Zipmex proposes creditor repayments of 3 cents on the dollar

Crypto infrastructure, mining and investment firm Phoenix Group, a company based in the United Arab Emirates (UAE) and publicly listed on the Abu Dhabi Securities Exchange (ADX), has established a $150 million crypto treasury.Photo by Jievani Weerasinghe on UnsplashFirst ADX-listed firm to establish crypto treasuryThe development emerged as the company released its results for Q2 2025. Phoenix Group explained in a press release that its activities in Q2 led to it becoming the first ADX-listed company to establish a strategic crypto treasury with Bitcoin (BTC) and Solana (SOL) holdings valued at $150 million. Phoenix asserted that unlike its competitors which are burdened by debt, it has a healthy balance sheet, with debt of just $16 million. This has enabled it to pursue the establishment of a strategic crypto reserve. The company is also expanding into AI-related activities, with plans to repurpose part of its U.S. infrastructure. That adjustment will allow the firm to establish a multi-use compute facility, enabling it to build out its AI vertical. Phoenix Group Co-Founder and CEO Munaf Ali said that Phoenix is working towards building out one gigawatt of hybrid infrastructure by 2027. Ali also commented on the pursuit of a crypto treasury, stating:“Holding Bitcoin and other strategic digital assets isn’t just about exposure. It’s about alignment. We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”DWF Ventures, the ventures arm of crypto market maker DWF Labs that relocated its headquarters from Singapore to Abu Dhabi earlier this year, released a report in June revealing that publicly-listed companies that have adopted a crypto treasury strategy have amassed holdings of $76 billion in crypto. Phoenix Group has disclosed that to date, it has accumulated 514 Bitcoin and over 630,000 Solana with a view towards holding these digital assets in the long term. Earlier this year, American digital asset investment firm Sarson Funds outlined that the UAE is playing a significant role in advancing Bitcoin adoption at a corporate level in the context of the ongoing trend towards the pursuit of a Bitcoin corporate treasury strategy. Miners accumulatingPhoenix Group isn’t the only company involved in crypto mining to establish a crypto corporate treasury recently. In June, American miner BitMine Immersion Technologies disclosed that it was raising $18 million through a public share offering to buy Bitcoin. Since then, it has been accumulating Ether (ETH). As of July 24, the firm held over 300,000 ETH, with plans to raise $4.5 billion to fuel further ETH purchases. MARA Holdings, a publicly-listed American Bitcoin miner, has also confirmed that its treasury now extends beyond Bitcoin that it mined itself. Phoenix Group confirmed that it mined 336 BTC in Q2, with 689 BTC mined over the course of H1 2025. Founded in 2017, the firm debuted on the ADX in December 2023 with its stock immediately surging by 50% from its initial public offering (IPO) launch price. The firm’s share price has also performed well in 2025, surging 72% from April to June.

Bit Origin, the Nasdaq-listed (BTOG) pork processor turned crypto mining infrastructure firm, has acquired 40.5 million Dogecoin (DOGE), the company’s first purchase of the world’s largest memecoin by market cap since it announced that it was establishing a Dogecoin treasury. In a press release published on July 17, the Singapore-headquartered company with operations in the United States, Canada and China, set out that it would become the “first publicly listed company on a major US exchange to accumulate Dogecoin as a core asset.”Photo by Kanchanara on Unsplash$500 million treasury fundingThe firm outlined that it had entered into agreements with accredited investors, implicating the sale of $400 million in Class A ordinary shares in the company. An additional $100 million unlocked via convertible debt brought funding for its Dogecoin treasury to $500 million. Jinghai Jiang, Bit Origin’s CEO and Chairman, asserted that “what started as a joke has evolved into a globally liquid asset with a payments utility.” Jiang asserted that very few digital assets match the settlement speed and scale of community that Dogecoin offers. X Money potentialIn particular, he singled out the potential use of DOGE for X Money, a new payment system that is in the process of being established by Elon Musk’s X social media platform. Alongside many proponents of the cryptocurrency, Bit Origin is hoping that Musk will implement the use of DOGE to power X money. Jiang added:“In an age of broken institutions, Doge embodies a shared culture of optimism and resilience that transcends existing political and financial systems.” On social media, the company outlined that it believes in “Dogecoin not just as a meme, but as a future payments backbone.” Having utilized the services of Chardan Capital Markets as a placement agent, the company has already completed an initial closing of $15 million under the convertible debt facility that has been established.  On July 21, Bit Origin published another press release, detailing the acquisition of 40,543,745 DOGE with the memecoin holding having been purchased at an average acquisition cost of $0.2466 per DOGE.  Nearing inflection point for paymentsCommenting on the development, Jiang stated:“From our experience in mining, we understand the tradeoffs that define proof-of-work systems. We see Dogecoin’s utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization.” Dogecoin emerged in December 2013 having been developed by Jackson Palmer and Billy Markus as a joke. The project borrowed much of its code from Bitcoin. Despite having originated as a joke, the project has developed a sizeable community. The digital asset currently holds a market capitalization of $40.5 billion, according to CoinMarketCap data.  Bit Origin rebranded from China Xiangtai Food Co., Ltd. in April 2022. Up until that point, it had been involved in the pork processing business. The company pivoted to crypto mining, partnering with MineOne on a Wyoming mining facility in the United States. The facility was ordered to be shut down by the former Biden administration on the basis of it being a national security risk to have a Chinese project located within a mile of a U.S. Air Force base that houses nuclear intercontinental ballistic missiles.

Korean Experts Advocate for Global Crypto Info Exchange to Combat Tax EvasionIn a recent event held to discuss the tax regime in South Korea, law professors offered a suggestion to combat tax evasion associated with cryptocurrencies. They proposed the implementation of a global cryptocurrency information exchange system for more effective response measures.Kim Beom-jun, a professor at the University of Seoul Law School, and Kim Seok-hwan, a professor at Kangwon National University Law School, delved into this matter last Friday at the tax administration forum that took place at the Korea Federation of Small and Medium-sized Enterprises (KBIZ).Photo by Karolina Grabowska on PexelsRising crypto adoptionAccording to their report, the cryptocurrency market is currently facing challenges stemming from the Terra-Luna incident and the broader economic downturn caused by rising interest rates and inflation. However, it’s worth noting that in Korea alone, there are approximately 6.27 million cryptocurrency exchange users, with a collective market capitalization of around KRW 19.4 trillion ($14.6 billion). This suggests that cryptocurrencies continue to integrate into our everyday lives.Crypto tax starting in 2025Starting in 2025, South Korea is set to impose taxes on income from cryptocurrency trading. However, before the tax is put into effect, there is a pressing need for administrative enhancements aimed at preventing tax evasion involving cryptocurrencies. These initiatives encompass the development of crypto-tracking technology and the allocation of sufficient staff and budgets to enable tax authorities to effectively address crypto-related issues.Foreign exchanges and DeFi platformsDuring the forum, experts voiced concerns about the possibility of tax evasion through the use of overseas crypto exchanges and decentralized platforms.Tax specialists pointed out that it’s difficult to expect people to fully meet their tax obligations when they’re trading on international exchanges. They also emphasized the challenges in collecting accurate tax information from crypto users who report transactions in overseas financial accounts.OECD’s initiativeIn August 2022, the Organization for Economic Co-operation and Development (OECD) gave the greenlight to the Crypto-Asset Reporting Framework (CARF). This framework aims to standardize the reporting of tax information related to crypto-asset transactions and facilitate the automatic exchange of such information. During the forum, researchers proposed that in the future, if Korea decides to participate in the OECD’s CARF, it should not only establish a cooperative system between virtual asset service providers (VASPs) and regulatory authorities but also revisit and amend pertinent laws.Additionally, presenters at the forum underlined the necessity of obligating taxpayers to furnish essential tax information for effective virtual asset taxation. They also stressed the importance of implementing appropriate sanctions in cases where taxpayers fail to comply with these reporting requirements.Commissioner Kim Chang-ki of the National Tax Service (NTS) stated that the agency is committed to enhancing tax accountability and transparency. He added that the NTS will take strong measures against malicious tax evasion activities, especially those involving online platforms.Furthermore, Commissioner Kim mentioned that the tax agency is boosting its investigative capabilities using scientific methods to combat emerging forms of tax evasion, like those related to virtual assets. He also said the NTS is expanding its international collaboration and devising other measures.