets. His light-touch regulatory approach marks a clear shift from the previous administration’s stance.

Under Biden, dozens of lawsuits and criminal cases were launched against digital asset companies. This regulatory pressure pushed many crypto firms to avoid US operations entirely.

Siu noted that the previous clampdown actually cooled innovation in America, giving overseas companies like Animoca a rare competitive advantage. “If the US didn’t do what they did with the regulators [under Biden], we probably would have competitors in the US,” he said.

We are pleased to report key unaudited financial and business highlights for the quarter and fiscal year ending on 31 December 2024.

Key business highlights for Q4 2024 also include a transition of three fundamental business pillars at @animocabrands:

1️⃣Digital Asset Advisory… pic.twitter.com/Fj5aDySKd8

— Animoca Brands (@animocabrands) March 5, 2025

Animoca’s Business and Growth

Animoca was previously delisted by the Australian stock exchange in 2020 due to concerns over governance and the legal status of some of its crypto assets. Since then, the company has expanded its portfolio of digital asset projects and advisory services.

The company now has investments in more than 540 companies, including OpenSea (the leading marketplace for non-fungible tokens), crypto exchange Kraken, and blockchain software group Consensys.

Animoca reported unaudited earnings before interest, taxes, depreciation, and amortization of $97 million from revenues of $314 million for the year ending December 2024. This represents growth from $34 million on turnover of $280 million in the previous year.

The firm also holds nearly $300 million in cash and stablecoins, plus $538 million in digital assets on its balance sheet.

“We think we’re the biggest non-financial services crypto firm,” Siu stated. “I think going public is a way to tell the world that ‘hey there’s a business that is in crypto that isn’t doing the typical crypto stuff’.”

Siu mentioned that some companies in Animoca’s portfolio, including US crypto exchange Kraken, are also exploring US listings either this year or in early 2026.

The company expects gaming businesses to benefit from upcoming console releases and games like Grand Theft Auto 6, which offer opportunities to incorporate crypto-based payments into gaming and could boost revenues for Animoca’s investments.

Broader Industry Movement Toward US Markets

Animoca isn’t the only crypto firm reconsidering the US market under Trump’s crypto-friendly stance. Deribit, the world’s largest cryptocurrency options exchange, has also been drawn to the country by the changing regulatory landscape.

OKX recently announced plans to establish a US headquarters in San Jose, California, just months after settling a $504 million case with US authorities.

Nexo, which left the US market at the end of 2022 citing a lack of regulatory clarity, revealed on April 28 that it is now reentering the American market.

The Department of Justice has recently dissolved its cryptocurrency enforcement unit, further signaling the administration’s softer approach to the sector.

A year ago, Animoca would not have considered a US listing, but now it is “a very important part of the roadmap,” according to Siu.

The post Hong Kong’s Animoca Brands Plans US Listing as Trump Creates Crypto-Friendly Environment appeared first on CoinCentral.

• Wellgistics adopts XRP with a $50M credit line.
• XRP to power payments and credit lines.
• Faster, cheaper than wire and ACH.
• XRP Ledger aids compliance and audits.
• Aligns with rising institutional XRP use.

Florida-based pharmaceutical distribution company Wellgistics Health, Inc. (NASDAQ: WGRX) has announced a significant initiative to adopt XRP, a blockchain-based digital asset, as part of its treasury reserves and payments infrastructure. The company has secured a $50 million equity line of credit (ELOC) from LDA Capital to support the implementation of XRP-based financial operations.

JUST IN: 🇺🇸 Pharmaceutical distributor, Wellgistics Health, set to integrate $XRP as a treasury and payments asset in $50 million financing deal. pic.twitter.com/PtyN7Z6mtg

— Whale Insider (@WhaleInsider) May 9, 2025

The move positions Wellgistics as one of the first publicly traded U.S. healthcare firms to incorporate XRP in this capacity. The firm plans to use the XRP  to support real-time payment settlements, vendor payouts, and the issuance of credit lines within its pharmaceutical distribution network. The adoption is expected to help streamline payment operations, reduce costs, and increase transaction transparency.

According to the company, XRP can settle transactions in 3–5 seconds and low cost of $0.0002 per transaction. These make it well-suited to replace traditional banking methods such as ACH or wire transfers, which often take 1–3 days and cost between $10 and $30 per transfer. All XRP transactions will be recorded on the XRP Ledger, offering an immutable record for compliance, rebate tracking, and auditing.

Application of XRP Across Healthcare Financial Operations

Wellgistics aims to leverage XRP for several use cases across its healthcare ecosystem. These include real-time settlements between pharmacies, suppliers, and manufacturers. The automation of performance-based rebates and the provision of XRP-backed credit lines boost liquidity for independent pharmacies. Additionally, the firm plans to use the system for global vendor payouts, utilizing XRP’s low-cost foreign exchange capabilities.

The company sees XRP’s blockchain infrastructure as a solution to eliminate traditional financial bottlenecks that have long challenged the pharmaceutical supply chain. Wellgistics intends to create a transparent healthcare financial ecosystem by enabling near-instantaneous transactions and reducing dependency on banking intermediaries.

The XRP Ledger supports reporting under the Drug Supply Chain Security Act (DSCSA) and pricing validation measures. This infrastructure is designed to embed audibility into the firm’s operations, which is particularly important in the regulated healthcare sector.

Market Trends and Industry Positioning

Wellgistics’ announcement comes as XRP continues to gain traction in institutional finance. Several developments highlight growing interest in the digital asset, CME Group’s plans to launch XRP futures in May 2025 and Mastercard identifying XRP as a bridge currency for cross-border payments. Additionally, Ripple, the blockchain company behind XRP, has expanded its presence with a $1.25 billion acquisition of brokerage firm Hidden Road and obtained regulatory licensing in Dubai.

Through its integration of XRP, Wellgistics seeks to align itself with this broader trend of institutional adoption. The company stated that its blockchain-enabled financial platform intended to enable leaner and faster operations compared to legacy financial systems in healthcare. CEO Brian Norton emphasized that the company focuses on building a flexible and efficient infrastructure rather than maintaining traditional operational models. The initiative marks a notable step in the ongoing convergence of healthcare and digital finance.

Source: CoinMarketCap

The XRP price shows a steady upward trend over the past 24 hours, increasing by 5.77% to reach $2.34. Trading volume surged by 48.50%, indicating heightened investor activity and interest. Despite a slight dip toward the end, the overall momentum remains positive, supported by a strong market cap growth of 5.85%.

The post Wellgistics Bets on XRP with a $50M Push into Pharma Payments appeared first on CoinCentral.

• Coinbase acquired Dubai-based Deribit for $2.9 billion, the largest deal in crypto industry history
• The acquisition consists of $700 million in cash and 11 million shares of Coinbase Class A common stock
• The deal establishes Coinbase as a global leader in crypto derivatives by open interest and options volume
• Deribit facilitated over $1 trillion in trading volume last year with $30 billion in current open interest
• This acquisition reflects increasing competition among exchanges to dominate the growing crypto derivatives market

Coinbase has agreed to acquire Dubai-based cryptocurrency derivatives exchange Deribit for $2.9 billion, marking the largest deal in the crypto industry to date. The acquisition, announced on Thursday, May 8, 2025, consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, with the transaction expected to close by the end of the year.

The news had an immediate positive impact on Coinbase’s market performance. Shares of Coinbase rose more than 5% following the announcement.

This strategic move positions Coinbase as an international leader in crypto derivatives by open interest and options volume. Greg Tusar, Coinbase’s vice president of institutional product, highlighted this in a company blog post.

The acquisition could help Coinbase compete more effectively with major players like Binance. While Coinbase operates the largest marketplace for cryptocurrency trading within the United States, it has a smaller share of the global crypto market where Binance is dominant.

🚨 Coinbase Q1 Earnings Miss

🔹 Revenue: $2.03B (missed estimates)

🔹 EPS: $1.94, down from $2.53 YoY

🔹 Stock dips 3% after-hours despite Bitcoin rally, now trading at $203

🔹 Q2 outlook lags: $600M–$680M services rev. vs. $704M expected

💥 Coinbase confirmed its $2.9… pic.twitter.com/yT304aDObJ

— Trader Edge (@Pro_Trader_Edge) May 9, 2025

Global Derivatives Strategy

Deribit brings impressive performance metrics to the table. The platform facilitated more than $1 trillion in trading volume last year and currently has about $30 billion of open interest.

Deribit CEO Luuk Strijers expressed enthusiasm about the merger. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” he stated.

The deal offers immediate financial benefits to Coinbase. Tusar noted that Deribit has a “consistent track record” of generating positive adjusted EBITDA that is expected to grow as a combined entity.

“One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability,” Tusar told CNBC.

The acquisition comes during a favorable regulatory environment for the crypto industry. The first ever pro-crypto White House has fueled increased M&A activity in recent weeks.

In March, crypto exchange Kraken agreed to acquire NinjaTrader for $1.5 billion. Last month, Ripple agreed to buy prime broker Hidden Road.

Industry Impact

The deal reflects the increasing importance of financial derivatives for cryptocurrency exchanges. Industry executives view this as part of a growing competition among digital asset exchanges and brokerages to dominate the burgeoning crypto derivatives market.

Spencer Yang, co-founder of Fractal Bitcoin, noted that “Global derivatives trading is a key driver of growth for Coinbase.”

The merger establishes Coinbase as the world’s largest crypto derivatives platform by open interest, according to the exchange’s announcement post.

Jeff Park, Bitwise’s head of alpha strategies, called the acquisition “might be the best ‘value’ deal in crypto I’ve ever seen,” adding it is “a coup for Coinbase.”

Coinbase already has a strong presence in perpetual futures, with approximately $10 billion in daily trading volume as of May 8. It also operates a US-based derivatives trading platform listing more than 20 futures contracts.

Deribit is recognized as the largest crypto options exchange, with about $30 billion in open interest. The platform does not serve US-based traders, according to its website.

With this acquisition, Coinbase “has captured all possible regulated and self-regulated derivatives products,” according to Yang, who also noted that “Deribit is the platform of choice for global traders for Bitcoin and Ethereum options.”

The deal was structured as a cash-and-stock transaction, allowing Coinbase to maintain financial flexibility for potential future acquisitions. As of December 31, Coinbase had $8.5 billion in cash on its balance sheet.

The post Coinbase Acquires Deribit for $2.9 Billion: Crypto Derivatives Market Expansion appeared first on CoinCentral.

• Metaplanet is raising $21.25 million through zero-coupon bonds to purchase more Bitcoin
• The firm recently acquired 555 Bitcoin for $53.4 million, bringing its total to 5,555 BTC
• Metaplanet’s stock has surged 41% in a week and over 1,600% in the past year
• The company plans to reach 10,000 BTC by 2026 and is expanding with a US subsidiary
• Bitcoin is approaching the $100,000 mark with strong institutional interest

Metaplanet Inc., a Japanese investment firm often called the “MicroStrategy of Japan,” continues its aggressive Bitcoin acquisition strategy with plans to raise more funds through bond issuance.

The Tokyo-listed company announced on May 9 that it will issue a new round of zero-coupon bonds worth $21.25 million to purchase more Bitcoin.

This latest fundraising effort comes just days after Metaplanet spent $53.4 million to acquire 555 Bitcoin at an average price of $96,134 on May 7.

The company now holds a total of 5,555 Bitcoin. These holdings were purchased for approximately $481.5 million at an average price of $86,672 per coin.

With its current Bitcoin treasury, Metaplanet has become Asia’s largest public corporate holder of Bitcoin. It ranks 11th globally among companies holding the cryptocurrency on their balance sheets.

The zero-coupon bonds being issued don’t offer any interest to holders. They are typically issued at a discount from their normal value, with holders receiving the full value at maturity.

Rapid Stock Growth

Metaplanet’s stock price reflects investor enthusiasm for its Bitcoin strategy. Shares have surged more than 1,600% over the past year.

The stock has gained 41% in just the past week. It now trades at around 511 Japanese yen ($3.50) per share.

The most recent bond announcement triggered a 12% jump in Metaplanet’s stock price on Friday. The stock is up 33% since the beginning of 2025.

At current Bitcoin prices, the new $21.25 million bond issuance could allow Metaplanet to purchase approximately 206 more Bitcoin. This would further expand its already substantial holdings.

The company’s Bitcoin acquisition strategy began last April. Since then, it has made several major purchases to build its crypto treasury.

On May 7, Metaplanet also announced another $25 million zero-coupon bond issuance. These funds will also be directed toward buying more Bitcoin.

Global Expansion Plans

Metaplanet is expanding beyond Japan to accelerate its Bitcoin strategy. On May 1, the company announced plans to launch a wholly owned US subsidiary.

The new entity, Metaplanet Treasury, will be based in Florida. Through this subsidiary, the company plans to raise $250 million to further its Bitcoin acquisition plans.

The US expansion will also help Metaplanet tap into American capital markets. Last week, the firm opened a new office in Miami, showing its interest in North American markets.

CEO Simon Gerovich is leading the company’s ambitious plan to hold 10,000 Bitcoin by 2026. This target would nearly double its current holdings.

Metaplanet’s approach mirrors that of US-based MicroStrategy, which pioneered the corporate Bitcoin treasury model. MicroStrategy has been using debt to finance its Bitcoin purchases for several years.

Other companies are following similar strategies. Strive Asset Management recently announced its transition into a Bitcoin treasury company.

Video game retailer GameStop Corporation completed a convertible debt offering on April 1 that raised $1.5 billion. Some of these proceeds are earmarked for Bitcoin purchases.

The broader Bitcoin market is also showing strength. The cryptocurrency is currently trading near $100,000, supported by strong institutional interest.

Data from Santiment shows that Bitcoin ETFs have seen $5.13 billion in net inflows over the past three weeks. BlackRock’s iShares Bitcoin Trust has recorded 16 consecutive days of inflows.

The post Metaplanet Inc. Stock Surge: Japanese Firm Issues New Bonds to Purchase More Bitcoin appeared first on CoinCentral.

• Sei plans to drop Cosmos support and go EVM-only.
• Maintaining dual systems has made development too complex.
• Users must switch to EVM wallets if the proposal passes.
• Staking and governance via Cosmos will still be available.
• The change supports Sei’s goal of higher speed and DeFi growth.

The Sei Network has proposed removing support for Cosmos-based infrastructure to simplify the user experience and enhance Ethereum compatibility. According to a Sei Improvement Proposal (SIP-3) submitted by Sei Labs, the change would deprecate CosmWasm contracts and native Cosmos accounts, allowing the network to operate exclusively on Ethereum Virtual Machine (EVM) technology.

Sei, a high-performance Layer 1 blockchain built with the Cosmos SDK, currently supports both EVM and CosmWasm. The dual-architecture has allowed for flexibility, but Sei Labs argues it adds unnecessary complexity for developers and users. The proposal outlines a plan to streamline the platform by supporting only EVM-compatible addresses and transactions, while removing Cosmos-native message handling and applications.

Developer Efficiency and Infrastructure Simplification

Sei Labs noted that maintaining both EVM and Cosmos functionality has resulted in increased overhead. Developers have had to create custom logic for cross-compatibility, manage two types of accounts, and deal with added complexity in debugging and testing. SIP-3 proposes that consolidating the codebase around EVM would simplify infrastructure and reduce the burden on development teams.

Source: Dune

The move follows Sei’s v2 upgrade in July 2024, which enabled parallel support for CosmWasm and the EVM. Since the upgrade, the majority of new users and developers have favored the EVM. Sei Labs cited this trend for consolidating around the Ethereum standard, which is more widely adopted in the decentralized finance (DeFi) ecosystem.

Impact on CosmWasm and Existing Users

If implemented, the proposal would mean only EVM addresses could send and receive transactions on the Sei Network. Users would be required to migrate assets to EVM wallets or exit Cosmos-native wallets. Existing CosmWasm developers would also need to transition their applications to EVM.

While Cosmos-based smart contracts and native accounts would be phased out, certain protocol-level functionalities such as staking and governance would remain accessible through Cosmos-based operations. This is because Sei remains built on the Cosmos SDK, which retains some underlying features regardless of the transaction layer.

Barry Plunkett, co-CEO of Interchain Labs, acknowledged that even with the proposed changes, Sei would retain Cosmos’ foundational elements. He added that users and validators would continue to benefit from some Cosmos features even if CosmWasm support ends.

Path Toward Scalability and Future Upgrades

The shift to an EVM-only architecture aligns with Sei’s roadmap toward a major network upgrade known as Giga, which targets scalability of over 100,000 transactions per second. Sei Labs believes simplifying the execution layer will facilitate faster progress toward this goal.

With the EVM as the dominant standard across DeFi platforms, Sei’s proposal aims to improve compatibility, encourage broader developer participation, and reduce maintenance efforts. The Sei community is currently reviewing SIP-3, and no outcome can be guaranteed until a consensus is reached.

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