USDCrypto and TradFi Merge: $710M Bitcoin Treasury, IPOs, and Tokenization Boom
KindlyMD Merges with Nakamoto Holdings, Secures $710M
KindlyMD is merging with Nakamoto Holdings to create a publicly traded bitcoin treasury vehicle, securing $710 million in financing. The capital raise includes $510 million via PIPE at $1.12 per share and $200 million in convertible notes, marking the largest raise for a bitcoin treasury to date. KDLY shares skyrocketed 650% in premarket trading, reaching $29 from $3.90. The merger will maintain KindlyMD's healthcare operations under CEO Tim Pickett, while Nakamoto's David Bailey will lead the bitcoin treasury functions. The deal awaits shareholder approval and regulatory clearance, with a new name and ticker to be announced.
Gryphon Digital and American Bitcoin Announce Merger to Form Major Mining Entity
Gryphon Digital Mining and American Bitcoin, a subsidiary of Hut 8 Corp, have agreed to a stock-for-stock merger, with the new entity set to operate under the American Bitcoin brand and trade on Nasdaq as “ABTC.” The merger aims to create the largest and most efficient Bitcoin mining operation, focusing on cost-effective mining and a robust Bitcoin reserve. The transaction is expected to close in Q3 2025, with Gryphon shareholders holding 2% and American Bitcoin shareholders 98% post-merger. As of March 31, 2025, Gryphon reported $735k in cash and equivalents.
Robinhood Expands to Canada with WonderFi Buy as Crypto.com Secures Regulatory Nod
Robinhood announced its acquisition of Canada’s WonderFi for $179 million, marking its entry into the Canadian market and integrating platforms Bitbuy and Coinsquare, with projected annual revenue up to $250 million; WonderFi shares rose 34% while Robinhood’s jumped 6.4%. Crypto.com Canada secured restricted dealer registration, enabling it to offer crypto asset products under Canadian securities law, reinforcing its position amid increased regulatory scrutiny.
JPMorgan's Kinexys Executes First Tokenized Treasury Transaction on Ondo Chain Testnet
JPMorgan’s Kinexys Digital Payments has made its debut on a public blockchain by settling a tokenized U.S. Treasury transaction on Ondo Chain’s testnet. This pilot marks the first Delivery versus Payment (DvP) transaction on the new layer-1 blockchain, designed for institutional-grade assets. Kinexys, processing over $2 billion in daily transactions, handled the payment leg, while Ondo Finance’s tokenized fund (OUSG) represented the asset leg. Chainlink's infrastructure enabled cross-chain settlement. This move indicates JPMorgan's shift toward real-world asset tokenization, aiming to enhance institutional payments and address the $900 billion cost of payment failures in traditional finance.
Standard Chartered Partners with FalconX to Enhance Cross-Border Crypto Settlements
Standard Chartered is now offering banking services to institutional prime broker FalconX, enhancing its cross-border settlement capabilities with access to various currency pairs. This partnership aims to bridge traditional finance and cryptocurrency, elevating FalconX's services to match those of traditional financial institutions. FalconX plans to leverage Standard Chartered's support to attract institutional clients, including asset managers and hedge funds. Additionally, Standard Chartered has a strong presence in the crypto sector as the majority shareholder of Zodia Custody and Zodia Markets, reinforcing its commitment to digital asset services.
Meta Explores Integrating USDC and USDT for Payments on Facebook, Instagram, and WhatsApp
Meta Platforms Inc., under Mark Zuckerberg, is exploring the integration of stablecoins like USDC and USDT into Facebook, Instagram, and WhatsApp to enhance payment functionality for its 3.5 billion users. Appointing Ginger Baker as Vice President of Product, Meta aims to address the challenges faced by its former cryptocurrency project, Libra. The initiative focuses on leveraging stablecoins for efficient cross-border payments, particularly benefiting content creators. This integration is planned on the Ethereum network, tapping into the growing stablecoin market, where USDT's supply exceeds $150 billion, with TRON dominating its issuance. Pilot programs are also under consideration.
BitGo Partners with Upexi to Manage $100 Million Solana Treasury and Staking Strategy
BitGo has partnered with Upexi, an e-commerce startup, to manage its growing Solana treasury, which recently reached over 595,000 SOL tokens valued at approximately $100 million. Upexi plans to utilize BitGo's custodial and over-the-counter trading services while also staking its SOL holdings to generate revenue. The partnership indicates a trend among firms investing in Solana similar to Michael Saylor’s Bitcoin strategy. Upexi secured a $100 million investment commitment from GSR, purchasing 326,347 SOL at an average price of $135.22 per token. BitGo emphasizes the importance of providing a secure environment for corporate treasuries in digital assets.
eToro Debuts on Nasdaq at $52, Raising $312 Million and Valuing Company at $4.2 Billion
eToro debuted on the Nasdaq at $52 per share, raising approximately $312 million and valuing the company at $4.2 billion. This initial public offering (IPO) significantly exceeded the expected price range due to high investor demand. eToro is the first U.S. crypto company to go public following a challenging period in the markets, influenced by tariff discussions led by President Donald Trump. The company had previously delayed its IPO but resumed plans in early May. eToro will trade under the ticker symbol “ETOR,” marking a notable milestone in the cryptocurrency industry.
GFO-X Launches Regulated Crypto Derivatives Platform in the UK
GFO-X, a regulated crypto derivatives platform, has launched in the UK, authorized by the Financial Conduct Authority. It targets institutional investors, particularly the 90% currently unable to participate due to regulatory issues. CEO Arnab Sen noted ongoing onboarding discussions with "dozens" of Tier 1 institutions, including Nomura, and highlighted GFO-X's first institutional trade between Virtu Financial and IMC. The platform offers 24/7 trading and options on the Bitcoin index, aiming for significant volume growth in late 2025. GFO-X differentiates itself from U.S. competitors with enhanced regulatory oversight and transparency in pricing.
Sygnum Bank Now Accepts Staked Solana as Loan Collateral
Sygnum Bank has expanded its lending services by allowing staked Solana (SOL) to be used as collateral for Lombard loans, enabling clients to access fiat liquidity while earning staking rewards. This initiative caters to rising institutional interest in SOL, the second-largest staking token by market capitalization. Clients benefit from reduced borrowing costs as staking yields can offset loan interest. Sygnum emphasizes strict on-chain asset segregation for transparency. The bank's crypto-backed lending has doubled in volume over the last year, and its collateral portfolio now includes over 20 assets, including Bitcoin, Ethereum, and Polygon, reflecting its continued growth and innovation.
Guotai Junan International Launches Tokenized Securities Business in Hong Kong Market
Guotai Junan International (GTJAI), the Hong Kong arm of China's largest securities broker, has launched a tokenized securities business, marking its entry into the real-world asset (RWA) market. Approved by Hong Kong's Securities and Futures Commission, GTJAI will provide tokenized securities distribution and digital bond issuance services using distributed ledger technology. This initiative comes as global financial institutions, like Standard Chartered, forecast the tokenization sector to reach $30 trillion by 2034. Recently, Ant Digital, part of Alibaba, also joined the RWA market by launching an Ethereum layer-2 network, underscoring the growing interest in tokenized assets.
Nexon Launches NXPC and MapleStoryN, Entering Web3 Gaming Market on Avalanche
Nexon, a South Korean gaming giant, has entered the Web3 gaming market with NXPC (Nexpace Coin) and MapleStoryN, a new version of its classic RPG. The MapleStory franchise, popular in South Korea and Southeast Asia, is reminiscent of a proto-metaverse for millennials. NXPC, issued by Nexon’s blockchain unit, debuted on local exchanges Bithumb and Upbit, achieving over $300 million in global trading volume within its first six hours, ranking among the top 30 traded cryptocurrencies. The currency operates on Avalanche and powers the MapleStory Universe, signaling Nexon’s commitment to blockchain gaming.
BlackRock's sBUIDL Launches First Direct DeFi Integration with Euler on Avalanche
BlackRock's sBUIDL has launched its first direct DeFi protocol integration with Euler on Avalanche, as announced on May 15, 2025. This integration facilitates the use of sBUIDL, a composable ERC-20 token that represents nearly $3 billion in tokenized Treasuries, as collateral on Euler, a decentralized lending protocol. Users can earn AVAX rewards when borrowing USDC or AUSD against sBUIDL, alongside yield from the BUIDL fund. The integration was developed by Re7 Labs and leverages the sToken framework from Securitize, enhancing on-chain utility without affecting redeemability. Euler has recovered from a 2023 flash loan attack, attracting over $387 million in deposits.
Galaxy Digital Debuts on Nasdaq Amid $295M Q1 Loss, Plans Share Tokenization
Galaxy Digital began trading on the Nasdaq on May 16, 2025, opening at $23.50 despite a reported Q1 2025 net loss of $295 million. The company is collaborating with the SEC to tokenize its shares for use in decentralized finance applications. With $7 billion in assets, Galaxy Digital joins other crypto firms exploring US market listings, including Metaplanet, Circle, and Kraken. The real-world asset (RWA) tokenization sector is rapidly growing, currently valued at $22.5 billion, marking a 111.8% increase over the past year, as companies move towards integrating crypto with traditional financial markets.
This article has been refined and enhanced by ChatGPT.
