News & Research

New York-based law firm Pomerantz LLP filed a class-action lawsuit against Strategy, claiming it misled investors about the profitability of its Bitcoin (BTC) strategy and downplayed risks, according to The Block. Filed in Virginia, the suit covers investors from April 2024 to April 2025 and cites $5.9 billion in Q1 unrealized losses under new accounting rules. Investors can join the case until July 15.

South Korean payments company Danal has filed 20 trademark applications related to won-based stablecoins, according to a report by Money Today. The move is part of the company’s broader roadmap to establish an early foothold in the anticipated domestic stablecoin market. To prepare for future regulatory developments, Danal submitted applications for trademark names including Pitch, PCIK, KRWD, KRWS and PSC.

Swiss-based crypto bank AMINA has launched custody and trading services for Ripple’s USD-backed stablecoin RLUSD with an initial focus on institutional and professional clients. According to CoinDesk, the bank intends to broaden its RLUSD offerings over the coming months.

Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, argues that buying U.S. government bonds is a mistake, even though many financial advisors recommend them, according to his Substack post. He believes it's smarter to invest in Bitcoin (BTC) or the Nasdaq, which offer far greater upside potential. Hayes also warns that the U.S. government's support for stablecoins isn’t meant to benefit fintech companies like Circle, but rather to empower large traditional banks. He claims stablecoins are being used as a liquidity weapon, allowing big banks to purchase massive amounts of government debt without relying on the Federal Reserve’s (Fed) quantitative easing. In his view, the market is already awash in liquidity, even if the Fed hasn’t officially restarted quantitative easing. He advises investors to focus not on Circle or fintechs, but on the U.S. government and major banks as the real drivers of the stablecoin narrative.

South Korean crypto exchange Coinone has won a civil appeal involving a 2018 system glitch that allowed users to make duplicate Bitcoin (BTC) withdrawals, local outlet Economist exclusively reported. In a ruling issued in May, a Seoul court ordered the users to return all BTC obtained as a result of the error. The incident occurred in October 2018, when BTC was trading at around 7.08 million to 7.87 million won (roughly $5,200 to $5,800) on Coinone, where the cryptocurrency was traded against the Korean won. That price was about one-twentieth of BTC’s current value.

KB Kookmin Card has filed 35 trademark applications tied to stablecoins, including “KBCSTB,” “KBCST” and “KBCKRW,” on July 1, according to local news outlet MoneyS. The move is part of a broader push by South Korean credit card companies to gain an early foothold in the anticipated market for won-pegged stablecoins. KB Kookmin Card is the second major issuer to enter the space, following a similar move by Shinhan Card.

Stablecoin issuers brought in close to $10 billion in revenue over the 12-month period ending in June 2025, according to figures shared by CoinDesk on X. Tether accounted for the largest share, posting $6.56 billion in earnings. Circle followed with $1.89 billion, while Sky Protocol and Ethena reported $384 million and $332 million, respectively.

Ripple (XRP) has applied for a U.S. Federal Reserve master account through its acquisition of Standard Custody, alongside its application for an Office of the Comptroller of the Currency (OCC) trust charter, according to Eleanor Terrett on X. A Fed master account offers direct access to the payment system, a significant step up from an OCC charter. The Federal Reserve has historically resisted granting crypto firms such access and a decision on this matter is pending in an ongoing lawsuit with Custodia Bank.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) has outperformed its iShares Core S&P 500 ETF (IVV) in annual fee revenue, despite IVV being nearly nine times larger in assets, Watcher Guru reported. IBIT, with an expense ratio of 0.25%, generated an estimated $187.2 million in annual fees, compared to $187.1 million from IVV. The success of IBIT reflects strong investor demand for Bitcoin exposure, as the ETF has seen inflows in 17 of the past 18 months since its January 2024 launch.

Anthony Scaramucci, founder of the U.S. hedge fund SkyBridge Capital, has said that the trend of companies adopting Bitcoin (BTC) as a treasury asset is likely to fade. In an interview with Bloomberg, Scaramucci referred to the approach as a "replicative treasury company idea" that will lose momentum in the coming months. While acknowledging the success of Michael Saylor’s Strategy (MSTR), which has made significant gains from its Bitcoin investments, Scaramucci pointed out that Saylor’s company is unique, with multiple business lines beyond Bitcoin. He believes that most companies will struggle to maintain high valuations simply by holding Bitcoin, as investors will eventually focus on business profitability and value creation, according to CoinDesk.