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In this week’s edition of the weekly recap, GameStop transferred its entire 4,710 Bitcoin holdings worth $420 million to Coinbase Prime.
Summary
- GameStop transferred 4,710 BTC worth $420M to Coinbase Prime, raising treasury questions.
- Senate Democrats filed amendments to reshape Republican-led crypto legislation.
- UK FCA entered final consultation stages for nationwide crypto firm regulation.
Additionally, Senate Democrats filed amendments to Republican-led cryptocurrency legislation seeking policy concessions, and the UK Financial Conduct Authority reached final consultation stages on comprehensive crypto firm regulation.
GameStop Bitcoin transfer raises treasury concerns
- Blockchain analytics firm CryptoQuant identified Friday that a wallet labeled GameStop transferred its complete holdings of 4,710 BTC valued at approximately $420 million to Coinbase Prime.
- Arkham Intelligence blockchain data confirms the transfers and prompted observers to speculate the video game retailer may abandon its Bitcoin treasury strategy.
Senate Democrats propose cryptocurrency bill modifications
- Several U.S. Senate Democrats involved in crypto market structure legislation negotiations filed requested amendments Friday seeking inclusion of their top policy priorities.
- The proposed modifications target the draft legislation advanced by Republicans in the Senate Agriculture Committee.
UK regulator advances crypto firm consultation
- The Financial Conduct Authority reached the final consultation phase Friday on cryptocurrency firm regulation, publishing guidance on consumer duty application within the sector.
- The FCA requested feedback by March 12 on additional rules and consumer duty implementation for cryptoasset companies operating in the United Kingdom.
- The regulator aims to open the crypto asset permissions application gateway in September 2026.
Zhao predicts Bitcoin cycle disruption
- Binance co-founder Changpeng Zhao stated Friday he believes Bitcoin will break its traditional four-year cycle this year due to increasing crypto-friendly policies from the U.S. and other nations.
- While acknowledging inability to predict daily price movements, Zhao told CNBC’s Squawk Box that “if you look at the five, ten year horizon, it’s very easy to predict. We’re going to go up.”
UBS opens crypto investing to private clients
- Swiss banking giant UBS Group will enable cryptocurrency investing for select private banking customers according to sources familiar with the initiative.
- The world’s largest wealth manager overseeing approximately $4.7 trillion in assets as of September will extend crypto access to high net-worth and ultra-high net-worth clients.
Revolut pursues de novo U.S. banking charter
- London-based fintech Revolut is preparing to apply for a de novo national banking charter in the United States, abandoning previous acquisition strategies according to Financial Times reporting.
- The company reversed course after determining that acquiring an existing lender posed major hurdles including potential obligations to maintain physical branches.
Binance seeks Greek MiCA license
- The cryptocurrency exchange applied for Markets in Crypto-Assets Regulation licensing in Greece ahead of the July 1 deadline requiring EU-operating crypto-asset service providers to secure authorization.
- Binance is collaborating with Greece’s Hellenic Capital Market Commission on the application after establishing a holding company in the EU member state in December.
Ledger targets NYSE listing
- The French hardware crypto wallet manufacturer plans an initial public offering on the New York Stock Exchange this year targeting a valuation exceeding $4 billion according to Financial Times reporting.
- Sources indicate Ledger is working with Goldman Sachs, Jefferies, and Barclays to facilitate the IPO as soon as this year.
BitGo completes NYSE debut
- Digital asset infrastructure company executives rang the New York Stock Exchange opening bell Thursday morning.
- Class A common stock priced at $18 per share, surpassing the expected $15-17 range, with BitGo offering 111,821,595 shares raising potential $213 million at nearly $2 billion valuation.
Hong Kong announces stablecoin licensing timeline
- Financial Secretary Paul Chan informed World Economic Forum attendees in Davos Tuesday that Hong Kong will issue stablecoin provider licenses in the first quarter.
- These will be the first licenses granted since Hong Kong’s new stablecoin licensing regime took effect August 1 last year.
Solana Mobile launches SKR token airdrop
- The company initiated Tuesday a native token distribution allowing Seeker phone users and active dApp participants to claim SKR assets.
- The announcement stated “Seeker and SKR are a bet that there’s another way for mobile: that the people who use the network should own the network.”
- Over 100,000 eligible users can claim stakes in the mobile-focused blockchain ecosystem through this distribution.
Pump.fun establishes investment division
- The meme coin launchpad launched Pump Fund, a new investment arm dedicated to supporting startup projects within its ecosystem.
- The initiative aims to “advance the startup ecosystem on pump fun by aligning itself with projects long-term” according to X announcements.
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