Sygnum forecasts that a $1 billion Strategic Bitcoin Reserve purchase could trigger a $20 billion market cap surge

Data recently published by the director of Coinbase reveals the total amount of Bitcoin owned by mysterious Bitcoin founder Satoshi Nakamoto. That amount translated in fiat exceeds the wealth of Microsoft founder Bill Gates.

Besides, the top U.S. cryptocurrency exchange, Kraken, may possess information about Nakamoto’s true identity, according to Coinbase's top executive.

Satoshi Nakamoto's wealth bigger than Bill Gates’s

An X thread published by Coinbase director Conor Grogan has revealed a stunning picture of the mysterious Bitcoin founder Satoshi Nakamoto and his Bitcoin holdings. According to the on-chain data published by Grogan, Nakamoto may now own a whopping 1.096 million Bitcoins.

That staggering amount of BTC is worth around $108 billion at the current exchange rate – this exceeds Microsoft founder Bill Gates’s net worth of $106.4 billion on paper.

Kraken ex-CEO may know who Satoshi Nakamoto was: Grogan

Grogan mentioned that he stumbled across Satoshi wallet data on the Arkham website — the Patoshi Mining Pattern set of addresses. He clarified, “We can't definitively link these to Satoshi, but there is good evidence.”

According to this data, the last on-chain activity conducted by Satoshi Nakamoto may have been in 2014 – four years after he opted to disappear from public view.

Conor Grogan said that some of those transactions were targeted at Canadian centralized crypto exchange CaVirtEx. U.S.-based Kraken exchange acquired that platform in 2016. Therefore, Grogan, says, the former CEO of Kraken, Jesse Powell could be aware of who Satoshi was in reality if they had kept the KYC information on that blockchain address: “As such. There is a chance that @jespow has information on the true identity behind Satoshi if they maintain any KYC information on this wallet.”

He advised Powell to delete that information: “My advice to him would be to delete the data.”

Len Sassaman unlikely Satoshi candidate

Now, here comes the most interesting thing: the Coinbase director admitted that if the above-revealed data is accurate, it is less likely now, in his view, that Len Sassaman was the true Bitcoin creator: “This is the first set of evidence I've seen in years that has decreased my confidence that Satoshi was Len.”

The official account of Kraken responded playfully: “We are all Satoshi,” as if confirming that this data will never be revealed publicly.

Burwick Law and Wolf Popper LLP, two law firms currently suing pump.fun, have issued a cease and desist letter to the Solana memecoin launchpad to remove tokens that impersonate the two companies.

In a Wednesday statement, Burwick said that the two companies demand the immediate removal of memecoins that infringe upon their intellectual property, including company names and logos.

The U.S.-based law firm claimed that Pump.fun launched such tokens "in conjunction with" third-party efforts to “intimidate” clients of the two firms and undermine their legal action against the platform. “Burwick Law confirmed that [Pump.fun] has the technical capability to remove these tokens and has chosen not to act, despite the clear financial and legal risks posed to the public,” the statement said.

Hundreds of memecoins that apparently mimic or mock Burwick and Wolf Popper remain trading on the Solana launchpad.

The law firm also demanded the removal of the Dogshit2 token, which was allegedly pushed by promoters in a “high-risk pump-and-dump” scheme.

It was reported earlier this week that some members of the crypto community suspected that Burwick and Wolf Popper were behind the Dogshit2 token, as some claimed that a blockchain address shown in the firms’ legal documents matched the address associated with the Dogshit2 memecoin. “Our firms have no affiliation, endorsement, or ownership interest in the Dogshit2 token or any related assets,” Burwick wrote. “Simply put, our firms have not launched any memecoins onchain.”

Amid Wednesday's cease-and-desist order, Dogshit2 saw over 1,000% surge in trade volume over the past day, according to data from CoinGecko. It has a market capitalization of over $8.7 billion, up 242% in the past 24 hours.

On Jan. 30, Burwick and Wolf Popper filed a proposed class-action lawsuit against Pump.fun — representing memecoin investor Diego Aguilar who claims to have suffered losses on the platform. The lawsuit claims the platform marketed tokens similar to Ponzi schemes as significantly profitable, deliberately targeting less-affluent and younger investors.

The Block has reached out to Burwick Law and Pump.fun for comment.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Canadian Investment Regulatory Organization (CIRO) ruled that cryptocurrency funds will not be eligible for reduced margin rates, citing concerns over volatility, liquidity risks and regulatory uncertainty.

On Feb. 5, CIRO released a new List of Securities Eligible for Reduced Margin (LSERM). This quarterly list identifies which securities are eligible for reduced margin rates. Financial institutions eligible for reduced margin rates benefit from improved capital efficiency and lower trading costs. 

In the announcement, CIRO said that cryptocurrency funds are not eligible for reduced margins “until further notice.” As a result, investors trading cryptocurrency funds will need to maintain higher collateral, making it more expensive to leverage crypto positions compared with stocks or exchange-traded funds (ETFs).

Funds subject to higher margin requirements are more likely to undergo forced liquidations during market downturns, as reduced margin rates provide some breathing room before liquidations occur. 

Requirements for securities to be eligible for reduced margin

According to CIRO, highly liquid securities with substantial market capitalization and lower volatility are more likely to be eligible for reduced margin. 

In its general inclusion requirements, CIRO said that to be eligible, securities must have price volatility measures, including a calculated price volatility margin interval of 25% or less. This measure assesses the security’s price fluctuations over a specified period to determine its volatility.

In addition, The security should have a market value of at least 2 CA$ per share. This requirement ensures the security maintains a minimum price level, often associated with reduced volatility.

Apart from price volatility, securities must meet liquidity measure requirements to qualify for reduced margin. This includes a public float value exceeding 100 million CA$ and an average daily trading volume of at least 25,000 daily shares during each month in the preceding quarter. Higher-priced securities need at least 1 million CA$ daily traded value each month. 

Lastly, securities must be listed on a Canadian exchange and eligible for margin for six months. For those listed under six months, the security must have a market value greater than 5 CA$ per share, a dollar value of public float greater than 500 million CA$, and be in an industry sector known for low price volatility. 

Global traders, including those in crypto, should brace for volatility as tariffs and inflation take center stage in shaping market trends, according to a new survey by JPMorgan Chase.

The survey’s findings indicated a significant rise in concern compared to the previous year when only 27% of respondents cited inflation as a major issue.

Tariffs To Stir Market Uncertainty, JP Morgan Survey Says

Over the past week, US President Donald Trump introduced a 25% tariff on imports from Mexico and Canada and a 10% tariff on goods from China, only to delay some of these measures shortly afterward.

Before the pause, however, the tariffs had triggered significant market fluctuations, with stocks, currencies, and commodities all responding to policy announcements.

Against this backdrop, an annual survey featuring institutional trading clients from JPMorgan Chase revealed that 51% of traders believe inflation and tariffs will be the most influential factors in global markets for 2025.

The survey cites the back-and-forth nature of these policies, saying that it has led to sharp market movements. This engagement alludes to China’s move to announce a 10% tariff on US crude oil and agricultural machinery in response to US tariffs on all Chinese imports.

On the inflation front, traders view Trump’s tariff policies as inherently inflationary, pushing prices higher across multiple sectors. Additionally, fewer traders are worried about a potential recession. Only 7% of those surveyed cited it as a major concern compared to 18% in 2024.

The report also highlights changing market structures. It emphasizes that electronic trading is expected to expand across all asset classes, including emerging markets like crypto.

Volatility Remains a Core Concern

JPMorgan’s survey also identified market volatility among the challenges to watch in 2025. Specifically, 41% of respondents named it their primary concern, up from 28% in 2024. Unlike in previous years when volatility was expected around key scheduled events, traders are now experiencing sudden market swings driven by unpredictable political and economic news.

Meanwhile, the broader financial markets are not the only ones reacting to Trump’s tariff policies. Bitcoin and the crypto sector have also felt the impact of these economic shifts. When Trump delayed tariffs on Canada and Mexico, the Coinbase Bitcoin premium index surged to a new 2025 high.

Likewise, the news triggered a rebound in Bitcoin prices. Traders interpreted the delay as a sign of potential economic stability. Additionally, when the US paused tariffs on Mexico, XRP saw a significant recovery. This highlights the direct influence of trade policies on the digital asset market.

However, China’s retaliation to Trump’s tariffs introduced fresh instability, further exacerbating market fluctuations.

Elsewhere, Glassnode highlighted the unusual nature of the current Bitcoin cycle. As BeInCrypto reported, the blockchain analytics firm noted how macroeconomic factors—including tariffs—play an outsized role. Unlike previous cycles that primarily followed internal crypto industry trends, the 2025 cycle could realize significant influence from global economic policies.

Solana is not out of the woods, but some signs show that the SOL price rebound might finally be here. While the digital currency has dropped by 1.58% over the past 24 hours, its growth trend shows optimism. With increasing volatility, the volume boosts on Binance, liquidation figures and sustained open interest prove that SOL might have bottomed out.

Solana rebound signals

In the past 24 hours, Solana jumped from a low of $195.39 to its current price level. Along the way, it breached a major resistance level at $199.16. Despite volatility, SOL has stayed above this level as investors evaluate their next moves.

On the Binance exchange, SOL volume has jumped by 17.69% in 24 hours to $656,537,696. This is a significant signal, considering the user base and liquidity that Binance commands. If traders’ buying activities on Binance are high, it might take time before it trickles down, translating to a price boom.

Futures traders' exposure to Solana is also minimal, as showcased by its liquidation data on CoinGlass. Overnight, only $8.67 million worth of SOL was liquidated, outpaced by BTC, ETH and XRP, respectively.

In addition, SOL open interest is marginally high, with more than 27 million SOLs committed by traders. This shows confidence in its prospects of printing higher price trends soon.

What's next for SOL?

Amid the growing volatility, Solana's price must combat the current fluctuations and stabilize its core metrics before charting a new growth milestone. Of the top Ethereum killers, Solana has the most promising fundamentals, which can translate to price growth.

The hype generally returns to Solana, with its associated tokens like BONK and dogwifhat still in the spotlight in the meme coin scene. In the near term, analysts are convinced Solana that may breach its previous all-time high (ATH) to $300.

By Elsa Ohlen

As the dust is settling for markets after a week of wild market swings, the fallout for cryptos is mixed.

Bitcoin was trading up 1.3% early Thursday to $98,700, now fully recovered from Monday's selloff — during which it plummeted to a seven-day low of $91,687, according to CoinDesk data.

However, XRP — the popular altcoin that has in the past few months soared to compete with Tether for the title of third largest cryptocurrency by market value — is down 3.5% over the past 24 hours. It last traded at $2.43, according to CoinDesk.

XRP, like Ether, Solana, and Dogecoin hasn't recovered all the way from Monday's big drop, prompted by President Donald Trump saying he would impose tariffs on Mexico, Canada and China.

Traditionally, Bitcoin and other smaller cryptos are been seen as riskier types of assets that tend to fall with market uncertainty, while safe haven assets such as gold rise.

While this still appears to be true for altcoins, Bitcoin is increasingly moving in tandem with the broader market — not yet viewed "digital gold" but also not a typical risky asset anymore.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.