Thailand’s Ministry of Finance reportedly plans to issue $150 million worth of digital investment tokens, allowing retail investors to buy government bonds.

The Bangkok Post reported on May 13 that Finance Minister Pichai Chunhavajira announced the initiative at a briefing after the cabinet endorsed the plan. He added that the tokens will be launched within the next two months.

The so-called “G-tokens” will be used to raise funds from the public under the current budget borrowing plan, said Patchara Anuntasilpa, director-general of the Public Debt Management Office. He added that these were not debt instruments.

“One big selling point of the token is that it allows more retail investors to become part of the digital economy,” he said, adding that for as little as $3, “they can invest in government bonds.” 

Until recently, retail investors have been limited or excluded from large investment product offerings in Thailand, which are predominantly aimed at institutional and wealthy investors.

Finance Minister Pichai said the initial token mint is designed to “test the market” and investors will earn higher returns than bank deposits, but did not specify yields.

Commercial banks in Thailand offer very low interest rates to savers, currently just 1.25% for a 12-month fixed deposit, which is much lower than rates set by its central bank, which has kept rates elevated until recently despite increasing economic woes. 

Related: Tether Gold enters Thailand with listing on Maxbit exchange

The report noted that the asset was not a cryptocurrency. It would be tradable on licensed digital asset exchanges, which are not accessible to non-Thai citizens residing in the country.

Government bonds are debt securities issued by the state to fund public spending. When investors buy them, they are essentially lending money to the government for a specified period in exchange for regular interest payments and the return of their principal at maturity.

In February, Thailand’s securities regulator revealed plans to launch a tokenized securities trading system for institutional investors. 

Global bond value onchain doubles in 2025

The value of tokenized bonds globally has surged recently and is currently $225 million, according to real-world asset tokenization analytics platform RWA.xyz. 

Global bond value onchain. Source: RWA.xyz

The onchain value has doubled since the beginning of this year, and could be much higher since the platform only tracks a limited number of issuers, primarily in Europe.

However, the value of tokenized US treasuries has grown to $6.9 billion, up 73% this year, according to the analytics platform.

Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets

Crypto and stock trading platform eToro has boosted the size of its initial public offering to $620 million by pricing its shares above its previously suggested range.

The platform and its backers sold over 11.92 million shares for $52 each, which are slated to start trading on the Nasdaq Global Select Market on May 14 under the ticker symbol ETOR, eToro said in a May 13 press release.

Initially, the firm aimed to raise $500 million by offering 10 million shares priced between $46 to $50 each.

The share offering will remain open until at least May 15 and consists of more than 5.9 million shares sold by eToro and 5.9 million shares sold by specific existing shareholders.

The Israel-based eToro will go public as a rival to Robinhood Markets Inc. (HOOD), which went public in July 2021 and whose shares are up over 67% year to date, according to Google Finance. 

Robinhood closed May 13 trading up over 67% at $62 per share, nearing its all-time high of $65, which it hit in February. Source: Google Finance

Initially, eToro made confidential filings with the SEC in January for a public offering before publicly announcing the plans on March 24.

Digital banking fintech firm Chime has also applied to list its stock on the Nasdaq Global Select Market under the ticker symbol CHY. However, the number of shares and price range are still to be determined.

Investment advisory firm Renaissance Capital speculated in a May 13 note to its clients that Chime’s IPO could raise up to $1 billion.

Crypto IPOs in the works

Other crypto companies are also mulling plans to go public. Crypto exchange Kraken is reportedly considering a public offering this year.

Stablecoin issuer Circle filed with the SEC on April 1, then paused its plans after President Donald Trump’s April 2 tariff announcements tanked global markets and stopped many in-the-works public offerings.

Crypto custody services firm BitGo launched a global over-the-counter trading desk for digital assets in February, after it was reported to be gearing up for an initial public offering slated for later this year.

Related: eToro US to cease nearly all crypto trading following SEC settlement

In December last year, crypto exchange-traded fund issuer Bitwise predicted that at least five crypto unicorns would go public in 2025: stablecoin issuer Circle, crypto exchanges Kraken and Figure, and crypto bank Anchorage Digital and blockchain analytics firm Chainalysis.

In 2021, Coinbase was the first major crypto firm to go public in the US, listing its shares on the Nasdaq. 

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

Crypto and stock trading platform eToro has boosted the size of its initial public offering to $620 million by pricing its shares above its previously suggested range.

The platform and its backers sold over 11.92 million shares for $52 each, which are slated to start trading on the Nasdaq Global Select Market on May 14 under the ticker symbol ETOR, eToro said in a May 13 press release.

Initially, the firm aimed to raise $500 million by offering 10 million shares priced between $46 to $50 each.

The share offering will remain open until at least May 15 and consists of more than 5.9 million shares sold by eToro and 5.9 million shares sold by specific existing shareholders.

The Israel-based eToro will go public as a rival to Robinhood Markets Inc. (HOOD), which went public in July 2021 and whose shares are up over 67% year to date, according to Google Finance. 

Robinhood closed May 13 trading up over 67% at $62 per share, nearing its all-time high of $65, which it hit in February. Source: Google Finance

Initially, eToro made confidential filings with the SEC in January for a public offering before publicly announcing the plans on March 24.

Digital banking fintech firm Chime has also applied to list its stock on the Nasdaq Global Select Market under the ticker symbol CHY. However, the number of shares and price range are still to be determined.

Investment advisory firm Renaissance Capital speculated in a May 13 note to its clients that Chime’s IPO could raise up to $1 billion.

Crypto IPOs in the works

Other crypto companies are also mulling plans to go public. Crypto exchange Kraken is reportedly considering a public offering this year.

Stablecoin issuer Circle filed with the SEC on April 1, then paused its plans after President Donald Trump’s April 2 tariff announcements tanked global markets and stopped many in-the-works public offerings.

Crypto custody services firm BitGo launched a global over-the-counter trading desk for digital assets in February, after it was reported to be gearing up for an initial public offering slated for later this year.

Related: eToro US to cease nearly all crypto trading following SEC settlement

In December last year, crypto exchange-traded fund issuer Bitwise predicted that at least five crypto unicorns would go public in 2025: stablecoin issuer Circle, crypto exchanges Kraken and Figure, and crypto bank Anchorage Digital and blockchain analytics firm Chainalysis.

In 2021, Coinbase was the first major crypto firm to go public in the US, listing its shares on the Nasdaq. 

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

Crypto and stock trading platform eToro has boosted the size of its initial public offering to $620 million by pricing its shares above its previously suggested range.

The platform and its backers sold over 11.92 million shares for $52 each, which are slated to start trading on the Nasdaq Global Select Market on May 14 under the ticker symbol ETOR, eToro said in a May 13 press release.

Initially, the firm aimed to raise $500 million by offering 10 million shares priced between $46 to $50 each.

The share offering will remain open until at least May 15 and consists of more than 5.9 million shares sold by eToro and 5.9 million shares sold by specific existing shareholders.

The Israel-based eToro will go public as a rival to Robinhood Markets Inc. (HOOD), which went public in July 2021 and whose shares are up over 67% year to date, according to Google Finance. 

Robinhood closed May 13 trading up over 67% at $62 per share, nearing its all-time high of $65, which it hit in February. Source: Google Finance

Initially, eToro made confidential filings with the SEC in January for a public offering before publicly announcing the plans on March 24.

Digital banking fintech firm Chime has also applied to list its stock on the Nasdaq Global Select Market under the ticker symbol CHY. However, the number of shares and price range are still to be determined.

Investment advisory firm Renaissance Capital speculated in a May 13 note to its clients that Chime’s IPO could raise up to $1 billion.

Crypto IPOs in the works

Other crypto companies are also mulling plans to go public. Crypto exchange Kraken is reportedly considering a public offering this year.

Stablecoin issuer Circle filed with the SEC on April 1, then paused its plans after President Donald Trump’s April 2 tariff announcements tanked global markets and stopped many in-the-works public offerings.

Crypto custody services firm BitGo launched a global over-the-counter trading desk for digital assets in February, after it was reported to be gearing up for an initial public offering slated for later this year.

Related: eToro US to cease nearly all crypto trading following SEC settlement

In December last year, crypto exchange-traded fund issuer Bitwise predicted that at least five crypto unicorns would go public in 2025: stablecoin issuer Circle, crypto exchanges Kraken and Figure, and crypto bank Anchorage Digital and blockchain analytics firm Chainalysis.

In 2021, Coinbase was the first major crypto firm to go public in the US, listing its shares on the Nasdaq. 

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

A Colorado-incorporated firm has been linked to a Chinese illicit marketplace that has served scammers in Southeast Asia and has been used to channel billions of dollars worth of crypto.

The marketplace, called Xinbi Guarantee, has received $8.4 billion, primarily in Tether (USDT) stablecoin transactions to date, blockchain security firm Elliptic reported on May 13. 

Merchants on the Chinese-language, Telegram-based marketplace sell technology, personal data, and money laundering services to Southeast Asian scammers who target victims using pig butchering scams. 

On its website, Xinbi describes itself as an “investment and capital guarantee group company” and claims to operate through Xinbi Co. Ltd, a Colorado-incorporated company incorporated in 2022. 

Screenshots showing Xinbi Co. Ltd’s incorporation in the US state of Colorado. Source: Elliptic 

“In January 2025, the corporation was updated to ‘Delinquent’ for failing to file a periodic report,” Elliptic reported.

Key services offered on the black marketplace are money laundering services, which are the largest category, as well as technology such as Starlink equipment for scammers, stolen personal data for targeting victims and fake IDs and other fraudulent documents.

Xinbi is the second-largest illicit online marketplace discovered so far, with transaction volume growing rapidly. Q4 2024 saw over $1 billion transacted, and evidence links the platform to North Korean hackers laundering stolen funds, the Elliptic researchers said. 

Related: Largest ‘illicit online marketplace’ has grown 51% in 6 months: Elliptic

Elliptic identified thousands of crypto addresses used by Xinbi Guarantee and the merchants on it, and stated that the $8.4 billion in transactions “should be considered as lower bounds of the true volume of transactions on the platform.”

The platform, which has 233,000 users, operates on a “guarantee model,” requiring vendor deposits to prevent fraud. 

Second to Huione Guarantee

In July 2024, Elliptic exposed a similar Telegram-based Chinese marketplace known as Huione Guarantee.

The firm found that the wider Huione Group of companies had facilitated over $98 billion in crypto transactions.

In early May, it was designated by the US Treasury as a money-laundering operation and was to be severed from the US banking system. 

Illicit marketplace crypto transaction volumes. Source: Elliptic

These platforms also provide a window into a “China-based underground banking system,” based around stablecoins and other digital payments, “which is being leveraged for money laundering on a significant scale,” Elliptic concluded. 

Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets

Disclaimer: This article contains a video that may be disturbing for some readers.

A brazen attempt to kidnap the daughter and grandson of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium, was foiled after the daughter and passersby reportedly fought off the kidnappers.

Three masked men attacked Noizat’s daughter and a male partner on May 13 while she was walking with her son in Paris’ 11th district. The assailants tried to force Noizat’s daughter and her son into a waiting van, the French state-owned media outlet France24 reported on May 13.

The accompanying male partner was assaulted when he tried to intervene, but Noizat’s daughter resisted and managed to take one of the guns off an assailant in a scuffle and throw it away, police said.

En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever. Un homme a surgi, extincteur à la main, pour les faire fuir. →https://t.co/P0qV6PR40v pic.twitter.com/9f4r2Gi7ho

— Le Figaro (@Le_Figaro) May 13, 2025

Eventually, people passing by intervened, and the masked assailants fled in the van, which was found nearby. All three victims suffered injuries and were taken to a local hospital.

Local outlet Le Parisien reported that the botched daylight kidnapping is being investigated by the Brigade for the Suppression of Banditry, a special police unit of the French Ministry of the Interior.

Michael Englander, co-founder and CEO of Polish crypto exchange Plasbit, says this incident should serve as a wake-up call for the rest of the industry.

“If you’re in crypto and still flaunting it online, you’re not just stupid, you’re putting your family in danger,” he said in a May 13 post to X.

Offline crypto-linked attacks grow

Crypto-focused lawyer Sasha Hodder said on X that “crypto theft is evolving. It’s not just social engineering or SIM swaps anymore.”

In May, Las Vegas police said three teenagers had allegedly kidnapped a man at gunpoint who was returning from a local crypto event and robbed him of $4 million in crypto and non-fungible tokens (NFTs).

On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euro ($7.8 million) kidnapping plot.

At the start of the year, David Balland, co-founder of crypto hardware wallet manufacturer Ledger, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release. 

Related: Crypto broker breaks ankles while fleeing kidnappers in Spain

Jameson Lopp, a cypherpunk and co-founder of self-custodial firm Casa, has created a list on GitHub recording dozens of offline crypto robberies, with 22 incidents of in-person crypto-related theft so far this year.

A University of Cambridge study in September found these so-called “wrench attacks” are often underreported due to revictimization fears and involve a diverse group of attackers ranging from organized crime groups to friends and family.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

Stablecoin issuer Tether bought $458.7 million worth of Bitcoin for Twenty One Capital, a Bitcoin investment firm it backed that’s awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners.

Tether snapped up 4,812.2 Bitcoin (BTC) at $95,319 each and transferred it to an escrow wallet on May 9, Cantor Equity Partners disclosed in a May 13 filing with the US Securities and Exchange Commission.

It brings Twenty One’s total Bitcoin holdings to 36,312 BTC, as Cantor Equity Partners holds 31,500 BTC on behalf of the firm, which will trade under the ticker XXI once the SPAC merger is complete.

Twenty One’s CEO, Jack Mallers, said on May 13 that they’re already in the approval process of the merger, but didn’t give an exact estimate on when the transaction would be complete.

Twenty One is already the third largest corporate Bitcoin holder, trailing only Strategy and Bitcoin mining firm MARA Holdings at 568,840 Bitcoin and 48,237 Bitcoin, respectively, BitcoinTreasuries.net data shows.

Tether is a majority stakeholder in Twenty One alongside crypto exchange Bitfinex. The Wall Street heavyweight Cantor Fitzgerald is sponsoring the merger, providing financial advisory services and securing $585 million in funding to support Twenty One’s Bitcoin investments.

Japanese investment holding firm SoftBank also invested $900 million into Twenty One, which is led by Strike CEO Jack Mallers.

Strategy may have a legitimate competitor

Twenty One said in an April presentation to the SEC that is looking to supplant Michael Saylor’s Strategy, formerly MicroStrategy, to become the “superior vehicle” for investors seeking “capital-efficient Bitcoin exposure.”

The company is among many Bitcoin buying firms, but promises to be a “pure play” for investors seeking Bitcoin exposure with Bitcoin-native operations and more flexibility for strategic capital raises. 

Twenty One Capital’s comparison of its Bitcoin treasury plan to that of Strategy’s. Source: SEC

Twenty One said its key success metric will be Bitcoin per share and not the traditional earnings per share metric, as it will prioritize buying up Bitcoin over making a profit.

Related: Nakamoto Holdings merges with KindlyMD to build Bitcoin treasury

Twenty One is aiming to reach 42,000 Bitcoin by the time it launches. Earlier filings showed that 23,950 Bitcoin is expected to come from Tether, 10,500 Bitcoin from Softbank and about 7,000  Bitcoin from Bitfinex, which will be converted into equity at $10 per share.

Cantor Equity Partners’ (CEP) share price soared from $10.65 to $59.73 on May 2 but has since fallen back to $29.84, Google Finance data shows. CEP rose another 5.2% in after-hours following the recent purchase.

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

Key Takeaways:

Bitcoin price holds above $100,000, driven by “risk-on” sentiment after the CBOE Volatility Index (VIX) dropped to 20.

The Bitcoin Bull Score Index surged to 80, and the Fear & Greed Index suggests growing optimism, with historical patterns indicating potential for further price gains.

Bitcoin (BTC) price continues to consolidate higher above $100,000 after the CBOE Volatility Index (VIX) dropped to its 30-year average of 20, down from a peak of 60 earlier in 2025. This decline follows a US-China trade deal on May 12, which introduced a 90-day tariff pause and a 115% reduction on both sides.

CBOE Volatility Index chart. Source: X.com

The agreement has fueled a “risk-on” sentiment, boosting Bitcoin and equities as investors lean into higher-risk assets, according to Bitcoin network economist Timothy Peterson. The analyst said, 

“$VIX dropped substantially yesterday on news of a potential China trade deal. It is now at ‘normal’ levels. This will be a ‘risk on’ environment for the foreseeable future.”

Adding to the bullish sentiment, the US Consumer Price Index (CPI) inflation rate dropped to 2.3% year-over-year in April 2025, the lowest since February 2021, down from 2.4% in March and below consensus forecasts of 2.4%. This softer-than-expected CPI reading signals easing inflationary pressure, potentially increasing the likelihood of Federal Reserve interest rate cuts in 2025, assuming other economic indicators align.

With respect to the current macroeconomic dynamics—lower volatility, cooling inflation, and a trade war truce- it creates favorable market conditions for Bitcoin.

Earlier this month, Peterson noted that BTC could reach $135,000 within 100 days, citing a drop in the CBOE Volatility Index (VIX) from 55 to 25, signaling a “risk-on” environment. With 95% accuracy, his model links low VIX levels to increased investor confidence in riskier assets like Bitcoin.

Related: Bitcoin shrugs off US CPI win as Binance CEO says BTC ‘leading pack’

Bitcoin bull score index reaches yearly high

After posting one of its least bullish phases in two years during April, Bitcoin sentiment flipped drastically to its highest reading in 2025. Data from CryptoQuant indicated a dramatic rise in the Bitcoin Bull Score Index, soaring from 20 to 80, a level historically associated with significant price surges.

Bitcoin: bull score index. Source: CryptoQuant

This shift, driven by rising spot demand outpacing supply, reflects patterns observed after the April 2024 halving, suggesting Bitcoin could be poised for further gains.

Likewise, Bitcoin researcher Axel Adler Jr noted that while the Bitcoin Fear & Greed Index is climbing, currently at 53.3%, it remains below the “overloaded” zone above 80%. The analyst discussed the possibility of a market “upswing,” expressing hope for a successful test and surpassing Bitcoin’s all-time high near $110,000.

Bitcoin’s Fear & Greed Index. Source: X.com

Related: Bitcoin profit taking at $106K the first stop before new all-time BTC price highs

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.

Two US senators are calling on Treasury Secretary Scott Bessent to “exercise [the department’s] authority” and change a provision affecting taxes on corporate holdings of digital assets.

In a May 12 letter, Senators Cynthia Lummis and Bernie Moreno suggested Bessent had the authority to change the definition of “adjusted financial statement income” under existing US law in a way that could reduce what digital asset companies pay in taxes. The proposed adjustment was suggested as a way to modify a provision of the Inflation Reduction Act, signed into law in 2022.

“Our edge in digital finance is at risk if US companies are taxed more than foreign competitors,” said Lummis in a May 13 X post.

May 12 letter to Treasury Secretary Scott Bessent. Source: Cynthia Lummis

According to the two senators, the proposed modification would provide “relief to corporations that invest in digital assets.” Lummis has been one of the most outspoken digital asset advocates in Congress, while Moreno took office in January after crypto-backed political action committees spent roughly $40 million to support his 2024 Senate race.

Related: Arizona governor kills two crypto bills, cracks down on Bitcoin ATMs

The Inflation Reduction Act, which went into effect in 2023, imposes a 15% minimum tax on companies that report more than $1 billion in profits for three consecutive years. The measure would seemingly include unrealized crypto gains and losses, leading to Lummis’ and Moreno’s calls for the Treasury Department to “act swiftly.”

Senate awaiting second vote on stablecoin bill

The call from the two senators came as lawmakers in the Senate are expected to consider another vote on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act — legislation to regulate payment stablecoins in the US. A motion for consideration failed to move forward in the Senate on May 8 due to Democratic lawmakers pushing back on Donald Trump’s ties to the crypto industry.

Lummis, one of the bill’s co-sponsors, suggested that she would continue to support digital asset regulation. The Senate could take up another vote in a matter of days.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips

CoinShares, a digital asset investment firm with offices in the United States and Europe, said its net profit fell to $24 million in the first quarter of 2025, a 42.2% decrease from the same period a year ago.

Although CoinShares’s profits and EBITDA remained positive in Q1 2025, the margins declined compared to the same period in 2024. Last year, CoinShares posted a net profit of $41.5 million and an EBITDA of $35.5 million in the first three months. Year-over-year, CoinShares’s net profit dropped 42.2% and its EBITDA fell 15.5%.

The firm’s ETPs contributed to the quarter’s performance. For Q1 2025, CoinShares’s ETPs saw net inflows of $268 million, with $202 million coming from its Physical Bitcoin (BITC) ETP. Revenue related to assets under management increased from $24.5 million to $29.6 million, a rise of 20.8%.

Year-to-date, CoinShares’s stock is down 9.4%, according to Google Finance.

CoinShares disclosed a $30 million EBITDA in Q125, despite market turbulence. Source. CoinShares

In a letter to shareholders, the company’s CEO, Jean-Marie Mognetti, said macroeconomic headwinds during the quarter exceeded market movements. “What we are witnessing is not mere market volatility — it is a wholesale transformation of the global economic order.”

According to Mognetti, Ether’s underperformance over the quarter led to $23 million in outflows from its CoinShares Physical Staked Ethereum ETP (ETHE). “Due to broader market corrections — including a 12.1% decline in Bitcoin prices — assets under management (AuM) fell 10.7%, closing Q1 at $1.52 billion.”

Related: Robinhood beats Q1 estimates despite revenue, crypto trading dip

Crypto companies show mixed results during market upheaval

The first wave of Q1 2025 earnings from crypto firms suggests a broadly negative quarter, with revenue declines across sectors.

Coinbase revenue, for instance, fell 10% quarter-over-quarter in Q1 2025, as transaction revenue plummeted 19% to $1.3 billion. Kraken, another US-based cryptocurrency exchange, saw its revenue decline 7% from Q4 2024. Michael Saylor’s Bitcoin treasury company, Strategy, also missed Wall Street’s estimates, alongside Bitcoin miner Core Scientific.

The quarter was marked by high volatility across financial markets after US President Donald Trump unleashed global tariffs on trade partners, dragging the BTC price to lows of $78,000 over the period. Ether (ETH) also experienced a significant pullback.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again