GameStop Prepares to Buy BTC with $1.3 Billion Bond Offering
GameStop announced that it will add Bitcoin to its treasury by updating its investment policy along with its fourth-quarter earnings announcement. The company plans to issue $1.3 billion in non-interest-bearing convertible notes due in 2030 to finance this move. The bonds, which will be offered only to large institutional investors, also have an additional $200 million put option.
GameStop is following Strategy’s Bitcoin investment model with this move. MicroStrategy President Michael Saylor welcomed GameStop’s move by saying, “Welcome to the Bitcoin team.” GameStop shares rose after the news, but lost 5.5% in after-hours trading.
New Market Structure and Stablecoin Laws on the Way in the US
The US Congress is making progress on bills to regulate crypto markets. House Financial Services Committee Chairman Rep. French Hill announced that the revised version of the market structure bill prepared last year will be published in a few weeks. This bill, known as FIT 21, provides more authority and funding to the CFTC, while defining the powers of the SEC. It is stated that the new version no longer needs to be shaped against the Biden administration and former SEC Chairman Gensler.
On the other hand, important steps are being taken regarding stablecoin regulations. While the Senate advanced the GENIUS Act, which was prepared with bipartisan support, Republicans on the House side introduced the STABLE Act. Rep. Bryan Steil stated that both bills are 80% similar and that work is ongoing to close the remaining differences. Both bills are expected to be voted on soon.
A Step to Clarify Crypto Laws in the US
Congressman Tom Emmer has reintroduced the Securities Clarity Act in an effort to clear up uncertainties surrounding the classification of digital assets as securities. The bill would provide flexibility in the regulatory framework if assets become decentralized or evolve into different use cases over time by clearly distinguishing between an “investment contract” and the digital asset attached to it. Emmer and co-sponsor of the bill Darren Soto emphasized that this step would both strengthen investor protection and support innovation.
The bill was previously included in the FIT 21 bill, which passed the House in May 2024, and reflects the growing interest in Congress to modernize digital asset regulations. The legislation, which aims to resolve jurisdictional confusion between the SEC and CFTC, aims to ensure that the U.S. remains competitive in global blockchain innovation.
Trump Set to Sign Order Repealing IRS’ DeFi Broker Rule
The U.S. Senate has approved a resolution by a vote of 70-28 that repeals a Biden-era regulation requiring decentralized finance (DeFi) protocols to report to the U.S. Internal Revenue Service (IRS). The resolution, which had previously passed the House of Representatives, was sent to President Donald Trump’s desk after final approval by the Senate.
David Sacks, the White House’s artificial intelligence and crypto advisor, said Trump supports repealing the regulation. If the decision goes into effect, it will remove additional tax reporting obligations for DeFi protocols, somewhat reducing regulatory uncertainty in the crypto market.
Trump’s SEC Chair Nominee Atkins Promises Clear Crypto Regulations
Paul Atkins, who has been nominated to be the Chairman of the U.S. Securities and Exchange Commission (SEC), has pledged to create clear regulatory frameworks for digital assets. In his Senate testimony, he emphasized that he will take a “consistent and principled” approach to prevent uncertainty in the markets and encourage innovation. Atkins, who previously served as SEC Commissioner, argues that regulatory decisions should be based on cost-benefit analysis.
Atkins’ nomination has been delayed by ethical scrutiny due to his investments in crypto companies. According to Fortune, Atkins, who has approximately $6 million in crypto-related investments, has announced that he will divest these assets if confirmed. If the Senate Banking Committee approves her nomination, the process will move to a Senate vote, and Atkins is expected to take office due to the Republican majority.
World Liberty Stablecoin USD1 Takes the Stage
World Liberty Financial (WLFI) introduced its USD1 stablecoin, which it developed with the support of the Trump family, at a crypto event in Washington. Donald Trump Jr. expressed his support for the project via video link, stating that blockchain-based financial systems will offer great opportunities in the future. This stablecoin will be launched on Ethereum and BNB Chain and is expected to attract the attention of individual and institutional users.
The US Congress’ work on stablecoin regulations was also on the agenda at the event. Senator Tim Scott and Representative French Hill emphasized the need to create a legal framework that will allow America to be a leader in the stablecoin market. WLFI’s vision is based on expanding the use of stablecoins to everyday purchases and creating an alternative financial ecosystem to the traditional banking system.
Wyoming Governor Backs Down on Bitcoin Reserve Plan
Wyoming Governor Mark Gordon stated that the state will move away from the attempt to create a Bitcoin reserve and focus on more practical crypto projects. Drawing attention to the volatility of Bitcoin, Gordon emphasized that the state is proceeding carefully in this area and that instead of investing all its resources in crypto at once, it should develop working projects. The Bitcoin reserve plan, which was brought to the agenda in January, did not find great support in the state legislature and could not pass the committee.
Gordon said that Wyoming will focus on the state-backed stablecoin WYST, which it plans to launch this summer. Stating that WYST will provide a secure and transparent system based on the state treasury, Gordon stated that this project will provide flexibility to Wyoming citizens and create financing for the state’s education system. On the other hand, Senator Cynthia Lummis’ $80 billion Bitcoin purchase proposal at the federal level has not yet received approval from the White House.
BlackRock’s BUIDL Fund Triples in 3 Weeks
BlackRock’s Ethereum-based tokenized money market fund (BUIDL) has tripled in value in the last three weeks, reaching $1.87 billion. While the stagnation in the price of Bitcoin has led investors to turn to safer assets, demand for tokenized real-world assets (RWA) like BUIDL is increasing rapidly. The RWA sector is currently approaching a record $20 billion, and these assets offer investors a bridge between traditional finance and digital assets.
BlackRock’s fund, which launched with Securitize in March 2024, is growing rapidly amid increasing institutional interest and the SEC’s regulatory flexibility. The tokenization steps of giant financial institutions such as JPMorgan and BlackRock show that this area could reach $ 50 billion TVL by 2025.
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BITCOIN (BTC)
BTC is traded at $ 87,510 as of the morning hours with a 0.69% gain in value. For BTC, which continues to show movement in the horizontal band range, overcoming the $ 88,460 resistance will be important in a possible upward movement. If this level is broken, a rise towards the $ 89,822 and $ 91,614 levels can be expected.
In negative movement, holding on to the $ 86,434 support will be critical. If this level is broken, the support levels of $84,757 and $81,237 can be followed below.
ETHEREUM (ETH)
ETH is priced at $ 2,029 as of the morning hours with a 0.98% gain in value. For ETH, which rose by receiving a reaction from the 1,982 region, overcoming the $ 2,068 resistance will be important in upward movements. If this level is broken, an increase towards the $ 2,105 and $ 2,149 levels can be expected.
In negative movements, there is a possibility of a pullback to the $ 2,018 support. If it is lower, the 1,980 – 1,960 dollar support zone should be followed.
RIPPLE (XRP)
XRP is traded at $ 2.37 levels with a 1.29% gain as of the morning hours. XRP, which broke through to the levels of 2.33, reacted at these levels and started to rise. In the continuation of the upward movement, it will be important to overcome the $ 2,427 resistance. If this level is broken, an increase towards the levels of $ 2,567 and $ 2,641 can be expected.
In negative movement, there is a possibility of a pullback to the $ 2,359 support. Below, $ 2.33, then $ 2.225 support level should be followed.
AVALANCHE (AVAX)
AVAX is trading at $ 22.24 as of the morning hours with a 0.91% gain in value. If the positive trend continues for AVAX, the first resistance point stands out as 22.49. If a permanent break above this level occurs, the price can be expected to move towards the 23.46 resistance. In stronger increases, the 24.84 level can be met.
In downward movements, the first support is at 21.84, then at 21.26. If this support is lost, a pullback to 19.89 may occur.
SOLANA (SOL)
SOL is trading at $139 levels with a 1.78% gain as of the morning hours. For SOL, which is below the resistance at 141.07, it will be important to exceed this level and maintain its persistence above it in order to continue the rise. In this case, the probability of the price moving towards 148.12 and then 152.94 may increase.
In downward movements, the first support is at 136.46. If this support is lost, a pullback to 128.21 may be seen.
