🚨 Has the ceiling of the crypto bull market arrived? @ethena_labs founder says bluntly: We have already squeezed the capital out of the circle! According to @gdog97_, founder of @ethena_labs, the entire altcoin market is currently undergoing a "capital structure upgrade," and it's not just about whether the coin price rises or not, but a deeper financial logic and capital strategy are being reshuffled. Many projects or companies are now learning MicroStrategy's operating methods, taking the money in their hands to buy locked-up tokens, which is equivalent to draining the market supply and making it easier to push up prices. This operation is actually quite smart because it can create scarcity, improve liquidity performance, and also allow these tokens to enter a long-term asset structure. But it also means: "This does have the smell of a bubble, but it hasn't reached the point of panic yet." His core observation is this: In the past few rounds of crypto bull markets, we have seen that the total market value has an "invisible ceiling," such as in the fourth quarter of 2021 and the fourth quarter of 2024, the peak market value of altcoins was around $1.2T, even after inflation adjustment. We may have already squeezed out the capital momentum in the entire crypto circle, and the money that should enter Web3 has probably entered once. Future market growth will not rely on people in the circle throwing money in again, but on attracting money from institutions outside the circle. This is where products like Digital Asset Trust come in handy. Its logic is a bit like making traditional investors and institutional capital willing to buy in. He also specifically mentioned that @saylor is currently the only person who has successfully leveraged Bitcoin on a large scale through a corporate structure, but also clearly stated that this leverage model is an extreme exception, and general projects or funds cannot do it. Even if they issue DAT or fund products, there will be no similar leverage value. So why does Ethena still want to make this kind of product? We are not playing short-term arbitrage, not making quick money by relying on net asset premiums. What we really want to do is to provide a "capital bridge" so that those high-growth companies operating in stablecoins, digital dollars, and on-chain finance have the opportunity to let institutions buy them. Because institutions want this kind of asset, but the traditional market is out of stock, and Web3 happens to have it, but lacks a carrier that can be accepted by them.

The Dream of Banking the Third World is Still Alive with Azteco

Nasdaq files application to add staking for BlackRock iShares ETH ETF

ProShares Ultra XRP ETF (UXRP) Debuts Tomorrow: Here’s All

Hunting Alpha: The Logic Behind OKX Ventures' Early Lock-in of SUI

Investment Holding Company Belgravia Hartford Capital Completes Fourth Bitcoin Acquisition

BitMine Immersion Raises $250M for Ether Treasury As Stock Triples

REX-Osprey Solana Staking ETF Goes Live, Solana Price Rises

Pantera Capital has announced the launch of the Pantera DAT Fund, with plans to invest approximately $100 million in various DAT projects.

KuCoin Ventures Weekly Report: Crossover Capital Flows: Analyzing the Crypto-Stock Linkage Frenzy, Market Capital Signals, and Predicting the Next Market Frontier

Just In: Trump’s World Liberty Financial Secures $100M To Fuel DeFi Expansion

Circle’s Market Cap Surges to $66 Billion, Flips USDC

Last week we hosted an exclusive 3iQ Digital Asset Investor Lunch in London. Our Global Head of Investments, Tommaso Mancuso, led an insightful discussion on how experienced hedge fund professionals are leveraging risk-managed digital asset strategies to achieve superior risk-adjusted returns. The event brought together a select group of institutional investors for a thoughtful conversation on the evolving role of digital assets in portfolio construction, along with an opportunity to network in an informal setting. Thank you to all who attended, we look forward to continuing the dialogue.

[June 12: CRYPTO MARKET UPDATE-2] • The Most Published News The U.S. Senate has advanced the GENIUS Act, a bipartisan stablecoin regulation bill designed to provide clarity and oversight for stablecoin issuers, with a cloture vote of 68-30 signaling imminent final passage. This legislation mandates full backing of stablecoins by liquid U.S. assets and aims to integrate crypto payments into the mainstream financial system. Meanwhile, Nasdaq-listed Interactive Strength announced plans to raise up to $500 million to build an AI-focused crypto treasury by acquiring FET tokens from https://t.co/Zrg1OghU6K, marking a shift among public companies toward incorporating AI-driven digital assets beyond Bitcoin. On institutional adoption fronts, Mercury Fintech revealed intentions to raise $800 million for a long-term Bitcoin reserve, underscoring growing corporate interest in diversifying treasury holdings with digital assets. Additionally, the XRP Ledger’s expansion into tokenized U.S. Treasuries via Ondo Finance highlights the real-world asset (RWA) tokenization trend, blending crypto with traditional finance and forecasting a multitrillion-dollar market opportunity by 2033. • Current Market Trends Bitcoin is trading near $110,000, fueled by softer U.S. inflation data, easing U.S.-China trade tensions, and growing institutional interest evidenced by record Bitcoin ETF inflows totaling over $165 million on a single day. Long-term Bitcoin holders are increasing supply accumulation amid historically low volatility, suggesting potential for significant price discovery if demand intensifies. Ethereum is gaining momentum, with futures open interest at all-time highs surpassing $41 billion and ETF inflows reaching $240 million, supported by technical breakouts near $3,000 and bullish leveraged bets. Alternative coins like Solana and Litecoin are observing ETF-driven optimism with Solana’s spot ETF approval chances hitting 91% and Litecoin positioned for regulatory approval as well. The broader stablecoin market has reached a record $249 billion in supply, driven largely by USDT and USDC, with stablecoins increasingly used in B2B cross-border payments and payment financing. • Regulations and Policies Regulatory progress is highlighted by the bipartisan advance of the GENIUS Act in the U.S. Senate, aiming to establish a federal framework for stablecoin issuance and operation with strict reserve, disclosure, and licensing requirements. Alongside, the Digital Asset Market Clarity Act (CLARITY Act) has passed key House committees, clarifying oversight roles between the SEC and CFTC and protecting noncustodial digital asset tools. The regulatory climate benefits from a relatively dovish SEC leadership under Chair Paul Atkins, supportive of self-custody and less aggressive enforcement. However, Senate Democrats raise privacy and consumer protection concerns regarding Meta’s stablecoin intentions amid the GENIUS Act debate. South Korea is developing regulatory frameworks targeting stablecoins and exchange supervision, reflecting growing global regulatory alignment. Meanwhile, Connecticut enacted legislation banning state and local government crypto investments, diverging from broader trends embracing digital asset reserves. • Technology and Innovation Innovations continue to push crypto adoption boundaries, with Ripple integrating OndoFinance’s USD Treasury-backed tokens on the XRP Ledger to expand RWA access and liquidity. Trust Wallet is advancing plans to incorporate RWAs into a self-custodial wallet, aiming to unify DeFi, real-world assets, and self-custody in a neobank-style app. Sam Altman’s World Chain has deployed a native USDC integration supported by Circle’s Cross-Chain Transfer Protocol V2, enhancing cross-chain liquidity and reducing bridge risks. Stripe’s acquisition of crypto wallet provider Privy signals a deeper commitment to integrating embedded wallet technology to scale crypto and stablecoin payments across over 75 million accounts. On the quantum front, Bitcoin developers are actively addressing looming risks from advancing quantum computing, proposing complex upgrades to safeguard cryptographic security as threats accelerate. • Institutional Investor News Institutional confidence in cryptocurrencies remains robust. Michael Saylor’s Strategy continues to build Bitcoin reserves and recently launched a Bitcoin-backed preferred stock on Nasdaq, while activists in Sweden’s H100 Group raised $10.5 million to expand their Bitcoin treasury holdings, generating rapid 400% stock gains. VivoPower committed $100 million in XRP to Flare Network’s yield-generating protocols, underscoring diversified crypto treasury strategies beyond Bitcoin. GameStop plans to raise $1.75 billion convertible notes, potentially to fund expanded Bitcoin reserves, albeit its shares fell post-announcement, reflecting cautious investor response. Circle and Matera’s partnership to enable multi-currency accounts including USDC in Brazil highlights growing crypto integration in traditional financial institutions. Invesco’s hiring of a JPMorgan blockchain veteran to lead its $1.6 billion crypto ETF portfolio exemplifies increasing institutional adoption and sophistication. • Market Forecasts and Expert Opinions Analysts forecast sustained bullish momentum for Bitcoin, projecting targets ranging from $138,000 by summer to $200,000 by year-end, premised on easing U.S. inflation, anticipated Federal Reserve rate cuts, and broad institutional ETF inflows. Michael Saylor and ARKInvest envision Bitcoin reaching as high as $1 million over the next five years, emphasizing its role as digital gold amid monetary expansion. Paul Tudor Jones advocates including Bitcoin, gold, and stocks in diversified inflation-hedging portfolios. Ethereum’s outlook is increasingly positive, with record futures open interest and bullish options positioning signaling potential rallies to $3,600–$3,800. Meanwhile, emerging narratives highlight stablecoins becoming central to U.S. government debt financing, with Treasury officials projecting a $2 trillion stablecoin market by 2028. However, regulatory uncertainty, particularly around staking ETFs, and geopolitical risks such as the Israel-Iran conflict introduce volatility risks requiring investor vigilance. • Security and Hacking News Security concerns persist in the crypto space. The Ethereum Foundation faces internal turmoil following accusations of secret competing client development teams and developer dismissals, raising questions about project governance and decentralization. The ByBit hack, involving a $1.4 billion loss, prompted the wallet provider Safe to establish Safe Labs, focusing on institutional-grade wallet security enhancements. Crypto-related violence has escalated, with convictions in kidnapping and assault linked to attempts to extract crypto access, highlighting physical security risks for crypto entrepreneurs. Regulatory authorities continue cracking down on fraudulent schemes, as demonstrated by a 10-year ban imposed on an Australian adviser involved in a $9.6 million crypto scam. Additionally, significant quantum computing threats to Bitcoin security have prompted developer-led discussions on cryptographic upgrades to mitigate future vulnerabilities. • Conclusion The crypto market is navigating a transformative phase marked by increased institutional uptake, regulatory clarity, and technological innovation, driving bullish sentiment amid easing inflation and geopolitical uncertainties. Investors should monitor key legislative developments such as the GENIUS Act and the CLARITY Act, which promise to set foundational frameworks for stablecoins and broader digital assets, potentially catalyzing mainstream adoption. Bitcoin's trajectory near all-time highs, coupled with record ETF inflows and strategic reserve formations, signals robust demand, though caution is warranted given volatility risks around macroeconomic shocks and security challenges. Ethereum and selected altcoins like Solana and XRP present compelling opportunities fueled by ETF momentum and real-world asset integrations. Investors are advised to approach positions with disciplined risk management, staying informed on regulatory shifts, market liquidity, and emerging technological risks such as quantum computing threats. Daily crypto market update is an AI summarization of important news published in major crypto media in the last 24 hours at the time of sending. The full news story can be found at the URL below. https://t.co/zokRJWaGRk

SoSo Daily Jun 4 | Market News: Meme Coin Trump Collaborates with Magic Eden to Launch Trump Crypto Wallet

FalconX acquires majority stake in the parent company of crypto hedge fund Monarq; specific terms undisclosedAccording to Bloomberg, digital asset broker FalconX has acquired the majority stake in the parent company of multi-strategy crypto hedge fund Monarq Asset Management, aiming to expand its asset management services. The terms of the transaction have not been disclosed.Austin Reed, the global head of revenue and business for the privately-held California-based FalconX, stated that this investment provides the company with an opportunity to expand its institutional client base from hedge funds, proprietary trading firms, and asset management institutions to a broader range of sectors.

👥FN Dialogue with Crypto OG: Who is the Top Earning Player in This Crypto Cycle? Many players who reaped a bountiful harvest from VC coins in the last cycle hoped to continue their diamond-handed investment strategy in this cycle, but the results so far show that they have undoubtedly suffered a major setback. "Why is this round so difficult? Who are the winners?" Foresight News interviewed several crypto practitioners in the field with the above questions, and they gave their answers. 🟠Bitcoin Holders: Winning Big Buyers who firmly play Bitcoin have undoubtedly benefited greatly in this cycle. 🎙️Dialogue with @Jhy256 NDV (NextGen Digital Venture) fund, established in 2022, is one of them. Its founder, Jason, told us that NDV's first fund was cleared in February of this year, with a total return of 3.75x, and has recently launched the financing of the second fund. Jason shared that "in the broader world, there are still many external buyers. Many institutions don't even have a 0.1% allocation. They may just buy 0.1% first, and they are not sensitive to price fluctuations. If traditional big money allocates 1% of its capital to Bitcoin, it will also be very considerable for the Bitcoin asset class." In the first year, he placed most of the fund's positions in GBTC, and last year he switched strategies and turned to cryptocurrency-related stocks, such as Coinbase and Strategy. These operations undoubtedly caught the market trend. 🔵 Meme Winners: Earning Millions of Dollars with a Single Coin In the past year, the most wealth-generating sector in the crypto world has undoubtedly been "Meme." 🎙️Dialogue with @yuyue_chris Among them, the well-known on-chain KOL @yuyue_chris became famous for seizing the TRUMP opportunity and earning millions of dollars. According to circulating community pictures, she spent $158,000.00 to purchase TRUMP, and the floating profit once exceeded $2,000,000.00. yuyue shared that she is relatively flexible in position management and does not hold any other positions for a long time other than Bitcoin. This investment style obviously caters to the trend of this cycle. She said that market participants must have their own judgment on the target. For example, if they focus on the secondary market, they need to pay attention to the narrative and the market cap estimation range, and trade based on these. The narrative here is not a fantasy, but can be supported by the K-line and the market. 🎙️Dialogue with @allinweb6 The on-chain OG player "Bit Factory Director" is also one of the biggest winners in this round of Meme gold rush. He told Foresight News, "In the last cycle, he started his on-chain trading journey after earning dozens of times high returns in just a few weeks with SHIB. In the Meme trading in the past year or two, the profit was around several million, and he seized the opportunities in ORDI, GOAT, TRUMP and other targets." However, it is not easy to obtain high returns. "Those around me who get big returns often invest a lot of energy in on-chain research and time. This is what they deserve. The average person may not be able to do it." His Meme coin profits will also be used to buy Bitcoin. "Now Bitcoin accounts for 85% of the position, Ethereum and BNB account for around 13%, and the rest are some altcoin Meme coins." 🪂Airdrops: From National Carnival to Game Theory Involution 🎙️Dialogue with @KuiGas The golden age of airdrops is not far from us. In the crypto bull market from 2020 to 2021, the surge of DeFi, NFTs, and Layer 1/Layer 2 projects provided fertile ground for farming. "In 2023, the Arbitrum airdrop became my most rewarding project, about 30,000,000.00 RMB." The well-known airdrop player Fengmi told us. When talking about his experience, Fengmi frankly said that the most important thing is to choose the right project. Secondly, participants must learn to understand what kind of people they want to screen out, understand the protocol logic, understand the protocol characteristics, and have a very clear global judgment. The more like a "real user" and the more they adopt the "developer's perspective," the easier it will be to be included in the high-quality weight distribution rules and reward model in the future. In addition, like the sensitivity of professional traders, they must be decisive when stopping losses, and they must give up cleanly. Of course, as airdrops become more mature, the difficulty of farming has also increased, and there are also cases of being reverse-farmed. Fengmi also shared his failed cases in the farming process. "I did a lot of BTC staking interactions on Babylon, and invested a lot of money and attention. As a result, the airdrop distribution was extremely limited, and the returns were too dismal to look at." 🛸More successful gold mining sharing from crypto OGs can be found in the original article: https://t.co/Fys0lW2o6s

After a significant surge following the 2024 election, $XRP has been trading around the $2 mark. The influential alt investment site Motley Fool weighed in this week saying that June 2025 could mark a turning point for the digital asset, with three key catalysts potentially aligning to drive its price higher. This confluence of events might present a final opportunity for investors to acquire XRP at its current low price. Potential Spot ETF Approval The first significant catalyst is the anticipated approval of a spot XRP Exchange-Traded Fund (ETF). The financial community is keenly observing June 17, 2025, as a crucial date when the U.S. Securities and Exchange Commission (SEC) may approve Franklin Templeton's (NYSE: BEN) spot XRP ETF application. While initial hopes for an early May approval were unmet, the decision has been deferred to June. A spot XRP ETF approval would be a landmark event, potentially ushering in mainstream adoption for XRP, which was once a prominent cryptocurrency. Proponents often draw parallels to Bitcoin (CRYPTO: BTC), which saw its price soar after the approval of its spot ETFs in January 2024. However, the impact of a new spot ETF on XRP's price is not guaranteed. For instance, the launch of spot Ethereum (CRYPTO: ETH) ETFs in July 2024 had a limited immediate effect on its price. Concerns also persist regarding the demand for a spot XRP ETF, particularly amidst global economic uncertainty and trade tariff discussions. Nevertheless, with at least seven spot XRP ETF applications in the pipeline, market sentiment suggests that at least one will likely receive approval before the end of 2025. Federal Reserve's Monetary Policy Another influential factor could be the upcoming Federal Open Market Committee (FOMC) meeting on June 17–18, 2025. Should the U.S. economy show signs of weakening, potentially due to a trade war, interest rate cuts could be on the table. Historically, such cuts have been beneficial for the broader cryptocurrency market, especially for altcoins like XRP. The rationale is that lower interest rates make higher-yielding, riskier assets more attractive on a relative basis. This environment typically leads to an influx of "cheap" capital into the crypto sector, potentially encouraging investors to seek out altcoins with substantial growth potential, moving beyond solely Bitcoin-focused portfolios. XRPL APEX Industry Event The third potential catalyst is XRPL APEX, the largest annual summit for the XRP developer community. This year's event, scheduled for June 10–12, 2025, in Singapore, will feature top executives from Ripple, the company behind the XRP token. Historically, major tech company developer conferences often precede significant announcements, including new products, partnerships, and updated roadmaps. A similar outcome is anticipated for XRPL APEX. The finalized agenda hints at discussions and developments across critical areas such as artificial intelligence (AI), cross-chain interoperability (enabling digital assets to move between blockchains), decentralized finance (DeFi), and real-world asset (RWA) tokenization. Any groundbreaking announcements from Ripple in these fields could significantly boost XRP's price. Outlook for XRP While these three catalysts are speculative and offer no guarantees for a substantial XRP price increase, their convergence in June 2025 presents a compelling scenario. XRP has demonstrated its potential for rapid appreciation, having surged from $0.50 on Election Day 2024 to $3.39 in just over two months. The broader macroeconomic environment will undoubtedly play a role, but the alignment of these potential catalysts suggests an increasingly bullish long-term outlook for XRP as June 2025 approaches.

The crypto market has front run the broad markets this week with bullish price action across the board, driven by a significant improvement in investor sentiment 🚀 🚀 🚀 Welcome to the Weekly Crypto Market Update:“I apologise that my USD 120,000 Q2 target may be too low” said Geoffrey Kendrick, Head of Digital Assets at Standard Chartered, in a tongue-in-cheek comment about Bitcoin 🤭 After breaking back through $100,000 on Thursday, Bitcoin temporarily surpassed Amazon to become the 5th largest asset by market capitalization 👏 Ethereum developers successfully activated the Pectra upgrade last week with 11 changes to improve UX, validator ops and Layer 2 scaling - launching ETH up nearly 50% in the last 7 days 🚀In an interview on Saudi State TV, Michael Saylor seized the opportunity to offer bold financial advice, urging the nation's $930 billion sovereign wealth fund to invest heavily in Bitcoin.After pulling the plug on its own crypto token ambitions, Meta is rumoured to be testing the crypto waters again - in discussions about introducing Stablecoins as a means to manage payouts across its platforms 🤩 BlackRock met with the SEC to discuss adding staking features and refining options trading rules for crypto ETFs.Coinbase CEO, Brian Armstrong, announced that they will become the first and only crypto company to join the S&P 500, sending the stock soaring +24% in one day 😎 Senate Democrats blocked a first-of-its-kind bill dubbed the GENIUS act that aimed to regulate cryptocurrency in the US amid concerns over President Trump’s cryptocurrency dealings 🙄 The Trump family's net worth has increased by $2.9 billion thanks to crypto investments, according to a new report from State Democracy Defenders Action - the president's crypto holdings are now estimated to represent nearly 40% of his net worth.The US federal court for the Southern District of New York has sentenced former Celsius CEO Alex Mashinsky to 12 years in prison for fraud 🚫 👇 Other Crypto News:Publicly traded digital marketing firm Asset Entities has agreed to merge with Strive Asset Management to become the first publicly listed Bitcoin treasury companyTokyo-listed investment firm Metaplanet has expanded its Bitcoin treasury, bringing its total Bitcoin holdings to 6,796 BTC currently valued at over $706 millionNorth Korea’s infamous Lazarus Group has been actively trimming its holdings, falling below Bhutan in the hierarchy of nation-state Bitcoin reservesArmed assailants on Tuesday attempted to kidnap the daughter and grandson of a prominent French cryptocurrency entrepreneur in ParisCoinbase says Bitcoin miners are struggling to produce BTC fast enough to meet overwhelming demand and exchanges are running low on supplyDubai’s Department of Finance announced a partnership with Crypto .com that will allow government service fees to be paid with large-cap cryptocurrenciesAnd that's a wrap... until next week! 😎

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Grayscale Launches Grayscale® Bitcoin Adopters ETF $BCOR - @Grayscale, the world’s largest crypto-native asset manager, has announced the launch of its newest exchange-traded fund — the Grayscale® Bitcoin Adopters ETF, trading under the ticker $BCOR. - The fund provides investors with an opportunity to gain exposure to public companies that have adopted Bitcoin as a corporate treasury reserve asset. Key Details: - The ETF is built around the Indxx Bitcoin Adopters Index, a proprietary benchmark tracking companies globally that have incorporated Bitcoin into their balance sheets as part of their treasury management strategies. - BCOR offers diversified equity exposure across seven sectors and 15 industries, connecting investors to companies that view Bitcoin as a hedge against inflation and a tool for treasury diversification, despite its historical volatility. - Notably, the fund will not invest directly in digital assets or derivatives, nor will it participate in initial coin offerings. Instead, it indirectly offers crypto exposure through equity in companies engaged with Bitcoin. - With the growing number of firms exploring Bitcoin integration, BCOR reflects the increasing institutional interest in digital assets and represents a forward-looking strategy for both traditional and crypto-curious investors. - This move continues Grayscale’s legacy of pioneering crypto investment products, building on a decade of experience in helping investors access the digital economy. Images obtained from the Grayscale X account https://static.sosovalue.com/sosovalue/2025/04/30/0c5992b8-fe4f-448b-a8bb-5dd6fc537c28.png

SoSo Daily Apr 18 | The sixth round of the Ethereum Scholarship Program is open for applications, with a deadline of April 30.

SoSo Daily Apr 6 | Bitcoin remains resilient amid Trump's tariff impacts, while traditional markets plummet.

SoSo Daily Mar 9 | Crypto Tsar David Sacks Opposes Crypto Trading Tax

🚨 #BreakingNews President Trump Signs Executive Order on Strategic Bitcoin Reserves The U.S. government will retain 200,000 bitcoins, sourced from criminal/civil asset forfeiture, at no cost to taxpayers, and will not sell any bitcoins, ensuring value maximization and avoiding a potential loss of $17 billion, creating a digital Fort Knox, and promoting the U.S. as the "World Cryptocurrency Capital". Impact of Strategic Bitcoin Reserves 1️⃣ The U.S. can no longer ban Bitcoin; with the government holding Bitcoin, it is even less likely to impose an outright ban. 2️⃣ Other countries may follow suit; as a leader, the U.S. makes it more likely for other nations to consider establishing their own Bitcoin reserves. 3️⃣ Countries may accelerate action, providing others with a "short-term opportunity" to seize the market before the U.S. makes large-scale purchases. 4️⃣ Bitcoin will be harder to stigmatize; institutions like the International Monetary Fund and government advisors will find it more difficult to claim that "Bitcoin is unsafe and unsuitable for national holdings." #Bitcoin #Crypto

The Five-State Bill has faltered, with the focus of controversy pointing directly to volatility and fiscal compatibility. In the new battlefield of the digital economy, who can seize the opportunity? #Bitcoin #Cryptocurrency #USA🇺🇸 Latest developments on Bitcoin strategic reserves in U.S. states: Five states oppose, Arizona may be the first to passUnexpectedly, not all of the red states in Trump's base support Bitcoin reserves.In 2025, the legislative wave for Bitcoin strategic reserves swept across U.S. states, becoming the latest battleground for the collision between the cryptocurrency industry and the traditional financial system. According to statistics, more than 20 of the 50 states in the U.S. have proposed or are considering legislation related to Bitcoin reserves, covering aspects like public fund allocation, tax incentives, and regulatory frameworks. Analysts point out that the approval of Bitcoin ETFs and the increasing institutional adoption are driving states to accelerate their deployment of cryptocurrency asset strategic reserves, aiming to gain an edge in the future digital economy competition.Odaily Planet Daily has compiled the latest progress updates on the strategic reserves from various states.What are the steps for U.S. states to establish Bitcoin strategic reserves?If a state in the U.S. wishes to establish a Bitcoin strategic reserve, it needs to go through a complete legislative and administrative process to ensure the legality and feasibility of the plan. This process consists of four steps:Step 1: First, the legislative proposal needs to be drafted by state legislators or relevant committees and submitted to the state legislature. The bill includes specific goals for the Bitcoin reserve, sources of funding, methods of purchase and management, and other details. After the proposal is submitted, it is typically assigned to the state legislature's finance or economic development committee for detailed review, and hearings may be held to gather opinions from various parties.Step 2: Next, the bill needs to be voted on by both chambers of the state legislature (if the state has a bicameral system). First, the state House of Representatives will discuss and vote on it. If it passes by a majority, it will be submitted to the Senate for further review and voting; in some states, the process is reversed. After both chambers pass the bill, it can enter the final approval stage. Readers should note that all references to the House and Senate in this article refer to the state’s House and Senate. Generally, state-level legislation does not require approval from the federal Senate and House of Representatives.Step 3: Once both chambers of the state legislature pass the bill, it will be sent to the governor for signing. If the governor agrees and signs it, the bill officially becomes law, and the state government can begin implementing the Bitcoin strategic reserve. If the governor vetoes it, the legislature can amend it or attempt to override the veto with a higher vote count (usually a two-thirds majority).Step 4: Once the bill takes effect, the state government will designate relevant agencies to execute the reserve plan, usually managed by the state treasury or a specially established fund management department. They need to develop specific purchasing strategies, select appropriate custody methods (such as third-party custody or self-custody), and ensure the security of the reserve funds. At the same time, the state government needs to establish a transparent regulatory and auditing mechanism, regularly reporting the status of the Bitcoin reserves to the public or legislative bodies.If any step above goes awry, the Bitcoin reserve bill will not pass in that state.On March 1, the chair of the U.S. Senate Banking Committee on Digital Assets, Cynthia Lummis, revealed in an interview with Fox Business that the federal-level Bitcoin strategic reserve plan "lacks sufficient support" and may be difficult to implement in the short term. "Currently, there are not enough candidates in the House and Senate to push this forward," she stated, "In contrast, the state-level legislative process is obviously faster."Status of each state: Which states are progressing the fastest?ArizonaOn February 28, 2025, two Bitcoin reserve bills (SB 1025 etc.) passed in the Arizona Senate with a vote of "17-11-2" and are currently submitted for consideration in the House of Representatives. If ultimately approved, the state will become one of the first in the U.S. to include Bitcoin in public reserves.TexasOn February 27, the Texas Bitcoin reserve bill was officially submitted for consideration in the Senate. Previously, the proposal had passed the technical review by the state’s Business and Commerce Committee, with its core content including allowing state treasury funds to be allocated to Bitcoin assets.OklahomaOn February 26, the Strategic Bitcoin Reserve Act (HB 1203) passed a committee vote in the Oklahoma House of Representatives and entered the full voting stage. This bill proposes to invest up to 10% of public funds in Bitcoin or digital assets with a market capitalization exceeding $500 billion, considered the boldest crypto policy attempt among conservative states.OhioOn the same day, Ohio’s Strategic Bitcoin Reserve bill passed committee review and is only one step away from final legislation, pending a vote by the full Senate. If approved, the state’s pension system may become a long-term holder of Bitcoin.GeorgiaOn February 24, Georgia proposed a second Bitcoin reserve bill (SB 228), intending to remove the state’s investment limit on Bitcoin, allowing the government to allocate unlimited BTC assets. Previously, the state passed its first related bill in 2024, and this amendment is interpreted as a signal of a "full embrace of Bitcoin."Except for Georgia, all other bills are at the execution stage of Step 2, with some states already having passed votes in one of the two chambers.After the second round of voting, the governor will choose to sign it into law.Obstacles and Opposition: Details on the Failure of Bitcoin Reserve Bills in Five StatesMontanaMontana House Bill 429 (HB 429) was introduced in late January 2025, proposing to allocate up to $50 million of public funds into Bitcoin, stablecoins, and precious metals. Although the bill's sponsor, Representative Curtis Schomer, emphasized that this move could "diversify state asset risks and achieve higher returns," the bill was defeated in the House vote on February 21 with 59 votes against and 41 votes in favor.South DakotaSouth Dakota HB 1202 proposed to invest 10% of public funds into Bitcoin, but it was rejected in the House Commerce and Energy Committee vote on February 24 with 9 votes against and 3 votes in favor. The bill's sponsor, Representative Logan Manhart, argued that Bitcoin could combat inflation, but state investment officer Matt Clark strongly opposed it on the grounds of "excessive volatility." Subsequently, South Dakota effectively rejected HB 1202 on February 25 during the legislative session by delaying it to the 41st day of deliberation (while the actual session lasted only 40 days), clearly refusing to include Bitcoin as an official investment option.North DakotaNorth Dakota HB 1184 aimed to explore the feasibility of establishing a Bitcoin reserve, but it was not passed in the House with 57 votes against and 32 votes in favor. However, the state legislature is still reviewing a resolution proposed by Republicans to allow state finances to invest in digital assets and precious metals. This resolution has passed the second reading in the House and is under further discussion by the Senate Industrial and Commercial Committee.PennsylvaniaPennsylvania HB 2664 proposed to invest up to 10% of state funds into Bitcoin, allowing asset allocation through secure custody solutions or Bitcoin ETFs. This proposal, co-sponsored by Republican legislators Michael Cabell and Aaron Kaufer, was effectively shelved due to high levels of opposition since its introduction in November 2024.WyomingWyoming's Bitcoin Reserve Bill was introduced in mid-January 2025, proposing to invest 3% of the state general fund, mineral trust fund, and land fund into Bitcoin. However, in the state committee vote on February 6, only 1 out of 8 members supported it, leading to the bill's failure. Legislative records show that opponents were concerned that "digital assets are incompatible with the traditional financial system."

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Wu's Daily Selected Crypto News + Macroeconomic Indicators of This Week

SoSo Daily Feb 7 | Ethereum's Pectra Upgrade Testing to Start in February

Crypto is a $3.2 trillion market.Despite its volatility, institutions like BlackRock, VCs, and influencers have poured in—but one group remains largely underexposed: professional entertainers. Our Founder, @RobTG4 has launched the Digital Asset Opportunity (DAO) Fund to empower high-performance professionals to master digital asset investment at the most pivotal moment in financial history.Read more below from @Investingcom ↓

Wu's Daily Selected Crypto News - OKX data shows that Bitcoin returned to $100,000 on the evening of January 16.

SoSo Daily Dec 20 | Bitcoin falls below 98,000 USDT

🚀 Wyden Expands Board with Tech VC Experts to Drive Global GrowthWe’re thrilled to welcome Alexis Le Portz (Partner, Truffle Capital) & Kevin Low (SVP Investment, SBI Ven Capital) to our board of directors! Their expertise in blockchain, Web3, and venture capital will be pivotal in shaping Wyden’s future.This milestone comes after our $16.9M Series B funding round, led by @trufflecapital and joined by SBI-Sygnum-Azimut Digital Asset Opportunity Fund, PostFinance, and FiveT Fintech.💡 Alexis Le Portz brings 15+ years of experience in digital innovation, blockchain, and AI.💡 Kevin Low offers a decade of venture capital expertise in emerging technologies and Web3.Together, they’ll help us empower regulated financial institutions to offer cutting-edge digital asset products and services globally. 🌍Read the full announcement: https://t.co/7ouOVDmJ9T

SoSo Daily Dec 2 | DMM Bitcoin has ceased operations due to a hacker attack, and assets will be transferred to the SBI Group.

Digital asset trading infrastructure provider Wyden has completed a $16.40 million Series B funding round.

📰 @finews_ch reports on SBI-Sygnum-Azimut Digital Asset Opportunity Fund supporting @wyden_io, the leader in institutional digital asset trading technology, in securing CHF 14.5 million (USD 16.9 million) in Series B Funding Round https://t.co/5lx2zDPlvV “In addition to the previous investor C3 Venture Capital, new investors @PostFinance, SBI-Sygnum-Azimut Digital Asset Opportunity Fund and @FiveTHydrogen are also participating,” Finews editorial team writes. Read the full article here: Disclaimer: https://t.co/C9GTA39Odm

🚀 Wyden has successfully raised USD 16.9 million in Series B funding! 🎉With backing from @trufflecapital , @PostFinance , SBI-Sygnum-Azimut Digital Asset Opportunity Fund, FiveT Fintech, and others, we're accelerating our expansion to provide regulatory-compliant digital asset trading infrastructure and further enhance our flagship Wyden Infinity platform. 🌍This funding will drive our strategic growth in key regulated markets like Switzerland, Germany, France, Turkey and much more expanding our global footprint. 🌐Exciting times ahead as we scale our platform and onboard more banks, brokers and exchanges! 🔥📖 Read the full details in our Twitter article here: https://t.co/QIPkQu7t5f

SBI-Sygnum-Azimut Digital Asset Opportunity Fund is proud to support @wyden_io, the leader in institutional digital asset trading technology, in securing CHF 14.5 million (USD 16.9 million) in Series B Funding Round.@Rico_Mueller, Sygnum Head of Ventures, says:“@wyden_io supports the entire end-to-end trade lifecycle from treasury to best execution, settlement, and accounting. This investment from the SBI-Sygnum-Azimut Digital Asset Opportunity Fund fully aligns with our core investment strategy of accelerating institutional digital asset adoption.”SBI-Sygnum-Azimut Digital Asset Opportunity Fund joined the Series B round led by @trufflecapital, along with @PostFinance, @FiveTHydrogen, and @C3VentureCap.Read the press announcement here: https://t.co/kKatRNwEwJ#digitalassets #cryptoDisclaimer: https://t.co/C9GTA3am2U

DeFinity Monthly Recap - October Trading Results With consistent trading volumes above a critical threshold, we have been able to start the process of optimising our margins to maximise revenue. The result of this was that October was the highest revenue month in the history of the business. Client Onboarding Onboarding continues at a steady pace. In October we once again increased the number of clients onboarded to the DeFinity platform by around 10% Platform Development For institutional trading we are quickly approaching the go-live of our full banking model. The cohort for the initial PoC has been finalised and we are just waiting on sign-off from their senior management. In the mean time, we are checking and double checking everything within our platform to ensure there are no hiccups, so we can move rapidly and without interruption from PoC to scaling. Crypto Repo has also been edging closer to PoC over the last few weeks, and we are currently waiting on sign-off from the first pension fund. We are taking this opportunity to expand the scope of the crypto repo product to include not just pension funds, but traditional fund managers and hedge funds as well. Looking Forward - November, December and the start of Q1 Trading We are expecting to see another uptick in trading volume over the next couple of months. When combined with continuing to optimise our margins, we are aiming to get close to doubling our monthly revenue by year end. Institutional Crypto Settlement (Kima) Once the PoC for our bank intermediation model is live, this will also open the door for us to push forward with a number of our other initiatives. The institutional digital asset settlement layer that we’ll be developing in partnership with Kima is one such initiative. Currently the process from off-chain execution to on-chain settlement is something that is very cumbersome, and mostly done manually across the institutional crypto market. Moving to PoC with Kima soon after the bank model goes live will put us at the absolute cutting edge of institutional digital asset settlement, and further increase our existing competitive advantage around speed of settlement. Gaming Repo The gaming repo PoC will go live around Thanksgiving DEFX Token We will be implementing an initiative to increase liquidity over the coming weeks

How MicroStrategy is building the Bitcoin empire?In 2020, when the world went sideways and everyone else was busy hoarding groceries amidst the COVID-19 pandemic, @MicroStrategy , a popular data analytics company, decided to do something completely insane. They went all-in on Bitcoin.This wasn't some quiet side bet. This bold move made MicroStrategy the first of their kind to use Bitcoin as a primary treasury asset, a precedent that had the entire corporate finance world watching with a mix of awe and apprehension. But what drove this monumental decision? Genius? Madness? Or maybe a bit of both?Let's take a look at MicroStrategy's high-stakes Bitcoin gamble, exploring the motivations, the fallout, and the lessons it holds for anyone who dares to challenge the status quo.Background of MicroStrategyFounded in 1989, MicroStrategy had built a solid reputation as a leading provider of business intelligence software. With a market cap of $40.86 billion as of October 2024, they are a publicly-traded company that has committed to furthering the development of the Bitcoin network and driving its adoption through a multi-pronged approach. Their strategy includes direct investments in Bitcoin, vocal advocacy within the financial world, and a dedication to encouraging technological innovation within the Bitcoin ecosystem.Why Bitcoin over traditional assets?MicroStrategy's decision to choose Bitcoin wasn't driven by fleeting trends; it was a calculated bet on an innovative technology. Here's why they chose Bitcoin over traditional assets:- Logistics and maintenance challenges of real estate: Who wants to deal with the headaches of property management? Acquiring and maintaining a vast real estate portfolio worth $500 million is time-consuming, expensive, involves legal work, and is full of logistical complexities. MicroStrategy sought a more agile, scalable solution for preserving its treasury.- Time sensitivity and cash depreciation: Cash might seem safe, but inflation eats away at its value over time. @saylor (MicroStrategy’s CEO) recognized this. The company needed a hedge against currency devaluation, and fast. Bitcoin, with its limited supply and growing adoption, offered a potential solution.- Liquidity and storage advantages: Bitcoin is highly liquid, easily transferable, and can be securely stored in digital wallets. Additionally, it traded on a global 24/7 market, offers unparalleled liquidity. This made Bitcoin a more appealing choice for preserving wealth efficiently and quickly.- Store of value potential: Saylor regarded Bitcoin as "digital gold”. It’s decentralized nature, fixed supply, and resistance to traditional market manipulation made it a unique asset class. MicroStrategy believed in its long-term potential as a store of value, even amidst market volatility.Initial investmentIn August 2020, MicroStrategy made its first-ever purchase of 21,454 Bitcoins worth $250 million, a decision that marked a corporate milestone. This pioneering buy, amidst an inflationary environment from pandemic-driven economic policies, solidified Bitcoin’s role as an institutional asset and redefined MicroStrategy’s financial strategy, aligning it with cryptocurrency advocates and attracting significant market attention.Here is an up-to-date MicroStrategy bitcoin purchases chart.Building a Bitcoin portfolioUnlike those day traders chasing every volatile swing in the market, MicroStrategy had a long game in mind. They weren't just buying Bitcoin; they were investing in a vision. Over four years, they meticulously accumulated Bitcoin through over 40 separate purchases, demonstrating an unwavering commitment to their strategy. They saw Bitcoin's price fluctuations as temporary setbacks. Their conviction in Bitcoin's long-term potential as a durable store of value remained unshaken. This steadfast belief, even in the face of market uncertainty, is what sets MicroStrategy apart.Leveraging debt for BitcoinTo fund their ambitious Bitcoin shopping sprees, MicroStrategy got creative – they turned to the world of debt. Instead of selling off existing assets, they issued convertible notes – think of them as corporate IOUs that could later be swapped for Bitcoin – and utilized other debt instruments to raise capital.This strategy was a delicate balance between risk and reward. It allowed MicroStrategy to accumulate a massive Bitcoin treasury without sacrificing other parts of their business. But this financial agility came with a catch – increased exposure to Bitcoin's infamous volatility. If Bitcoin's price took a nosedive, their debt load would quickly transform from a tool for growth into a heavy anchor. It was a bold, some might say risky, bet on Bitcoin's future, and only time would tell if their gamble would pay off.Investor impactMicroStrategy's bold Bitcoin strategy wasn't just about making headlines; it was about generating serious returns for their investors. And generate returns they did. By 2023, their Bitcoin gamble had paid off handsomely, delivering a staggering 300% gain for those who had the foresight to capitalize on the opportunity. These eye-popping returns sent a clear message to the crypto world, proving that even high-risk assets could deliver considerable value under disciplined, strategic management.Michael Saylor's public influenceMichael Saylor wasn't content with just quietly amassing a Bitcoin fortune for MicroStrategy. He became a vocal Bitcoin advocate, using his platform to convert the corporate world through tweets. His public pronouncements about Bitcoin's virtues, delivered at conferences and amplified across social media, reached the ears of CEOs and CFOs across the globe. He sparked conversations about Bitcoin in boardrooms where it had never been discussed before. Whether they agreed with him or not, corporate leaders were forced to confront the Bitcoin question, and Saylor's advocacy undoubtedly played an important role in increasing institutional interest in Bitcoin.The Critics and the risksMicroStrategy's all-in Bitcoin approach has drawn sharp criticism, with skeptics highlighting the risks of tying nearly 90% of its market cap to the volatile cryptocurrency.High-risk exposure: With so much riding on Bitcoin's performance, a significant price drop could severely impact MicroStrategy's balance sheet. This vulnerability has made some investors uneasy.Criticism from financial icons: Financial heavyweights like Warren Buffet and Charlie Munger have publicly questioned their Bitcoin-focused strategy, labeling it speculative and financially irresponsible. Their skepticism has added fuel to the debate surrounding MicroStrategy's unconventional approach.Market pressure during downturns: MicroStrategy's decision to buy Bitcoin during the 2022 bear market, amidst a 70% price drop, intensified market scrutiny and attracted increased short interest. This move exposed the company to additional financial risk and highlighted the potential downsides of their Bitcoin-centric strategy.Current position and outlookAs of October 2024, #MicroStrategy holds a staggering 252,220 Bitcoins, a stockpile worth an eye-watering $9.9 billion. This audacious bet on #Bitcoin has undoubtedly cemented their position as a leader in the corporate adoption of #cryptocurrency. However, the question on everyone's mind remains: will this high-stakes gamble pay off in the long run, or will the volatility of the crypto market ultimately undermine their bold strategy?

SoSo Daily Oct. 14 | Gate Ventures and Boon Ventures have partnered with Movement Labs to establish a $20 million Move ecosystem fund.

SoSo Daily Sept. 25 | SEC Settles Charges Against TrueCoin LLC and TrustToken Inc. for Sale of Stablecoin TrueUSD

Jupiter Acquires SolanaFM to Boost Solana’s Data and Infrastructure Capabilities

SoSo Daily Sept. 19 | The Federal Reserve announced its interest rate decision, cutting rates by 50 basis points.

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Quantitative Fund Kbit: Despite the rapid returns brought by ETFs, investment in cryptocurrencies should continue.

Nomura Securities' cryptocurrency division will launch a higher-yield alternative to Ethereum ETF.

SoSo Daily Jul 24

Asset management company Hamilton Lane launches private credit fund SCOPE on the Solana blockchain.

Hamilton Lane launches private credit fund SCOPE on the Solana chain.

Significant Inflows into Digital Assets Amid Bitcoin Weakness and Market Movements

SoSo Daily Jun 18

The World’s Largest Bank Endorses Ethereum as ‘Digital Oil’ and Bitcoin as ‘Digital Gold’: A Call to Invest in REFUND The Industrial and Commercial Bank of China (ICBC), the world’s largest bank, has recently classified Bitcoin (BTC) as “digital gold” and Ethereum (ETH) as “digital oil.” This significant endorsement, shared by Matthew Siegel, VanEck’s head of digital assets, highlights the top two cryptocurrencies’ growing importance in the financial ecosystem. In their report, ICBC emphasizes the strong market demand for digital assets, driving continuous innovation in the sector. “Market demand drives the continuous iteration of digital currencies,” the report states. Bitcoin: The Digital Gold The ICBC draws comparisons between Bitcoin and gold, underscoring Bitcoin’s unique advantages. “Bitcoin retains the scarcity similar to gold through mathematical consensus while solving its problems of being difficult to divide, difficult to identify authenticity, and inconvenient to carry. Its monetary attributes are gradually weakening, while its asset attributes are constantly strengthening.” This highlights Bitcoin’s evolution from a mere currency to a valuable asset class, akin to gold. Ethereum: The Digital Oil Calling Ethereum “digital oil,” the report praises the smart contract platform’s ecosystem. Despite acknowledging some network shortcomings, ICBC is optimistic about technological advances addressing these issues over time. “Ethereum has been continuously upgrading its technology in terms of security, scalability, and sustainability, providing technical power for the digital future,” the report notes. Ethereum’s Turing completeness, via its exclusive programming language (Solidity) and virtual machine (EVM), enables developers to create complex smart contracts and applications, offering robust support for blockchain technology. Its flexibility is widely recognized in decentralized finance (DeFi) and non-fungible tokens (NFT), gradually extending to the physical infrastructure network (DePin). While this flexibility introduces practical challenges, ongoing development aims to balance sustainability, security, and efficiency. Why REFUND Coin is a Strategic Investment Given this context, it is crucial to consider investing in REFUND Coin today. As the financial world pivots towards digital assets, REFUND Coin represents a unique opportunity to participate in this transformative shift. The REFUND project, driven by visionary founder BLURR, seeks to democratize financial opportunities and challenge traditional power structures through decentralized finance. Investing in REFUND Coin positions you to benefit from the rising bull market in digital assets. The project’s commitment to transparency, equity, and community-driven success aligns with the broader trends highlighted by ICBC’s endorsement of Bitcoin and Ethereum. Conclusion With Bitcoin trading at $66,502 and Ethereum at $3,464, the market is ripe for innovative deflationary digital assets like #REFUNDCOINETH currently trading at $0.00000643. By investing now, you support a project dedicated to fostering financial equity and innovation. Stay ahead of the curve and become part of a revolution in the financial sector. Follow us for more updates and join the REFUND community: TG Portal: Linktree: Website: Coming soon. The Refund will not be televised… #Crypto #Blockchain #Finance #ICBC #BTC $BTC #bitcoin #btcetf #EthETF #refundcoineth @ReFundCoinETH #ethv #ETHEREUMETF #GME #theroaringkitty

SoSo Daily Jun 2

SoSo Daily Jun 2

Sygnum Singapore, co-managing the Digital Asset Opportunity (DAO) Fund alongside SBI VenCap and Azimut, is proud to support @ChainstackHQ, a frontrunner among the top three global #Web3 infrastructure providers, in their latest strategic investment round. https://t.co/1XpsccIDWK @Rico_Mueller, Vice President, Venture Investments & Partnerships at Sygnum, says: "We believe Web3 infrastructure is a critical piece to enable adoption of #blockchain technology by institutions across the globe, and @ChainstackHQ has proven their ability to play a significant role in servicing this market.” Learn more here: