GameStop Moves Bitcoin to Coinbase, Senate Democrats Change Crypto Bill, and UK Finalizes Regulatory Consultation

In this week’s edition of the weekly recap, GameStop transferred its entire 4,710 Bitcoin holdings worth $420 million to Coinbase Prime.

Additionally, Senate Democrats have filed amendments to Republican cryptocurrency legislation aimed at securing policy concessions, and the United Kingdom’s Financial Conduct Authority has reached the final stages of consultation on the overall regulation of cryptocurrency companies.

GameStop Bitcoin transfer raises cash flow concerns

• Blockchain analytics firm CryptoQuant identified on Friday that a wallet called GameStop transferred its entire holdings of 4,710 BTC valued at approximately $420 million to Coinbase Prime.
• Blockchain data from Arkham Intelligence confirms the transfers and has prompted observers to speculate that the video game retailer may abandon its Bitcoin cash strategy.

Senate Democrats Propose Changes to Cryptocurrency Bill

• Several US Senate Democrats involved in negotiations over crypto market structure legislation filed requested amendments on Friday aimed at including their top policy priorities.
• The proposed changes target the bill advanced by Republicans in the Senate Agriculture Committee.

UK regulator advances consultation with crypto businesses

• The Financial Conduct Authority reached the final stage of consultation on the regulation of cryptocurrency companies on Friday, publishing guidelines on the application of consumer obligations in the sector.
• The FCA has requested comments by March 12 on additional rules and the implementation of consumer obligations for crypto-asset companies operating in the UK.
• The regulator aims to open the crypto asset authorization enforcement gateway in September 2026.

Zhao predicts Bitcoin cycle disruption

• Binance co-founder Changpeng Zhao said Friday that he believes Bitcoin will break its traditional four-year cycle this year due to increased crypto-friendly policies from the United States and other countries.
• While acknowledging his inability to predict daily price movements, Zhao told CNBC’s Squawk Box that “if you look at the five- or 10-year horizon, it’s very easy to predict. We’re going to go up.”

UBS opens crypto investment to private clients

• Swiss banking giant UBS Group will enable cryptocurrency investment for some private banking clients, according to sources close to the initiative.
• The world’s largest wealth manager, overseeing approximately $4.7 trillion in assets as of September, will expand access to cryptocurrencies to high-net-worth and ultra-high-net-worth clients.

Revolut pursues de novo US banking charter

• London-based fintech Revolut is preparing to apply for a de novo national banking charter in the United States, abandoning its previous acquisition strategies, according to a Financial Times report.
• The company reversed course after determining that acquiring an existing lender posed major hurdles, including the potential requirement to maintain physical branches.

Binance seeks Greek MiCA license

• The cryptocurrency exchange applied for a license to regulate crypto-asset markets in Greece ahead of the July 1 deadline requiring crypto-asset service providers operating in the EU to obtain authorization.
• Binance is working with the Greek Capital Market Commission on this application after establishing a holding company in the EU member state in December.

Ledger aims for NYSE listing

• The French hardware crypto wallet maker is planning an IPO on the New York Stock Exchange this year, targeting a valuation above $4 billion, according to reports from the Financial Times.
• Sources say Ledger is working with Goldman Sachs, Jefferies and Barclays to facilitate the IPO as early as this year.

BitGo Completes NYSE Debut

• Executives from digital asset infrastructure companies rang the opening bell of the New York Stock Exchange on Thursday morning.
• The Class A common stock is valued at $18 per share, surpassing the expected range of $15 to $17, with BitGo offering 111,821,595 shares, potentially raising $213 million at a valuation of nearly $2 billion.

Hong Kong announces stablecoin licensing schedule

• Financial Secretary Paul Chan informed attendees at the World Economic Forum in Davos on Tuesday that Hong Kong would issue stablecoin provider licenses in the first quarter.
• These will be the first licenses granted since Hong Kong’s new stablecoin licensing regime took effect on August 1 last year.

Solana Mobile Launches SKR Token Airdrop

• The company launched a native token distribution on Tuesday allowing Seeker Phone users and active dApp participants to claim SKR assets.
• The announcement stated that “Seeker and SKR are betting that there is another path for mobile: that the people who use the network own the network.”
• More than 100,000 eligible users can claim stakes in the mobile-first blockchain ecosystem through this distribution.

Pump.fun creates investment division

• Meme Coin Launchpad has launched Pump Fund, a new investment arm dedicated to supporting startup projects within its ecosystem.
• The initiative aims to “advance the startup ecosystem on the pleasure of the pump by aligning with long-term projects” according to X’s announcements.