Metaplanet targeting 21K Bitcoin by 2026

Crypto Exchange Loss Deters Temasek from Investing in Crypto FirmsSingapore’s state-owned investor Temasek has ruled out investing in crypto companies for now, following a $275 million loss in the bankrupt US crypto exchange FTX.Photo by Plato Terentev on PexelsRegulatory uncertainty concernsTemasek’s Chief Investment Officer Rohit Sipahimalani said in a CNBC interview on Tuesday that the regulatory uncertainty in the crypto sector made it very difficult for the fund to make another investment in an exchange.“There’s a lot of regulatory uncertainty in this environment. And I do think that it will be very difficult for us to make another investment and exchange in the middle of all this regulatory uncertainty,” Sipahimalani said.He added that Temasek was not interested in investing in cryptocurrencies, but rather in exchanges that could generate fee-based revenue without taking balance sheet or trading risks. In May, it was reported that Temasek had invested in algorithmic currency system, Array. However, the global investment company was quick to deny those reports.“We’ve never been looking to invest in cryptocurrencies. Even the investment in FTX, we’ll be talking about investing in an exchange, which allowed us to get fee-based revenue without thinking [of] balance sheet risk or any trading risks,” he said. However, he said that Temasek would not be comfortable investing in exchanges given the way things are right now, and that it would depend on the right regulatory framework and investment opportunity.“If you have the right regulatory framework, and we are comfortable with it, and you have the right investment opportunity, there’s no reason for us to not to look at it,” he said. Temasek’s FTX investment was part of its early-stage investment strategy, where it invests in new disruptive technologies and tries to find the next winners, Sipahimalani said.But the strategy backfired when FTX filed for bankruptcy in November, with more than 1.4 million creditors and billions of dollars in liabilities, according to bankruptcy filings.Reputational damageTemasek wrote down its $275 million investment in FTX to zero soon after the collapse of the exchange. However, the bigger concern for the company is the posting of its worst returns since 2016 amid macroeconomic and geopolitical challenges. In the financial year ending in March 2023, the investing behemoth posted a $7.3 billion loss.The FTX loss sparked criticism from Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong, who called it “disappointing” and damaging for Singapore’s reputation. And that is the greater issue for Temasek relative to FTX.The amount of that particular loss is not that significant, given the size of the company and the scale of losses incurred elsewhere. The issue has been the reputational damage that the company has experienced as a direct consequence. Temasek maintains that it carried out competent due diligence, as have all of the venture capital investors who have all had their FTX investments wiped out.Further details on that due diligence are likely to emerge as Temasek, alongside many other leading investors in FTX, is being sued by creditors on the basis that they gave credence to what transpired to be a fraud. Temasek announced in May that it would cut the salaries of the staff responsible for the FTX investment, after conducting an internal review of the deal.

AsiaNext, a Singapore-based institutional digital asset trading venue, has officially rolled out its cryptocurrency derivatives trading platform.Photo by Kirill Petropavlov on UnsplashWintermute and B2C2 collaborationsThe launch involves notable trading members such as Wintermute and London-headquartered liquidity provider B2C2. B2C2 is a subsidiary company of Japanese financial services conglomerate SBI Holdings. SBI acquired the company in August of last year with B2C2 expressing the view that the acquisition would represent an opportunity for the company to broaden its client base. SBI partnered with Swiss financial infrastructure firm Six Group in a joint venture to establish AsiaNext back in 2020 with a view towards driving institutional digital asset liquidity. Meanwhile, Wintermute’s involvement with AsiaNext in this instance follows its move in 2023 to expand its Singapore base, where it conducts its derivatives business. In November, Wintermute Asia conducted its first-ever options block trade through the CME Group, one of the world’s leading derivatives marketplaces. Wintermute's Founder & CEO, Evgeny Gaevoy, highlighted the significance of the partnership with AsiaNext in the context of traditional financial institutions seeking alternative exposure to digital assets. Gaevoy stated: "Partnering with AsiaNext enables us to elevate our derivatives offering, positioning Wintermute in the foreground of the expanding digital asset ecosystem." The AsiaNext platform asserts that it provides enhanced risk management with reduced counterparty and settlement risk. Additionally, AsiaNext offers capital efficiencies through intraday margining and settlement processes, supporting high-frequency trading and ensuring availability 24/7 for crypto derivatives trading. Chong Kok Kee, CEO of AsiaNext, emphasized the platform's commitment to providing a secure environment for institutional investors to explore digital assets in the region. By prioritizing regulation and rigorous governance, AsiaNext aims to establish itself as a trusted venue for exposure to digital assets. B2C2 CEO Thomas Restout commented on the positive nature of the collaboration. He stated:”We’ve witnessed [AsiaNext’s] unwavering commitment to governance and risk management, alongside their focus on aligning closely with our needs. This instills a high level of confidence in our partnership. Being at the forefront of digital asset adoption, we are pleased to provide liquidity on the venue through our collaboration.” Licensing approvalsIt's worth noting that AsiaNext obtained a Recognized Market Operator (RMO) license from the Monetary Authority of Singapore (MAS) in September. However, this license specifically pertains to tokenized securities, and as such, the crypto derivatives trading operates through a separate subsidiary. In June the company had acquired in-principle approval for a Capital Markets Services (CMS) license. On the digital securities front, SIX Digital Exchange (SDX) and Osaka Digital Exchange (ODX), operated by SIX and SBI respectively, play key roles in secondary markets, showcasing the partners' commitment to advancing regulated digital securities markets. Launched in late 2021, SDX was the world's first regulated digital securities market. SBI followed suit with the recent launch of ODX on Christmas Day. The anticipated approval of the first U.S. spot bitcoin ETFs adds a timely dimension to the launch, potentially driving increased demand for hedging strategies in the market. 

Artificial intelligence-driven education technology firm, Genius Group, has announced a plan to buy Bitcoin from the proceeds of damages that the company is pursuing through the courts. In a press release published to the Singapore-headquartered company’s website on June 26, it outlined that the firm’s Board of Directors has approved a distribution plan that would see any potential damages received from litigation that Genius Group is currently embroiled in, divided equally for distribution to shareholders and for the purchase of Bitcoin for the company’s Bitcoin treasury.Photo by Kanchanara on UnsplashUp to $1 billion in potential damagesGenius Group CEO, Roger Hamilton, commented on the matter, stating:“We are seeking combined damages of over $1 billion. As both lawsuits are being pursued by the Company to recover damages caused by third parties directly to our shareholders, the Board believes that 100% of any proceeds from the successful outcome of these cases should be directly distributed or reinvested for the benefit of shareholders.” On X, Hamilton outlined that there’s no guarantee with regard to how much the company recovers through litigation. However, he added that if justice prevails and the company is awarded $1 billion in damages, that would equal a $7 dividend per share for shareholders and the addition of 5,000 BTC to the firm’s Bitcoin treasury. Last month, the company provided an update on a lawsuit it has taken under the Racketeer Influenced and Corrupt Organizations (RICO) Act. Initially, $450 million in damages had been pursued but Genius Group amended the lawsuit, raising its claim to $750 million.  The lawsuit is being taken against Peter Ritz and Michael Moe as the controlling officers and directors of LZGI International, and against Michael Carter and John Clayton, in the United States District Court, Southern District of Florida. The company alleges that the defendants attempted to defraud Genius Group.  ‘Bitcoin First’Genius Group announced its “Bitcoin First” approach, and the launch of a Bitcoin treasury in November 2024, getting started with an initial purchase of 110 BTC valued at $10 million at that time. In April 2025, a New York court prohibited the company from selling stocks in order to fund the purchase of Bitcoin. Those court-imposed funding restrictions led to the firm selling off a small proportion of the overall Bitcoin that it was holding.  Prior to that prohibition on the purchase of Bitcoin being imposed, Genius Group had expressed the aspiration to build up its Bitcoin reserve to a value equivalent to $100 million. Wading further into the Bitcoin space, the firm acquired blockchain learning platform, XD Academy, in December 2024. On May 22, Genius Group announced that the U.S. Court of Appeals had overturned the ban imposed on the company. With that, it increased its Bitcoin holdings by 40%. As of June 17, the company held 100 BTC, valued at around $10 million. The firm plans to bring forward another lawsuit “alleging naked short selling and evidence of spoofing against certain parties,” with damages being pursued in the region of $250 million. Commenting on the coming of age of Bitcoin and the pursuit of a Bitcoin treasury strategy back in November 2024, Hamilton stated that “we're living in a unique moment in history - one most public companies will miss.”