Public Keys: Copycat Lawsuits for Bitcoin Giant Strategy, Coinbase Hits All-Time High

Public Keys is a weekly roundup of Decrypt That follows the most important listed crypto companies.

This week: Why Bitcoin Treasury Champion strategy draws so many identical lawsuits, Coinbase touches a new peak closing price such as American Perps in the neighborhood and other keys of the week in Crypto.

Strategy déjà vu

You may have heard that Bitcoin Giant strategy is the subject of a Class Action right case. It accuses The company of incorrectly displaying the risks related to the BTC buy plans. Then you might hear about the suit againAnd againAnd againAnd again.

That is because there are at least five different law firms who have filed Copycat Class Action rights against strategy (formerly MicroStrategy), which trades under the MSTR -Ticker on the Nasdaq. Two professors rights that spoke with it Decrypt Said that the identical archives are how each company indicates the interest in leading the matter as soon as they are consolidated in one class action.

When there are several Class Action files, it is on the courts to choose a protagonist, the professors said. That usually comes down to who has the most skin in the game – making large institutions such as pension funds probably candidates. And once a leading claimant has been chosen, it is up to them to appoint advice.

None of the law firms that brought lawsuits responded to requests for comments from Decrypt. But the professors have spoken the motivation fairly clearly: “The reimbursements can be very lucrative,” said Adam Pritchard of the University of Michigan – “tens of millions of dollars and occasionally more in the biggest things.”

An important Tolkien update: at today’s prices, strategy $ 63.3 billion Bitcoin Treasury is now more worthy then the gold that LashThe last big dragon, was stored in the Lonely mountain.

Record high and perps for coins

Investors eagerly watched while Crypto Exchange Coinbase approached and then set a new all-time with a high close price on Thursday, when Coin traded for $ 375.07. It was a huge milestone – but the company did not get the price out of the price.

In the run -up to the new High Water Mark, Benchmark analysts called the company “Transformative” and gave it a target of $ 402. And analysts from Bernstein said that Coin is ‘misunderstood’, an even more increased price target of $ 510.

This time next month, Coinbase said that it will offer us regulated futures in eternal style for Bitcoin and Ethereum. Traders have long wanted Perps. And it’s no wonder: crypto -perps have done almost $ 10 billion in volume in the past month and $ 382 billion in the past month, according to crypto data aggregator Defi Lama.

That’s just the volume of Defi protocols such as hyperliquid, Jupiter, and APEX protocol. Things can become much more interesting when Coinbase enters the chat.

In the meantime, Base, the Ethereum Layer-2 network that it has incubated, has added Cardano and Litecoin to the packed assets that it already offers on the network, including Dogecoin, XRP and Bitcoin. This makes it easier for holders of Cardano or Litecoin to use Ethereum’s robustly decentralized finance (Defi) ecosystem, which gives users the opportunity to communicate with popular Ethereum-based protocols such as Aave, Compound and Curve.

Other Keys

• Next: Bitcoin Treasury Company: Bakkt has never stopped reinventing. Earlier this year, the company sold its failing crypto guardianship company to its parent company for $ 1.5 million and hired a new co-CEO To work on a “Stablecoin payments” product. This week it started to pick up $ 1 billion to add Bitcoin to his balance. NFT collection, next?
• Altcoin Summer: Things look sunny for Bitwise’s Dogecoin and Aptos ETF archives, which have changed S-1 files this week. In general, emptents are updated their registrations to display feedback from the SEC, Bloomberg analyst Eric Balchunas told Decrypt. “There has been so much involvement,” he said. “It is a completely new attitude of the sec.”

Published by Andrew Hayward