Good Morning,

Here's a quick preview of today’s content: Coinbase and American Express partner up, Ronaldo jumps into web3 with a digital collection, Ethereum developers are talking about ‘lean Ethereum’, and much more.

It’s Friday the 13th (yikes) … Let’s hope bitcoin avoids bad luck today. Let’s dive in.

Market Snapshot

• Bitcoin has tumbled to $103,900 amid Israeli military action in Tehran. Israeli forces bombed targets in Iran's capital, as confirmed by Al-Jazeera, following a report by Axios that you can read here

• Israeli President Netanyahu said his country is aiming to remove Iran's ballistic missile capabilities and that strikes will last until the threat is removed

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Coinbase is launching a credit card in partnership with American Express that will reward users 4% bitcoin back (CB)

• Solana futures reach $7.5B, a 2-year high, amid spot ETF speculation (CT)

• President Trump says his administration is focused on developing “clear and simple” regulatory frameworks (CD)

• Ether futures open interest hit all time high of $20B with price doubling in the last 2 months (CT)

• Blackrock’s tokenized money market fund BUIDL nears $3B, about 40% of the market (CS)

• Token launchpad Zora files lawsuit and restraining order against consulting giant Deloitte over AI product (DT)

• David Plouffe joins Coinbase Global Advisory Council after advising Kamala Harris’ 2024 presidential campaign (CT)

• Nasdaq-listed firm Trident Digital $TDTH ( ▼ 4.26% ) announces plans to raise $500M for a XRP corporate treasury (CT)

• Mercurity Fintech $MFH ( ▼ 9.02% ) plans to secure $800M for a long-term bitcoin treasury reserve (BM)

• Japanese firm Remixpoint acquires ~56 more bitcoin bringing their treasury holdings near 1,000 (BM)

• The Blockchain Group issues convertible bonds and equity worth €9.7M for bitcoin purchases (BM)

• Maple will offer stablecoin lines of credit via partnership with liquid staking firm Lido Finance (CD)

• Coinbase held their State of Crypto Summit 2025 today featuring a speaker lineup including Saquon Barkley, Brian Armstrong, Jeremy Allaire, Anthony Scaramucci, and others - see the stream here

• Ethereum developers propose “Lean Ethereum” concept to protect the chain against quantum security risks (CS)

Venture Capital

• IREN to raise $450M via convertible debt private offering for bitcoin mining operations (CD)

• Tether invests $82M for a minority stake in gold investment company Elemental Altus (CD)

• Unstaked successfully raises $9.4M from community members without need for VC lead (AI)

• Stable welcomes Grabriel Abed as a strategic investors after recent fundraise from USDT0 and Bitfinex (SX)

Launches

• DTCC, the world’s largest clearing house, is considering a USD-backed stablecoin (CS)

• Cristiano Ronaldo launches 7,777 digital collectibles in partnership with Binance (CR)

Regulation

• Brazil institutes a major change in crypto tax rules, taking 17.5% of profits (BC)

• Acting CFTC Chair Caroline Pham warns crypto innovators that regulatory changes is 'no easy road' (YF)

• Crypto asset service providers in the Philippines must adhere to strict rules including $1.8M capital requirements, local registration, and extra disclosures (DT)

• Kenya receives positive recognition from industry leaders on crypto regulation with VASP bill (CA)

Cybersecurity

• The hacker that stole $23M from Bittrue in 2023 profited $9M+ trading ETH as they begin to funnel funds through Tornado Cash (CD)

• Australian financial advisor banned to practice for 10 years over $9.6M of clients’ money being secretly utilized for crypto scheme (DT)

• TRM Labs picks up former FBI agent and crypto specialist Chris Wong to battle illicit finance activity (CD)

• The University of Hong Kong is teaming up with the government to build a crypto tracking tool for money laundering cases (CT)

• French police reportedly made multiple arrests this week regarding crypto CEO family kidnapping and ransom (CT)

• Japan’s Prime Minister to push consequences for North Korea crypto hacks at upcoming global G7 Conference (FF)

Extra Reads

• 30% of Bitcoin’s supply is held by centralized entities per Gemini - Here’s a look at who owns Bitcoin
  

• 11 crypto x AI use cases by a16z - see the thread here
  

• Student loans continue to trouble millions of Americans, with a total of $1.77 trillion already owed - How Bitcoin might save the student loan crises

Chart of the Day

Over 100 Coinbase alum have become founder of crypto startups.

Enter the Coinbase Mafia

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