Today in crypto, multiple public companies raised hundreds of millions to buy crypto, the US Senate passed the GENIUS stablecoin bill, and Thailand suspended taxes on crypto income for the next five years.
Four public US firms to spend $844 million on Bitcoin, HYPE
At least three publicly-traded US firms said on Tuesday that they would spend a total of nearly $800 million buying Bitcoin (BTC), while another said it raised $50 million to buy the Hyperliquid (HYPE) token.
The heat-and-eat meal seller DDC Enterprise Ltd said it entered into three purchase agreements totaling $528 million, all of which will be used to expand the firm’s Bitcoin holdings, which was partly backed by the venture capital arm of Animoca Brands.
Bitcoin financial services firm Fold Holdings Inc also said on Tuesday that it secured a $250 million equity purchase facility, with the net proceeds “primarily intended” to fund additional Bitcoin purchases.
Meanwhile, Bitcoin mining equipment rental firm BitMine Immersion Technologies finished its purchase of $16.3 million worth of Bitcoin using proceeds from a recent stock offering.
Eyenovia, a digital eye exam tech developer, said it would set aside $50 million to buy HYPE, the token of the decentralized crypto derivatives exchange. The firm said it would also rebrand to “Hyperion DeFi” under the ticker HYPD.
US Senate passes GENIUS stablecoin bill in 68-30 vote
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, is one step closer to becoming law in the US after the US Senate voted to pass an amended version of the bill.
In a Tuesday vote of 68-30, a majority of the US Senate chose to pass the GENIUS Act roughly six weeks after Tennessee Senator Bill Hagerty introduced the legislation. The bill’s companion, the STABLE Act, may be considered in the House of Representatives next, where it could face additional proposals for amendments.
“With this bill, the United States is one step closer to becoming the global leader in crypto,” said Hagerty from the Senate floor before the Tuesday vote, adding: “Once the GENIUS Act is law, businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks.”
The GENIUS Act initially failed a cloture vote in the Senate in May in response to Democratic opposition to US President Donald Trump’s connections to the cryptocurrency industry. The Trump family has a significant stake in World Liberty Financial, which issued its own USD1 stablecoin in March.
It’s unclear whether the stablecoin legislation will have enough support to pass in the House, where Republicans also hold a slim majority over Democrats. Trump’s AI and crypto czar, David Sacks, suggested in May that the president would support the bill passed by a Republican-controlled Congress.
Thailand approves five-year crypto tax exemption
Thailand has approved tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to a Ministry of Finance announcement.
Thailand will waive the capital gains tax on crypto sales made through licensed crypto asset service providers in the period from Jan. 1, 2025, to Dec. 31, 2029, Deputy Finance Minister Julapun Amornvivat said in a statement issued on Tuesday.
According to the minister, the measure is designed to strengthen Thailand’s position as a global financial hub and one of the first countries to adopt laws for digital assets and their taxation.
The tax measure also aims to promote cryptocurrency trading in Thailand under the supervision of the Thai Securities and Exchange Commission (SEC) in compliance with Anti-Money Laundering (AML) policies recommended by the Financial Action Task Force (FATF).
In the statement, the minister highlighted the role of crypto assets in fundraising, which is an important use case for technology and innovation in Thailand.
According to the ministry’s estimations, crypto assets are projected to help the Thai economy expand and increase tax revenue in the medium term “by no less than 1 billion baht,” or $30.7 million.
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