Vivek’s Strive and Trump Media Join Race on Bitcoin Treasuries

Vivek Ramaswamy’s asset firm Strive has raised $750 million to execute “alpha-generating” Bitcoin strategies through distressed claims, biotech equity, and discounted crypto debt. If associated warrants are exercised, Strive could double its war chest to $1.5 billion, placing it among the largest Bitcoin treasury holders globally.

Strive disclosed plans to purchase up to 75,000 BTC from Mt. Gox bankruptcy claims, targeting legally settled distributions. “Our alpha-generating Bitcoin accumulation strategies are designed to drive sustained outperformance relative to Bitcoin itself,” said CEO Matt Cole in the announcement.

Meanwhile, Trump Media has confirmed a $2.5 billion raise for a corporate Bitcoin treasury reserve after initially mocking reports as fake. The package includes $1.5 billion in common stock and $1 billion in zero-coupon convertible notes, with Crypto.com and Anchorage Digital set to custody the assets.

CEO Devin Nunes said the initiative is a response to financial censorship and part of a broader crypto strategy for Truth Social and Truth+. Shares of Trump Media dropped 12% after the reveal, as some investors questioned the pivot’s timing amid rising regulatory scrutiny.

Google Alerts About Increasing Quantum Risk to Bitcoin

Google researchers say quantum computers could break 2048-bit RSA encryption with 20 times fewer resources than previously believed. In a new paper, lead researcher Craig Gidney revealed updated estimates show a million-qubit device could decrypt RSA in under a week. While Bitcoin uses stronger elliptic curve cryptography, the findings compress the projected timeline for quantum vulnerability.

The advancement is attributed to improved modular math algorithms and more efficient error correction via denser qubit layouts. Google emphasized the urgency of quantum-safe encryption, noting adversaries could already be harvesting data to decrypt in the future. Crypto developers, including on Solana and Ethereum, are exploring hard fork defenses as IBM and Quantinuum race toward high-capacity quantum machines.

Circle Aims to Raise $600 Million in Upcoming IPO

Stablecoin issuer Circle plans to raise $600 million in its long-awaited IPO at a $5.4 billion valuation, according to a new SEC filing. The firm will offer 9.6 million shares, while existing shareholders will sell another 14.4 million, with additional allotments available for underwriters. Trading is expected on the NYSE under ticker “CRCL” as soon as the offering clears regulatory approval.

ARK Invest may purchase up to $150 million worth of shares, though commitments are non-binding at this stage. The IPO follows reports of acquisition talks with Coinbase and Ripple, which Circle publicly denied earlier this month. Circle issues the USDC stablecoin, second in market cap only to Tether’s USDT, with $62 billion in circulation.

Judge Overturns Mango Market Fraud Verdict

A judge has overturned fraud convictions against Avraham Eisenberg, ruling that exploiting flawed DeFi code does not constitute a crime. Eisenberg had been convicted of manipulating Mango Markets in 2022 to borrow $110 million in crypto with no intent to repay. The judge said the protocol lacked contractual terms or obligations, undermining the wire fraud and manipulation charges.

The 35-page opinion argued Mango’s code allowed the exploit and did not require promises of repayment, nullifying claims of deception. Eisenberg remains in custody for an unrelated child exploitation charge, for which he received a separate sentence. The ruling is a landmark moment in crypto law, reinforcing the controversial “code is law” principle in decentralized finance.

Data of the Day

Marathon Holdings has set a new record for annualized Bitcoin mining revenue, surpassing $752 million as BTC reached $112,000 last week. The milestone was confirmed by CryptoQuant, which tracks on-chain metrics in real-time and reported the highest daily revenue in company history. Marathon’s gains follow increased ETF inflows and rising interest from institutional investors.

Despite the revenue jump, Bitcoin production declined 19% year-over-year due to April’s halving, which reduced block rewards. Marathon now holds 48,237 BTC valued at over $5.2 billion, making it the second-largest corporate holder after Strategy. Analysts say miner revenue still lags peak levels, indicating further upside as global demand for Bitcoin accelerates.

More Breaking News

• Michael Saylor said onchain proof-of-reserves is a "bad idea" for institutions, warning it could weaken security for investors and custodians alike.
• The Bank of Korea is weighing stablecoin integration with public blockchains, raising questions about monetary sovereignty in a hybrid system.
• French police arrested 12 suspects tied to crypto kidnapping attempts, as authorities ramp up efforts to protect local investors and executives.
• Thailand is exploring crypto-linked credit cards for tourists while pushing reforms to unify rules on digital assets and traditional securities.
• Cobie’s Echo launched ICO platform Sonar, debuting with Plasma’s $50M raise at a $500M token valuation backed by Founders Fund and Tether execs.
• Bitget has introduced BGUSD, a yield-bearing asset offering 4% returns via tokenized real-world assets like Treasury products.
• A hacked Migos Instagram account leaked Solana co-founder Raj Gokal’s ID and passport photos in what appears to be a Bitcoin ransom extortion.
• SharpLink Gaming raised $425M to build an Ethereum treasury, sending its stock up 420% and naming Consensys’ Joseph Lubin as board chairman.

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