Metaplanet Defends Bitcoin Strategy Amid $95 Billion Yen Loss

Hi! In today’s edition:

• 🇯🇵 Metaplanet CEO rejects claims of hidden Bitcoin losses

• 🕒 CME to launch 24/7 bitcoin and ether futures trading

• 🏛️ White House stablecoin yield talks advance without a deal

• 🎙️ DEX in the City examines prediction markets and constitutional risks

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Metaplanet CEO Pushes Back on Bitcoin Disclosure Claims

Japanese Bitcoin treasury company Metaplanet CEO Simon Gerovich is pushing back against online criticism that the company concealed details about its Bitcoin purchases and derivatives strategy.

In a public statement, Gerovich said claims that Metaplanet hid losses or failed to disclose key transactions are “factually incorrect,” arguing that every bitcoin purchase, options strategy, and borrowing arrangement was announced and reflected on the company’s public dashboard. In September 2025 alone, the firm disclosed four separate Bitcoin buys totaling thousands of BTC, even though that period later proved to be a local price peak.

Metaplanet reported fiscal 2025 revenue of 8.9 billion yen, about $58 million, up roughly 738% year over year. At the same time, it booked a net loss of around 95 billion yen, largely due to unrealized valuation losses on its bitcoin holdings as prices fell more than 40% from late September levels.

Gerovich argued that unrealized losses should not define a long term Bitcoin treasury strategy, adding that the company’s stock performance has broadly tracked Bitcoin’s decline during the downturn rather than significantly underperforming it.

CME to Launch 24/7 Crypto Futures Trading in May

CME Group is bringing Wall Street closer to crypto’s nonstop rhythm. 

Starting May 29, pending regulatory approval, the exchange will offer 24/7 trading for bitcoin and ether futures and options on its Globex platform, with only a short weekly maintenance pause.

The move addresses a long standing gap. Crypto spot markets never close, but regulated US derivatives markets do. That mismatch has left institutional traders exposed during weekend swings, including several sharp selloffs that unfolded while CME was offline. Continuous trading will allow hedge funds, asset managers, and ETF desks to adjust positions in real time as volatility develops.

Demand appears strong. CME reported a record $3 trillion in notional crypto derivatives volume in 2025, while average daily crypto volume in 2026 has climbed 46% year over year to more than 400,000 contracts.

By extending hours, CME narrows the divide between traditional finance and offshore crypto venues, reinforcing the growing role of regulated US platforms in global digital asset markets.

White House Talks Make Progress on Stablecoin Yields but No Deal Yet

Negotiations between banks and crypto leaders moved forward this week, but the core dispute over stablecoin rewards remains unresolved. 

The White House hosted a third closed door meeting on Thursday, bringing together industry groups, major bank trade associations, and policy officials in an effort to break the impasse holding up broader crypto legislation.

Ji Kim, CEO of the Crypto Council for Innovation, described the session as “constructive,” saying the discussion built on prior meetings and aimed to create a framework that protects consumers while strengthening U.S. competitiveness. Coinbase chief legal officer Paul Grewal echoed that tone, calling the dialogue cooperative and noting that more progress was made.

At issue is whether platforms can offer yield on stablecoins. Banks argue rewards threaten traditional deposits, while crypto firms say banning them would curb innovation. The GENIUS Act already bars issuers from paying direct interest, but third party rewards remain contested.

Until this question is settled, advancement of the broader market structure bill remains uncertain, with Senate action still pending.

DEX in the City: Why Prediction Markets Could Spark a Huge Constitutional Fight

The crew tackles everything from the CFTC’s controversial stance on prediction markets to the real-world impacts of rising crypto crime.

The CFTC has announced an innovation council, Chair Mike Selig has asserted that prediction markets are under the agency’s ambit, SBF wants another trial and Nancy Guthrie’s kidnapping is casting crypto in a negative light.

In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos and TuongVy Le discuss how the distribution of the CFTC’s council highlights industry’s need for better gender equity, why Selig’s stance on prediction markets triggers “a huge constitutional debate,” why SBF’s push for a new trial is so dangerous for crypto, and whether the crypto industry can do more to mitigate crime.

Find out why SBF’s search for a new trial has far reaching effects beyond his case. Plus, can crypto tackle crime without sacrificing its benefits?

Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict,Pocket Casts, Amazon Music, or on your favorite podcast platform.

• 🏦 Blockfills, a Chicago-based institutional crypto trading and lending desk backed by Susquehanna, is seeking a buyer after suffering roughly $75 million in lending losses during the market downturn, suspending deposits and withdrawals while continuing limited trading activity for its 2,000 institutional clients.

• 🔗 SEC leaders Hester Peirce and Paul Atkins outlined a proposed “innovation exemption” that would allow limited trading of tokenized securities on blockchain platforms, signaling a cautious, step-by-step approach to integrating digital stock issuance into U.S. markets while broader regulatory rules are developed.

• 🦄 Uniswap’s decentralized governance body is voting to activate protocol fees across all remaining v3 liquidity pools and expand revenue collection to eight additional blockchains, routing earnings through a burn system that converts fees into UNI tokens on Ethereum, marking a structural shift in how the leading decentralized exchange captures value.

• 🖥️ Parsec, an onchain analytics startup launched in 2021 and backed by Galaxy Digital and Polychain Capital, shut down after five years, taking its customizable DeFi and NFT data dashboards offline while refunding subscribers and ending operations.

• 🏝️ World Liberty Financial selected securities firm Securitize to tokenize loan interests tied to the Trump Organization’s Maldives resort project, offering accredited investors blockchain-based tokens linked to loan revenue rather than direct property ownership.

• 📈 Figure, the blockchain-based lending and capital markets firm founded by former SoFi CEO Mike Cagney, is launching FGRD — a natively issued tokenized version of its own stock — alongside a $150 million secondary offering, allowing shares to trade and settle directly on blockchain rails while enabling holders to lend or borrow against them through its in-house DeFi platform.

• 📊 DBA, a New York crypto-focused venture firm led by analyst Jon Charbonneau and former Galaxy Digital investor Michael Jordan, raised $68 million for its second fund, doubling down on early-stage blockchain infrastructure bets and maintaining exposure to both private startups and public token positions.

• 💼 Newity, a U.S. fintech firm specializing in government-backed small business loans, raised $11 million led by CMT Digital to explore moving its $12 billion loan-servicing platform onchain, aiming to modernize how entrepreneurs access capital through faster approvals and blockchain-based infrastructure.

• 🤝 Polymarket acquired Dome, a Y Combinator-backed startup that built a unified API for connecting multiple prediction markets, strengthening its developer infrastructure as the $9 billion-valued betting platform expands its tools and U.S. footprint.

1. DL News: Russia to begin ‘mass blocking’ of major crypto exchanges in summer, warns expert