Weekly Update: 17th of April

What happened between April 10 and April 17?

• Bitcoin gradually recovered toward $75,000, supported by positive ETF inflows and reports that Iran is considering collecting shipping tolls in Bitcoin. Ongoing tensions in the Middle East capped further gains. Read more
• Deutsche Börse is taking a $200 million stake in Kraken, as the crypto exchange continues its push toward a public listing. Read more
• Strategy purchased over $1 billion in Bitcoin, funded entirely through its STRC preferred share instrument. The company continues to extend its lead as the world’s largest corporate Bitcoin holder. Read more
• Japanese banks confirmed that XRP settlements are 60% cheaper than SWIFT, while Rakuten Pay — one of Japan’s largest payment providers — announced XRP support for its 44 million users. Read more
• ABN AMRO launched regulated crypto investment products in the Netherlands and Germany, offering clients access to Bitcoin and Ethereum exposure through ETPs and Capital Protected Notes. Read more

Bitcoin recovers steadily, buoyed by ETF inflows and Iran news

Crypto markets continued their gradual recovery this week, with Bitcoin trading in the $74,000–$75,000 range. Spot Bitcoin ETFs saw positive net inflows throughout the week, providing a continued tailwind for the market. The backdrop in the Middle East remained tense, with the U.S. naval blockade of Iranian ports keeping geopolitical risk elevated and oil prices above $100 per barrel.

A brief price spike occurred after reports emerged that Iran is considering requiring ships to pay tolls in Bitcoin — a move markets interpreted as an implicit state-level acknowledgment of Bitcoin as a medium of exchange. The news triggered a short-term price jump, though Bitcoin ultimately failed to break through the $76,000 resistance level. The $76,000 mark remains the next key test for the weeks ahead.

Deutsche Börse takes $200 million stake in Kraken

Deutsche Börse, operator of the Frankfurt Stock Exchange and one of Europe’s largest exchange groups, is making a $200 million investment in crypto exchange Kraken. The deal comes as Kraken advances toward a public listing, following its acquisition of futures platform NinjaTrader earlier this year. Kraken operates spot and derivatives markets across multiple jurisdictions and has been steadily expanding its institutional product offering.

For Deutsche Börse, the investment is a strategic move to secure a foothold in the growing digital asset market. The company already manages a significant share of Europe’s securities infrastructure through its Clearstream subsidiary, and has been exploring tokenization and digital asset custody services. The size of the equity stake that Deutsche Börse will hold in Kraken has not yet been disclosed.

Strategy buys over $1 billion in Bitcoin using STRC flywheel

Strategy — the former software company turned world’s largest corporate Bitcoin holder — purchased over $1 billion worth of Bitcoin this week. The acquisition was financed entirely through the issuance of STRC preferred shares, an instrument designed to continuously raise capital and convert it directly into Bitcoin. The STRC flywheel works by using new share issuances to fund ongoing purchases, systematically growing the company’s Bitcoin reserve.

Strategy’s total Bitcoin holdings now stand far ahead of any other corporate holder worldwide. The company has deployed multiple capital markets instruments across its accumulation strategy — from MSTR equity and convertible notes to the newer STRC preferred shares. Most other corporate Bitcoin buyers have remained on the sidelines as Strategy continues to accumulate.

XRP adoption in Japan: banks and Rakuten Pay go all-in

Japanese banks have officially confirmed that XRP-based payment settlements are up to 60% cheaper than SWIFT transactions and settle in under four seconds. The confirmation came from multiple Japanese financial institutions operating on Ripple’s payment network. Japan has been an early adopter of XRP for cross-border payments, built on long-standing partnerships between Ripple and major Japanese institutions including SBI Holdings.

Rakuten Pay, one of Japan’s largest payment service providers with 44 million users, announced that it will add XRP as a payment option for its customers. The integration would make XRP accessible to a broad consumer base in Japan. Rakuten Pay has not yet disclosed a launch date or the transaction limits that will apply.ABN AMRO launches regulated crypto investment products

ABN AMRO launches regulated crypto investment products

On April 16th, ABN AMRO launched regulated crypto investment products for both retail and professional clients in the Netherlands and Germany. The bank is offering two product types: Crypto Exchange Traded Products (ETPs), which track the value of one or more cryptocurrencies, and Capital Protected Notes (CPNs), a structured product linked to Bitcoin that provides capital protection for eligible Wealth clients. Clients gain exposure to crypto assets without having to buy, store, or safeguard the digital assets themselves.

Non-professional investors are required to pass a knowledge assessment before they can invest, given the complexity of the products. CPNs are available in the Netherlands, Germany, Belgium, and France, but exclusively for eligible Wealth clients. ABN AMRO intends to expand ETP access to non-professional investors in Belgium and France in due course. A significant step forward for the Dutch and European market in terms of crypto adoption.

In other digital assets news

• Bhutan has sold over 70% of its Bitcoin reserves over the past eighteen months. The country accumulated its holdings through state-run mining powered by its own hydroelectric energy.
• Kevin Warsh, a potential successor to Federal Reserve Chair Jerome Powell, disclosed a net worth of approximately $100 million, including investments in AI and crypto.

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