Dear PointPay Family,
What a week it's been in the world of cryptocurrencies! Lots of news, key changes and new records - all this and more. In order not to miss anything important, we have gathered for you the top 5 key news of this week.
Texas Moves Toward State-Level Bitcoin Investment
Texas is on track to become the third US state to officially invest in Bitcoin, following New Hampshire and Arizona. On May 21, the Texas House passed Senate Bill 21 with strong support, paving the way for the creation of a strategic Bitcoin reserve. The bill now awaits the governor's signature.
The legislation allows the Texas Comptroller to manage a digital asset reserve and invest in cryptocurrencies with a market capitalization above $500 billion - currently, only Bitcoin qualifies. This framework aims to strengthen the state's financial infrastructure by focusing on well-established digital assets while limiting exposure to riskier coins.
Strategy Boosts Bitcoin Holdings Despite Legal Challenges
Software firm Strategy has expanded its Bitcoin portfolio with the purchase of 7,390 BTC, spending $765 million between May 12 and 18. The company now holds over 576,000 BTC - representing more than 2.7% of the total circulating supply - and continues to pursue its $42 billion target by 2027.
The acquisition was funded through equity sales, but it comes amid growing scrutiny. A class-action lawsuit was filed on May 16, alleging that Strategy misled investors regarding risks tied to its Bitcoin-focused strategy. While the firm denies wrongdoing and plans to contest the case, it acknowledged that the financial impact remains uncertain.
Coinbase Suffers Major Cyberattack Ahead of S&P 500 Listing
Coinbase has confirmed a significant cyberattack that could cost the company up to $400 million. Hackers reportedly gained access to a small portion of customer data through compromised contractors and used that information in social engineering scams targeting users.
Refusing to pay a $20 million ransom, Coinbase instead launched a $20 million reward fund to help identify those behind the attack. The company has pledged to reimburse affected customers and is cooperating with law enforcement. The breach comes at a critical moment, just days before Coinbase is expected to join the S&P 500 index - a milestone that also underscores the increasing threat of cybercrime in the crypto sector.
Hong Kong Approves Stablecoin Licensing Law
Hong Kong has officially passed a bill introducing a licensing system for fiat-referenced stablecoin issuers, setting clearer rules for digital finance firms operating in the region. The legislation requires any issuer tied to the Hong Kong dollar - whether local or foreign - to obtain approval from the Hong Kong Monetary Authority.
The new law outlines standards for reserve management, redemption processes, and risk control. As part of broader efforts to strengthen Hong Kong's role as a global digital asset hub, the framework is designed to align with international regulatory best practices while maintaining investor protection. The ordinance is expected to take effect later this year.
Bitcoin Surges to New All-Time High Above $111K
Bitcoin has reached a new all-time high, climbing past $111,000 amid rising institutional demand. Fueled by strong ETF inflows and strategic acquisitions by public companies, BTC touched $111,878 in early Asian trading hours.
Analysts suggest that major financial institutions are driving the momentum, with firms like JPMorgan reportedly offering clients exposure to Bitcoin. The growing involvement of traditional finance has added credibility to the asset, while options markets indicate expectations for even higher prices in the coming months. Despite broader economic uncertainty, Bitcoin continues to demonstrate exceptional strength.
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