SEC Drops Ripple Case, Confident in XRP’s U.S. Reserve Role and Possible IPO, Says Ripple CEO
SEC Drops Ripple Case, Confident in XRP’s U.S. Reserve Role and Possible IPO, Says Ripple CEOBy Kapil Rajyaguru
Ripple CEO Brad Garlinghouse sees closely related XRP as part of the White House’s proposed digital asset stockpile and anticipates the launch of an XRP exchange-traded fund (ETF) before the end of 2025, per a Bloomberg Markets interview. Garlinghouse’s optimism came after the resolution of Ripple’s long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), which concluded with the agency dropping its case against the company on Wednesday.
XRP zoomed double digits after the announcement, leading gains in the broader market. It has flipped USDT to become the third-largest token by market capitalization behind bitcoin (BTC) and ether (ETH).
Michael Saylor’s Strategy Acquires 130 Bitcoin at an Average Price of $82,981
Business intelligence firm Strategy, formerly known as MicroStrategy, said it had acquired 130 Bitcoin for $10.7 million at an average price of $82,981 per coin between March 10 and March 16. According to Strategy’s latest disclosure with the SEC, the purchase was funded by proceeds from the sale of 123,000 shares of Strategy’s 8.00% series A perpetual strike preferred stock (STRK Shares), which generated approximately $10.7 million in net proceeds.
The company’s total Bitcoin holdings now stand at 499,226 BTC, valued at over $41.6 billion. Strategy’s co-founder and executive chairman Michael Saylor said the company’s total holdings were purchased at an average price of $66,360 per BTC, including fees and expenses. The firm currently holds more than 2% of Bitcoin’s total 21 million supply.
Metaplanet Launches ¥2 Billion Zero-Interest Bond to Fund Bitcoin Purchases
Metaplanet Inc. announced on March 18 that it had issued ¥2 billion ($13.3 million) in zero-interest ordinary bonds to finance further Bitcoin acquisitions. The development is part of the company’s broader strategy to expand its holdings of the number one cryptocurrency.
On the same day, the Japanese investment firm disclosed that it had also acquired an additional 150 BTC for approximately $12.5 million at an average price of $83,508.
This buy increased the firm’s total holdings to 3,200 BTC. The company’s reserves were acquired for about $266.2 million and are worth approximately $265.9 million at current market prices.
North Carolina and Minnesota Introduce Legislation to Expand Bitcoin Adoption
Recently, both North Carolina and Minnesota have introduced legislation aimed at expanding Bitcoin adoption amidst a growing trend among US states to explore cryptocurrency reserves. In North Carolina, the State Senate has passed SB327, a bill that authorizes the State Treasurer to allocate up to 10% of its public funds into Bitcoin.
Meanwhile, in Minnesota, state Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, which is designed to allow the Minnesota State Board of Investment to include Bitcoin and other cryptocurrencies in its portfolio alongside traditional assets. Additionally, the bill would enable Minnesota state employees to add Bitcoin to their retirement accounts and provide them with more investment options.
Well, around 23 states are now proposing or having already passed Bitcoin reserve legislation, and this comes on the heels of federal proposals such as Senator Cynthia Lummis’ Strategic BTC Reserve Act, which aims to establish a federal reserve of 1 million Bitcoin.
Elon Musk’s AI Start-Up and Nvidia Join Microsoft, BlackRock, MGX AI Fund
Elon Musk’s xAI and Nvidia have joined with BlackRock, Microsoft, and MGX to expand AI infrastructure in the U.S.
The AI Infrastructure Partnership plans to invest over $30 billion in data centers and energy projects to support AI models.
The first data center, expected to be completed in 2026, will house 400,000 Nvidia AI chips in Abilene, Texas.
Russia Leveraging Crypto for Oil Trade to Bypass Sanctions
Russia has reportedly turned to cryptocurrencies to facilitate its oil trade with India and China, using digital assets to circumvent Western sanctions. While fiat currencies like the UAE dirham still dominate the majority of transactions, digital assets are becoming a small but growing component of the country’s energy trade.
According to a report by Reuters, a Chinese buyer can pay for Russian oil in yuan to an offshore trading company. An intermediary then converts the funds into crypto before transferring them through multiple accounts. Finally, the digital assets are exchanged for rubles in Russia, allowing transactions to bypass traditional banking networks.
Lazarus Group Becomes $1bn Bitcoin Whale After Converting: Arkham
The Lazarus Group, which was responsible for the recent $1.5 billion Bybit hack, now holds 13,518 BTC worth $1.13 billion, according to Arkham Intelligence.
This could make North Korea the fifth-largest nation-state to hold the asset behind the United States, China, the United Kingdom, and Ukraine, according to BitBO.
It would also make the cybercrime group’s holdings larger than those of Bhutan and El Salvador, which hold 13,029 BTC and 6,089 BTC, respectively. Lazarus recently converted some of its stolen ETH into BTC, according to Arkham.
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