JH Kim

On the 4th (local time), virtual asset (cryptocurrency) specialist media outlet CoinDesk, citing Bloomberg, reported that the initial public offering (IPO) of dollar-based stablecoin USDC issuer Circle is seeing oversubscription and that the public offering price is likely to exceed expectations. Circle announced, through documents submitted to the U.S. Securities and Exchange Commission (SEC), plans to sell 32 million shares at $27–28 per share. This would give the company a valuation of approximately $7.2 billion. Major institutional investors such as BlackRock and ARK Invest are participating in the IPO, and total subscription demand is reportedly over 25 times the available supply. Industry insiders believe the strong demand for Circle's IPO sends a positive signal for the broader stablecoin and virtual asset industry.

Global cryptocurrency exchange Coinbase announced on the 4th (local time) via its official X (formerly Twitter) account that it will list Joseph-Louis Lagrange (LA) spot. If liquidity conditions are met, trading will begin on the 5th (KST). LA will be listed with an Experimental (indicating a high-risk asset) label.

On the 4th (local time), the global digital asset (cryptocurrency) derivatives exchange Coinbase International Exchange announced via X (formerly Twitter) that it will list Sophon (SOPH) perpetual futures at 18:30 (KST) on the 5th.

According to Bloomberg News on the 4th (local time), the largest investment bank in the United States, JPMorgan, is reportedly planning to provide a loan service to customers using cryptocurrency (crypto asset) exchange-traded funds (ETFs) as collateral. Initially, JPMorgan will utilize BlackRock's spot Bitcoin (BTC) ETF, IBIT, as collateral, and later plans to expand to other spot ETFs. JPMorgan is also reportedly preparing a plan to include customers' virtual asset holdings in asset evaluation criteria for high net worth individuals. As a result, loan limits may vary depending on the assessed value of assets. However, JPMorgan did not respond to Bloomberg's request for comment. Jamie Dimon, CEO of JPMorgan, has maintained a negative stance on cryptocurrencies; however, on the 20th of last month, he announced that customers would be allowed to buy Bitcoin. Meanwhile, JPMorgan is also reportedly in discussions with other global major banks for the joint development of a stablecoin.

According to the cryptocurrency-focused media platform CoinDesk on the 4th (local time), French blockchain specialist company The Blockchain Group (ALTBG), which announced a strategic Bitcoin (BTC) reserve plan, revealed that it will discuss a funding proposal worth €10 billion (about $11.4 billion) at the shareholders' meeting to be held next week. This capital is expected to be used to accelerate the Bitcoin reserve strategy. The Blockchain Group aims to secure 1% of the total Bitcoin supply (21 million coins) over the next eight years. Previously, at the end of last month, it had also announced the issuance of convertible bonds worth €63.3 million to finance additional Bitcoin purchases. Meanwhile, as of 00:32 on the 5th, Bitcoin was trading at $105,433.18 on the Binance Tether (USDT) market, down 1.13% from the previous day.

On the 4th (local time), Bloomberg ETF analyst Eric Balchunas announced on X (formerly Twitter) that the Return Stacking ETF (RSSX), which provides 200% exposure to US large-cap stocks, gold, and Bitcoin (BTC), has been launched. The Return Stacking strategy is a method of seeking to stack returns from two or more asset classes, enabling the simultaneous reflection of upward trends in various assets.

On the 3rd (local time), cryptocurrency media outlet Blockworks reported, citing sources, that Solana (SOL)-based meme coin issuance platform pump.fun plans to raise $1 billion through a token sale. Several sources stated, "The exact token launch timing or issuance platform is not yet known, but the fully diluted valuation (FDV) of the token will reach $4 billion," adding, "The token sale will target both individual and institutional investors."

The meme coin project by Melania, wife of former U.S. President Donald Trump, announced on X (formerly Twitter) on the 3rd (local time) that "a liquidity supply agreement has been signed with Wintermute," adding, "We will soon launch a new website for MELANIA."

Global credit rating agency Moody's reported in a report that real world asset (RWA) fund assets under management have increased to $5.7 billion. According to virtual asset (cryptocurrency) media outlet Cointelegraph on the 3rd (local time), Moody's stated that "the tokenized fund market is being led by the growth of certain companies," adding that "BlackRock's tokenized fund BUIDL manages $2.5 billion, while Franklin Templeton's mutual fund Onchain U.S. Government Money Fund (FOBXX) has $700 million in assets under management." Furthermore, it was explained that "other RWA funds launched by Superstate, Ondo Finance, and Circle each manage between $480 million and $660 million," and analyzed that "institutional interest in tokenized funds continues to increase, so the tokenized fund market could continue to grow rapidly."

On the 3rd (local time), the crypto-specialized media platform CryptoBasic, citing data from Arkham, reported that BlackRock's spot Bitcoin (BTC) ETF, IBIT, has recently sold a large amount of Bitcoin and accumulated Ethereum (ETH). The outlet stated, "BlackRock IBIT recently transferred 5,362 BTC (approximately $561 million) to Coinbase Prime and sold them in portions," adding, "During the same period, there is evidence that 27,241 ETH (approximately $69.25 million) were accumulated via Coinbase. This matches exactly the net BTC outflow from BlackRock IBIT over the past two days."

Magic Eden (Magic Eden, ME), the NFT marketplace and co-developer of the official crypto wallet 'Trump Wallet' featuring the branding of President Trump, is experiencing a sharp short-term surge. As of 02:36 on the 4th, Magic Eden is trading at $1.075 on the Binance Tether (USDT) market, up 30.78% from the previous day. This rapid rise appears to have been driven by news that President Trump will personally launch a wallet and trading application with his own branding, fueling investor expectations. The wallet is being jointly developed by Magic Eden and the meme coin purchase website GetTrumpMeme, which sells 'Official Trump (TRUMP)', and is currently in its early stages. It is expected to offer features such as self-custody, digital asset management, and integration of Trump-related tokens and NFTs in the future. Previously, Walter Bloomberg reported that President Trump was preparing to release a crypto wallet and trading app under his official brand, and after this news, there has been significant buying activity in related sectors.

According to WooBlockchain, a media outlet specializing in virtual assets (cryptocurrency), on the 3rd (local time), the website for the official virtual asset wallet of U.S. President Donald Trump, 'Trump Wallet,' has begun accepting waitlist registrations. Trump Wallet is being co-developed by NFT marketplace Magic Eden (ME) and the meme coin purchase platform GetTrumpMeme for 'Official Trump (TRUMP)'. Currently, it is in the early development stage, and in the future, it is expected to include features such as self-custody (self-storage of assets), digital asset management, and unified support for Trump-related tokens and NFTs. Previously, the financial news account Walter Bloomberg reported that President Trump is planning to introduce a dedicated virtual asset wallet and trading app under his own brand. This is interpreted as a signal of Trump’s entry into the digital asset ecosystem. This wallet launch is seen as a strategy to strengthen the integration between the meme coin 'TRUMP', NFT collections, and the proprietary brand platform, indicating a full-scale crypto-based political marketing campaign by the Trump camp.

On the 3rd (local time), on-chain analyst EmberCN announced via X (formerly Twitter) that Hyperliquid (HYPE) whale (large investor) James Wynn has just expanded his 40x leveraged Bitcoin (BTC) long position to $140 million. The current unrealized profit is $838,000. The average entry price is $106,047, and the liquidation price is $104,815. Previously, he was reportedly forcibly liquidated for an asset position of $100 million. Meanwhile, as of 01:09 on the 4th, BTC is trading at $106,416.29 on the Binance Tether (USDT) market, up 1.99% from the previous day.

According to virtual asset (cryptocurrency) specialist media The Block on the 2nd (local time), the U.S. Securities and Exchange Commission (SEC) has requested feedback on whether to change rules to allow spot redemption of the WisdomTree Bitcoin (BTC) fund. The spot redemption method refers to a system in which ETF holders receive BTC in-kind when selling the ETF. This allows such transactions to be processed without selling BTC, thereby reducing selling pressure in the market. Meanwhile, as of 05:06 on the 3rd, BTC was trading at $104,518.51 on the Binance Tether (USDT) market, down 0.48% from the previous day.

On-chain analyst Willy Woo stated on the 2nd (local time) via X (formerly Twitter), "Now is a bad time to invest in Bitcoin (BTC) futures," adding that "due to very high bet amounts, there are movements targeting large-scale liquidations." He went on to explain, "BTC can only form an upward trend toward new all-time highs after these excessive positions have been liquidated." Meanwhile, as of 01:46 on the 3rd, BTC was trading at $104,137.70 on the Binance Tether (USDT) market, down 0.98% from the day before.

On-chain analyst EmberCN reported on the 2nd (local time) via X (formerly Twitter) that "Hyperliquid whale James Win collected nearly $40,000 in donations in less than two hours after posting the fundraising tweet, and more addresses are still sending him money." He continued, "James Win deposited $30,000 USDC of the funds raised into Hyperliquid as collateral and lowered the liquidation price for his 40x long Bitcoin (BTC) position slightly to $103,610."

According to Bitcoin Magazine, a digital asset (cryptocurrency) specialist media outlet, on the 2nd (local time), Norwegian Block Exchange (Norwegian Block Exchange, NBX) became the first listed company in the country to officially hold Bitcoin (BTC) as a treasury reserve asset. Through this announcement, NBX specified BTC as the company's long-term strategic asset and stated its aim to enhance trust and transparency regarding digital assets. This move is interpreted as expanding the connection between the traditional financial market and the digital asset industry in Norway. Meanwhile, as of 01:10 on the 3rd, BTC is trading at $104,345.55 in the Binance USD (USDT) market, down 0.71% from the previous day.