PA Daily | About 137 million USDTs are transferred to Binance; Senator Lummis resubmits Bitcoin bill that allows the United States to reserve more than 1 million BTC
Reprinted from panewslab
03/12/2025·1MToday's news tips:
Metaplanet purchases additional 162 bitcoins, and its holdings increase to 3050
Senator Lummis resubmits Bitcoin bill to allow U.S. to reserve more than 1 million bitcoins
The ETF Store President: Franklin Templeton submits XRP spot ETF application
SEC postpones approval for ADA, SOL, XRP and other encrypted spot ETFs
Tesla rebounded 3.7%, and Strategy and Coinbase stocks both rebounded significantly
More than 136.7 million USDTs were transferred from unknown wallets to Binance 20 minutes ago
Crypto payment company Mesh completes US$82 million Series B financing, led by Paradigm
Regulatory/Macro
Metaplanet purchases additional 162 bitcoins, and its holdings increase to 3050
According to the Metaplanet announcement, as part of the Bitcoin financial reserve strategy, the company purchased 162 new bitcoins, with an average purchase price of 12.3937 million yen per coin, with a total value of 2.08 billion yen. As of this purchase, Metaplanet holds a total of 3,050 bitcoins, with an average purchase price of 12.6071 million yen per coin, and a total holding value of 38.452 billion yen.
Senator Lummis resubmits Bitcoin bill to allow U.S. to reserve more than 1 million bitcoins
According to Cointelegraph, U.S. Senator Cynthia Lummis re-submits the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2025, which will allow the U.S. government to hold more than 1 million bitcoins. The bill was originally proposed in July 2024, requiring the U.S. government to purchase 200,000 bitcoins per year within five years, with funds derived from adjustments to existing funds from the Federal Reserve and Treasury Department. After this revision, the U.S. government can hold additional Bitcoin through legal means, including civil or criminal forfeiture, donation or transfer of federal agencies. In addition, BTC voluntarily deposited into strategic Bitcoin reserves will be deposited in separate accounts. In addition, the new bill introduces a formal evaluation process for Bitcoin fork assets and empty investment products. The original bill requires that all forked assets must be deposited in the national Bitcoin reserve for at least five years and cannot be sold or disposed of without legal authorization. The revised bill allows the Finance Minister to evaluate and retain the most valuable fork assets based on market value after the mandatory holding period is over, while ensuring that the reserves continue to hold "dominant assets".
Dragonfly report: U.S. misses over $5 billion in airdrop earnings due to regulatory issues
According to the "2025 Airdrop Status Report" released by Dragonfly Research, airdrops, as an important growth engine of the crypto industry, have distributed tokens worth more than US$26.6 billion in cumulatively. However, due to regulatory uncertainty, U.S. users and businesses were excluded, resulting in huge losses. Data shows that about 5.2 million crypto users in the United States are unable to participate in airdrops due to geographical restrictions. Only 12 major projects resulted in revenue losses of $1.84 billion to $2.64 billion, expanding to more projects, with the figure reaching $3.49 billion to $5.02 billion. In addition, the U.S. government also lost $418 million to $1.1 billion in federal tax revenue due to airdrop restrictions, and $107 million to $284 million in state tax revenue. Tether, for example, made a profit of $6.2 billion in 2024, but the United States missed $1.6 billion in corporate tax revenue due to its offshore operations. The report notes that if the United States fails to provide regulatory clarity as soon as possible, innovation will continue to shift overseas, and U.S. users and businesses may continue to lag in the global market.
The ETF Store President: Franklin Templeton submits XRP spot ETF application
According to Nate Geraci, president of The ETF Store, Franklin Templeton, an asset management company with a global management scale of over $1.5 trillion, has officially entered the ranks of XRP ETF competition. According to the preliminary prospectus filed on March 11, Franklin XRP Trust will issue Franklin XRP ETF fund shares, which mainly holds XRP custodians on behalf of the fund, aiming to track the overall performance of XRP prices. Franklin Holdings, LLC will serve as the sponsor of the trust and fund, while Coinbase Custody Trust Company will serve as the custodian of XRP assets.
Metaplanet issues 2 billion yen zero-interest ordinary bonds to increase Bitcoin
According to the official announcement of Metaplanet, the company's board of directors decided to issue the eighth ordinary bonds to EVO FUND on March 12, 2025, with a total amount of 2 billion yen (about 13.4 million US dollars), and the funds will be used to purchase Bitcoin. The bond is interest-free, with a face value of 50 million yen per piece, and is expected to expire on September 11, 2025. Metaplanet plans to raise debt repayment funds by executing the 14th to 17th issue of stock subscription rights, and the company expects that the move will have limited impact on financial results for fiscal 2025.
SEC accepts Grayscale Hedera spot ETF application
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has officially accepted the Hedera (HBAR) spot ETF application submitted by Grayscale.
According to Cointelegraph, Texas Rep. Ron Reynolds filed a bill on March 10 (HB 4258) that proposes to restrict state fiscal supervisors from using the "Economic Stability Fund" (Rainy Day Fund) to invest in Bitcoin (BTC) or other cryptocurrencies, no more than $250 million, according to Cointelegraph. In addition, the bill also recommends that Texas municipal and county governments should not invest more than $10 million in crypto. Earlier, the Texas Senate passed the SB 21 bill on March 6, allowing the state government to establish Bitcoin reserves without setting an investment cap. If HB 4258 is passed and signed by Governor Greg Abbott, the new regulations will come into effect on September 1, 2025. Meanwhile, the Trump administration issued an executive order on March 7, planning to establish a federal "strategic Bitcoin reserve", but its legitimacy is still questioned by legal experts. Wyoming Senator Cynthia Lummis introduced a bill on March 11 to try to formally establish federal BTC reserves in Congress.
SEC postpones approval for ADA, SOL, XRP and other encrypted spot ETFs
US SEC documents show that the U.S. Securities and Exchange Commission (SEC) delays the approval of a number of cryptocurrency spot ETF applications, including Grayscale spot Cardano (ADA) ETF, Canary spot XRP ETF, Canary spot Solana ETF, Canary spot Litecoin ETF and VanEck spot Solana ETF.
Tesla rebounded 3.7%, and Strategy and Coinbase stocks both rebounded significantly
U.S. stocks closed on Tuesday, with the Dow Jones Industrial Average initially closing down 1.1%, the S&P 500 fell 0.76%, and the Nasdaq fell 0.18%. Tesla (TSLA.O) rose 3.7%, NVDA (NVDA.O) rose 1.6%, and Apple (AAPL.O) fell 2.9%. Among blockchain concept stocks, Strategy (MSTR.O) rose 8.91%, and Coinbase (COIN.O) rose 6.95%.
Viewpoint
According to Decrypt, ARK Invest CEO Cathie Wood said the U.S. economy is approaching the end of a "rolling recession" and is about to usher in unprecedented productivity growth driven by artificial intelligence (AI) and emerging technologies. She predicts that the U.S. GDP will grow at 7.3%, and believes that the largest productivity growth in history is coming, despite weak short-term economic data. She believes that technologies such as AI, genetic technology, automation and cryptocurrencies will drive global economic change and form a positive cycle with the Trump administration's tax cuts and regulatory relaxation. In addition, she pointed out that since SEC Chairman Gary Gensler stepped down, the US government's attitude towards the crypto industry is changing, and Washington is ushering in a "digital asset revolution." Wood believes that the current market funds are mainly concentrated in "MAG7" (the seven major technology giants), but will turn to a wider range of innovative stocks in the future, and specifically mentioned that ChatGPT still dominates, but Elon Musk's Grok grows faster, and open source AI models (such as DeepSeek, Meta's Llama, and possible Grok open source versions in the future) will become important trends. However, the market reacted negatively to her view, with many investors questioning her investment strategy and believing she was too optimistic about the Trump administration’s economic policy, especially tariff policies and tax cuts that could lead to a widening fiscal deficit, while the ARK Innovation ETF still lags behind the S&P 500 since its 2022 sharp drop. Despite this, Wood is firmly convinced that the U.S. economy will enter one of the strongest bull markets in history and said that the U.S. will usher in unprecedented economic growth if new technologies such as AI drive deflation.
Rumors about GMGN's possible poor management and facing a "collapse" have attracted attention on social media. In response to this, GMGN co-founder Haze posted a post on X platform to respond to the question, saying that the original author was a GMGN user. He raised questions about GMGN marketing strategies because he was concerned about the development of the platform, believing that its marketing method was unsustainable. Haze explained that GMGN signed a number of KOLs accurately in November last year, which was earlier than the rise in the GMGN market popularity and the Trump issue of coin. The choices of these KOLs are based on years of trust relationships, and GMGN has already recovered its capital. There is currently no continuous high marketing investment, the team expansion remains restrained, and the business income and cash reserves are healthy. He emphasized that as a purely on-chain company, GMGN not only focuses on core businesses such as trading platforms, trading tools, data analysis, etc., but also continuously optimizes infrastructure and user experience, while exploring new directions, new needs and new pain points.
Matrixport: Bitcoin dominance hits a cyclical high, altcoin rally declines
According to Matrixport analysis, Bitcoin dominance has risen to a new cycle high, exceeding its previous peak, indicating that the short-term rise of altcoins has ended. The altcoin market briefly recovered from Trump's election in November 2024 to the release of strong U.S. employment data in early December, but then the market focus turned to the Fed's more hawkish monetary policy stance. Against this backdrop, some traders have shifted their funds from altcoins to Bitcoin. Although Bitcoin itself has fallen, its performance is still significantly better than the overall altcoin market. The market is currently hoping that the rebound in liquidity will drive Bitcoin prices to rise further, but given that the Fed may maintain a hawkish stance, the next round of rally may require more patience.
Project News
Sony and LINE reach blockchain cooperation, four games are connected to Soneium network
According to CoinDesk, Sony's blockchain division has reached a cooperation with Japanese social media giant LINE, planning to connect four LINE mini games to Sony's Soneium blockchain network, including Sleepagotchi, Farm Frens, Puffy Match and Pocket Mob. The collaboration will support in-game rewards and payments.
Binance will support Conflux (CFX) network upgrades and hard forks
Binance is expected to suspend the token recharge and withdrawal services of the Conflux (CFX) network at 19:00 on March 17, 2025 (East Eighth District time) to support its network upgrades and hard forks. The project party will conduct network upgrades and hard forks at block height of 118,580,000.
According to SolanaFloor, Solana governance proposal SIMD-228 has reached a quorum number of voters (quorum), and 71.85% currently vote for the proposal. The proposal aims to cut SOL's inflation rate by up to 80% to optimize the network economy model. The vote will continue until the end of Epoch 755, and the final result is yet to be confirmed.
Important data
According to Lookonchain monitoring, a giant whale just deposited an additional US$10 million in USDC to the Hyperliquid platform and set a limit to pay at a price of US$1,921. At present, the giant whale's long position in Ethereum has reached 141,013 ETH (approximately US$271.6 million). Data shows that the average opening price of its position is US$1,900.28 and the liquidation price is US$1,805. Previous news, Hyperliquid 50 times bullish ETH giant whale holds a long position of about US$270 million, with a liquidation price of US$1,877.
More than 136.7 million USDTs were transferred from unknown wallets to Binance 20 minutes ago
According to Whale Alert monitoring, 136,705,741 USDTs (approximately US$137 million) were transferred from an unknown wallet to Binance at 15:39.
According to @ai_9684xtpa monitoring, the giant whale/institution that has continued to buy low and sell high ETH since December 2024 increased its position 10,003 ETH again 1 hour ago, with a total value of US$18.65 million. Currently, the address holds a total of 54,005 ETHs, with a total value of US$131 million. The increase in positions in batches has reduced the holding cost to US$2,433, but it currently has a floating loss of US$30.48 million. This address may belong to Longling Capital.
USDC Treasury casts 50 million USDCs in Ethereum
According to Whale Alert monitoring, at 13:48 Beijing time, USDC Treasury has newly minted 50 million USDCs on the Ethereum chain, with a total value of US$50 million.
3 wallets withdraw funds from Tornado Cash and purchase PEPE tokens worth $4.3 million
According to Lookonchain monitoring, three wallets bought 689.79B PEPE (total value of about US$4.3 million) about 11 hours ago, and their funds were all from Tornado Cash. • Address 0x7A7D Buy 437.7B PEPE for 1,413.4 ETH ($2.72 million) • Address 0x9212 Buy 158.58B PEPE for 1 million • Address 0x7779 Buy 93.51B PEPE for 299 ETH ($574,000)
According to SoSoValue data, on March 11 (East Time), the total net outflow of Bitcoin spot ETFs reached US$371 million in a single day, and capital outflows have occurred for seven consecutive days. Among them, BlackRock's Bitcoin ETF IBIT has a net outflow of US$151 million in a single day, but its historical net inflow is still US$39.33 billion. Fidelity Bitcoin ETF FBTC has a net outflow of US$107 million in a single day, with a historical net inflow of US$11.32 billion. As of press time, the total net asset value of Bitcoin spot ETFs was US$92.838 billion, the ETF net asset ratio (market value proportion) reached 5.65%, and the historical cumulative net inflow was US$35.402 billion.
USDC Treasury minted $250 million USDC on Solana in the early hours of the morning
According to Whale Alert monitoring, at 2:33 am Beijing time, USDC Treasury minted US$250 million (about US$250,009,374) on the Solana blockchain.
Financing
Solana pledge agreement Rakurai completes seed round of $3 million
The Solana ecological high-yield pledge agreement Rakurai announced the completion of a US$3 million seed round of financing, led by AnagramVentures, and participated by institutions such as Colosseum, SlowVentures, RobotVentures, Crypto.comCapital, P2P.org, GlobalStake, CyberFund and other institutions. This round of financing will be used to accelerate high-performance node deployment and improve TPS (trading volume per second) and block rewards through proprietary scheduling and pipeline optimization.
Vest completes $5 million in financing and launches decentralized risk pricing engine
Vest announced a $5 million financing to build The Universal Risk Engine. This round of financing was led by institutions such as Jane Street, Selini Capital, Amber Group, QCP, Big Brain Holdings, Mozaik Capital, and executives from financial giants such as BlackRock and Citadel participated. Vest aims to solve the current problem of fragmentation and isolation of risk pricing data in financial markets, and provides a verifiable neutral framework that enables financial participants to share risk models that dynamically adapt to market conditions, replacing traditional individual risk assessments. Vest Exchange, the first product of Vest, is a perpetual contract exchange that uses blockchain and zero-knowledge proofs (zk proofs) technology to ensure that the trading environment is transparent and fair and avoid market manipulation. In addition, Vest announced that it will launch an early test user rewards program on March 12, encouraging community participation and testing new platforms.
Crypto payment company Mesh completes US$82 million Series B financing, led by Paradigm
crypto payment company Mesh announced the completion of a $82 million Series B financing to expand its global payment settlement network based on stablecoins. This round of financing was led by Paradigm, with ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna and AltaIR Capital participating, and most of the investment funds were settled through PayPal's PYUSD stablecoin. Mesh is building a blockchain payment network that enables users to pay with crypto assets such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), while merchants can choose to settle in stablecoins such as Circle's USDC, PayPal's PYUSD or Ripple's RLUSD. Mesh co-founder and CEO Bam Azizi said the funding will be used for global expansion, promoting crypto payments as convenient as credit card payments.
Axelar Foundation discloses $30 million in sales of AXL tokens to expand interoperability protocols
The Axelar Foundation has announced a $30 million strategic sale of AXL tokens. The foundation said on Tuesday that several cryptocurrency investors were involved in the token sale, including Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures. However, the foundation declined to disclose the sale price or valuation of the AXL token. The Axelar Foundation plans to expand USD usage with stablecoins and support institutional tokenization of real-world assets (RWA) through its interoperability protocol.
Sogni AI completes $2 million in financing for decentralized creative AI platform
Sogni AI, a decentralized creative AI platform, completed a $2 million financing, led by Comma3 Ventures and Republic Ventures, and participated by Contango Digital, Oyster Ventures, ARC, DEXT Force Ventures, Nosana, Formless Capital, Gecko Ventures and more Web3 investors and industry veterans.
Real estate tokenization company Arda received a $3 million Pre-Seed round from Lightshift Capital, which will use the funds raised from this round to develop product prototypes, recruit more engineers, and establish partnerships with real estate developers and other companies in the field.
Jsquare announces $50 million in the US Pioneer Fund, focusing on the core Web3 track
According to Jsquare's official news, during ETHDenver, Jsquare announced the official release of Pioneer Fund Phase I at the "Proof of Brew: Tasting the Crypto" event hosted by James Wo, co-founder and Pioneer Fund venture partner, announced the official release of Pioneer Fund Phase I, with a fund size of US$50 million, focusing on investing in Web3 fields such as AI, consumer applications, RWA, DeFi, PayFi, etc. Joanna Liang, founding partner of Jsquare, said that the launch of Pioneer Fund is an important milestone in promoting the growth of the blockchain ecosystem, marking the fund's entry into open and compliant operations, in line with the market expansion trend. She stressed that Jsquare not only provides financial support, but will also provide strategic guidance to projects through global networks and resources to help them become industry leaders.
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