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Bitcoin ripped higher, tagging $101,000 for the first time ever — its highest print since February — following President Trump’s announcement of a trade agreement with the UK. BTC is up 4% on the day and has gained roughly 23% since April 3rd, the day after the tariff announcement that jolted global markets. In the same window, gold is up 7%, and the Nasdaq has climbed 9%.
The altcoin complex finally caught a bid, with ETH jumping 13% to reclaim the $2,000 handle and SOL bouncing 9% to trade back above $160 — signs of renewed risk appetite across crypto majors.
In a major M&A move, Coinbase confirmed a $2.9 billion cash-and-stock acquisition of Deribit, the world’s leading crypto options exchange by volume ($1.2 trillion traded last year). The deal marks a strategic pivot deeper into derivatives, giving Coinbase a dominant foothold in this rapidly growing segment.
On the policy front, Arizona just became the second U.S. state to pass a BTC reserve bill — enabling the state to both reclaim unclaimed coins and invest in BTC directly.
Meanwhile, the Fed held rates steady, citing rising risks of both inflation and unemployment amid tariff-related uncertainty. The central bank signaled a cautious stance, avoiding premature cuts in case Trump's tariffs reignite inflation. Trump, for his part, wasted no time taking another shot at Fed Chair Powell over the decision.
Elsewhere, BTC Inc. CEO David Bailey — a close crypto advisor to Trump — has secured $300 million to launch Nakamoto, a publicly traded vehicle focused on BTC accumulation. It’s expected to go public via a merger with a Nasdaq-listed shell company.
Finally, trade tensions remain in the spotlight. The UK is set to become the first country to ink a deal with the U.S. post-tariff policy, ahead of a White House presser at 10am ET. Meanwhile, the EU is preparing to escalate the situation to the WTO and has launched a consultation on retaliatory measures targeting $100B+ in U.S. imports.
The News Room
Arizona and Oregon embrace Bitcoin in sweeping new laws
On May 7, 2025, Arizona and Oregon enacted significant legislation integrating Bitcoin into their state financial frameworks. Arizona's House Bill 2749 establishes a state-run Digital Asset Reserve Fund, allowing the state to claim ownership of unclaimed digital assets after three years of inactivity. These assets can be staked or used to receive airdrops, with proceeds contributing to the reserve fund. Additionally, Senate Bill 1373, pending the governor's approval, proposes allocating up to 10% of Arizona's Budget Stabilization Fund into Bitcoin investments. Oregon's legislation similarly embraces Bitcoin, reflecting a growing trend among U.S. states to incorporate digital assets into public policy and financial planning.
BlackRock reveals $32 million Q1 revenue from Bitcoin IBIT ETF in new SEC filing
BlackRock's iShares Bitcoin Trust ETF (IBIT) generated $32 million in revenue during Q1 2025, according to a recent SEC filing. Despite an 11.15% decline in Bitcoin's price, the fund's net assets stood at $47.78 billion, down from $51.52 billion in the previous quarter. The ETF saw net inflows of 43 million shares, bringing total outstanding shares to over 1 billion, signaling sustained institutional interest. The net asset value per share decreased from $53.09 to $47.14. Operational costs included $33.04 million in sponsor fees, with a promotional fee waiver costing $178,082. BlackRock expanded its custody framework by appointing Anchorage Digital Bank alongside Coinbase Custody to mitigate operational risks. The filing also highlighted potential regulatory challenges and noted that the ETF's exposure to ongoing regulatory evolution remains central.
Treasury Secretary Scott Bessent sees stablecoins creating $2T in demand for government debt
U.S. Treasury Secretary Scott Bessent projects that the growth of stablecoins could generate up to $2 trillion in demand for U.S. government debt over the coming years. Speaking before the House Financial Services Committee, Bessent emphasized the increasing reliance of stablecoins like Tether (USDT) and USD Coin (USDC) on short-term Treasury bills to back their reserves, with Tether holding nearly $120 billion and Circle over $22 billion in such assets as of early 2025. This trend positions stablecoin issuers as significant institutional buyers of government securities, potentially enhancing the resilience and liquidity of Treasury markets. To further integrate stablecoins into the financial system, Congress is reviewing legislation, including the STABLE Act and the GENIUS Act, which would mandate that stablecoins be fully backed by high-quality liquid assets like Treasuries. Bessent advocates for the U.S. to lead in establishing global crypto standards, viewing stablecoins as a strategic tool to bolster the dollar's dominance and support national financial interests
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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