CFA Report Pegs US Crypto Fraud Losses at $80.7B

American Bitcoin, a subsidiary of Hut 8 with ties to Eric Trump, plans to merge with Gryphon Digital Mining. The 100% stock-for-stock merger is expected to close in Q3, with American Bitcoin stockholders owning around 98% of the new company.

Following the announcement by the S&P 500 that Coinbase's stock will be added to its index on May 19, COIN shares surged 8% in after-hours trading, reaching $225 per share. This move comes as Coinbase is set to replace Discover Financial Services on the S&P 500 index.

SEC Commissioner Caroline Crenshaw questions the agency's focus on promoting blockchain technology for traditional finance firms, suggesting it may lead to picking winners and losers in the industry. She argues that delays in settlement on Wall Street provide key benefits, such as flexibility and security measures.

Nakamoto Holdings and KindlyMD have formed a new Bitcoin treasury, raising $710 million through private investment and convertible notes. The merger aims to accelerate Bitcoin adoption globally, with David Bailey as the CEO. KindlyMD, a healthcare firm, will maintain its focus on combating the opioid crisis.

CIC Digital LLC and Fight Fight Fight LLC organized a dinner where 220 crypto investors could dine with US president Donald Trump by purchasing his personal crypto coin. The investors were selected based on their TRUMP coin holdings and spending between the announcement and the deadline.

Anchorage Digital has announced the acquisition of stablecoin issuer Mountain Protocol to enhance institutional stablecoin support. The move aims to integrate Mountain's technology and team into Anchorage's operations pending regulatory approval. Stablecoins are gaining importance in the digital economy, with a potential market growth to trillions of dollars.

Craig Wright has been issued a General Civil Restraint Order by a UK court, preventing him from filing legal claims without High Court permission. The order may be extended and failure to comply could lead to contempt of court charges.

Bitcoin and major altcoins initially surged on Monday but later dipped as the U.S. and China announced a reduction in tariffs, impacting investor sentiment. The easing of trade tensions led to Bitcoin briefly hitting $105,500, a response to the tariff truce between the two countries.

Coinbase considered allocating 80% of its balance sheet to Bitcoin but decided against it due to fears of potential harm to the company. The CEO highlighted the risk of Bitcoin's volatility affecting the company's growth during its early stages.

Strategy, led by Michael Saylor, purchased 13,390 BTC for over $1.34 billion, increasing its total holdings to 568,840 BTC worth $59 billion. The company, formerly MicroStrategy, is the largest corporate holder of Bitcoin, with an average purchase price of $69,287 per coin.