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Binance’s chances of making a comeback in the United States remain slim, even under a crypto-friendly White House.
In a Dec. 9 interview, the exchange’s CEO described discussions about re-entering the US market as “premature” following its November 2023 exit as part of a $4.3 billion settlement with the US government over sanctions violations, money laundering and operating as an unlicensed money transmitter.
“As of now, we are focusing on our global deployment,” said the exchange’s CEO, Richard Teng.
Binance’s regulatory challenges in the US also led to the shutdown of products tied to its stablecoin, Binance USD (BUSD) — one of the largest stablecoins in 2022 when it reached a peak market capitalization of $23.3 billion.
Almost a year after BUSD’s products sunset, the exchange is exploring new alliances to stake its claim on the stablecoin market. On Dec. 10, Binance announced a strategic partnership with Circle at Abu Dhabi Finance Week.
Under the alliance, the exchange will incorporate USD Coin (USDC) into its corporate treasury and add more trading pairs and special promotions, while Circle will provide Binance with technology, liquidity and global connections.
The deal will potentially grant USDC a larger foothold out of the United States and place Binance a step closer to the US market.
This week’s Crypto Biz also explores Microsoft’s board’s stance on Bitcoin, JPMorgan’s revision of mining stocks, MARA’s new BTC purchase and upcoming listings of crypto firms.
Microsoft shareholders vote ‘no’ to Bitcoin reserve
Microsoft shareholders rejected a proposal to allocate 1–5% of the company’s profits to Bitcoin during the annual meeting on Dec. 10. The resolution, put forward by the National Center for Public Policy Research, advocated for profit diversification despite Bitcoin’s higher volatility compared to corporate bonds, citing both MicroStrategy and BlackRock’s BTC adoption as motivational factors. Microsoft’s board opposed the motion in an SEC filing, describing it as “unnecessary” and saying that the company “already carefully considers this topic.”
JPMorgan raises price targets on Bitcoin mining stocks
JPMorgan analysts increased price targets for four Bitcoin (BTC) mining stocks — MARA Holdings, CleanSpark, Riot Platforms and IREN — citing the value of their electrical power assets and Bitcoin holdings. In a Dec. 10 report, analysts Reginald Smith and Charles Pearce noted that each stock is already trading near or above its new target. Previously, miners were valued based on a four-year gross profit outlook. Additionally, the report highlighted MicroStrategy’s significant performance, with its stock up nearly 450% year-to-date compared to Bitcoin’s 125% gain. The company owns BTC worth $40 billion in its treasury. Other major miners like Marathon, Riot and CleanSpark hold BTC treasuries worth approximately $3.9 billion, $1.1 billion, and $890 million, respectively.
Bitwise predicts 2025 as year for crypto IPOs — Kraken, Circle to go public
Bitwise predicts that at least five major crypto companies will go public through initial public offerings (IPOs) in 2025, labeling it the “Year of the Crypto IPO.” According to Bitwise, the list of companies includes Circle, Kraken, Anchorage Digital, Chainalysis and Figure. Their IPOs would be driven by increasing investor demand, greater institutional adoption, a more supportive macroeconomic environment and favorable political conditions. Additionally, the report forecasts Bitcoin to reach $200,000 or more by the end of 2025 and potentially exceed gold’s $18 trillion market cap by 2029. Bitcoin could even surge to $500,000 next year if the United States adopts Senator Cynthia Lummis’ proposal for a strategic Bitcoin reserve.
MARA Holdings buys $1.1B more Bitcoin, hits industry-first 50 EH/s
Bitcoin mining company MARA Holdings said on Dec. 10 it bought 11,774 Bitcoin for $1.1 billion, bringing its total holdings to 40,435 BTC valued at about $3.92 billion. The acquisition followed a zero-coupon convertible note offering conducted late last month. In addition, the company reported that its hashrate surpassed 50 exahashes per second (EH/s), marking an industry first. According to MARA, its BTC Yield reached 12.3% for the fourth quarter and 47.6% for the year. It uses BTC Yield as a key performance indicator to measure the percentage change between its BTC holdings and fully diluted shares outstanding.
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