Blockchain & Digital Assets Weekly Briefing - Week 23
- danae317
- Jun 6
- 11 min read
Updated: Sep 20
Week ending 6th June 2025
This week brought major developments in crypto adoption and regulation. The UK marked two milestones with the launch of its first regulated GBP stablecoin, tGBP by BCP Technologies, and IG Group becoming the first FTSE 250 firm to offer retail crypto trading. JPMorgan expanded its crypto involvement by accepting Bitcoin ETFs as loan collateral, while Strategy introduced perpetual “stride” preferred shares to boost its Bitcoin strategy. Internationally, Russia ramped up integration with BTC futures, Ruble-denominated crypto bonds, and crypto-enabled grain exports.
UK’s first regulated GBP stablecoin debuts: BCP Technologies’ tGBP.
JPMorgan deepens crypto ties: Bitcoin ETFs now eligible as loan collateral.
Strategy introduces perpetual “stride” preferred shares to expand Bitcoin investment strategy.
IG Group breaks ground: first FTSE 250 firm launches retail crypto trading in the UK.
Russia accelerates crypto integration: BTC futures, ruble-denominated bonds, and crypto grain exports.
UK’s first regulated GBP stablecoin debuts: BCP Technologies’ tGBP
BCP Technologies, a UK-registered cryptocurrency firm, has officially launched tGBP, a new GBP-pegged stablecoin approved by the Financial Conduct Authority (FCA). Designed to offer a transparent and secure digital representation of the British Pound, tGBP is available on BCP Markets, the firm’s proprietary trading platform, and will roll out on additional major platforms in the coming weeks, pending Know Your Customer (KYC) verification.
The introduction of tGBP aligns with recent regulatory developments in the UK. The FCA opened a public consultation on May 28, 2025, proposing new guidelines for stablecoin issuers and crypto custodians, aiming to strengthen consumer protection and market stability. The launch of tGBP closely follows BCP’s successful participation in the FCA’s Regulatory Sandbox, where the token underwent a one-month trial.
Tokenised GBP (tGBP) is issued as an ERC-20 token on the Ethereum blockchain and is fully backed 1:1 by reserves held in regulated financial institutions or by short-term UK government securities, in line with the FCA's regulatory framework. Each tGBP token equates to one British Pound and represents a direct claim on the underlying reserve assets.
Key features of tGBP include:
Stability: Maintains parity with GBP, serving as a dependable medium of exchange and store of value.
Transparency: Backing reserves are subject to routine, independent audits by reputable third parties, including blockchain security firm OpenZeppelin, ensuring ongoing trust and accountability.
Global Accessibility: tGBP enables users worldwide to transact in GBP digitally and without interruption, circumventing traditional banking limitations.
DeFi Integration: The stablecoin is expected to be integrated into decentralized finance ecosystems soon, enabling its use in lending, borrowing, and other blockchain-based financial services.
BCP Technologies positions tGBP for both institutional and individual use, offering a credible, fully-regulated alternative in a market with minimal competition. As of now, the only other pound-denominated stablecoins tracked by CoinGecko—VNX British Pound (VGBP) and Celo British Pound (CGBP)—have a combined market capitalization of under $500,000, underscoring the significant gap tGBP aims to fill.
The launch of tGBP marks a significant milestone in the UK’s evolving digital asset landscape. As the first FCA-regulated stablecoin pegged to the British Pound, it sets a new benchmark for trust, transparency, and compliance in the stablecoin sector. Its debut comes at a time of broader regulatory momentum in the UK, following the FCA’s recent public consultation on stablecoin oversight and its announcement to explore lifting the ban on crypto exchange-traded notes (ETNs) for professional investors. These developments signal a more open and structured environment for digital assets, positioning the UK as a maturing hub for regulated crypto innovation. With tGBP, BCP Technologies is at the forefront of this transformation—bridging traditional finance and blockchain technology under the watch of a trusted regulatory framework.
JPMorgan deepens crypto ties: Bitcoin ETFs now eligible as loan collateral
JPMorgan Chase & Co., the largest bank in the United States with approximately $4 trillion in assets under management, is further embracing the cryptocurrency sector. The bank, which once maintained a cautious stance on digital assets, is now taking a significant step by allowing select Bitcoin exchange-traded fund (ETF) holdings to be used as collateral for loans.
From Reluctance to Adoption
While JPMorgan was once skeptical of Bitcoin and the broader cryptocurrency market, the tide has clearly turned. The bank has not gone as far as offering direct custody of cryptocurrencies but has begun offering exposure to Bitcoin through ETFs. According to a Bloomberg report citing internal sources, JPMorgan will now permit clients to pledge shares of Bitcoin ETFs—initially limited to BlackRock’s iShares Bitcoin Trust (IBIT)—as collateral for loans.
This new service will be accessible to trading and wealth management clients globally. It marks a major milestone in treating digital asset-linked securities similarly to traditional assets like stocks, real estate, art, or luxury vehicles in collateralized lending strategies.
ETFs as a Gateway
By allowing Bitcoin ETF shares to serve as collateral, JPMorgan is acknowledging the growing institutional demand and increased regulatory clarity surrounding crypto investments. While the offering is currently limited to IBIT—the largest Bitcoin ETF by market capitalization—the bank may expand to include additional crypto-related products in the future.
Importantly, these ETF holdings will now be included in clients’ liquidity and net worth calculations, expanding the financial flexibility of high-net-worth and institutional clients. The change applies across all of JPMorgan's global client base, demonstrating a shift in how legacy financial institutions are adapting to the digital asset economy.
The Bigger Picture: Bitcoin Loans on the Rise
JPMorgan’s move reflects a broader trend in the financial sector: the rising popularity of Bitcoin-backed loans. As the digital asset matures and gains mainstream acceptance, more banks and fintech platforms are enabling clients to leverage their crypto holdings without liquidating them.
Bitcoin loans typically involve borrowers using their Bitcoin—or, increasingly, Bitcoin-related securities—as collateral to access fiat liquidity. This allows investors to maintain long-term exposure to Bitcoin’s price while freeing up capital for other needs, such as real estate, business investments, or portfolio diversification.
Several advantages drive this trend:
Tax efficiency: By borrowing against Bitcoin instead of selling it, clients can potentially defer capital gains taxes.
Market timing: Investors remain exposed to potential future gains in Bitcoin's price.
Liquidity without liquidation: Clients can access cash without having to sell core holdings.
A Turning Point for Crypto and Finance
Spot Bitcoin ETFs, introduced in the U.S. in January 2024, have become one of the most successful ETF launches in history, attracting over $128 billion in assets under management within just over a year. The rapid growth of these instruments reflects both institutional interest and growing retail confidence in regulated crypto exposure.
Meanwhile, Bitcoin’s price has surged amid macroeconomic shifts and political developments, including former President Donald Trump's return to office in late 2024. The cryptocurrency reached an all-time high of $111,980 in May 2025, further energizing investor enthusiasm and financial innovation.
JPMorgan’s latest move signals more than just a product enhancement—it reflects the convergence of traditional banking and digital finance. By recognizing Bitcoin ETF shares as loan-worthy assets, the bank is legitimizing crypto exposure within conventional wealth management and lending frameworks.
As regulatory frameworks stabilize and institutional infrastructure matures, more banks are expected to follow suit, cementing crypto's role in modern financial services. The era of Bitcoin-backed borrowing is no longer on the horizon—it's already here.
Strategy introduces perpetual “stride” preferred shares to expand Bitcoin investment strategy
Strategy, led by Michael Saylor, is preparing to launch a new class of preferred shares called Perpetual Stride Preferred Stock (STRD) in a bid to raise $250 million, according to a report by Bloomberg. While the company has not yet made an official announcement regarding this specific offering, it aligns closely with Strategy’s stated strategic goal to raise $42 billion in capital over the next three years — an initiative outlined in its “21/21 Plan.”
“Our focus remains to increase value generated to our shareholders by leveraging the digital transformation of capital. Today, we are announcing a strategic goal of raising $42 billion of capital over the next 3 years, comprised of $21 billion of equity and $21 billion of fixed income securities, which we refer to as our ‘21/21 Plan,” the company said in a press release in October 2024.
What Are Perpetual Stride Preferred Shares?
The STRD offering represents a new tier in Strategy’s capital structure — one that provides investors with fixed income potential and aligns with the company’s long-term Bitcoin strategy.
Here are the key characteristics:
Ticker: STRD (to be listed on Nasdaq)
Structure: Perpetual preferred stock, meaning it has no maturity date
Dividend: Targeted fixed dividend of at least 10% annually, paid quarterly
Offering Size: 2.5 million shares at $100 per share, with flexibility to price lower depending on demand
Seniority: STRD is junior to Strategy’s earlier offerings, STRK and STRF — meaning lower claim priority on company assets and dividends — but senior to Strategy's common stock.
Strategic Purpose
This offering reflects Strategy’s growing use of layered capital instruments — each with different levels of risk and reward — to fund its expanding Bitcoin holdings.
The company now holds 580,955 tokens as of June 1, valued at more than $61 billion, making it the largest corporate holder of Bitcoin globally. These digital assets serve as a substantial collateral base, providing strong asset coverage for preferred shareholders — estimated at around six times coverage for existing preferred shares.
What Investors Should Know
The STRD shares are designed to appeal to income-focused investors, but they come with key caveats:
Non-cumulative dividends: If MicroStrategy skips a payment, it’s not obligated to pay it later.
Subordinated structure: STRD ranks below other preferred shares (like STRK and STRF) in payment priority.
Junk rating likely: Due to the company's volatile earnings and Bitcoin exposure, the offering is expected to be rated below investment grade. A “junk rating” (also called non-investment grade) is a credit rating given by agencies like Moody’s, S&P, or Fitch that signals higher risk to investors.
Despite these risks, investor appetite for earlier preferred stock was strong, and STRD is expected to draw similar interest. The shares will be available through platforms like Fidelity, and the offering is being underwritten by a consortium including Barclays and Morgan Stanley.
A Broader Capital Strategy
STRD isn’t just another funding tool — it’s part of a deliberate capital stack design by Strategy. By introducing preferred shares with different seniority levels, yields, and risk profiles, the company aims to diversify its investor base while continuing to scale its Bitcoin exposure.
This evolution of MicroStrategy’s capital structure underscores its transformation from a business intelligence firm into a Bitcoin-focused financial entity. The launch of the STRD class signals a long-term commitment to this strategy and invites a broader range of investors to participate in its vision.
IG Group breaks ground: first FTSE 250 firm launches retail crypto trading in the UK
IG Group, a FTSE 250 financial services company, has become the first UK-listed firm to allow retail investors direct access to cryptocurrencies such as Bitcoin and Ethereum. This landmark move debuts this week in partnership with digital asset platform Uphold.
Broadening IG’s Offering
Traditionally focused on leveraged trading vehicles, IG is expanding into on-chain digital assets. Under the new setup, UK clients can trade 38 different tokens, including lesser-known meme coins like “dogwifhat,” through Uphold’s custody services. Notably, these crypto holdings aren’t covered by the UK’s Financial Services Compensation Scheme (FSCS).
Meeting Consumer Demand
Data from the Financial Conduct Authority (FCA) reveals a jump in crypto ownership among British adults—from 4.4% in 2021 to 12% in 2024. IG acknowledges a “tipping point” in client demand, signaling crypto’s growing role in retail portfolios.
Regulatory Backdrop
The firm’s launch aligns with the UK government’s roadmap for regulating digital assets, aiming to instill investor confidence. Despite regulatory caution—often citing risks like volatility, lack of intrinsic value, fraud, and money laundering—the move is seen as reducing crypto’s ‘Wild West’ stigma. The industry has previously endured setbacks, including the collapse of FTX and its founder’s conviction, which have heightened regulatory scrutiny.
Positioning & Competitive Edge
Although crypto services exist elsewhere—Revolut, for example, offers crypto trading—IG is the first to do so as a publicly listed UK firm. IG's UK head, Michael Healy, believes this enhances trust and credibility among clients. Collaborating with Uphold allows IG to diversify beyond derivatives like CFDs.
Looking Ahead – UK Finally Jumps on the Crypto Train
After years of caution, the UK is rapidly moving to establish itself as a serious player in the digital asset space. Reform UK recently unveiled plans to promote Britain as a global crypto hub, while the Financial Conduct Authority (FCA) is now actively shaping regulation. In addition to launching a consultation on stablecoin oversight, the FCA announced on Friday that it is considering opening access to crypto exchange-traded notes (ETNs) for retail investors—just a year after lifting the ban on ETN sales to professional investors.
IG Group’s entry into crypto retail trading is therefore well-timed, aligning with a broader national pivot toward regulated, mainstream access to digital assets. With momentum from both regulators and political actors, the UK may finally be catching up with jurisdictions like the EU and U.S. in developing a comprehensive framework for digital finance.
Russia accelerates crypto integration: BTC futures, ruble-denominated bonds, and crypto grain exports
Russia is rapidly expanding its footprint in the digital asset space, with coordinated initiatives in finance, commodities, and international trade. These developments reflect a strategic pivot toward embracing cryptocurrency as a tool for financial sovereignty and market innovation.
Three Key Moves Signal a Coordinated Crypto Strategy:
Bitcoin Futures to launch on the Moscow Exchange
On June 4, Sberbank, a major Russian bank began offering Bitcoin (BTC) futures contracts, which will be listed and traded in rubles on the Moscow Exchange (MOEX). The product is tailored for qualified investors, providing a regulated, domestic avenue for exposure to digital assets. This move marks a significant step toward institutionalizing crypto within Russia's financial system.
Ruble-Denominated Crypto Bonds Now Available OTC
In parallel, Sberbank has also launched crypto-linked bonds that are fully denominated and settled in rubles, and offered over the counter (OTC) to qualified investors. Despite their name, these are not blockchain-native assets, nor are they settled in cryptocurrency. Instead, they are traditional structured debt instruments issued within Russia’s legal framework, whose returns are tied to the performance of Bitcoin (BTC) or foreign exchange rates.
These bonds are fully official financial instruments under Russian law. Their legitimacy stems from being issued and settled entirely within the Russian financial system, using rubles, and under the supervision of domestic regulators. The offering does not involve public blockchains or crypto wallets, and it provides investors with regulated exposure to crypto market dynamics—without direct interaction with decentralized platforms.
By offering these instruments, Russian financial institutions are bridging traditional capital markets with the growing interest in digital assets, while maintaining full compliance with the Central Bank’s requirements and ensuring that all activity remains inside the sovereign monetary system.
Agricultural Bank Considers Crypto for Grain Exports
In a separate but strategically aligned initiative, Rosselkhozbank (the Russian Agricultural Bank) is exploring cryptocurrency payments for grain exports. This could allow Russian agricultural producers to settle international trades outside of traditional banking systems—especially appealing for countries looking to circumvent Western financial infrastructure.
Strategic Implications
These coordinated efforts are designed to:
Boost Economic Resilience: By conducting all crypto bond and futures transactions in rubles and exploring crypto settlements for exports, Russia reduces dependency on the U.S. dollar and foreign financial systems.
Enhance Financial Sovereignty: These tools allow Russia to build an internal, state-aligned digital finance infrastructure, while remaining compliant with domestic regulations.
Support Trade Innovation: The use of crypto in commodity exports (starting with grain) could open new pathways for bilateral trade with non-Western countries, particularly under sanctions or dollar-restriction regimes.
At a Glance: Russia’s Crypto Initiatives
Initiative | Sector | Launch/Status | Investor Type | Currency Used |
BTC Futures on MOEX | Financial Markets (Capital markets, Money markets, Derivatives markets, FX markets, Commodity markets) | Launching June 4 | Qualified investors | Rubles |
Crypto Bonds (OTC) | Capital Markets | Available now | Qualified investors | Rubles |
Crypto Grain Exports | International Trade | Under evaluation | Pilot program (targeted partners) | Likely crypto/ stablecoins |
Why It Matters
For Investors: Access to ruble-denominated BTC futures and digital bonds offers a regulated path into the crypto market.
For Exporters: Crypto-based payments may lower transaction costs and bypass restrictions tied to traditional finance.
For Policymakers: This trilateral strategy demonstrates how digital finance can serve national policy goals—from trade autonomy to financial innovation.
Russia is not merely experimenting with cryptocurrency—it is building a coordinated digital asset framework that touches on financial markets, debt instruments, and international trade. With BTC futures, crypto bonds, and grain exports under the crypto spotlight, the country is sending a clear message: digital assets are now part of its strategic economic toolkit.
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This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.
