Summary
- Circle and eToro are currently in “quiet periods.” Is an IPO on the horizon?
- Bitcoin miners are increasingly selling their BTC holdings.
- Semler seeks assistance from Coinbase to resolve a DOJ fine, alongside other updates in this week’s Public Keys.
Public Keys is a weekly update from Decrypt focusing on notable publicly traded crypto companies. This week’s highlights include insights from Circle and eToro’s quiet periods, increased Bitcoin sales by miners, and Semler Scientific’s plans to raise cash through securities to purchase Bitcoin for a loan to settle with the DOJ.
It’s Quiet
Excitement surged when Circle, the issuer of the USDC stablecoin, informed Decrypt about entering a mandatory quiet period following the filing of their S-1 at the start of the month. This indicates the company may still pursue an IPO despite concerns about recent tech IPOs being postponed, largely attributed to President Trump’s trade policies.
Similarly, eToro confirmed it remains in a quiet period regarding its IPO plans, citing the same restrictions as Circle. Reports suggest tech firms are reconsidering IPO plans, but official withdrawals are the only way to exit a quiet period.
Mining and Selling Bitcoin
For Bitcoin miners, recent trends show increasing levels of BTC sales amid declining prices. Data from CryptoQuant indicates that on April 7, miners sold around 15,000 BTC, amounting to over $1.12 billion based on that day’s low price. Such spikes in selling activity are alarming, as they suggest potential financial difficulties among miners.
Semler’s DOJ Deal
Semler Scientific, a company involved in both Bitcoin and medical technology, announced through an SEC filing that it secured a loan from Coinbase Credit. This loan is intended to finance a potential settlement with the Department of Justice over allegations related to marketing practices for QuantaFlo, its main product. Additionally, Semler intends to raise $500 million through a securities offering to fund further Bitcoin purchases, which will be used as collateral for its Coinbase loan.
Moreover, recent legal challenges have surfaced for Coinbase, as Oregon regulators have initiated a lawsuit asserting that the crypto exchange unlawfully promoted the sale of cryptocurrencies classified as unregistered securities.
