Strategy raises $715M internationally, Japan approves bank stablecoin pilot, Kazakhstan plans crypto reserve

In this week’s edition of the weekly recap, Strategy tapped foreign markets for the first time in a $715 million offering, Japan’s three largest banks received regulatory approval for joint stablecoin experimentation, and Kazakhstan announced plans to establish a national cryptocurrency reserve.

These developments happened alongside major investments, enforcement actions, and security incidents.

Strategy ventures into international capital markets

• The Bitcoin (BTC) treasury company announced Friday it expects to generate $715 million through its first foreign market offering.
• The proceeds are designated for operational expenses including additional Bitcoin purchases.
• The firm also reported Monday it acquired $45.6 million in Bitcoin last week. Total holdings now stand at 641,205 BTC.

Japanese banking giants receive stablecoin pilot approval

• The financial services regulator authorized a proof-of-concept trial involving MUFG Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank to jointly issue a stablecoin.
• The pilot program will verify whether “regulatory and practical compliance” can be executed “legally and appropriately” when multiple banking institutions collaborate on stablecoin issuance.

Kazakhstan establishes national crypto reserve

• Kazakhstan is creating a cryptocurrency reserve fund valued between $500 million and $1 billion, expected to launch by early 2026.
• The fund will receive initial capitalization through seized or repatriated assets along with proceeds from state-backed mining operations according to Bloomberg reporting.

Tether purchases Bitcoin during market downturn

• The world’s largest stablecoin issuer acquired Bitcoin during recent price declines.
• Arkham analytics data shows the wallet deposited, purchased, and withdrew 961 BTC worth $97.18 million from crypto exchange Bitfinex.

Samourai Wallet developer receives prison sentence

• Keonne Rodriguez was sentenced Thursday to five years imprisonment after pleading guilty to conspiracy to operate an unlicensed money transmitter.
• The sentence includes a $250,000 fine according to courtroom reporter Matthew Russell Lee, with Rodriguez required to surrender December 19.

Irish regulators fine Coinbase €21.5 million

• The Central Bank of Ireland imposed a €21,464,734 ($24.7 million) penalty on Coinbase Europe Limited for breaching anti-money laundering and counter-terrorist financing transaction monitoring obligations.
• The violations occurred between April 2021 and March 2025.

International operation dismantles crypto laundering network

• Law enforcement in Cyprus, Spain, and Germany arrested nine individuals connected to a cryptocurrency money laundering network that defrauded victims of $689 million (€600 million).
• Eurojust coordinated the October 27 and 29 arrests, with French and Belgian authorities also participating in the operation.

Ripple secures $500 million at $40 billion valuation

• Ripple announced Wednesday a strategic investment from funds managed by affiliates of Citadel Securities, Fortress Investment Group, and Brevan Howard.
• The funding round establishes a $40 billion valuation for Ripple.

Gemini explores prediction market entry

• The Winklevoss twins’ cryptocurrency exchange is planning to launch prediction market contracts according to report citing anonymous sources.
• The platform discussed introducing these products as quickly as possible.

Animoca Brands pursues Nasdaq listing

• The Hong Kong-based blockchain developer and investor plans to list on Nasdaq through reverse merger with Singapore fintech company Currenc.

Bankman-Fried appeal hearing proceeds

• The jailed former FTX CEO’s case returned to court as he seeks a new trial following his conviction two years ago on multiple fraud charges.
• Bankman-Fried filed an appeal in September 2024 criticizing Judge Lewis Kaplan’s case handling and arguing he should have been permitted to introduce certain evidence.
• The U.S. Court of Appeals for the Second Circuit heard arguments Tuesday morning to decide next steps in the high-profile appeal.

Balancer suffers major security breach

• The automated market maker experienced an exploit early Monday resulting in estimated $128 million worth of digital assets stolen across multiple blockchains.
• Security firms Cyvers and PeckShield both estimated total losses at approximately $128 million, while Nansen calculated the figure closer to $100 million.