Good Morning,

Here's a quick preview of today’s content: A revolutionary tracking-ETF has just been filed, Eric Trump joins strategic advisory board for a major international crypto company, Bitwise Ethereum ETF to get an upgrade, Kraken expands with one of the largest crypto acquisitions ever, two 9-figure private token sales occurred yesterday, and so much more below.

Happy Friday – crypto and men’s college basketball: Both March Madness. Let’s dive in.

Market Snapshot

As of 3/20/2025. Data per CoinMarketCap.

  • Bitcoin traders seemed to take the Federal Reserve's interest rate decision well

    • Fed Chair Jerome Powell's remarks provided some hope to markets that there would be two rate cuts later in the year

Headline Roundup
The major headlines driving crypto markets

  • Canary Capital files for PENGU ETF that holds more than just tokens (TB)

  • Fed Chair Jerome Powell sees tariff inflation being ‘transitory’, see his comments here

  • A crypto SPAC launched by executives tied to Trump media raises $179M (TB)

  • Coinbase unusually sold 12,652 ether in the fourth quarter (CD)

  • Nasdaq shifting to round-the-clock stock trading partly due to crypto, says exchange executive (CD)

  • Robinhood receives ‘buy’ rating from investment bank due to crypto user surge and regulation clarity (DT)

  • Eric Trump named first member of Metaplanet’s strategic board of advisors (CT)

  • Another public company has established a bitcoin reserve with $5M purchase (DT)

  • Authorities raid Bithumb headquarters in Seoul over misuse of funds (DT)

  • El Salvador continues to buy Bitcoin, reaching 6,121 total (DF)

  • Tether has become the 7th largest buyer of U.S. treasuries (DF)

  • NYSE submits proposal to add staking for Bitwise ETH ETF (DF)

  • Spark defi lending protocol looks to deploy $3.6B into tokenized treasuries (DF)

  • Bernstein cuts price target for bitcoin mining coverage amid crypto downturn (TB)

M&A Announcements

  • Kraken acquires NinjaTrader for record $1.5B (CD)

  • LTP expands into Europe via acquisition of Spanish crypto firm Turning Capital Brokerage (NW)

Launches

  • Pump.fun launches a native DEX, PumpSwap, that enables creator revenue sharing (FX)

  • Bitnomial prepares to launch first U.S. XRP futures after dropping lawsuit against SEC (DT)

Venture Capital

  • TON Foundation secures $400M private sale investment from VCs like Sequoia, Ribbit, and others (CT)

  • MoonPay receives $200M credit line from Galaxy (MP)

  • Uniswap DAO approves $165M community funding plan (BL)

  • Walrus completes $140M private token sale led by Standard Crypto (AI)

  • Uranium Digital secures $6.1M seed funding led by Framework Ventures (DF)

  • CMT, Volt, and EV3 co-lead $3.9M seed investment into Daisy (PR)

  • Real estate tokenization startup Manifest Finance raises $2.5M co-led by Lattice Fund and VanEck (BW)

  • 3 E Technology announces strategic investment into HashBeaver at $30M valuation (ST)

  • Trammell Venture Partners leads venture investment into DMND for upcoming Bitcoin mining pool launch (PR)

  • COCA receives strategic backing from Stellar Development Foundation and FunFair Ventures for stablecoin innovation (BN)

Regulation

  • SEC states that proof-of-work crypto mining does not break securities laws (CD)

  • First ever bitcoin regulation conference held by Argentina’s Senate (BM)

  • Pakistan looks to legalize crypto for foreign investment opportunity (BB)

  • Crypto-friendly SEC chair nominee Paul Atkins has senate hearing March 27th (TB)

Cybersecurity

  • Lazarus Group believed to be using 4+ crypto mixers as nearly 10% of funds from Bybit hack have ‘gone dark’ (DT)

  • North Korea’s Lazarus Group launder $16M of Bybit hack funds through Wasabi mixer (DF)

  • GotBit founder forfeits $23M pleading guilty to wire fraud and market manipulation (BL)

  • Cracked version of TradingView app has been draining users accounts (DT)

Extra Reads

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