Weekly Report | Trump Signs Executive Order to Establish Strategic Bitcoin Reserves; White House: The U.S. Will Become the World's Bitcoin Superpower, the Golden Age Has Begun; Metaplanet Completes Approximately $87 Million Financing to Increase Bitcoin Holdings
The Australian government currently has no plans to establish a strategic reserve for cryptocurrencies; Robinhood pays a $26 million fine to settle with the Financial Industry Regulatory Authority; Zhao Changpeng: Voting by user count benefits large communities, while value voting will benefit whales.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (3.3-3.9)"
Coinbase co-founder and CEO Brian Armstrong commented on social media regarding "Trump's push for a cryptocurrency reserve plan," stating that BTC may be the best choice for asset allocation in strategic reserves. As a successor to gold, BTC has the simplest and clearest narrative. If people want more variety, a market cap-weighted index of crypto assets could be created to maintain fairness. However, choosing only BTC might be the simplest option.
2、Australian Government Currently Has No Plans to Establish a Cryptocurrency Strategic Reserve
According to Cointelegraph, the current Australian government has stated that there are no plans to establish a cryptocurrency strategic reserve.
A spokesperson for Australian Assistant Treasurer and Minister for Financial Services Stephen Jones told Cointelegraph that the Albanese government is focused on regulating digital asset platforms and is developing a regulatory framework suitable for digital assets.
Tom Matthews, head of corporate affairs at Australian exchange Swyftx, believes that while the idea of crypto reserves is popular, it may be "fraught with complexity" and could lead to concentration risks for certain tokens. Kraken Australia Managing Director Jonathan Miller stated that cryptocurrencies have already established themselves as investment-grade assets.
French crypto market maker and liquidity provider Flowdesk has completed a $52 million Series B extension, with 80% being equity financing and about 20% ($10.2 million) being debt financing. The equity financing round was led by European investment firm HV Capital, with participation from Eurazeo, Cathay Innovation, and ISAI VC, while the debt financing was provided by funds managed by BlackRock. HV Capital also gained a seat on Flowdesk's board.
Flowdesk plans to use the funds to expand its business, including launching a dedicated crypto credit business and establishing an office in the UAE. Co-founder and Global CEO Guilhem Chaumont stated that debt financing is a strategic choice for the company to optimize its balance sheet while maintaining sustainable growth and avoiding equity dilution. Flowdesk previously completed a $50 million Series B financing in January 2024, with a valuation exceeding $250 million.
Founded in 2020, Flowdesk's main business includes market making, liquidity provision (including crypto ETFs), OTC trading, brokerage services, and financial management.
4、Metaplanet Completes Approximately $87 Million Financing to Increase Bitcoin Holdings
According to Metaplanet's announcement, the company has completed a large-scale exercise of stock subscription rights for its 13th and 14th series through a third-party directed issuance, raising approximately 12.97 billion yen (about $87 million).
This financing was supported by EVO FUND, with part of the funds used to redeem previously issued 7th series ordinary bonds early. Metaplanet plans to use the funds to continue increasing its Bitcoin holdings to strengthen its digital asset investment strategy.
5、New York Times: Trump Himself May Be the Winner of the Crypto Strategic Reserve
According to an analysis published by the New York Times, Trump himself may be the winner of the crypto strategic reserve, having spent millions of dollars on cryptocurrencies through his family's crypto project, with some of these tokens potentially being included in the U.S. strategic reserve.
Cornell University economist Eswar Prasad added, "Trump's crypto strategic reserve lacks rationality and strategy; it is merely beneficial for Bitcoin holders at this stage, but certainly a bad thing for taxpayers."
Binance co-founder Zhao Changpeng posted on X platform that predicting crypto trends for the next 10 years is simple, but predicting tomorrow's trends is difficult.
7、Hong Kong Legislative Council Member Wu Jiezhuang: Hong Kong Has No Official Currency
Hong Kong Legislative Council member Wu Jiezhuang stated, "Hong Kong has no official currency. Some citizens and Web3 practitioners have inquired about someone impersonating the Chief Executive on the X platform, claiming to launch Hong Kong Coin on the Solana chain. The government has clarified that this information is not true and is a deliberate scam. Citizens are reminded to be cautious and not to mislead others."
Previous news reported that the Hong Kong Chief Executive's X account was suspected of being hacked, posting content related to tokens.
White House AI and cryptocurrency chief David Sacks stated, "Just a few minutes ago, President Trump signed an executive order to establish a strategic Bitcoin reserve. This reserve will be capitalized with Bitcoin owned by the federal government, which is part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime. It is estimated that the U.S. government owns about 200,000 Bitcoins; however, a complete audit has never been conducted. The executive order requires a comprehensive accounting of the federal government's digital asset holdings.
The U.S. will not sell any Bitcoins deposited in the reserve. They will be kept as a store of value. For cryptocurrencies commonly referred to as "digital gold," the reserve is like a digital Fort Knox. The premature sale of Bitcoin has already cost U.S. taxpayers over $17 billion. Now the federal government will formulate a strategy to maximize the value of its Bitcoin holdings.
The Treasury Secretary and Commerce Secretary are authorized to develop budget-neutral strategies to acquire more Bitcoins, provided these strategies do not impose incremental costs on U.S. taxpayers. Additionally, the executive order establishes a U.S. digital asset reserve, which includes digital assets other than Bitcoins seized in criminal or civil proceedings. Apart from assets obtained through forfeiture, the government will not acquire other assets for the reserve. The purpose of the reserve is to manage government digital assets under the leadership of the Treasury Department.
From making commitments to fulfilling them, President Trump has promised to establish strategic Bitcoin reserves and digital asset reserves, and these commitments have now been fulfilled. This executive order emphasizes President Trump's determination to make the U.S. the "world capital of cryptocurrency." I want to thank the President for his leadership and vision in supporting this cutting-edge technology and for his swift action in supporting the digital asset industry. His administration is indeed moving at "the speed of technology."
I also want to thank the President's digital asset market working group—especially Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick—for their assistance and support in completing this work. Finally, Bo Hines played a key role as the executive director of our working group."
9、Binance Updates March Reserve Proof: New TRUMP Added, 35 Tokens Have Reserve Ratios Over 100%
Binance released its March 2025 reserve proof. As of March 1, Binance's BTC reserve ratio reached 100.77%, ETH reserve ratio was 100.00%, USDT reserve ratio reached 104.42%, and BNB reserve ratio was 110.92%.
Additionally, Binance's reserve proof added the TRUMP token, with a reserve ratio of 100.38%. Binance's reserves currently cover a total of 35 tokens, all with reserve ratios exceeding 100%.
10、Binance Imposes Monitoring Label on GoPlus Security (GPS)
According to Binance's announcement, Binance will impose a monitoring label on GoPlus Security (GPS) on March 7, 2025.
Previously, GPS experienced a significant price drop after being listed on the spot market and was involved in market-making activities.
11、Zhao Changpeng: Voting by User Numbers Benefits Large Communities, Value Voting Benefits Whales
Zhao Changpeng responded to community users on the X platform, stating that it is still unclear how Binance's voting mechanism for adding and removing tokens will be categorized. Voting based on user numbers benefits large communities, while value voting benefits whales and large holders. Regardless, there will always be complaints about removing tokens in the community.
ChainCatcher previously reported that Binance announced it will optimize its token listing mechanism, adding "voting for adding tokens" and "voting for removing tokens" community governance models, giving users more decision-making power while not profiting from token listings, and will disclose project marketing expenses and batch airdrop tokens.
12、David Sacks: ADA, SOL, XRP Mentioned Only Because They Are in the Top Five by Market Cap
According to Aggr News, David Sacks, head of crypto policy for the Trump administration, stated that Cardano (ADA), Solana (SOL), and XRP were mentioned in discussions about the strategic Bitcoin reserve and digital asset reserve solely because of their top five market cap rankings, with no special preferences or policy inclinations.
13、Powell: No Rush to Cut Rates Until the Impact of Trump's Policies Becomes Clearer
Federal Reserve Chairman Powell stated that there will be no rush to cut rates until the impact of the new Trump administration's policies on the economy becomes clearer.
Powell said, "The new administration is implementing significant policy changes in four different areas: trade, immigration, fiscal policy, and regulation. The uncertainty surrounding these changes and their potential impacts remains high. Our focus is on distinguishing signals from noise as the outlook changes. We do not need to rush; we are fully capable of waiting for a clearer outlook."
Although Powell stated that the economy "continues to be in good shape," data also indicates that consumer spending may slow, and businesses and companies are increasingly uncertain about the economic outlook. Powell added that key indicators remain robust, and while progress on inflation and employment continues, it is uneven.
14、Trump: Treasury and Commerce Departments Will Explore New Ways to Accumulate More Bitcoins
U.S. President Trump stated at the White House crypto summit that the Treasury and Commerce Departments will explore new ways to accumulate more Bitcoins for the reserves, without wanting taxpayers to bear any costs, and will order federal agencies to inventory the digital assets currently held by the U.S. government and determine how to transfer them to the Treasury. The digital assets will be stored in a new U.S. digital asset reserve.
15、Coinbase Adds Aethir (ATH) and Syrup (SYRUP) to Token Listing Roadmap
Coinbase announced on the X platform that it has added Aethir (ATH) and Syrup (SYRUP) to its token listing roadmap.
According to The Paper, Supreme People's Procuratorate Chief Ying Yong delivered the work report at the third session of the 14th National People's Congress, stating that in 2024, procuratorial organs prosecuted 825 people for securities crimes such as financial fraud and insider trading, and 3032 people for money laundering crimes involving the transfer of criminal proceeds using "virtual currency."
17、Former Avalanche Foundation Director Confirms Three Directors Have Resigned Collectively
Former Avalanche Foundation director Omer (@demirelo) posted a statement on the X social platform confirming that three directors, including Aytunç Yildizli and Vikram Nagrani, officially resigned from the board of the foundation and its subsidiaries earlier this week.
Executive Director Aytunç Yildizli ceased his duties on February 28, 2025, and the board has since been in a wait-and-see mode, trying to find a way forward.
Omer stated, "During my and Aytunç Yildizli's and Vikram Nagrani's 18-month term, we pushed for several important initiatives, including establishing the Avalanche Foundation brand image, releasing the first annual report, launching incentive programs like infraBUIDL () and infraBUIDL (AI), and developing the AiFRED project, while also working to strengthen internal coordination within the ecosystem and shifting growth strategies to focus on new market development and strategic partnerships. This collective voluntary resignation decision was 'well-considered,' and we will continue to pay attention to the development of the Avalanche ecosystem and wish the Avalanche ecosystem and community all the best."
18、Robinhood Pays $26 Million Fine to Settle with FINRA
According to Bloomberg, two subsidiaries of Robinhood Markets Inc. have agreed to pay $26 million to settle charges brought by the Financial Industry Regulatory Authority (FINRA). FINRA accused Robinhood of failing to respond to warning signs of potential misconduct and failing to verify the identities of thousands of customers.
This fine from the brokerage industry regulator follows another $45 million settlement reached by Robinhood Securities and Robinhood Financial with the U.S. Securities and Exchange Commission (SEC) in January. The SEC accused the retail trading company of failing to maintain records, failing to report suspicious activities on time, and other issues.
In the settlement agreement, both companies accepted the findings of the FINRA investigation but neither admitted nor denied the charges and agreed to commit to rectifying the related issues.
19、White House: The U.S. Will Become the World's Bitcoin Superpower, the Golden Age Has Begun
The official X account of the White House stated, "The U.S. will become the superpower of Bitcoin in the world. The golden age of America has begun!"
Crypto KOL Ansem (@blknoiz06) posted on the X platform, stating, "I believe Ye is one of the few people in the world with enough influence to significantly impact the mainstream adoption of cryptocurrency, with many unique and innovative ways to integrate cryptocurrency into his existing networks."
Ansem revealed details of discussions with Ye about cryptocurrency, saying, "Honestly, Ye has shown a genuine interest in learning about cryptocurrency and how it works, while 99% of outsiders wouldn't even care enough to ask questions." When asked why Ye is interested in cryptocurrency, Ansem responded to user comments, stating, "He has indeed experienced being banned on different social and financial applications, which is impossible on services built on cryptocurrency infrastructure."
Previous news reported that the famous rapper Kanye stated he is learning about Bitcoin from crypto KOL Ansem.
"What Exciting Articles Are Worth Reading This Week (3.3-3.9)"
1、Jump Trading's Dark History: A Comprehensive Recovery of Crypto Business Faces an Awkward Situation
In August last year, a hasty and massive sell-off by Jump Trading pushed the crypto market into a deep abyss, further triggering the "805 crash." At that time, rumors about Jump "this big guy" collapsing intensified.
In the following six months, the few news reports about Jump were almost all centered around its internal and external lawsuits.
Recently, CoinDesk cited sources saying that Jump is currently fully restoring its cryptocurrency business. Jump Trading's official website shows that Jump is hiring a batch of crypto engineers for its offices in Chicago, Sydney, Singapore, and London. Additionally, another insider added that Jump plans to start supplementing U.S. policy and government liaison positions at the appropriate time.
Jump was once known as the "absolute king" of the trading world. With ultra-low latency trading systems and complex algorithm designs, Jump became one of the key liquidity providers in traditional finance. As the scale of the crypto market continued to expand, Jump began market-making for cryptocurrencies and investing in crypto projects, officially establishing the crypto business department Jump Crypto in 2021.
However, the gamble that accompanied the birth of Jump Crypto also laid hidden dangers for its later tragedy.
This morning, the White House crypto summit officially kicked off, with the White House providing about 25 minutes of live coverage. Although there were high expectations for this summit, the live content did not reveal any new policies or major information.
President Trump’s speech at the summit was relatively brief, serving more as an opening host. The attendees' speeches were mostly ceremonial expressions, focusing on the progress of crypto policies since the Trump administration took office and support for Trump himself.
Although the summit lacked substantial policy updates, the market is still closely watching the potential signals behind it. This article will summarize all the noteworthy information from the summit and focus on reviewing the interview content of White House AI and crypto chief David Sacks before the summit.
3、Full of Gamesmanship, Eight Highlights of the White House Crypto Summit Six Hours Later
Although Trump has signed the executive order for the Bitcoin strategic reserve, more details remain undecided, leading to significant market divergence regarding its future impact. This also makes the upcoming four-hour White House crypto summit, starting a few hours later, full of highlights. (Note: Closed-door meeting from 2:30 AM to 6:30 AM on March 8)
With the non-farm payroll data set to be released at 9:30 PM tonight, the crypto market is destined to be filled with gamesmanship, and for the Chinese crypto community, it will undoubtedly be another sleepless night. This article summarizes the important topics or predictions for tonight's White House crypto summit as a pre-meeting reference.
4、Revealing the History of Tether: Undercurrents and Manipulation in the Crypto Market
This article is adapted from Zeke Faux's book "Number Go Up." Zeke Faux, with a keen interest in cryptocurrencies, began to delve into and investigate Tether (USDT), ultimately writing this book that reveals the manipulation behind Tether and its impact on the crypto market.
This compilation organizes the original text, mainly discussing how Giancarlo Devasini manipulated the Tether stablecoin USDT to rise in the global crypto market. Although Tether initially promised to support a 1:1 dollar reserve, it frequently faced regulatory scrutiny due to opaque fund flows, frequent issuance, and experiences with hacking incidents and mysterious fund operations, especially becoming a tool for illegal fund transfers in Southeast Asia. Nevertheless, he continues to push projects like Bitcoin bond plans to expand the business landscape.
5、Optimists Cheer, Pessimists Worry: How Does the Market View the U.S. Crypto Strategic Reserve?
This morning, President Trump signed an executive order to establish a Bitcoin strategic reserve and a U.S. digital asset reserve.
White House AI and crypto czar David Sacks pointed out that over the past decade, the U.S. government has sold approximately 195,000 Bitcoins, generating only $366 million in revenue. If these Bitcoins had been held long-term, their current value would exceed $17 billion.
Sacks bluntly stated, "This is the cost of U.S. taxpayers not having a long-term strategy!"
So how does the crypto strategic reserve actually work? How will this policy impact the market? Let’s take a look at the different interpretations from the market.
6、The First Shot for Community Rights Protection! Uncovering the RedStone Token Listing Controversy
Today, RED, which has been actively trading on Binance's pre-market for several days, was urgently halted just before its official listing on the spot market. The official explanation for the reason is that its project party temporarily changed the community airdrop allocation plan, announcing an additional 2% of the total RED token supply would be allocated to community members who were omitted from the initial airdrop distribution.
Whether this is a result of the community's resistance to unfair airdrop distribution or a compromise made by the RED project party to maintain token prices, we cannot know.
But at least this time, we see that brave voices can still make a difference.
7、SOON Network: Expanding SVM Beyond Solana | Attention to Early-Stage Projects
After the pump wave, the Solana ecosystem needs to build more valuable projects to retain users and continue to expand its ecological influence.
But how can more ecosystem users use the fast and low-cost Solana chain?
SOON Network stands out as a rollup stack aimed at providing top performance for all Layer 1s, tailored with an architecture to meet the high-performance needs of modern decentralized applications.
With only 33 hours left until the first White House cryptocurrency summit, the crypto market's attention is undoubtedly focused on this high-profile meeting that may influence the industry's future.
The meeting will last from 2:30 AM to 6:30 AM Beijing time on March 8, with President Trump personally attending and speaking, alongside AI and crypto czar David Sacks, SEC Acting Chair Mark Uyeda, CFTC Acting Chair Caroline Pham, and many leaders from the crypto industry.
However, the official invitation email revealed no details other than the time and location. The specific agenda and discussion topics of the meeting remain shrouded in mystery. This article will summarize the current market predictions regarding the meeting's content and explore important policy trends.
9、5000U Becomes 400U: Unveiling the Truth Behind KOL Round Financing's "Capital Hunting"
Once a booming KOL round financing, it has now become a "nightmare" for many KOLs:
"Last year I invested in more than ten KOL rounds, all of which lost money. Most didn't even issue tokens and just disappeared."
"Let me put it this way, basically all KOL rounds this time didn't make much money."
"Last year I invested in more than a dozen, and in the end, only 2 were successfully issued. The 5000U I invested ended up as 400U."
What was once thought to be a shortcut to participate in quality projects and achieve wealth appreciation has turned into a complete loss. Some people helplessly joked, "Lost face while losing money."
KOL rounds seem to be quickly becoming a derogatory term, from a wealth secret to a "capital hunting ground."
10、DeFi Unbinding and Taxation Fantasy: Are Trump's Two New Crypto Cards Still Worth Expectation?
Although the market only rallied for one day due to Trump's strategic reserve declaration, the Trump administration seems to have not given up on playing the crypto card.
Yesterday, two potentially favorable policy shifts for crypto were released.
First, White House AI and crypto chief David Sacks stated on the X platform that the White House will support the "Congressional Review Act" to repeal the "DeFi Broker Rule."
This morning, the U.S. Senate passed the "Congressional Review Act" by a vote of 70 to 27 to repeal the DeFi Broker Rule, pending approval by the House of Representatives and signature by President Trump to become law.
Second, Mike Alfred, founder of Alpine Fox LP, revealed on the X platform that at Friday's White House crypto summit, the Trump administration may announce the cancellation of the zero capital gains tax policy on cryptocurrency sales.
11、The Life-and-Death Game of 100x Leverage: Reviewing Recent Crazy Bets and Gambles by Crypto Whales
Since February 25, Bitcoin prices have entered a phase of intense volatility, experiencing significant "N-shaped" fluctuations of over 15% within a week. The crypto greed and fear index has remained in the "fear" zone, while retail investors are anxious amid liquidation alerts, top whales, however, have sniffed out the "smell of blood"…
In this market game, some accurately bottomed out and made millions, while others bet in the wrong direction and faced liquidation. Who is stirring up the market? And who is faltering amidst the turmoil?
This issue will delve into the recent miraculous operations of whales in the market, decoding how crypto whales perform "capital games on the edge of a knife" in the contract battlefield.
As the SIMD-0228 proposal is the first of its kind on the Solana network, the community remains cautious about whether it will work as expected.
"Cross-chain" has always been a necessity in the crypto industry.
Recently, the cross-chain field has welcomed many positive developments. On February 19, the cross-chain asset packaging protocol Universal announced the completion of a $9 million financing led by a16z. Following that, on February 20, the Ethereum Foundation announced the launch of a modular cross-chain operation open-source framework, Open Intents Framework, providing developers with powerful tools to build and deploy intent product experiences, further promoting the development of cross-chain technology.
On February 26, early Ethereum ecosystem participant, Delta Fund founder, and former ConsenSys Ventures partner Kavita Gupta publicly announced the launch of the cross-chain aggregation protocol Inclusive Layer. This protocol focuses on user intent, aiming to break down barriers between EVM and non-EVM ecosystems, providing users and developers with a more seamless cross-chain experience.
On March 2, Trump made a statement regarding cryptocurrency reserves, indicating that his digital asset executive order directs the presidential working group to advance a crypto strategic reserve that includes XRP, SOL, and ADA, "ensuring that the U.S. becomes the world crypto center." Subsequently, Trump added that BTC and ETH are also included in the reserves. After the announcement, the five assets mentioned by Trump experienced significant price increases, giving a boost to the continuously declining crypto market.
Related Reading: "Trump's 'Market Rescue': A Look at This Week's Most Noteworthy 'Macro Events' and 'American Coin'"
In addition to the already listed BTC and ETH spot ETFs, the approval and advancement of ETFs for XRP, SOL, ADA, and other "American Coins" may also enter an acceleration phase.
Earlier this year, with the new administration taking office, the U.S. Securities and Exchange Commission announced the establishment of a new cryptocurrency working group led by Commissioner Hester Peirce, which insiders view as a gateway to updated regulations and more cryptocurrency fund approvals. This could accelerate the approval of a broader range of cryptocurrency ETFs, including SOL, XRP, LTC, DOT, and DOGE, thus continuously heating up the crypto ETF market.
Altcoins are about to welcome a new wave of applications and listings. Currently, several entities are applying for spot ETFs for assets such as SOL, XRP, LTC, DOT, ADA, TRUMP, DOGE, HBAR, BONK, and APTOS.
15、Rational Return｜Has Crypto Lost Trust in Trump?
Last night, the cryptocurrency market went into a frenzy due to a post by Trump mentioning the "crypto strategic reserve," with XRP, SOL, and ADA surging over 30% in a single day, and Bitcoin and Ethereum following suit, leading to a $300 billion increase in the total market capitalization of the crypto market.
The "pump" effect was evident, but the market does not seem to have rekindled the past fervor for policy bull markets.
Rationality is returning to crypto.
In this cycle, Ethereum faces numerous challenges: the frenzy of meme coins has siphoned off funds and attention, the prosperity of Layer 2 has backfired on the mainnet's value, and the Ethereum Foundation has been criticized for its "inaction." The market's doubts about Ethereum are rising, and what was once revered as the "king of public chains" is now being mocked by the community as a "declining old order," with Vitalik also falling from the "altar."
With market skepticism, internal ecosystem strife, and weak token prices, Ethereum can no longer sit idly…
Facing the community, developers, and investors, a "self-rescue operation" has officially begun. The personnel adjustments within the Ethereum Foundation and the establishment of new departments are undoubtedly the first shots in this transformation.
Backpack has prioritized doing the hardest work, integrating itself into the social framework of major markets.
18、Trump's "Market Rescue": A Look at This Week's Most Noteworthy "Macro Events" and "American Coin"
This week may be the most critical week influencing the future of crypto.
In a prison where muffins and instant noodles serve as currency, missing the external changes, SBF discussed his worldview in a recent interview.
The crypto industry has always walked the line between innovation and fraud, and regulators need to clarify what kind of industry they want to support.
