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Good Morning,

Here's a quick preview of today’s content: eToro eyes IPO after historic 2024 performance, Ripple willing to pay $50M settlement, Immutable no longer being investigated, Trump Media looks to tokenize ETFs on DEX’s, the first U.S. bank-backed stablecoin is launched, a Binance employee was caught front running transactions, and so much more.

Happy Wednesday – still plenty of week ahead of us. Let’s dive in.

Market Snapshot

As of 3/25/2025. Data per CoinMarketCap.

  • The total cryptocurrency market capitalization decreased by -1.5% in the past 24 hours to $3T during the trading day but rebounded late afternoon

    • During the same period, total liquidations amounted to $179M, with BTC accounting for $42M and ETH contributing $32M. Altcoins made up approximately $20M of the total

  • Render Network, a decentralized P2P network of connected GPUs that supports the digital rendering of computing systems, is set to launch its GenAI tool on April 15. RENDER soared by as much as +16% in the last 24hrs, trading at $3.83

    • RENDER’s mcap is now around $2B, up from $1.7B yesterday

    • RenderCon is driving the push behind the token and the GenAI tool is set to be a big development for the network, as it will have a new UI and workflow

    • See where RENDER is trading right now here

Headline Roundup
The major headlines driving crypto markets

  • eToro files for IPO after crypto revenue surge in 2024 (CD)

  • SEC drops investigation into Australian crypto firm Immutable (TB)

  • GameStop to add Bitcoin to its treasury (CD)

  • Solana brings on social media app guru Nikita Bier as mobile advisor, see his full statement regarding the partnership here (TB)

  • Crypto influencer ‘Bitboy’ is found to be in jail (X)

  • Ripple agrees to pay $50M in XRP lawsuit settlement (DC)

  • Mt. Gox set to repay billions in Bitcoin to creditors (DC)

  • Crypto investment products reverse losing streak, adding $644M in assets (DC)

  • Canadian commercial property tokenized on Polymesh by Ocree Capital (CT)

  • Plume partners with Goldfinch to broaden access to private credit markets (TD)

  • Dohrnii Labs faces dispute over Blynex token liquidation (CT)

  • IMF begins tracking Bitcoin as part of its capital asset reserves (TD)

  • zkSync Era becomes the second-largest RWA blockchain with $2B in real-world assets (TD)

  • Hyperliquid integrates Hypercore and HyperEVM linking technology (TB)

  • dYdX announces token buyback program (dYdX)

  • Solana becomes the seventh blockchain on BlackRock’s yield-bearing money market platform (TB)

  • Polymarket starts accepting Solana deposits (DC)

  • Crypto investment products reverse losing streak, adding $644M in assets (DC)

  • Pixels founder receives death threats (BW)

  • Peter Schiff mocks Bitcoin on its birthday (DC)

A Message from Bitcoin Depot

The Bitcoin Company That Still Has Huge Growth Potential

Now that crypto has gone mainstream, how can companies capitalize on the growth of cryptocurrency? One company already has: Bitcoin Depot, founded in 2016, has led the way in making Bitcoin part of everyday life, enabling customers to acquire nearly $3 billion in Bitcoin to date. 

With $573.7 million in FY 2024 revenue, Bitcoin Depot is the largest Bitcoin ATM operator in the world, with more than 8,400 across the U.S., Puerto Rico, Canada, and Australia. Currently, the worldwide Bitcoin ATM count represents only 1.2% of the worldwide cash ATM count, suggesting potential opportunities for growth in an industry Bitcoin Depot already leads. What’s better: The company’s revenue isn’t tied to the volatility of the price of Bitcoin.

Bitcoin Depot is listed on the Nasdaq (ticker: BTM) and is poised for continued global expansion — this is your pick-and-shovel play in crypto. Now’s your chance to join the movement and start investing.

Get Investor Insights

M&A Announcements

  • Coinbase in advanced talks to acquire Deribit in a $4.5B deal (TD)

  • NYDIG to acquire Crusoe's Bitcoin mining operations (BM)

Launches

  • Custodia Bank and Vantage Bank launch AVIT, the first U.S. bank-issued stablecoin (TD)

  • Trump-backed World Liberty Financial launching $1 stablecoin on Ethereum and BNB (TD)

  • BlackRock launches Bitcoin ETP in Europe (BM)

Venture Capital

  • Tabit Insurance closes $40M of funding tracked on-chain for insurance facility (PY)

  • CoreSky raises $15M Series A to grow meme coin incubation (CD)

  • Chronicle raises $12M to enhance tokenized asset data infrastructure (CD)

Regulation

  • Chainlink partners with Abu Dhabi Global Market to boost blockchain infrastructure (TD)

  • Circle Japan launches USDC as the first approved stablecoin (CCN)

  • Kentucky passes law protecting Bitcoin and Ethereum self-custody rights (DC)

  • SEC task force confirms 4 more crypto roundtables (CD)

Cybersecurity

  • Infini faces legal action in Hong Kong following a $50M hack (CT)

  • Abracadabra Finance loses $13M in ETH due to smart contract compromise (TD)

  • $9M stolen from Bybit hack has been frozen by T3 Financial Crime Unit (CT)

  • Pi Network’s price drops below $1 amid scam allegations (TD)

  • Binance suspends employee for front-running token launches (BK)

Extra Reads

Chart of the Day

Bitcoin’s hashrate, the computational power to mine bitcoin and process transactions, recently reached an all-time high crossing 1,88 EH/s (exahashes per second)

Meme Dump

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