Spree – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Fri, 12 Sep 2025 00:59:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Spree – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Upbit Goes on Coin Listing Spree as Bithumb Claws Back Market Share https://earlybirdsinvest.com/upbit-goes-on-coin-listing-spree-as-bithumb-claws-back-market-share/ https://earlybirdsinvest.com/upbit-goes-on-coin-listing-spree-as-bithumb-claws-back-market-share/#respond Fri, 12 Sep 2025 00:59:26 +0000 https://earlybirdsinvest.com/upbit-goes-on-coin-listing-spree-as-bithumb-claws-back-market-share/

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

Last updated: 

Upbit Goes on Coin Listing Spree as Bithumb Claws Back Market Share

The crypto exchange Upbit has launched a coin listing spree as a response to its South Korean rival Bithumb’s trading volume growth.

The South Korean newspaper Seoul Kyungjae reported that Upbit has listed seven tokens in the past 10 days.

A table showing the top 12 most-traded coins on the Upbit crypto exchange on September 11, 2025.

Upbit Listing Spree: Will It Stop Bithumb’s Surge?

The outlet wrote that on September 9, Bithumb’s domestic market share climbed to 46%, with Upbit’s share standing at 50.6%.

Upbit has dominated the South Korean market since around 2022, enjoying market share dominance above the 80% mark in some months.

This has led some lawmakers to complain that its operator, Dunmau, has become the crypto exchange sector’s de facto monopoly.

But Bithumb has been chipping away at Upbit’s market share in recent months. It has struck a partnership deal with Kookmin Bank, South Korea’s biggest financial player.

And it has also launched a spinoff firm as it looks to become the first domestic exchange to debut on the NASDAQ stock exchange.

Upbit appears to have responded to Bithumb’s resurgence by launching new altcoin pairings and listing a wider range of coins.

An unnamed South Korean exchange official told the media outlet that Upbit is concerned that Bithumb has narrowed the market share gap to less than 5% without resorting to novel promotions. The official opined:

“Upbit cannot help but feel a sense of crisis.”

A graph showing trading volumes on the Upbit crypto exchange over the past seven days.

WLD Listing

The media outlet wrote that Upbit’s response to Worldcoin (WLD) trade volume growth in South Korea has been telling.

When WLD transaction volumes pushed Bithumb’s market share to 46% on September 9, Upbit responded rapidly.

Upbit announced it would be listing WLD at 7 pm KST the same day and completed its listing just two hours later, at 9 pm KST.

Upbit’s latest listing, at 1:30 am KST on September 11, was the Linea (LINEA). The exchange’s September listings tally has already surpassed its total number of listings for the whole of August.

A graph showing WLD prices over the past month.

Customers May Suffer, Experts Warn

The market leader has traditionally taken a much more conservative attitude to coin listing than Bithumb, which also continues to add coins to its platform.

Should the two firms become embroiled in a listings war, critics warn, customers could suffer in the long run.

Experts said they were “concerned” that the “fierce competition between exchanges” could lead platform managers to make “hasty decisions” that “compromise the review process.”

A graph showing trading volumes on the Bithumb crypto exchange over the past seven days.

The experts noted that while listing frenzies continue, South Korean delisting events are becoming more common.

A combined total of 25 altcoins have been delisted by Bithumb, Upbit, and their closest rivals, Korbit, Coinone, and GOPAX, since July this year.

Several of these coins had only recently been listed on the platforms. An unnamed crypto industry executive suggested that Seoul’s efforts to police the sector may be at fault.

The source said:

“Regulators only allow domestic exchanges to provide spot trading. That means that the only way they can compete with one another is by expanding their listings. It is ironic that regulators’ attempts to police the industry are actually spurring listing competition and weakening investor protection.”


]]> https://earlybirdsinvest.com/upbit-goes-on-coin-listing-spree-as-bithumb-claws-back-market-share/feed/ 0 57980 Japanese Corporate Altcoin Buying Spree Continues With Gumi to Spend $17M on XRP https://earlybirdsinvest.com/japanese-corporate-altcoin-buying-spree-continues-with-gumi-to-spend-17m-on-xrp/ https://earlybirdsinvest.com/japanese-corporate-altcoin-buying-spree-continues-with-gumi-to-spend-17m-on-xrp/#respond Mon, 01 Sep 2025 03:21:33 +0000 https://earlybirdsinvest.com/japanese-corporate-altcoin-buying-spree-continues-with-gumi-to-spend-17m-on-xrp/

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

Last updated: 

Japanese Corporate Altcoin Buying Spree Continues With Gumi to Spend $17M on XRP

Major Japanese companies are continuing to buy Bitcoin (BTC) and altcoins with their balance sheets, with the mobile gaming firm Gumi poised to spend 2.5 billion yen ($17 million) on XRP purchases.

Per an official Gumi release and a report from the Japanese media outlet CoinPost, the Tokyo Stock Exchange-listed firm’s board of directors has signed off on the move.

The firm said it aims to complete the purchase before the end of February next year. Gumi’s largest shareholder is SBI Holdings.

Gumi: XRP and BTC Are ‘Two Pillars’ of Our Financial Strategy

SBI is a long-term partner of the XRP issuer Ripple, and an ardent advocate of the altcoin. But Gumi has also proven to be extremely Bitcoin-keen.

Gumi (TYO: 3903) share prices on the Tokyo Stock Exchange over the past month.

The firm announced plans to buy over $6.5 million worth of Bitcoin back in February. And in March this year, Gumi held a $106,000 BTC lottery event for its newest shareholders.

Gumi officials said that the future XRP buy is not purely speculative. Instead, it called the move a “strategic initiative” that would allow it to move into the financial sector.

The company claimed its move would help it participate in the XRP ecosystem. This ecosystem, officials aid, is now playing a central role in international remittances and liquidity networks.

Developing cross-border remittances and liquidity are values “at the core of” SBI’s operations, Gumi noted.

XRP will thus take on “great significance” as a medium- to long-term growth asset, Gumi believes.

Gumi has also unveiled plans to launch a multi-billion yen crypto management fund in conjunction with SBI.

SBI: Aiming for Crypto ETF

SBI wants to launch an exchange-traded fund (ETF) that incorporates BTC, XRP, and other tokens. The firm is currently waiting on approval from Tokyo, which continues to deliberate on crypto ETF appoval.

Gumi has also said that it will look to manage its Bitcoin holdings by using staking protocols.

The company has also explained that it sees BTC and XRP as two separate pillars of its growth strategy.

XRP, it said, is a “network asset that is rooted in real financial demand.” Bitcoin, meanwhile, is a “globally universal asset,” Gumi believes.


]]> https://earlybirdsinvest.com/japanese-corporate-altcoin-buying-spree-continues-with-gumi-to-spend-17m-on-xrp/feed/ 0 56147 Japan-based Metaplanet aims to raise $880M from overseas investors for Bitcoin buying spree https://earlybirdsinvest.com/japan-based-metaplanet-aims-to-raise-880m-from-overseas-investors-for-bitcoin-buying-spree/ https://earlybirdsinvest.com/japan-based-metaplanet-aims-to-raise-880m-from-overseas-investors-for-bitcoin-buying-spree/#respond Wed, 27 Aug 2025 13:23:00 +0000 https://earlybirdsinvest.com/japan-based-metaplanet-aims-to-raise-880m-from-overseas-investors-for-bitcoin-buying-spree/

Japanese Bitcoin treasury company Metaplanet has unveiled plans to raise over JPY 130 billion (equivalent to around $880 million) through an international share sale, with most of the proceeds earmarked for new Bitcoin purchases.

The firm disclosed on Aug. 27 that its board approved the issuance of up to 555 million new shares. If shareholders endorse the proposal at the Sept. 1 meeting, Metaplanet’s outstanding stock would rise from 722 million to about 1.27 billion shares.

The offering will be conducted exclusively in overseas markets, with US sales limited to Qualified Institutional Buyers under Rule 144A of the Securities Act of 1933.

The Japan-based firm said the move is designed to broaden the investor base beyond the Asian country by attracting long-term institutional capital and improving liquidity in global markets.

Bitcoin purchases

Metaplanet plans to use roughly JPY 123.8 billion (approximately $835 million) raised from the upcoming funds to acquire Bitcoin between September and October 2025.

The firm executives said the goal is to expand the company’s Bitcoin net asset value (BTC NAV), which serves as the foundation for its preferred shares, while maximizing BTC per share and overall yield.

The Tokyo-listed firm already ranks as the seventh-largest corporate Bitcoin holder, with 18,991 BTC valued at about $2.1 billion, according to Bitcoin Treasuries data.

Its accumulation strategy, first adopted in April 2024, has steadily transformed the company into a regional counterpart to US-based Strategy (formerly MicroStrategy).

Beyond direct purchases, Metaplanet will direct JPY 6.5 billion (equivalent to $44 million) into its “Bitcoin Income Business,” which generates returns by selling covered call options and expanding put option activity on its holdings.

The program is already profitable, and the company expects the infusion to scale operations through December 2025.

By combining aggressive accumulation with income-generating strategies, Metaplanet is betting on Bitcoin not only as a reserve asset but also as a source of ongoing cash flow.

This approach underlines the firm’s ambition to cement a treasury-first model, deepen ties with global institutional investors, and build a more resilient financial base for long-term growth.

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]]> https://earlybirdsinvest.com/japan-based-metaplanet-aims-to-raise-880m-from-overseas-investors-for-bitcoin-buying-spree/feed/ 0 55373 BlackRock’s Ethereum ETF leads $640 million inflow spree, hits record trading volumes https://earlybirdsinvest.com/blackrocks-ethereum-etf-leads-640-million-inflow-spree-hits-record-trading-volumes/ https://earlybirdsinvest.com/blackrocks-ethereum-etf-leads-640-million-inflow-spree-hits-record-trading-volumes/#respond Fri, 15 Aug 2025 09:05:00 +0000 https://earlybirdsinvest.com/blackrocks-ethereum-etf-leads-640-million-inflow-spree-hits-record-trading-volumes/

US spot Ethereum exchange-traded funds (ETFs) extended their winning streak on Aug. 14, recording $639.6 million in net inflows.

Data from SoSo Value shows that BlackRock’s ETHA led the surge with $519.7 million in inflows.

It was followed by Grayscale Ethereum Mini Trust, which saw $60.7 million in inflows, Fidelity’s FETH attracted $56.9 million, and Invesco’s product added $2.2 million. Other issuers reported no inflow activity for the day.

Nate Geraci, president of NovaDius Wealth, highlighted the scale of the inflows. He pointed out that the Aug. 14 inflow ranked as the fourth-highest day for spot ETH ETFs since launch, with three of the top four days occurring this week.

He also noted that nearly $3 billion has entered these products over the past four trading sessions.

Considering this, Geraci said the Ethereum-focused funds are “quickly becoming a vacuum” for fresh investor capital.

Record trading volumes

Meanwhile, the inflows coincide with record trading activity, signaling increased institutional participation.

Ethereum ETFs
Ethereum ETFs Trading Volume (Source: Geraci/X)

Bloomberg ETF analyst Eric Balchunas highlighted that BlackRock’s ETF traded $3 billion on Aug. 13, marking the ETF’s largest single-day volume to date and ranking seventh overall in trading volume across all ETFs and stocks.

This activity level places ETHA in the top 0.1% of all ETFs and stocks, surpassing trading volumes in major institutions like JPMorgan and Berkshire Hathaway.

BlackRock ETHA
BlackRock’s ETHA Trading Volume (Source: X/Balchunas)

Geraci added that these figures point to a broader trend that institutional investors are not only increasing exposure to Ethereum but are also relying on regulated ETFs as a primary avenue for participation.

]]> https://earlybirdsinvest.com/blackrocks-ethereum-etf-leads-640-million-inflow-spree-hits-record-trading-volumes/feed/ 0 53294 Major Ethereum ICO Whale Goes on Selling Spree Amid $18,970,000 Profit https://earlybirdsinvest.com/major-ethereum-ico-whale-goes-on-selling-spree-amid-18970000-profit/ https://earlybirdsinvest.com/major-ethereum-ico-whale-goes-on-selling-spree-amid-18970000-profit/#respond Wed, 13 Aug 2025 18:31:04 +0000 https://earlybirdsinvest.com/major-ethereum-ico-whale-goes-on-selling-spree-amid-18970000-profit/

An early Ethereum ICO investor has moved to sell a fresh batch of his stash as prices trade near multiyear highs. Blockchain records show the wallet, which bought 100,000 ETH during the 2014 ICO for about $31,000, sold 4,283 ETH. This recent transaction, according to Lookonchain data, is worth roughly $18.97 million.

Ethereum whale’s sales since 2021

It is worth noting that the same address has been selling consistently since 2021. In total, it has offloaded 44,284 ETH over the last few years at an average price of $2,378.

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Title news

These sales have brought in around $105 million in profit. Despite large disposals, the investor still HODLs 55,716 ETH, which is valued at about $261.6 million at current prices.

Ethereum’s price has risen dramatically in recent weeks, trading around $4,670.70 as of press time. This marks a gain of more than 6.05% in the last 24 hours. Notably, the rally has lifted Ethereum’s market value to about $563.87 billion, putting it ahead of major companies like Netflix and Mastercard. 

More importantly, both retail traders and large institutions have been adding to positions, with corporate reserve plans now a growing factor on the market.

Ethereum price targets and institutional demand

Standard Chartered has raised its forecast for Ethereum, now expecting it to reach $7,500 by the end of 2025. The bank’s previous target was $4,000, and it has revised its 2028 projection from $7,500 to $25,000.

This view is linked to announced corporate reserve plans that could bring total institutional holdings to $30.4 billion. 

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Current holdings are estimated at $7.59 billion. Mining company BitMine has outlined the largest allocation, with plans to acquire $22 billion worth of ETH, or roughly 5% of the total supply.

Meanwhile, Cathie Wood, the CEO of ARK Invest, is still positive about Ethereum. Some analysts think ETH could one day reach $22,000 if demand keeps growing. With long-term holders selling for profits and big investors planning large buys, Ethereum’s market is staying active and getting a lot of attention.

]]> https://earlybirdsinvest.com/major-ethereum-ico-whale-goes-on-selling-spree-amid-18970000-profit/feed/ 0 53032 SharpLink Gaming Ups Stock Sale to $6 Billion to Fuel ETH Buying Spree https://earlybirdsinvest.com/sharplink-gaming-ups-stock-sale-to-6-billion-to-fuel-eth-buying-spree/ https://earlybirdsinvest.com/sharplink-gaming-ups-stock-sale-to-6-billion-to-fuel-eth-buying-spree/#respond Sat, 19 Jul 2025 08:14:06 +0000 https://earlybirdsinvest.com/sharplink-gaming-ups-stock-sale-to-6-billion-to-fuel-eth-buying-spree/

SharpLink Gaming, a company supported by Ethereum co-founder Joseph Lubin, has taken a step toward building one of the largest Ethereum
ETH


$3,568.80

treasuries.

The company filed an update with US regulators that increases the amount of company stock it can sell from $1 billion to $6 billion.

According to the updated filing, the majority of the funds raised will be used to purchase ETH. The rest will help cover business expenses, such as operations, working capital, and affiliate marketing.

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The company repeated in the filing that buying ETH is its main goal for this offering.

SharpLink Gaming has bought $515 million worth of ETH. A single purchase on July 17 totaled 32,892 ETH, valued at around $115 million. Data from Lookonchain shows these recent buys have pushed SharpLink’s total holdings to more than 280,000 ETH.

Almost all of that ETH, around 99.7%, is staked, which means the company is locking up its holdings to help secure the Ethereum network in exchange for rewards.

At the time of writing, SharpLink Gaming holds more ETH than the Ethereum Foundation. Galaxy Research called it a positive sign for Ethereum, especially with such a large player publicly committed to the asset.

Recently, BTC Digital, a blockchain and mining company traded on Nasdaq as BTCT, decided to shift its focus entirely to Ethereum. What led to the decision? Read the full story.

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]]> https://earlybirdsinvest.com/sharplink-gaming-ups-stock-sale-to-6-billion-to-fuel-eth-buying-spree/feed/ 0 48484 Strategy acquires 4,225 BTC, pushes Bitcoin treasury toward $73B in recent buying spree https://earlybirdsinvest.com/strategy-acquires-4225-btc-pushes-bitcoin-treasury-toward-73b-in-recent-buying-spree/ https://earlybirdsinvest.com/strategy-acquires-4225-btc-pushes-bitcoin-treasury-toward-73b-in-recent-buying-spree/#respond Mon, 14 Jul 2025 18:52:36 +0000 https://earlybirdsinvest.com/strategy-acquires-4225-btc-pushes-bitcoin-treasury-toward-73b-in-recent-buying-spree/

Strategy (formerly MicroStrategy) said it purchased 4,225 Bitcoin for approximately $472.5 million between July 7 and 13, according to a July 14 statement with the US Securities and Exchange Commission (SEC).

The acquisition, made at an average price of $111,827 per Bitcoin, brings the company’s total holdings to 601,550 BTC. These assets were acquired for $42.87 billion, at an average cost of $71,268 per coin.

As of press time, Strategy’s Bitcoin treasury is worth $72.74 billion, representing a nearly 70% gain based on current market prices.

Strategy sold various classes of stock to fund the purchase, including 797,008 shares of its MSTR common stock for $330.9 million. The firm also raised $141.4 million from preferred stock sales: $71.1 million from STRK, $55.3 million from STRF, and $15 million from STRD.

Crypto analyst Ragnar noted:

“The market was open 32.5 hours last week. So MSTR raised $14.53 million per hour and $242,205 per minute while the market was open. Incredible performance if you compare it with other treasury companies.”

Startegy (formerly MicroStrategy) Stock Offerings
Strategy (formerly MicroStrategy) Stock Offerings (Source: Strategy)

As of July 13, the preferred stock instruments have an estimated $7.35 billion annual run rate and have helped the company achieve a Bitcoin Yield of 20.2% year-to-date. This yield reflects the ratio of BTC holdings to diluted shares and is used to measure value creation from BTC without liquidating assets.

Metaplanet acquires additional Bitcoin

On July 14, Tokyo-based Metaplanet announced the acquisition of 797 BTC for $93.6 million, paying an average of $117,451 per coin.

The firm now holds a total of 16,352 BTC, acquired at an average entry price of $100,191, with a cumulative cost basis of $1.64 billion.

Dubbed “Asia’s MicroStrategy” for its aggressive Bitcoin strategy, Metaplanet has seen outsized returns in 2025. The company reports a Bitcoin Yield of 435.9% year-to-date, a staggering gain that reflects its favorable BTC-to-share performance over the period.

Metaplanet now ranks as the fifth-largest corporate holder of Bitcoin, surpassing other notable firms such as Galaxy Digital, CleanSpark, and Tesla.

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]]> https://earlybirdsinvest.com/strategy-acquires-4225-btc-pushes-bitcoin-treasury-toward-73b-in-recent-buying-spree/feed/ 0 47626 Tron’s 374% Profit-Taking Spree Uncovered—Here’s Who Was Behind It https://earlybirdsinvest.com/trons-374-profit-taking-spree-uncovered-heres-who-was-behind-it/ https://earlybirdsinvest.com/trons-374-profit-taking-spree-uncovered-heres-who-was-behind-it/#respond Wed, 25 Jun 2025 05:10:39 +0000 https://earlybirdsinvest.com/trons-374-profit-taking-spree-uncovered-heres-who-was-behind-it/

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On-chain data shows Tron (TRX) observed a large profit-taking spike earlier in the month. Which type of holder was responsible for the move?

Tron SOPR Saw A Huge Spike Earlier In The Month

In a CryptoQuant Quicktake post, analyst Maartunn has talked about the recent trend in the Spent Output Profit Ratio (SOPR) of Tron. The SOPR refers to an on-chain indicator that tells us about whether the TRX investors are moving or selling their coins at a profit or loss.

The indicator works by going through the transfer history of each coin being moved to see what price it was last transacted at. Coins that have this cost basis above the current spot price are contributing to loss realization, while those with the opposite setup to profit realization.

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The SOPR takes the ratio between the spent value and cost basis, and sums it up for all coins being sold on the blockchain to find a net situation for the market as a whole.

When the value of the indicator is greater than 1, it means the investors are, on average, realizing a profit through their transactions. On the other hand, the metric being under this threshold suggests the dominance of loss realization in the market.

Now, here is the chart shared by the quant that shows the trend in the Tron SOPR over the past year:

Bitcoin SOPR
The value of the metric appears to have registered a sharp spike earlier | Source: CryptoQuant

As displayed in the above graph, the Tron SOPR saw a huge spike above the 1 mark earlier in the month, implying investors took part in a significant amount of profit-taking.

From the chart, it’s also visible that there were other profit realization spikes during the past year, but the current one stands out for its scale. The latest peak in the metric saw its value go to 4.74, corresponding to a profit margin of 374%.

“With TRX priced at $0.268 at the time, the average acquisition price for those coins would have been around $0.0566,” explains Maartunn. Interestingly, Tron hasn’t seen extended periods around this price mark since late 2022, meaning that the tokens would have been held for a good while before being finally transacted this month.

Usually, when dormant hands break their silence, it’s likely to be for selling-related purposes. That said, it’s not the only reason they may do so. “The activity could be tied to early investors realizing gains, internal transfers, or reallocation decisions,” notes the analyst.

Related Reading

In some other news, the USDT supply on the Tron network has reached a new milestone, as institutional DeFi solutions provider Sentora (formerly IntoTheBlock) has pointed out in an X post.

Tron USDT Supply
The trend in the USDT supply circulating on the TRX network | Source: Sentora on X

There is now over $80 billion in USDT supply circulating on Tron, the second-most out of any cryptocurrency network.

TRX Price

At the time of writing, Tron is trading around $0.273, up 0.5% over the last 24 hours.

Tron Price Chart
Looks like TRX has made recovery from its plunge | Source: TRXUSDT on TradingView

Featured image from Dall-E, IntoTheBlock.com, CryptoQuant.com, chart from TradingView.com

]]> https://earlybirdsinvest.com/trons-374-profit-taking-spree-uncovered-heres-who-was-behind-it/feed/ 0 43979 US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree https://earlybirdsinvest.com/us-treasury-sanctions-philippines-tech-firm-over-aiding-200-million-pig-butchering-spree/ https://earlybirdsinvest.com/us-treasury-sanctions-philippines-tech-firm-over-aiding-200-million-pig-butchering-spree/#respond Sun, 01 Jun 2025 04:35:01 +0000 https://earlybirdsinvest.com/us-treasury-sanctions-philippines-tech-firm-over-aiding-200-million-pig-butchering-spree/

The US Treasury Department imposed sanctions on Funnull Technology Inc., a Philippines-based tech firm accused of facilitating hundreds of thousands of online crypto investment scams known as “pig butchering,” which defrauded American victims of over $200 million.

The Office of Foreign Assets Control (OFAC) also designated Liu Lizhi, a Chinese national and administrator of Funnull, for his role in overseeing operations that provided critical infrastructure for the scams, including IP address leasing, domain generation, and web hosting services used by cybercriminals.

Deputy Treasury Secretary Michael Faulkender said:

“Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings.”

Funnull is linked to the majority of virtual currency scam websites reported to the FBI, with US victims averaging losses of more than $150,000 each. Officials say many of these crimes go unreported, suggesting the true toll is likely far greater.

Sophisticated scams

According to the May 29 release, the firm operated by bulk-purchasing IP addresses from global cloud providers and leasing them to scammers, who used them to host investment scam websites that mimic legitimate trading platforms.

Funnull also offered tools like domain generation algorithms (DGAs) and pre-built website templates to make these operations appear more credible and evade takedowns.

According to Treasury officials, Funnull even embedded malicious code into legitimate websites, rerouting users to fraudulent investment pages and online gambling sites. Some of these redirection schemes have been tied to Chinese money laundering operations.

Liu Lizhi allegedly maintained detailed documentation of Funnull’s personnel, tracking their performance and task assignments, which included allocating domains to support phishing, gambling, and crypto fraud platforms.

Pig butchering scams, first spotlighted by the Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2023, are largely operated by Southeast Asian crime syndicates using trafficked labor.

Scammers use fake identities and emotionally manipulative storylines to build trust with victims, eventually persuading them to invest through fraudulent crypto platforms. Once the victim refuses to contribute more, the scammers cut off contact and disappear with the funds.

These schemes have evolved in sophistication, now often involving custom-built websites that appear legitimate and display fake investment returns. Funnull’s technology, including domain-spamming software and rapid infrastructure switching, enabled scammers to scale and persist across jurisdictions despite enforcement efforts.

Dismantling infrastructure behind crypto fraud

The May 29 designation was issued under Executive Order 13694, as amended by E.O. 14144, which targets foreign cyber-enabled activities that threaten US national security and economic stability.

All of the firm’s property and interests in property within US jurisdiction are now blocked, and Americans are barred from engaging in transactions with them.

The move was coordinated with the FBI, which also issued a cybersecurity advisory outlining Funnull’s technical infrastructure and urging the public to report suspected scam activity via its Internet Crime Complaint Center (IC3).

Treasury officials emphasized that these sanctions aim to penalize offenders and signal the US commitment to maintaining a secure and legitimate digital asset ecosystem.

Entities violating these sanctions face potential civil or criminal penalties. OFAC reminded financial institutions and others that transactions with designated individuals or entities may expose them to enforcement actions under strict liability standards.

While the sanctions are a significant step, OFAC noted that the goal is not merely punishment but to incentivize behavioral change and offer a pathway for removal from the Specially Designated Nationals (SDN) list if compliance is demonstrated.

The action marks a continued escalation in the US government’s crackdown on cyber-enabled financial fraud and underscores its intent to hold digital crime enablers accountable.

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]]> https://earlybirdsinvest.com/us-treasury-sanctions-philippines-tech-firm-over-aiding-200-million-pig-butchering-spree/feed/ 0 39447 Strategic Bitcoin Purchase Spree has a minimal impact on prices, says TD Cowen. https://earlybirdsinvest.com/strategic-bitcoin-purchase-spree-has-a-minimal-impact-on-prices-says-td-cowen/ https://earlybirdsinvest.com/strategic-bitcoin-purchase-spree-has-a-minimal-impact-on-prices-says-td-cowen/#respond Mon, 21 Apr 2025 16:17:27 +0000 https://earlybirdsinvest.com/strategic-bitcoin-purchase-spree-has-a-minimal-impact-on-prices-says-td-cowen/

According to a research paper by TD Cowen, despite his footprint as a major corporate holder for Bitcoin (BTC) (BTC), large-scale purchases of cryptocurrency strategies seem to have little effect if they influence its price.

The findings released Monday challenge the theory that is popular among skeptics. A proactive purchase of a strategy will help support the value of Bitcoin, meaning that prices will fall if there is no ongoing demand. But based on the data, the argument holds less weight, analysts said.

Big buyer, but small slices in the market

The strategy recently issued an additional 1.8 million shares based on its Market Offer (ATM) offering, raising an additional $842 million in net revenue. The funds were used to buy 6,556 Bitcoin, increasing Bitcoin yields this quarter by 1% to 12.1%. However, when measured against the broader Bitcoin market, these purchases are merely a bucket reduction.

Strategic Bitcoin purchases typically average just 3.3% of weekly trading volume, according to TD Cowen analysis. Over the past 27 weeks, the company’s total activity reached 8.4% of its volume, but this figure was skewed over a few weeks, with purchases surged by 20% in a short time. In these eight weeks, the strategy didn’t buy any Bitcoin at all.

“Our conclusion is not plausible that for most periods, strategy purchases could have had a lasting and significant impact on Bitcoin prices,” an analyst at TD Cowen wrote.

correlation? Not much.

The analysis further tested the relationship between strategy Bitcoin purchases and market price, finding it to be statistically weak. The correlation coefficient between the strategy’s weekly Bitcoin purchase volume and the end-of-week BTC price was only 25%. Comparing purchases with weekly price changes, the correlation rose slightly to 28%.

Given that correlation coefficients near zero suggest NO or weak correlation, these results indicate that there is little link between strategy behavior and short-term market movements.

How about passing a miner?

Another common criticism is that strategies often buy more bitcoin than they are mined in a given period, meaning that this creates upward price pressure. Technically true, this analysis shows that this argument misunderstands how the Bitcoin market works.

For the past six months, secondary Bitcoin transactions have surpassed mining volumes nearly 20 times. Even if we remove the strategy purchase from the equation, secondary market activity is still over 17 new supplies. In that environment, both the miners and buyers are priced people, not setters.

“As we’ve seen, the purchase represents a very small percentage of the total amount of Bitcoin trading volume. So the idea that it somehow has a profound or pronounced impact on Bitcoin’s price action seems like a disharmony to us,” says TD Cowen.

Not hype, but the value of the building

The impact of strategies on the Bitcoin market may be exaggerated, but the value generated for shareholders is difficult to ignore.

Last week’s purchase created an estimated incremental gain of 5,281 Bitcoins, bringing quarterly profits to nearly $600 million. Since the beginning of 2023, the strategy has increased Bitcoin holdings by 306%, but has only expanded its fully diluted shares by 94%.

The board’s approval for the remaining ATM capacity and larger share permits is $1.533 billion, with the strategy well positioned to continue this strategy.

“We expect the strategy to continue to drive positive BTC yields for the near future. BTC yields could continue to increase prices for Bitcoin, but the dollar value of incremental profits from the strategy’s financial operations could remain very favorable to shareholders,” the analyst wrote.

Disclaimer: Some of this article was generated with the support of AI tools and reviewed by our editorial team to ensure accuracy and compliance with the standards. For more information, see Coindesk’s complete AI policy.

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