This week, the crypto and tech sectors reveal a mix of innovation, market expansion, and strategic financing. Politically themed games are attempting to revive digital tokens, stablecoins are strengthening liquidity and compliance, and Hong Kong sees HashKey entering public markets.
Meanwhile, AI infrastructure provider CoreWeave raises capital to scale operations responsibly. But first, our usual gainers and losers section.
Top gainers and losers
- Zcash (ZEC) - This week gained significant 22.05% back to end week price of $463.28
- MemeCore (M) - 19.81% rise to a price of $1.54 by the end of this week|
- Mantle (MNT) - Grow of 16.68% and total price of $1.23
- Story (IP) - lost 12.92% with end price of $1.99
- Kaspa (KAS) - 12.58% drop this week to a price of $0.04698
- Telcoin (TEL) - almost the same drop of 12.42% to a price of $0.005008
Trump billionaires club tries to revive a fading token through a mobile-game push
The Trump Billionaires Club, a mobile game built around the TRUMP memecoin, is slated to appear in Apple’s App Store at the end of December, according to the developer’s listing. The project comes from Freedom 45 Games, run by longtime Trump associate Bill Zanker, who has been involved in several Trump-branded crypto ventures.
A demo on the game’s website shows a board-game style map inspired by New York. Players roll virtual dice, buy digital properties, and build a simulated business portfolio. The developer states that users can load their accounts with traditional payment methods or digital assets, including the TRUMP token. The game also features themed digital collectibles that function as in-game rewards.
$1,000,000 in $TRUMP Coin Rewards! Join the waitlist.
— TrumpMeme (@GetTrumpMemes) December 9, 2025
Roll the dice. Make huge deals. Build your empire!
The Official Trump Mobile Game Is COMING SOON!
Go To https://t.co/3GPTowXqFj NOW! Don’t Miss Out! pic.twitter.com/o6vcj11Wbn
According to the project’s documentation, points earned through gameplay, referrals, and token holdings determine eligibility for promotional rewards. The developer advertises payouts in TRUMP tokens for top performers, with values tied to token prices at the time of distribution. A disclaimer on the site clarifies that the game is not created or endorsed by Donald Trump or his companies, and that the rewards form part of a promotional program rather than an investment offer.
The underlying token has struggled to regain momentum. CoinGecko data shows that TRUMP surged briefly near a $15 billion valuation around its launch but has since lost most of its value. Bloomberg’s coverage of the game highlights that politically themed tokens often depend on social enthusiasm rather than fundamentals, making recovery difficult even with high-profile branding.
Circle and Bybit expand USDC partnership as stablecoin nears $80 billion
Circle, the publicly listed issuer of the US dollar stablecoin USDC, has deepened its partnership with cryptocurrency exchange Bybit to enhance liquidity and usability across the platform. The collaboration, announced Monday, aims to integrate USDC more comprehensively across Bybit’s trading and payment infrastructure while reinforcing regulatory compliance.
According to a joint statement from the companies, the partnership will expand USDC access across Bybit’s global ecosystem, strengthen the liquidity of one of the world’s largest regulated stablecoins, and provide more efficient settlement options for users.
“Bybit’s partnership with Circle allows us to deepen USDC integration across spot, derivatives, and payment channels within a transparent and compliant framework,” a Bybit spokesperson commented.
The integration builds on several years of USDC adoption by Bybit. The exchange initially offered spot and perpetual trading pairs and gradually extended USDC usage to savings products, institutional settlement, conversion tools, and fiat payment channels. The new agreement seeks to enhance these offerings further, with improved liquidity provisioning, expanded cross-chain support, and more reliable fiat on- and off-ramps.
Bybit noted that the collaboration will focus in particular on the EEA region, where Circle holds a strong regulatory position under MiCA rules.
The timing aligns with a period of notable growth for USDC. Since the start of 2025, the stablecoin’s market capitalization has increased by roughly 77%, rising from $44 billion to nearly $78 billion as of early December, according to CoinGecko. This expansion contrasts with Tether, the largest stablecoin by market cap, which has grown 36% over the same period, climbing from $137 billion to $186 billion. Circle has also pursued partnerships in traditional finance, including with Deutsche Börse and Mastercard, reinforcing the token’s bridging role between crypto and conventional markets.
Bybit emphasized that the partnership is not exclusive and that the exchange continues to support multiple stablecoins.
A spokesperson said, “Our collaboration with Circle reflects our focus on transparency and regulatory clarity as the industry matures,”
HashKey launches Hong Kong IPO, targeting $215 million to expand crypto operations
HashKey Group, the operator of Hong Kong’s largest licensed cryptocurrency exchange, has opened subscriptions for its initial public offering ahead of a planned listing on Dec. 17. The company aims to raise up to HK$1.67 billion (approximately $214.7 million), offering 240.6 million shares priced between HK$0.76 and HK$0.89. At the top of the range, the IPO would value HashKey at around $2.46 billion, according to its prospectus filed with the Hong Kong Stock Exchange (HKEX).
Investors can apply for shares online via the HK eIPO White Form or through HKEX’s digital IPO settlement platform, FINI, until the subscription period closes on Friday. High-profile financial institutions, including JPMorgan and Guotai Junan, are behind the offering.
Founded in 2018, HashKey has rapidly become Hong Kong’s largest crypto exchange, capturing an estimated 75% market share. The company began full-scale operations in 2023 after securing regulatory approvals in 2022. By September 30, HashKey had facilitated $167 billion in cumulative spot trading volume. Its platform serves both institutional and retail investors, offering spot trading, over-the-counter (OTC) services, staking, tokenization, and access to HashKey Chain, an Ethereum layer-2 network designed for real-world assets, stablecoins, and decentralized applications.
HashKey has also grown into a significant asset management provider in Asia. As of September 2025, the firm reported managing $1 billion in assets, making it the largest Hong Kong-based crypto asset manager. According to the prospectus, proceeds from the IPO will be used to expand the HashKey ecosystem, enhance infrastructure, strengthen risk management, and recruit talent.
The IPO coincides with a broader surge in Hong Kong’s public offerings. HKEX data show a 209% year-on-year increase in IPO fundraising in 2025, with total capital raised reaching $27.8 billion in the first months of the year.
CoreWeave targets $2 billion convertible note offering to scale AI infrastructure
AI-focused infrastructure provider CoreWeave (CRWV) has announced plans for a $2 billion private offering of convertible senior notes due in 2031. The proceeds are intended for general corporate purposes, including capped-call transactions designed to limit potential dilution for existing shareholders, while providing financial flexibility for ongoing operations. The notes include an option for purchasers to acquire an additional $300 million, which can be settled in cash, shares, or a combination at CoreWeave’s discretion.
Capped-call transactions effectively raise the conversion price of the notes, shielding current investors from excessive dilution if the debt is converted into equity.
Founded in 2017 as Atlantic Crypto, CoreWeave initially focused on GPU-based cryptocurrency mining. By 2019, the company pivoted toward cloud and high-performance computing services, eventually concentrating its GPU infrastructure on AI workloads. Today, CoreWeave operates over 33 data centers tailored for AI applications, though the company has not specified whether the new capital will expand this footprint.
CoreWeave’s fundraising announcement follows a failed attempt to acquire Core Scientific, a major Bitcoin mining operator, for $9 billion. The acquisition was intended primarily to secure access to roughly 1.3 gigawatts of power capacity, which could support future AI, cloud computing, or other GPU-intensive operations. The deal collapsed after Core Scientific shareholders rejected the proposal, amid rising stock valuations that increased the acquisition cost.
Despite the unsuccessful takeover, CoreWeave has emphasized that its strategic focus remains on AI infrastructure rather than returning to cryptocurrency mining.
Anastasiia G
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