The Daily: Strategy's 'turbocharged' $84 billion bitcoin plan, Movement Labs suspends co-founder Rushi Manche and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

It's Friday! You know times have changed when a U.S. Congressman is pushing to install crypto ATMs in federal buildings — all in the name of aligning with President Trump's "vision." But given the notoriously bad exchange rates those machines offer, it doesn't exactly scream "Art of the Deal."

In today's newsletter, analysts remain bullish on Strategy's "turbocharged" $84 billion bitcoin plan, Movement Labs suspends co-founder Rushi Manche following an alleged market-making scandal, Nasdaq-listed Fr8Tech plans to create a $20 million TRUMP memecoin treasury and more.

Meanwhile, amid the charade of crypto-AI booths, panels and pitches at TOKEN2049, The Block's Tim Copeland sat down with Aptos Labs CEO Avery Ching to find out if any of it was more than just smoke and mirrors.

Let's get started.

Strategy's 'turbocharged' $84 billion bitcoin plan

Strategy (formerly MicroStrategy) is trading up around 3.8% on Friday after doubling down on its "21/21 Plan" with a new "42/42 Plan."

• The firm now targets a total capital raise of $84 billion through 2027 via equity offerings and fixed-income securities to further accumulate bitcoin.
• The new target incorporates the original $42 billion goal announced last October — of which around $15 billion remains, primarily on the debt side — plus an additional $21 billion each in common stock (MSTR) and convertible note offerings.
• Strategy also recently launched STRK and STRF perpetual preferred stock programs, which are separate from the 42/42 Plan.
• Despite concerns over its level of share dilution and debt leverage, analysts remain bullish on MSTR, citing its dominant bitcoin position (553,555 BTC worth around $54 billion), innovative capital-raising instruments and appeal to institutional investors.
• The company unveiled the updated plan during its Thursday earnings call after reporting a $4.2 billion Q1 net loss — driven largely by unrealized losses on its bitcoin holdings.
• Under the FASB's new fair value accounting rules, Strategy can now mark its bitcoin holdings to market, allowing it to report price appreciation as net income gains.

Movement Labs suspends co-founder Rushi Manche

Movement Labs confirmed it has suspended co-founder Rushi Manche as it continues to investigate an alleged MOVE token dumping scandal.

• "This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker," Movement Labs said on X late Thursday.
• The controversy centers on a market maker that allegedly offloaded 66 million MOVE tokens for 38 million USDT in profit, according to findings flagged by Binance in March.
• Binance said at the time that it had notified Movement Labs and Movement Foundation of the irregularities involving their market maker and had frozen the proceeds.
• Manche's suspension came just hours after Coinbase announced it would suspend trading of MOVE starting May 15, with the token falling nearly 20% over the past 24 hours.

Nasdaq-listed Fr8Tech plots $20 million TRUMP memecoin treasury

Nasdaq-listed logistics solutions firm Fr8Tech plans to create a $20 million corporate treasury dedicated to buying Official Trump memecoins, aiming to advocate for fair trade between the U.S. and Mexico.

• The company has secured financing through convertible notes, with a $1 million initial tranche in place and up to $19 million available for future drawdowns.
• Fr8Tech CEO Javier Selgas framed the memecoin purchase as both a treasury diversification move and a symbolic gesture aligned with cross-border commerce goals.
• Earlier this month, the company announced its $5.2 million acquisition of FET, the native cryptocurrency for the Artificial Superintelligence Alliance, in exchange for more than 2.3 million preferred shares.

FinCEN targets crypto trading platform Huione, citing North Korean hacker links

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) proposed cutting off the Cambodia-based Huione Group from the U.S. financial system over $4 billion in alleged money laundering, including $37 million linked to North Korean hackers.

• FinCEN said Huione's crypto platforms, payment services and stablecoin became key tools for laundering cybercrime proceeds across Southeast Asia.
• "[The] proposed action will sever Huione Group's access to correspondent banking, degrading these groups' ability to launder their ill-gotten gains," Treasury Secretary Scott Bessent stated.
• The proposed rulemaking, made under the Patriot Act, would authorize FinCEN to require domestic financial institutions to bar Huione and its affiliated entities from opening or maintaining accounts.

New Game Dollar stablecoin expected to power SuiPlay handheld console

Gaming operating system Playtron unveiled Game Dollar at Sui Basecamp in Dubai on Friday — a programmable stablecoin built with support from M0 and Bridge for purchases, subscriptions and rewards across its ecosystem.

• Game Dollar will initially launch exclusively on the Sui blockchain, tapping its fast, low-cost infrastructure and is expected to power the upcoming SuiPlay0X1 — a new handheld gaming console.
• SuiPlay pre-orders recently sold out, with the $599-priced devices expected to begin shipping over the summer, while Game Dollar is scheduled to launch in the fourth quarter.

Looking ahead to next week

• The U.S. Federal Reserve's latest interest rate decision is due on Wednesday. The Bank of England's interest rate decision follows on Thursday alongside U.S. jobless claims figures.
• An FOMC press conference is scheduled for Wednesday. BoE Governor Andrew Bailey speaks on Thursday. Several FOMC members are scheduled to speak on Friday.
• IOTA, 1inch, Ethena, EigenLayer, Kaspa, Moca Network and Movement are all set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.