Weekly Cryptocurrency Recap: Major Bitcoin Acquisitions, IPO News, and India’s Crypto Tax Considerations
By Vignesh Karunanidhi
June 1, 2025
This week in the cryptocurrency sector saw significant developments as companies made landmark Bitcoin acquisitions, while regulatory shifts and public offerings generated considerable attention. Below we highlight key stories including major purchases by Strategy and GameStop, Circle’s IPO announcement, and India’s evolving stance on cryptocurrency taxation.
Strategy Bolsters Bitcoin Holdings
In a strategic move, investment firm Strategy has enhanced its Bitcoin (BTC) portfolio by acquiring an additional 4,020 Bitcoin valued at approximately $427 million. This acquisition, which took place from May 19 to May 25, brings Strategy’s total holdings to 580,250 BTC. To finance this transaction, the firm liquidated 847,000 shares of its common stock (MSTR), alongside a notable sell-off of shares from both STRK and STRF preferred stocks.
GameStop Joins the Bitcoin Acquisition Wave
Video game retailer GameStop has made headlines this week with its announcement of a substantial Bitcoin purchase. The company acquired 4,710 Bitcoin, although it has not disclosed specific details regarding the timing or total expenditure for the acquisition. This move reflects the company’s ongoing exploration into crypto investments, following its previous ventures into the blockchain space.
Circle Plans Initial Public Offering
In another notable development, Circle, the issuer of the USDC stablecoin, announced its intention to go public by filing for an initial public offering (IPO) on the New York Stock Exchange. The company will offer 24 million class A shares, a significant step as it seeks to enhance its operational footprint in the evolving cryptocurrency market. This IPO could pave the way for increased transparency and growth opportunities within the digital asset sphere.
India’s Crypto Industry Hopes for Regulatory Changes
In India, cryptocurrency executives report a renewed openness from the government towards digital assets, coinciding with the return of Donald Trump to the White House. Discussions between industry leaders and New Delhi officials suggest potential shifts in regulatory stances, including a possible reduction in tax rates associated with cryptocurrency.
El Salvador and Pakistan Expand Crypto Reserves
Despite pressure from the International Monetary Fund (IMF), which has urged El Salvador to halt its cryptocurrency purchases, the Central American nation acquired an additional eight Bitcoin this week. This purchase raises El Salvador’s total Bitcoin reserves to nearly 6,200 BTC.
In related news, Pakistan has announced initiatives to create a government-led strategic Bitcoin reserve, further emphasizing the nation’s commitment to integrating cryptocurrencies within its economic framework.
Additional Developments
Following last week’s security incident, the decentralized exchange Cetus Protocol has secured funding to compensate users affected by a $223 million exploit. This funding will be used to reimburse users and is distinct from frozen assets currently under litigation.
In other news, Telegram announced it raised $1.5 billion through five-year convertible bonds to refinance debts and facilitate future growth. Meanwhile, OpenSea launched its OS2 platform upgrade, which now supports token trading across 19 blockchains, marking a significant evolution in its service offerings.
Finally, Coinbase has signed a new lease in San Francisco, symbolizing its return to the city after a temporary relocation from its headquarters. Concurrently, the Thai Securities and Exchange Commission announced the blocking of access to several major cryptocurrency exchanges, aiming to regulate businesses operating without the proper licenses.
Looking Ahead
As the cryptocurrency market continues to adapt to regulatory scrutiny and invest in new technologies, these developments offer a glimpse into the evolving landscape that combines financial innovation with traditional market strategies.
For further updates on these issues and more, stay tuned to our weekly recaps and analyses.
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