Nearly $1 Billion in Ethereum in Just One Week

On-chain data reveals that in the past 24 hours alone, this “mystery buyer” acquired around $212 million worth of ETH. The holdings are spread across six separate wallets, with balances ranging from $128 million to $181 million each. The purchases were facilitated through Galaxy Digital, FalconX, and BitGo.

Ethereum’s Market Cap Surpasses Mastercard

The strong rally in ETH’s price pushed its market capitalization to $523 billion, surpassing payment giant Mastercard’s $519 billion valuation. Over the past seven days, ETH climbed past the $4,000 threshold, reaching $4,332 at its peak.

Public companies have also been increasing their exposure to Ethereum. In the last week alone, they added more than 304,000 ETH to their treasuries. BitMine Immersion Technologies led the way, buying over 208,000 ETH (worth more than $900 million), followed by SharpLink Gaming with a $303 million ETH purchase.

Analysts Eye the $20,000 Target

Many technical analysts are bullish, predicting that ETH could reach the $20,000 mark in the coming months. Some even suggest the price might exceed that level if current momentum continues.

However, Ethereum co-founder Vitalik Buterin has urged caution. While he supports companies holding ETH in their reserves, he warned against turning it into an “overleveraged game” that could harm the market in the long run.

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This step underscores the growing intersection between the crypto market and traditional financial systems. BitGo’s filing was made under Form S-1, the standard document required by companies seeking to list on U.S. exchanges. However, details such as the number of shares to be offered or the anticipated price range remain undisclosed at this stage.

What Did BitGo Announce?

According to the company’s statement, the IPO will move forward following the completion of the SEC’s review process and depending on favorable market conditions.

The potential public listing of BitGo on U.S. stock markets highlights a growing demand among institutional players for secure crypto custody services. It also signals a new phase where assets like Bitcoin and Ethereum may become even more deeply embedded within the operations of institutional finance.

It’s important to note that this announcement does not constitute an investment offer or solicitation. The offering, if and when it occurs, will be conducted in accordance with the provisions of the U.S. Securities Act of 1933.

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USD1 Sent To Thousands Of WLFI Wallets

World Liberty Financial, backed by former U.S. President Donald Trump, has distributed 47 USD1 tokens to each wallet that took part in the sale of the project’s native token, WLFI. Data from Etherscan, confirmed by Lookonchain and SlowMist, shows the tokens were sent in a bulk transaction late Tuesday night.

While the project has not made an official announcement, it had previously proposed this airdrop as a method to test its Ethereum-based distribution system and thank early supporters. A community vote held last month saw 99.96% approval for the airdrop.

According to earlier statements, more than 85,000 participants had completed the know-your-customer process during the WLFI sale.

Centralization And Controversy Cloud The Launch

Launched in March, USD1 is described as being fully backed by U.S. Treasury bills, USD deposits, and cash equivalents. Despite these assurances, centralization remains a key concern.

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Dune Analytics data reveals that two wallets hold 84.4% of the entire USD1 supply, with a third wallet holding 9.5%. It is unclear whether these wallets are managed by World Liberty Financial, strategic investors like Justin Sun, or third-party custodians such as BitGo.

Adding to the controversy is the Trump family’s deep involvement in the project. According to the whitepaper, Donald Trump and his three sons serve as ambassadors or public advocates for World Liberty. This has sparked conflict of interest concerns, especially among political opponents.

Senator Richard Blumenthal recently accused the Trump family of financially benefiting from WLFI, an allegation that World Liberty’s legal team has strongly denied.

Stablecoins Under Regulatory Spotlight

The airdrop comes amid increasing regulatory scrutiny. The proposed GENIUS Act in the U.S. aims to enforce strict transparency and safety requirements for stablecoin issuers. Meanwhile, dollar-backed stablecoins have exceeded $250 billion in global market cap, driven by both retail and institutional demand.

With such powerful names backing it, World Liberty’s next moves will be closely watched—not just by investors, but by regulators, too.

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How Will the FTX Refund Process Work?

The FTX Recovery Trust, which is overseeing FTX’s bankruptcy process, has divided creditors into different classes and set payment rates:

• Class 5A (International Customers): They will receive 72% of their claims.
• Class 5B (U.S. Customers): They will receive 54% of their claims.
• Class 6 (Unsecured Creditors): They will receive 61% of their claims.
• Class 7 (Creditors under $50,000): They will receive 120% of their claims.

These payment rates vary depending on the status of the creditors’ claims and their classification.

This article will also catch your attention: Old Bitcoin Wallets Are Moving! How Will the Market Be Affected?

Which Institutions Will Be the Distribution Service Providers?

Creditors will be able to choose either BitGo or Kraken to receive their payments. Both platforms offer stablecoin and fiat withdrawals:

• BitGo: Offers services such as digital asset and stablecoin purchases, USD withdrawals via ACH (US only) or bank transfers, and transfers of digital assets to personal wallets.
• Kraken: Offers services such as digital asset and stablecoin purchases, fiat withdrawals via SWIFT, SEPA, FedWire and ACH, and transfers of digital assets to personal wallets.

Details such as transaction fees and minimum withdrawal amounts on both platforms may vary depending on the user’s choice.

How Will This Distribution Affect the Market?

This $5 billion stablecoin distribution by FTX could lead to a significant increase in liquidity in the cryptocurrency market. Analysts state that there is a high probability that creditors will reinvest the funds they receive into crypto assets. This situation may trigger price increases, especially in Bitcoin and altcoins.
It is predicted that Bitcoin in particular may reach new heights with this new liquidity flow. This development, which occurred after the bankruptcy process of FTX, creates a positive atmosphere in the cryptocurrency market.

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Second Wave of Repayments Underway

Not all FTX users will receive funds in this round. According to the exchange’s reorganization plan, five distinct “convenience classes” will receive between 54% and 120% of their eligible claims. If all claims are valid, total repayments could reach $16 billion.

Controversy Over Valuation Dates

FTX made its first batch of repayments on February 18, totaling about $1.2 billion. However, many users have criticized the repayment calculations, which are based on crypto prices at the time of bankruptcy. Since then, Bitcoin has surged more than 400%, from $20,000 to over $100,000.

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Still, the plan suggests 98% of creditors will receive at least 118% of their claim value in cash.

Legal Chapter Nears Conclusion

The repayments come as legal proceedings around Sam Bankman-Fried and his associates reach their end. SBF received 25 years in prison, while other executives including Caroline Ellison, Ryan Salame, Nishad Singh, and Gary Wang were also sentenced. Salame’s wife, Michelle Bond, faces separate charges.

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A New Era for Crypto Under Paul Atkins

The SEC-hosted meeting explored the connection between traditional finance (TradFi) and decentralized finance (DeFi). Major players like Fidelity, Nasdaq, and BlackRock attended. Atkins highlighted past regulatory pressures on the crypto sector. “Innovation has been stifled by uncertainties,” he said, promising clear and innovative rules. 

Paul Atkins Vision 

Paul Atkins aims to create a rational regulatory framework for crypto, boosting investor confidence and accelerating institutional participation. Specific regulations for leading cryptocurrencies like Bitcoin are planned, alongside updates to custody rules and potential exemptions. 

Hester Peirce, speaking at the event, supported Atkins’ vision. “The crypto sector deserves clear rules,” she said. Companies like Kraken and BitGo warned that regulatory uncertainty could push innovation abroad. Atkins committed to addressing these concerns swiftly. 

Key Quotes from Paul Atkins Speech 

•  “My priority is to establish a rational regulatory infrastructure for crypto. A logical and robust framework for crypto assets will enhance individual investor confidence and accelerate institutional participation.” 
•  “Market participants engaging with this technology deserve a clear path and regulatory rules. Innovation has stumbled due to regulatory uncertainty. A new day has begun at the SEC.” 
•  “We want to make the U.S. a global leader in digital assets. New regulations will prioritize Bitcoin and other leading cryptocurrencies.” 
• “We may update custody rules. Additionally, we aim to bring dynamism to the market by considering exemption options under appropriate conditions.” 

During his campaign, Trump promised to make the U.S. “the crypto capital of the planet and the Bitcoin superpower of the world.” Atkins’ SEC chairmanship is seen as a significant step toward this vision. However, achieving this goal will require close collaboration with industry stakeholders and Congress. Additionally, Atkins’ past consultancy with FTX has sparked debates about impartiality. 

In conclusion, Paul Atkins SEC leadership offers a fresh start for the U.S. crypto market. Clear regulations could strengthen the sector and position the U.S. as a global leader. However, coordinated efforts between the industry and government are essential for concrete progress. 

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According to the announcement made on May 12, this license allows BitGo to serve both crypto-native companies and traditional financial institutions throughout Europe.

Harald Patt, Managing Director of BitGo Europe, stated that the license demonstrates the company’s commitment to high standards of security, transparency, and trust.

Established EU Headquarters in Germany in 2023

Founded in 2013 in Palo Alto, California, BitGo is recognized as a major platform focused on crypto custody solutions, ensuring the security of digital assets such as Bitcoin on behalf of its clients.

To strengthen its presence in Europe, the company established BitGo Europe headquarters in Frankfurt in 2023. Since then, BitGo has completed registrations in various EU countries, including Italy, Spain, Poland, and Greece.

With the MiCA license now secured, BitGo will be able to operate under a unified and forward-looking regulatory framework across the EU.

Wide Range of Institutional-Grade Services

Although BitGo has not yet provided specific details about the services it will offer under the MiCA license, the announcement emphasized that this step comes at a crucial time for expanding its institutional-grade digital asset solutions.

As of May 12, BaFin’s official records did not yet reflect BitGo’s MiCA license, though previous registrations were listed.

By 2025, Germany has emerged as a key hub for companies seeking MiCA licenses, with firms such as Bitpanda and Boerse Stuttgart Digital Custody also receiving similar approvals.

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The ETF will track the spot market price of SEI as determined by CoinDesk Indices, and its Net Asset Value (NAV) will be published daily at 4 PM New York time. It will not use derivatives but instead hold actual SEI tokens in custody.

Earn Rewards Through SEI Staking

Custody of SEI tokens will be managed by BitGo Trust Company and Coinbase Custody Trust Company. While not insured by the FDIC, both custodians maintain private insurance policies to mitigate risks.

This ETF simplifies SEI investment for regular investors, eliminating the need for blockchain knowledge, private key management, or staking know-how. One of its standout features is its integration with staking, allowing the fund to earn additional SEI rewards via the proof-of-stake (PoS) mechanism of the Sei Network.

Canary Capital is also pursuing other crypto ETFs, including a TRX-backed fund. While the SEI ETF is still pending SEC approval, its launch could mark a significant step forward in making digital assets accessible through mainstream investment platforms.

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Securing a bank charter would enable these companies to legally offer deposit and loan services, aligning them with traditional financial institutions. With increasing scrutiny from regulators, especially in the stablecoin space, obtaining such licenses is seen as a crucial step toward long-term regulatory compliance.

STABLE and GENIUS Acts Reshape the Legal Framework

Two new U.S. legislative proposals — the STABLE Act and the GENIUS Act — aim to define how stablecoins are issued and regulated. While STABLE calls for strict federal oversight, GENIUS proposes a more flexible model that includes both state and federal governance.

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These bills would formally classify stablecoin issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML standards, sanctions checks, and reserve requirements.

A Bank Charter Comes with Opportunity and Risk

A bank charter offers crypto companies a pathway to legitimacy and growth, but also demands strict regulatory compliance. The case of Anchorage Digital, which obtained a federal charter but now faces investigation and high compliance costs, serves as a cautionary tale.

Even so, Federal Reserve Chair Jerome Powell recently acknowledged the importance of creating a legal framework for stablecoins, citing the growing relevance of digital assets in the broader financial ecosystem.

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IPO Brings Transparency and Trust

Speaking at Consensus Hong Kong 2025 on February 19, Belsche emphasized, “To address Wall Street, you need to be a public company.”

He pointed out that traditional finance firms’ attempts to work with private crypto companies had not always been successful, citing FTX as an example: “That didn’t work out so well.” The bankrupt exchange recently announced a new creditor repayment round for May.

Belsche added that Wall Street now recognizes the importance of regulatory oversight from the Securities and Exchange Commission (SEC) and other institutions, which are key in building trust in digital assets.

As a co-founder of BitGo in 2013, Belsche hinted at a potential IPO for his firm but refrained from providing a specific timeline.

Should Crypto Firms Go Public?

Sharing the stage with Belsche, Bullish CEO Tom Farley supported the idea that public listings would benefit the crypto industry:

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“Being listed on a well-respected public market demonstrates a commitment to financial transparency and instills confidence in investors.”

While neither executive confirmed concrete IPO plans, both agreed that public offerings could enhance transparency and credibility within the crypto sector.

Crypto Regulations Under Trump Administration

Belsche and Farley also discussed potential regulatory shifts under Donald Trump‘s presidency and a Republican-controlled Congress.

Belsche highlighted that pro-crypto appointments at the SEC and the Commodity Futures Trading Commission (CFTC) could positively impact the industry. “Policy changes take time, but major reforms are on the horizon,” he said.

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