Circle Delays IPO, MicroStrategy Eyes 3% of Bitcoin Supply, and Bakkt Faces Legal Troubles

Circle's IPO Plans on Hold

Sources indicate that Circle, the issuer of USDC, may delay its IPO plans, which were just announced earlier this week. The company has been a significant revenue source for Coinbase, which receives 50% of Circle’s residual revenue from the reserves backing its stablecoin. Analysts suggest this might make Circle less attractive to investors. Despite this, it seems Circle is negotiating to improve its offering for potential investors.

MicroStrategy's Bitcoin Accumulation

MicroStrategy is nearing a milestone of holding 3% of the total Bitcoin supply. After acquiring $1.92 billion worth of Bitcoin recently, the company now holds 528,185 BTC, valued at approximately $35.6 billion. This aggressive accumulation strategy places them on track to reach their next target, requiring an additional 101,815 BTC.

Bakkt's Struggles and Legal Issues

Bakkt Holdings is facing significant challenges, having lost major clients like Webull and Bank of America. A recent class-action lawsuit claims that Bakkt misrepresented its revenue stability, leading to investor losses. The company's stock price has significantly dropped, reflecting ongoing market volatility.

Midsize Bitcoin Miners Under Pressure

The recent sell-off in U.S. equities has also impacted Bitcoin miners, with major companies like MARA and Riot Platforms seeing their shares decline by 9-13%. Experts warn that midsize miners may struggle the most due to rising operational costs and low hash prices, indicating potential consolidation in the sector.

Other Notable Developments

• Trump's Sons Enter Bitcoin Mining: Eric and Donald Trump Jr. are launching a joint venture with Hut 8 to dive into Bitcoin mining.
• Tesla's Bitcoin Holdings: Although Tesla is not a crypto stock, its significant Bitcoin holdings continue to influence market movements.

Decrypt reporter Mat Di Salvo contributed to this report.