TL;DR

U.S. Senate to vote on 1M BTC reserve; BlackRock, corporates accumulate; Circle files $6.7B IPO.

Highlights

• U.S. Senate to vote on Lummis-Trump Bitcoin Act to acquire 1 million Bitcoin (5% of supply), with presidential and military backing 1.
• BlackRock adds 22,419 BTC ($2.4B), now holding over 621,000 BTC (~3% of total supply); VanEck urges U.S. government BTC purchase 4.
• Strategy (formerly MicroStrategy ) buys 4,020 BTC ($427M), total holdings now 580,250 BTC, amid ongoing lawsuit 5.
• Circle files for NYSE IPO, targeting $6.7B valuation; ARK Invest signals interest in $150M of shares 3.
• Cantor Fitzgerald launches $2B Bitcoin-backed lending program, first loans to FalconX and Maple Finance 7.
• SharpLink Gaming raises $425M (Consensys-led) to adopt ETH as treasury reserve; Joseph Lubin becomes chairman 8.
• Strive Asset Management raises $750M (up to $1.5B with warrants) for BTC acquisition and Mt. Gox claims 9.
• Cetus Protocol (Sui DEX) exploited for $223M; $162M frozen, user repayment subject to ongoing community vote 6.
• MetaMask adds Solana /SPL support to browser extension; mobile integration coming soon 19.
• Hyperliquid’s HYPE token hits $13B market cap, surpasses SUI; 51% of airdrop remains unclaimed 17.
• Stablecoin volumes hit $27T in 2024; growth could drive $2T demand for U.S. Treasuries if regulation passes 16.
• Google research warns quantum computing could threaten crypto wallet encryption sooner than expected 14.

Commentary

U.S. government interest in direct Bitcoin accumulation is intensifying, with the Senate set to vote on a bill to establish a Strategic Bitcoin Reserve 1. This move, supported by President Trump and military officials, signals a major shift in official policy and could drive further institutional demand 1. BlackRock ’s continued BTC accumulation—now over 3% of total supply—alongside VanEck’s public advocacy for a national reserve, underscores the growing competition among institutions and corporates such as Strategy and Strive to secure significant BTC holdings 459.

On the corporate and capital markets front, Circle’s NYSE IPO filing (with major Wall Street backing) and Cantor Fitzgerald’s entry into Bitcoin-backed lending reflect deepening TradFi–crypto integration 37. SharpLink Gaming’s pivot to ETH as a treasury reserve, led by Consensys and Joseph Lubin, marks the first such move by a Nasdaq-listed company, while Strive’s capital raise for BTC and Mt. Gox claims highlights ongoing treasury diversification strategies 89.

DeFi and infrastructure developments remain active: MetaMask’s Solana integration broadens multichain access for over 100 million users, and Hyperliquid’s HYPE token has rapidly climbed the market cap rankings, driven by institutional and leveraged trading 1719. However, security remains a concern, as evidenced by the $223M Cetus Protocol exploit on Sui , with user repayment now in the hands of on-chain governance 6. Meanwhile, stablecoin growth is accelerating, with $27T processed in 2024 and potential for significant new demand for U.S. Treasuries should regulatory clarity arrive 16.

Traders should watch the U.S. legislative calendar for the Senate Bitcoin Act vote and stablecoin bill progress, monitor institutional BTC flows, and remain alert to security and technological risks—including the quantum computing threat flagged by Google 11614. Volatility is likely around assets tied to institutional adoption, regulatory shifts, and security events.