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Let’s delve into this week’s edition of the MNO Weekly CryptoNews Digest, covering the period from March 31st to April 6th, 2025. We’ll explore the most significant topics and emerging trends impacting the crypto market. Get ready for an enlightening journey into the future of finance, and enjoy the ride!

TRUMP FAMILY VENTURES INTO BITCOIN MINING

The Trump family has expanded its involvement in the cryptocurrency sector with a significant investment in a new Bitcoin mining operation called American Bitcoin. This venture marks a deeper commitment from the family, who have previously voiced their support for the digital asset industry. The new company is majority-owned and operated by Hut 8, a publicly traded mining firm, with Eric Trump and Donald Trump Jr. among a group of investors holding a 20% stake.

American Bitcoin’s business model is straightforward: to mine and accumulate Bitcoin, with the long-term goal of a potential Initial Public Offering (IPO). Hut 8 is contributing a substantial portion of its ASIC mining hardware to the operation, securing an 80% ownership in return. This move by the Trump family is seen by some as a strong signal of confidence in the future of Bitcoin and the mining industry.

However, some market observers have noted a historical trend where major crypto initiatives associated with the Trump family have been followed by market downturns. Following the announcement of American Bitcoin, the price of Bitcoin experienced a slight dip, prompting cautious sentiment among some investors. It remains to be seen whether this new venture will buck this trend or align with past market reactions.

Despite any short-term price fluctuations, the entry of a prominent name like the Trump family into Bitcoin mining underscores the growing mainstream recognition and institutional interest in the cryptocurrency space. This development could potentially attract further investment and attention to the mining sector, contributing to its overall growth and maturity.

CIRCLE FILES FOR IPO AMIDST STABLECOIN LEGISLATION PROGRESS

Circle, the issuer of the USD Coin (USDC) stablecoin, has officially filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to go public through an Initial Public Offering (IPO). This move comes at a significant time for the stablecoin industry, with the U.S. House Financial Services Committee recently passing the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. If successful, Circle’s IPO would mark a milestone as the first crypto company to go public under the current pro-crypto Trump administration.

This is not Circle’s first attempt to become a publicly traded company. In 2022, the company had plans to go public via a merger with a special purpose acquisition company (SPAC), Concord Acquisition Group, but the deal was ultimately terminated. The current IPO attempt reflects Circle’s continued ambition to access public markets and further solidify its position in the digital asset ecosystem. The company is expected to trade on the New York Stock Exchange (NYSE) under the ticker symbol CRCL.

While an IPO is generally seen as a positive step for a company, providing access to capital and enhancing its public profile, some analysts caution that the performance of crypto-related IPOs has been mixed. For instance, Coinbase’s IPO in 2021 saw an initial surge followed by a significant price decline. This historical context suggests that retail investors should exercise caution and conduct thorough research before investing in Circle’s IPO.

The progress of the STABLE Act in Congress adds another layer of significance to Circle’s IPO plans. The proposed legislation aims to create a federal regulatory framework for stablecoins, requiring issuers to maintain 1:1 reserves in highly liquid assets and undergo regular audits. While this could provide greater clarity and legitimacy to the stablecoin market, the current version of the bill also includes a controversial provision prohibiting stablecoin issuers from paying interest or yield to holders. This aspect has drawn criticism from industry players and could impact the business models of stablecoin issuers like Circle.

CORPORATE BITCOIN ACCUMULATION TREND CONTINUES DESPITE MARKET VOLATILITY

Despite recent volatility in global financial markets triggered by new tariff announcements, the cryptocurrency market, particularly Bitcoin, has shown surprising resilience. Simultaneously, a notable trend of increasing corporate adoption of Bitcoin as a treasury reserve asset has continued to gain momentum, with several major companies announcing significant increases to their Bitcoin holdings this week. Analysts suggest that Bitcoin’s unique market dynamics are increasingly decoupling it from traditional risk assets.

Tether, the company behind the world’s largest stablecoin, USDT, further solidified its position as a major Bitcoin holder by announcing the purchase of an additional 8,888 BTC in the first quarter of 2025. This acquisition brings Tether’s total Bitcoin holdings to an impressive 92,646 BTC, valued at approximately $7.8 billion. This strategic accumulation underscores Tether’s long-term belief in Bitcoin as a store of value.

Video game retailer GameStop also finalized a $1.5 billion offering of convertible senior notes and explicitly stated its intention to allocate a portion of these funds to acquire Bitcoin for its corporate treasury. This move aligns GameStop with a growing number of publicly traded companies that are incorporating Bitcoin into their financial strategies.

MicroStrategy, now rebranded as Strategy, a leading proponent of corporate Bitcoin adoption, continued its aggressive accumulation strategy. The company added another 22,048 BTC for $1.92 billion, bringing its total holdings to a staggering 528,185 Bitcoin, valued at over $43 billion. This consistent and substantial accumulation by MicroStrategy serves as a strong indicator of the growing conviction among some corporations regarding Bitcoin’s role as a long-term store of value and strategic asset. The ongoing trend of corporate Bitcoin adoption suggests a maturing market and increasing institutional confidence in the leading cryptocurrency.

SEC STATEMENT CLARIFIES STANCE ON CRYPTO MINING AS NON-SECURITY TRANSACTION

The U.S. Securities and Exchange Commission (SEC)’s Division of Corporation Finance has issued a new staff statement providing clarity on the regulatory status of proof-of-work (PoW) cryptocurrency mining. The statement concludes that PoW crypto mining does not constitute a securities transaction under federal law. This clarification offers significant relief and regulatory certainty to Bitcoin miners and the broader PoW cryptocurrency ecosystem.

In its analysis, the SEC staff applied the Howey test, a legal framework used to determine whether an asset constitutes an investment contract and thus a security. The Howey test considers whether there is an investment of money in a common enterprise with a reasonable expectation of profits to be1 derived solely from the efforts of others. The SEC2 staff concluded that neither “self-mining” nor participation in “mining pools” meets all prongs of the Howey test.

For self-mining, where individuals use their own resources to mine cryptocurrencies, the profits are derived from their own efforts and resources, not solely from the efforts of others. In the case of mining pools, where miners pool their resources to increase their chances of earning rewards, the SEC staff determined that while there is a pooling of resources, the expectation of profits is still primarily tied to the individual miner’s contribution of computing power and the inherent mechanics of the blockchain’s reward system, rather than the managerial efforts of the pool operator.

This statement from the SEC signals a potential shift away from treating PoW crypto mining as a securities enforcement matter. It provides a clearer regulatory landscape for miners, allowing them to operate with greater certainty regarding their compliance obligations under federal securities laws. This clarity could foster further investment and innovation in the Bitcoin mining industry and related infrastructure.

NEARLY 600 PHISHING DOMAINS EMERGE FOLLOWING BYBIT HEIST

Following a significant cryptocurrency heist on the Bybit exchange, cybersecurity researchers at BforeAI have identified a surge in malicious online activity, with nearly 600 suspicious domains emerging that are themed around Bybit. These domains are designed to mimic the official Bybit platform and are likely part of sophisticated phishing campaigns aimed at defrauding users who may be seeking information or updates regarding the security breach.

The researchers discovered 596 Bybit-themed domains that exhibit characteristics indicative of phishing attempts. These include subtle variations in the domain name, the use of lookalike characters, and website designs that closely resemble the legitimate Bybit interface. The primary goal of these phishing sites is to trick users into entering their login credentials, private keys, or other sensitive information, which can then be used by malicious actors to steal their cryptocurrency holdings.

The emergence of such a large number of phishing domains shortly after a major security incident highlights the rapid and opportunistic nature of cybercriminals in the cryptocurrency space. They often capitalize on user anxiety and the desire for information following a breach to launch new waves of attacks. This underscores the critical importance of users remaining vigilant and cautious when interacting with online platforms, especially in the aftermath of a security incident.

Bybit has likely issued warnings to its users regarding these potential phishing attempts and has advised them to only access the platform through its official website and to be wary of any unsolicited communications or links. Users are strongly encouraged to enable two-factor authentication and to carefully verify the authenticity of any website or communication before entering any sensitive information. The incident serves as a stark reminder of the persistent security threats within the cryptocurrency ecosystem and the need for both exchanges and users to prioritize security measures.

INTERNATIONAL LAW ENFORCEMENT DISRUPTS GARANTEX CRYPTO MONEY LAUNDERING SERVICE

In a coordinated international effort involving law enforcement agencies from the United States, Germany, and Finland, the online infrastructure used to operate Garantex, a cryptocurrency exchange, has been disrupted and taken down. The U.S. Department of Justice announced that Garantex allegedly facilitated money laundering for transnational criminal organizations, including terrorist groups, and received hundreds of millions of dollars in criminal proceeds.

According to the indictment unsealed in the Eastern District of Virginia, two administrators of Garantex, Aleksej Besciokov, a Lithuanian national and Russian resident, and Aleksandr Mira Serda, a Russian national, were charged with money laundering conspiracy. Besciokov was also charged with conspiracy to violate sanctions and conspiracy to operate an unlicensed money transmitting business. The indictment alleges that the administrators were aware that criminal proceeds from activities such as hacking, ransomware attacks, terrorism financing, and drug trafficking were being laundered through the platform and took steps to conceal these illegal activities.

Garantex had previously been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) in April 2022 for its role in facilitating money laundering for ransomware actors and darknet markets. Despite the sanctions and the administrators’ knowledge of them, Garantex allegedly continued to transact with U.S.-based entities, violating these sanctions.

As part of the coordinated action, U.S. law enforcement, led by the U.S. Secret Service, executed a seizure order against three website domain names associated with Garantex’s operations: Garantex.org, Garantex.io, and Garantex.academy. The seizure of these domains aims to prevent them from being used for further money laundering and other criminal activities. Individuals visiting these sites will now see a message indicating that the site has been seized by law enforcement. The disruption of Garantex represents a significant victory for international law enforcement in combating the use of cryptocurrencies for illicit purposes and underscores the ongoing efforts to enhance regulatory oversight and enforcement within the digital asset space.

STG ENERGY EXPANDS BITCOIN CLOUD MINING SERVICES AMID RISING CRYPTO DEMAND

STG Energy, a provider of cryptocurrency cloud mining services, has announced an expansion of its Bitcoin cloud mining offerings in response to the increasing demand in the cryptocurrency market. The company aims to provide a secure and sustainable approach to Bitcoin cloud mining, catering to both novice and experienced users looking to participate in mining without the need for personal hardware and technical expertise.

STG Energy emphasizes advanced security measures, including Cloudflare SECURE and McAfee SECURE technologies, to protect its platform and user data. All digital assets are reportedly stored in cold wallets to mitigate the risk of cyber threats. The platform offers a user-friendly mobile application available for both Android and iOS devices, allowing users to easily access and manage their mining operations on the go. The company highlights a straightforward process for users to begin earning passive income through a simple sign-up and various mining plan options.

STG Energy provides a range of flexible cloud mining plans designed to accommodate different investment goals and risk appetites. These plans vary in terms of the initial investment, contract duration, and daily return rates, with estimated earnings provided for each option. The company also offers trial packages for new users to explore Bitcoin mining with a lower initial commitment. Withdrawals are processed in Bitcoin, Litecoin, or Bitcoin Cash, with rates subject to market fluctuations.

In addition to its mining plans, STG Energy offers referral and bounty programs to incentivize user engagement and growth. New users receive a welcome bonus to explore the platform, and users can earn commissions through referrals and by completing promotional tasks. STG Energy states that it has a global presence with over 4 million users across 160 countries and is committed to sustainability by utilizing green energy for its mining operations. The expansion of STG Energy’s Bitcoin cloud mining services reflects the continued interest in cryptocurrency mining as a means of generating returns, even for individuals who may not have the resources or technical skills to operate their own mining hardware.

And that’s a wrap on another whirlwind week in crypto! The pace of change is still absolutely wild, right? Huge thanks for sticking with me and being part of the MNO crew.

With Sunday here, hope you get some well-deserved downtime. Don’t forget to hit up the MNO TalkBack poll – your feedback keeps our content fresh and on point.

Looking forward to bringing you another Weekly CryptoNews Digest next Sunday. Keep stacking those coins (or your preferred digital assets!), and remember, I’m here to support your financial journey. You’re what makes MNO – For Money Lovers!