KEYTAKEAWAYS
- Texas advances $250M Bitcoin investment bill alongside other state initiatives, while Circle officially files for NYSE IPO under ticker CRCL with $1.68B in 2024 revenue.
- VanEck expands crypto ETF lineup with BNB registration in Delaware, its fifth after BTC, ETH, SOL and AVAX, as GameStop closes $1.5B convertible note offering for potential Bitcoin purchases.
- Stablecoin adoption accelerates with Sony accepting USDC payments in Singapore, while Congress debates whether regulated stablecoins should be allowed to pay interest to holders.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Texas Bitcoin Bill Moves to Government Efficiency Committee
H.B. 4258, which authorizes Texas’ comptroller to invest up to $250 million in Bitcoin, has been referred to the state’s Delivery of Government Efficiency Committee.
Introduced on March 11 and sponsored by two Democratic Representatives (Ron Reynolds and Mihaela Plesa), the bill would allow investment from the state’s “Rainy Day Fund” and authorize municipalities to invest up to $10 million in cryptocurrencies.
If passed, the law would take effect September 1, 2025. This is one of eight active crypto-related bills in Texas, with four calling for Bitcoin on the state’s balance sheet. Texas remains the second most Bitcoin-friendly state in terms of legislation, trailing only Arizona, and currently hosts about one-third of U.S. Bitcoin mining hash rate.
2. VanEck Registers Binance Coin ETF in Delaware
Investment management company VanEck registered a Binance Coin (BNB) exchange-traded fund in Delaware, marking the firm’s fifth registration of crypto asset ETFs in the state.
The New York-based company has previously registered ETFs for Bitcoin, Ethereum, Solana, and Avalanche. The BNB ETF was registered on Monday under filing number 10148820 as a trust corporate service company.
This represents the first attempt to establish a Binance Coin ETF specifically in the U.S. market. BNB’s trading volume surged 42% to more than $2.12 billion following VanEck’s move.
3. GameStop Completes $1.5 Billion Convertible Note Sale for Bitcoin Purchases
Bitcoin purchases from video game retailer GameStop could be imminent after the company closed on its offering of $1.3 billion of five-year convertible notes, with the $200 million greenshoe option fully exercised bringing the total to $1.5 billion.
Net proceeds to the company after fees were $1.48 billion. Alongside its fourth quarter earnings report last week, GameStop — led by CEO Ryan Cohen — announced full board approval to add Bitcoin to the company’s balance sheet.
GME shares rose 1.35% during the regular session on Monday and gained another 0.8% in after hours trading.
4. Lawmakers Resist Push for Interest-Bearing Stablecoins
As stablecoin legislation advances in Congress, a debate has emerged over whether regulated stablecoins should be allowed to generate interest for holders.
Coinbase CEO Brian Armstrong made a direct appeal to lawmakers to loosen restrictions on interest-bearing stablecoins, arguing that preventing such features would unfairly benefit the banking industry over crypto.
However, Rep. French Hill (R-AR), chair of the House Financial Services Committee, quickly rejected this request, stating that stablecoins should be considered payment rails designed to increase efficiency—not investment products. “It’s not going to be an investment per se. It’s meant to be payment,” Hill told reporters.
The House Financial Services Committee is set to mark up their stablecoin bill, the STABLE Act, on Wednesday.
5. Circle Files for IPO on New York Stock Exchange
Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange under ticker symbol CRCL.
JPMorgan Chase and Citigroup are serving as lead underwriters, with the company reportedly aiming for a valuation of up to $5 billion.
This marks Circle’s second attempt at going public after a prior SPAC merger collapsed in late 2022. The company reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023, with net income of about $156 million last year.
USDC has roughly $60 billion in circulation, representing about 26% of the total stablecoin market, behind Tether’s 67%. Circle’s market cap has grown 36% this year compared to Tether’s 5% growth.
NOON NEWS
1. Grayscale Research Head: Tariff Impact on Crypto May Be Priced In
Grayscale’s Head of Research, Zach Pandl, suggests that the negative impact of tariffs on cryptocurrencies might have already been factored into the market, indicating that the worst phase could be over.
He believes that if U.S. President Donald Trump announces a firm but phased tariff policy on April 2 targeting 15 specific countries, the market might experience a rebound, allowing crypto to refocus on positive fundamentals.
Additionally, Pandl notes that tariffs will likely increase market interest in non-dollar assets, potentially benefiting alternative currency assets, including Bitcoin.
2. Synthetix Founder Warns of Ethereum’s Economic Pressures
Synthetix founder Kain posted that Ethereum’s mainnet is facing economic pressure from reduced gas fees and ETH burning due to L2 scaling solutions diverting transaction activity and EIP-4844’s introduction of Blobs lowering data availability costs.
Kain believes L2s are capturing revenue that would otherwise belong to the mainnet, and migration to alternative data availability solutions like Celestia could further weaken Ethereum’s profitability.
To address this, he suggests short-term solutions like official L2s or rent mechanisms to return value to the mainnet, while long-term solutions may depend on new demand from real-world asset tokenization to increase overall L1/L2 usage.
3. Trader Eugene Shares Insights on Market Execution Differences
Trader Eugene shared insights on the impact of execution differences among traders, despite having similar trading logic and technical analysis.
He emphasized the importance of knowing when to stop losses, how to increase positions, and when to take profits, noting that these decisions are crucial yet complex.
With the upcoming tariff policy implementation, Eugene revealed he has cleared most of his positions, adopting a more cautious approach after significant losses this year despite his intuition suggesting a potential ‘buy the dip’ opportunity following the policy announcement.
4. Sony Partners with Crypto.com to Accept USDC Payments in Singapore
Sony Electronics Singapore and Crypto.com announced the acceptance of USDC, a U.S. dollar-pegged stablecoin, exclusively on Sony Store Online in Singapore.
SES is the first consumer electronics brand in Singapore to partner with Crypto.com for direct crypto payments, with plans to expand to other cryptocurrencies beyond USDC.
To celebrate the launch, Sony is offering promotions including a free LinkBuds Speaker for the first 50 users who spend at least S$300, and 20 USDC credits for the first 150 users who spend a minimum of S$100 using Crypto.com Pay.
5. BitMEX Co-Founder Predicts Bitcoin Could Reach $250,000 by Year-End
Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, predicts Bitcoin’s price could rise to over $250,000 before the end of the year, driven primarily by expectations of increasing fiat supply.
Hayes believes the rally will be boosted by the Federal Reserve pivoting to quantitative easing, noting that the Fed has reduced the Treasury runoff cap to $5 billion per month from $25 billion effective April 1.
“If my analysis of the Fed’s major pivot from QT to QE for treasuries is correct, then Bitcoin hit a local low of $76,500 last month, and now we begin the ascent to $250,000 by year-end,” Hayes wrote.
However, prediction markets show only 9% of traders betting on Bitcoin hitting $250,000, with 60% expecting it to reach $110,000 in 2025.
EVENING NEWS
1. Franklin Templeton Considering Bitcoin ETPs in Europe
According to Bitcoin Magazine, Franklin Templeton, which manages assets of $1.5 trillion, is considering launching Bitcoin and cryptocurrency exchange-traded products (ETPs) in Europe.
2. Forbes Billionaire List Shows 16 Crypto Billionaires Worth $164 Billion
Forbes released its 39th Global Billionaires List, showing the number of billionaires worldwide exceeded 3,000 for the first time, reaching 3,028 with a total wealth of $16.1 trillion.
The list includes 16 cryptocurrency billionaires with a total wealth of more than $164 billion and an average net worth of $6.8 billion. Binance founder Zhao Changpeng tops crypto billionaires with $63 billion, followed by Tether’s CFO Giancarlo Devasini with $22.4 billion.
Other notable crypto figures include Coinbase co-founders Brian Armstrong and Fred Ehrsam, Gemini founders Cameron and Tyler Winklevoss, Tron founder Justin Sun, Ripple’s Chris Larsen, and Strategy founder Michael Saylor, whose 528,185 corporate bitcoins and 17,732 personal bitcoins have significantly improved his wealth ranking.
3. U.S. Labor Market Data to Take Center Stage Amid Economic Concerns
The U.S. labor market is poised to steal the spotlight this week amid concerns over a potential economic slowdown, with the ADP Employment Change report for March scheduled for release on Wednesday at 12:15 GMT.
Forecasts predict an addition of 105,000 new private sector jobs after February’s gain of 77,000. With inflationary pressures remaining stubborn and the Federal Reserve maintaining a hawkish stance, the labor market data has taken on increased significance.
Market participants are currently predicting 50 basis points of rate cuts by the Fed this year, with stronger-than-expected employment figures potentially easing economic slowdown concerns, while weaker numbers might intensify them.
4. Elon Musk’s X Asks Supreme Court to Protect Crypto Users’ Financial Data
Elon Musk’s social media platform X has asked the U.S. Supreme Court to prevent law enforcement from forcing companies like Coinbase to hand over users’ financial data without a warrant.
In an amicus curiae brief filed Friday, X Corp. challenged the use of “suspicionless” subpoenas, arguing that the IRS violated the Fourth Amendment rights of Coinbase customer James Harper when it obtained transaction records from over 14,000 customers through a dragnet subpoena.
The Supreme Court has requested the federal government to respond to the petition. The case stems from Harper’s 2020 lawsuit against the IRS for allegedly unlawfully seizing information identifying him as a crypto holder, although a federal court ruled in 2023 that the IRS acted within its authority.
5. Listed Company Jerking Approves Fundraising for Bitcoin Purchase
According to Bitcoin Magazine, the board of directors of the listed company Jerking has approved raising funds to purchase Bitcoin.
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