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Good Morning,

What do you get when you cross governments & corporations buying bitcoin at record pace, more web3 venture funds, and record revenues + profits for crypto companies?

Bitcoin hovering $100k and a happy HODLer.

Here’s what’s on the menu: Ripple 'circles' around the block with another offer, hackers are trying to get jobs at the largest exchanges in the world, Movement’s token dump scandal drama rises, and much more.

Happy Green Friday. Let’s dive in.

Market Snapshot

• Bitcoin is trading above $97K as optimism grows over potential U.S.-China trade talks, despite skepticism about a deal being reached soon

  • "The U.S. has proactively reached out to China through multiple channels, hoping to hold discussions on the tariff issue," China state media posted on social media

  • Market observers see $100K bitcoin as achievable, driven by strong liquidity, institutional demand, and speculative altcoin activity

• AI tokens are gaining traction, with Kava Labs reaching 100K users, highlighting the appeal of decentralized and transparent AI platforms

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Morgan Stanley is developing plans to introduce crypto trading on its E*Trade platform – full roadmap here

• Robinhood’s earnings beat included crypto-related revenue at $252M, up 100% from year-ago levels (CT)

• Nvidia is considering adding bitcoin to their balance sheet for ‘stability’ (DF)

• A North Korean hacker was caught trying to infiltrate Kraken exchange by interviewing for a job – see the wild story here

• Tether boasts $1B operating profit in Q1 with $5.6B in reserves (CT)

• Michael Saylor’s Strategy to raise $21B to buy more Bitcoin (CD)

• Japanese firm Metaplanet looks to open U.S. arm with $250M planned raise (CT)

• Avi Eisenberg, infamous for exploiting Mango Markets, sentenced for child p*rnography (CD)

• Coinbase to delist MOVE token following market manipulation report (BL)

• SUI token jumps 4% after 21 Shares announces ETF filing (CD)

• Kalshi announces prediction market mini app with Sam Altman’s Worldcoin blockchain (KL)

• Robinhood users prove crypto retail trading is back taking up 41% of company’s transaction revenue (CS)

• Ellipsis Labs comes forward about development of mysterious Solana DEX (BW)

• A Texas congressman is pitching the concept of crypto ATMs in federal government buildings (CD)

• Syngum banks partners with Swiss app Relai for bitcoin-backed loans (BM)

• Apple Pay just integrated onto the Mesh platform allowing shoppers to pay in crypto and stablecoins (CD)

• Longevity health influencer Bryan Johnson confirmed as a speaker in Vegas for Bitcoin 2025 (BM)

• Bitwise CEO suggests million dollar bitcoin price by 2029 from global government adoption (CT)

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Venture Capital

• MEXC exchange announces $300M web3 ecosystem fund with 5 year deployment schedule (CT)

• Dao5 closes $222M fund to back projects focused on government and institutional adoption (CD)

• Dinari raises $12.7M in Series A led by Hack VC and Blockchange to expand U.S. stock tokenization investment platform (CD)

• Zar closes $7M funding round from Dragonfly, VanEck, Solana Ventures, and others (CH)

• Alliance DAO announces cohort of 20 startups building across AI, stablecoins, and blockchain (BW)

• Abu Dhabi investment firm is utilizing Trump’s WLFI stablecoin for $2B investment in Binance (GN)

• CoinFund CIO joins CNBC to discuss crypto venture deals’ still shining with the AI hype – watch full interview here

Regulation

• U.S. Senate takes action proposing a bill to regulate stablecoin issuers (CD)

• Crypto Council for Innovation asks SEC to make regulatory decision on staking (DT)

• NexusOne launches in hopes to influence crypto and AI policy with Trump ties (CD)

• Tether defends decision to skip MiCA registration for USDT stablecoin (CT)

• Pro-crypto legislation will come to Australia no matter the result of their election (CT)

Cybersecurity

• Binance traces and returns all $6.1M worth of funds in recent hack (FF)

• Hard wallet company Ledger warns users of physical mail scam (DH)

• Google subpoena phishing scam targets crypto holders (CT)

• Kuwait government is cutting power to illegal crypto mining operations (CD)

• Malaysia police raid 45-machine illegal bitcoin mining operation (CS)

Extra Reads

• Movement, backed by Trump's World Liberty Financial, says it was duped into an agreement that experts say incentivized price manipulation

  A full breakdown of Movement’s token-dump scandal: Secret contracts, shadow advisers and hidden middlemen

• The blockchain ecosystem is evolving beyond single-chain dominance toward a multichain future where specialized networks serve different purposes within a connected ecosystem

  A in depth summary of the comprehensive report 'The State of Multichain Development: Benchmarking Across Ecosystems'

• 2025 has been a record year for overall corporate and government Bitcoin adoption

  Check out the impact that bitcoin reserves will have as companies have already scooped up 96% of all bitcoin to be mined this year

Chart of the Day

Stablecoins have found product-market-fit as active addresses soar above 35M

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