🔮 BTC on the Balance Sheet, Even Geniuses Fail, Pectra Goes Live, State-Led Strategic Reserve

Top Stories

What 720,000 BTC on Corporate Balance Sheets Really Means

Michael Saylor’s 2025 keynote positions Bitcoin as the ultimate corporate treasury asset, noting that over $37 billion has been raised to acquire 555,000+ BTC, with MicroStrategy alone holding 555,450 BTC. Since adopting its Bitcoin strategy in 2020, MicroStrategy’s market cap has grown from $1.2B to $108B, with trading volume and options open interest surging. Saylor argues Bitcoin outperforms all major asset classes, offering superior returns (56% vs. S&P 500’s 12%) and unparalleled liquidity. Innovative convertible bond structures give investors asymmetric exposure, with some offering 95% upside capture and 70% downside protection. He contrasts this with traditional capital return strategies like Microsoft’s buybacks and dividends, emphasizing Bitcoin’s programmability, portability, and utility. With over 70 companies now holding 720,000 BTC, Saylor concludes: “There is no second best.”

Ethereum’s Pectra Upgrade Goes Live, Ushering in New Era of Scalability and Staking

Ethereum successfully activated its long-anticipated Pectra upgrade at epoch 364032 on Wednesday morning, delivering the most significant network enhancement since The Merge. The upgrade bundles 11 Ethereum Improvement Proposals (EIPs) targeting validator efficiency, user wallet functionality, and Layer 2 scalability. Notably, EIP-7702 advances account abstraction by enabling gasless transactions, while EIP-7251 raises the validator cap to 2,048 ETH, streamlining operations for large stakers. Building on last year’s Dencun proto-danksharding, EIP-7691 doubles blob throughput to reduce Layer 2 costs. Pectra also accelerates validator onboarding, improves access to historical data, and sets the stage for future innovations like Fusaka.

Ethereum L1 Data Fees Hit Post-Blob High as Rollup Activity Surges

In April 2025, Ethereum’s Layer 1 data fees rose to 3.7% of total fees—the highest since blobs were introduced via EIP-4844—marking a sharp reversal from the 0.63% low in September 2024. This uptick reflects growing rollup activity and onchain migration to L2s, resulting in fewer L1 transactions but higher relative data fee shares. Blobs, which enable cheaper and temporary data storage for rollups, initially slashed L2 costs by over 90%, but rising usage is now straining blobspace. To meet demand, Ethereum’s upcoming Pectra/Fulu upgrades will increase blob throughput this May.

Source: The Block

Top 5 Revenue-Generating Token-Backed Apps – April 2025

In April, Hyperliquid ($HYPE) held onto its #1 spot with $40.94M in 30-day revenue, though that’s down $1.1M from last month and its perp dominance dropped ~1% to Ethereum. Maker/Sky ($MKR/$SKY) moved up from #4 to #2 with $15.76M in revenue, climbing despite only a $2.76M increase. Jupiter ($JUP) stayed at #3 with $15.17M, even after falling $4.53M since March. PancakeSwap ($CAKE) slipped from #2 to #4, dropping $8.26M to $14.44M. Aerodrome ($AERO) entered the list at #5 with $8.57M, bumping Uniswap off the board—though it spent $15.4M on incentives, nearly double its revenue. Honorable mention goes to Axiom, a Solana-based DEX that pulled in $13.34M over the past 7 days alone following its February points program launch. The takeaway? Apps, not chains, are where long-term value accrues.

Source: Milk Road

Regulation

GENIUS Act Fails Senate Vote, Jeopardizing Crypto Legislation Momentum

The GENIUS Act, a bipartisan stablecoin bill, suffered a major blow Thursday after failing a Senate procedural vote, with several pro-crypto Democrats—including former co-sponsors—voting against cloture amid concerns over unfinished bill text and late-stage changes. The defeat not only imperils the bill’s passage but also threatens broader crypto legislation, as rising partisan tensions—fueled by recent Trump family crypto announcements—fracture the fragile bipartisan coalition. With Democrats citing national security and AML concerns and Republicans warning of a political shift in crypto’s support, the path forward remains highly uncertain.

SEC Filings Hit Record Highs for “Cryptocurrency” and “Stablecoins” Mentions in April

Mentions of “cryptocurrency” in SEC filings surged to a record 786 in April 2025—a 38% jump from March and an 8% increase year-over-year—highlighting heightened regulatory focus amid looming policy updates. The monthly average since early 2024 had been just 457. Similarly, “stablecoin” mentions more than doubled over the last three months, averaging 103 per month compared to just 48 previously. This growing engagement signals a shift toward formalized oversight, potentially enhancing trust, institutional adoption, and long-term clarity in the digital asset space.

Source: Edgar SEC

New Hampshire Passes Nation's First Strategic Bitcoin Reserve Bill

New Hampshire has become the first U.S. state to legally authorize treasury investments in digital assets, with Governor Kelly Ayotte signing HB 302 into law. The bill allows up to 10% of the state's general fund to be allocated to bitcoin and precious metals, provided the asset’s market cap exceeds $500 billion. The law permits direct bitcoin purchases or ETF exposure, with custody options left to the state's discretion. The move sets a precedent for other states considering similar legislation, reinforcing New Hampshire’s "Live Free or Die" ethos with a tilt toward sound money principles. See similar: Florida Joins Growing List of States Knocking Back Bitcoin Reserve Bills

Coinbase Acquires Deribit in $2.9B Deal, Becomes Crypto Derivatives Leader

Coinbase has agreed to acquire crypto options and futures platform Deribit for $2.9 billion — the largest M&A deal in crypto history. The acquisition includes $700 million in cash and 11 million shares of Coinbase stock. With Deribit’s $30 billion in open interest and $1 trillion in 2024 volume, Coinbase aims to dominate global crypto derivatives by integrating spot, futures, perpetuals, and options trading into a unified platform. Deribit’s founders will step down, while Coinbase leverages its regulatory reach to expand the Dubai-based firm’s footprint. The deal is expected to close by year-end, pending approvals.

Other Domestic Regulation Updates

• House Republicans release discussion draft of a bill to regulate the crypto industry at large
• Bitwise CIO warns of tough summer for crypto if Congress 'fumbles the ball' on legislation
• Coinbase reveals SEC docs on XRP and NYAG request to support ETH security claim
• SEC Delays Litecoin ETF Decision

Other International Regulation Updates

• Sam Altman’s World project suspended in Indonesia
• Kenya court rules against Sam Altman's World over biometric data
• Wellgistics to adopt XRP for payments and treasury reserve with $50 million credit facility
• German authorities seize $38 million worth of crypto from eXch

Pain & Gain

Pain

• 'It's Not Fun': Binance Founder CZ Recounts Prison Experience
• Solana Patches Bug That Could Have Allowed Attackers to Mint and Swipe Tokens
• Former Celsius Network CEO Alex Mashinsky Sentenced to 12 Years in Prison
• MOVE Sees Slight Relief in Wider Market Rally, Despite Ongoing Controversy

Gain

• Strategy buys 1,895 BTC for $180 million
• XRP Is the Only Top Crypto in Profit Mid-Term: Glassnode
• Stablecoin Supply on Sui Network Hits All-Time High Near $1 Billion
• Ethereum Leads Crypto Rally With Biggest Weekly Gain Against Bitcoin Since May 2024