GameStop Bitcoin Plan, Mt. Gox Transfers, Wyoming Token

March 31, 2025

Crypto World

Maciej Zerelik

Crypto changes fast. Keeping up can feel tough. But we’ve got you covered. StealthEX and CryptoDaily team up every week. We break down the biggest stories from crypto into simple, clear updates. You’ll easily understand what’s trending and why it matters. Never feel left behind again. Ready to dive in? Let’s get started.

GameStop Bets Big on Bitcoin with $1.3B Fundraising Move

GameStop just made headlines by announcing it will raise $1.3 billion through convertible senior notes. What’s exciting investors is GameStop’s plan to use part of this money to buy Bitcoin. The gaming retailer’s board approved this bold step on Tuesday, signaling its intent to explore cryptocurrency investments.

The company confirmed this strategy aligns with its updated investment policy. Unlike traditional loans, these notes won’t pay regular interest. They mature in April 2030, but holders can convert them earlier into cash or GameStop shares.

GameStop is following a trend set by other major corporations, including MicroStrategy, which invested heavily in Bitcoin. The retailer hopes to replicate this success, potentially strengthening its financial position in a volatile economy.

Investors eagerly await details like conversion rates, determined by GameStop’s stock price at issuance. Additionally, GameStop might increase this offering by another $200 million, depending on market interest.

This decision puts GameStop firmly in the cryptocurrency spotlight. With Bitcoin becoming a preferred investment among large companies, GameStop’s move could inspire similar actions across industries. Investors are now closely watching GameStop’s stock, anticipating how this daring strategy impacts its future.

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Mt. Gox Moves Billions in Bitcoin Again, Raising Questions

Mt. Gox, a bankrupt Japanese crypto exchange, moved around $1 billion in Bitcoin this month, triggering new speculation. The latest transaction involved transferring more than 11,500 Bitcoins into separate wallets. Observers wonder if these transfers indicate upcoming payments to former customers who lost money years ago.

Blockchain analysis firm Arkham reported two separate transfers from Mt. Gox wallets on March 25. One wallet received roughly $78 million in Bitcoin, and another got over $920 million. This activity follows similar large transfers earlier this month.

Interestingly, these recent moves didn’t significantly affect Bitcoin’s price. Historically, large Mt. Gox transactions triggered market volatility, as investors worried creditors might immediately sell their coins.

Mt. Gox still holds billions in Bitcoin. After losing 850,000 coins in a massive 2014 hack, the exchange promised to repay customers. Partial repayments began in mid-2024, but the full repayment deadline got delayed until late 2025.

Questions remain about why these Bitcoins were moved now. Some experts suggest the coins might soon hit the market through creditor payments. Others believe these transfers are simply internal adjustments. Either way, the crypto market closely monitors Mt. Gox’s next moves.

Wyoming Set to Launch America’s First State-Issued Stablecoin

Wyoming plans to launch the country’s first state-backed stablecoin, called the Wyoming Stable Token (WYST), by July 2025. The token, pegged directly to the US dollar, is currently undergoing tests on multiple blockchain platforms. Wyoming partnered with LayerZero, a blockchain tech company, to ensure the token works seamlessly across networks like Ethereum, Avalanche, and Solana.

Governor Mark Gordon strongly supports this groundbreaking initiative. At a recent blockchain summit, he praised Wyoming’s efforts to modernize its financial systems. The state formed a dedicated commission filled with financial and technical experts to oversee WYST’s development.

WYST will hold reserves in short-term US Treasury bills and similar secure investments to guarantee stability. The Wyoming government aims to use blockchain to increase transparency and accountability. Officials even discussed recording the state’s budget publicly on blockchain technology.

Wyoming’s proactive approach could set an example nationwide. Stablecoins continue growing in popularity, now valued at roughly $230 billion globally. As federal regulators increasingly discuss stablecoin rules, Wyoming’s WYST could become a model for other states considering blockchain technology for everyday financial transactions.

Coinbase Eyes Major Acquisition, Targets Deribit in $5 Billion Deal

Crypto giant Coinbase is reportedly close to acquiring Deribit, the world’s biggest marketplace for Bitcoin and Ethereum options trading. Talks between the two exchanges are advancing quickly, and insiders suggest the deal could reach up to $5 billion.

Deribit operates primarily from Dubai, offering a variety of crypto derivatives, including options and futures. Coinbase, currently providing futures contracts through its offshore exchange in Bermuda, sees the acquisition as a strategic step to dominate the derivatives market.

Regulatory filings in Dubai show both companies have informed local authorities about ongoing negotiations. If the purchase goes through, Coinbase will need approval to transfer Deribit’s Dubai license. However, there’s no confirmation yet whether an official deal has been finalized.

This potential acquisition follows increased optimism in the crypto industry since Donald Trump began his second term as U.S. President. Trump’s administration has supported crypto-friendly policies, stimulating industry growth and leading to more mergers and acquisitions.

A successful takeover of Deribit would mark Coinbase’s most significant investment in the derivatives space. Last year alone, Deribit’s trading volume surged to $1.2 trillion, nearly doubling previous records. The acquisition could firmly position Coinbase as a global leader, significantly expanding its presence beyond spot trading.

Trump’s Media Group Teams Up with Crypto.com to Launch Unique Crypto ETFs

Trump Media and Technology Group (TMTG) has announced plans to create innovative crypto-focused ETFs through a new partnership with Crypto.com. This deal aims to combine traditional financial products with digital currencies under the brand Truth.Fi, pending approval from regulators.

Crypto.com will oversee technology, custody, and asset management. ETFs will include popular cryptocurrencies like Bitcoin, along with Cronos (CRO), Crypto.com’s native token. Once approved, the ETFs will be offered globally via the Crypto.com App, making them accessible to over 140 million users.

The partnership also involves creating special investment accounts managed separately by Truth.Fi. TMTG will initially invest up to $250 million of its own money in these accounts, which Charles Schwab will custody. The focus will be on American companies involved in emerging technologies and energy industries.

Crypto.com CEO Kris Marszalek highlighted the ETFs’ potential, emphasizing the unique blend of crypto and traditional investments. Devin Nunes, CEO of TMTG, stressed the strategy’s alignment with “America First” ideals, promoting economic growth and innovation across U.S. businesses.

The ETFs are expected to launch later this year if regulatory clearances are obtained, providing a fresh investment opportunity bridging crypto assets and traditional securities.

U.S. Authorities Seize $200K in Crypto Linked to Hamas Funding

The U.S. Department of Justice (DOJ) recently seized over $200,000 worth of cryptocurrency connected to fundraising activities by Hamas. The seized funds were tracked to crypto wallets and exchange accounts believed to be used for collecting donations and laundering money.

The Federal Bureau of Investigation (FBI) reported Hamas received more than $1.5 million in crypto donations since October 2024. Contributors used various online platforms to send money to Hamas-linked wallets. Authorities say the group tried to disguise the transactions by moving funds through multiple wallets.

The DOJ’s seizure included approximately $90,000 from several cryptocurrency wallets, along with $112,000 from three exchange accounts. Investigators noted the exchange accounts belonged to Palestinian individuals located primarily in Turkey, but did not disclose further details on their identities or the exchanges involved.

U.S. Attorney Edward Martin Jr. emphasized the government’s commitment to disrupting Hamas financing, declaring that authorities will continue aggressive action against any source supporting terrorism.

This action follows previous legal cases involving crypto exchanges, including a 2024 lawsuit accusing Binance of unintentionally facilitating Hamas’ fundraising. Though Binance denied involvement, it settled with U.S. authorities in 2023, paying over $4 billion for alleged anti-money laundering failures.

FDIC Changes Rules, Banks Now Free to Offer Crypto Services

The Federal Deposit Insurance Corporation (FDIC) has reversed its stance on cryptocurrency, allowing banks to offer crypto services without prior regulatory approval. This new policy, announced last Friday, significantly reduces barriers for financial institutions interested in digital assets.

Previously, banks had to notify the FDIC before getting involved with cryptocurrency. Now, under the updated guidelines, banks can directly offer crypto-related products as long as they manage risks appropriately. The FDIC emphasized that institutions must still meet safety standards to ensure consumer protection.

FDIC Acting Chairman Travis Hill described the new approach as correcting past regulatory mistakes. Hill said this policy shift is part of a broader move to modernize rules around crypto, aiming to support innovation while maintaining security.

This change aligns with President Donald Trump’s push to make the U.S. more crypto-friendly. Since starting his second term in January 2025, Trump has consistently promoted digital assets and blockchain technology. His administration has also eased previous regulatory pressures, including scaling back the SEC’s tough stance on crypto companies.

Banks across the U.S. now have clearer guidance and fewer regulatory hurdles, potentially leading to expanded crypto offerings and greater adoption among mainstream banking institutions.

Trump Pardons BitMEX Founders Convicted in Crypto Case

President Donald Trump has officially pardoned the co-founders of cryptocurrency exchange BitMEX—Arthur Hayes, Benjamin Delo, and Samuel Reed—as well as former senior employee Gregory Dwyer. The four had previously pled guilty to charges related to violations of the Bank Secrecy Act.

BitMEX faced accusations of failing to implement proper anti-money laundering (AML) and know-your-customer (KYC) procedures, despite knowingly serving customers based in the U.S. Authorities argued that BitMEX’s withdrawal from the American market was superficial, allowing continued illegal operations.

Trump’s pardon follows BitMEX’s agreement earlier this year to pay a $100 million penalty for regulatory failures. Reacting to the pardons, co-founder Arthur Hayes expressed gratitude directly to President Trump on social media. Benjamin Delo called the pardon a “vindication,” claiming that BitMEX had been unfairly targeted for political reasons.

Delo further argued that the charges stemmed from outdated regulations and inconsistent enforcement. He expressed relief at the decision, stating it allows him and his partners to move forward without the stigma of criminal convictions.

Originally founded in 2014, BitMEX became a top derivatives trading platform before legal challenges emerged. The pardons represent a significant turnaround, potentially reshaping how regulatory authorities approach crypto enforcement in the future.

SEC Ends Crypto.com Probe, Marking Major Shift in Crypto Policy

The U.S. Securities and Exchange Commission (SEC) has ended its investigation into Crypto.com without pursuing any charges. Crypto.com CEO Kris Marszalek confirmed the decision, stating that the exchange successfully overcame regulatory scrutiny.

Marszalek described previous regulatory actions as attempts to suppress the crypto industry. He criticized past SEC practices, saying the agency had tried to restrict the industry’s growth by limiting access to banking and investors. However, Marszalek emphasized that Crypto.com emerged stronger despite these challenges.

Crypto.com received a Wells notice in August 2024, indicating possible enforcement action. The exchange responded with a lawsuit accusing the SEC of overreaching. That lawsuit was later dropped in December. Crypto.com’s legal chief, Nick Lundgren, praised the SEC’s recent decision, highlighting a positive shift under the current leadership compared to former Chair Gary Gensler.

This change in approach follows the appointment of Acting SEC Chair Mark Uyeda, who replaced Gensler in January. Uyeda and Commissioner Hester Peirce have implemented friendlier crypto policies, including dropping several high-profile cases against companies like Coinbase, Kraken, and Robinhood. The agency also removed rules forcing institutions to treat crypto assets as liabilities.

This decision provides clearer regulatory conditions, improving stability for crypto firms operating in the U.S.

Ex-CFTC Chairman Warns of Trump’s Crypto Conflicts of Interest

Timothy Massad, former chairman of the Commodity Futures Trading Commission (CFTC), has expressed strong concerns about former President Donald Trump’s expanding role in crypto projects. Massad specifically criticized Trump’s promotion of digital currencies, calling it unethical and potentially harmful to investors.

In a recent interview, Massad labeled Trump’s crypto ventures, such as the endorsement of World Liberty Financial (WLFI) and the creation of a meme coin, as “pump-and-dump” schemes. He raised alarms about potential conflicts of interest arising from Trump’s significant influence on crypto policy, suggesting Trump’s financial interests could unfairly benefit from government decisions.

Massad highlighted Trump’s controversial financial activities during his presidency, noting he maintained ownership of his businesses instead of placing them in a blind trust. This approach was unprecedented, raising concerns about Trump’s ability to separate personal financial gain from political influence.

Massad argues that Trump’s involvement sets a dangerous precedent for future political leaders, creating confusion about whether regulatory policies genuinely support innovation or simply advance personal interests.

Massad concluded that presidents and their close associates should avoid commercial ventures influenced directly by their policy decisions, urging stronger ethical standards to protect the integrity of U.S. financial regulations.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.