A full sale at current prices would imply about a $76 million loss on GameStop’s Bitcoin bet, having purchased its 4,710 Bitcoin at an average purchasing price of $107,900. GameStop has transferred its entire Bitcoin holdings to Coinbase’s institutional trading platform, sparking speculation that the video game retailer may be reconsidering its Bitcoin treasury strategy. “GameStop throws in the towel?” blockchain intelligence platform CryptoQuant asked in a post to X on Friday after noticing that GameStop moved its entire 4,710 Bitcoin (BTC) stash worth more than $422 million to Coinbase Prime. CryptoQuant said the transfer was “likely to sell” the holdings, noting that a sale with Bitcoin at $90,800 would mean GameStop realizing around $76 million in losses from its Bitcoin bet. Read more
The amendments marked the latest Democratic Party-driven push to prevent US officials from profiting off of crypto interests. US Democratic Senators working on crypto market structure legislation filed several amendments on Friday, including measures to address conflicts of interest with US officials profiting from the crypto industry. The ethics-focused amendments were filed ahead of the Senate Agriculture Committee’s markup for the crypto market structure legislation this Tuesday, which seeks to give greater clarity on federal rules for digital assets, define agency oversight, and bring regulatory certainty to investors and market participants. One of the most notable amendments was Senator Michael Bennet’s purported inclusion of the Digital Asset Ethics Act into the crypto market structure legislation to prevent US officials from profiting from the crypto industry. Read more
ABBOTTABAD: Rescue officials remove snow from their vehicle after heavy snowfall blanketed the Galiyat with a coat of white. According to the Met Office, more rain and snowfall is expected in various parts of the country from Sunday.—Dawn • KKH, other major roads blocked • Murree sees 15 inches of snow • Quetta records coldest night at -13°C • More rain, snow expected from Sunday CHITRAL/GILGIT/RAWALPINDI/QUETTA: At least nine members of a family were killed when a snow avalanche buried their house in Chitral on Friday, as heavy snowfall, avalanches and landslides brought life to a standstill across Khyber Pakhtunkhwa, Balochistan, Gilgit-Baltistan and Azad Kashmir, blocking roads, stranding travellers and disrupting electricity and relief operations amid freezing temperatures. The avalanche struck a house in Serigal village of the Damil area in the extreme south of the district on Friday afternoon. Lower Chitral Deputy Commissioner Hashim Azim said the bodies were recovered from the debris, while a nine-ye...