Circle, eToro Enter Quiet Periods Ahead of Potential IPOs Bitcoin Miners Sell 15,000 BTC as Prices Drop Below $80,000 Semler Scientific Seeks $500 Million Loan to Settle DOJ Fine Oregon Sues Coinbase Over Unregistered Cryptocurrency Sales

Circle and eToro, two prominent companies in the cryptocurrency space, have entered mandatory quiet periods following the submission of their S-1 filings. This development has sparked speculation about their potential initial public offerings (IPOs). Circle, the issuer of the USDC stablecoin, and eToro, a trading platform, both confirmed their quiet periods, which are regulatory requirements that restrict their ability to make public comments about the IPO process. This quiet period is a standard procedure and does not necessarily indicate that the companies are reconsidering their IPO plans, despite rumors of tech companies facing uncertainty due to ongoing trade wars and tariff issues.

Bitcoin miners have been actively selling their Bitcoin holdings at an accelerated pace. According to a report by CryptoQuant, miners sold a significant amount of Bitcoin on April 7, totaling 15,000 BTC. This sale is notable as it represents the third-largest daily outflow of Bitcoin by miners this year. The sale occurred as the price of Bitcoin dropped below $80,000, indicating that miners may be facing financial pressures. While it is not uncommon for mining companies to sell some of their Bitcoin holdings, the increased rate of selling suggests potential challenges within the mining industry. In June 2024, miners liquidated $200 million worth of reserves, but the recent sale of $1.12 billion worth of Bitcoin at a low price of less than $75,000 per coin is significantly larger.

Semler Scientific, a Bitcoin treasury company and medical tech startup, has disclosed plans to secure a loan from Coinbase Credit to settle a potential fine from the Department of Justice (DOJ). The company, which trades on the Nasdaq under the SMLR ticker, aims to use the loan proceeds, along with its cash on hand, to pay the proposed settlement. Semler Scientific has been under scrutiny for alleged violations of federal anti-fraud laws related to the marketing of its flagship product, QuantaFlo. To raise the necessary funds, Semler Scientific announced a $500 million securities offering to purchase more Bitcoin, which will be used as collateral for the Coinbase loan. This move is part of a broader trend among Bitcoin miners and companies, who are increasingly turning to Coinbase Credit for financial support. For instance, Hut 8, Cipher Mining, and CleanSpark have all secured lines of credit from Coinbase for various purposes, including operational expenditures and repayment of credit.

Coinbase, the crypto exchange trading on the Nasdaq under the COIN ticker, is facing a lawsuit from Oregon regulators. The state's attorney general accused Coinbase of violating state law by promoting the sale of cryptocurrencies as unregistered securities, resulting in significant losses for Oregon residents. Coinbase's Chief Legal Officer, Paul Grewal, expressed disappointment with the lawsuit, highlighting the recent dismissal of the SEC's case against the company. Grewal emphasized that the U.S. had moved past the "dark, misguided chapter" of targeting the cryptocurrency industry, but Oregon's Attorney General is attempting to revive the same legal battle.