New York Assembly Passes Bill Requiring Monthly Betting Statements – Online Sportsbooks Would Need to Provide Automatic Wagering Summaries

Key Takeaways

Assembly Gives Final Approval to Monthly Statement Requirement

The New York Assembly has passed Assembly Bill A10329, a measure that would require licensed online sportsbooks in the state to provide customers with automatic monthly statements detailing their wagering activity. The bill received final approval in the Assembly on Tuesday, according to reporting by SBC Americas.

The legislation focuses specifically on customer reporting obligations. If implemented, online sportsbooks licensed in New York would need to issue regular statements outlining each customer’s betting activity over the course of a month. The text provided does not specify the exact format or delivery method of these statements, but the requirement centers on providing a structured overview of wagers placed.

For users of licensed sportsbooks, this would formalize a recurring reporting process tied directly to their accounts and betting history. The measure does not introduce new licensing conditions in the provided material, but it does create an additional compliance obligation for operators active in the state.

Unanimous Committee Support Before Floor Passage

Before receiving final approval in the Assembly, the bill was reviewed by the Assembly Racing and Wagering Committee. On March 11, the committee advanced Assembly Bill A10329 with a favorable report following an 11-0 vote.

The unanimous committee vote indicates that no members of the Assembly Racing and Wagering Committee voted against advancing the proposal at that stage. Committee approval marked a necessary procedural step before the bill moved forward to receive final consideration by the full Assembly.

The timeline outlined in the source material shows that the committee vote occurred roughly two weeks prior to the final approval by the Assembly. The reporting does not detail debate on the Assembly floor or whether amendments were made prior to passage.

Scope of the Requirement for Licensed Online Sportsbooks

The bill applies specifically to the state’s licensed online sportsbooks. These operators would be required to provide monthly statements to their customers outlining wagering activity. The source material does not describe exemptions, thresholds, or variations based on account size or betting volume.

The focus on licensed operators indicates that the requirement would form part of the regulatory framework governing legal online sports betting in New York. By mandating automatic monthly statements, the bill would standardize how betting activity is communicated to customers across all licensed platforms in the state.

For users who compare different sportsbooks, including those that offer crypto payment options in other jurisdictions, regulatory reporting requirements such as this one can influence how operators structure account dashboards, transaction histories, and compliance processes. In this case, the measure is limited to the obligation to provide a monthly summary of wagering activity.

Legislative Process and Next Steps

The available information confirms that the New York Assembly has given final approval to the bill. The text provided does not specify subsequent procedural steps, such as action in the State Senate or executive consideration.

Within the Assembly, however, the process described includes both committee review and a full vote. The Assembly Racing and Wagering Committee first advanced the bill unanimously, after which the full Assembly granted final approval.

No implementation date, enforcement mechanism, or penalty structure is detailed in the provided material. As a result, the precise timeline for when licensed online sportsbooks would need to begin issuing monthly statements is not specified in the source.

Our Assessment

Based on the available information, Assembly Bill A10329 introduces a clear reporting obligation for New York’s licensed online sportsbooks by requiring monthly statements of wagering activity for customers. The bill advanced unanimously in committee and has now received final approval in the Assembly. The measure centers on standardized customer reporting and would apply to operators holding a state license to offer online sports betting services. Further procedural steps beyond Assembly approval are not detailed in the provided material.

DV8 Signs Deal to Acquire Rakkar Digital – Public Company Moves Into Licensed Crypto Custody in Thailand

Key Takeaways

DV8 Enters Regulated Digital Asset Custody Through Rakkar Digital Acquisition

Publicly listed DV8, traded on the Stock Exchange of Thailand under the ticker SET: DV8, has signed a Share Purchase Agreement to acquire Rakkar Digital, a licensed digital asset custodian based in Thailand. The transaction represents DV8’s first direct move into regulated digital asset operations.

Rakkar Digital operates under a digital asset custody license in Thailand and currently holds more than $700 million in assets under custody. The company was established as a joint venture between SCBX, the parent company of Siam Commercial Bank, and Fireblocks, a global digital asset infrastructure provider. Early backing from SCB 10X contributed to the company’s development.

For DV8, the acquisition provides immediate access to a regulated operational framework. Custody services in digital assets require licensing, compliance procedures, security infrastructure, and ongoing engagement with regulators. By acquiring an existing licensed entity, DV8 gains an operational platform that already meets these regulatory and institutional standards.

Custody as Core Infrastructure for Institutional Digital Asset Activity

Digital asset custody is a foundational service for institutional participation in crypto markets. Unlike retail storage solutions, institutional custody requires structured governance, security controls, and regulatory oversight. Rakkar Digital’s existing license and operational structure position it as a regulated intermediary within Thailand’s digital asset ecosystem.

According to the information provided, DV8 views the acquisition as a strategic pivot toward building infrastructure that institutional investors can rely on across Asia. The company highlighted Rakkar Digital’s regulatory standing, operational framework, and established institutional trust as key factors behind the transaction.

For market participants evaluating crypto platforms, custody infrastructure plays a central role. Licensed custodians are responsible for safeguarding digital assets, managing private keys, and complying with national regulatory standards. In regulated markets, custody arrangements can influence how institutional capital enters and interacts with crypto services.

Part of a Broader Digital Asset Strategy

The Rakkar Digital deal follows DV8’s earlier investment in Bitplanet, a Korean digital asset treasury platform, in September 2025. Taken together, these moves show a consistent focus on regulated digital asset businesses in multiple Asian jurisdictions.

While DV8 was originally established as a media company, it is now repositioning itself as a builder of regulated digital asset infrastructure. The company’s recent actions indicate a shift from content operations toward financial and technological services linked to digital assets.

By targeting licensed and operational platforms rather than launching new entities from scratch, DV8 is entering markets with existing compliance structures in place. For users and institutional participants, this approach centers on operating within established regulatory frameworks rather than outside them.

Bitcoin Treasury Strategies Provide Broader Context

The announcement also comes against the backdrop of growing corporate interest in bitcoin as a reserve asset. Over the past five years, bitcoin has increasingly been adopted by traditional finance companies as part of treasury strategies.

Strategy, traded under the ticker MSTR, is cited as a prominent example. Under the leadership of Michael Saylor, the company shifted from a traditional software business model to one where bitcoin became its primary reserve asset. Strategy has used capital markets instruments such as equity and convertible debt to finance bitcoin purchases, aligning shareholder value with its bitcoin holdings.

This treasury model has influenced other corporations considering digital asset exposure. While DV8’s acquisition of Rakkar Digital focuses on custody infrastructure rather than direct bitcoin accumulation, both developments reflect the broader integration of digital assets into corporate strategy.

At the time of writing, bitcoin is trading slightly below $70,000 after briefly approaching $71,000 earlier in the day. Price levels remain relevant for companies pursuing treasury strategies or building infrastructure around digital asset markets.

Implications for Thailand’s Digital Asset Ecosystem

Thailand’s digital asset market includes licensed custodians and regulated service providers. By acquiring Rakkar Digital, DV8 enters this ecosystem with an established platform rather than applying for a new license.

Rakkar Digital’s connection to SCBX and Fireblocks links the company to both a major Thai financial group and an international digital asset infrastructure provider. These partnerships formed the basis of its development and operational framework.

For institutional participants in Southeast Asia, the presence of licensed custodians can affect how digital assets are stored and managed. Infrastructure providers that meet regulatory requirements may play a role in enabling broader participation from financial institutions and corporate entities.

Our Assessment

DV8’s agreement to acquire Rakkar Digital marks its first direct step into regulated digital asset custody and signals a structural shift from media operations toward digital asset infrastructure. The transaction gives DV8 access to a licensed custodian in Thailand with more than $700 million in assets under custody and established institutional partnerships. Combined with its earlier investment in Korea’s Bitplanet, the move places DV8 within multiple regulated digital asset markets in Asia while bitcoin trades near the $70,000 level.

bet365 Releases Online Casino Rankings in New Jersey and Pennsylvania – Report Highlights Game Performance in Licensed Markets

Key Takeaways

bet365 Publishes Gaming Insights and Performance Report

British operator bet365 has published its latest Gaming Insights and Performance report, providing an overview of how online casino titles are performing across licensed markets. The report includes specific rankings for online casino games in the U.S. states of New Jersey and Pennsylvania.

According to the information released, the report highlights key performance metrics for iGaming suppliers. These metrics focus on how gaming titles resonate with players in regulated environments. By presenting rankings and performance indicators, bet365 offers insight into which online casino products are gaining traction within its platform.

The publication of the report comes as bet365 continues to expand its footprint in the United States. The company operates as both a sports betting and online casino provider and is increasing its presence in regulated U.S. jurisdictions.

Focus on New Jersey and Pennsylvania Online Casino Markets

The latest edition of the Gaming Insights and Performance report places particular emphasis on New Jersey and Pennsylvania. Both states are licensed U.S. markets where online casino gaming is permitted.

Within these jurisdictions, bet365 provides rankings of online casino titles based on performance data gathered from its operations. The report identifies which games are resonating most strongly with players in each state.

For users who compare platforms and game portfolios, state level rankings can offer an indication of local player preferences. Differences in rankings between New Jersey and Pennsylvania may reflect varying player behavior across markets, although the report itself focuses on presenting performance data rather than analysis.

Performance Metrics for iGaming Suppliers

In addition to listing game rankings, the report highlights key performance metrics for iGaming suppliers active in licensed global markets. These metrics relate to how supplier titles perform within bet365’s online casino offering.

By structuring the report around supplier level data and title specific rankings, bet365 provides visibility into which content providers are generating engagement on its platform. This information may be relevant for industry stakeholders monitoring supplier performance in regulated environments.

The report format indicates that bet365 is using its operational data to produce structured insights. While the company is known as a European operator, the inclusion of U.S. state specific data reflects its growing involvement in the American online gambling sector.

Expansion of bet365 in the United States

The release of the Gaming Insights and Performance report coincides with bet365’s broader expansion strategy in the U.S. market. The company is positioning itself as both a sports betting and online casino operator within licensed states.

By publishing market specific rankings and supplier performance indicators, bet365 is signaling an increased focus on transparency around product performance. For comparison platform users, such reports can provide an additional data point when evaluating operators, game availability, and supplier presence across regulated jurisdictions.

The report does not introduce new regulatory measures or changes in licensing conditions. Instead, it concentrates on performance outcomes within existing licensed frameworks.

Relevance for International Comparison Platform Users

For international users who assess crypto betting platforms, sportsbooks, or online casinos, operator published performance data can serve as contextual information. While the report relates specifically to New Jersey and Pennsylvania, it illustrates how a major operator evaluates and ranks content within regulated markets.

Game rankings and supplier performance metrics can influence how operators adjust their portfolios. For users, understanding which titles are performing strongly in established markets may help identify broader content trends across platforms.

However, the report itself focuses strictly on presenting data derived from bet365’s operations. It does not announce new partnerships, product launches, or changes to payment options. Its primary function is to document performance and highlight which online casino games are resonating with players in the specified states.

Our Assessment

bet365 has released a Gaming Insights and Performance report that includes online casino game rankings in New Jersey and Pennsylvania, along with key performance metrics for iGaming suppliers in licensed markets. The publication reflects the company’s ongoing expansion in the United States and provides structured data on game performance within regulated jurisdictions. For users monitoring operator activity and market dynamics, the report offers factual insight into how titles are performing on bet365’s platform in two established U.S. online casino markets.

Remote Gambling Firms in Estonia Voluntarily Pay €1.4 Million After Tax Error – Government Seeks to Recover Lost 2026 Revenue

Key Takeaways

Legislative Error Temporarily Removed Remote Gambling Tax

In December 2025, amendments to Estonia’s Gambling Tax Act inadvertently excluded games of chance from the taxable base. As a result, remote gambling activities, including online casino games, were not taxed at the beginning of 2026.

Member of Parliament Aivar Kokk confirmed that games of chance and remote gambling were left out of this year’s taxation framework. This meant that, for January and February 2026, remote gambling operators were effectively not subject to the intended tax rules.

The omission was described as a legislative error. Estonia’s parliament moved to correct the issue through a technical amendment. The revised framework reinstated a 5.5% tax on remote gambling. According to the Riigikogu Finance Committee, the change took effect on March 1, 2026, aligning with existing monthly reporting practices.

For operators and users, this meant that remote gambling services continued to function during the period, but the tax treatment behind those services changed temporarily due to the legislative gap.

€1.4 Million Paid Voluntarily in February and March

Following the discovery of the error, remote gambling operators began making voluntary payments to the Ministry of Finance. These payments were intended to compensate for revenue the government would have collected if the Gambling Tax Act had applied as originally planned.

According to Finance Ministry spokesperson Siiri Suutre, operators paid approximately €815,000 in February. A further €595,000 had been recorded in March at the time of reporting. The March total is not final, and additional payments are expected.

In total, voluntary contributions have exceeded €1.4 million so far. The initiative was proposed by the Estonian Association of Gambling Operators. However, only a portion of the country’s 41 licensed remote gambling operators have participated.

Evelyn Liivamägi of the Finance Ministry stated that not all companies may ultimately follow through on their commitments. She noted that commitments do not always translate into actual payments, indicating that the final amount recovered through voluntary contributions remains uncertain.

Government Estimates €3.5 Million in Unpaid Tax for Early 2026

The Ministry of Finance estimates that tax liabilities for January and February 2026 would have totaled around €3.5 million. This figure is slightly below an earlier projection of €4 million.

Annual revenue from remote gambling had been forecast at up to €27 million. The temporary exclusion of remote gambling from taxation therefore created a short term revenue gap for the state.

Officials have stated that the final impact on state revenue will only be confirmed after annual tax returns are completed. This means that while voluntary payments have reduced the immediate shortfall, the definitive fiscal outcome will depend on full year reporting.

For operators, the reinstated 5.5% tax from March onward restores the original tax structure. For users of remote gambling services, including online casino platforms, the change primarily affects the regulatory and fiscal environment in which operators function rather than the immediate availability of services.

Participation Among Licensed Operators Remains Partial

Estonia currently has 41 licensed remote gambling operators. According to the information available, only some of these companies have taken part in the voluntary payment scheme.

The Estonian Association of Gambling Operators initiated the proposal for voluntary contributions. The Ministry of Finance has acknowledged the payments received but has also expressed caution about whether all pledged amounts will materialize.

This partial participation means that the total amount recovered may not match the estimated €3.5 million in unpaid tax for the first two months of the year. The difference between the voluntary payments and the estimated liability highlights the financial scale of the legislative oversight.

Our Assessment

The temporary removal of remote gambling from Estonia’s taxable base in early 2026 resulted from a legislative amendment error. Parliament has since reinstated a 5.5% tax effective March 1, 2026. Remote gambling operators have voluntarily paid more than €1.4 million to offset part of the estimated €3.5 million in unpaid tax for January and February. Not all licensed operators have participated, and the final fiscal impact will only be determined after annual tax returns are completed.

Pagcor Approves GLI as First iGaming Testing Laboratory in the Philippines – New Accreditation Required for B2B Suppliers

Key Takeaways

Pagcor Names GLI as First Independent iGaming Testing Laboratory

The Philippine Amusement and Gaming Corporation, known as Pagcor, has approved Gaming Laboratories International LLC as the first independent testing laboratory for iGaming in the Philippines. The decision formally authorizes GLI to test and certify interactive gaming systems operating in the country.

According to GLI, the accreditation allows the company to review iGaming platforms under a defined regulatory framework. The approval comes as Pagcor increases oversight of the country’s growing online gaming segment.

With this move, Pagcor introduces a structured testing requirement for technology providers that supply systems and services to licensed operators. GLI is the first laboratory to receive this designation under the updated framework.

New Accreditation Requirement for B2B Suppliers

Under the new rules set by Pagcor, all business to business suppliers involved in iGaming in the Philippines must obtain accreditation. This applies to companies that provide platforms, software, and related technical services to operators.

Pagcor Chairman and Chief Executive Alejandro Tengco stated that regulated gaming markets help ensure a safer and more sustainable industry. He added that Pagcor now requires all iGaming B2B suppliers operating in the Philippines to be accredited in order to comply with rigorous requirements designed to protect players.

For suppliers, this means that technical systems must undergo formal evaluation before they can be deployed or continue operating within the regulated environment. For operators and users, the framework introduces an additional compliance layer tied directly to system testing and certification.

GLI-19 Standard to Be Applied in Platform Testing

GLI confirmed that it will apply its GLI-19: Standards for Interactive Gaming Systems when assessing submissions in the Philippines. The company noted that this standard is already used in several jurisdictions.

GLI-19 covers requirements for interactive gaming systems, forming the technical basis for evaluating platform functionality and compliance. By applying this established standard, GLI aligns testing in the Philippines with a framework it uses elsewhere.

For B2B suppliers, this means that system architecture, security features, and operational processes will be reviewed according to the GLI-19 criteria before certification is granted. Accreditation therefore becomes directly linked to meeting documented technical benchmarks.

Statements From Pagcor and GLI Leadership

In commenting on the approval, Pagcor Chairman and CEO Alejandro Tengco emphasized the role of regulation in strengthening market integrity. He stated that regulated gaming markets ensure a safer and more sustainable gaming industry for all participants.

Tengco further underlined that the accreditation requirement is intended to ensure compliance with strict standards aimed at protecting iGaming players.

GLI President and CEO James Maida thanked Pagcor for what he described as the trust it continues to place in the company. The statement reflects an ongoing working relationship between the regulator and the testing laboratory.

What the Decision Means for Operators and Users

The approval of GLI as an independent testing laboratory establishes a defined compliance pathway for iGaming suppliers in the Philippines. Operators relying on third party platforms or system providers will need to ensure that those suppliers obtain the required accreditation.

For users of online gaming services, the introduction of mandatory testing and certification signals that system integrity and regulatory compliance are being formally reviewed under a standardized process. The requirement applies at the supplier level rather than directly to individual players, but it shapes the technical environment in which platforms operate.

As Pagcor tightens oversight of online gaming, the accreditation framework creates a structured process for evaluating interactive systems before they are offered within the regulated market.

Our Assessment

Pagcor’s approval of Gaming Laboratories International LLC as the first independent iGaming testing laboratory introduces a mandatory accreditation requirement for B2B suppliers in the Philippines. All suppliers must now comply with stricter regulatory and technical standards, with GLI applying its GLI-19 framework during evaluations. The measure formalizes system testing and certification as part of Pagcor’s oversight of the online gaming sector and links supplier accreditation directly to player protection requirements.

ENJOY Receives Italian Certification – ADM Approval Enables Regulated Supply to Local Operators

Key Takeaways

ADM Certification Grants Market Access in Italy

ENJOY has been officially certified to provide its iGaming content in Italy after receiving approval from the country’s regulator, Agenzia delle Dogane e dei Monopoli – ADM. The authorization allows the company to distribute its portfolio to licensed operators operating under the Italian regulatory framework.

With this certification, ENJOY can offer a range of products that includes slot titles, live casino games, and hybrid live experiences. These products can now be integrated into platforms that hold an Italian license, in line with local compliance requirements.

Italy is described as one of Europe’s most established and competitive regulated iGaming markets. For suppliers, entry into this jurisdiction requires formal approval from ADM. Certification confirms that a provider’s games and systems meet the standards set by the regulator.

Portfolio Covers Slots, Live Casino, and Hybrid Formats

ENJOY’s approved portfolio includes slot titles built around established game mechanics. Among the titles referenced are Bison Strike and Hotfire Diamonds XXL. In addition to its slot offering, the company provides live game show experiences such as Enchanted Forest and the upcoming Energy Roulette Hold & Win.

The live and hybrid products are produced at ENJOY’s studio facilities. These formats combine traditional live casino elements with interactive features, a segment that has gained relevance within regulated markets where differentiated content can support operator positioning.

For licensed operators in Italy, access to additional certified suppliers expands their available game libraries while remaining within the boundaries of local regulation. For users, the certification means that ENJOY’s titles can be offered through platforms that are subject to Italian oversight.

Expansion Strategy Focused on Regulated European Markets

The Italian approval forms part of ENJOY’s broader European expansion strategy. According to the company, the certification represents a milestone in its efforts to grow within regulated jurisdictions.

Italy’s regulatory structure is characterized by formal licensing requirements for operators and certification obligations for content suppliers. Entering such a market signals that a provider is aligning its distribution model with national compliance standards rather than operating in unregulated or gray-market environments.

ENJOY has indicated that the ADM approval will enable a series of partnerships with Italian operators. While specific operators were not named, the company confirmed that integrations are planned. These partnerships would facilitate the distribution of ENJOY’s games to Italian players through locally licensed platforms.

Christos Zoulianitis, Chief Commercial Officer at ENJOY, stated that gaining approval in Italy reflects both the quality of the company’s portfolio and its commitment to meeting regulatory standards. He also noted that the certification allows the company to proceed with operator agreements designed to introduce its content to the Italian market.

Implications for Operators and Platform Users

For operators holding an Italian license, the addition of a newly certified supplier can broaden content offerings without requiring separate regulatory processes beyond integration and compliance checks. Supplier certification by ADM is a prerequisite for legal distribution in the country.

For users comparing betting and casino platforms, regulatory approval at the supplier level is a relevant factor. When a game provider is certified in a jurisdiction such as Italy, its content can only be offered through licensed operators that adhere to national rules. This affects availability, permitted game types, and the technical standards under which games are delivered.

In competitive regulated markets, the number and diversity of certified suppliers can influence how platforms differentiate themselves. The entry of an additional provider adds to the pool of available slot and live content options within the Italian framework.

Our Assessment

ENJOY’s certification by Agenzia delle Dogane e dei Monopoli authorizes the company to supply its slot, live casino, and hybrid content to licensed operators in Italy. The approval marks a formal entry into one of Europe’s established regulated markets and enables the company to move forward with local operator partnerships. For operators and users in Italy, the development expands the range of certified content available under national regulatory oversight.

Circle Urges European Commission to Lower Crypto Thresholds – Proposal Targets Stablecoin Use in EU Market Integration Framework

Key Takeaways

Circle Responds to the EU Market Integration Package

Circle has formally provided feedback to the European Commission on elements of its proposed Market Integration Package, a broad policy initiative designed to strengthen capital markets across the European Union. The company confirmed that it submitted its response on March 20.

In its statement, Circle described the proposals as a meaningful step toward a digitally enabled financial system. At the same time, the company identified specific areas where it believes adjustments are necessary to improve the practical integration of crypto-assets into European financial infrastructure.

The Market Integration Package, referred to as the MIP, aims to further connect and modernize EU capital markets. According to Circle, clearer guidance within this framework could help define which crypto-assets may be used as collateral and how digital instruments can interact with traditional financial systems.

Lower Thresholds Proposed for E-Money Tokens in Settlement

A central point in Circle’s feedback concerns the market capitalization thresholds applied to e-money tokens under the Central Securities Depositories Regulation. Under the current proposal, only so-called significant e-money tokens would qualify for use in settlement.

Circle argued that restricting settlement activity to significant e-money tokens creates structural barriers. The company stated that no euro-denominated e-money token is currently close to reaching the proposed market capitalization threshold. This includes EURC, Circle’s euro-backed stablecoin that complies with the EU’s Markets in Crypto-Assets Regulation.

According to Circle, limiting settlement eligibility to tokens that already meet a high market capitalization requirement risks excluding euro-denominated instruments altogether. The company described this situation as a chicken-and-egg scenario, where tokens cannot grow because they lack settlement use cases, while at the same time they cannot qualify for settlement because they have not yet reached sufficient scale.

Circle recommended that the European Commission adopt more adaptive thresholds. In its view, criteria such as market uptake and liquidity conditions, combined with supervisory assessments, would provide a more flexible approach than a fixed capitalization benchmark.

Implications for EURC and the European Stablecoin Market

Circle operates USDC as its flagship US dollar-backed stablecoin and also issues EURC, a euro-backed stablecoin that complies with MiCA, the EU’s Markets in Crypto-Assets Regulation. MiCA entered into force in December 2024 and serves as the primary legislative framework for crypto-assets within the European Union.

In its submission, Circle highlighted that no euro-denominated e-money token currently meets the proposed threshold for settlement use under the Market Integration Package. This directly affects the potential role of EURC in regulated settlement systems.

For market participants evaluating euro-backed stablecoins, the discussion around thresholds is relevant because it influences whether such tokens can be integrated into securities settlement processes. The ability to use e-money tokens in settlement may affect liquidity, institutional participation, and secondary market development, as Circle noted in its response.

Call to Expand the DLT Pilot Regime

Beyond market capitalization thresholds, Circle also addressed the DLT Pilot Regime within the proposed framework. The DLT Pilot Regime is intended to enable the use of distributed ledger technology in market infrastructures under a controlled regulatory environment.

According to Circle, the current proposal restricts cash accounts within the regime to credit institutions and central securities depository financial institutions. The company argued that this limitation should be expanded to include crypto-asset service providers.

Circle stated that allowing more crypto-asset service providers to operate within the DLT Pilot Regime would better connect blockchain-based infrastructure with traditional financial systems. The company framed this as part of a broader effort to modernize Europe’s financial architecture.

Regulatory Context Under MiCA

The Markets in Crypto-Assets Regulation took effect in December 2024 and represents the main crypto-specific legislative framework in the European Union. While MiCA establishes common rules for crypto-asset issuers and service providers, aspects of its implementation have been subject to criticism.

Some legal practitioners have argued that MiCA can be difficult to interpret and that its implementation may vary across EU member states. Within this regulatory landscape, the proposed Market Integration Package is positioned as an additional step toward clarifying how digital assets interact with established financial market rules.

Circle indicated that clearer definitions under the MIP regarding the use of crypto-assets as collateral could provide greater legal certainty for Europe-based market participants.

Our Assessment

Circle’s submission to the European Commission focuses on specific technical aspects of the proposed Market Integration Package, particularly market capitalization thresholds for e-money tokens and participation rules under the DLT Pilot Regime. The company stated that no euro-denominated e-money token currently meets the proposed threshold for settlement use, including its own EURC stablecoin. By recommending adaptive thresholds and broader access for crypto-asset service providers, Circle is seeking regulatory adjustments that would allow euro-backed stablecoins to participate more directly in EU settlement and market infrastructure frameworks.

H100 Signs LOI to Acquire Moonshot and Never Say Die – Planned Deal Would Triple Bitcoin Holdings to 3,500 BTC

Key Takeaways

Planned Acquisition Would Expand H100’s Bitcoin Treasury

H100 Group AB, a Stockholm-based publicly listed bitcoin treasury company, has announced a letter of intent to acquire two Norwegian bitcoin-focused firms, Moonshot AS and Never Say Die AS. The proposed transaction would significantly expand H100’s bitcoin reserves.

According to the company, H100 currently holds 1,051 BTC. The two target companies together hold approximately 2,450 BTC. If the acquisition is completed, the combined entity would hold around 3,500 BTC. This would roughly triple H100’s bitcoin holdings and position the company among the larger listed bitcoin treasury firms in Europe, based on its disclosed reserves.

For market participants who follow institutional bitcoin exposure, treasury size is a key metric. Publicly listed bitcoin treasury companies provide equity market investors with indirect exposure to bitcoin through shares rather than direct ownership of the asset.

Bitcoin-for-Bitcoin Structure and Share-Based Transaction

The proposed deal is structured as a bitcoin-for-bitcoin exchange. Ownership in the combined entity will be determined solely by the number of BTC contributed by each party. H100 states that this approach preserves existing shareholders’ exposure per share while expanding the company’s overall balance sheet.

The acquisition is designed as an all-share transaction, with no cash consideration involved. This structure aligns with H100’s stated strategy of conducting mergers and acquisitions based on bitcoin holdings rather than fiat financing. By avoiding cash payments, the company keeps its treasury composition focused on bitcoin and equity.

Such structures are relevant for investors assessing dilution and capital allocation. In this case, the exchange ratio is directly tied to bitcoin contributions rather than traditional valuation metrics such as revenue or earnings.

Part of a Broader Consolidation Strategy in Europe

The announcement follows H100’s earlier move in January to combine with Switzerland-based Future Holdings AG, another bitcoin treasury company. Together, these transactions indicate an ongoing strategy to consolidate institutional-scale bitcoin holdings within a listed European structure.

H100’s chairman, Sander Andersen, described scale, credibility, and access to capital markets as increasingly important factors for publicly listed bitcoin firms. According to Andersen, the proposed acquisition would strengthen the company in these areas while leaving its listing structure and core operations unchanged.

Both the Norwegian acquisition and the earlier combination with Future Holdings AG have backing from Adam Back, British cryptographer and co-founder of Blockstream. His involvement links the transaction to an established network of bitcoin-focused investors and entrepreneurs.

Management Integration and Operational Expertise

Moonshot AS and Never Say Die AS are led by executives with backgrounds in trading and asset management. Moonshot CEO Eirik Grøttum is described as a former systematic trader and asset manager. Peter Warren, serving as chief investment officer, has experience in hedge funds and markets including equities, derivatives, and foreign exchange. Founder Geir Harald Hansen is known as the pioneer behind the Bitminter BTC mining pool.

Following completion of the transaction, H100 will remain the listed parent company. Management and board roles are expected to include representatives from both H100 and the acquired firms. Current H100 executives, including Chairman Sander Andersen and CEO Johannes Wiik, are set to continue in central positions.

The company states that the Norwegian teams will contribute operational expertise and technology capabilities that complement H100’s treasury management and capital markets activities.

Timeline, Approvals, and Ongoing Business Operations

H100 aims to finalize definitive agreements by April 22, 2026. Completion is expected shortly after the company’s annual general meeting on May 21, subject to regulatory approvals and customary closing conditions.

In addition to its bitcoin treasury strategy, H100 continues to operate a health technology business. This segment focuses on digital health tools and AI-powered solutions for providers of health and lifestyle services. The company has stated that its core business model and listing structure will remain unchanged despite the planned expansion of its bitcoin holdings.

For investors and market observers, the combination of an operating technology business with a growing bitcoin treasury remains a defining feature of H100’s corporate structure.

Our Assessment

The planned acquisition of Moonshot AS and Never Say Die AS would increase H100’s bitcoin holdings from 1,051 BTC to approximately 3,500 BTC, based on disclosed figures. The bitcoin-for-bitcoin, all-share structure ties ownership directly to contributed BTC and avoids cash consideration. Together with its earlier combination with Future Holdings AG, the transaction forms part of H100’s stated strategy to consolidate larger bitcoin reserves within a publicly listed European entity while maintaining its existing listing and operating model.