Today's news tips:
GameStop Raises $1.5 Billion in Convertible Bonds to Buy Bitcoin
BlackRock receives FCA approval to register as crypto asset firm
Market News: VANECK BNB ETF Registered in Delaware
Regulatory/Macro
Forbes released the 39th Global Billionaires List. The number of billionaires in the world exceeded 3,000 for the first time, reaching 3,028, with a total wealth of $16.1 trillion, an increase of $2 trillion over last year. The list shows that 15 billionaires have a net worth of more than $100 billion, among which Elon Musk regained the title of the world's richest man with $342 billion, followed by Mark Zuckerberg ($216 billion) and Jeff Bezos ($215 billion). In addition, a total of 16 cryptocurrency billionaires made the list, with a total wealth of more than $164 billion and an average net worth of $6.8 billion. Among them, Binance founder Zhao Changpeng became the world's richest cryptocurrency billionaire with $63 billion. In addition, Tether's CFO Giancarlo Devasini ranked second with $22.4 billion, and JL van der Velde, Paolo Ardoino and Stuart Hoegner, who are also related to Tether, also made the list. Founders of cryptocurrency exchanges occupy an important position, including Coinbase co-founders Brian Armstrong and Fred Ehrsam, Gemini founders Cameron and Tyler Winklevoss, and Tron founder Justin Sun. Others on the list include Chris Larsen of Ripple, Jed McCaleb of Stellar, investor Tim Draper, and Michael Saylor, founder of Microstrategy. Saylor's company holds 528,185 bitcoins, and he personally holds 17,732 bitcoins. His crypto assets have significantly improved his wealth ranking. Earlier news, 2025 Hurun Global Rich List: Musk retains the title of the world's richest man, and Zhao Changpeng continues to be the richest man in the crypto field with a wealth of 160 billion yuan.
Musk added F2Pool co-founder Wang ChunX's account
According to ElonAlertsX monitoring information, Musk has just added F2Pool co-founder Wang Chun's account on the X platform. Earlier news, F2Pool co-founder Wang Chun will lead a four-day SpaceX orbital flight.
According to the announcement of the Hong Kong Stock Exchange, Zhongzefeng, a Hong Kong-listed company, released its 2024 annual performance announcement, which disclosed that its subsidiary Atlantic Asset Management Co., Ltd. has been approved by the Hong Kong Securities and Futures Commission to allow Zhongzefeng's managed funds to invest no more than 10% of their managed assets (AUM) in virtual assets. In addition, the announcement also disclosed that in the coming year, Zhongzefeng's funds will focus on global stocks, futures and options, covering areas including indexes, cryptocurrencies, etc.
According to People's Finance, on April 2, Li Chunlin, deputy director of the National Development and Reform Commission, said at a press conference held by the State Council Information Office that in terms of strengthening technical support and guarantee, the National Development and Reform Commission has applied new technologies such as privacy computing to the sharing and application of credit information to reduce the risk of information leakage. At the same time, it will explore the use of blockchain technology to promote the "chaining" of key data and realize data encryption processing and process plasticity.
Metaplanet, a Japanese listed company, announced that it would spend 1.998 billion yen (about 13.34 million US dollars) to increase its holdings of 160 bitcoins, bringing its total bitcoin holdings to 4,206 BTC.
Elon Musk's X platform urges Supreme Court to protect Coinbase users from IRS investigation
Elon Musk's X-Platform is urging the U.S. Supreme Court to protect companies from subpoenas issued by federal law enforcement agencies "without reasonable suspicion" to avoid being forced to disclose sensitive user financial data, according to Bloomberg. X-Platform asked the judge to reconsider a lower court ruling that allowed the IRS to enforce a subpoena for Coinbase customer transaction records in a tax investigation of more than 14,000 users of the crypto exchange. X-Platform's lawyers argued in a filing last week that X-Platform stores subscription and advertising data and plans to eventually provide financial services to users, but the Constitution does not allow "warrantless searches of customer records held by third-party service providers" when these companies have signed nondisclosure agreements with users.
IPO documents reveal Coinbase gets 50% of Circle's remaining USDC reserves
According to Decrypt, the S-1 listing document submitted by stablecoin issuer Circle shows that Coinbase, as its core partner, can obtain a 50% share of the remaining income of the USDC stablecoin reserve. In the regulatory documents submitted on Tuesday, Circle disclosed that Coinbase can obtain a 50% share of the "remaining payment base", which is directly derived from the reserve assets supporting the USDC stablecoin; Coinbase's share ratio is directly linked to the number of USDC held by its exchange. When the USDC managed by the Coinbase platform increases, its share ratio increases accordingly; otherwise, it decreases. This profit-sharing agreement confirms the industry's long-standing understanding that Circle has a symbiotic relationship with its largest distribution partner Coinbase. In 2024, the proportion of USDC held by the Coinbase platform has increased significantly from 5% in 2022 to 20%, showing its growing influence on Circle's revenue. But the document also warns that this cooperation model makes Circle's revenue subject to Coinbase's business strategy, which is not controlled by Circle. The company stressed that the distribution costs and revenue share paid to Coinbase are directly affected by the exchange operator’s business strategy and policies, which Circle can neither control nor monitor.
BlackRock receives FCA approval to register as crypto asset firm
According to DL News, BlackRock, a global asset management giant, has been approved by the UK Financial Conduct Authority (FCA) to officially become a registered crypto asset company. This means that the company will be able to operate its newly launched European Bitcoin exchange-traded product (ETP) as a UK entity. According to the list updated on the FCA official website on April 1, BlackRock became the 51st company to obtain this qualification, alongside companies such as Coinbase, PayPal and Revolut. It is worth noting that the FCA's approval rate for crypto companies is only about 14%, and the agency has clearly stated that it will reject applications that "lack key assessment elements or substandard material quality." This approval paves the way for BlackRock to promote iShares Bitcoin ETP in Europe.
Market News: VANECK BNB ETF Registered in Delaware
VANECK has registered the VANECK BNB ETF in Delaware, which indicates that the company may launch a BNB-based investment product in the United States.
Bill authorizing Texas comptroller to invest $250 million in Bitcoin enters committee review
According to Bitcoin Magazine, Texas House Bill 4258 (HB 4258) was submitted to the Executive Committee on Government Efficiency for review today. The bill authorizes the state comptroller to invest up to $250 million in Bitcoin, and also authorizes municipalities or counties to invest up to $10 million of their funds or funds under their control in Bitcoin and/or other cryptocurrencies. If the bill becomes law, it will take effect on September 1, 2025, which will allow time for state and local government officials to develop investment strategies and develop custody plans. According to Bitcoin Laws, HB 4258 is one of eight currently valid Bitcoin or cryptocurrency-related bills submitted to the Texas Senate or State House of Representatives. Among the eight bills, it is the fifth bill to enter the committee review stage. Four of the bills (including the current one) would authorize the state to include Bitcoin in its balance sheet in some way. The other three bills - HB 1598, Senate Bill (SB) 21, and SB 778 - all call for Texas to establish a strategic Bitcoin reserve (SBR). All three SBR bills have entered the committee stage, with SB 21 currently in its second round of committee review.
Viewpoint
According to Decrypt, JPMorgan Chase said in a report on Tuesday that Bitcoin miners continue to face challenges, and 14 listed mining companies in the field collectively experienced the worst month on record in March. The Bitcoin miners it tracks, including companies such as MARA and Core Scientific, saw their market value shrink by a total of 25%, or about $6 billion, last month. In addition, the report stated that companies with high-performance computing businesses "performed pure Bitcoin miners for the second consecutive month." JPMorgan Chase data showed that the 14 listed mining companies also performed poorly in February, when their total market value also lost more than 20%, also about $6 billion.
According to CoinDesk, Grayscale Research Director Zach Pandl said that the impact of tariffs on cryptocurrencies may have been "priced in" and the worst may be over. Pandl estimates that tariffs have reduced economic growth by 2% so far this year. But Trump's so-called "Liberation Day" may actually prevent the worst pain felt by financial markets. Pandl said: "If we see that the tariff policy announced on Wednesday is both tough and phased, and focused on the 15 countries they seem to be targeting, I expect the market to rebound on the news. Once we get through this announcement period, the cryptocurrency market may refocus on fundamentals, which are very positive." Pandl said that if institutions do not have high confidence in the digital asset field and its related policies, announcements like Circle's initial public offering (IPO) will not happen. In addition, Pandl believes that tariffs will increase demand for non-US dollar currencies. Despite the current market pessimism about prices, Pandl still believes that Bitcoin will hit a record high this year. He said: "If I don't think Bitcoin will win in the long run, I won't quit my job on Wall Street."
Project News
Shardeum mainnet will be launched on April 15
Layer1 blockchain Shardeum officially announced that its world's first EVM-based automatic expansion blockchain mainnet will be officially launched on April 15, 2025. Earlier news, Shardeum launched an airdrop event before the launch of the mainnet, and airdrop registration is now online.
Binance will support Sei (SEI) network upgrade
According to the official announcement, Binance is expected to suspend the token deposit and withdrawal services of the Sei (SEI) network at 23:00 (Eastern Time) on April 2, 2025 to support its network upgrade. The project will upgrade the network at block height 139,936,278 (estimated to be 00:00 on April 3, 2025, Eastern Time).
The Binance APP page shows that Binance Alpha has added PUMP.
Coinbase to Delist Media Network (MEDIA)
Coinbase Assets said on the X platform that the platform regularly monitors the exchange's assets to ensure that they meet listing standards. Based on the recent review, trading in Media Network (MEDIA) will be suspended at approximately 02:00 Beijing time on April 16, 2025. MEDIA trading will be suspended on Coinbase.com (simple and advanced trading), Coinbase Exchange, and Coinbase Prime. The MEDIA order book has been moved to limit mode. Limit orders can be placed and canceled, and matching may occur.
According to The Block, Uniswap DAO has decided to continue its "Treasury Delegation Program" through a preliminary governance vote, which may allocate up to 18 million UNI tokens (about $113.4 million at current prices) to selected representatives. This proposal, which has been approved incidentally, will improve the specific details and will eventually take effect through an on-chain vote. Uniswap's first treasury delegation program, called "Delegating UNI tokens to active but underrepresented representatives," was launched in December 2023. The purpose of the program is to support "active but underrepresented representatives" who vote on behalf of UNI token holders. The Tane representative platform wrote in its proposal: "The program is critical to maintaining the health of governance and retaining active and capable representatives. After the launch of the program, all representatives will participate in all votes, which makes the DAO healthier." If the new representative funding plan is passed, approximately 12 selected representatives will each receive 1 million UNI tokens to incentivize them to participate in governance. Another 1 million tokens will be awarded to "top" representatives, who will be determined based on "objective criteria," including maintaining at least 80% voting participation in the past three months. Although the vote passed the “interim check,” the Uniswap community did not fully agree on the plan. Only 60% of the voting power supported the plan, while nearly 30% of voters chose to abstain. Tane’s proposal includes a plan to conduct a rolling assessment of the effectiveness of the plan every three months.
According to Binance’s announcement, three VIP users and one non-VIP user sold more than 1.05 million USDT of ACT tokens in the spot market, causing a sharp drop in the price of ACT, causing some users’ futures positions to be liquidated, and affecting the prices of other low-market-value tokens. No account has been found to have profited from this, and Binance is investigating further. Because ACT is fully circulated, the platform cannot restrict trading behavior. To prevent risks, the leverage of ACTUSDT contracts has been reduced. Binance reminds users to do a good job of risk management. According to previous news, ACT plummeted by about 50% in half an hour.
Important data
According to @EmberCN monitoring, a suspected whale or institutional investor has suffered heavy losses in investment operations from October last year to date. The investor initially purchased 8.917 million EIGEN at an average price of $3.64 for $32.45 million. However, the decline in the price of EIGEN caused him to lose $17.19 million. Subsequently, he sold 2.417 million EIGEN at an average price of $3.77 at the end of December last year in exchange for $9.12 million USDC, and bought 295,000 HYPE at a high price of $30.9. However, the current price of HYPE is only $13, causing it to lose $5.21 million. In recent days, the investor sold 2.862 million EIGEN at a price of $1.068 in exchange for 31.6 WBTC (about $3.05 million). As of now, its initial $32.45 million has shrunk to only $10.03 million, including 295,000 HYPE (about $3.9 million), 3.638 million EIGEN (about $3.08 million) and 36.1 WBTC (about $3.05 million), with a total loss of $22.42 million, a drop of 69%.
According to the monitoring of @ai_9684xtpa, an analyst on the chain, a whale who hoarded ETH in the last bull market is suspected to have sold 2,000 ETH 4 hours ago, with a cost as low as $272. If sold, it would make a profit of $3.273 million. After this sale, it has completely cleared its position. The whale built positions in batches from June to November 2017. After sleeping for three years, it woke up a month ago and sold a total of 5,000 ETH, and is expected to make a profit of more than $8.678 million.
According to SoSoValue data, yesterday (April 1, Eastern Time), the total net outflow of Bitcoin spot ETFs was $158 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was Bitwise ETF BITB, with a net inflow of $24.5254 million in a single day. Currently, BITB's total net inflow in history has reached $2.019 billion. The second is Franklin Bitcoin ETF EZBC, with a net inflow of $7.3883 million in a single day. Currently, EZBC's total net inflow in history has reached $245 million. The Bitcoin spot ETF with the largest net outflow in a single day yesterday was Ark Invest and 21Shares' ETF ARKB, with a net outflow of $87.3727 million in a single day. Currently, ARKB's total net inflow in history has reached $2.522 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$95.448 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) was 5.64%, and the historical cumulative net inflow has reached US$36.016 billion.
EOS breaks through $0.8, with a 24-hour increase of more than 31%
The OKX market data shows that EOS has broken through $0.8 and is currently trading at $0.8021, with a 24-hour increase of more than 31%.
According to Lookonchain monitoring, in the past 5 days, 5 newly created wallets withdrew a total of 2.66 million PENDLE (about 7.9 million US dollars) from Binance.
Ethereum weekly blob fees hit 2025 low
According to Cointelegraph, the main source of income for the Ethereum network from the Layer2 extension chain - "Blob fees" - has fallen to the lowest weekly level this year. Etherscan pointed out in an article on the X platform that in the week ending March 30, Ethereum only earned 3.18 ETH (about $6,000 based on the price of April 1) through Blob fees. This figure is a 73% drop from the previous week and a more than 95% drop from the peak of 84 ETH in the week of March 16.
Financing
According to RootData, the total financing amount of the crypto market in March 2025 was US$2.883 billion, a 153% increase from US$1.139 billion in March 2024 and a 198% increase from US$967 million in February 2025. In addition, the number of financings in March 2025 was 74, a 28.8% decrease from 104 in February. In terms of the total financing amount of the track, the top three tracks are other categories, Cefi and Defi.
GameStop Raises $1.5 Billion in Convertible Bonds to Buy Bitcoin
According to The Block, video game retailer GameStop announced on Tuesday that it raised $1.5 billion through a private placement of convertible bonds and planned to use the proceeds to purchase Bitcoin. The company's filing with the U.S. Securities and Exchange Commission (SEC) showed that it had completed the issuance of $1.5 billion of senior convertible bonds with a coupon rate of 0.00% and due in 2030, including the underwriters' full exercise of the $200 million over-allotment option. This move is exactly the same as Strategy's strategy of turning to Bitcoin acquisitions in August 2020.
Cambrian Network Completes $5.9 Million Seed Round, Led by a16z CSX
Cambrian Network, an AI infrastructure protocol, announced that it has completed a $5.9 million seed round led by a16z Crypto Startup Accelerator (CSX) and participated by BB Fund. Cambrian aims to build an intelligent infrastructure for AI financial agents, enabling AI agents to make smarter market predictions and financial decisions by integrating on-chain and off-chain data. The project was founded by former members of The Graph and Semiotic Labs, and has now started private testing and plans to launch a testnet.
