What Does “Last-Resort” Mean?

Phong Le emphasized that the company’s strategy of buying and holding Bitcoin is inherently long-term, and that this approach is both intentional and necessary. The desire to sell is not the company’s main strategy; rather, it would only be an option in case of necessity. A possible scenario in such a case can be described as follows:

If the market value of MSTR shares falls below the company’s net asset value (NAV) and the company cannot find other sources to meet dividend or debt obligations. In such a situation, selling Bitcoin would be considered “mathematically” justifiable. However, Le does not expect this to happen easily.

This article may also interest you: Are Low Stablecoin Yields a Signal for Ethereum’s Rise?

Saylor’s Bitcoin Purchases Continue

Despite the decline in share prices, there is no change in MicroStrategy’s Bitcoin-based roadmap.

The company’s founder and chairman, Michael Saylor, reiterated his commitment on X, stating that he will not back down.

On November 17, the company announced the purchase of 8,178 Bitcoins. The value of this purchase is $835.6 million, representing a significant increase compared to previous weeks, as recent weekly average purchases were around 400–500 BTC.

With this latest acquisition, MicroStrategy’s total Bitcoin holdings have risen to 649,870 BTC, valued at approximately $56 billion at current prices.

MicroStrategy (Strategy) Nedir?

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Aligning Cryptocurrency Rules 

CFTC Acting Chair Caroline Pham emphasized that the SEC and CFTC have an opportunity to work together for market participants and global capital markets. She noted that unclear regulatory boundaries can sometimes create friction and challenges for the public. 

Pham highlighted that aligning rules would reduce unnecessary costs, support responsible innovation, and foster fair competition. She cited the SEC’s Crypto Project and CFTC’s Crypto Sprint as initial examples of coordination. Increased alignment could improve efficiency, clarity, and access to digital assets for investors. 

Pham also addressed concerns about CFTC’s effectiveness, stating that between January 20 and September 3, the agency conducted 18 non-enforcement actions and 13 enforcement actions, including cases related to digital assets. Since September 4, CFTC initiated 14 additional legal actions, demonstrating its active role in the market. 

Tensions Over Tokenized Securities 

The roundtable also discussed market structure, innovation, and tokenized securities. The debate on how tokenized securities should be classified resurfaced. Crypto attorney Gabriel Shapiro argued that these assets should be truly fungible. In contrast, former regulatory advisor Justin Slaughter questioned whether their nature is derivative, suggesting they may represent the underlying asset or an idealized version. 

These discussions are critical for the future of crypto markets. Traditional finance representatives advocated for strict tradability rules, while some experts argued that more flexible approaches could accelerate innovation. This debate may influence altcoin trends and tokenized asset market analysis. 

Crypto Companies and Regulatory Outlook 

Executives from Kraken, Robinhood, and Crypto.com also participated in the meeting. Panels addressed extended trading hours, perpetual contracts, prediction markets, and crypto assets. SEC Chair Paul Atkins stated that cryptocurrency is the agency’s top priority. He also identified asset tokenization as a regulatory focus, noting that proper safeguards could take one to two years to implement and emphasized its nearly limitless potential. 

This development marks a new era for the crypto market. Coordinated regulation by SEC and CFTC can increase investor confidence, impact coin prices, and create a more stable environment for emerging coins and digital assets. 

Key Highlights: 

• SEC and CFTC hold first joint roundtable in 14 years 
• Emphasis on alignment and collaboration in crypto regulations 
• Debates over tokenized securities classification 
• Participation of Kraken, Robinhood, and Crypto.com 

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Bank of America and Webull Decisions Increased Selling Pressure

In a regulatory filing dated March 17, Bakkt disclosed that two key clients would not renew their commercial agreements. Bank of America will terminate its existing agreement on April 22, while the brokerage platform Webull will end its contract on June 14.

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According to the filing, Bank of America accounted for 17% of Bakkt’s loyalty services revenue for the nine months ending September 30, 2024. Webull contributed 74% of the company’s crypto services revenue during the same period.

Shares Crash to New Lows!

Following this development, Bakkt (BKKT) shares dropped 27.28% on March 18, closing at $9.33. In after-hours trading, the shares fell an additional 2.25%, reaching $9.12.

Bakkt’s stock price has plummeted more than 96% from its all-time high of $1,063, recorded in October 2021.

Bakkt has postponed its previously announced earnings conference call twice. The latest rescheduling sets the call for March 19. These delays have added further uncertainty for investors.

Class Action Lawsuit on the Horizon!

The Law Offices of Howard G. Smith announced a potential class action lawsuit against Bakkt following the termination of agreements with Bank of America and Webull. The statement claims that the canceled agreements and the delayed earnings call led to a sharp decline in Bakkt’s stock price, “thereby injuring investors.”

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This new directive from Trump is expected to explicitly roll back the measures introduced as part of “Operation Chokepoint 2.0.” This alleged initiative by the Biden administration aimed to block banking services for crypto companies and executives.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Bo Hines, Executive Director of the White House’s Presidential Working Group on Digital Assets, confirmed to Decrypt that an administrative process is underway, although he declined to provide further details. Hines stated, “I think the industry can expect something in short order.”

Hines also emphasized that the Trump administration is determined to end all practices associated with Operation Chokepoint 2.0. The term was coined by Nic Carter, a partner at Castle Island Ventures, referencing the original “Operation Choke Point” initiated during the Barack Obama era, which targeted payday lenders and firearms dealers.

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El Salvador signed a $1.4 billion loan deal with the IMF in December 2024. As part of the agreement, the government pledged to revoke Bitcoin’s legal tender status and reduce public sector involvement with BTC. However, data shows the government is continuing its daily purchases.

Total Reserves Reach 6,105 Bitcoin

According to the El Salvador Bitcoin Office, the country’s Bitcoin treasury now holds 6,105 BTC, valued at more than $527 million at current prices. The country usually acquires 1 BTC per day but made a bulk purchase of 5 BTC on March 3.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Bukele: “We Will Not Stop Buying”

On March 3, the IMF issued a new request pressuring El Salvador to stop accumulating Bitcoin and forbidding any issuance of debt or tokenized securities tied to BTC. Despite this, Nayib Bukele declared that the government will continue buying BTC, characterizing the IMF’s demands as “whining.”

Bukele stated:

“If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”

El Salvador’s unapologetically pro-Bitcoin stance has led many major crypto firms to relocate to the country. On January 7, Bitfinex Derivatives announced it would move its headquarters from Seychelles to El Salvador. On January 13, stablecoin issuer Tether followed by announcing plans to relocate its headquarters to El Salvador.

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Risks Between the Crypto Sector and Banking Systems

The cryptocurrency industry faced the threat of being excluded from traditional banking systems under Operation Chokepoint 2.0. Jason Lau, Chief Innovation Officer at the crypto exchange and self-custody wallet provider OKX, emphasized that building strong relationships with banks and financial stakeholders serves as a strategic safeguard against debanking threats.

Lau highlighted that the traditional financial world is heavily based on trust and that building relationships with banking institutions, financial regulators, and other stakeholders is essential to maintaining strong partnerships. In an interview with Cointelegraph, Lau stated:
“You need to take the time to build relationships with all your stakeholders, including regulators and your banking partners. We’ve spent years and years working with our partners and stakeholders to make sure they understand our business.”

The Global Problem of Debanking

Many Operation Chokepoint 2.0 debanking cases originated in the United States and involved US-based entities. However, debanking continues to be a global issue with implications for business, technological innovation, and freedom of speech.

For instance, Ben Rose, the former regional manager of Binance Australia, claimed that the exchange was given only 12 hours’ notice before being debanked. The debanking, which occurred in the middle of the night, reportedly came without a clear explanation.

Debanking Cases in the United Kingdom

In July 2023, leaked documents revealed that UK politician Nigel Farage was debanked due to his political views. This led the UK government to propose revoking banks’ licenses if they violate freedom of speech.

The UK government laid out the following consumer protection provisions for banks:

• A three-month notice to customers before account closures,
• An explicit reason for account closure,
• An opportunity to appeal the closure.

In 2023, crypto companies in the UK also reported being turned away by banks. Common issues included excessive paperwork, frozen accounts, and rejected applications without sufficient explanation.

As of 2024, crypto firms and projects continue to face similar challenges.

Debanking gained widespread recognition in online platforms and digital culture, earning a spot on the 2023 Collins Dictionary’s Word of the Year shortlist.

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On Tuesday, UK Finance Minister Jeremy Hunt agreed to discuss the issue with the country’s Treasury Economic Secretary Bim Afolami. Hunt answered the question asked by Lisa Cameron, Chairman of the Crypto and Digital Assets All Parties Parliamentary Group, about the challenges faced by licensed crypto firms in the UK.

Hunt stated that he would consult with the UK Treasury for the investigation. He also did not miss the opportunity to say that “the UK and especially London has become a global crypto center.”

The Finance Minister added, “We need to regulate it to ensure that the crypto market can really proceed responsibly as intended, so we have introduced legislation to promote stablecoins and crypto services.”

In April 2022, UK Prime Minister Rishi Sunak, while serving as the country’s finance minister, announced plans to transform the country into a “global crypto center”. Since then, the United Kingdom has introduced laws such as new regulations aimed at overseeing the country’s Digital Securities Protected Area initiative to push this goal.

You May Be Interested: When is the Bitcoin ETF Decision? Will BTC ETF be Approved?

Regulations in the United Kingdom

According to an official press release, the new regulations will give the country’s financial monitors rules on overseeing a virtual space for tokenized securities.

The regulations will apply to the UK’s Digital Securities Protection Area (DSS) and will come into effect on January 8, 2024. These are part of the UK government’s 2023 Financial Services and Markets Act (FSMA).

The new rules will set general limits on what can be done in the virtual space and which participants are eligible to participate. The protected area will allow regulators and companies to test solutions, including distributed ledger technology and tokenization of securities.

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In recent weeks, there has been a noticeable increase in the values of crypto-focused companies. Coinbase stands out with a 7.5% increase, and similar upward trends are observed in Microstrategy and Bitcoin mining companies.

Bitcoin ETFs are also making an impact in the market. The ProShares Bitcoin Strategy ETF, tracking Bitcoin futures, saw a 7.7% increase, while the ProShares Short Bitcoin Strategy ETF experienced a 7.7% decrease.

Factors such as favorable macroeconomic conditions, technological advancements, and increasing acceptance of digital currencies contribute to the revival of the crypto market. The over 150% value increase of BTC in 2023 highlights the potential and future growth opportunities in the crypto market.

These developments underscore the dynamic nature of the crypto market and its integration with traditional financial systems. The increase in Bitcoin’s value revitalizes investor confidence, indicating future growth prospects. The dynamism in the crypto market positions Bitcoin-focused stocks and ETFs as significant investment instruments.

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