MARA Cuts 15% of Workforce After Selling $1.1 Billion in Bitcoin to Pivot Business Focus

BitMine Immersion Technologies saw its shares surge over 400% after raising $250 million in a private placement to establish an Ethereum treasury. The company also appointed Tom Lee as Chairman, emphasizing Ethereum's appeal for DeFi, staking, and stablecoins.

Ripple has introduced the XRP Ledger's Ethereum Virtual Machine (EVM) sidechain to enhance interoperability and enable developers to deploy Ethereum-based decentralized applications (dapps) on the XRPL. This development offers EVM-compatible smart contracts while maintaining a link to the XRPL, providing a cost-effective ecosystem for developers.

The Monetary Authority of Singapore has enforced a deadline for crypto firms to obtain licenses, with penalties for non-compliance including fines and possible jail time. This move aims to enhance regulatory integrity and requires firms to adhere to anti-money laundering controls and cybersecurity audits.

Strategy has acquired 4,980 Bitcoin for $532.6 million, its largest purchase in five weeks, bringing its total holdings to 597,325 BTC worth $63.8 billion. This move aligns with the trend of public companies embracing Bitcoin for their treasuries, with Strategy being the largest corporate holder.

Robinhood has introduced tokenized stock trading and crypto perpetual futures for European users on the Ethereum layer-2 scaling network, Arbitrum. The company aims to provide an all-in-one investment app powered by crypto, leveraging a custom layer-2 network.

Kazakhstan's National Bank plans to create a state Bitcoin and crypto reserve, reflecting a shift in the country's stance on Bitcoin amid increasing institutional adoption. The bank is developing a framework for managing these reserves through a specialized subsidiary, aligning with efforts to regulate the crypto market.

Benchmark analyst Mark Palmer initiated coverage of Metaplanet with a buy rating and a ¥2,400 price target, citing its aggressive Bitcoin strategy aiming for 210,000 BTC by 2027. The company's '555 Million Plan' involves issuing moving strike warrants to raise funds for Bitcoin purchases.

Metaplanet Inc. purchased an additional 1,005 BTC, bringing its total holdings to 13,350 BTC, worth around $1.27 billion. The company aims to reach 210,000 BTC by 2027 through aggressive monthly acquisitions.

The Bank of Korea has halted its central bank digital currency project, which was in the pilot program development stage with participating banks. President Lee Jae-myung had promised to support a won-based stablecoin market during his election campaign.

Five individuals have been arrested by Spanish police for their involvement in a crypto investment fraud ring that laundered nearly $540 million from over 5,000 victims. The operation, which began in 2023, included law enforcement from Spain, Estonia, France, and the U.S.