PA Daily | GameStop plans to raise $1.3 billion to buy BTC; Upbit will launch WAL
Reprinted from panewslab
03/27/2025·1MToday's news tips:
GameStop plans to raise $1.3 billion to buy Bitcoin
Analysis: Binance Wallet is suspected to be launched on KiloEx token IDO
Upbit will be launched in WAL in the Korean won, BTC, USDT market
Coinbase supports the launch of ALT, PENDLE and L3
The top two votes in Binance's first voting are BANANAS31 and WHY respectively
Deribit: BTC and ETH options exceeding $14.3 billion in Q1 will expire
Regulatory/Macro
According to the 2024 Runa Open Source Startup Index (ROSS Index) report released by European venture capital firm Runa Capital, more than half of the 20 most popular open source startups in the world are closely related to AI. The index is measured by GitHub's "star" growth and aims to track the growth trends of commercial open source projects. Ranked first is Ollama, a Y Combinator-backed company that provides tools to run large language models (LLMs) locally, with GitHub star growing by 76,000 to over 135,000. Zed Industries ranked second, with its cross-platform collaborative code editor quickly gaining 52,000 stars after it was open source in 2024. Third place, LangGenius, developed the LLM application platform Dify, with an annual growth rate of 326%, and the total number of stars has exceeded 84,000. In addition, ComfyUI and All Hands are among the top five with generative AI tools and developer proxy platforms, respectively. The report also shows that although AI and LLM continue to dominate, developer tools and privacy protection self-hosted tools have also attracted much attention. For example, Zed, Stirling PDF and RustDesk all entered the top ten. The blockchain project Fuel shows that the field of encryption is still dynamic.
Hurun Research Institute released the "2025 Hurun Global Rich List", showing that the number of billion-dollar entrepreneurs worldwide has increased to 3,442, a record high, an increase of 163 from last year. The United States ranks first with 870 billion-dollar entrepreneurs, while China ranks second with 823. 53-year-old Elon Musk ranked the world's richest man with a fortune of 3.07 trillion yuan, with a wealth increase of 82%, mainly due to the soaring Tesla stock price. Amazon's Jeff Bezos ranked second with 1.94 trillion yuan, while Meta's Mark Zuckerberg ranked first in the top three for the first time with 1.77 trillion yuan. Nvidia's Huang Renxun's wealth nearly tripled to 935 billion yuan, ranking 11th. In the cryptocurrency field, Binance founder Zhao Changpeng continues to rank as the richest man in the cryptocurrency field with a wealth of RMB 160 billion. Coinbase's Brian Armstrong's wealth grew 72% to 80 billion yuan, while MicroStrategy's Michael Saylor's wealth nearly tripled to 65 billion yuan. The list also shows that entrepreneurs in AI, asset management, entertainment and cryptocurrency sectors performed strongly, while luxury goods, telecommunications and China’s real estate sectors performed poorly. In the field of AI, Liang Wenfeng of Hangzhou DeepSeek and Sam Altman of OpenAI were on the list for the first time with RMB 33 billion and RMB 13 billion respectively. In addition, byteDance's Zhang Yiming became China's richest man with RMB 435 billion, surpassing Zhong Shanshan, the "bottled water king".
South Korean court suspends three-month business restrictions on Upbit
South Korea's Seoul Administrative Court ruled to temporarily suspend the "three-month partial business cessation" issued by the Institute of Financial Intelligence Analysis (FIU) on Dunamu, parent company of crypto exchange Upbit. The court has approved Dunamu's administrative litigation and emergency suspension application, and the punishment will not resume until 30 days after the main case judgment takes effect. This move means that new Upbit users can continue to recharge and withdraw crypto assets. Previously, FIU accused Upbit of trading with an overseas unregistered exchange without real-name verification, which violated the Special Gold Law.
According to The Block, the US Senate passed a resolution by 70 to 28, repealing the crypto tax regulations issued by the Biden administration at the end of the period, and the bill will be submitted to President Trump for signature. The IRS DeFi broker rules require some DeFi platforms to report user trading information as securities brokers and issue 1099 forms, causing privacy and compliance disputes. White House crypto adviser David Sacks said senior presidential adviser would recommend signing the bill, a move that would be the first crypto legislation signed during Trump's tenure. The DeFi industry welcomed the move, saying it would help protect innovation and technological development.
Interactive Brokers adds four new cryptocurrency trading services: Solana, Cardano, XRP and Dogecoin
According to Bloomberg, Interactive Brokers announced the addition of four new cryptocurrency trading services: Solana, Cardano, XRP and Dogecoin. These currencies have been previously named by Trump on the Truth Social platform, suggesting that they are included in the U.S. crypto reserves, although the final executive order only covers Bitcoin. The new currency will be provided through Zero Hash and Paxos, expanding customers' flexibility in crypto asset allocation. IB has previously supported mainstream coins such as BTC, ETH, LTC and BCH.
U.S. stocks close: Nasdaq fell 2%, Nvidia fell more than 5%
U.S. stocks closed on Wednesday, with the Dow Jones Industrial Average initially closing down 0.3%, the S&P 500 closed down 1.1%, and the Nasdaq Composite closed down 2%. Tesla (TSLA.O) fell 5.5%, NVDA (NVDA.O) fell 5.7%, Apple (AAPL.O) fell nearly 1%, and Trump Media Technology Group (DJT.O) fell more than 8%. Among blockchain concept stocks, MARA Holdings (MARA) fell 3.23%, Strategy (MSTR.O) fell 3.66%, and Coinbase (COIN.O) fell 5.03%.
According to an announcement issued by the Governor of Wyoming, the Wyoming Stablecoin Committee announced that its fiat currency-backed and fully reserved WYST stablecoins have entered the multi-chain testing stage and are deployed on test networks such as Avalanche, Solana, and Ethereum. WYST is issued by a public entity and is the first such project in the United States. The testing is expected to continue until the second quarter of 2025 and is scheduled to be officially launched in July. Partners include LayerZero and Stargate. WYST will over-collateralize cash and U.S. bonds and inject interest into the state education fund.
Viewpoint
According to Polymarket forecast data analysis, Bitcoin (BTC) target price in 2025 is US$138,000, which still has about 60% room for upward compared to the current price. Analysis points out that although the crypto market has been affected by multiple adverse factors in the recent past, BTC's bull market cycle may reach this goal by 2026. Analysis shared by user Ashwin shows that the BTC price forecast range is between US$59,000 and US$138,600, and the market sentiment is relatively conservative, mainly affected by macro uncertainties such as US trade tariffs. Similar forecasting platform Kalshi has an average target price of $122,000, slightly above its current all-time high. In addition, market participants believe that BTC needs to hold key price areas to maintain the bull market, including the previous high of $73,800 and the 2021 peak of $69,000. Analytical tools show that BTC has a 95% chance of not falling below $69,000, and the average annual price of $76,000 is also regarded as an important support.
Analysis: Binance Wallet is suspected to be launched on KiloEx token IDO
According to @ai_9684xtpa monitoring, Binance Wallet is suspected to launch a new coin IDO soon, and the transaction records show that the Perp DEX project KiloEx (token $KILO) involving the BSC ecosystem. According to analysis, this transaction called the same "Create IDO" method as the $PARTI token two days ago, while the related deployment time of $KILO was about 16 hours ago. The official has not responded to this yet.
Project News
Zhang Chi, a partner of TON Ecological Project Yescoin, posted on his Moments saying that he has always believed that he and his team are innocent during the 37 days of the detention center. At present, all four team members involved in the case have been arrested without approval and have been released on bail. Previous news: Yescoin founder Zhang Chi was taken away by the police due to a partner dispute, and the case has been escalated into a criminal case.
Binance will launch a PAXG/USDT perpetual contract, supporting up to 75x leverage
Binance Futures announced that it will launch the PAXGUSDT perpetual contract. The contract will be officially launched at 18:30 Beijing time on March 27, 2025, supporting up to 75 times of leverage.
Upbit will be launched in WAL in the Korean won, BTC, USDT market
According to the official announcement, South Korean crypto exchange Upbit will launch Walrus (WAL) in the Korean won, BTC, and USDT markets, and the trading support start time will be announced later.
On-chain firewall provider Harpie announced that it has decided to shut down the service immediately and reminded users to disconnect their wallet from Harpie RPC. Harpie said that due to the failure to establish a sustainable business model, although he was committed to creating a "zero theft" crypto ecosystem, he was unable to continue operating. Harpie completed a $4.5 million seed round led by Dragonfly Capital in 2022.
Ouyi OKX will launch FLUID (Fluid) spot trading
According to Ouyi's announcement, FLUID (FLUID) will be launched on March 27, 2025. Fluid is a DeFi protocol that integrates lending and DEX exchange efforts into one product. The specific arrangements are as follows: • Coin recharge opening hours: 14:00 on March 27 (UTC+8) • Call bidding time: 17:00 to 18:00 on March 27 (UTC+8) • FLUID/USDT spot trading opening hours: 18:00 on March 27 (UTC+8) • Coin withdrawal opening hours: 18:00 on March 28 (UTC+8)
CZ: Fees and donations received by BNB address will be used to support the BSC Community Project
CZ posted on X platform that BNB fees or donations received by its (personal) public address will be used to support the BSC (BNB Chain) community projects, including direct purchase of tokens for related projects. In addition, he stressed that other tokens received by the address will be ignored for a long time and will not be processed or operated. CZ believes this move is the easiest way to support the BSC project.
Bithumb will launch Walrus (WAL) won trading pair to support Sui Network
South Korean cryptocurrency exchange Bithumb announced that it will launch the Walrus (WAL) Korean won trading pair, supporting Sui network recharge (not supporting other networks). Recharge and withdrawal are expected to open at 7 pm that day, and transactions will start at 8 pm (local time). The specific time depends on liquidity.
Coinbase supports the launch of ALT, PENDLE and L3
According to Coinbase Assets, Coinbase will launch the Ethereum Network (ERC-20) assets AltLayer (ALT), Pendle (PENDLE) and Layer3 (L3), and will open the ALT-USD, PENDLE-USD and L3-USD trading pairs in stages after the liquidity conditions are met at 0:00 a.m. on March 28 (Beijing time).
Coinbase will launch Freysa (FAI) transaction
According to Coinbase Assets, Coinbase will launch Base chain asset Freysa (FAI) and start phased trading of FAI-USD trading pairs from 0:00 a.m. on March 28 (Beijing time) after liquidity conditions are met. The official reminds users not to transfer to this asset through other networks, and transactions in some areas may be restricted.
The top two votes in Binance's first voting are BANANAS31 and WHY respectively
According to Binance Square, Binance's first "Vote to List" vote ended at 00:59 on March 27 (Beijing time). BNB chain project BANANAS31 ranked first with 19.4% votes, and WHY project followed closely with 18.8%, attracting a total of 185,436 votes. Binance emphasized that the voting results are for reference only, and the final listing of the currency still needs to be decided through the review process.
Important data
Deribit: BTC and ETH options exceeding $14.3 billion in Q1 will expire
According to official Deribit news, tomorrow (March 28, Friday) will usher in the largest option expiration date in the first quarter of this year, and more than US$14.3 billion BTC and ETH options are expected to expire at 16:00 Beijing time. Among them, the nominal value of BTC options is US$12.17 billion, the Put/Call ratio is 0.48, and the maximum pain point price is US$85,000; the nominal value of ETH options is US$2.15 billion, the Put/Call ratio is 0.39, and the maximum pain point price is US$2,400.
According to data released by the Basel Banking Regulatory Commission (BCBS), the total amount of crypto assets custodialized by 29 banks around the world in the second quarter of 2024 reached 341.5 billion euros (about 368.3 billion US dollars), of which only 2.46% were spot crypto assets. Compared with 2021, bank spot crypto positions have dropped by 44%. Data shows that banks prefer to invest in crypto-related exchange-traded products (ETPs), accounting for 92.5% to avoid high volatility and regulatory risks. BCBS recommends that banks' spot crypto assets exposure should not exceed 2%.
Early PEPE giant whale qianbaidu.eth withdraws coins again, holding nearly 700 billion pieces
According to Spot On Chain monitoring, qianbaidu.eth, a giant whale that once made a profit of $7.34 million from PEPE, withdrew 506.2 billion PEPE (about $4.4 million) from Binance about 10 hours ago. Its current holdings are 699.8 billion (about $5.11 million), with a floating profit of $164,000, an increase of 2.8%. The address is one of the early buyers of PEPE and has achieved a 110% return.
Vitalik transfers 250 ETH to Privacy Agreement RAILGUN this morning
According to on-chain analyst Ember Monitoring, Ethereum co-founder Vitalik Buterin transferred 250 ETHs (about $500,000) to the privacy agreement RAILGUN in the early morning this morning. Ethereum co-founder Vitalik Buterin has used the agreement several times to transfer funds and has said that most of these funds are used for charitable donations. RAILGUN supports on-chain privacy transactions, allowing users to manage assets without exposing their addresses.
Financing
Tether acquires 30% stake in Italian media company Be Water
According to Bloomberg, stablecoin issuer Tether will spend about 10 million euros to acquire a 30% stake in Italian media company Be Water. Be Water includes podcast production company Chora Media, Will Media and film and television production publisher Be Water Film. This transaction is part of Tether's recent investment boom, which has previously been involved in agriculture, AI, brain-computer interfaces and other fields. Tether's current market value of USDT is approximately US$144 billion, mainly backed by high-liquid assets such as US bonds.
According to Bloomberg, OpenAI is close to completing a round of financing of up to US$40 billion, with a valuation of US$300 billion, setting the largest financing record in history. The round of financing was led by SoftBank Group, and the participants also include Magnetar Capital, Coatue Management, Founders Fund and Altimeter Capital. SoftBank will invest a total of about US$30 billion in two phases, with a investment of US$7.5 billion in the first phase. This move significantly improved the basis of OpenAI's valuation of $157 billion in October last year.
GameStop plans to raise $1.3 billion to buy Bitcoin
GameStop announced on Wednesday that it plans to place $1.3 billion in convertible premium notes on a private placement with an expiration date of 2030, Bloomberg reported. In addition, the company said it would allow initial buyers to purchase notes with a total principal of no more than $200 million. "The company hopes to use the net proceeds from the issuance for general corporate purposes, including the acquisition of Bitcoin in a manner that complies with GameStop's investment policies." Earlier this week, GameStop announced that it would include Bitcoin in the company's reserve assets.
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