Good Morning,

Here's a quick preview of today’s content: Treasury sanctions Russian exploit broker over stolen cyber tools, Coinbase partners with Yahoo Finance to open stock trading, Binance denies firing investigators over $1.7B crypto flows to Iran, Crypto.com wins OCC approval for banking charter, Fed proposes rule to deal with crypto debanking, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

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• Bitcoin jumps above $66,000 ahead of Trump’s address to Congress

  • ETH slides -35% in a month as ETF flows turn negative, while SOL and XRP extend losses

  • BNB stablecoin reserves sink -19% since November as exchange liquidity drains

  • Total market cap slips -2.5% to $2.27T as BTC demand signal turns negative for record 40 days

• Broader AI-linked fears, lingering macro uncertainty, and waning institutional demand continue pressuring markets

Prediction Markets

• Bettors on Polymarket are predicting who will close Warner Bros. acquisition?

• Track and trade live odds on any event, only on Polymarket

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

• Sen. Blumenthal investigates Binance following reports of Iran dealings (TB)

• White House reiterates Trump has no plans to pardon SBF (TB)

• Binance denies firing investigators over $1.7B crypto flows to Iran (TB)

• Facebook owner Meta eyes stablecoin integration (TB)

• Coinbase partners with Yahoo Finance to open stock trading (TB)

• Crypto.com wins OCC approval for banking charter (DC)

• Adam Back's BSTR moves forward with public listing plans (CD)

• Vitalik Buterin sells over 10,000 ETH in three weeks (TB)

• Better partners with Framework on $500M stablecoin credit plan (TB)

• Prediction markets could make $10B yearly revenue by 2030 (CD)

• Empery Digital shareholder demands sale of Bitcoin treasury (CT)

• Step Finance shuts down following $40M breach (DC)

• Michael Saylor confirmed as speaker for Bitcoin 2026 (BM)

• Bitcoin Depot requires ID for every transaction (DC)

• Cipher Digital shares rise as the firm rebrands from mining (CD)

• Solo Bitcoin miner nabs $200K (DC)

• Kalshi removes X affiliate badges after policy shift (TB)

• WisdomTree gets SEC nod to enable instant settlement (DC)

• Payoneer eyes fed oversight amid plans for a bank (TB)

• Smarter Web adds $30M Coinbase credit line (CT)

Venture Capital

• Payments giant Stripe makes an offer to buy shares from employees at $159B valuation (DC)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Bitwise acquires institutional staking provider Chorus One (TB)

• Bitcoin miner Canaan purchases Cipher Mining’s 49% equity interest in three joint ventures (TB)

Launches

• Stablecoin firm RedotPay explores $1B IPO at $4B valuation (TB)

• Binance brings back tokenized stocks via Ondo (TB)

• Kraken rolls out round-the-clock perps (TB)

• 21shares rolls out spot SUI ETF on Nasdaq (TB)

• Ethereum Foundation starts staking treasury (DC)

• TruStage pilots stablecoin for credit unions (TB)

• MoonPay launches ‘MoonPay Agents’ (TB)

• Numo launches Bitcoin tap-to-pay for merchants (BM)

• Crypto app Oobit unlocks global bank transfers (TB)

Regulation

• Fed proposes rule to deal with crypto debanking (TB)

• Michigan bill allows state employees to be paid in Bitcoin (BM)

• Arizona advances bill to create crypto reserve fund (DC)

• ESMA warns crypto perps likely fall under CFD rules (CT)

Cybersecurity

• Treasury sanctions Russian exploit broker over stolen cyber tools (DC)

• South Korean man faces murder charge over Bitcoin bet gone bad (DC)

• Millions in crypto fund tools to exploit US software (CD)

Extra Reads

• Bloomberg reports that Stripe, which has growing stablecoin and blockchain ambitions, is exploring reportedly mulling PayPal acquisition - Here’s what it means for crypto

• Tokenized securities, 24/7 trading and onchain settlement could allow the NYSE’s blockchain plans to reshape post-trade processes in financial markets - Here’s what NYSE’s onchain system means for financial markets

Chart of the Day

Bitcoin open interest drops to a 16-month low

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.