SEC, Gemini Request 60-Day Stay in $900 Million Case
The U.S. Securities and Exchange Commission (SEC) and Gemini Trust have requested a 60-day stay in their $900 million lawsuit over the crypto platform’s lending program. The parties have asked for the case to be put on hold in federal court in Manhattan to allow time for negotiations on a possible settlement.
The move is seen as part of President Trump’s easing of regulatory pressure on the crypto sector. The SEC has dropped lawsuits against major platforms like Coinbase and Binance, while also easing its investigation into Gemini. While the situation of Gemini Earn investors who suffered losses after the bankruptcy of Genesis remains uncertain, it is a matter of curiosity whether the parties will be able to reach an agreement.
Trump’s ‘BitBonds’ Proposal for Bitcoin Reserve
The Bitcoin Policy Institute (BPI) has proposed a new financial instrument called “BitBonds” that provides Bitcoin integration to US Treasury bonds. These bonds offer a fixed interest of 1%, while 10% of the income obtained will be purchased to contribute to Trump’s Strategic Bitcoin Reserve. According to the proposal, BitBonds can ease the US debt burden with low interest rates and increase Bitcoin assets without adding additional cost to the budget.
The authors suggest that an annual interest saving of $70 billion could be achieved with a $2 trillion BitBonds issue. It is also stated that if Bitcoin gains value in the long term, it could reduce the US national debt and offer tax-advantaged Bitcoin returns to individual investors. As the Trump administration considers ways to expand the Bitcoin reserves in more budget-friendly ways, Treasury Secretary Bessent is expected to review the legal and investment strategies within 60 days.
Grayscale Files to Convert Multi-Asset Fund into ETF
Grayscale has filed Form S-3 with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). GDLC consists of major crypto assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA).
If approved, it could set a positive precedent for Bitwise’s similar conversion application. GDLC currently consists of the five crypto assets that President Donald Trump mentioned when he first introduced the idea of a digital asset stock. The White House’s “Crypto Czar” David Sacks has said the contents of the fund have no direct connection to Trump’s idea of a digital asset stockpile.
US Congress to Review Ban on Yielding Stablecoins in STABLE Act
The US House Financial Services Committee will consider a revised version of the STABLE Act on April 2. The bill provides a federal regulatory framework for payment stablecoins, while also banning yielding stablecoins. While the ban is defended on the grounds of investor protection and regulatory clarity, industry representatives argue that it hinders users’ access to competitive financial instruments.
Coinbase CEO Brian Armstrong argued that stablecoins could yield interest if backed by short-term Treasury bonds, increasing financial inclusion. Approval of the bill in its current form could limit the development of on-chain interest mechanisms. However, amendments to lift the ban on yielding stablecoins are expected to be on the agenda during the session.
Eric Trump to Establish Bitcoin Mining Company with Hut 8
Eric Trump is expanding his family’s crypto presence by establishing a new Bitcoin mining company called American Bitcoin Corp. in partnership with Hut 8. The company plans to go public with the goal of rapid scaling and low-cost Bitcoin production. Hut 8 will transfer most of its mining equipment to the new venture, taking an 80% stake, while the remaining 20% will belong to American Data Centers, formed by investors such as Eric and Donald Trump Jr.
Eric Trump criticized the traditional financial system and stated that his interest in crypto increased after the banks’ sanctions against his family. Arguing that Bitcoin and stablecoins will be permanent in the financial world, Trump emphasized that the US should provide clarity on crypto regulations.
Circle Applies to SEC for IPO
Circle, the issuer of the USDC stablecoin, has filed for an IPO to be traded on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.” This is the company’s second IPO attempt following the canceled SPAC deal in 2022. Circle, which generated $1.7 billion in revenue in 2024, plans an IPO that includes both newly issued shares and a secondary market where existing shareholders will sell.
Circle’s IPO move coincides with progress in the US Congress on stablecoin regulations. The Trump administration has backed stablecoins as a tool to strengthen the dollar’s global leadership, while Trump-backed World Liberty Financial announced plans to launch its own stablecoin.
GameStop Raises $1.5 Billion to Purchase Bitcoin
GameStop announced that it has completed a $1.5 billion private bond sale and will use the funds to purchase Bitcoin. The zero-interest bonds due in 2030 were formalized with an application made to the U.S. Securities and Exchange Commission.
The company’s move to adopt Bitcoin as a treasury asset is reminiscent of similar investments made by Strategy in 2020. Although GameStop shares rose after the initial announcement, they later lost value as investors approached the plan cautiously. Experts say GameStop can rapidly increase its Bitcoin holdings with its cash power.
Tether Bought 8,888 More Bitcoin in the First Quarter
Tether bought 8,888 Bitcoin in the first quarter of 2025, bringing its total assets to 92,647 BTC. The company has been continuing its strategy of investing 15% of its quarterly profits in Bitcoin since May 2023. With the latest purchase, Tether’s Bitcoin reserves reached approximately $7.8 billion.
Tether, the world’s largest stablecoin issuer, is making extensive investments in US Treasury bonds to support USDT, which has a market value of $143 billion. The company, which made $13 billion in profit in 2024, provided most of this income from interest income.
Metaplanet Increases Bitcoin Assets to 4,046 BTC
Japan-based Metaplanet expanded its Bitcoin strategy by purchasing an additional 696 BTC. The company acquired Bitcoin below the market price using cash-secured put options and earned additional premium income in the process. With the latest purchase, Metaplanet’s total Bitcoin assets reached 4,046 BTC.
With this strategy, Metaplanet continues to focus on shareholder value by increasing capital efficiency. The company achieved a BTC return of 309.8% in the fourth quarter of 2024 and 95.6% in the first quarter of 2025. With the latest acquisition, Metaplanet has become the ninth largest institutional Bitcoin holder globally.
BlackRock Receives UK Approval for Bitcoin ETP
BlackRock has received approval from the UK’s financial regulator, the FCA, to operate as a crypto asset firm. With this approval, BlackRock will be able to offer its iShares Bitcoin ETP (IB1T), which is listed on the Euronext Paris and Amsterdam exchanges, in the UK. While only 14% of applications were approved due to the FCA’s strict regulations, BlackRock became the 51st company to successfully complete the process.
IB1T is designed as a physically backed ETP, with Coinbase providing custody services, giving investors direct access to Bitcoin. The company is seeing increasing demand for Bitcoin investment in Europe following the success of the IBIT fund, which has reached over $48 billion in assets in the US. CEO Larry Fink said the rising U.S. debt burden could weaken the dollar and increase Bitcoin’s appeal as a store of value.
Blockchain Association CEO Kristin Smith is moving to Solana Policy Institute
Blockchain Association CEO Kristin Smith will step down in May after seven years as president of the Solana Policy Institute. Smith has been a leading lobbyist for the crypto industry in Washington and has worked to ensure regulatory clarity.
The newly formed Solana Policy Institute argues that decentralized networks are the future of the digital economy. The institution, whose funding source has not yet been disclosed, will be CEO of Miller Whitehouse-Levine, while the Blockchain Association continues its search to determine the name that will replace Smith.
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BITCOIN (BTC)
BTC is trading at $ 85,416 as of the morning hours with a 0.87% loss in value. If the downward movement continues for BTC, which lost the support at $ 84,566 in the morning hours, the first support level stands out as $ 83,536. If this level is lost, the $ 82,396 support level can be tested. In a stronger decline, the $ 81,287 level can be followed as the main support.
In a possible upward movement, it will be important to climb above 84,566. Then 85,575 can be targeted. If the breakout occurs, the next major resistance level is $88,286.
ETHEREUM (ETH)
ETH is priced at $ 1,870 as of the morning hours with a 1.82% loss in value. In downward movements, the $ 1,849 level may work as the first support point. If this level is broken, the $ 1,790 level should be monitored as critical support. If the selling pressure increases, the price may enter a deeper correction.
In a possible positive movement, the $ 1,905 resistance can be tested first. If this level is exceeded, the $ 1,951 level can be followed as the next resistance point. In a stronger uptrend, the $ 2,019 level stands out as the main resistance.
RIPPLE (XRP)
XRP is trading at $ 2.08 levels with a 2.51% loss as of the morning hours. XRP is trading just below the $ 2.0871 resistance. If the negative trend continues, $ 2.0218 stands out as the first support level. If the price declines below this level, the $ 1.9541 level can be followed as a stronger support.
In case of a possible positive trend, if a break above 2.0871 is seen again, the $ 2.2128 resistance can be tested. For a stronger rise, the $ 2.2915 and $ 2.3597 levels can be monitored as critical resistance points.
AVALANCHE (AVAX)
AVAX is trading at $ 18.97 as of the morning hours with a 4.29% loss in value. With the latest decline, the price is trading below the resistance at 19.89. If the downward movement continues, the support levels of 18.18 and 17.02 can be followed.
In upward recoveries, the level of 19.89 stands out as the first resistance point. If this level is exceeded, an upward movement towards the 20.58 and 21.26 regions may be observed.
SOLANA (SOL)
SOL is traded at $ 124 levels with a 2.07% loss as of the morning hours. The price continues to move below the 128.21 resistance and as long as this area is not overcome, selling pressure may continue. If the downward movements continue, the 122.63 and 117.91 support levels can be followed. Breaking these levels may accelerate the declines.
In upward movements, the 128.21 level is watched as the first resistance, and if this area is broken, an increase potential towards the 136.46 level may arise.
