The shares of Twenty One Capital (XXI), the bitcoin-focused firm, are up over 8% in after-hours trading on Wednesday, after majority shareholder Tether Investments proposed a merger with Strike and Elektron Energy.

Tether Investment, the independent investment arm of the stablecoin issuer, said it intends to vote its shares in favor of combining XXI with Strike, a global bitcoin financial services company founded by Jack Mallers and Elektron Energy, according to a press release. Mallers is also the CEO of XXI.

“If completed, these transactions would position XXI to become the premier listed Bitcoin company in the world: a public company that combines Bitcoin treasury, mining, financial services, lending, capital markets, and strategic consolidation into one integrated platform,” according to the press release.

No terms of timelines were disclosed for the merger.

Led by Raphael Zagury, Elektron Energy manages approximately 5% of the current bitcoin network’s computing power with all-in production costs below $60,000 per bitcoin.

Tether also proposed that Zagury serve as President of the combined entity, pairing his mining and capital markets experience with Mallers’ product and consumer bitcoin leadership.

XXI went public in December of last year through a SPAC merger with Cantor Equity Partners. The company entered the market as a bitcoin treasury firm with 43,514 BTC and is backed by Tether, Bitfinex and Strike CEO Jack Mallers. At the time, it said it would focus on “capital-efficient bitcoin accumulation.”

If the new merger takes place, the company will expand on this previous treasury commitment into other parts of bitcoin services, the press release said.

“The combined transactions would move XXI beyond treasury exposure alone and toward a platform with operating businesses, recurring revenue opportunities, and long-term Bitcoin accumulation capabilities,” the statement added.

Polymarket processed $25.7 billion in trading volume in March, with retail traders driving consistent, repeated activity across an expanding set of real-world markets, according to a new joint report from Bitget Wallet and Polymarket.

The study, based on 1.29 million wallets active in Q1 2026, found that 82.3% of users traded under $10,000, indicating that the platform is overwhelmingly retail-driven. Active days per user rose from 2.5 to 9.9 over the study period, while the average number of categories each user traded expanded from 1.45 to 2.34.

The report frames the shift as behavioral rather than capital-driven, with users returning more frequently and rotating between categories rather than concentrating on one-off events. That tracks with earlier findings from Keyrock and Dune Analytics, which pegged on-chain prediction market monthly volumes as having grown 130-fold since early 2024.

Sports emerged as the largest category on Polymarket in Q1, generating $10.1 billion in volume as the constant cadence of global matches drove recurring engagement. The trend mirrors the broader sports-betting surge that lifted prediction market activity through late 2025 and into the2026 Super Bowl.

Politics generated $5 billion in Q1 volume, including $2.41 billion tied to geopolitics. Unlike past election-driven cycles, the report describes activity as continuously distributed across global news flow, with traders responding to real-time developments rather than discrete events.

Crypto remained the primary entry point for new users, accounting for roughly 40% of early activity. Familiar price action and 24/7 markets make it a natural starting category, though participation broadens as users return. Polymarket recently leaned further into that funnel, launching 5-minute Bitcoin candle markets while teasing a long-rumored POLY token airdrop.

“Prediction markets are becoming less about capital and more about consistent, repeated actions,” noted Bitget Wallet COO Alvin Kan. “What we’re seeing is a behavioral shift: the market is scaling with more taps per day, not bigger trades.”

Elden Mirzoian, director of growth and partnerships at Polymarket, said distribution is becoming as important as the underlying markets, citing the sector’s shift “from episodic trading to more continuous engagement.”

The report cites industry projections of $240 billion in annual volume by year-end 2026, with a longer-term trajectory toward $1 trillion.

Polymarket’s growth has accelerated through a series of structural catalysts. The platform secured CFTC approval to operate in the U.S. in November 2025 and rolled out its U.S. app shortly after, following a $2 billion strategic investment from Intercontinental Exchange. In March, it became MLB’s exclusive prediction market partner. Distribution has also broadened through a native integration in MetaMask, which began routing user bets to Polymarket late last year.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Los Angeles, California, April 29, 2026 – RealOpen, the leading platform for buying real estate with crypto, today announced the conclusion of its collaborative “Fast Moves, Fast Payments” Holiday Campaign with TRON, the leading settlement layer for stablecoin transactions. The campaign, which ran from November 17, 2025, through February 28, 2026, offered eligible U.S. homebuyers up to 50,000 USDT in rewards for purchasing property through RealOpen using USDT on the TRON blockchain, illustrating the network’s real-world use across both everyday payments and high-value transactions.

RealOpen combines the reliability of traditional real estate with the speed and efficiency of crypto. Through its platform, buyers can purchase any property on the market and fund the purchase directly with digital assets, making blockchain-powered homebuying accessible without sacrificing the familiarity of conventional real estate transactions.

Over the course of the campaign, RealOpen recorded 343 user sign-ups, with 27 completing KYC verification, and approximately $9.4 million in USDT on TRON verified by new users. A total of 69 real estate agents were onboarded through the accompanying 2025 TRON Real Estate Challenge, signaling increased industry participation in crypto-enabled property transactions.

“The Fast Moves, Fast Payments campaign showed why TRON is such a strong settlement layer for real-world assets. We saw hundreds of new users engage, dozens of agents onboard, and nearly $10M in USDT on TRON verified through RealOpen. Modern capital needs modern payment rails – and TRON is well-positioned to power that shift,” said Johnny Schiro, Executive Vice President at RealOpen.

The campaign builds on a proven track record. Earlier in 2025, RealOpen successfully closed multiple real estate transactions funded directly in USDT on TRON. Developments such as Pearl Homes’ Hunter’s Point, a net-zero master-planned community on Florida’s Gulf Coast, also promoted crypto acceptance via RealOpen, expanding blockchain-based settlement into broader residential markets.

TRON’s infrastructure underpins the campaign’s viability. The network processes more than $22 billion in daily transfer volume, with a circulating supply of $86 billion in USDT. The network is leveraged by over 376 million self-custodial accounts and accounts for approximately 65% of global USDT retail transfers under $1,000 – making it one of the largest resources for stablecoin liquidity across blockchain networks. Its near-instant finality and low transaction costs make it a practical settlement layer for time-sensitive, high-value transactions like real estate closings.
The TRON and RealOpen collaboration reflects the increasing role of stablecoins in real-world financial activity. As demand grows for faster, more transparent capital movement, the campaign demonstrates how blockchain infrastructure is already supporting practical use cases in the U.S. housing market, positioning USDT on TRON as a viable settlement rail for real estate transactions at scale.

About RealOpen

RealOpen is the easiest and most efficient way for high-net-worth crypto holders to purchase real estate. The company bridges digital assets and property transactions, validating on-chain funds, converting crypto to fiat for closing, and enabling fast, seamless funding. RealOpen partners with leading builders, brokers, and crypto ecosystems to bring real-world asset ownership into the Web3 era– where buying a home can move as fast as the blockchain itself.

RealOpen | X | Instagram

Media contact 

John Bauer

jbauer@realopen.com

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. TRON hosts one of the largest circulating supply of USD Tether (USDT) stablecoin, which currently exceeds $86 billion. As of April 2026, the TRON blockchain has recorded over 378 million in total user accounts, more than 13 billion in total transactions, and over $26 billion in total value locked (TVL), based on TRONSCAN. Recognized as the global settlement layer for stablecoin transactions and everyday purchases with proven success, TRON is “Moving Trillions, Empowering Billions.”

TRONNetwork | TRONDAO | X | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

Media contact

Yeweon Park

press@tron.network

This publication is provided by the client. The text below is a paid press release that is not part of Cointelegraph.com independent editorial content. The text has undergone editorial review to ensure quality and relevance, it may not reflect the views and opinions of Cointelegraph.com. Readers are encouraged to conduct their own research before taking any actions related to the company. Disclosure.

The U.S. Federal Trade Commission has reached a settlement with Celsius Network founder Alexander Mashinsky that imposes a permanent ban on promoting asset-related products and requires a $10 million payment tied to a larger, largely suspended civil judgment of $4.72 billion. The stipulated order was entered by Judge Denise L. Cote in the Southern District of New York this week, marking another milestone in the regulatory fallout from Celsius’s 2022 collapse.

The order states that Mashinsky is “permanently restrained and enjoined” from advertising, marketing, promoting, offering or distributing any product or service that can be used to “deposit, exchange, invest, or withdraw assets.” It also preserves the FTC’s ability to pursue the full monetary judgment if Mashinsky misstates or omits assets in disclosures related to the case, keeping open the potential for additional consumer redress or enforcement if new material misstatements emerge.

The $4.72 billion monetary judgment in favor of the FTC remains largely suspended, with Mashinsky required to pay $10 million to the FTC. The order also provides for a potential alternative payment path: the $10 million obligation could be satisfied by delivering at least that amount to the U.S. Department of Justice under the forfeiture order in Mashinsky’s criminal case. This structure is designed to balance immediate consumer redress with ongoing enforcement leverage should disputes over asset disclosures arise.

The settlement extends the legal consequences stemming from Celsius’s 2022 failure, even as Mashinsky faces broader penalties from other proceedings. In May 2025, Mashinsky was sentenced to 12 years in prison after pleading guilty to commodities fraud and securities fraud, with prosecutors contending that he misled Celsius customers about the company’s profitability, investment risks, and the safety of customer funds.

Excerpt from the court filing. Source Court Listener

Suspended judgment can be revived

The order clarifies that while the majority of the judgment remains suspended, the suspension is conditional. The Federal Trade Commission can seek to lift the suspension if it proves that Mashinsky failed to disclose a material asset, misstated the value of an asset, or made another material misstatement or omission in his financial disclosures. If the suspension is lifted, the full $4.72 billion judgment would become immediately due, subject to credits for payments already made under the FTC order, amounts paid to consumers through the DOJ forfeiture order in the criminal case, or payments demonstrated by Mashinsky to consumers via other defendants, including through the Celsius bankruptcy process.

The arrangement is notable for its attempt to preserve a broad consumer-redress milestone while avoiding an immediate, large liquidity demand on Mashinsky. It also signals a persistent regulatory emphasis on ensuring that asset-related advertising and fundraising activity by figures associated with failed crypto ventures remains under close scrutiny.

Regulatory and policy implications for the crypto sector

From a regulatory perspective, the case underscores the escalating use of civil enforcement tools to address consumer harms tied to asset-related claims in the crypto space. The FTC’s settlement with Mashinsky complements existing criminal and civil proceedings, illustrating how monetary, injunctive, and forfeiture pathways can be combined to deter misleading representations and to constrain the promotion of financial products tied to digital assets.

For exchanges, wallets, and other market participants, the decision reinforces the expectation of robust disclosure controls and clear boundaries around endorsing or promoting products that touch on deposits, exchanges, investments, or withdrawals of assets. Institutions operating in the U.S. market—ranging from fintechs to traditional banks engaging with crypto custody or liquidity facilities—may find themselves reinforcing AML/KYC diligence, asset disclosures, and governance practices to align with evolving enforcement expectations. The case also sits within a broader policy landscape that includes ongoing debates about licensing frameworks, consumer protection standards, and cross-border coordination in crypto regulation.

Although the action originates in the United States, commentators and policymakers frequently view it within a global context of converging standards. The Celsius matter intersects with discussions around compliance obligations for asset-backed activities, the delineation of security versus non-security crypto offerings, and the balance between enforcement jurisdiction and international cooperation. In parallel, regulators continue to refine rules around stablecoins, banking access, and the treatment of customer funds in insolvency and bankruptcy scenarios, all of which influence how firms plan product design, disclosures, and risk management.

Notably, the case is tied to a broader enforcement trajectory involving Celsius and its executives, including the criminal charges and the related DOJ forfeiture framework. For research and compliance teams, the evolving posture of the FTC, DOJ, and SEC (where applicable) highlights the importance of risk-based monitoring for asset-related promotions, disclosures, and marketing claims across corporate entities associated with crypto platforms.

Closing perspective

As authorities maintain a multimodal enforcement approach, the Mashinsky settlement serves as a reference point for risk assessment, governance, and compliance in the crypto ecosystem. Analysts and compliance officers will be watching for any revival of the suspended judgment and for further actions linked to asset disclosures or other material misstatements, signaling how regulators calibrate redress against ongoing penalties in high-profile industry cases.

Bullish is expanding its institutional reach by extending its integration with Ripple Prime to offer direct access to Bitcoin options trading. The move adds BTC options to the existing connectivity Ripple Prime provides for spot, perpetual and futures through its prime brokerage network.

The upgrade links Ripple Prime’s users to Bullish’s regulated Bitcoin options markets, with trades funded through existing sub-accounts and eligible collateral supported in stablecoins such as Ripple USD (RLUSD).

RLUSD is a USD-pegged stablecoin designed for payments, settlement and use as collateral in digital asset markets. Its market capitalization sits around $1.57 billion, according to DeFiLlama.

The two firms said they plan to introduce cross-venue margin access, enabling institutions to manage collateral across exchanges and over-the-counter desks from a single account to boost capital efficiency.

Ripple Prime operates as the company’s institutional prime brokerage platform, formed after its $1.25 billion acquisition of crypto prime broker Hidden Road in 2025. It offers multi-asset brokerage, clearing and financing services and reported clearing more than $3 trillion in volume in 2025.

Bullish notes that its Bitcoin options venue ranks among the largest by open interest for crypto-settled contracts. The integration is live, allowing Ripple Prime clients to begin accessing the options markets immediately.

Reflecting the broader market backdrop, Bullish’s share price has trended lower over the past year, retreating more than 60% from its September peak and trading around $36.58 as of this writing. Early in the session, the stock was down roughly 8% according to Yahoo Finance data.

Key takeaways

• Institutional access: Ripple Prime users can trade Bullish’s BTC options directly, leveraging existing sub-accounts without new onboarding.
• Collateral in RLUSD: Trades can be funded and collateralized with RLUSD, a USD-pegged stablecoin with a market cap near $1.57 billion (DefiLlama).
• Cross-venue margin on the roadmap: The partners plan cross-venue margin access to improve capital efficiency by consolidating collateral across venues and OTC desks.
• Ripple Prime’s scale: The platform, built after the Hidden Road acquisition, reported more than $3 trillion in volume cleared in 2025, underscoring institutional demand for prime brokerage services.
• Industry context: BTC options activity remains sizable, with Deribit dominating the space alongside CME, OKX, Binance and Bybit, and Coinbase having completed the Deribit acquisition in 2025 to consolidate a leading options venue.

Industrial momentum: BTC options deepen institutional risk management

Bitcoin options trading has gained traction as institutions increasingly use derivatives to hedge volatility and manage downside risk. Options give traders the right, but not the obligation, to buy or sell BTC at a specified price, providing a tool to navigate sudden price swings while preserving capital.

Industry context is evolving rapidly. In August 2025, Coinbase finalized its acquisition of Deribit, consolidating the largest crypto options venue under a single platform and accelerating access to spot, futures and options in a unified ecosystem.

On the corporate treasury front, momentum persists as Bitcoin-focused firms explore more active derivatives programs. For example, Nakamoto disclosed an actively managed derivatives program in 2026, employing BTC as collateral for options-based strategies intended to generate income from volatility while hedging downside risk.

Over the past year, BTC options markets have remained robust. Total open interest stood at about $32.8 billion as of late April 2026, up from roughly $30.8 billion a year earlier, with occasional peaks above $50 billion during periods of heightened activity, according to CoinGlass. While Deribit remains the dominant venue by open interest, liquidity is spread across CME Group, OKX, Binance and Bybit in varying shares.

These dynamics highlight how the market’s infrastructure—spanning major venues, prime brokers and stablecoin collateral—still shapes liquidity and access for institutional players. The Bullish–Ripple Prime integration fits within a broader trend of consolidating professional-grade crypto derivatives within multi-venue ecosystems, aiming to simplify risk management and optimize capital efficiency for large holders and institutions.

What to watch next

Looking ahead, investors and traders should monitor how quickly cross-venue margin access is implemented and adopted in practice, as well as how collateral flows evolve across Ripple Prime, Bullish and other venues. The convergence of prime brokerage services, BTC options liquidity and stablecoin collateral will likely influence both hedging behavior and the appetite for long-tail derivatives in institutional portfolios.

WHITE TECH secures MiCA authorization in Croatia to operate as a regulated crypto-asset service provider.

WHITE TECH, part of the W Group ecosystem and majority-owned by Volodymyr Nosov, Founder and CEO of WhiteBIT, has received authorization from the Croatian Financial Services Supervisory Agency (HANFA) to operate as a crypto-asset service provider (CASP) under the European Union’s Markets in Crypto-Assets (MiCA) regulation.

Within the W Group ecosystem, WHITE TECH serves as a core infrastructure component, focusing on crypto exchange services, enabling seamless conversion between crypto-assets and fiat, as well as the execution of crypto-asset transfers for businesses and users.

The authorization enables WHITE TECH to provide a range of regulated crypto services, including the exchange of crypto-assets for fiat currencies and other crypto-assets, transfer services, as well as custody and administration of crypto-assets. The company will operate under HANFA supervision, in line with MiCA’s requirements for governance, risk management, and user protection.

WHITE TECH is among the first companies in Croatia to receive authorization under MiCA, entering the EU’s unified regulatory framework at an early stage. MiCA establishes consistent rules across member states, aimed at increasing market transparency and strengthening trust in the crypto-asset sector.

The milestone reflects the company’s continued growth trajectory as part of the broader W Group ecosystem, reinforcing its commitment to regulated markets.

About W Group

W Group is a global fintech ecosystem that makes blockchain and crypto easy, secure, and accessible for everyone. It is built on the values of security, professionalism, and innovation, serving 35 million users across 150 countries worldwide. At the center of W Group is WhiteBIT, the largest European crypto exchange by traffic, offering over 900 trading pairs, 340+ assets, and supporting 8 fiat currencies. WhiteBIT collaborates with Visa, FACEIT, FC Barcelona, Juventus FC, and the Ukrainian national football team.

TLDR:

• Securitize and Computershare open a tokenization path for over 25,000 U.S.-listed stocks onchain.
• Issuer-Sponsored Tokens represent real shares, not derivatives, and fit within existing regulatory frameworks.
• Issuers can add tokenized shares alongside DRS and traditional holdings without altering capital structure.
• Computershare manages records and corporate actions for ISTs, keeping the issuer-shareholder relationship intact.

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Securitize has reached an agreement with Computershare to support U.S.-listed companies in issuing equity in tokenized form.

The partnership allows issuers to offer Issuer-Sponsored Tokens alongside traditional shares without altering their capital structure.

These tokens represent actual shares, not derivatives or wrappers. The move opens a pathway for millions of investors to hold equities in tokenized form across more than 25,000 listed stocks.

Issuer-Sponsored Tokens Bring Shares Directly Onchain

Securitize and Computershare structured the agreement to keep the direct issuer-shareholder relationship intact. Issuers can add ISTs alongside traditional shares, including Direct Registration System holdings.

No changes to the existing capital structure are required under this framework. This design makes the transition straightforward for companies already working with Computershare.

Securitize took to X to announce the milestone to the broader market. The firm posted that the agreement enables a new pathway for issuers to bring their shares onchain.

It also noted that companies gain more flexibility in how they issue shares. Shareholders, in turn, get more choice in how they hold their equity.

ISTs are actual shares represented in token form on a blockchain. They are not derivatives, synthetic assets, or wrapped versions of equities.

This structure sets them apart from many existing tokenized asset products in the market. ISTs are designed to fit within current regulatory frameworks without requiring new legislation.

Shareholders can opt for traditional share certificates, DRS, or the new tokenized format. The flexibility does not affect ownership rights or corporate action entitlements.

Holding in any of the three forms maintains the same investor protections. This approach creates consistency across all available holding types for retail and institutional investors.

Computershare’s Role Extends Market Access Across 25,000 U.S. Stocks

Computershare will handle record-keeping and corporate actions for ISTs under the agreement. The transfer agent manages these functions while preserving the issuer-shareholder relationship throughout.

This support structure keeps operations familiar for issuers already on the Computershare platform. It also reduces the operational burden of adding a tokenized equity option.

The agreement covers U.S.-listed clients, a pool that includes over 25,000 publicly traded stocks. That list includes major names such as Apple, Tesla, and Nvidia.

Any company listed on a U.S. exchange and working with Computershare can adopt ISTs. The potential scale of adoption is wide if issuer demand continues to grow.

Securitize described the development as a major step forward for tokenization. On X, the firm stated that the milestone opens the door for millions of investors to hold equities in tokenized form.

The statement reflects a growing appetite for blockchain-based financial infrastructure in traditional markets. More companies are now exploring ways to integrate distributed ledger technology into conventional equity issuance.

This agreement connects established transfer agent infrastructure with blockchain-based issuance. Issuers and investors gain practical options without disrupting existing processes.

Companies do not need to restructure their capital to participate. The partnership positions both firms at the center of an evolving equity issuance landscape.