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Here's a quick preview of today’s content: Circle broke history and then made a huge aquisition, GameStop continue to make moves to HODL more Bitcoin, Texas advanced a bill that would allow state funds to be invested in Bitcoin. Mastercard announced plans to allow crypto transactions, and VanEck makes move in Delaware, and so much more.

This is a big one – Let’s dive in.

Market Snapshot

As of 4/1/2025. Data per CoinMarketCap.

  • The market is somewhat rallying ahead of the Trump administration's "Liberation Day" tariff rollout (YF)

    • A report from NBC News suggested the market's most feared option — blanket 20% tariffs across the board — is "less likely" to be the direction taken by the White House

    • Instead, according to the report, a "tiered system" of different rates or country-by-country rates could be announced (we will see)

  • In early afternoon U.S. action, Bitcoin had climbed to just above $85,000, ahead +2.1% over the past 24 hours. Previously really roughed up crypto majors like Ether (ETH), Dogecoin (DOGE) and Cardano (ADA) had put in gains of roughly twice that amount.

  • Crypto stocks are also performing well, with bitcoin miners Core Scientific (CORZ) and CleanSpark (CLSK) jumping almost +10% on the day. Strategy (MSTR) is up 5.4% and Coinbase (COIN) +2.1%

Headline Roundup
The major headlines driving crypto markets

  • Circle, the company behind the USDC stablecoin with $1.6B in revenue for 2024, has filed to IPO with the SEC – see full details here

  • SEC and Gemini file joint motion seeking possible resolution in crypto lawsuit (TB)

  • Maple Finance hits all-time high in active loans across its platform (TD)

  • Sony lets Singapore shoppers pay in USDC via Crypto.com (DE)

  • Mastercard to enable 3.5B cardholders to make Bitcoin and crypto transactions (TD)

  • Bitcoin miner Hut 8 could pursue hyperscaler acquisition, says Clear Street (CD)

  • Circle paid $210M in stock to acquire Coinbase’s stake in Centre, IPO filing reveals (TB)

  • VanEck files first BNB ETF in Delaware, managing nearly $115M in crypto assets (TD)

  • SEC and Gemini request 60-day pause in $900M crypto lending case (DE)

  • BitBonds pitched as potential solution to Trump’s budget-neutral Bitcoin reserve strategy (TB)

  • Kentucky sues Coinbase over alleged securities violations (DE)

  • OKX appoints Linda Lacewell as new Chief Legal Officer (CD)

  • Backpack begins FTX EU asset recovery process for customers (TB)

  • Human Rights Foundation donates 1B satoshis to support global Bitcoin development (BM)

  • Uniswap DAO passes preliminary vote for $115M treasury delegation program (TB)

  • Crypto-backed candidates Patronis and Fine win key seats in Florida elections (DE)

  • Gunzilla token sparks speculation as off-grid letter hints at broader Web3 ambitions (BW)

  • Kristin Smith steps down as CEO of the Blockchain Association (DE)

  • Zodia Custody CFO Jonathan Hugh becomes second senior exec to leave this month (CD)

A Message from Bitcoin Depot

Bitcoin Depot: The Infrastructure Play in the Growing Crypto Market

Bitcoin Depot (Nasdaq: BTM), the world’s largest Bitcoin ATM operator, provides essential access infrastructure for the growing crypto market — powering the on-ramp to the digital economy. They operate 8,400 machines across North America and Australia.

📍Key facts:
• Dominant U.S. Position: ~27%1 market share
• $573.7M Revenue (FY24): Strong transaction volume, with a revenue model less tied to Bitcoin’s volatility.
• Global Growth Potential: Bitcoin ATMs are just 1.2% of global cash ATMs2. Expanding into Australia, the 3rd largest market.

With around $3 billion in transactions since 2016, don’t just watch Bitcoin grow — be part of how it grows.

1. Top crypto ATM operators, as of March 2025. (Source)
2.  Bitcoin ATM share of global cash ATMs, February 2024. Sources: Davos Insights report; Statista data

Get Investor Information Today

The above is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation or solicitation to buy or sell a particular financial instrument. Bitcoin Depot is not a registered investment adviser under the U.S. Investment Advisers Act of 1940. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Bitcoin Depot to buy or sell any securities or other financial instruments

M&A Announcements

Launches

  • Upshift exits stealth to build payments infrastructure for digital assets (BW)

  • Ethereum RPG RavenQuest launches QUEST token on Immutable (DE)

  • Shrapnel partners with Chinese government to launch first licensed Web3 game on official RWA chain (DE)

Venture Capital

  • GameStop raises $1.5B in convertible notes to buy Bitcoin (TB)

Regulation

  • UK police seize crypto under Proceeds of Crime Act (DE)

  • Binance delists Tether (USDT) from European spot trading to comply with MiCA (FM)

  • Texas bill allowing $250M Bitcoin investment by state comptroller advances to committee (BM)

  • New Solana Policy Institute forms official lobbying group for blockchain advocacy (BA)

Cybersecurity

  • Jupiter deploys Solana Risk Vault after Hyperliquid exploit raises alarm (BW)

  • Bybit hack traced to North Korea as Paradigm’s samczsun assists in recovery (BW)

  • UPCX suffers $70M security breach as 70M UPC tokens are drained from deposits (TD)

Extra Reads

Chart of the Day

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