Crypto M&A heats up, Ripple legal woes end, Gemini taps new CFO | Weekly Recap

Today’s edition of the weekly recap covers Coinbase’s potential major acquisition in the derivatives space, the SEC’s decision to end the Ripple battle, and South Korea’s planned actions against unregistered exchanges.

Coinbase, Deribit discuss deal

• Coinbase stock is expected to have a strong bearish breakout in the next few weeks.
• The U.S.-based exchange is reportedly in advanced talks about acquiring global derivatives platform Deribit.
• Dubai-based Deribit was valued between $4-5 billion earlier this year.

Kraken acquires NinjaTrader

• Coinbase isn’t the only crypto company exploring M&A; cryptocurrency exchange Kraken agreed to purchase U.S. retail futures trading platform NinjaTrader for $1.5 billion.
• The acquisition, subject to certain price adjustments, aims to position Kraken as a 24/7 platform for both traditional and crypto futures trading alongside its existing services.

Dubai launches real estate tokenization program

• The Dubai Land Department (DLD), a government real estate agency, has started a property tokenization pilot program using blockchain technology for property title deeds.
• The move represents the first such program by a property registration authority in the Middle East.

South Korean authorities target unregistered exchanges

• The Financial Intelligence Unit (FIU) is preparing sanctions against cryptocurrency exchanges operating without proper registration as Virtual Asset Service Providers (VASPs).

ZachXBT identifies convicted fraudster behind major trades

• Blockchain investigator ZachXBT has revealed that William Parker, a convicted fraudster, was behind a series of highly profitable cryptocurrency derivative trades this year.
• Parker reportedly made $6.8 million by going long on Bitcoin (BTC) just before President Trump’s strategic crypto reserve announcement.

Regulators remove Tornado Cash sanctions

• The U.S. Treasury lifted sanctions against Tornado Cash, the cryptocurrency mixer previously accused of helping North Korea’s Lazarus Group launder stolen funds.

Strategy raises capital for continued Bitcoin purchases

• Strategy has priced an upsized preferred stock offering, selling 8.5 million shares of its 10% Series A Perpetual Strife Preferred Stock at $85 each. The company has raised approximately $711.2 million.
• Between March 10-16, Strategy bought an additional 130 Bitcoin for approximately $10.7 million at an average price of $82,981 per Bitcoin.

LG’s NFT platform closure

• Global electronics manufacturer LG revealed plans to shut down its NFT platform, LG Art Lab, after three years of operation.
• The company cited a need to “shift focus and explore new opportunities” in its announcement, signaling a strategic reevaluation of its digital asset initiatives.

Trump son joins Metaplanet advisory board

• Japan’s Bitcoin-focused investment company Metaplanet announced the appointment of Eric Trump, the U.S. President’s second son, to its strategic board of advisors.
• CEO Simon Gerovich stated that Trump will assist the company in advancing its mission to expand its Bitcoin treasury.

Ethereum developers to discontinue Holesky testnet

• The Ethereum (ETH) Foundation announced plans to end support for the Holesky testnet in September due to a mass exodus of validators following disruptions during Pectra upgrade testing.

Ripple no longer in SEC legal battle

• Ripple CEO Brad Garlinghouse posted on X Wednesday that Ripple’s four-year legal dispute with the U.S. Securities and Exchange Commission has concluded.
• “It’s over,” he said. This resolution follows a series of partial legal victories for Ripple (XRP) and represents another change in the SEC’s cryptocurrency enforcement approach.

Gemini appoints new CFO ahead of IPO

• Dan Chen, former vice president of capital markets and bank partnerships at buy now, pay later company Affirm, has joined cryptocurrency exchange Gemini Trust as its Chief Financial Officer.
• Chen announced his appointment Tuesday through posts on LinkedIn and X.
• The timing coincides with reports that the New York-based exchange, founded by Cameron and Tyler Winklevoss, is preparing for an initial public offering.