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Good Morning,

LOTS of content today: The first state to announce a Bitcoin strategic reserve has stepped forward, a new bitcoin fund offering has been created with potential for no capital gains tax, a livestream suicide rumbles across the crypto community, Binance’s CZ sees a 10x from here this bull run, a 12-year dormant whale wallet awakens, Moenero vets launch a new L1, and so much more.

Happy Wednesday, summoning $100k BTC this Wednesday 🙏 Let’s dive in.

Market Snapshot

• Risk assets — crypto among them — are moving late Tuesday evening on hopes for a U.S./China trade deal

  • "The current tariffs and trade barriers are unsustainable, but we don’t want to decouple," said U.S. Treasury Secretary Scott Bessent

• Bitcoin has jumped about +3% after stock market hours, rising above $97,000 at one point

• The Nasdaq 100 and S&P 500 futures have also jumped about +1% on the potential trade news

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

• New Hampshire has become the first U.S. state to pass a law establishing a strategic Bitcoin reserve (TD)

• 58 crypto wallets have made millions on Trump’s meme coin - 764,000 lost money (CNBC)

• Pearl Fund announces a capital gains tax-free $500M bitcoin fund thanks to Opportunity Zones (BM)

• Hailey ‘Hawk Tuah’ Welch feels bad for the victims of the memecoin rugpull - read her first statement back here

• House Democrats prevented a crypto-focused hearing from proceeding Tuesday by walking out in protest of President Trump's crypto ventures (DT)

• Popular prediction market Kalshi wins as CFTC drops appeal for election betting case - a breakdown of the huge legal win here

• Treasury Secretary Scott Bessent warns financial system weakness could be conveyed from a CBDC - central bank digital currency (DT)

• 12-year dormant satoshi-era wallets linked to Silk Road moves $324M of bitcoin (CS)

• AI Agent Zerebro founder Jeffery Yu reportedly takes his life on stream - but some questions remain around verification of the event (DF)

• eToro aims at $4B valuation for U.S. IPO calling itself a crypto pioneer (DT)

• Michael Saylor sees a future with a $200T market capitalization for bitcoin (DF)

• CZ makes bull run prediction for bitcoin saying it could reach $1M this cycle (TB)

• Bitwise submits S-1 filing for a new altcoin spot ETF, NEAR (TB)

• Alex Mashinsky, former CEO of Celsius, pushes back on 20-year sentence with 1 year request (TB)

• Flare DeFi has Kraken to thank for doubling its TVL to $124M (DF)

• DeFi Development Corp. hits 400k+ Solana with latest $11.2M purchase (TB)

• Solana stablecoin market continues to lead in growth up 154% YoY (DF)

• CleanSpark received a $200M line of credit from Coinbase in April which helped them mine 633 BTC (BM)

• GORK token jumps over 70% as Elon Musk changes X username to ‘gorklon rust’ (DF)

• Michael Saylor says Strategy’s preferred shares could be first implementation of AI securities (TB)

• Late-stage private investments to become tokenized through Citi and SDX partnership (DF)

• Riot Platforms sold 475 Bitcoin in April - that’s more than the firm mined (DT)

• Alameda had its stake in $9B company Anysphere sold for 6-figures by FTX (TB)

• Analysts are currently bullish on bitcoin mining manufacturing, particularly rig maker Canaan (CD)

A Message from Elf Labs

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Their fundraise just launched and with 1800+ new investors, their round is already 2/3 full.

Spots are limited. Lock in your shares while you still can. 

Venture Capital

• DogeOS has secured $6.9M in funding led by Polychain Capital to expand its application development capabilities on the Dogecoin blockchain (CD)

• Layer 1 blockchain Litheum brings Amber Group and Alchemy Capital to the cap table with $750k strategic testnet round (LO)

Launches

• A new L1 proof-of-work blockchain Tari created by Monero vets, launches mainnet (DT)

• Cronos-tracking ETP launches for U.S. investors by 21Shares amid altcoin ETF attempts (DT)

Regulation

• Florida becomes the next state to deny a state bitcoin reserve (DT)

• Kenyan High Court demands Worldcoin to delete citizens’ biometric data within 7 days calling 2023 data collection illegal (DF)

• UK Treasury officially rules out a national bitcoin reserve not wanting to follow the U.S. and is 'not the plan for us'(DF)

Cybersecurity

• New York Post hacked X account targeted users through private DMs for crypto scam (SC)

Extra Reads

• Does the blockchain industry have too many blockchains?
  
  People are fed up with too many chains and here’s why

• The US Federal Reserve Open Market Committee (FOMC) interest rate decision on May 7 (today) will be a defining moment for risk-on assets, including cryptocurrencies

  
  Bitcoin could rally with this decision and here’s why

Chart of the Day

Solana stablecoin supply grew 3.8% in April, reaching a new all-time high of $12.6B

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