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SBI Holdings acquires Bitbank for $289 million, creating Japan's largest cryptocurrency exchange; bipartisan U.S. senators urge CFTC to investigate Polymarket's "deceptive marketing."

According to BBX data, last weekend Japan's largest financial group completed the most important cryptocurrency acquisition, and U.S. bipartisan senators launched a new regulatory offensive against prediction market platforms. The core developments are as follows:SBI Holdings, Inc. (Tokyo Stock Exchange: 8473) announced the acquisition of the Japanese cryptocurrency exchange Bitbank (privately held) for approximately $289 million. After the transaction is completed, SBI's cryptocurrency business will surpass all competitors, creating Japan's largest cryptocurrency exchange. SBI Holdings is one of Japan's largest independent financial services groups, already owning cryptocurrency-friendly network bank SBI Shinsei Bank, cryptocurrency asset custodian SBI Digital Asset Holdings, and multiple Bitcoin mining and cryptocurrency venture capital investments. Bitbank is one of Japan's largest spot BTC exchanges and holds an official cryptocurrency exchange license from the Financial Services Agency (FSA) of Japan. This acquisition marks a shift for traditional Japanese financial institutions from "strategic trial" in the cryptocurrency sector to "scale acquisition dominance," alongside the joint stablecoin plan of the three major banks: Mitsubishi UFJ ($MUFG), Sumitomo Mitsui ($SMFG), and Mizuho ($MFG) (targeting March 2027), forming the most intensive wave of cryptocurrency layout in Japan's financial industry by 2026.U.S. Senators John Curtis (Republican, Utah) and Adam Schiff (Democrat, California) reported on June 28 that they jointly sent a letter to the CFTC, urging it to conduct a formal investigation into the prediction market platform Polymarket (privately held), citing a "concerning" investigative report regarding Polymarket's "deceptive marketing" practices, which accused it of systematic misleading in user acquisition and risk disclosure. This is the third regulatory offensive against prediction market platforms initiated by Congress this year (previously, the House Oversight Committee launched an insider trading investigation on May 22); the two senators come from different parties, which is significant. For Robinhood Markets, Inc. (NASDAQ: $HOOD), this investigation poses indirect pressure—Robinhood's prediction market/event contract business (which achieved a record daily trading volume in June) faces the same regulatory qualitative disputes as Polymarket; however, Robinhood's defensive advantage lies in its ongoing application for a CFTC Designated Contract Market (DCM) license, providing a clearer compliance path compared to Polymarket.

Galaxy CEO: Strategy stocks and preferred securities have become key indicators for measuring Bitcoin market risk

According to a report by crypto.news, Galaxy Digital CEO Mike Novogratz stated that the core reason for Bitcoin's recent decline is the "collapse of confidence triggered by Strategy." The issue lies not only in the price of Bitcoin itself but also in the growing concerns in the market regarding Strategy's financing model.As the largest publicly traded holder of Bitcoin globally, Strategy's stock and preferred securities have become key indicators for traders to measure Bitcoin market risk. Previously, the company's Bitcoin flywheel effect had come under pressure, with stock trading prices dipping below the value of its Bitcoin holdings, indicating that its long-reliant "premium stock issuance to repurchase Bitcoin" model is being challenged. Novogratz bluntly stated that STRC trading is weak, which should have been maintained around $100. Currently, Strategy's annual dividend obligation has risen to about $1.2 billion, and a decline in cash reserves has reduced the dividend coverage period to only about 14 months.Bitcoin is also facing pressure on a macro level. Novogratz summarized the current market logic as "a strong dollar means a weak Bitcoin," with hawkish central bank signals and a strengthening dollar suppressing demand for risk assets. From a technical perspective, the $59,000 to $60,000 range for Bitcoin has become a critical defense line, and if it breaks down, the downward space could open up to $45,000.Novogratz also admitted that the current situation is complex, with a 50-50 probability of a rebound or a deep correction. Outflows from ETF funds, weak liquidity, and cautious positioning in the options market further confirm the fragile market sentiment. Now, the health of Strategy's balance sheet, the performance of STRC prices, and cash positions have evolved from being company-level issues to becoming confidence signals for the overall Bitcoin market.
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