Coin overview
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
$109,000,000,000 in US Gold Reserves Now in Question as German Officials Demand to Count Bullion Bars At New York Fed: Report
Germany is storing over $109 billion worth of gold in the New York Federal Reserve’s vaults, but some officials in the country are beginning to call for less trust and more verification. Michael Jäger of the European Taxpayers’ Association – a federation of 29 national taxpayers associations throughout Europe – is urging Germany to immediately obtain its gold from the USA amid tention between the White House and the US, Bild reports . Says Jäger, “The Bundesbank and the German government must demonstrate foresight in this phase of global power shifts and immediately retrieve German gold from the USA. Especially at a time when Berlin and Brussels are discussing immense new debt, we need immediate access to all gold reserves in an emergency.” Jäger says that at a minimum, Germany should at least be able to “physically inspect” the gold bars. European Member of Parliament Markus Ferber echoes Jäger’s sentiments, telling Bild: “I demand regular checks of Germany’s gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.” Meanwhile, lawmaker Marco Wanderwitz says Germany’s CDU (Christian Democratic Union) is advocating that Germany needs to “either check regularly or retrieve the gold.” The Germans’ calls for inspecting the gold reserves comes as Elon Musk, tech billionaire and close aid of President Trump, is suggesting that an audit of Fort Knox in Kentucky be “livestreamed.” The last time Fort Knox was audited was in September of 1974. In a statement to Bild, a spokseperson for Germany’s Bundesbank quoted and reiterated a Feburary statement from the bank’s President, Joachim Nagel. “We have (…) absolutely no doubt that with the Fed in New York we have a trustworthy, reliable partner in the storage of our gold reserves.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Generated Image: Midjourney
Illinois State Senator Mark Walter’s Crypto Fraud Bill Advances
Last updated: April 4, 2025 15:19 EDT Key Takeaways: The Digital Assets and Consumer Protection Act (Senate Bill 1797) would grant the Illinois Department of Financial and Professional Regulation authority to establish crypto guidelines. After passing the Illinois Senate Executive Committee, the bill now heads to the full Senate, with potential progression to the House and Governor’s approval. The bill emerges in the midst of a national debate on crypto regulations, with Trump’s administration favoring a pro-crypto stance while critics warn of consumer risks. Illinois State Senator Mark Walker’s (D-Arlington Heights) bill aimed at tackling digital asset fraud passed through the Illinois Senate Executive Committee on April 4, highlighting the state’s increased efforts to crack down on crypto crime. Illinois Senate Crypto Bill Passes Through Key Committee Launched by Walker in February, The Digital Assets and Consumer Protection Act – a.k.a. Senate Bill 1797 – would allow the Illinois Department of Financial and Professional Regulation to manage and set crypto guidelines within the state. Under the provision, Illinois players in the crypto space would be “required to register, provide disclosures and demonstrate the fitness to satisfy payouts” to their customers. Additionally, the bill would mandate affected crypto companies to notify customers of charges and transfers of digital assets while building on programs to reduce consumer fraud. “The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud and deceptive practices,” said Walker (D-Arlington Heights). “We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors,” he added. States Move To Address Crypto Legislation Now that the Digital Assets and Consumer Protection Act has advanced through the Illinois Senate Executive Committee, the Illinois State Senate at large will be able to vote on the bill. Should Walker’s proposed legislation advance past that, it would go through the state’s House of Representatives before ultimately heading to Illinois Governor J.B. Pritzker’s desk. Senator Mark Walker is taking firm action against cryptocurrency fraud in Illinois. His efforts aim to protect consumers and promote a safer digital trading environment. It's crucial to ensure transparency and security in the evolving crypto space. — the kimcheeziest (@kimcheeziest) April 4, 2025 Illinois’ latest crypto-focused bill comes as state legislatures rapidly move to address digital asset policies duringU.S. President Donald Trump’s crypto-friendly administration. Donald Trump’s Crypto Stance Trump, who has been affiliated with several recent projects in the Web3 space, has promised to instill a pro-crypto regulatory framework across the United States. However, critics argue that his market-friendly approach may open the door to potential fraud and consumer risks. Should Illinois adopt Walker’s bill, it could serve as the state’s safeguard against illicit actors in the blockchain industry.
Sei Investments increases 39% stake in MicroStrategy
Sei Investments Co. has increased its holdings in MicroStrategy Incorporated by 39.3% during the fourth quarter. The firm added 3,376 shares, bringing its total to 11,972 shares, valued at approximately $3.47 million as of the filing. At the same time, analysts have had a lot to say about MicroStrategy. Some are feeling confident, while others are not so sure. Barclays dropped its price target for the stock from $515 to $421, but still called it “overweight,” which usually means they think it’s still worth buying. According to Marketbeat , Compass Point upgraded the stock to a “strong-buy.” Bernstein is sticking with its “outperform” label and set a $600 price target. Cantor Fitzgerald also raised their target, bumping it from $613 to $619. On the other hand, Monness Crespi & Hardt wasn’t impressed—they gave it a “sell” rating and a $220 target. The stock has mixed ratings overall, with nine analysts saying “buy,” one saying “strong buy,” and one saying “sell.” According to MarketBeat.com, the average rating is “Moderate Buy,” with a target price of $508.09. There’s been some action from the company officials, too.CFO Andrew Kang purchased 1,500 shares on March 20 at $85 per share, totaling $127,500. Meanwhile, Director Leslie J. Rechan sold 15,000 shares for over $5 million on March 25, reducing their position by more than 75%. SEC filings indicate insiders acquired 8,000 shares and sold nearly 23,000 in the last 90 days. In total, insiders bought 8,000 shares in the last three months and sold nearly 23,000 in the last 90 days. Even with those moves, insiders still own about 9.16% of the company. Follow The Crypto Times on Google News to Stay Updated!
Riot Platforms Hits Post-Halving Bitcoin Production High as It Expands AI Capacity
Riot Platforms (RIOT) reported strong operational performance in March 2025, highlighted by continued expansion into the artificial intelligence (AI) and high-performance computing (HPC) sector. The company's bitcoin (BTC) production last month rose to 533 BTC, the most since the reward halving almost a year ago. The figure represents a month-on-month increase of 13% and 25% more than a year before. Bitcoin holdings grew to 19,223 BTC. Riot said it plans to "aggressively pursue" development of its Corsicana facility to capitalize on rising demand for compute infrastructure used in AI and HPC. A recently completed feasibility study by industry consultant Altman Solon confirmed the significant potential of the site to support up to 600 megawatts of additional capacity for AI/HPC applications. Key advantages include 1.0 gigawatt of secured power, 400 MW of which is already operational, 265 acres of land with substantial development potential and close proximity to Dallas — a major hub for AI and cloud computing. The study noted the site’s ability to support both inference and cloud-based workloads, strengthening its appeal to AI/HPC tenants. Riot maintained a steady deployed hash rate of 33.7 EH/s, while its average operating hash rate grew 3% month-over-month to 30.3 EH/s—representing a 254% increase year-over-year. Although power credits declined due to seasonal factors, Riot kept its all-in power cost low at 3.8 cents per kWh, and improved fleet efficiency to 21.0 J/TH, a 22% improvement from the previous year. Riot’s shares fell 5.5% Friday, while the Nasdaq 100 index dropped 2.8%. They have lost 35% year-to-date. Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
Trump Pushes Tariffs, Cramer Warns of Economic Backlash
Trump said the country will boom after his tariff move sent stocks into sharp decline Crypto stayed strong with Bitcoin dominance rising and stablecoins leading activity Cramer called the tariff rollout weak and said it hit markets hard with no clear plan The global economy felt fresh tremors after President Donald Trump unveiled sweeping import tariffs, triggering Wall Street’s sharpest slump since the pandemic. While markets reeled from the policy shock, Trump remained defiant. “I think it’s going very well,” he said, departing the White House for Florida. “The markets are going to boom, the stock is going to boom, the country is going to boom.” I think it’s going very well—The MARKETS are going to BOOM… Donald Trump Truth Social 4/03/25 03:17 PM pic.twitter.com/fA5nnwiAyH — Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 3, 2025 Crypto Market Resilient as Trading Volume Dips Sharply Despite growing financial tension, the global cryptocurrency market displayed moderate resilience. As of April 4, CoinMarketCap reported a total crypto market capitalization of $2.69 trillion, reflecting a 0.69% daily increase. However, trading activity dropped significantly, with a 30.15% plunge in 24-hour volume to $91.07 billion. Bitcoin remained the leading cryptocurrency at 62.14% with a slight increase of 0.07%. As for stablecoins, an even more stupendous share of 95.37% of total crypto trading by volume was reflected as $86.85 billion. The decentralized finance (DeFi) sector reported a $5.92 billion volume contribution, which constituted 6.50% of the total volume traded in the last 24 hours. Cryptocurrency remained defiant when stock markets plunged. The Dow Jones Industrial Average fell 1,600 points, its greatest one-day fall since the pandemic. Tariff Policy Draws Fierce Response as Trump Calls It “Liberation Day” The new tariffs put a minimum levy of 10% on imports, whereas high rates are levied on certain nations like China and members of the European Union. This aggressive measure saw widespread backlash from analysts and participants in the market, who reacted immediately to the downturn. However, the fallout was immediate and severe. CNBC’s Jim Cramer, a critic of free trade, voiced his dismay. “I feel like a sucker,” he said during an interview with CNN’s Erin Burnett. Related: Trump’s Tax Cuts and Tariffs: What’s Next for the Economy? Cramer Slams Execution Cramer had earlier supported reciprocal tariff strategies in principle, yet he rejected the administration’s execution as flawed. “I was hoping it was a coordinated thing,” he said. “Instead of a car where we’re only making you pay 2-1/2 and you’re not letting us in, we try to get things better.” Further, Cramer stated that the move was bush league and warned that the shock lacked any constructive follow-up for American markets. Consequently, the fallout from Trump’s “Liberation Day” tariffs set off not just market losses, but also a wider debate. As the global financial order adjusts, one question remains: Will Trump’s bullish forecast prove right, or has he lit the fuse for prolonged market unrest? The post Trump Pushes Tariffs, Cramer Warns of Economic Backlash appeared first on Cryptotale.
Watr Partners with Avalanche to Bring $20T Commodities Market Onchain
Watr’s goal is to make this pioneering sector more accessible to the advantages and advances that Web3 has to offer. The Watr blockchain ecosystem is the only one that was developed specifically for the $20 trillion global commodities sector. Watr , the blockchain infrastructure that was purpose-built for the $20 trillion global commodities sector, made the announcement today that it has partnered with Avalanche and will be migrating to an Avalanche Layer 1 (L1). Bringing the global commodities trade and finance, which includes metals, minerals, food, and fuel, into a onchain environment that is designed for liquidity, scale, and adoption is the primary objective of this strategic initiative. In spite of its enormous scale, the global commodities sector continues to be hampered by legacy structures, which restricts liquidity, access, and profitability. Watr’s goal is to make this pioneering sector more accessible to the advantages and advances that Web3 has to offer by integrating decentralized identity, traceability, and composable smart contracts. In addition to Maryam Ayati, who was the first person to oversee global origination and investment at Shell Trading, Watr was founded by individuals who had previously held leadership positions at Shell, BP, and J.P. Morgan. Ayati has been recognized by the World Energy Council as one of the most significant women in the energy industry. She has been the driving force behind Watr’s ambition to digitize the infrastructure of commodities finance and trade. John Nahas, Chief Business Officer at Ava Labs stated: “Despite being a $20 trillion industry, real-world assets like commodities have barely scratched the surface of onchain adoption. Avalanche is built for this exact moment—with sovereign chains, low latency, and institutional-grade performance. We’re proud to support Watr’s mission to enhance commodity markets by opening them to onchain structures and liquidity.” Why Avalanche Avalanche’s leading blockchain and growing developer ecosystem, which has previously been trusted by organizations such as JP Morgan, Citibank, and FEMA for key real-world blockchain applications, will be combined with Watr’s competitive advantage in the commodities market via this cooperation. Together, they will provide commodities market infrastructure that is interoperable, compliant, and capital-efficient. This infrastructure will be based on a scalable blockchain that is capable of meeting the expectations of corporate partners in the present day. It will cover everything from mines and farms to investments in global finance. Watr is able to establish customized blockchains for a variety of commodities and counterparties because to the adaptable Layer 1 architecture of Avalanche. This is accomplished while maintaining compliance and performance at an institutional scale. Maryam Ayati, Founder and President of Watr Foundation stated: “Established Web3 concepts such as DeFi, Decentralized Identity, and smart contracts can address fundamental constraints in commodity financing, compliance, and trade. Building with Avalanche allows us to leapfrog the development cycle and leverage its ecosystem’s size and security to decisively take on this opportunity.” The Watr Stack In order to provide end-to-end traceability of assets, WatrMrks are used to record the origin, certifications, and possession of the commodity during its whole existence. Every shipment, batch, or asset has a history that cannot be altered and is available to those who are allowed to see it. WatrMrks have been successfully tested and integrated in closed-loop scenarios with prominent mining and automotive businesses. They will soon be deployed on Watr L1 and the wider Avalanche ecosystem. WatrMrks have been successfully tested and effectively integrated. Within the commodities economy, WatrIDs constitute the introduction of decentralized identities for professionals, enterprises, and organizations all around the world. Access to apps that are part of the Watr ecosystem and beyond may be gained via the use of WatrIDs, which are trusted credentials that are portable and aligned with the standards of the W3C and the Key Event Receipt Infrastructure (KERI). NeoReserves, which was developed by Neo, the company that developed the Watr ecosystem, will facilitate the operation of liquidity pools for further commodity financing contracts. When it comes to commodities tech startups, VentureStream serves as both a launchpad and an investment center. It is responsible for driving an active developer community while also assisting in matching them with established market players. It is intended for these components to collaborate with one another: WatrMrks are responsible for ensuring compliance and provenance, WatrIDs facilitate trust, and NeoReserves are responsible for unlocking verified capital and novel contractual structures. Collectively, they provide the fundamental elements of an ecosystem for programmable commodities, whereas VentureStream is responsible for fostering open innovation and facilitating increased adoption among entrepreneurs. The Watr blockchain ecosystem is the only one that was developed specifically for the $20 trillion global commodities sector. From extraction to consumption, Watr integrates traceability (WatrMrks), decentralized identity (WatrIDs), asset tokenization, and smart contract-based financing to offer flexibility, compliance, and fresh liquidity to global economy. Watr is a blockchain-based platform that brings together these elements. Watr is reinventing the way in which the lifelines of the global economy flow. It was founded by pioneers from both the Web3 economy and the commodities industry. The Avalanche blockchain platform is a lightning-fast and low-latency blockchain that was developed specifically for developers that want great performance at scale. The design of the network makes it possible to create public and private layer 1 (L1) blockchains that are autonomous, efficient, and completely interoperable. These blockchains make use of the Avalanche Consensus Mechanism in order to achieve high throughput and near-instantaneous transaction finality. Avalanche is the ideal enviroment for a future that will include a composable multi-chain because of the simplicity and speed with which an L1 may be launched, as well as the extensive range of architectural customization options. Avalanche provides a quick and inexpensive environment for the development of decentralized apps (dApps), which is supported by a worldwide community of developers and validators. The platform of choice for innovators who are pushing the frontiers of blockchain technology is Avalanche because of the mix of speed, flexibility, and scalability that it offers.
Trump Family Own 60% Stake in World Liberty Fi: Reuters
The Trump family’s grip over World Liberty Financial (WLF) has finally been publicly revealed with latest reports noting that Donald Trump and his family own at least 60% stake in the firm via a separate holding company. World Liberty Financial, the decentralized finance (DeFi) platform, has been initially announced and endorsed by the U.S. president Donald Trump’s older son Eric Trump. The firm has till date purchased a number of crypto assets and it has been continually seen in headlines since the past few months. According to a latest Reuters report published on Monday, co-founders Zak Folkman and Chase Herro have been removed as the “controlling parties” of the platform while new leadership remains undisclosed. The report further revealed that the firm DT Marks DEFI LLC – an entity affiliated with Donald J. Trump and his family members – own approximately 60% of the equity interests in WLF Holdco LLC, which holds the only membership interest in World Liberty Financial Inc. The registered firm World Liberty Fi Inc is a Delaware non-stock corporation which is developing the WLF protocol and operates the WLF governance platform. Although ownership of the remaining 40% stake also remains undisclosed. “Overall, the Trump family now has a claim on 75% of net revenues from token sales and 60% from World Liberty operations once the core business gets going,” says the Reuter report, adding “the arrangement means the Trump family is currently entitled to about $400 million in fees. After World Liberty’s co-founders take their cut, the crypto venture will be left with 5% of the $550 million raised to date to build the platform, according to Reuters calculations.” Since its announcement in October, Donald Trump has been named World Liberty’s “chief crypto advocate,” while Eric and Donald Jr. have been designated as “Web3 ambassadors.” Eric Trump also serves as a board manager of WLF Holdco LLC meanwhile Donald Trump’s youngest Son Barron Trump was listed as the platform’s “chief DeFi visionary.” Other key figures associated with World Liberty Fi include Zach Witkoff, son of former Trump Middle East envoy Steven Witkoff, and Rich Teo, co-founder of blockchain infrastructure firm Paxos. Follow The Crypto Times on Google News to Stay Updated!
Trump Family Holds 60% Equity Share In Entity That Replaced World Liberty Financial Co-Founders As Controlling Party: Reuters
Last updated: March 31, 2025 18:20 EDT Key Takeaways: An entity linked to Donald Trump and his family now holds a 60% equity share in World Liberty Financial, replacing its original co-founders as the controlling party. According to the report, the Trump family is entitled to $400 million in fees in regards to the entity. With Trump positioned as the platform’s “chief crypto advocate” and his sons holding key Web3-related roles, the move could draw political scrutiny ahead of upcoming crypto legislation discussions in Congress. An entity in which U.S. President Donald Trump and his family hold a 60% equity share has replaced World Liberty Financial co-founders Zak Folkman and Chase Herro as a controlling party of the novel crypto platform, a Monday report from Reuters claims. The Trump Family’s Connection To World Liberty Financial Reuters states that the developing crypto platform announced this past January that the Trump family had “taken control of the business,” as seen in the fine print on the World Liberty Financial website. As World Liberty Financial raised more than half a billion dollars, President Donald Trump's family took control of the crypto venture and grabbed the lion’s share of those funds, aided by governance terms that industry experts say favor insiders https://t.co/BUp4VJja0H 1/7 — Reuters (@Reuters) March 31, 2025 “DT Marks DEFI LLC, an entity affiliated with Donald J. Trump and certain of his family members, own approximately 60% of the equity interests in WLF Holdco LLC, which holds the only membership interest in World Liberty Financial, Inc., a Delaware non-stock corporation and which is developing the WLF protocol and operates the WLF governance platform,” the website states . According to the March 31 report, the Trump family now gets a claim on 75% of net revenues generated from token sales and 60% from World Liberty operations as a whole. With the Trump family permitted to about $400 million in fees, Reuters estimates that World Liberty Financial will possess only 5% of the $550 million generated once Folkman and Herro receive their cut. WLF Introduces Stablecoin Ahead Of Crypto Policy Talks Trump, whose name has been affiliated with a handful of Web3-related projects , placed his assets and investments in a trust managed by his children ahead of his inauguration on January 20. Trump and his family have close ties to the blockchain sector as a whole, with Trump deemed as World Liberty Financial’s official “chief crypto advocate.” His sons, Donald Jr. and Eric, have been given titles as the crypto platform’s “web3 ambassadors,” while Barron serves as its “defi visionary.” Just last week, World Liberty Financial announced it would be launching a USD-pegged stablecoin known as USD1. However, it remains to be seen whether the move will ruffle U.S. lawmakers’ political feathers ahead of a crypto market legislation session scheduled in the House of Representatives for April 9. Frequently Asked Questions (FAQs) What is World Liberty Financial (WLF)? World Liberty Financial is a developing crypto platform founded by Zak Folkman and Chase Herro that’s focused on offering blockchain-based financial services. What roles do Trump’s family members play in WLF? Donald Trump is named the “chief crypto advocate,” while his sons, Donald Jr. and Eric, serve as “web3 ambassadors.” Barron Trump holds the title of “defi visionary.” What regulatory challenges could WLF face? With upcoming congressional discussions on crypto legislation, WLF could face increased regulatory scrutiny, particularly regarding stablecoins, decentralized finance operations, and potential conflicts of interest.
FTX to Pay $11.4B Creditor Payouts With 2022 Valuations
The defunct crypto exchange FTX to repay $11.4 billion in cash to its creditors from May 30. Claims valued at November 2022 prices despite significant crypto appreciation. Recovery rate of 119% represents rare success in corporate bankruptcy proceedings. FTX, the now-defunct exchange, will begin distributing $11.4 billion in cash to its major creditors starting May 30, 2025. The upcoming payments will use cryptocurrency valuations from November 11, 2022, which was the date of FTX’s collapse, despite substantial price appreciation since then. The scheduled distribution follows earlier payments to smaller creditors, who began receiving funds in late 2024. This phased approach has prioritized individuals and entities with claims under $50,000. Reports also mentioned that 98% of minor creditors have been compensated within two months of the restructuring plan’s activation. BREAKING: FTX TO BEGIN REPAYMENTS ON MAY 30! WITH $11.4 BILLION IN CASH RESERVES READY, CREDITORS WILL FINALLY GET THEIR MONEY BACK. LIQUIDITY IS COMING IN CRYPTOpic.twitter.com/VRmGgZZeeA — Ash Crypto (@Ashcryptoreal) March 31, 2025 FTX’s bankruptcy journey has been notable for its asset recovery success. After filing for Chapter 11 protection in November 2022, the company has managed to reclaim between $14.7 billion and $16.5 billion in assets. This recovery rate has allowed a court-approved restructuring plan guaranteeing creditors 119% repayment. This is an outcome rarely seen in corporate failures of this magnitude. CEO John J. Ray III, who previously managed Enron’s dissolution, has carried out an aggressive asset reclamation strategy. His team has divested stakes in various tech enterprises, property holdings, and cryptocurrency assets that benefited from Bitcoin’s market pump since 2022. The accumulated $11.4 billion treasury will fund the initial payouts. The collapse of FTX was caused by founder Sam Bankman-Fried’s misappropriation of client funds to support his hedge fund Alameda Research. In March 2024, Bankman-Fried was convicted of fraud and sentenced to 25 years in prison. Despite the recovery, tensions remain regarding the form of repayment. Many creditors have advocated for settlements in cryptocurrency rather than cash. Since FTX’s collapse, Bitcoin has more than quadrupled in value. Related: FTX Bankruptcy: The Costliest Crypto Collapse in History U.S. Bankruptcy Judge John Dorsey has enforced cash reimbursements based on 2022 claim figures. However, legal experts suggest these efforts face challenging prospects given established bankruptcy procedures. Adding financial pressure to the situation, interest payments continue to accrue. While FTX earns modest returns on its cash reserves, legitimate creditors are entitled to 9% annual interest on unpaid claims. The FTX bankruptcy now ranks among the most substantial insolvency distributions ever recorded in financial history. The post FTX to Pay $11.4B Creditor Payouts With 2022 Valuations appeared first on Cryptotale.
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Original Title: "Trump Tariff Cliffhanger Unveiled: Goldman Sachs, J.P. Morgan Both Pessimistic, How Will Crypto Investors Break Through?" Original Author: Oliver, Mars Finance April 2, 2025, Wednesday, is destined to be a key moment in the global financial markets. U.S. President Donald Trump will announce the highly anticipated reciprocal tariff policy in the White House Rose Garden. As White House Press Secretary Levitt stated, this policy will "reverse decades of exploitative unfair trade practices against the United States" and will be implemented in a "nation-based" manner, with Trump also "committing" to roll out tariffs targeting specific industries at some point in the future. Upon the news, market sentiment quickly heated up, with the safe-haven asset gold reaching a historic high, U.S. stocks wavering in uncertainty, and the crypto market—especially Bitcoin—not able to stand alone. Combining the latest research reports from Goldman Sachs and J.P. Morgan, let's explore the potential trajectory of this tariff storm and its far-reaching impact on the global economy and the crypto market. Background: The "Fair" Logic of Reciprocal Tariffs and Market Anxiety Trump's reciprocal tariff policy is not a sudden whim but rather a continuation of his long-standing trade philosophy. From the campaign period to his first term, Trump has championed "America First" and repeatedly emphasized trade fairness. He believes that the U.S. has been at a disadvantage in international trade, with foreign exports to the U.S. enjoying low tariffs while American products face high tariffs and non-tariff barriers, leading to a widening trade deficit. In 2024, the U.S. goods trade deficit exceeded $1 trillion, a figure that undoubtedly provided a real-world basis for Trump's new policy. The core logic of reciprocal tariffs seems simple: you tax me, I tax you. However, the actual implementation is far from straightforward. Michael Zezas, Global Head of Fixed Income Research at J.P. Morgan, stated in a report on March 31 that investors are filled with confusion about the tariff policy on April 2. Previously, the Trump administration has made repeated adjustments to tariffs on Mexico, Canada, and China, creating market uncertainty. What's more complex is that the Trump team seems to be weighing whether to include foreign consumption taxes (such as value-added tax) and non-tariff barriers in the calculation scope of reciprocal tariffs. This ambiguity makes it difficult for investors to formulate clear response strategies. Goldman's report further reveals potential economic risks. The report points out that if the tariff policy is too aggressive, it could lead to rising U.S. inflation, slowing economic growth, and even increase the risk of recession from the current 25% to 35%. Earnings expectations for the SP 500 index have been lowered, with earnings per share (EPS) dropping from $250 to $245 and the growth rate from 15% to 13%. Meanwhile, safe-haven sentiment has driven the price of gold to break through to new highs, showing that the market's concern about uncertainty has reached its peak. The "Cascade Effect" in the Crypto Market: The High Correlation Between Bitcoin and the US Stock Market For the crypto market, Trump's tariff policy is not a distant macro event but a potential trigger for a chain reaction known as the "butterfly effect." In recent years, the high correlation between Bitcoin and the US stock market, especially the SP 500 Index, has become a market consensus. Data from 2024 shows that the 90-day correlation between Bitcoin and the SP 500 is as high as 0.85, indicating that stock market movements often drive Bitcoin in the same direction. The potential downside risk for the SP 500 mentioned in a Goldman Sachs report (if there is an economic recession, the index could fall to 4500 points, a drop of about 12%) has undoubtedly sounded the alarm for Bitcoin. This correlation has its logic: Although Bitcoin is often seen as "digital gold," its price is more driven by risk asset sentiment rather than pure safe-haven demand. During an economic slowdown or market panic, investors tend to sell off high-risk assets (including Bitcoin) in exchange for cash or safer assets (such as US Treasury bonds). In early 2025, Bitcoin's price briefly exceeded $110,000, but as tariff uncertainty intensified, its price has fallen back to around $82,000, demonstrating the market's sensitivity to risk. Morgan Stanley Analysis: From Mild to Aggressive, Three Possible Tariff Scenarios To better understand the tariff policy that Trump may announce on Wednesday, we can refer to Morgan Stanley's analytical framework, which divides potential outcomes into three scenarios: high-clarity low-tariff, low-clarity high-commitment, and high-clarity high-tariff. Each scenario will have a vastly different impact on the economy and the market. Scenario One: High Clarity, Low Tariff Expansion If Trump provides highly clear policy details on April 2 and the tariff expansion is small, while clearly stating that there will be no further broadening of the tariff scope, the additional impact on the economy may be relatively limited. The "nation-based" tariffs mentioned by Levitt may imply that the US will set equivalent tax rates based on each trade partner's average tariff level, rather than making significant adjustments targeting specific products or industries. For example, if a country's average tariff on US exports is 5%, the US may impose a 5% tariff on imports from that country. In this scenario, market uncertainty will significantly decrease, and investors may breathe a sigh of relief. The US stock market may experience a rebound, especially in tech stocks and cyclical industries that were previously dragged down by tariff concerns. However, a Goldman Sachs report reminds us that even without new substantial tariffs, existing tariffs (such as the 25% tariffs on Canada and Mexico in early February and the additional 10% tariff on Chinese goods) will continue to pressure the economy. The US GDP growth rate in 2025 may be only 1.5%, far below the long-term average. Scenario Two: Low Clarity but Significant Tariff Increase Promise The second scenario is more uncertain. If Trump's statement lacks specific details but promises a significant future tariff increase, the market may fall into a deeper fog. Levitt mentioned that Trump plans to implement industry tariffs at some point in the future, which may include key sectors such as automobiles, pharmaceuticals, and semiconductors. This "pie in the sky" strategy may aim to force concessions from trading partners through negotiation, but it could also lead to heightened market panic. In this case, investors may choose to wait and see rather than immediately adjust their portfolios. The SP 500 Index may continue to fluctuate around its current level, finding it challenging to break through the resistance level (mentioned as 5300 points in a Goldman Sachs report). Meanwhile, the U.S. dollar may strengthen due to safe-haven demand, but rising inflation expectations may prompt the Federal Reserve to cut interest rates earlier. Goldman Sachs predicts that the Federal Reserve may cut interest rates three times in July, September, and November 2025, bringing the federal funds rate down from the current 4.25%-4.5% to 3.5%-3.75%. Scenario Three: High Clarity, Significant Tariff Increase The most extreme scenario is that Trump announces a clear and aggressive tariff policy, with tariff rate increases exceeding expectations, even incorporating foreign consumption taxes and non-tariff barriers into the calculation. For example, if a country imposes a 20% tariff on U.S. cars and adds value-added tax, the U.S. may impose equivalent or even higher tariffs on goods from that country to "punish" non-tariff barriers. This aggressive policy could lead to a 15-percentage-point increase in the average tariff rate (Goldman Sachs' March 30 forecast), with an immediate impact on the economy. In this scenario, the U.S. economic outlook would significantly deteriorate. Consumer prices may rise, real income may decrease, and business investment willingness could further decline. Morgan Stanley points out that in such a situation, fixed-income assets (such as bonds) would relatively benefit, while the stock market may experience a sharp decline, especially in technology and cyclical stocks. Scenario analysis in the Goldman Sachs report also indicates that if the economy enters a recession, the SP 500 Index could drop to 4500 points, about 12% below the current level. Hedging Logic in the Crypto Market: Gold Rises, Bitcoin Falls? The heightened risk aversion mentioned in the Goldman Sachs report (gold hitting a new high) also provides an interesting contrast for the cryptocurrency market. Traditionally, gold has been seen as the ultimate safe-haven asset, while Bitcoin is often touted as "digital gold." However, reality is not so simple. In the first quarter of 2025, the price of gold rose by 19%, while Bitcoin fell by 15% during the same period, indicating that in the face of real macro risks, Bitcoin's hedging properties have not yet been fully recognized by the market. For blockchain investors, this is a phenomenon worth pondering. Bitcoin's long-term value proposition (decentralization, anti-inflation) may be validated in the future, but in the short term, its price is more driven by macroeconomics and market sentiment. Inflationary pressure due to tariff policies may raise the expectation of Fed rate cuts, and a low-interest-rate environment typically benefits assets like Bitcoin. Therefore, if Trump's tariff policy ultimately leads to an economic hard landing, Bitcoin may experience a long-term rebound after a short-term decline. Market and Investor Response Faced with such uncertainty, how should investors respond? High-net-worth individuals recommend overallocating to high-quality stocks and defensive industries (such as healthcare and consumer essentials). For crypto investors, flexibility and risk management are equally important. Here are a few suggestions: · Monitor the correlation between Bitcoin and the US stock market: If the SP 500 falls, Bitcoin may follow suit with an adjustment. In the short term, risk exposure can be reduced, awaiting clearer policy signals. · Diversify investments: In addition to Bitcoin, consider stablecoin or DeFi project's stable returns to hedge market volatility. · Long-term perspective: If the tariff policy leads to a Fed accelerated rate cut, the low-interest-rate environment may provide long-term support for Bitcoin, making it suitable for buying on dips. Global Perspective: Trade Partners' Reactions and the Ripple Effect on the Blockchain Industry Trump's tit-for-tat tariff policy not only affects the US economy but may also trigger a significant adjustment in the global trade landscape. Major trade partners such as Canada, Mexico, and the EU have indicated they will impose retaliatory tariffs, while China may counter with restrictions on rare earth exports. This will have a profound impact on the global tech supply chain, especially the semiconductor industry. The blockchain industry heavily relies on chips (used for mining equipment and data centers). If the supply chain tightens, mining costs may rise, affecting Bitcoin network's hash rate and price. Trump's tit-for-tat tariff policy is undoubtedly a bombshell for the global economy and crypto market in 2025. Whether it's a mild adjustment or an aggressive move, Wednesday's statement will provide some clues to the market, and investors need to quickly interpret and adjust their strategies. Based on Goldman Sachs and Morgan Stanley's analysis, slowing economic growth and rising inflation are almost certain trends, and Bitcoin may follow stock market volatility in the short term but still has rebound potential in the long run. On April 2nd, will the rose in the rose garden wither due to the chilling wind of tariffs? For crypto investors, this may be a moment that is both perilous and full of opportunity. Original Article Link
FTX creditors to receive $11.4B cash repayments
FTX’s (CRYPTO:FTT) bankruptcy estate plans to begin cash repayments of $11.4 billion to primary creditors by May 30, 2025, using funds accumulated since its collapse in 2022. The disbursements follow a Chapter 11 restructuring plan approved in October 2024, guaranteeing creditors 119% repayment—an uncommon outcome in corporate bankruptcies. FTX, which filed for bankruptcy in November 2022 due to fraud and liquidity shortfalls, has recovered between $14.7 billion and $16.5 billion in assets, exceeding its $11.2 billion liabilities. Smaller claimants owed under $50,000 started receiving payouts in late 2024, with larger creditors set to follow in May. The exchange’s collapse was tied to founder Sam Bankman-Fried’s misallocation of client funds to Alameda Research, his hedge fund. Bankman-Fried was sentenced to 25 years in prison in March 2024 and ordered to pay $11 billion in penalties. CEO John J. Ray III, who previously led Enron’s bankruptcy, spearheaded asset recovery through divestments in technology stakes, real estate, and cryptocurrencies like Bitcoin, benefiting from its market resurgence. While some creditors have sought repayments in cryptocurrency, citing Bitcoin’s (CRYPTO:BTC) gains since 2022, U.S. Bankruptcy Judge John Dorsey mandated cash reimbursements based on 2022 claim valuations. Legal challenges over crypto-denominated settlements face limited prospects. The resolution ranks among the largest insolvency distributions in history, with 98% of minor creditors receiving compensation within two months of the plan’s implementation. The case has fueled calls for clearer cryptocurrency regulations, balancing investor protections with industry flexibility. FTX’s repayment plan aims to restore market trust while highlighting risks tied to digital asset volatility and governance failures. At the time of reporting, the FTX Token (FTT) price was $1.13.
Cango Inc. 50 EH/s Power Play: Is This the Next Big Name in Bitcoin Mining?
Cango Inc. pivoted from automobile trading to Bitcoin mining and is now targeting 50 EH/s in early 2025. With a growing BTC treasury, Tencent as an institutional investor, and Bitmain links, is this the mining sector’s next dark horse? A Cango Deep Dive The following guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Mar. 25, 2025, it was penned by Bitcoinminingstock.io author Cindy Feng. It’s been a few weeks since our last deep dive into lesser-known names in the Bitcoin mining space. I’ve been a bit quiet—partly because the sector’s been in a slump, but also because I’ve been recovering from a lower-back injury (a reminder to listen to your body and not push it too hard with physical activities). For the second instalment of this series, I want to talk about Cango Inc. (NYSE: CANG). Why? While the whole mining sector has been taking a beating lately, Cango has had a few strong days, boosted by its share buyback announcement and a non-binding buyout offer. Bitcoin Mining Stocks Heatmap (live updates) But here’s what really caught my eye: just a few months ago, this was still an automobile trading platform with limited growth potential. Now, it targeting 50 EH/s early this year, with 32 EH/s already online. So how is this bold pivot playing out? And could Cango quietly become a major player in the space? Let’s dive in. Company Overview Cango Inc. (NYSE: CANG) began as an Shanghai-based auto financier and later positioned itself as a key player in China’s automobile trading services. By late 2023, the company has shifted its focus from the domestic market to facilitating used car sales from China to developing markets. Then in November 2024, Cango announced its entry into Bitcoin mining, launching operations with 32 EH/s of online hash rate. The scale and immediacy of this move surprised many investors—placing Cango just behind MARA and CleanSpark, and making it the third-largest public Bitcoin miner by deployed capacity at the time. Overview of Public Miners’ Hash Rate The mining acquisition deal was for 50 EH/s in total, with the remaining 18 EH/s expected to come online in Q1 2025, subject to the performance criteria outlined in the agreement. Notably, the infrastructure was not built from scratch: Cango acquired operational ASIC fleets directly from Bitmain, and a Bitmain affiliate continues to manage the machines’ operations and maintenance within third-party hosting facilities. According to company disclosures, Cango has its fleet mainly hosted in the U.S.,East Africa, Oman and Paraguay – which keeps it clear from China’s ongoing crypto restrictions. Financial Highlights Revenue & Profitability Transformation The impact of Cango’s pivot to Bitcoin mining is clearly reflected in its latest financial results. In Q4 2024, the company reported revenue of RMB 668 million ($91.5 million), a 414% YoY increase. This growth was almost entirely driven by Bitcoin mining, which accounted for 98% of total revenue. In contrast, the automobile trading segment, once Cango’s core business, just contributed RMB 15 million ($2.1 million) – a signal that this legacy segment is effectively being phased out. Despite the revenue surge, profitability remains a key issue. Cango posted a gross margin of 17.6% in Q4—significantly below peers with similar operational scale. For comparison, CleanSpark, which operates in a comparable hash rate range, reported a 57% gross margin during the same period. This suggests that Cango’s cost structure is far from optimized. Reliance on third-party hostingand exposure to higher energy costs are two major attributors. The company’s average Bitcoin production cost stood at $67,769 per BTC(cash cost includes energy and hosting fees). This figure places Cango toward the higher end of the cost curve among large public miners we track – many of whom report all-in costs in the $50K range. Until Cango secures lower-cost infrastructure or negotiates more favorable hosting terms, its margin profile is likely to remain under pressure, even if revenue growth continues. Balance Sheet & Liquidity Cango entered 2025 in a strong liquidity position, reporting RMB 2.5 billion ($345 million) in cash and short-term investments as of December 31, 2024 – up from RMB 1.7 billion ($232.9 million) the previous year. This substantial reserve provides a meaningful buffer for continued expansion and cushions against potential volatility in Bitcoin markets. However, the company’s total liabilities also rose sharply, increasing 126% YoY to RMB 1.88 billion ($258 million). This rise was primarily driven by accrued expenses and other current liabilities tied to its mining acquisition and related operations. While Cango currently has enough liquidity to fund near-term growth, the pressure now shifts to improving operational margins. Without stronger cash flow generation, the company may eventually need to seek external capital, risking equity dilution or increased leverage. A closer look at the equity structure highlights these trade-offs. Shareholders’ equity increased 7.1% YoY to RMB 4.09 billion ($559.9 million), largely due to the company’s RMB 299.8 million ($41.1 million) net income in 2024. This return to profitability helped reduce the accumulated deficit from RMB (335.6) million to RMB (35.8) million, strengthening the balance sheet and partially restoring retained earnings. However, the $144 million stock-based component of the $400 million mining machine acquisition significantly impacted equity structure. It expanded total equity but also diluted existing shareholders as the sellers, now equity holders, collectively own approximately 40% of the company post-transaction. This ownership shift is reflected in the decline of additional paid-in capital from RMB 4.81 billion to RMB 4.73 billion, pointing to a redistribution of equity rather than fresh capital inflow. Lastly, while the company repurchased 996,640 ADSs for $1.7 million, the buyback’s impact on total equity was negligible. It does, however, suggest that management sees the stock is undervalued, though current capital allocation remains firmly focused on scaling the mining operation. Valuation Modelling A critical step in understanding Cango’s worth is to benchmark it against similar scale Bitcoin miners (e.g.,CleanSpark, Riot). As of Dec 31, 2024, Cango’s market cap stands at $424.77 million). Enterprise Value (EV): $229.2 million (Market Cap + Debt – Cash & Cash Equivalent- BTC Holdings). EV/EBITDA Ratio: 17x ($384.47M/$22.8M) P/E: 7.7x P/S: 2.87x (very moderate market optimism about revenue) BTC Holding / Market Cap: 21.1% Mining Operations & Efficiency Cango deployed 32 EH/s by December 2024 and is expected to expand to 50 EH/s in Q1 2025. Projection of Bitcoin production in 2025: Production rate in Q4 2024: 933.8 BTC in just 50 days (November-December 2024). January-February 2025 update: 1,010.9 BTC mined, confirming an approximate 500 BTC/month pace at 32 EH/s. Scaling projection: If 32 EH/s produces ~6,000 BTC annually, then 50 EH/s should yield ~8,500 BTC, assuming a linear scaling model. This projection is a best-case scenario, excluding all variables- especially the network difficulty. In reality, rising global hash rate and increased mining competition may push network difficulty higher, which would reduce Cango’s BTC output and affect revenue forecasts. The company’s exposure to such fluctuations is material, given that nearly all of its revenue is now tied to mining. Fleet efficiency is another area of concern. Cango reported an average of 21.6 J/TH, consisting of: 90% S19XP Hyd. models (water-cooled, efficient). 10% older models (higher power consumption, less competitive). In contrast, top miners have already begun transitioning to S21 series hardware, which offers significantly better performance and energy efficiency. My Annual Mining Report shows that majority of large public miners placed orders for the S21 series within the first nine months of 2024. If Cango wants to remain competitive, it may need to replace older machinesand consider migrating from third-party hosting to self-operated infrastructure, which could improve margins over time by reducing hosting fees and energy costs. Without such improvements, its higher production cost—already around $67,769 per BTC—could erode profitability in a tightening market. Bitcoin Treasuries Cango has clearly adopted a “Mine & Hold” strategy, opting to retain its Bitcoin rather than liquidate for near-term cash. As of December 2024, the company held 933.8 BTC (~$85 million at year-end prices). By February 2025, that figure had more than doubled to 1,944.7 BTC, confirming active accumulation. Historical performance data for miners is now available in our premium features. This treasury approach gained further visibility when Cango was added to the Bitwise Bitcoin Standard Corporations ETF on March 18, 2025—an ETF that tracks public companies holding 1,000 BTC or more. Inclusion signals institutional recognition and could increase visibility among crypto-aligned investors. Following the previous assumption, Cango could mine ~ 8,500 BTC in 2025. Coupled with existing holdings, its treasury could be ~9,500 BTC by year-end. By then, its Bitcoin holdings could reach nearly $1 billion if BTC hits $100K, which potentially places Cango among the largest public BTC holders in the world, rivalling established mining firms and potentially reshaping its valuation narrative. While this strategy aligns with a long-term bullish view on Bitcoin, it introduces liquidity and balance sheet risks. If Bitcoin prices drop significantly, Cango may be forced to sell BTC at unfavorable prices or rely on external financing to fund operations – especially since the company’s mining business is still margin-sensitive and capital-intensive. Non-Binding Buyout Offer: A Hidden Bitmain Play? On March 14, 2025, Cango received a non-binding buyout offer from Enduring Wealth Capital Ltd. (EWCL). Little information is known about this investment management company incorporated in the British Virgin Islands, but key individuals from EWCL have links to Bitmain, the world’s largest ASIC manufacturer. This raises some speculation: Is this an attempt to separate Cango’s Bitcoin mining business from its Chinese corporate origins? Given China’s 2021 mining ban, a structure separation could reduce regulatory risks and allow Cango to operate more freely. Is Cango effectively becoming a Bitmain-backed mining proxy? The company bought the whole fleet from Bitmain’s existing operations, with Bitmain affiliates continuing to operate and maintain those machines post-acquisition. Now, Bitmain-linked personnel are behind a buyout attempt. If the deal goes through, Cango could have direct access to Bitmain’s ASIC supply, reducing hardware costs and boosting Cango’s competitive edge, but may also see changes in ownership structure that affect existing shareholders. Investors should closely watch whether the deal materializes and what terms it includes, as it could fundamentally alter Cango’s corporate structure. Final Thoughts Cango’s aggressive pivot into Bitcoin mining has fundamentally reshaped its corporate identity. It’s no longer an automobile platform company with moderate growth prospects – it now ranks among the largest Bitcoin miners by hash rate. It has a stack of BTC sitting on the balance sheet, which aligns with the emerging “Bitcoin Treasury” trend. That said, the story is still under development. Core questions remain around operational efficiency , the stability of Bitcoin prices, and how effectively Cango can deploy its liquidity to optimize cost structures. For example, transitioning from third-party hosting to self-mining infrastructure, as companies like MARA have done, could significantly improve long-term margins. The recent non-binding buyout offer from the entity linked to Bitmain also adds intrigue. If deeper integration with Bitmain materializes, it could grant Cango access to discounted ASIC hardware and accelerate fleet upgrades, Yet challenges persist. Despite holding $345.3 million in cash and short-term investments, which could cover roughly 1.13 years of operations at current burn rates, the aging fleet, primarily composed of second-hand S19 XP Hyd. models, faces faster depreciation. As peers shift to S21 series machines, Cango may find itself at an efficiency disadvantage if it doesn’t keep pace. Fleet depreciation could further erode already thin gross margins, especially considering the Q4 report didn’t account for these costs. Notably, Cango’s leadership team brings a strong financial background, and its shareholder base includes Tencent as a top-11 holder – a fact often overlooked by Western investors. However, its headquarters in China continues to pose regulatory and geopolitical risks, particularly as the mining ban in China remains in place. Anyone interested in CANG should monitor the following key factors: Bitcoin production cost relative to peers Depreciation and turnover of older mining fleet Liquidity and volatility of BTC holdings under a “HODL” strategy Impact of China-based operations on future strategic flexibility Outcome of the buyout offer and potential connection with Bitmain Whether Cango can establish itself as a key player in the sector, only time will tell.
Anticipating Outcomes as Trump’s Stamp on DeFi Broker Rule Repeal Looms
Key Points US Congress has voted to repeal the DeFi Broker Rule, with the decision now awaiting President Trump’s approval. The potential repeal has received mixed reactions, with concerns raised about potential tax loopholes and impacts on innovation. The controversial “DeFi Broker Rule,” introduced during the Biden administration, is facing opposition from U.S. lawmakers. The rule requires transaction reporting to the IRS. Both the Senate and the House of Representatives have voted to overturn the rule, due to concerns about its impact on innovation and financial privacy. IRS DeFi Rule: Awaiting Approval The resolution to repeal the rule, S.J.Res.3, passed the Senate with a 70-28 vote and the House with a 292-132 majority, indicating bipartisan opposition. The repeal is now awaiting President Donald Trump’s approval. If approved, it would represent a significant change in DeFi’s regulatory landscape and crypto taxation. The rule was introduced with the aim of enforcing strict reporting requirements on DeFi platforms. It mandates exchanges to disclose transaction details and gross proceeds. Reactions to the Potential Repeal While many celebrated the Senate vote, others expressed disappointment. Critics argue that such regulations could place excessive burdens on decentralized platforms, stifling innovation and limiting the growth of the DeFi sector. Democratic Representative Lloyd Doggett criticized the resolution, claiming it provides special exemptions that benefit wealthy individuals. He suggested that the repeal could facilitate tax evasion and illicit financial activities. The broader crypto market has shown mixed sentiment in response to these developments. The global market cap dipped to $2.86 trillion—a 0.41% decline. At the time of writing, Bitcoin (BTC) was trading at $87,480.97 after a slight 0.16% drop, while Ethereum (ETH) saw a sharper 1.68% decline, trading at $2,027.13. As regulatory battles continue to shape the industry, market participants remain watchful of how these developments could influence the future of decentralized finance. Tags: Bitcoin (BTC)
Credit/debit card success rate: Local banks in MENA region
The banking sector in MENA region has unique characteristics influenced by local economic conditions, regulatory frameworks, and customer preferences. We encourage you to carefully review this report before making any transactions via credit or debit card, including Visa, Mastercard, Google Pay, or Apple Pay. *** indicates a high success rate and is recommended for use; ** signifies that it can be tried, but has a lower success rate; * indicates an extremely low success rate and is not recommended for use. Fiat Currencies Success Rate Issue Banks in MENA SAR *** BANCO MUNICIPAL DE ROSARIO ** ALINMA BANK ** THE SAUDI NATIONAL BANK ** INMA Bank * D360 Bank * BARRAQ FINANCE COMPANY * SAUDI AWWAL BANK * AL RAJHI BANKING AND INVESTMENT CORP. * Al Bilad Bank * EMIRATES NBD BANK (P.J.S.C.) * RIYAD BANK * ARAB NATIONAL BANK * AL BILAD BANK * Arab National Bank * National Commercial Bank * UNITED COMPANY FOR FINANCIAL SERVICES * Al Rajhi Banking & Inv. Corp. * Saudi Investment Bank * THE SAUDI INVESTMENT BANK * BANK AL JAZIRA * BARQ * Al Bank Al Saudi Al Fransi * Bank Al-Jazira * BANK ALJAZIRA * Saudi British Bank * BANQUE SAUDI FRANSI * Gulf International Bank * Emirates Bank International * The Saudi National Bank * STC BANK * Riyadh Bank * Tweeq * HALA PAYMENT COMPANY * GIB-SA * VISION * TWEEQ INTERNATIONAL COMPANY AED *** DUBAI ISLAMIC BANK *** DIGITAL FINANCIAL SERVICES LLC *** ABU DHABI COMMERCIAL BANK *** MASHREQBANK *** WIO BANK P.J.S.C *** EMIRATES NBD BANK (P.J.S.C.) *** ABU DHABI ISLAMIC BANK *** NATIONAL BANK OF RAS AL-KHAIMAH (RAKBANK) *** FIRST ABU DHABI BANK PJSC *** AL HILAL BANK PJSC *** NETWORK INTERNATIONAL LLC *** EMIRATES ISLAMIC BANK P.J.S.C. *** WIO BANK PJSC *** COMMERCIAL BANK OF DUBAI *** HSBC BANK MIDDLE EAST *** COMMERCIAL BANK OF DUBAI(PSC) *** EITC FINANCIAL SERVICES L.L.C ** AAFAQ ISLAMIC FINANCE PSC ** DEEM FINANCE L.L.C. ** LARI EXCHANGE ** STANDARD CHARTERED BANK ** JANATA BANK LIMITED ** NATIONAL BANK OF FUJAIRAH ** AL ANSARI EXCHANGE LLC ** CANADIA BANK PLC ** COMMERCIAL BANK INTERNATIONAL ** PROVISIONAL - FIRST ABU DHABI BANK (PJSC) ** BANK OF BARODA ** AL HILAL BANK P.J.S.C. ** ARAB BANK FOR INVESTMENT & FOREIGN TRADE ** PROVISIONAL BID - FIRST ABU DHABI BANK (PJSC) ** FINANCE HOUSE L.L.C. ** ABU DHABI ISLAMIC BANK P.J.S.C. * CITIBANK, N.A. * ARAB BANK PLC * MAMO LIMITED * UNITED BANK LIMITED * THE NATIONAL BANK OF UMM AL-QAIWAIN PSC. * HABIB BANK AG ZURICH * MYZOI FINANCIAL INCLUSION TECHNOLOGIES L.L.C. * NYMCARD PAYMENT SERVICES L.L.C. * CITIBANK NATIONAL ASSOCIATION FAQ Q: What should I do if my bank has a low success rate? A: 1) Contact your local bank branch for more information and request to have Bitget whitelisted for future transactions; 2) Retry the transaction using a card issued by a different bank. Relevant articles >>> How to buy crypto with a credit/debit card >>> About credit/debit card channels on Bitget Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>>
Pam Bondi downplays the seriousness of Signal chat leaks
Attorney General Pam Bondi signaled on Thursday that a criminal investigation into the sharing of military operation details in an unsecured text group chat is unlikely. Speaking at a news conference in Virginia, Bondi said the specifics of when fighter jets would depart and when bombs would fall were “not classified.” Her comments come amid public debate over Defense Secretary Pete Hegseth’s decision to send details of an upcoming attack on rebels in Yemen to senior administration officials in a Signal group chat that mistakenly included a magazine editor. Pam Bondi in a news conference in Virginia. Source: WQAD News 8 Bondi described the information as “sensitive, not classified, and inadvertently released.” She praised the military operation as a “very successful mission” and quickly shifted focus to criticize past administrations. “If you want to talk about classified information, talk about what was in Hillary Clinton’s home,” she said. “Talk about the classified documents in Joe Biden’s garage, that Hunter Biden had access to.” Bondi pointed out that while the Justice Department opened investigations into both Mrs. Clinton and Mr. Biden, neither faced criminal charges. She made no mention of the earlier prosecution regarding Donald J. Trump’s handling of classified documents, a case that was dropped after his reelection. Former Justice Department prosecutor Michael Zweiback has handled classified info investigations. He said, “In terms of prior investigations, there were set-out standards that the department always looked at and tried to follow when making determinations about which types of disclosures they were going to pursue.” See also Blockchain apps earned $2.6B in Q1 despite crypto sector price decline The Signal chat leaks don’t fall under traditional classification of military plans She emphasized that the details in question, though sensitive, did not fall under the traditional classification of “military plans, weapons or operations” as defined by decades of practice dating back to the Reagan administration. While the F.B.I. and the Justice Department still have the authority to investigate under the Espionage Act—which allows for charges over mishandling national defense information even if it is not classified—such prosecutions are extremely rare. The incident unfolded this month when, mere hours before military strikes against Houthi targets, Defense Secretary Hegseth texted the group outlining the plan of attack, including the specific time when “the first bombs will definitely drop.” After the operation was carried out, the details of the conversation were revealed by Jeffrey Goldberg, editor in chief of The Atlantic, who had been accidentally included in the group chat. Hegseth and other senior officials said that the information he shared was not classified, arguing that it was ultimately up to his department to decide what should be considered classified. National security experts, however, criticized this stance as contrary to basic common sense and longstanding practices among military and intelligence agencies. The debate over the leaked information spilled into Capitol Hill during a congressional hearing on Wednesday. See also Europe isn't happy about insults from Trump's officials in leaked chat Tulsi Gabbard, director of national intelligence, assured the House Intelligence Committee that “no sources, methods, locations or war plans” were shared in the text. In response, Representative Joaquin Castro, Democrat from Texas, dismissed the claims, stating, “You all know that’s a lie. It’s a lie to the country.” Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Michael J. Saylor's Strategic Bet: Bitcoin's Premium Issuance and Capital Control
Original Article Title: "Michael J. Saylor's Strategic Bet: Bitcoin Premium, Issuance, and Capital Control" Original Article Author: Ac-Core, YBB Capital Researcher 1. Introduction: MicroStrategy was initially an enterprise software company focused on business intelligence solutions, but since 2020, its focus has shifted significantly to Bitcoin investment. The company raised funds to purchase Bitcoin by issuing stock and convertible bonds, making it a focal point in the US stock market. On February 6, 2025, the publicly traded company MicroStrategy, which holds the most Bitcoin globally, announced that it was officially renaming itself to Strategy (for ease of reading, it will still be referred to as MicroStrategy below). At that time, data showed that Strategy's balance sheet held 471,107 Bitcoins, accounting for about 2% of the global Bitcoin supply. By February 21, 2025, MicroStrategy had accumulated nearly 500,000 Bitcoins, valued at over $40 billion. MicroStrategy essentially turned the stock market into a Bitcoin ATM through its capital structure design—raising funds to buy Bitcoin by issuing new stock/convertible bonds, then using its Bitcoin holdings to boost stock price valuation, creating a capital loop deeply tied to the cryptocurrency asset. Leveraging the US stock market's unique high premium financing mechanism, MicroStrategy not only dominated the concept of Bitcoin stocks but also developed a set of "alchemy" involving equity issuance and price manipulation that gained market recognition in the US stock market. 2. What Is the "Magnet" of MSTR Stock Price Speculation? Image Source: abmedia.io MicroStrategy's financing approach is very clever, primarily using a combination of stocks and bonds for fundraising. In the initial stages, it relied on issuing bonds and its own cash reserves, and even had some common stock and convertible bonds. However, the downside of issuing common bonds is the interest payments, but at that time, its cash flow was good, with the software business bringing in tens of millions of dollars in positive cash flow, enough to cover these debt interest payments. As this cycle progressed, it extensively utilized a stock issuance mechanism called ATM (At-the-market), which involves selling stock directly on the secondary market. MicroStrategy played the "alchemy" of the capital market through a strategy combining stock issuance and bond issuance. With a relatively low leverage ratio, it rapidly raised funds by issuing stock to buy Bitcoin, increasing leverage, and raising its valuation premium as Bitcoin prices rose. During the bull market, its premium even reached as high as 300%. However, over time, the market gradually became aware of MicroStrategy's large-scale selling of stocks, causing the stock price to start falling, and the premium to shrink. At the same time, the leverage ratio decreased, and companies gradually turned to a debt-focused financing approach. With this change, MicroStrategy's pace of buying Bitcoin slowed down, leading to a weakening demand for Bitcoin in the market. Therefore, MicroStrategy played a game of "premium hedging." It funded the purchase of Bitcoin through selling stocks at a high premium, and when the premium fell, the company turned to debt. This pattern provided the company with enough funds to execute Bitcoin purchases, even though the market's enthusiasm for its stock diminished as it gradually became aware of these operations. Overall, MicroStrategy used different financing strategies in different periods, taking advantage of the high premium in the stock market and steadily increasing leverage through bonds. For Bitcoin, MicroStrategy's slowing pace may indicate a weakening momentum for Bitcoin's short-term price increase; however, for MicroStrategy, this diversified financing approach enables it to flexibly adapt to different market environments. The reasons behind the significant fluctuations in MicroStrategy's stock price and how they attracted a large number of speculators through Bitcoin investment. Where does the magic of the "crypto alchemy" with a market cap of tens of billions of dollars shine? In simple terms, there are several key points: 1. Non-linear Relationship between Stock Price and Bitcoin: Many people think that MicroStrategy's stock price should move in sync with Bitcoin, but this is not entirely the case. For example, in November and December last year, when Bitcoin was still rising, MicroStrategy's stock price had actually started to decline. So, its stock price fluctuation is not directly linked to the Bitcoin price. 2. Reaction to Narrowing Premium and Long-term Impact: MicroStrategy's premium has been gradually shrinking compared to before. Michael J. Saylor's emphasis is not on the value of the stock itself but on its volatility. In other words, he promotes MicroStrategy as a highly volatile speculative tool, especially attracting institutional investors who cannot directly purchase Bitcoin ETFs. 3. Bitcoin's "Proxy Investment": Many institutions cannot directly buy Bitcoin or Bitcoin ETFs due to regulatory restrictions or internal policies, especially in some countries such as South Korea and Germany. So, MicroStrategy has become an alternative option for these institutions to invest in Bitcoin. Unable to buy ETFs, they buy MicroStrategy's stock because it is highly correlated with Bitcoin. 4. Michael J. Saylor's Ingenious Marketing and MicroStrategy's "Self-Fulfilling Prophecy": Michael J. Saylor is a very skilled marketer. He not only promotes MicroStrategy's stock but also emphasizes its leverage effect. This means that if you are bullish on Bitcoin's price increase, MicroStrategy's stock price increase will be even greater. Moreover, buying MicroStrategy is safer than using leverage to buy options because you don't have to worry about issues like liquidation. 5. MicroStrategy's Uniqueness: The success of MicroStrategy largely relies on their strong financing capability, as Saylor continuously raises money for the company to purchase more Bitcoin. Moreover, Saylor himself is very good at "selling." He gives speeches everywhere, appears on YouTube to promote MicroStrategy, packaging it as a "super-leverage tool," attracting speculators globally. III. "Hold Bitcoin, Never Sell": Michael J. Saylor's Crypto Crusade Image Source: blocktempo Michael J. Saylor's recent Bitcoin promotion wave has had a profound impact on the entire Bitcoin industry. By constantly appearing in public, conducting interviews, and giving speeches, he not only brought Bitcoin into the mainstream but also attracted a large number of institutional investors into the market. It can even be said that MicroStrategy and ETFs are the two main buyers in the current Bitcoin market. Interestingly, although ETFs are very important, MicroStrategy's operation is more eye-catching because MicroStrategy only buys and does not sell, while ETFs occasionally sell. Regarding marketing, the most impressive aspect is that Saylor once said he had made a will, planning to destroy his personal Bitcoin private keys after his death, completely removing these bitcoins from circulation. His "cult leader-level" operation seemed to show that he had made an eternal contribution to the Bitcoin industry. Although no one knows if he will actually fulfill his promise in the future, his statement has injected some excitement into the market. Additionally, in reality, the Bitcoin held by MicroStrategy is not controlled by Saylor himself or the MicroStrategy company. These bitcoins are held in custody by two trusted third-party institutions, Fidelity and Coinbase Custody, in compliance with the auditing and regulatory requirements of a publicly traded company. So, those concerned about how Bitcoin will be handled after his death can rest assured. Michael J. Saylor is not only a strong advocate for Bitcoin, but in a way, he is even more extreme than some early Bitcoin investors. Long before the emergence of ETFs, he turned MicroStrategy into a Bitcoin ETF-like entity. His conversations with Musk have provided a crucial boost to Bitcoin investment. According to market rumors, Musk deciding to have Tesla purchase Bitcoin was largely influenced by Saylor's advice. Saylor is not limited to just Bitcoin. Some in the market believe that his recent remarks indicate his support for the development of the entire digital economy, proposing that the United States should become a global leader in the digital economy and drive all assets onto the blockchain through tokenization. He is no longer just a Bitcoin maximalist but sees the potential of blockchain technology in a wide range of areas. This open attitude has also earned him more recognition in the blockchain industry. As attention turns to the layout of the future digital economy in the United States, Saylor has even proposed the idea of incorporating Bitcoin into the national strategic reserve, further expanding the United States' leadership position in the global digital economy. He not only promotes Bitcoin but also presents a vision of a global on-chain economy, showing us a possible future where the global economy may move towards a more decentralized financial structure, possibly even seeing the emergence of a cyber financial system beyond sovereign nations. However, in this future landscape, capital flow and regulations will also face new challenges. Especially if the United States leads this on-chain economy, other countries or organizations around the world, such as China, the EU, or South Korea, will face greater pressure from capital outflows. Even though regulatory authorities in various countries have tried to control capital flows through traditional means, these measures will be ineffective in the face of a decentralized on-chain economy. On March 25, the Trump family's crypto project, World Liberty Financial Inc. (WLFI), officially announced plans to launch the USD1 stablecoin. The stablecoin business is highly profitable, and USD1 will be 100% backed by short-term US government bonds, US dollar deposits, and other cash equivalents, seemingly indicating that in the future, the US may rely more on stablecoin issuance to alleviate the US debt crisis. IV. Möbius Loop Cycle, Michael J. Saylor's Asset Game Image Source: thepaper Today, the price of Bitcoin has dropped from its highs to around $87,000, while MicroStrategy's cost basis for holding is approximately $66,000. This begs the question: What would happen to the market if Bitcoin's price falls below MicroStrategy's cost basis for purchasing Bitcoin? During the last bear market, MicroStrategy's situation was even worse than it is now. At that time, their net assets had already gone negative, which is extremely rare for any company. While some companies may have negative net assets in special circumstances (such as due to issuing a large amount of stock options), generally, a company having negative net assets easily triggers market panic. However, MicroStrategy did not liquidate at that time nor was it forced to sell Bitcoin mainly because their debt maturity was far off, and no one could compel them to liquidate immediately. The interesting part here is that MicroStrategy's founder Michael J. Saylor holds nearly 48% of the voting power, making any attempt to initiate liquidation very challenging. So even in a situation where the company's financial situation is tight, creditors and shareholders would not be able to easily propose a liquidation. So, if Bitcoin were to indeed drop below the holding's average cost, would MicroStrategy's stock fall into the so-called 'death spiral'? This question was actually raised during the last bear market. Back then, MicroStrategy had negative net assets, and market panic was severe. However, the current market should be more experienced, and investors have been through these fluctuations, so they would not panic as much as they did back then. Furthermore, Michael J. Saylor and his team actually have some flexible means to deal with market fluctuations. For instance, they can choose to issue bonds, issue more shares, or even use their held Bitcoin as collateral to borrow money. MicroStrategy currently holds about $40 billion in Bitcoin, which means they can use these Bitcoins as collateral to obtain funds. Even if the price drops, they can avoid forced selling by supplementing collateral. Moreover, their main debt is not due until 2028, so no one can force them to make unfavorable decisions until then. For now, even if Bitcoin's price experiences fluctuations, MicroStrategy would not immediately face significant financial pressure or be forced to sell Bitcoin. More importantly, an increasing number of sovereign wealth funds and institutions globally have started to view Bitcoin as a reserve asset, which is also a major trend. Against this backdrop, the long-term outlook for Bitcoin remains positive. As rumored in the market, countries like Abu Dhabi have already started buying large amounts of Bitcoin ETFs, indicating that more countries and institutions are likely to enter the Bitcoin market in the future. Although in the short term, the price of Bitcoin may experience some volatility, the long-term outlook of MicroStrategy's strategy seems to align with the market trend. While their financial situation may face challenges in the coming months or even years. Looking at the overall picture, although Bitcoin price fluctuations may indeed bring some short-term pressure to MicroStrategy, considering their debt maturity and market trend, they currently do not face the risk of liquidation or forced Bitcoin selling. Instead, they may leverage the current market environment to continue increasing their Bitcoin holdings, further solidifying their position in the cryptocurrency space. Behind this series of events, there are several questions worth further exploration: Can the volatility of the Bitcoin market maintain its current level? MicroStrategy is essentially leveraging Bitcoin's high volatility to provide itself with a high-leverage investment tool. However, if Bitcoin is gradually accepted by institutional investors and its volatility decreases, can the company still maintain its current high-return strategy? With the introduction of Bitcoin ETFs, the long-term Bitcoin price cycles have been disrupted, and the Bitcoin spot price has become more stable due to diversified financial derivatives such as ETFs. Gold's price trend post-ETF has provided us with a reference answer, indicating that the past high volatility of Bitcoin will no longer exist, shifting from radical to moderate overall change. How Long Can MicroStrategy's Financing Method Last? Currently, this coin-buying financing model is based on the assumption that the market is bullish on Bitcoin in the long run. However, if Bitcoin's price enters a long-term period of volatility or decline in the future, can MicroStrategy's financial situation withstand it? If the company continues to raise funds through debt issuance and stock offerings to buy Bitcoin, the market's premium on its stock will further diminish, and MicroStrategy's financing method is highly reliant on the market's optimistic sentiment. Once Bitcoin's price enters a long-term period of volatility or decline, from a financial pressure perspective, existing debts need interest payments, and the company must deal with the dilution of shareholder equity due to stock issuances. Specific policy environments may also affect MicroStrategy's financing model; certain policies during the Trump administration period may have provided a more lenient financing environment for companies, facilitating strategic reserves' establishment. However, if these favorable factors gradually diminish, MicroStrategy's financing conditions may not be as good as before. Is Michael J. Saylor an Idealist or an Arbitrageur for Bitcoin? Saylor's role is actually a combination of an idealist and an arbitrageur, deeply understanding and recognizing Bitcoin's long-term potential, and being very adept at using market mechanisms to profit for the company and himself. Leveraging Bitcoin's high volatility, he marketed MicroStrategy's stock as a "leveraged Bitcoin investment tool." This approach attracted institutional investors who could not directly invest in Bitcoin or Bitcoin ETFs. These institutions indirectly gained Bitcoin exposure by purchasing MicroStrategy stock. Rather than saying Michael J. Saylor is a staunch believer in Bitcoin, it is more accurate to say that Michael J. Saylor is an arbitrageur of Bitcoin's market volatility opportunities. MicroStrategy's series of operations fundamentally aim to profit from the stock market's "volatile market" using Bitcoin, and in the end, MicroStrategy itself may rely more on market sentiment and Bitcoin's price performance rather than Bitcoin's long-term intrinsic value. 5. Wealth Engine or Crypto Frost? Image Source: X@MicroStrategy MicroStrategy's capital operation model is timely, but can MSTR's stock participate? In my personal opinion, for those in the crypto industry, the odds with MSTR are greater than direct participation in Bitcoin. MSTR as a whole resembles more of an accelerator version of Bitcoin. MicroStrategy appears to be a software company focused on business data analytics on the surface, but in reality, its operation model has completely shifted to Bitcoin asset accumulation. MSTR comes with leverage. Because the company holds a large amount of BTC and may increase its holdings through borrowing or issuing bonds, this amplifies its stock price's sensitivity to Bitcoin price movements. When BTC rises, MSTR may experience a greater increase, and vice versa. Its stock has soared from $68 at the beginning of the year to around $400 now, a surge that has even exceeded many well-known companies like NVIDIA, Palantir, and Coinbase. What is the underlying reason behind MicroStrategy's stock performing so astonishingly? Some believe it is founder Michael J. Saylor's operation model of "infinite money cheat code" that successfully boosted the stock price; others criticize this as resembling a Ponzi scheme and worry that it may trigger the next cryptocurrency market collapse. MicroStrategy's current Bitcoin investment returns far exceed its traditional business income. Although its software business revenue has hardly grown in the past few years, and has even declined, MicroStrategy has raised funds to purchase more Bitcoin by continuously issuing bonds and diluting equity, achieving an overall profit increase for the company. MicroStrategy deeply links its stock to Bitcoin, which has its benefits but also brings certain risks to the company, as its core business cannot generate significant profits, and all prospects are pinned on the rise in Bitcoin's price. In fact, no one knows whether the future price trend of Bitcoin will smoothly rise through more financial derivatives + ETFs + strategic reserves, or face a wave of "great reckoning." The company further boosted its financing ability by issuing interest-free Convertible Notes. These notes allow investors to convert them into company equity in the future, but the conversion price is much higher than the current stock price. At first glance, this may seem disadvantageous to investors, but in reality, note holders have priority liquidation rights, which can reduce risk. MicroStrategy can continue to accumulate Bitcoin through this financing method, driving a dual increase in its stock price and Bitcoin price. The clever aspect of this strategy is that it successfully shifted the risk from the company itself to the stock market. By issuing convertible bonds for financing, then using that money to buy Bitcoin, when the debt matures, if the company's stock price is high enough, the creditors will choose to convert the debt into stock rather than demand repayment, thus entirely transferring the debt issue to the stock market. Therefore, the long and short odds in the stock market as a whole are greater than in the crypto market. This article is contributed and does not represent the views of BlockBeats.
GameStop Proposes to Raise $1.3B in Convertible Debt for Bitcoin Purchases
Last updated: March 27, 2025 03:21 EDT GameStop has announced plans to offer $1.3 billion in convertible notes with a 0% coupon, in a move to purchase Bitcoin using net proceeds. The announcement arrives simultaneously with the video game retailer’s approval of adding Bitcoin to its treasury reserves . GameStop said that the $1.3 billion of convertible senior notes will have a five-year maturity until April 1, 2030. Further, it would grant initial purchasers up to an additional $200 million aggregate principal of notes, the official release noted. GameStop added that it would use the net proceeds from the offering “for general corporate purposes.” This includes Bitcoin purchases, consistent with GameStop’s Investment Policy. 💥 BREAKING: GameStop to raise $1.3 Billion to buy Bitcoin $GME pic.twitter.com/ECYWkVD3fI — Bitcoin Archive (@BTC_Archive) March 26, 2025 GameStop Mirrors Strategy in Building Bitcoin Stack Michael Saylor’s Strategy ( previously MicroStrategy ), has taken on millions in debt to accumulate more Bitcoin. For instance, the company has used a unique strategy to raise an additional $175 million to add more Bitcoin to its balance sheet. Strategy already has $700 million convertible debt offering, maturing in 2028. Further, high demand for this convertible note has brought in other major crypto players, including Bitcoin miner MARA Holdings, to raise billions to add to their own stacks. Reflection on Stock Prices GameStop’s Bitcoin strategy has rallied its shares 15.2% to $29.19 on Wednesday. According to J.P.Morgan data, the company was the seventh most traded stock by U.S. retail investors on Wednesday at 10 a.m. ET. Michael Pachter, managing director at Wedbush told Reuters that GameStop “clearly understands” its shareholder base. “[Investors]want GameStop to take their money and invest in things like Bitcoin, and the company is accommodating their wishes.” Pachter also added that GameStop’s strategy has changed about six times in three years and its Bitcoin stockpile plan reflects that of MicroStrategy. Meanwhile, Bitcoin traded around $87,200 late Wednesday and is up 1.6% over the past week. It is currently trading at $87,350 at press time.
Senate votes to repeal IRS DeFi broker rule
The U.S. House of Representatives passed a resolution on March 11 to overturn a Biden-era IRS rule requiring decentralised finance (DeFi) platforms to report user transactions. The measure now heads to the Senate for final approval before potential presidential signing. The legislation, H.J.Res.25, targets the IRS’s “DeFi Broker Rule,” which critics argue would impose unworkable reporting requirements on decentralised exchanges. Under the rule, DeFi platforms would be required to file Form 1099-DA and collect taxpayer data, a task proponents claim is technically infeasible for decentralised systems. House Ways and Means Chairman Jason Smith (R-MO) called the rule a “politically motivated mandate” that “cripples American digital asset leadership.” “DeFi exchanges differ fundamentally from centralised crypto exchanges or traditional banks and brokers. DeFi platforms lack the capability to gather the necessary user information to comply with this rule,” he emphasised, noting that DeFi platforms lack centralised infrastructure for compliance. The resolution passed with bipartisan support: 76 Democrats joined all 216 Republicans in voting yes, while one Democrat abstained. Earlier Senate approval on March 4 (70–27) and procedural requirements necessitated a second Senate vote, which occurred on March 26. Opponents, including Rep. Lloyd Doggett (D-TX), argued the repeal creates a “loophole exploited by wealthy tax cheats, drug traffickers, and terrorist financiers.” However, supporters countered that the rule’s compliance costs—estimated at 8 billion new paperwork filings—would stifle innovation. The Senate’s final approval clears the path for President Trump’s signature, which advisors suggest could occur by March 28. If enacted, the Congressional Review Act resolution would block the IRS from reinstating similar regulations. Blockchain Association CEO Kristin Smith welcomed the Senate vote, stating the group looks forward to “taking this harmful rule off the books for good.” Critics like Centrifuge’s Eli Cohen previously called the rule “unworkable in practice,” while former IRS Commissioner Charles Rettig warned it would “overwhelm the agency.”
ElphaPex releases a new generation of high-efficiency air-cooled mining machine ElphaPex DG2
On March 27th, ElphaPex officially released the new generation LTC/DOGE miner ElphaPex DG2 at the Mining Disrupt exhibition held in Miami on March 26, 2025. As the latest work of the DG series, DG2 continues ElphaPex's continuous pursuit of technological limits. The most noteworthy thing is that DG2 became the first LTC/DOGE miner with an energy efficiency ratio exceeding 0.2 J/MH, achieving a new efficiency ratio record of 0.19 J/MH, marking the official entry of LTC/DOGE mining into the 0.1x era, bringing unprecedented energy efficiency and long-term profit potential to global miners. ElphaPex will soon announce the detailed technical parameters and listing information of DG2, and set up a dynamic display area on site for exhibitors to visit and learn about.
Auradine debuts first US-engineered hydro-cooled miner to help clients navigate customs and tariff issues amid Trump's push to 'make bitcoin' in Amer
Silicon Valley-based blockchain and AI infrastructure provider Auradine has unveiled the first U.S.-engineered hydro-cooled Bitcoin miner, meant to address three of the most pressing challenges facing Bitcoin mining: escalating computational demands, rising energy costs and dependence on overseas hardware suppliers. The MARA-backed blockchain and AI infrastructure solutions firm claims its Teraflux AH3880 can deliver a hash rate of 600 TH/s with efficiency as low as 14.5 J/TH. That far exceeds the 100 TH/s hash rate and 29.5 J/TH efficiency of the Antminer S19j Pro — one of the most popular machines on the market — according to Hashrate Index . Auradine's new product also exceeds the 473 TH/s hash rate of Antiminer's S21 XP Hydro product — though that comes in at a more efficient 12 J/TH — and Whatsminer's M66S Immersion machine at 298 TH/s and 18.5 J/TH. The Teraflux machines are particularly beneficial for miners who want to operate bitcoin and AI liquid-cooled data centers in the same facility, according to the firm. A direct-mounted water cooling plate transfers heat from the ASIC chips to circulating liquid, which is cooled and recirculated. This design extends hardware lifespan and minimizes power consumption while maximizing computational output, Auradine explained in a statement shared with The Block. "Introducing hydro-cooling technology into our Teraflux platform underscores our relentless drive to bring the best in class to Bitcoin miners worldwide," Auradine CEO Rajiv Khemani said. "Our hydro-cooled technology delivers superior energy efficiency, sustainability and performance, ensuring miners stay ahead in an evolving industry." The hydro-cooled machines are available for order from Tuesday, with Auradine hoping to build on its claimed $150 million annual revenue run rate. The firm raised $80 million in a Series B funding round ahead of last year's Bitcoin halving event. Global trade and disruptions Beyond its performance advantages, the Teraflux AH3880 is pitched as a solution to help U.S. domestic miners avoid rising costs, supply chain delays and uncertainty around long-term hardware availability as increasing energy bills and operational inefficiencies make scaling Bitcoin mining more difficult, Auradine said. Most Bitcoin mining hardware is still designed outside of the U.S. The industry has long been dominated by Antminer, a product line of China-based Bitmain Technologies with over 80% market share. In February, mining sector news publication Blockspace reported that U.S. Customs and Border Protection were ramping up seizures of Bitcoin mining machines at ports of entry, citing documents including a notice of seizure of $5 million worth of goods from the Federal Communications Commission requesting the CBP to requisition MicroBT and Canaan units. The U.S. Customs and Border Patrol began seizing Bitmain products last year because they contain chips from the now trade-restricted company, Sophgo. However, the exact motivation for expanding the order to include MicroBT and Canaan products, especially given that Canaan is a listed stock in the U.S. and MicroBT has a manufacturing pipeline in the country, was unclear. "Looks like the escalation is partially part of the Trump administration’s movement to onshore a lot of these sensitive industries around silicon," Blockspace's Will Foxley said, indicating the seizures could prevent North American mining companies from expanding their fleet and limit Bitcoin hashrate growth. Earlier this month, Luxor Technology COO Ethan Vera told The Block it had also been impacted by the seizures and its shipments had not yet been released, though they had for some of its partners. "We think a small minority of held/seized shipments have been released so far, but it is moving in the right direction," Vera said. "We did not get a clear explanation on the reason for seizure. They did cite the devices as radio frequency equipment, however we think that is not the case. We do expect more broadly a push for U.S.-produced hardware and firmware." Trump's push to 'make bitcoin' in the US Donald Trump pledged to "make bitcoin" in America during the presidential election campaign, promising to turn the U.S. into a "Bitcoin mining superpower" and provide increased electricity generation capacity for the industry, aspirations he has continued to reiterate as president. Last week, the U.S. Securities and Exchange Commission's division of corporation finance, which has been tasked by Trump to produce meaningful crypto regulations and guidance, also clarified proof-of-work mining does not involve the offer and sale of securities. Despite the recent supply chain disruption, not helped by Trump's tariff increase on Chinese imports, analysts at research and brokerage firm Bernstein see this as a $20 billion tailwind for U.S. Bitcoin miners, with the "potential to improve fleet efficiency, drive lower capex (from lower chip pricing) and spare power capacity for AI/HPC opportunities." "New U.S based competition in mining chips promises to diversify the mining supply chain and reduce the dominance of Bitmain and others," the analysts said last year. "Also, there is opportunity for more innovation with open source and customizable software, by partnering closely with U.S. based miners to improve fleet efficiency (e.g the Core Scientific-Block deal)." Block, the digital payments firm co-founded by Jack Dorsey, is another U.S. firm developing Bitcoin mining chips and working on its own full mining system. Meanwhile, JPMorgan analysts expect publicly traded Bitcoin miners will continue increasing their share of the Bitcoin network hash rate this year.
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