The Daily: Coinbase sued over stock price drop, Alpaca Finance to sunset all products, Lagrange plans an airdrop, and more

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

Happy Monday! It's a bank holiday in the UK and Memorial Day in the United States. While many people are off relaxing on their three-day weekend, Strategy opted to gobble up more bitcoin.

In today's newsletter, Coinbase gets hit with a shareholder class action lawsuit regarding its stock price falling in connection with a data breach, Alpaca Finance will wind down all its products after Binance delists ALPACA, Lagrange Labs plans to launch its own token, LA, and more.

Meanwhile, Synthetix and Derive mutually end their $27 million merger proposal.

Let's get started.

Coinbase sued over data breach-tied stock price fall in shareholder class action lawsuit

Crypto exchange Coinbase is facing a class action lawsuit from shareholders after the firm's stock price fell following allegations of undisclosed issues.

• The suit claims Coinbase failed to promptly reveal a December data breach and a UK regulatory violation.
• Filed in Pennsylvania, the complaint alleges shareholders incurred significant losses due to the company's omissions.
• On May 15, 2025, Coinbase disclosed the breach involving bribed employees and compromised customer data, triggering a 7.2% stock drop.
• The company estimates it may face $180 million to $400 million in breach-related costs.

Alpaca Finance to sunset all products

Alpaca Finance announced it will shut down operations in the coming weeks, following the recent delisting of its ALPACA token by Binance.

• The Alpaca team cited the delisting as a major setback, limiting both token accessibility and their ability to pursue new initiatives.
• The project also pointed to a more competitive and saturated DeFi environment, which it says now favors larger players with greater resources.
• Alpaca plans to block new farming positions by early June and will automatically close all remaining positions by June 30, 2025.

Lagrange Labs plans airdrop for new LA token

The cryptography firm Lagrange Labs introduced airdrop plans for its new LA utility token.

• LA will be used for paying proof generation fees, staking, and subsidizing prover subnetworks, with token demand tied to proof activity across Lagrange's applications.
• The airdrop registration for LA tokens requires proof of humanity and will run from May 28 to June 2.
• Of the 1 billion LA tokens, 10% are reserved for the airdrop, with vesting schedules in place for early contributors and investors.

Strategy buys more bitcoin for $427 million

Strategy, formerly MicroStrategy, acquired an additional 4,020 BTC for $427.1 million.

• The firm now holds a total of 580,250 BTC, which is worth around $40.61 billion and represents nearly 3% of the overall bitcoin supply.
• The company funded the purchase through the sale of MSTR, STRK, and STRF shares, generating over $427 million in net proceeds between May 19 and May 23.
• Strategy also announced a $2.1 billion stock offering and plans to raise $84 billion through equity and convertible notes to continue accumulating bitcoin through 2027.

Crypto investment products hit $3.3 billion in inflows last week

Crypto investment products saw $3.3 billion in inflows last week, driven by strong demand for offerings from major firms like BlackRock, Fidelity, and Grayscale, according to a CoinShares report.

• The surge pushed total crypto AUM to a record $187.5 billion and year-to-date inflows to $10.5 billion, surpassing 2021’s previous peak.
• Bitcoin and Ethereum led the inflows, while XRP faced a record $37.2 million in outflows.

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