It's Friday! You know times have changed when a U.S. Congressman is pushing to install crypto ATMs in federal buildings

By the numbers: 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."

A U.S. Congressman is pushing to install crypto ATMs in federal buildings — all in the name of aligning with President Trump's "vision." It's Friday! And 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 move comes after Strategy disclosed in a Form 8K filing on Thursday that it had purchased an additional 1,039 bitcoins for a total of $84.4 million in opportunistic purchases at an average price of $81,164 per coin.

"We continue to believe that bitcoin is the ideal monetary asset for this turbulent time in global affairs and that Strategy is uniquely positioned to maximize returns from a bitcoin strategy," said Strategy chairman and CEO Michael Saylor in a statement.

The firm's stock price has risen around 16% since the start of the year, while bitcoin's price is up around 76% over the same period.

"The combination of Strategy's stock price performance, bitcoin's price appreciation and the lack of progress on any competing proposals leads us to believe that Strategy's bitcoin plan continues to be viewed favorably by investors," said Wolfe Research analysts in a Friday note.

"We believe that Strategy's stock price performance could be further turbocharged if and when the company announces a merger or divestiture transaction."

The analysts remain optimistic on Strategy's stock, rating it as outperform with a price target of $350, up from the stock's Friday morning trading price of around $240.

"We believe that Strategy's stock price performance could be further turbocharged if and when the company announces a merger or divestiture transaction, which we view as increasingly likely given the interest in Strategy's large bitcoin holdings and the lack of progress on any competing proposals."

Movement Labs suspends co-founder Rushi Manche

Movement Labs has confirmed that it is suspending co-founder Rushi Manche from his role as it continues to investigate an alleged MOVE token dumping scandal.

In a statement on Friday, Movement Labs said that it is "continuing to cooperate fully with relevant authorities and institutions in their investigation."

"We are taking this matter very seriously and are committed to acting swiftly and decisively to resolve it," the protocol said.

"We understand that this situation may be concerning to our community, and we want to assure everyone that we are doing everything in our power to handle the matter fairly and transparently."

The probe began last month after a user on X, formerly known as Twitter, claimed that Manche had been selling MOVE tokens to fund a market-making firm and then used the firm's services to sell more of the tokens, eventually cashing out at a profit.

The user also alleged that Manche had used his role at Movement Labs to gain early access to private fundraising rounds for the protocol, which enabled him to sell the tokens at a discount and generate "huge gains."

Manche, who co-founded Movement Labs in 2021, previously worked as a trader at market-making firm DRW and hedge fund Renaissance Technologies. He is also a graduate of Stanford University.

Nasdaq-listed Fr8Tech plots $20 million TRUMP memecoin treasury

Nasdaq-listed logistics solutions firm Fr8Tech plans to build a $20 million corporate treasury dedicated to buying Official Trump memecoins.

The move, which was announced in a press release on Friday, is part of Fr8Tech's broader efforts to highlight the economic implications of the U.S.'s trade deal with Mexico.

"We believe that the U.S. and Mexico can achieve a win-win scenario through fair trade practices and cooperation," said Fr8Tech chairman and CEO Gray Osborne.

"However, we also recognize the urgent need for the U.S. to prioritize its own economic interests and competitiveness in the global marketplace."

Fr8Tech