PLUS: Movement scandal; Kevin O'Leary interview

May 2, 2025

The biggest crypto news and ideas of the day 

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Welcome to The Node! This is Ben Schiller to take you through the latest crypto news. 

 

Here are the top stories from CoinDesk's reporters today:
Strategy’s $84B Bitcoin Expansion Plan Backed by Wall Street Analysts
Tether’s U.S.-Focused Stablecoin Could Launch Later This Year, CEO Paolo Ardoino Says
Franklin Templeton Backs Bitcoin DeFi Push, Citing ‘New Utility’ for Investors
Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal

Consensus Interview: Shark Tank's Kevin O'Leary
Ahead of Consensus 2025, the investor and TV personality shares his crypto portfolio strategy, why he won’t touch bitcoin ETFs, and what could unleash trillions into digital assets.
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Strategy's $84B BTC Buy

Helene Braun reports: 

  • Benchmark and TD Cowen both reiterated buy ratings, calling the new capital raise strategy ambitious but credible.
  • Strategy now targets a 25% bitcoin yield and $15B in BTC gains by 2025, up from previous projections.
  • The company has already raised $28.3B and aims to bring in another $56.7B over the next 32 months.
 

Tether's U.S. Stablecoin This Year

Kris Sandor reports:

  • Tether plans to launch a U.S.-focused stablecoin by the end of this year or early next year, contingent on stablecoin legislation, CEO Paolo Ardoino said in an interview.
  • The new stablecoin aims to compete with payment services like PayPal's CashApp and cater to institutional use in the U.S.
  • Tether's plans in the U.S. come amid increasing competition in the stablecoin market and advancing federal legislation to regulate the sector.
 

Franklin Templeton Backs Bitcoin DeFi

Omkar Godbole reports: 

  • The narrative around bitcoin is expanding beyond its traditional role as a store of value.
  • Franklin Templeton's Kevin Farrelly sees this as a positive step.
  • "A lot of interesting Bitcoin DeFi use cases can make Bitcoin assets more valuable, give users more reason to hold and use in the future," said another industry insider.
 

Movement Suspends Rushi Manche

Sam Reynolds reports: 

  • Movement Labs has suspended co-founder Rushi Manche amid ongoing investigations into organizational governance.
  • Coinbase has suspended trading of the MOVE token following a report of a market maker's involvement in a token dump.
  • The MOVE token's value has dropped over 20% after Binance banned the implicated market maker, Web3Port.
 

Consensus Interview: Kevin O'Leary

Ahead of Consensus 2025, the investor and TV personality shares his crypto portfolio strategy, why he won’t touch bitcoin ETFs, and what could unleash trillions into digital assets.

 

As markets stabilize and bitcoin claws its way back above $100k, Kevin O’Leary – also known as “Mr. Wonderful” – is doubling down on digital assets and calling for clear regulation to unlock crypto’s next chapter. “I consider crypto to be the 12th sector of the economy within five years,” he told CoinDesk in a wide-ranging interview ahead of his keynote at Consensus 2025 in Toronto on May 15.

 

The O’Leary Ventures Chairman outlined his approach to crypto, which is grounded in traditional portfolio construction and a very deliberate plan to prepare for institutional capital he believes is about to flood into the industry.

 

Crypto: A 19% Allocation

 

O’Leary holds a 19% weighting in crypto and related equities. That includes direct exposure to crypto and shares in major crypto exchanges like Coinbase, Robinhood and WonderFi. “Volatility is good for an exchange," he said. “No matter what crypto is doing, up or down, the exchange is making money because it’s the infrastructure.”

 

For yield, he favors USDC over bank deposits. “The yield on that this morning is 3.822%. That’s better than a savings account.” (O’Leary disclosed he is a shareholder in Circle.) Still, O’Leary follows a strict strategy: never more than 5% in one position and never more than 20% in any sector, including crypto.

 

No to Bitcoin ETFs, No to MicroStrategy

 

Despite being long BTC, O’Leary is not a fan of the ETF wrapper. “I never understood why anybody would buy bitcoin in an ETF and pay fees. That’s insane,” he said. “If I want vol on crypto, just buy bitcoin.” (Bitcoin ETFs were introduced in the U.S. in January 2024 and have attracted about $115 billion in investment so far.)

 

He also opted out of Strategy, saying Michael Saylor is “a great strategist, no question. But why don’t I just own bitcoin outright?”

 

Regulation is the Missing Piece

 

Institutional adoption of crypto hinges on regulation and compliance, he said. Large funds can't buy in until their internal systems can account for digital assets the same way they do equities or bonds. “There are trillions of dollars waiting on the sidelines. But they can’t move until it’s regulated and the compliance infrastructure is there.”

 

That’s why he’s optimistic about stablecoin legislation in the U.S., which he expects to pass soon. If that happens, he said, “you want to own the exchanges.”

 

“The era of the crypto cowboy is over,” he said. “They’re all in jail or felons. What we need now is compliance.”


Kevin O’Leary will be sharing more about his crypto strategy at Consensus 2025 in Toronto on May 15. Get your tickets here.

 

The Industry’s Brightest Minds. One Unmissable Event.
 
Dealmaking. Networking. Big moves. Consensus 2025 is where the industry’s top players connect, innovate, and build what’s next.

 

Don’t miss out. Save 15% with code NODE15.

 

Links, Links, Links

 

Why Is Trump So Into Crypto? – Atlantic Radio

As Trump’s Family Crypto Business Gains Steam, Ethical Concerns Mount – Wired

Britain to bar consumers from borrowing to buy crypto under new regime – Reuters

 

Where Strategy Stands

 

 

 
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