Good Morning,

Here's a quick preview of today’s content: DeFi sets new hack record of 28 exploits, Survey shows crypto at bottom of voters' priorities, Tether posts over $1B Q1 profit, Coinbase says deal reached on key part of crypto bill, BlackRock urges OCC to drop tokenized reserve cap idea, and so much more

Happy Monday – Let’s dive in.

Market Snapshot

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  • Bitcoin pushes above $78,000 to close April up +12%, best monthly gain in a year

    • BTC ETFs draw $2B in April for highest monthly inflows this year

    • ETH ETFs shed $184M over 4-day negative streak

  • Bitcoin mining stocks climb, with institutional activity suggesting downside hedging despite Clarity Act hurdle

Prediction Markets

  • Bettors on Polymarket are predicting Chirayu Rana sued?

  • Track and trade live odds on any event, only on Polymarket

Headline Roundup
The major headlines driving crypto markets

  • Iranian crypto exchange founded by sons of family tied to supreme leaders (TB)

  • Pentagon signs AI deals with eight firms (DC)

  • Voters don't trust Trump admin to oversee crypto sector (CD)

  • Coinbase says deal reached on key part of crypto bill (BBG)

  • Senators quiz Secretary Lutnick over Tether loan (DC)

  • JPMorgan says stablecoin use may not lead to market growth (TB)

  • Polymarket and Kalshi volumes hit $150B in April (TB)

  • New York AG settles for $5M against crypto promoter (TB)

  • Tether posts over $1B Q1 profit (TB)

  • Ethereum Foundation's sales to Tom Lee's Bitmine hit $47M (TB)

  • Strategy takes Bitcoin buying breather ahead of earnings (CT)

  • Americans still prefer banks over crypto (CD)

  • Pension giant AIMCo buys the dip in Strategy (CD)

  • AI agent forms its own company and trades crypto (CD)

  • Survey shows crypto at bottom of voters' priorities (CD)

  • Riot reports $33M in first data center revenue (TB)

  • CoinShares records $7.4B AUM in first annual filing (TB)

  • WisdomTree's crypto ETPs reports net inflows of $137M (TB)

  • Payward closes deal to expand US crypto derivatives (CT)

  • Researcher proposes hatch to protect bitcoin from quantum (TB)

Venture Capital

  • Fun, a crypto payments infrastructure, raises $72M led by Multicoin Capital and SignalFire (FT)

  • Blockchain company Gency AI raises $20M from Y&ZC Capital, MTmetaworld Holdings, and more (CT)

  • IKADO, an RWA-NFT startup, raises $5M led by 1A1z with participation from AC Capital, Mason Labs, and others (BG)

Access the complete VC deal flow on Fundable.

M&A Announcements

  • SBI Holdings to acquire stake in crypto exchange Bitbank (TB)

  • Crypto company Bakkt acquires stablecoin firm DTR (CT)

  • Mining firm Shuttle Pharmaceutical Holdings acquires United Dogecoin (DC)

Launches

  • MoonPay launches stablecoin debit card for AI agents (TB)

  • TradeXYZ launches pre-IPO perpetuals (TD)

  • Galoy launches all-in-one Bitcoin platform (BM)

  • Oobit rolls out Visa cards for AI spending (CT)

  • Exodus announces self-custody money app (BM)

Regulation

  • BlackRock urges OCC to drop tokenized reserve cap idea (TB)

  • Brazil prohibits crypto use in cross-border payments (TB)

  • South Korean court grants stay on Bithumb's suspension (TB)

Cybersecurity

  • DeFi sets new hack record of 28 exploits (TD)

  • North Korea terrorism creditors move to seize frozen ETH (TB)

  • Carrot becomes first casualty of $285M Drift exploit (CT)

Extra Reads

  • As Wall Street moves onchain, the year's biggest crypto hack and DeFi crisis is forcing a rethink of risk, security and market structure – Here’s what must change

Chart of the Day

Crypto VC funding drops to $659M in April, the lowest since July 2024

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.