Galaxy to the NASDAQ

5. Another Huge Crypto Acquisition… This Time From Ripple

According to a press release, Ripple is acquiring global credit network Hidden Road for $1.25 billion. Hidden Road clears over $3 trillion yearly across foreign exchange, derivatives, digital assets and fixed income markets, and has more than 300 institutional clients.

4. DOJ Nixes Its Crypto Enforcement Unit

The U.S. Department of Justice (DOJ) has officially disbanded its National Cryptocurrency Enforcement Team (NCET), a specialized unit created under the Biden admin to investigate and prosecute criminal activity involving bitcoin and crypto. Ongoing investigations will be absorbed by other DOJ divisions.

3. Blackbird Raises $50 Million

One of our favorite examples of crypto utility in the real world, Blackbird, announced today that it raised $50 million in late 2024 for expansion. The new round, led by Spark Capital, also included strategic investments from Coinbase Ventures and Amex Ventures. We previously wrote about why we love what Blackbird is doing here:

2. Strategy Expects to Post Loss

Thanks to new accounting measures, Strategy $MSTR ( ▲ 2.91% ) has said its expecting to record an unrealized loss of $5.91 billion for the first quarter. Although the filing openly states it may have to sell some of its bitcoin to meet its financial obligations, raising some concerns across the internet, this warning is normal risk disclosure speak. What’s more interesting is that company has paused all bitcoin purchases since the start of the April, despite the recent pullback in prices.

1. Finally, Galaxy Plans to Uplist

Galaxy Digital $GLXY.TSX ( ▼ 0.05% ) announced yesterday that the SEC has approved its long awaited S-4 registration statement to re-domesticate to Delaware from the Cayman Islands. The company’s Nasdaq listing with the ticker GLXY is expected shortly after clearance from shareholders on May 9th.