Trump Media and Strategy adds billions to Bitcoin holdings, CoinDCX launches bounty, and India intensifies crypto tax enforcement this week.
Summary
- Trump Media bought $2b in Bitcoin, now holds most of its $3 liquid assets in BTC
- Strategy added 6,220 BTC worth $739.8M, pushing its total to 607,770 Bitcoin
- CoinDCX offers $11m bounty to recover $44m stolen in cyberattack.
Strategy extends Bitcoin purchasing spree
- The company purchased 6,220 Bitcoin (BTC) for $739.8 million between July 14-20 for an average price of $118,940 per coin.
- This transaction elevates Strategy’s total cryptocurrency reserves to 607,770 BTC.
- Separately, the Bitcoin treasury company expanded its STRC preferred stock issuance from the original $500 million plan to $2 billion, according to Bloomberg. The adjustment represents a fourfold increase from the initial proposal of 5 million shares at $100 each announced earlier this week.
CoinDCX launches $11 million recovery bounty
- India’s prominent cryptocurrency exchange CoinDCX will provide up to 25% of recovered assets, capped at $11 million, for assistance tracing stolen funds from Friday’s cyberattack.
- The breach resulted in a $44 million loss from operational accounts, prompting the exchange to implement an incentivized recovery mechanism.
Trump Media allocates $2 billion to Bitcoin treasury
- Trump Media purchased $2 billion worth of Bitcoin and related securities for corporate treasury purposes.
- Bitcoin holdings now comprise the majority portion of Trump Media’s $3 billion liquid asset portfolio.
Ark Invest divests significant Coinbase stake
- Cathie Wood’s investment firm sold 218,986 Coinbase shares worth approximately $90.58 million across three exchange-traded funds on Monday.
- The divestiture occurred through ARKK (174,746 shares), ARKW (27,663 shares), and ARKF (16,577 shares) within the same trading session.
Telegram introduces US crypto wallet through MoonPay
- The messaging platform launched noncustodial cryptocurrency wallet functionality for American users via collaboration with payment processor MoonPay.
- This integration allows the platform users to transmit and manage digital assets directly within the messaging application interface.
FTX schedules creditor distribution
- The bankrupt exchange announced that the next creditor claim batch will commence distribution on September 30, with August 15 established as the record date.
- Bankruptcy court approval reduced the claims reserve from $6.5 billion to $4.3 billion, releasing an additional $1.9 billion for upcoming disbursement.
India intensifies cryptocurrency tax enforcement
- Tax authorities are implementing artificial intelligence systems and international data-sharing agreements to combat digital asset tax evasion efforts.
- Central Board of Direct Taxes Chairman Ravi Agrawal indicated improved data analytics and cross-border information exchange will target crypto tax avoidance.
- Officials warned that cryptocurrency transactions can no longer evade detection through traditional financial privacy methods.
JPMorgan halts Gemini onboarding
- Tyler Winklevoss claimed the banking giant suspended Gemini’s account opening process after he criticized new fintech fee structures publicly.
- The dispute arose following Winklevoss’s criticism of CEO Jamie Dimon regarding Bloomberg-reported charges for fintech platforms accessing customer banking data.
Prosecutors consider Dragonfly Capital charges
- Assistant U.S. Attorney Thane Rehn revealed Friday that authorities are evaluating potential charges against Dragonfly Capital’s Tom Schmidt and associates.
- The investigation focuses on their investment activities related to Tornado Cash developer funding during Roman Storm’s ongoing criminal trial.
