Crypto Weekly Market Wrap 9th May: Major Legal Resolutions, Institutional Growth, and Policy Shifts

Last week, the crypto industry experienced major legal resolutions, regulatory approvals, acquisitions, and IPO filings. Uncertainties swayed market momentum, leading to significant liquidations across the sector. From court dismissals to national policy shifts and stablecoin innovation, the landscape continues to evolve rapidly. Here’s everything you need to know about the crypto weekly market wrap.

Justin Sun-Linked BiT Global Ends Lawsuit with Coinbase

BiT Global ended its dispute with Coinbase because of the delisting of the wBTC token. Because of prejudice, no more legal action can be taken in the case. Both parties will cover their own legal charges. Coinbase earlier rolled out cbBTC as an alternative to wBTC. After that, wBTC was delisted from Coinbase’s listings.

And there it is. BiTGlobal just dismissed – with prejudice– its contrived lawsuit over our decision to delist wBTC. This important win affirms our clear right to manage security and risk for @coinbase users. 1/3 pic.twitter.com/MnJDR1D4La

— paulgrewal.eth (@iampaulgrewal) June 6, 2025

TRON founder Justin Sun’s BiT Global had entered into a partnership with BitGo to provide wBTC. The legal action stated that Coinbase’s decision harmed competition in the market. However, the court decided Coinbase had the authority to delist tokens. The company’s legal officer said that user safety played a key role in making the decision.

Gemini Moves Ahead with IPO Plans

Gemini sent a confidential application for an initial public offering (IPO) to the U.S. Securities and Exchange Commission. There was no information on the target amount or share price from the firm. The IPO comes after Circle’s public debut which took place on Wednesday.

Gemini was founded by Cameron and Tyler Winklevoss. Earlier, the company suggested that it was preparing for important changes. In addition, Gemini had earlier been accused by the SEC of offering unregistered securities. However, in April 2025, both sides presented a request for a resolution. Gemini’s move to go public shows that crypto companies are getting more involved in public offerings. It is also expected that Kraken will file for an IPO soon. The presence of clear rules seems to attract more companies to go public.

JPMorgan Now Accepts Crypto ETF Collateral

JPMorgan Chase made an announcement that it will start accepting spot Bitcoin ETFs for use as collateral. It includes retail clients and institutional customers as well. When considering applicants for loans, ETFs such as BlackRock’s IBIT are now included in the assessment. In the past, the bank dealt with each case independently.

🚨 JPMorgan Plans to Offer Clients Financing Against Crypto ETFs pic.twitter.com/QpausRiHxM

— matthew sigel, recovering CFA (@matthew_sigel) June 4, 2025

More institutions are adopting cryptocurrencies because of the policy reform. Although JPMorgan was doubtful about Bitcoin, its CEO, Jamie Dimon, lately expressed support for giving customers a choice in crypto. He said in May that approaching Bitcoin as an investment is similar to the way people use free speech. Custom custody for these ETFs is not yet available from the bank.

Considering that spot bitcoin ETFs oversee assets of more than $128 billion, banks are finding more opportunities in the space. JPMorgan has joined Morgan Stanley and others in widening crypto access, which adds more liquidity for crypto users.

Robinhood Finalizes Bitstamp Acquisition

Crypto exchange Robinhood purchased Bitstamp, which is considered the oldest operating crypto exchange, for $200 million in cash. Robinhood Crypto now has 50 more licenses and registrations following the acquisition, while Bitstamp’s institutional customers are now under Robinhood’s management.

This acquisition increases Robinhood’s presence across the world. As Bitstamp operates in the U.S., Luxembourg, the UK, Slovenia, and Singapore, Robinhood has a strong presence in both Europe and Asia. The exchange offers institutions easy access to deep liquidity, together with API tools. Besides other features, Robinhood has added crypto-as-a-service and staking to its lineup.

South Korea Elects Pro-Crypto President Lee

Lee Myung was chosen to be the new president of South Korea. Lee backs the growth and development of the crypto industry. Kim Jong Un plans to start approving crypto ETFs and create a Korean won-backed stablecoin. Lee earned 49.42% of the vote, the biggest turnout in Korean elections in 28 years.

Spot crypto ETFs were banned by the country’s regulators in the past. In order to launch crypto, Lee pledged to pass the necessary regulations. He stated that he would help small businesses and families with less income. Moreover, the crypto-related policies he plans include firm stablecoin regulation and designated blockchain areas.

Yoon Suk-yeol, the previous president, previously introduced reforms in crypto policies. However, his presidency ended following an impeachment after his policies were slow to take effect. South Korea is seeing Lee’s victory while hosting 9.7 million users who use cryptocurrency. Lee intends to pass the bill covering the second half of the digital asset framework.

Romania’s Post Offices Get Bitcoin ATMs

The first Bitcoin ATM from Poșta Română was installed in the city of Tulcea. A partnership with Bitcoin Romania made this rollout happen. More ATMs will be added in Alexandria, Piatra Neamț, Botoșani, and Nădlac.

NEW: 🇷🇴 Romania's national postal service, Poșta Română, launches a pilot program by installing its first Bitcoin ATM at a Tulcea branch, partnering with Bitcoin Romania (BTR Exchange), the country's leading cryptocurrency exchange 🙌 pic.twitter.com/Iiubo8oHZL

— Bitcoin News (@BitcoinNewsCom) June 6, 2025

The project is aimed at giving people in underserved areas access to the Internet, representing the start of modernization in the postal service. With a Bitcoin ATM, buying cryptocurrencies with cash is possible. Each ATM is expected to abide by the nation’s financial security regulations. Romania follows the direction of other countries in implementing crypto in public facilities. Poșta Română wants to blend blockchain and regular services, helping more people across the country participate in financial activities.

Ethereum Foundation Restructures Research Team

The Ethereum Foundation made changes to its research division. They renamed “Protocol Research and Development” to simply “Protocol.” The new developments occur following delays and disagreements. Some members of the team were laid off during the company’s restructuring, with the foundation listing three primary focuses: scale the blockchain, expand blobspace, and make the UI easier to use. Tim Beiko and Ansgar Dietrichs will be in charge of L1 scaling. Moreover, Layer-2 solutions will be managed by Alex Stokes and Francesco D’Amato.

The purpose of the new structure is to improve accountability. A number of critics pointed to a lack of transparency among the leaders and technical delays. Many users criticized the Pectra upgrade because it introduced vulnerabilities. The Foundation is now seeking to advance faster and make user tools better.

Strategy Upsizes STRD Sale to $1 Billion

Strategy, once known as MicroStrategy, decided to increase its STRD stock offering from $250 million to $1 billion. The firm prices 11.76 million STRD shares at a price of $85 each, with the deal closing on June 10. The net proceeds after expenses are estimated to be $979.7 million. The strategy will spend the funds to purchase extra bitcoin and support the company’s functions. 

Strategy announces pricing of its Stride Perpetual Preferred Stock $STRD Offering and upsizes the deal from $250M to $1B. $MSTR https://t.co/3p2J6qRu38

— Michael Saylor (@saylor) June 6, 2025

STRD provides a 10% non-cumulative dividend. Unlike bonds, perpetual preferred shares lack a maturity date. Strategy also bought 705 BTC for $75.1 million. Now, the company holds a total of 580,955 BTC bought at an average price of $70,023 each. 2.8% of the total Bitcoin is controlled by the firm.

Trump Family Rejects TRUMP Wallet, Launches Official Alternative

A wallet project involving the family name Trump led to family arguments. Donald Trump Jr. rejected any suggestions that he had any involvement on June 4. In addition, Eric Trump said he would take legal action. The account identified as @TrumpWalletApp appeared for a short time and then was frozen again.

The wallet was made in collaboration between Fight Fight Fight and Magic Eden. However, World Liberty Financial stated they are developing their own official wallet project. The Trump Organization does not support the initial wallet. By June 6, legal letters were sent to block unauthorized branding. World Liberty Financial will move ahead by using a verified Wallet. Trump-related businesses are aiming to govern all aspects of product licensing.

Trump Media Files for Bitcoin ETF

A filing was made by Trump Media for a bitcoin ETF with Crypto.com acting as the custodian. After the approval, the ETF will list on the NYSE Arca for trading. Yorkville America Digital is the sponsor for the ETF. Trump Media is connected with Yorkville in several other projects.

The ETF is designed to track Bitcoin’s price movement. The company noted that the product helps introduce Bitcoin in simple terms. Furthermore, it allows investors to avoid the need to work with assets directly. This move marks the Trump camp’s continuation of exploration in the field of cryptocurrency.

Ripple Stablecoin Approved in Dubai

In Dubai, Ripple’s stablecoin RLUSD received legal approval from the authorities. They received their license from the Dubai Financial Services Authority, making RLUSD official for use in the DIFC.

🇦🇪🚨 Ripple USD is now a recognized crypto token under the DFSA’s regime in Dubai. RLUSD is:

✅ Enterprise-grade
✅ Compliant
✅ Built for real utility

Another milestone as we expand our footprint in the DIFC and across the UAE.
🔗 https://t.co/uvNcpRZDRG

— Ripple (@Ripple) June 3, 2025

The NYDFS gave its approval to RLUSD earlier, maintaining full USD backing and third-party audits. Ripple will integrate RLUSD into its payment products. Other licensed firms in DIFC can now use the stablecoin. Ripple aims its assets at the needs of institutional users, focusing on cross-border payments and liquidity access. RLUSD focuses on being transparent and meeting all regulations.

Tether Launches Gold Stablecoin XAUt0 on TON

Tether introduced the  XAUt0 token to the TON blockchain. It is a stablecoin that is backed by gold, relying on LayerZero’s Omichain Fungible Token standard to run. Blockchain-to-blockchain transfers will happen seamlessly. XAUt0 builds on XAUt, which only existed on Ethereum. Current circulation stands above $832 million. However, no list of future chains for XAUt0 has been revealed yet.

Pumpfun Plans $1B Token Sale

Pumpfun announced a $1 billion token sale, aiming to have a fully diluted valuation of $40 billion. The airdrops will happen along with the public offering, which will occur in two weeks. Pumpfun is planning to issue $1 trillion in tokens. The private sale price of the token is $0.004. Out of the total supply, 25% will go to the public, and 10% will be used for airdrop. However, information about revenue share is still not available.

Berachain Deploys Bectra Upgrade

Berachain introduced its Bectra upgrade, which introduces similar changes to Ethereum’s Pectra changes on the execution layer, but it doesn’t include any changes to consensus. It is backed by EVM compatibility.

Bectra is live on Berachain mainnet.

Smart accounts. On-demand validator exits. Simplified validator ops.

Berachain is now the first L1 after Ethereum to activate the full Pectra execution-layer upgrade set. pic.twitter.com/Fk0cllEmew

— Berachain Foundation 🐻⛓ (@berachain) June 4, 2025

Users are now able to batch their transactions and pay for gas with HONEY. Additionally, users can use wallets to control their budgets or schedule various payments. Over 200 apps run on the chain, and there is no need for big updates to the code. Bectra improves usability and security. In the past, having advanced features required the use of additional third-party tools. Now, these models operate directly on the blockchain. Moreover, the update allows Berachain to align with Ethereum’s most recent technology.

Moscow Exchange Adds Bitcoin Futures to Expand Investor Options

Moscow Exchange now offers trading of Bitcoin ETF futures, priced in rubles. Through this option, investors can benefit from the shifts in Bitcoin’s price without actually owning it. Also, the contracts follow the IBIT ETF issued by BlackRock, showing the price in U.S. dollars.

The launch indicates that Russia is now taking a new position toward cryptocurrencies after earlier opposing them. Previously, proposals in 2017 did not pass because of obstacles with regulators. In 2022, officials proposed very strict bans. Now, it seems that Russia is opening up, joining other countries in looking into digital assets through regulated channels.

Tighter Crypto Rules Leave Singapore Firms Scrambling for Options

Firms offering crypto services in Singapore have until June 30, 2025, to secure a license or quit running overseas token services. The Monetary Authority of Singapore will only give Digital Token Service Provider licenses under strict conditions. No grace period applies, and firms face fines or jail for non-compliance.

The step is done according to the rules introduced in the Financial Services and Markets Act 2022. Authorities note that crypto services pose a risk for money laundering because of their global nature. Because regions are more strict nowadays, ousted companies might find it difficult to relocate. MAS insists that only a handful will receive approval to keep operating.

Digital Asset Investment Products Market Overview

According to the CoinShares report, digital asset funds saw weekly inflows of $224 million, down from previous levels. Investors appear cautious as they await more direction from the US Federal Reserve. Uncertainty around inflation and policy kept broader sentiment on hold. Ethereum stood out with $296.4 million in inflows, its best run since late 2020. It now accounts for 10.5% of total assets under management. Meanwhile, Bitcoin recorded $56.5 million in outflows, showing continued pressure amid unclear rate signals.

📈 Digital asset inflows slow amid policy uncertainty, Ethereum leads

Last week, digital asset investment products saw inflows totalling US$224M. @ethereum led with inflows of US$296.4M, while @Bitcoin saw outflows of US$56.5M. @SuiNetwork saw minor inflows of $1.1M, while $XRP… pic.twitter.com/6j2Aa2RuFl

— CoinShares (@CoinSharesCo) June 9, 2025

Most altcoins were quiet, with only small movements. Sui gained $1.1 million, while XRP saw $6.6 million in outflows. Regionally, the US led with $175 million in inflows. Germany, Switzerland, Canada, and Australia followed with modest gains. However, Hong Kong and Brazil saw minor outflows. The seven-week total still stands at $11 billion, despite the slower pace.

Bitcoin Price Performance

The leading asset, Bitcoin, closed the week down by 4% at $105,770k as the global market capitalization dropped to the $3.30 trillion mark. Over the week, BTC traded in a range of $100k and $106k. However, the price is showing a healthy trend as it trades below the $108k resistance level. Technical indicators on the weekly chart suggest a solid bullish trend despite the recent pullback when the price slid down to the $100k mark. The RSI is hovering below the overbought region at 65 levels. 

Furthermore, the MACD indicator is trending in the positive region with the MACD line climbing further above the signal line. Should the current trend hold, BTC could likely challenge the ATH in the coming sessions.