KEYTAKEAWAYS
- Strategy (formerly MicroStrategy) reported a $5.9 billion loss on Bitcoin holdings in Q1 but continues its BTC accumulation strategy with plans for a new $21 billion stock offering.
- Movement Labs suspended co-founder Rushi Manche following market manipulation allegations involving a market maker that allegedly profited $38 million from selling 66 million MOVE tokens.
- Institutional Bitcoin adoption accelerates with Metaplanet planning to issue 3.6 billion yen in bonds for BTC purchases, Fr8Tech investing $20 million in Trump Token, and The Blockchain Group targeting 260,000 BTC by 2033.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Metaplanet to Issue 3.6 Billion Yen in Zero-Coupon Bonds to Purchase Bitcoin
Metaplanet has announced plans to issue 3.6 billion yen in zero-coupon bonds, with proceeds to be used for Bitcoin purchases. This strategic move aims to bolster the company’s cryptocurrency holdings and underscores its commitment to leveraging digital assets as a core component of its financial strategy.
Zero-coupon bonds are debt securities sold at a discount from face value, with the bondholder receiving the full face value at maturity. This approach allows Metaplanet to secure funds for Bitcoin investment while maintaining financial flexibility.
The decision reflects Metaplanet’s confidence in the long-term potential of the cryptocurrency market and is part of a broader trend among companies diversifying their investment portfolios with digital assets.
2. Riot Platforms Reports Record Revenue but Posts Loss Due to Higher Mining Costs
Bitcoin miner Riot Platforms reported its highest-ever quarterly revenue of $161.4 million, a 50% jump compared to the same quarter a year ago and slightly above Wall Street estimates of $159.79 million.
Despite the record revenue, the company posted a net loss of $296,367 over Q1, a 240% decrease from the $211,777 net income it reported in the year-ago quarter. Riot said the average cost to mine Bitcoin over the quarter was $43,808, almost 90% more than the $23,034 it cost in the same period last year.
“The increase was primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 41% increase in the average global network hashrate,” Riot explained. The company currently holds 19,223 unencumbered Bitcoin, worth approximately $1.86 billion.
3. Meteora Proposes 25% Token Allocation to Liquidity Incentives and TGE Reserves
Meteora has proposed allocating 25% of its tokens to liquidity incentives and Token Generation Event (TGE) reserves. This move aims to enhance token liquidity and ensure a stable supply for future events.
By allocating tokens to liquidity incentives, Meteora aims to create a robust market for its tokens, encouraging more trading activity and making it easier for investors to enter and exit positions. The TGE reserves will support future token generation events, ensuring sufficient token supply to meet demand.
This strategic allocation demonstrates Meteora’s commitment to creating a sustainable and reliable token market, potentially instilling confidence in investors and traders by showing the company is taking steps to mitigate risks.
4. Strategy Reports $5.9 Billion Loss on Bitcoin Holdings in Q1
Strategy, formerly known as MicroStrategy, reported a decline of $16.49 per common share in the first quarter of 2025 due to Bitcoin’s price plunge during the period. The company recorded a loss of $5.9 billion on its Bitcoin holdings.
The company announced it would issue a new $21 billion common stock equity offering, with Executive Chairman Michael Saylor stating the funding would help fuel future Bitcoin purchases. Strategy has pioneered issuing shares to increase its Bitcoin holdings, having sold around $20.9 billion worth of common shares through its at-the-money equity offering program.
Strategy now owns around 554,000 BTC, valued at roughly $53 billion based on current prices. The company purchased its Bitcoin at an average cost of $68,459 as of April 28. “We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period,” said CEO Phong Le.
5. ETH Whale Moves 2,680 ETH to Kraken After Two-Year Staking
A significant transaction has recently taken place in the cryptocurrency market, involving a large holder who moved 2,680 ETH to the Kraken exchange after a two-year staking period. The decision to unstake and transfer the ETH to Kraken suggests a strategic shift in the whale’s investment approach, potentially indicating a bearish outlook on ETH’s future price.
The whale’s action is anticipated to result in a loss of approximately $255,000, attributable to the difference between the value of ETH at the time of staking and its current value, as well as any fees or penalties associated with unstaking.
The transfer of such a large amount of ETH to an exchange like Kraken could have implications for the broader cryptocurrency market, potentially signaling increased selling pressure on ETH.
NOON NEWS
1. Movement Labs Suspends Co-Founder Rushi Manche Amid Market Manipulation Controversy
Movement Labs has suspended co-founder Rushi Manche after a string of challenges related to alleged market manipulation impacted the project. The suspension comes in light of ongoing events and a third-party review by Groom Lake regarding organizational governance and relationship with a market maker.
The issues can be traced back to December, when a market maker allegedly sold 66 million MOVE tokens and took home an estimated $38 million in USDT profit. The matter was discovered in March when Binance detected unusual activity, froze the funds, and reported the issue to Movement.
Coinbase resolved to delist the MOVE token after limited trading, stating it failed to meet listing requirements. The token has suffered a 20% loss in the last 24 hours and a 50% loss in the last 30 days, reflecting eroding investor confidence following the scandal.
2. Du Jun Reveals ABCDE First-Phase Fund Underperformed Bitcoin
Du Jun revealed in the Web3 101 podcast that the ABCDE first-phase fund did not outperform Bitcoin, with a current paper gain of around 5 times, and the DPI is expected to be around 2 times in the end. Currently, they are mainly focusing on AI-assisted security, trading, and data companies.
3. Fr8Tech to Invest $20 Million in Trump Token
Freight Technologies, Inc. (Fr8Tech) has made a deal to raise up to 20milliontopurchaseOfficialTrumpToken(20 million to purchase Official Trump Token ( TRUMP), making it one of the first public companies to invest in these tokens as part of its digital strategy. The coin is currently trading at $12.38 with a market cap of $2.47 billion according to CoinMarketCap.
Fr8Tech finalized a deal with an institutional investor to raise the funds through convertible notes. CEO Javier Selgas stated that investing in Trump Tokens supports the company’s mission to enhance trade between the U.S. and Mexico, noting that “Mexico is the U.S.’s biggest trading partner.”
Fr8Tech joins other major corporations like Tesla, Strategy, and Block in shifting towards digital assets. The company will raise $1 million in the first part of the deal and can raise an additional $19 million later if needed.
4. The Blockchain Group Unveils Plan to Accumulate 260,000 BTC by 2033
The Blockchain Group has unveiled an ambitious plan to accumulate 260,000 BTC by 2033. This initiative includes interim targets for 2029, aiming to hold between 21,000 and 42,000 BTC. By 2033, the target increases to between 170,000 and 260,000 BTC, representing just under 1% of Bitcoin’s fixed supply.
The announcement has generated considerable interest within the cryptocurrency community, aligning with the growing trend of institutional adoption. This accumulation plan could potentially reduce the available supply of Bitcoin on exchanges, increasing upward price pressure and stimulating trading activity.
The immediate market reaction saw a spike in Bitcoin’s trading volume, indicating heightened investor interest. Technical indicators showed bullish signals, with the RSI at 68 and the MACD showing a bullish crossover, while on-chain activity showed active Bitcoin addresses increasing by 7% to 1.1 million.
5. Two Prime Shifts Focus Exclusively to Bitcoin, Abandons Ethereum
Two Prime, a prominent digital asset derivatives firm, has announced a strategic shift to focus exclusively on Bitcoin (BTC) for its asset management and lending services. This decision follows a thorough analysis of market dynamics and Ethereum’s performance over the past 15 months.
The firm’s analysis revealed that ETH has fundamentally changed its behavior, de-correlating from BTC and exhibiting greater tail risk, trading more like a memecoin rather than a predictable asset. Even during Q1 2025 turbulence, BTC remained within its fundamental behavior, while ETH saw several multi-standard deviation moves.
Two Prime’s analysis highlighted that ETF buying of BTC has far outpaced that of ETH, with BTC’s total supply consumed by ETFs being more than double that of ETH. The firm also noted that ETH’s first-mover advantage has been eroded by competitors like Solana, which offer faster transaction speeds, lower costs, and better user experience.
EVENING NEWS
1. Block CEO: Bitcoin Mining Chip to Launch in 2025, Made in US
Block CEO Jack Dorsey stated that the Bitcoin mining chip Proto, developed by the company, will be launched in 2025 and will be manufactured in the United States to address tariffs and overseas manufacturing risks. Dorsey emphasized that collaboration with domestic suppliers and manufacturers will ensure the chip’s release as planned.
Block’s first-quarter gross profit reached $2.29 billion, a 9% year-over-year increase, with Cash App’s gross profit rising 10% to $1.38 billion and Square’s growing 9% to $898 million. However, due to the macroeconomic environment and weak consumer spending, the company has lowered its full-year gross profit forecast for 2025 to $9.96 billion, a 12% increase year-over-year.
2. Aria Officially Launches Points System for OG Status Users
Aria officially launched a points system, which is open to users with OG status. For every 1 USDC staked to the Stakestone vault, users can get 1 point. Experience points gained from completing Zealy tasks will be counted into the points at a 1:1 ratio.
Users who have not yet obtained OG status can strive for participation by continuously completing tasks. Points will serve as an important reference for subsequent incentives and rewards.
3. Binance Contracts to Adjust Mark Price Basis from 2.5 to 1 Minute
According to the official announcement, starting from 17:00 on May 5, 2025 (Eastern Time Zone 8), Binance Contracts will adjust the mark price and change the price basis from 2.5 minutes to 1 minute.
4. aZen Raises $1.2M in Seed Funding, $40M in Equity Investment
Web3 infrastructure project aZen has raised $1.2 million in seed funding led by Waterdrip Capital, alongside participation from DWF Ventures, Rootz Labs, Mindfulness Capital, Attention Ventures, Quantum Leap Lab, DePIN-X, and ODIG. Additionally, aZen’s holding company has secured a $40 million equity investment from UAE-based Royal Front LLC to drive long-term expansion and ecosystem development.
Since its soft launch, aZen has gained significant traction with 600,000+ app downloads, 360,000+ monthly active users, and 80,000+ active nodes on DePIN Lite testnet. The project aims to transform global AI computing with decentralized edge resource integration and scalable tokenized computing.
aZen’s ecosystem includes ZenHive, SocialFI AI Agent, and DeFAI, with core innovations including transforming computing, AI, and applications into dynamic fractional NFTs, intelligent compute resource scheduling, and privacy-preserving data processing for AI models.
5. Curve Founder Michael Egorov Sells Another 343,452 CRV
Spot on Chain disclosed data on the X platform showing that Curve founder Michael Egorov has sold another 343,452 CRV (about $224,000) since April 8. Since March 24, the total sales volume has reached 3.433 million CRV (about $1.85 million), with an average selling price of $0.539.
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