cointelegraph.com

Bitcoin treasury pivot lifts luxury watchmaker stock more than 60%

Luxury watchmaker Top Win has rebranded to AsiaStrategy and is adopting a Bitcoin accumulation strategy.

In a May 16 announcement, AsiaStrategy said it is partnering with Sora Ventures to adopt a Bitcoin (BTC) treasury strategy. Sora previously partnered with Metaplanet in 2024 to create Japan’s first corporate Bitcoin treasury.

The stock market took immediate notice of the announcement. Top Win stock closed the trading day at $7.50 on May 15, but traded at $12.12 in premarket at the time of writing — a jump of over 60%.

Bitcoin treasury pivot lifts luxury watchmaker stock more than 60%Top Win share price. Source: Google Finance

AsiaStrategy’s luxury watchmaking business will continue alongside its Bitcoin accumulation strategy, rather than a full pivot.

Related: Jim Chanos takes opposing bets on Bitcoin and Strategy

The announcement comes just a day after a Bahrain-based, listed catering company with a $24.2 million market cap has adopted a Bitcoin treasury strategy in partnership with investment firm 10X Capital. Both companies are seemingly set to follow a path similar to the top corporate BTC holder Strategy (previously known as MicroStrategy).

Sora Ventures joins company board

Jason Fang, the founder and managing partner of Sora Ventures, will join AsiaStrategy as a member of its board. He will serve as co-CEO at the firm alongside Tony Ngai (Kwan Ngai), who served as the CEO and director at Top Win until now.

Fang started his career at Fenbushi Capital in 2016 and later founded Sora Ventures in 2018. Under his leadership, Sora Ventures invested in decentralized finance (DeFi), game finance (GameFi), social finance (SocialFi) and non-fungible tokens (NFTs). More recently, the company shifted its focus to decentralized science (DeSci) and the Bitcoin ecosystem.

Related: Strategy will beat all public equities with Bitcoin, analyst says

Watchmaker joins Bitcoin treasury trend

When US-based business intelligence firm Strategy pivoted to accumulating Bitcoin back in 2020, it was the beginning of a trend that would slowly pick up the pace. BitcoinTreasuries.NET data shows that the company now holds 568,840 worth nearly $59 billion, over 2.7% of all Bitcoin that will ever be mined.

Metaplanet chose to adopt the same strategy last year, and BitcoinTreasuries.NET reports that they now hold 6,796 BTC worth over $704 million. Last week, the company announced that it is raising more funds through another $21.25 million bond issue to expand its Bitcoin treasury.

Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review

Read more at cointelegraph.com

Bitcoin treasury pivot lifts luxury watchmaker’s stock more than 60%

Shares of luxury watchmaker Top Win surged more than 60% in premarket trading after the company said it would adopt a Bitcoin accumulation strategy and had changed its name to AsiaStrategy.

In a May 16 announcement, AsiaStrategy said it is partnering with Sora Ventures to adopt a Bitcoin (BTC) treasury strategy. Sora previously partnered with Metaplanet in 2024 to create Japan’s first corporate Bitcoin treasury.

The stock market took immediate notice of the announcement. Top Win stock closed the trading day at $7.50 on May 15, but traded at $12.12 in premarket at the time of writing — a jump of over 60%.

Bitcoin treasury pivot lifts luxury watchmaker’s stock more than 60%Top Win share price. Source: Google Finance

AsiaStrategy’s luxury watchmaking business will continue alongside its Bitcoin accumulation strategy, rather than a full pivot.

Related: Jim Chanos takes opposing bets on Bitcoin and Strategy

The announcement comes a day after a Bahrain-based, listed catering company with a $24.2 million market cap adopted a Bitcoin treasury strategy in partnership with investment firm 10X Capital. Both companies are seemingly set to follow a path similar to the top corporate BTC holder Strategy (previously known as MicroStrategy).

Sora Ventures joins company board

Jason Fang, the founder and managing partner of Sora Ventures, will join AsiaStrategy as a member of its board. He will serve as co-CEO at the firm alongside Tony Ngai (Kwan Ngai), who served as the CEO and director at Top Win until now.

Fang started his career at Fenbushi Capital in 2016 and later founded Sora Ventures in 2018. Under his leadership, Sora Ventures invested in decentralized finance (DeFi), game finance (GameFi), social finance (SocialFi) and non-fungible tokens (NFTs). More recently, the company shifted its focus to decentralized science (DeSci) and the Bitcoin ecosystem.

Related: Strategy will beat all public equities with Bitcoin, analyst says

Watchmaker joins Bitcoin treasury trend

When US-based business intelligence company Strategy pivoted to accumulating Bitcoin in 2020, it was the beginning of a trend that would slowly pick up pace. BitcoinTreasuries.NET data shows that the company now holds 568,840 BTC worth nearly $59 billion, over 2.7% of all Bitcoin that will ever be mined.

Metaplanet chose to adopt the same strategy last year, and BitcoinTreasuries.NET reports that they now hold 6,796 BTC worth over $704 million. Last week, the company announced that it is raising more funds through another $21.25 million bond issue to expand its Bitcoin treasury.

Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review

Read more at cointelegraph.com

The emergence of Sonic and what it means for DeFi: Report

Transactions, Fees, Cointelegraph Research ReportsWhy did Fantom reinvent itself as Sonic?

Fantom was one of the pioneers of the directed acyclic graph (DAG) design for distributed ledgers. It featured fast finality and transaction fees of a fraction of a cent. However, Fantom relied on the Ethereum-derived account storage model and the EVM, which led to bloated storage and slow execution times.

To address these bottlenecks and implement numerous other updates, the team behind Fantom rolled out Sonic, a fully independent new blockchain network. A new report by HTX  explores Sonic’s technological background, its new tokenomics model and the innovations it brings to DeFi.  

Download a full version of the report for free here

Sonic’s technical architecture

Sonic runs on the proprietary SonicVM execution engine, which dynamically translates EVM bytecode into a faster internal format for speedier execution. It also optimizes heavy computations to prevent repeated work and pre-analyzes contract code to cache valid jump destinations. The SonicVM is fully compatible with the EVM, meaning that Fantom smart contracts can run seamlessly on the new blockchain.

To address the issue of hefty onchain data storage and slow node synchronization, Sonic uses a new database design called SonicDB. SonicDB separates the blockchain state into two databases. It uses the LiveDB for fast access to the current state and execution, and the ArchiveDB for storing full historical data. This separation allows consensus nodes to cut data storage requirements by up to 90% and thus significantly reduces hardware requirements and synchronization time.

The emergence of Sonic and what it means for DeFi: Report

For a more comprehensive explanation of the technical aspects of Sonic, download the full report for free here. 

Introducing the S token

The Sonic mainnet is powered by a new native token, S. Holders of FTM can convert their tokens to S at a 1:1 ratio using the official portal. S remains non-inflationary over the first six months following the mainnet launch in December 2024. Then, 6% of the initial supply will be minted to reward the early users of the blockchain. The full report offers in-depth coverage of several capital-efficient airdrop farming strategies with different risk profiles. 

Sonic rewards developers as well via its Gas Fee Monetization (FeeM) mechanism. Up to 90% of the transaction fees across participating applications are forwarded to developers, while the rest is routed to validators.

The emergence of Sonic and what it means for DeFi: ReportBecoming a new hub for DeFi

Andre Cronje, one of the founders of Fantom and the mastermind behind the Yearn.finance protocol is spearheading DeFi innovation on Sonic. Cronje unveiled Flying Tulip, a new DeFi platform that combines trading, liquidity pools and lending functionalities. The report discusses some innovations Flying Tulip brings to the Sonic blockchain.

Flying Tulip is based on the same concept as Curve v2’s dynamic bonding curve. An AMM with a dynamic bonding curve adjusts its curvature based on how close the pool price is to an external price observed by an oracle. It also automatically concentrates the liquidity around the current price, simplifying liquidity management and enhancing capital efficiency. Flying Tulip introduces even faster equilibrium curve updates and narrower ranges alongside other improvements with a novel dynamic loan-to-value model. To learn more about Flying Tulip and its benefits, check out the full Sonic report by HTX: 

Download a full version of the report for free here

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

Read more at cointelegraph.com

Fake Eric Trump-themed token is ‘rug in the making,’ says Bubblemaps

A fake Eric Trump-themed memecoin launched on Solana’s memecoin launchpad Pump.fun, rose more than 6,200% in the past 24 hours, raising red flags among blockchain analysts who warned of a potential rug pull.

A newly-created Eric Trump (ERICTRUMP) memecoin with the token address “jv7d” surpassed $140 million in market capitalization within a day since its launch on May 16, CoinMarketCap data shows.

Fake Eric Trump-themed token is ‘rug in the making,’ says BubblemapsERICTRUMP/USD, all-time chart. Source: CoinMarketCap 

The memecoin’s distribution raises significant red flags that point to a rug pull “in the making,” warned blockchain data platform Bubblemaps in a May 16 X post.

Cryptocurrencies, Bitcoin Price, Investments, United States, Cryptocurrency Exchange, Trumpcoin, Price Analysis, MemecoinSource: Bubblemaps

A rug pull typically refers to the sudden removal of liquidity or mass sell-off by token insiders, often resulting in a steep price collapse that leaves retail holders with worthless tokens.

Looking at Bubblemaps’ token clusters for the 250 largest holders, the majority of these tokens are held across 10 token clusters, founded by 10 main crypto addresses.

Related: Coinbase faces $400M bill after insider phishing attack

The token’s ownership pattern is reminiscent of recent memecoin collapses, including the Wolf of Wall Street-inspired WOLF token, created by Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token.

Fake Eric Trump-themed token is ‘rug in the making,’ says BubblemapsSource: Bubblemaps

Over 82% of the WOLF token’s supply was held by the same entity, which led to a 99% price crash after the token peaked at a $42 million market capitalization.

Related: Ukraine strategic Bitcoin reserve bill reportedly in final stages

Eric Trump token deployer created four scam tokens

The deployer behind the fake Eric Trump token also created three other Eric Trump tokens that failed on Pump.fun,” a Bubblemaps investigator told Cointelegraph.

Fake Eric Trump-themed token is ‘rug in the making,’ says BubblemapsFake Eric Trump tokens created by the same deployer: Source: Solscan, Bubblemaps

Blockchain data shared by the firm shows that these tokens were all created around the same time by the Solana blockchain address “BjTm.”

Industry watchers have been increasingly vigilant about rug pulls since the meltdown of the Libra (LIBRA) token, endorsed by Argentine President Javier Milei, which saw eight insider wallets cash out $107 million in liquidity, leading to a $4 billion market cap wipeout within hours.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Read more at cointelegraph.com

Warren Buffett exits crypto-friendly Nubank holdings, netting $250M profit

Key takeaways:

Warren Buffett’s Berkshire Hathaway earned $250 million from its complete exit from crypto-friendly Nubank.

The decision to divest didn’t appear to be performance-based; Nu Holdings posted record profits in 2024 and Q1 2025.

Buffett’s exit aligns with Berkshire’s broader financial sector pullback and growing cash reserve strategy.

Warren Buffett, the legendary investor long known for his skepticism toward cryptocurrencies, has fully exited his position in one of Latin America’s most crypto-friendly banks, Nubank, before his departure from Berkshire Hathaway.

Berkshire earns $250 million from crypto investments

A May 15 filing with the US Securities and Exchange Commission (SEC) confirmed that Berkshire has liquidated its positions in Nubank’s parent firm, Nu Holdings, ending its stake in the digital bank.

Berkshire began divesting its 40.2 million Nubank shares in 2024, selling about 20.7 million in the third quarter at an average price of $13.46 per share, according to data resource Stock Circle.

Warren Buffett exits crypto-friendly Nubank holdings, netting $250M profitBerkshire Hathaway’s Nu Holdings stake vs. NU price. Source: Stock Circle

In the fourth quarter, it sold an additional 46.3 million shares at an average price of $13.22. The final tranche of 40.2 million shares was sold in the first quarter of 2025 at an average price of $11.83.

These transactions culminated in a total gain of about $250 million from the initial investment.

NU doing well without Buffett

Buffett’s divestment from Nu Holdings further follows the latter’s impressive earnings in recent quarters.

In Q1 2025, the firm reported a net income of $557.2 million, marking a 47% increase compared to the same quarter in the previous year. Adjusted net income reached $606.5 million, reflecting a 37% year-over-year growth.

In 2024, Nu Holdings achieved an annual net income of $1.97 billion, representing a 91% increase from 2023, indicating that Berkshire’s decision to liquidate NU shares entirely was not about its performance.

Warren Buffett exits crypto-friendly Nubank holdings, netting $250M profitNU weekly performance chart. Source: TradingView

Buffett’s exit aligns with Berkshire’s broader retreat from the financial sector. In Q1 2025, it also sold off Citigroup and cut its Bank of America stake, unloading over $2.1 billion in shares.

These moves pushed Berkshire’s cash reserves to a record $347.8 billion, with $305.5 billion in short-term US Treasurys.

Nubank has been among the most active digital banks embracing crypto services in Brazil, offering trading in Bitcoin (BTC), Ether (ETH), XRP (XRP), and other top cryptocurrencies directly through its app.

Related: Berkshire-backed Nubank adds ADA, NEAR, ATOM to crypto offerings

In 2022, the neobank allocated 1% of its net assets to BTC, furthering Buffett’s indirect exposure to Bitcoin despite his criticism toward the cryptocurrency, which he once called a “rat poison squared.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read more at cointelegraph.com

AI vibe coding: what it is, why it’s risky, and how to stay safe

What is AI vibe coding?

AI vibe coding is a novel approach to software development that generates advanced, executable code based on well-crafted natural language user prompts. 

Yet another innovation fueled by artificial intelligence capabilities, AI vibe coding is proving to be a game-changer, especially for non-technical enthusiasts who can now experiment with software development and contribute to the ever-expanding technology ecosystem.

At a fundamental level, AI vibe coding uses advanced machine learning algorithms to interpret natural language instructions and generate corresponding code in the desired software language. 

Andrej Karpathy (Slovak-Canadian computer)

Users can input their requirements in plain language, such as “create a crypto website with a blog section and user login functionality,” and AI tools will generate the appropriate body of code needed to realize the project. This contrasts with traditional software development practices, which require the user to be skilled in programming languages and incorporate formal reviews along the journey. 

Vibe Coding: Shaping the Future of Software

Notably, Charlie Shrem, an early Bitcoin pioneer, is bringing back the Bitcoin faucet — a site where people earn small amounts of Bitcoin by solving CAPTCHAs. His new site, 21million.com, is inspired by a 2010 version that helped spread Bitcoin in its early days. 

Charlie Shrem on vibe coding Bitcoin faucet

Right now, the site isn’t fully working and has no Bitcoin (BTC) to claim, but Shrem says it’s meant to help new users get started, with no hidden catch. He’s building it using AI tools, calling it “vibe coding.” Shrem, who once ran a major Bitcoin exchange, hopes this project will spark fresh interest in Bitcoin.

While AI vibe coding can lead to faster software development results, there is a risk that the output generated from a vibe coding approach may not be adequately reviewed and signed off, which is where traditional coding practices continue to offer safeguards.

Did you know? The term “vibe coding” was popularized by OpenAI co-founder Andrej Karpathy, who described it as a way to “fully give in to the vibes,” effectively embracing AI-generated code without manually tweaking it.

Key features of AI vibe coding

Unlike traditional coding, AI vibe coding requires no formal software development qualifications for users to get started. All you need to vibe code is an idea, with the ability to write it clearly using natural language prompts.

Fundamentally, AI vibe coding is characterized by the following features:

Natural language processing (NLP): AI vibe coding relies heavily on NLP to understand and process user instructions. Machine learning: As with all practical applications of AI, machine learning models trained on vast amounts of coding data are used to generate executable code based on user prompts.Real-time feedback: Users can receive and provide immediate feedback on the output, allowing for efficient code iteration and refinement.Accessibility: Vibe coding democratizes software development, enabling individuals without formal coding training to create functional applications. It lowers or eliminates the entry barriers into programming, empowering more users to participate in technology design and foster innovation from diverse perspectives.

Why is AI vibe coding considered risky?

Despite its obvious benefits, AI vibe coding carries many risks that users must be aware of and mitigate as required. These risks range from security concerns to ethical and legal implications. 

Understanding the risks associated with AI vibe coding can help users alleviate potential issues and legal implications. Here’s a post by Matt Palmer outlining common safeguards to be considered for AI vibe coding. 

A checklist for secure vibe coded apps

Some of the common risks associated with AI vibe coding are:

Security concerns: AI-generated code might be susceptible to vulnerabilities if the underlying algorithms fail to account for security best practices. After all, AI learns from somewhere else! Therefore, inexperienced users might inadvertently create applications prone to cyberattacks, exposing sensitive data and risking user trust. This is particularly concerning when building applications that handle personal or financial information, as even a minor security flaw can have significant repercussions.Code quality: While AI tools can generate functional code, the quality and reliability of this code may vary, and will certainly not cater to all nuances commonly found in a real-world scenario. Similarly, AI’s understanding of user requirements might not always align perfectly with the intended functionality, leading to bugs and inefficiencies. Furthermore, the AI might not always follow the best coding practices, resulting in code that is difficult to maintain and scale. This can be especially problematic in large-scale projects where code quality is paramount.Ethical concerns: AI vibe coding can raise ethical and legal questions, especially concerning intellectual property. There might be ambiguity in ownership and copyright of AI-generated code, posing challenges for developers and users. Additionally, using AI in coding can lead to ethical concerns about job displacement and the devaluation of human expertise. It’s crucial for developers and organizations to navigate these issues thoughtfully and responsibly, especially when relying on vibe coding practices for large-scale project development.Over-reliance on AI: As AI vibe coding becomes more prevalent, there is a risk of developers becoming overly reliant on AI tools, potentially diminishing their traditional coding skills and understanding. This reliance on AI can lead to a lack of deep technical knowledge, making it difficult for developers to troubleshoot issues or innovate independently. Continuous learning and skill enhancement are essential to maintain a balanced approach to software development.Explainability: While AI vibe coders may eventually even get the job done with vibe coding, they may not always have the skills required to review, debug, or refactor their code due to the lack of traditional software development skillsets, impacting the explainability and ultimately, reliability of code.

Did you know? A major risk of AI vibe coding is the emergence of “slopsquatting,” a new type of supply chain attack where AI-generated code suggests non-existent package names, which attackers can exploit by creating malicious versions — talk about innovating to wreak havoc!

How to vibe code safely

To mitigate the risks associated with AI vibe coding, users should adopt certain best practices. These practices can help ensure the AI-generated code is secure, reliable and ethically sound.

Best practices to vibe code safely include:

Learning best practices: Even though AI vibe coding simplifies the development process, users should still familiarize themselves with basic coding principles. This knowledge will help in understanding the AI-generated code and making necessary adjustments. It also enables users to identify potential issues and apply best practices, ensuring the code is robust and maintainable.Implementing security measures: It is crucial to ensure that the AI-generated code adheres to security best practices. As seen in a popular example on X, where a non-technical founder publicly shared his journey to building a web-based application exclusively with vibe coding, a lack of security considerations resulted in cyber threat actors attacking the application, resulting in it being taken down.

Users should incorporate security checks and validations to safeguard their applications against potential threats. Regularly updating and patching the code, conducting security audits and following industry standards can help mitigate security risks.

Regular audits and reviews: Conducting regular code reviews can help identify vulnerabilities and improve the overall quality of AI-generated code. Collaborating with experienced developers for feedback and insights is highly beneficial. Peer reviews and collaborative coding sessions can provide valuable perspectives and enhance code quality.Understanding ethical and legal implications: Users should know the ethical and legal ramifications of using AI-generated code. Consulting with legal experts on intellectual property and copyright issues can prevent future complications. Additionally, being informed of ethical guidelines and industry standards can help developers navigate the evolving landscape of AI in coding.

How can blockchain support AI vibe coding?

Blockchain technology has the potential to enhance security, transparency and collaboration in AI vibe coding, complementing existing platforms like GitHub. 

Here’s how it can help:

Securing AI-generated code: Blockchain’s decentralized and tamper-resistant design can help verify the integrity of AI-generated code. By recording hashes or proofs of code versions onchain (alongside repositories like GitHub), developers can detect unauthorized changes and maintain a secure, auditable history.Maintaining transparency: While platforms like GitHub track code changes, blockchain can provide an additional transparent, immutable log of modifications and interactions. This makes it easier to trace code evolution and verify its origins, improving accountability in collaborative AI projects.Enhancing collaboration: Blockchain-based systems can offer secure, trustless environments for developers to exchange code, feedback and ideas, complementing centralized platforms like GitHub. Though still emerging, these decentralized approaches have the potential to further strengthen collaboration in AI development.

Read more at cointelegraph.com

China-linked consumer brand DayDayCook plans to acquire 5,000 Bitcoin

Mainland China, one of the world’s most restrictive countries toward cryptocurrency, may be inching closer to adoption as a locally operating brand announced a Bitcoin reserve strategy.

DDC Enterprise, also known as DayDayCook, a US consumer brand with Hong Kong roots and operations in mainland China, is adopting a Bitcoin (BTC) reserve strategy, CEO Norma Chu announced in a shareholder letter on May 15.

As part of the strategy, DDC has acquired 100 BTC for about $10.4 million and plans to accumulate 5,000 BTC in the next 36 months, with 500 BTC targeted by the end of 2025.

Chu’s Bitcoin reserve announcement came after the firm posted a 33% revenue increase in 2024, with total revenue amounting to 273.3 million Chinese yuan ($37.4 million), according to its Form 20-F filing with the US Securities and Exchange Commission (SEC) on May 15.

DDC’s Bitcoin plans missing in SEC records

Despite the public announcement, DDC’s latest SEC filings do not explicitly mention the company’s Bitcoin holdings or a Bitcoin reserve strategy.

“We are embarking on a pioneering initiative to position DDC at the forefront of digital asset innovation with laser-focused execution on Bitcoin accumulation,” the DDC CEO said in the shareholder letter.

Chu previously announced DDC’s intentions to adopt a Bitcoin reserve strategy in another letter on March 18.

China-linked consumer brand DayDayCook plans to acquire 5,000 BitcoinSource: Norma Chu

Although DDC’s annual report does not mention Bitcoin reserve plans, the SEC filing provides hints of the company’s intended adoption of BTC as a new asset class.

“The company [DDC] is evaluating strategies to obtain the required additional funding for future operations,” the report said, adding:

“The Company plans to diversify revenue streams and implement cost-saving measures to grow revenues and decrease expenses. However, the company may be unable to access further equity or debt financing when needed.”

Additionally, the filing refers to crypto disclosure guidelines set by the accounting standards update by the Financial Accounting Standards Board (FASB) issued in late 2023.

China-linked consumer brand DayDayCook plans to acquire 5,000 BitcoinAn excerpt from the DDC’s F-20 annual report. Source: SEC

“In December 2023, the FASB issued ASU 2023-08, “Intangibles, Goodwill and Other-Crypto Assets (Subtopic 350-60). Accounting for and Disclosure of Crypto Assets,” the filing notes, adding that firms are allowed to start using the new rules early if their financial reports haven’t been published yet.

China’s evolving stance on crypto

DDC’s filing says that the firm partly operates in mainland China and Hong Kong, which puts its financial conditions and growth under the influence of local political, economic and social developments.

As of May 2025, mainland China has maintained a restrictive agenda toward cryptocurrency trading and mining since 2021, when local regulators announced a major ban on crypto transactions.

Related: US-China trade deal could shed light on Bitcoin’s use case: Trader

However, many online reports have speculated that China may lift its crypto ban amid growing adoption in Hong Kong, as well as the ongoing global shift to crypto fueled by the crypto-friendly approach of the US administration under President Donald Trump.

China-linked consumer brand DayDayCook plans to acquire 5,000 BitcoinBitcoin mining map by countries as of January 2022. Source: CBECI

Still, some analysts have questioned mainland China’s plans to “unban Bitcoin” despite the fact that it has somehow remained a major global player in Bitcoin mining even after the ban was enacted.

Cointelegraph approached DDC for comment regarding its Bitcoin reserve plans but had not received a response by the time of publication.

Magazine: How Chinese traders and miners get around China’s crypto ban

Read more at cointelegraph.com

China-linked consumer brand DayDayCook plans to acquire 5,000 Bitcoin

Mainland China, one of the world’s most restrictive countries to cryptocurrency, may be inching closer to crypto adoption as a locally-operating brand has announced a Bitcoin reserve strategy.

DDC Enterprise, also known as DayDayCook, a US consumer brand with Hong Kong roots and operations in mainland China, is adopting a Bitcoin (BTC) reserve strategy, its CEO Norma Chu announced in a shareholder letter on May 15.

As part of the strategy, DDC has immediately acquired 100 BTC for roughly $10.4 million and plans to accumulate 5,000 BTC in the next 36 months, with 500 BTC targeted by the end of 2025.

Chu’s Bitcoin reserve announcement came after the firm posted a 33% revenue increase in 2024, with total revenue amounting to 273.3 million Chinese yuan ($37.4 million), according to its Form 20-F filing with the US Securities and Exchange Commission (SEC) on May 15.

DDC’s Bitcoin plans missing in SEC records

Despite the public announcement, DDC’s latest SEC filings do not explicitly mention the company’s Bitcoin holdings or a Bitcoin reserve strategy.

“We are embarking on a pioneering initiative to position DDC at the forefront of digital asset innovation with laser-focused execution on Bitcoin accumulation,” the DDC CEO said in the shareholder letter.

Chu previously announced DDC’s intentions to adopt a Bitcoin reserve strategy in another letter on March 18.

China-linked consumer brand DayDayCook plans to acquire 5,000 BitcoinSource: Norma Chu

Although DDC’s annual report does not mention Bitcoin reserve plans, the SEC filing does provide a few hints to the company’s intended adoption of BTC as a new asset class.

“The company [DDC] is evaluating strategies to obtain the required additional funding for future operations,” the report reads, adding:

“The Company plans to diversify revenue streams and implement cost-saving measures to grow revenues and decrease expenses. However, the company may be unable to access further equity or debt financing when needed.”

Additionally, the filing refers to crypto disclosure guidelines set by the accounting standards update by the Financial Accounting Standards Board (FASB) issued in late 2023.

China-linked consumer brand DayDayCook plans to acquire 5,000 BitcoinAn excerpt from the DDC’s F-20 annual report. Source: SEC

“In December 2023, the FASB issued ASU 2023-08, “Intangibles, Goodwill and Other-Crypto Assets (Subtopic 350-60). Accounting for and Disclosure of Crypto Assets,” the filing notes, adding that firms are allowed to start using the new rules early if their financial reports haven’t been published yet.

China’s evolving stance on crypto

DDC’s filing says that the firm partly operates in mainland China and Hong Kong, which puts its financial conditions and growth under the influence of local political, economic and social developments.

As of May 2025, mainland China has maintained a restrictive agenda on cryptocurrency trading and mining since local regulators announced a major ban on crypto transactions in 2021.

Related: US-China trade deal could shed light on Bitcoin’s use case: Trader

However, many online reports speculated that China may lift its crypto ban amid growing adoption in Hong Kong, as well as the ongoing global shift to crypto fueled by the crypto-friendly approach by the US administration under President Donald Trump.

China-linked consumer brand DayDayCook plans to acquire 5,000 BitcoinBitcoin mining map by countries as of January 2022. Source: CBECI

On the other hand, some analysts have questioned mainland China’s plans to “unban Bitcoin” despite the fact that it has somehow remained a major global player in Bitcoin mining after the ban was enacted.

Cointelegraph approached DDC for comment regarding its Bitcoin reserve plans but did not receive a response by the time of publication.

Magazine: How Chinese traders and miners get around China’s crypto ban

Read more at cointelegraph.com

90% of institutions ‘taking action’ on stablecoins: Fireblocks survey

Update May 16, 11:24 am UTC: This article has been updated to add comments from Ran Goldi, senior vice president of payments and network at Fireblocks.

A report from enterprise-grade digital assets platform Fireblocks shows that 90% of institutional players are using or exploring the use of stablecoins in their operations.

The report, published May 15, surveyed 295 executives across traditional banks, financial institutions, fintech companies and payment gateways. Almost half of the respondents (49%) said they already use stablecoins in payments, while 23% are conducting pilot tests and another 18% are in the planning stage.

Only 10% of institutions surveyed said they were undecided about stablecoin adoption.

“The stablecoin race has become a matter of avoiding obsolescence as customer demand accelerates and use cases mature,” Fireblocks wrote.

90% of institutions ‘taking action’ on stablecoins: Fireblocks surveyCurrent stablecoin adoption among institutional respondents. Source: FireblocksTraditional banks prioritize cross-border payments for stablecoin use

As traditional cross-border systems are hampered by higher costs, delays and other inefficiencies, stablecoins have emerged as a strategic solution in emerging markets’ business-to-business (B2B) settings. 

The report found that financial institutions, particularly traditional banks, cited cross-border payments as a top priority for using stablecoins. Banks use stablecoins for a competitive advantage, to reduce friction and meet customer expectations. 

The report found that 58% of traditional banks use stablecoins for cross-border payments, while 28% use the assets to accept payments. Twelve percent of banks use stablecoins to optimize their liquidity, while 9% use them in merchant settlements. Another 9% use them in B2B invoicing. 

Fireblocks said banks see stablecoins as a “path to modernization.” It said that since the assets are fiat-pegged, it’s easier to integrate them into existing treasury workflows. In addition, stablecoins offer a lever to reclaim market share from financial technology companies and reduce capital lock-up.

90% of institutions ‘taking action’ on stablecoins: Fireblocks surveyStablecoin use case for traditional banks. Source: Fireblocks

Related: Stablecoin bill passes in Northern Marianas as House overrides veto

Speed is cited as the top benefit for stablecoin use

The survey results showed that banks use stablecoins to regain cross-border volume while maintaining existing infrastructure. Financial technology firms and payment gateways use digital assets to gain margin and revenue. 

90% of institutions ‘taking action’ on stablecoins: Fireblocks surveyTop cited benefits of stablecoin use. Source: Fireblocks

Among the benefits cited by survey respondents, faster settlement was most prevalent, mentioned by 48% of participants.

Other benefits included greater transparency, better liquidity management, integrated payment flows, enhanced security and lower transaction costs.

Stablecoin adoption has evolved beyond a focus on cost savings and is now viewed as a strategic growth driver, according to Ran Goldi, senior vice president of payments and network at Fireblocks.

“Our research shows that 90% of firms are moving forward with stablecoin implementations because they see it as a key lever for growth,” Goldi told Cointelegraph. 

The executive noted that the top motivators include expanding into new markets, responding to direct customer demand, and unlocking new revenue opportunities. “Stablecoins have become an enabler of business innovation, not just an efficiency play,” he added.

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

Read more at cointelegraph.com

90% of institutions ‘taking action’ on stablecoins: Fireblocks survey

A new report from enterprise-grade digital assets platform Fireblocks shows that 90% of institutional players are either using or exploring the use of stablecoins in their operations.

The report, published May 15, surveyed 295 executives across traditional banks, financial institutions, fintech companies and payment gateways. Nearly half of respondents (49%) said they already use stablecoins in payments, while 23% are conducting pilot tests, and another 18% are in the planning phase.’

Only 10% of institutions surveyed said they are undecided about stablecoin adoption.

“The stablecoin race has become a matter of avoiding obsolescence as customer demand accelerates and use cases mature,” Fireblocks wrote in the report. 

90% of institutions ‘taking action’ on stablecoins: Fireblocks surveyCurrent stablecoin adoption among institutional respondents. Source: FireblocksTraditional banks prioritize cross-border payments for stablecoin use

As traditional cross-border systems are hampered by higher costs, delays and other inefficiencies, stablecoins have emerged as a strategic solution in emerging markets’ business-to-business (B2B) settings. 

The report found that financial institutions, particularly traditional banks, cited cross-border payments as their top priority when using stablecoins. Banks use stablecoins to regain a competitive advantage, reduce friction and meet customer expectations. 

The report found that 58% of traditional banks use stablecoins for cross-border payments, while 28% use the assets to accept payments. Twelve percent of banks use stablecoins to optimize their liquidity, while 9% use them in merchant settlement. Another 9% use them in B2B invoicing. 

Fireblocks said banks see stablecoins as a “path to modernization.” It said that since the assets are fiat-pegged, it’s easier to integrate them into existing treasury workflows. In addition, stablecoins also offer a lever to reclaim market share from financial technology companies and reduce capital lock-up.

90% of institutions ‘taking action’ on stablecoins: Fireblocks surveyStablecoin use case for traditional banks. Source: Fireblocks

Related: Stablecoin bill passes in Northern Marianas as House overrides veto

Speed is cited as the top benefit for stablecoin use

The survey results showed that banks use stablecoins to regain cross-border volume while maintaining existing infrastructure. Meanwhile, financial technology firms and payment gateways use digital assets to gain margin and revenue. 

90% of institutions ‘taking action’ on stablecoins: Fireblocks surveyTop cited benefits of stablecoin use. Source: Fireblocks

Among the benefits cited by survey respondents, faster settlement came in at the top, with 48% of participants citing it as a benefit for stablecoin use. Meanwhile, the least cited benefit was lower transaction costs. 

Other benefits included greater transparency, better liquidity management, integrated payment flows and enhanced security. 

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