Bakkt purchases $1 billion worth of BTC, GameStop raises $2.7 billion, Ripple and SEC settle 5-year legal battle

The cryptocurrency market is abuzz with significant developments this week. From Bakkt’s $1 billion SEC filing for a major Bitcoin buy to GameStop’s raising of billions and hinting at more Bitcoin investments, the landscape of digital assets is rapidly evolving.

Bakkt, a digital asset firm, has recently filed with the U.S. SEC to raise up to $1 billion. This move indicates the company’s shift towards diversifying its financial instruments, including stocks and bonds. With a change in its investment policy, Bakkt can now hold Bitcoin and other digital assets in its reserves. Although Bakkt has yet to make any crypto purchases, the filing suggests that it may utilize future funds for this purpose. Facing challenges like losing key clients, Bakkt, under the leadership of Co-CEO Akshay Naheta, is focusing on crypto infrastructure over loyalty services. The recent partnership with Distributed Technologies Research aims to enhance crypto payment systems. With the $1 billion shelf registration in place, Bakkt is poised to take strategic actions in the crypto sphere.

On the other hand, GameStop has successfully raised $2.7 billion through the sale of convertible notes to investors. The company’s updated policy allows for potential investments in Bitcoin, with earlier purchases of over 4,700 BTC already in their possession. GameStop CEO Ryan Cohen has hinted at further crypto investments, as the company keeps its future plans regarding Bitcoin close to the chest. With an eye on the market’s movement, GameStop remains prepared to make bold moves in the world of digital finance.

Meanwhile, Ledger, a prominent crypto wallet maker, has secured a jersey sponsorship deal with the San Antonio Spurs in a landmark move for the company. This partnership aims to increase Ledger’s visibility in the U.S. market. As Ledger’s logo adorns the Spurs’ jerseys, the company hopes to attract more individuals to the world of crypto. The deal acknowledges Ledger’s French roots, highlighting the connection with San Antonio through notable French NBA players. Beyond branding, Ledger plans to support community initiatives and youth programs in both Paris and San Antonio.

Further, Trump Media & Technology Group is seeking approval to launch an exchange-traded fund (ETF) investing in Bitcoin and Ethereum. The company aims to list the ETF on the New York Stock Exchange, potentially opening up new avenues for investors to access digital assets. By diversifying into the crypto market, Trump’s media firm is staying ahead of the curve in the rapidly evolving financial landscape.

Overall, these developments underscore the growing influence and innovation within the crypto space, as major players and institutions continue to embrace digital assets for investment and strategic growth opportunities. Stay tuned for more updates on the dynamic world of cryptocurrencies.