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- SBF Pardon Next? | Crypto Alpha Week 13 of 2025
SBF Pardon Next? | Crypto Alpha Week 13 of 2025
To keep you updated on all things Crypto, Web3 and Blockchain
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TL;DR
Strategy Surpasses 500K Bitcoin Holdings
GameStop to Raise $1.3B for Bitcoin
Custodia & Vantage Bank Launch Avit on Ethereum
Fidelity Brings Money Market Fund to Ethereum
BlackRock’s BUIDL Fund Expands to Solana
Fidelity’s Stablecoin and SOL ETF Test
KYVE’s Public Goods Funding Supports Blockchain Data
Google Cloud Joins Injective as Validator
Grayscale Files for Avalanche ETF on Nasdaq
Wyoming Stablecoin Launches on Avalanche
SBF Pardon Next?
SEC Drops Charges Against Crypto Firms
And much more!
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Bitcoin Highlights of the Week
GameStop plans to issue $1.3 billion in convertible senior notes maturing in 2030 to acquire Bitcoin, following MicroStrategy’s strategy. This marks a major shift in its corporate treasury approach, leveraging debt to optimize Bitcoin holdings despite having $4.7 billion in cash reserves.
The move positions GameStop alongside firms using Bitcoin as a strategic asset, reinforcing its commitment to digital assets. By following Michael Saylor’s playbook, the retailer aims to capitalize on Bitcoin’s long-term potential while utilizing debt financing to maximize its exposure to the cryptocurrency.
The Blockchain Group has made its largest Bitcoin purchase, adding 580 BTC for €47.3 million, bringing total holdings to 620 BTC. As Europe’s first corporate Bitcoin treasury, its stock (ALTBG) has surged 256% since adopting a BTC reserve strategy in November 2024.
The move aligns with growing institutional adoption, as GameStop also announced Bitcoin investments. Analysts predict a breakout above $87,600 could push BTC to $95,000. Meanwhile, U.S. states are increasingly exploring Bitcoin reserve strategies, reinforcing its legitimacy as a treasury asset. This marks another major step in Bitcoin’s mainstream financial integration.
Arizona has advanced five Bitcoin-related bills, including measures to invest up to 10% of public funds in BTC, accept crypto for taxes, and recognize Bitcoin as legal tender. Lawmakers also pushed forward a bill regulating Bitcoin ATMs to combat fraud.
While none have been enacted yet, all have passed key legislative stages, positioning Arizona as a leader in state-level Bitcoin adoption. With other states exploring similar strategies, this move underscores growing institutional interest in Bitcoin as a financial asset. Final votes and potential governor approval will determine the fate of these groundbreaking proposals.
Michael Saylor’s Strategy acquired 6,911 BTC for $584 million, pushing its total holdings past 500,000 BTC at an average cost of $66,608 per coin. This latest purchase follows the company’s $711 million stock offering, reinforcing its aggressive Bitcoin accumulation strategy.
Despite global tariff concerns impacting risk assets, Strategy continues to buy the dip, aligning with growing institutional interest in Bitcoin. With ETF inflows rebounding, Strategy remains the largest corporate Bitcoin holder, positioning itself as a dominant player in the digital asset market amid ongoing economic uncertainties.
Japanese investment firm Metaplanet has acquired 150 BTC for $12.6 million, reinforcing its commitment to Bitcoin accumulation. The purchase follows the appointment of Eric Trump to its advisory board, signaling a strategic pivot toward digital assets.
Metaplanet aims to hold 10,000 BTC by year-end, reflecting the increasing institutional interest in Bitcoin as a hedge against traditional markets. This move aligns with a broader trend of corporations and financial firms leveraging Bitcoin for long-term value preservation, further strengthening Bitcoin’s position as a key asset in institutional portfolios.
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Ethereum Highlights of the Week
Custodia Bank and Vantage Bank have launched Avit, the first U.S. bank-issued stablecoin on Ethereum. Avit tokenizes demand deposits, ensuring compliance with banking regulations while leveraging Ethereum’s ERC-20 standard for issuance and transfers. Custodia CEO Caitlin Long emphasized that Avit represents “real dollars,” distinguishing it from synthetic stablecoins.
Ethereum supporters celebrated the network’s selection for this milestone. With over $125.8 billion in stablecoins and $3.6 billion in tokenized U.S. Treasuries, Ethereum continues to dominate blockchain finance. This marks a pivotal step in integrating traditional banking with decentralized finance.
Celo has officially shifted from a Layer-1 blockchain to an Ethereum Layer-2 network using Optimism’s rollup technology. This upgrade enhances security, scalability, and liquidity by anchoring Celo transactions to Ethereum while maintaining one-second block times and low fees.
The transition preserves Celo’s history and reduces code complexity, making it more efficient. By leveraging Ethereum’s network effects, Celo strengthens interoperability with Ethereum-native applications, reinforcing its alignment with the broader ecosystem. This move positions Celo as a key player in Ethereum’s Layer-2 scaling landscape.
Fidelity Investments is launching an Ethereum-based share class, “OnChain,” for its Treasury money market fund. While shares will be recorded on the blockchain, traditional book-entry records remain the official ledger. The move aims to enhance transparency and efficiency without tokenizing underlying Treasuries.
This aligns Fidelity with BlackRock and Franklin Templeton in the growing $4.77B tokenized Treasuries market. The initiative, pending SEC approval, is set to go live on May 30. A separate Delaware filing hints at a potential Solana-based product, signaling Fidelity’s deeper push into blockchain-powered financial instruments.
Ethereum developers are gearing up for the last Pectra test on the Hoodi testnet after setbacks on Holesky and Sepolia delayed the upgrade. If successful, Pectra could go live on the mainnet by April 25. Developers faced unexpected validator issues, straining consensus layer teams.
Despite the hurdles, Ethereum’s ecosystem is advancing, with the Dencun upgrade slashing gas fees by 95%, reaching a historic low of 0.28 gwei. The upcoming test is crucial for ensuring Pectra’s smooth deployment, marking another milestone in Ethereum’s ongoing network enhancements.
Coinbase now operates 120,000 Ethereum validators, controlling 3.84 million ETH—over 11% of staked supply—raising concerns about network centralization. With institutional staking on the rise, Coinbase’s dominance could intensify, potentially increasing censorship risks. Unlike Lido, which distributes stake across multiple operators, Coinbase remains a single entity.
Some industry leaders warn that too much reliance on regulated custodians could make Ethereum resemble traditional finance. However, Robinhood’s growing crypto infrastructure may provide competition. As Ethereum adoption accelerates, balancing decentralization with institutional participation remains a critical challenge for the network’s future.
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Solana Highlights of the Week
Fidelity Investments is set to launch a US dollar-pegged stablecoin via its crypto arm, signaling deeper institutional adoption. The firm is also introducing an Ethereum-based OnChain share class for its $80M Treasury Digital Fund. Meanwhile, its Solana ETF filing serves as a regulatory test for broader crypto ETFs.
The industry anticipates the GENIUS Act, a potential game-changer for US stablecoin regulation, which could pass within two months. With major institutions pushing forward, regulatory clarity may accelerate crypto’s integration into mainstream finance, solidifying its role in the evolving financial ecosystem.
BlackRock’s BUIDL tokenized treasury fund, managed by Securitize, is now live on Solana, expanding institutional-grade real-world assets (RWAs) on the network. BUIDL holds U.S. Treasury bills, offers daily dividend payouts, and enables cross-chain transfers via Wormhole.
With over $1.7B in issued BUIDL tokens and total tokenized treasuries surpassing $5B, this move reinforces Solana’s appeal for institutional finance. Solana’s low fees and scalability make it an ideal blockchain for RWAs, following Apollo Global’s ACRED fund launch. This milestone signals accelerating institutional adoption of blockchain-based financial products.
Pump.fun’s new Solana-based DEX, PumpSwap, crossed $1.1 billion in cumulative trading volume just a week after launch, with daily fees exceeding $1 million on March 24. The platform streamlines memecoin liquidity migration, eliminating delays and costs.
Daily swaps peaked at 4.2 million, with 388,000 active users. PumpSwap's launch intensifies competition with Raydium, which is developing its own memecoin launchpad. Despite Pump.fun’s success, Solana’s broader memecoin activity is slowing, with daily token minting and network revenue dropping significantly since January’s peak.
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