Crypto News: GameStop Raises $2.7B, Texas Holds BTC, Bakkt Files $1B and Ripple-SEC End Fight
Big things are happening in crypto. StealthEX and CryptoDaily are back with this week’s biggest updates. No fluff, just real news that matters. We’ve packed the highlights into one quick read. If you want to stay sharp and up-to-date, you’re in the right place. Let’s dive in.
Bakkt Prepares for Major Bitcoin Buy with $1B SEC Filing
Bakkt is stepping deeper into crypto. The digital asset firm has filed with the U.S. SEC for permission to raise up to $1 billion. This move gives the company flexibility to offer different financial instruments, including stock and bonds.
Why now? Bakkt recently changed its investment policy. It can now buy Bitcoin and other digital assets for its own reserves. The company hasn’t purchased any crypto yet, but the filing confirms it might use future funds for that purpose.
Bakkt is part of the Intercontinental Exchange, which owns the New York Stock Exchange. The firm has faced problems this year. It lost big clients like Bank of America and Webull, which caused its stock to drop by 30%. Now, it’s focusing on crypto infrastructure instead of loyalty services.
This new direction comes with leadership support. Co-CEO Akshay Naheta says Bakkt aims to become a crypto-first company. In March, it joined forces with Distributed Technologies Research to improve crypto payment systems.
With the $1 billion shelf registration in place, Bakkt is ready to act when the time is right. It could raise funds quickly and start building a Bitcoin treasury. The crypto market is watching to see what happens next.
GameStop Raises Billions—Hints at More Bitcoin Ahead
GameStop just raised a massive $2.7 billion. The company sold convertible notes to investors in two rounds. The latest $450 million came from an extra option added to the original deal. These notes can turn into GameStop shares later, priced at $28.91 each.
The company hasn’t shared exact plans for the cash. But they’ve made it clear—Bitcoin is on the table. Earlier this year, GameStop bought over 4,700 BTC. That’s worth more than $500 million today. Their updated policy allows more crypto purchases if they choose.
Right now, Bitcoin trades above $107,000. GameStop’s first crypto buy turned heads. Many saw it as a bold step into digital finance. Some even compared it to other big-name crypto investors. But GameStop CEO Ryan Cohen has pushed back on that idea. He says they have their own path.
Cohen was seen recently with Michael Saylor, a well-known crypto backer. That photo sparked speculation. Still, GameStop won’t say when—or if—they’ll buy more Bitcoin.
They’re keeping their cards close. But one thing’s clear: GameStop has the funds. And they’ve already shown they’re willing to bet big on Bitcoin.
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Ledger Steps Onto NBA Court with Spurs Jersey Deal
Crypto wallet maker Ledger is now part of the NBA spotlight. The company has signed a multi-year deal with the San Antonio Spurs. Its logo will appear on the team’s jerseys, starting with the upcoming NBA Draft.
This is Ledger’s first jersey sponsorship in pro sports. It marks a major step as the company looks to grow its presence in the U.S. Ledger’s CEO, Pascal Gauthier, said the U.S. is their biggest market. He believes teaming up with a well-known team like the Spurs will help bring more people into crypto.
The partnership is also a nod to Ledger’s French roots. San Antonio has a strong connection to France, thanks to former stars like Tony Parker and Boris Diaw. Today, French player Victor Wembanyama leads the team’s future.
The exact cost of the deal wasn’t shared. But fans will see the new jerseys right away—first at the NBA Draft, then during the California Classic Summer League starting July 5.
The deal goes beyond logos. Ledger will support youth programs and court renovations in Paris. They’ll also run a STEM-focused sports tech camp for kids in San Antonio.
Trump’s Media Firm Files for Bitcoin and Ethereum ETF
Trump Media & Technology Group wants to launch a new crypto fund. The company just filed paperwork to create an exchange-traded fund (ETF) that would invest in Bitcoin and Ethereum. If approved, the ETF would trade on the New York Stock Exchange.
The plan is simple. Seventy-five percent of the fund would go into Bitcoin. The rest would go to Ethereum. But nothing is final yet. The SEC must still review and approve the application.
To run the ETF, Trump Media has chosen Crypto.com as its partner. They would handle security, trades, and liquidity. It’s a big job—and a big bet on the future of digital assets.
This isn’t Trump Media’s first crypto move. Earlier this month, the company announced a $2.5 billion plan to build its own Bitcoin reserves. They’ve also hinted at launching more crypto products, including funds with political branding.
Some people worry about possible conflicts of interest. Trump is running for president again. At the same time, his companies are expanding in crypto.
For now, the ETF filing shows just how serious Trump Media is about this space. Whether or not the SEC says yes, one thing is clear: crypto is part of their long-term strategy.
Metaplanet Sends $5B to U.S. Unit to Speed Up Bitcoin Buying
Metaplanet is going all in on Bitcoin. The Japanese company has moved $5 billion to its U.S. arm to help grow its crypto holdings. The cash will go toward a bold plan to collect 210,000 BTC by 2027.
This latest investment is part of Metaplanet’s “555 Million Plan.” The goal? Own 1% of all Bitcoin in circulation. They’ve already started. Just a day before this announcement, the company bought another 1,111 BTC.
To make this plan work, Metaplanet created a U.S. branch called Metaplanet Treasury Corp. It’s based in Florida. The city of Miami was picked for its friendly crypto stance and strong financial network.
Executives say the U.S. offers better tools and clearer rules for managing Bitcoin at scale. The money for this move came from new stock rights, not loans. They say this won’t change the company’s other spending plans.
The U.S. team will lead future Bitcoin buys and help Metaplanet grow in global crypto markets. With this $5 billion boost, the company is ready to move fast. It’s not just about stacking coins—it’s about becoming a major player in Bitcoin finance.
Ripple and SEC Finally End Five-Year Legal Fight
The long battle between Ripple and the SEC is officially over. Both sides have agreed to stop all appeals and close the case.
Ripple’s CEO Brad Garlinghouse shared the news. He said Ripple will not push its appeal, and the SEC is also expected to walk away. This ends one of crypto’s most high-profile court fights.
The judge had already blocked Ripple’s earlier settlement attempt. But now, both parties are stepping back. Ripple wants to move forward and focus on building its business.
Ripple’s legal chief, Stuart Alderoty, explained the options they had. Either continue to appeal the court’s ruling on XRP sales to institutions or just let it go. They chose to move on.
The original lawsuit began in 2020. The SEC said Ripple broke the law by selling XRP without registering it as a security. In 2023, the court said XRP itself wasn’t a security. But it agreed that Ripple’s early sales to large investors did break the rules.
Ripple may still face a fine, but the legal status of XRP in the U.S. is now clear. The case is closed. Ripple can now focus fully on its business without the lawsuit holding it back.
Kraken Wins EU License, Expands Crypto Services Across Europe
Kraken just took a big step in Europe. The crypto exchange received a MiCA license from Ireland’s central bank. This allows it to legally offer services across 30 countries in the European Economic Area.
This license means more than just paperwork. It shows that Kraken meets strict rules set by the EU for crypto companies. The MiCA framework aims to make crypto safer and more transparent for everyone.
Kraken says this is part of a long-term plan. They’ve been active in Europe since 2013. The exchange already had local approvals in countries like France, Spain, and the Netherlands. Now, with the MiCA license, Kraken can grow faster.
The company will offer services like trading, payments, and derivatives to both regular users and large institutions. They plan to stay ahead by building trust and offering secure products.
Kraken’s co-CEO, Arjun Sethi, says trust is the most valuable thing in crypto today. He called this license a sign of Kraken’s commitment to doing things right.
Coinbase recently got a similar license in Luxembourg. Other platforms are now racing to meet EU rules before they become mandatory. Kraken is already there—and ready to grow.
New Bill Targets Crypto Profits by U.S. Presidents and Top Officials
A new bill in the U.S. Senate could block presidents and their families from making money in crypto. Senator Adam Schiff introduced the proposal after growing concerns about Donald Trump’s recent digital asset ventures.
The bill is called the COIN Act. It would stop top government officials from issuing, promoting, or profiting from crypto projects while in office. That includes everything from NFTs to stablecoins.
Schiff said Trump’s crypto activity raises serious questions. Recent reports show Trump made over $57 million through DeFi projects and other digital assets. Schiff believes this creates a conflict of interest while running for office.
If passed, the law would bring harsh penalties. Officials who break the rules could pay back all profits and even face up to five years in prison. The bill also requires disclosure of any crypto sales worth over $1,000.
This comes after the Senate approved the GENIUS Act, which sets rules for payment stablecoins. That law didn’t include bans on crypto profits for politicians. Schiff’s COIN Act aims to close that gap.
Trump’s crypto projects are still growing. His team has launched tokens and plans to offer more funds tied to Bitcoin. This bill could slow things down—or change the game entirely.
Texas Becomes First State to Officially Hold Bitcoin in Reserve
Texas is making crypto history. The state just passed a new law allowing it to hold Bitcoin as part of its financial reserves. Governor Greg Abbott signed the bill on June 21.
The new law lets Texas set up a separate Bitcoin fund, managed by the state comptroller. This fund won’t be mixed with other government money. It will rely on budget approvals, fees, and even crypto donations.
Only Bitcoin qualifies under the new rules. The law says the digital asset must have a market value of at least $500 billion over the last year. Right now, that only includes Bitcoin.
Another bill, passed earlier, protects the state’s crypto from being taken to cover budget shortfalls. Together, these laws give Texas a strong legal structure for building a Bitcoin reserve.
The bill also adds safety rules. Lawmakers added updates to manage risks and block reckless spending. These changes were made to calm worries about Bitcoin’s price swings.
Texas is the first U.S. state to take this step. With rules now in place, the state can begin buying and holding Bitcoin. It’s a bold shift—and one that could inspire others to follow.
Ripple Urges UK to Lead Global Crypto Innovation with Clear Rules
Ripple wants the UK to take charge in crypto regulation. At a recent London summit, the company revealed a four-part plan aimed at making the UK a top destination for digital finance.
The timing is key. The UK government is working on new laws for stablecoins and crypto services. Ripple says now is the moment to act fast—and get ahead of other countries.
Their first point is simple: finish the rules. Ripple believes a full legal framework will attract more businesses and boost the economy. Delays, they warn, could push innovation elsewhere.
Next, Ripple calls for better global alignment. They say UK rules should match international standards. That way, companies won’t face confusing or conflicting requirements when working across borders.
The third point focuses on stablecoins. Ripple wants the UK to allow foreign-issued stablecoins to operate without strict local licensing. This, they argue, would support payment innovation while keeping oversight in place.
Last, Ripple urges the government to cut red tape. They want the UK to remove legal and tax barriers that block crypto projects. That includes everything from tokenization to blockchain startups.
With this plan, Ripple hopes to shape the UK’s future in crypto—and secure a lead spot in the global digital economy.
This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.
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