Today’s edition of the weekly recap covers a variety of topics including Strategy and GameStop each revealing major Bitcoin acquisitions totaling over $900 million. Meanwhile, El Salvador and Pakistan expanded their sovereign crypto reserves—despite global pressure from institutions like the International Monetary Fund (IMF). Read on for more coverage on Circle’s initial public offering, OpenSea’s platform upgrade and Coinbase’s return to San Francisco. Strategy acquires 4,020 Bitcoin through multi-source funding Between May 19 and 25, the company bought more Bitcoin ( BTC ) for almost $427 million. The company now has 580,250 BTC in total holdings. Strategy sold 847,000 shares of common stock (MSTR), 678,970 shares of STRK preferred stock, and 104,423 shares of STRF preferred stock to finance the transaction. India’s crypto industry sees regulatory opportunity Cryptocurrency exchange executives report that Prime Minister Narendra Modi’s government has become more receptive to digital assets since Donald Trump’s return to the White House, according to Tuesday’s Financial Times report . Industry leaders have discussed cryptocurrencies with New Delhi officials and suggested a potential shift in India’s regulatory stance toward them. You might also like: Can XRP fall back to $2.20? Ripple foundation making moves Circle files for NYSE public offering The USDC stablecoin issuer announced that it plans to go public on the New York Stock Exchange, offering 24 million class A shares. El Salvador defies IMF with new Bitcoin purchase The country acquired eight additional BTC on Tuesday despite the IMF reiterating its demand to freeze government cryptocurrency acquisitions under a $1.4 billion loan agreement. El Salvador now holds nearly 6,200 BTC. Cetus Protocol secures compensation funding after exploit In the wake of last week’s $223 million security incident, the biggest decentralized exchange on the Sui ( SUI ) blockchain secured a loan from the Sui Foundation to fully reimburse users. Subject to an on-chain community vote, the compensation funds are distinct from frozen funds and particularly cover bridged assets. You might also like: Crypto VC funding: $161m floods startups as token prices sway GameStop announces $513 million BTC purchase The video game retailer announced Wednesday on X that it has acquired 4,710 Bitcoin. GameStop provided no additional details about the acquisition timing or purchase price in its announcement. Pakistan announces government-led Bitcoin reserve At the Bitcoin 2025 conference in Las Vegas on Wednesday, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, announced that Pakistan is creating a “government-led” strategic Bitcoin reserve. Telegram raises $1.5 billion through convertible bonds The messaging platform secured funding through five-year convertible bonds to refinance existing liabilities and extend repayment deadlines. Telegram will use $955 million of the proceeds to buy back bonds maturing in 2026. You might also like: NFT sales plunge 16.7% to $105.7m, Ethereum sales surge 30% OpenSea launches OS2 upgrade with expanded trading The NFT trading platform officially released its OpenSea2 upgrade to the public following a beta testing period. The revamped platform now supports token trading across 19 blockchains. SEC drops Binance lawsuit without explanation On Thursday, the Securities and Exchange Commission and Binance jointly filed a motion to end their lengthy legal battle . The SEC’s new crypto task force had previously put the case on hold while it sought to “develop a regulatory framework for crypto assets.” Coinbase returns to San Francisco with new lease The cryptocurrency exchange has signed a lease for office space in San Francisco’s Mission Rock development. This marks its return to the city after abandoning its headquarters model approximately three years ago. Thailand blocks access to major crypto exchanges The SEC of Thailand declared that, as of June 28, cryptocurrency traders will no longer be able to access Bybit, CoinEx, OKX, 1000X, and XT.com. The regulatory action targets exchanges operating without proper local authorization in the Southeast Asian nation. FTX begins second round of creditor distributions Former FTX users are reporting receipt of payouts. The bankrupt exchange announced Friday that it has commenced the second round of distributions valued at approximately $5 billion. The payments represent part of a previously announced bankruptcy plan designed to compensate creditors affected by the exchange’s collapse. Read more: White House in the memecoin business — and the SEC’s not watching
