🔮 Everyone Wants a Treasury

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Out Pump the Pump

Despite earlier doubts, launchpads like pump.fun are thriving, with volumes continuing to climb. Research highlights pump.fun’s dominance in a growing pool of memecoin launchpads, noting that competitors like Tron’s attempt failed to gain traction due to weak branding and engaged communities. Analysts suggest that while the memecoin market is still in its early stages, future winners will be those who either defend the core market or innovate with new categories rather than copying pump.fun. Raydium and Meteora, which has ties to prominent launch partners and Jupiter, are considered promising competitors in the space.

Source: Blockworks

Gemini Report Highlights Memecoins as a Key Onramp to Crypto Adoption

Gemini’s latest State of Crypto Report reveals that memecoins are not just a passing fad but an important onramp for new crypto investors worldwide. In France, 67% of crypto investors own memecoins, leading global adoption rates, followed by Singapore (59%) and Italy (58%). Notably, 94% of memecoin owners also hold other cryptocurrencies, signaling that memecoins often lead investors deeper into the ecosystem. The report also highlights the role of the U.S.’s Strategic Bitcoin Reserve in boosting confidence, with 23% of non-crypto owners citing it as a reason they feel more confident about digital assets. Meanwhile, ETFs are another popular onramp, with two in five U.S. investors now holding crypto ETFs. While the survey is just a snapshot, it underscores that memecoins are a legitimate gateway to broader crypto adoption, helping investors diversify and engage with the space, even amid the ongoing dominance of U.S. narratives.

Source: Gemini

Muted Retail Interest Amid Memecoin Surge

Despite a strong market rally and significant memecoin gains, retail interest appears to be absent from the current cycle. Google search volume for "memecoin" is at a low 14 on the relative scale — a sharp drop from January's peak of 100 — suggesting that price appreciation hasn't sparked broad curiosity or participation. Searches for "bitcoin," "ethereum," "coinbase," and "solana" also remain flat, while Coinbase and Robinhood app downloads continue to languish around 300th place in the US App Store, far from the top ranks usually seen during retail booms. This indicates the rally is being driven primarily by crypto-native investors and institutions rather than retail participants, raising questions about whether retail enthusiasm will catch up later, or if this cycle will remain largely institutional.

Source: The Block

Base Resilient in Growth Despite Market Turbulence

Base has rebounded impressively, with daily transactions climbing back to approximately 10 million after a recent dip to 7 million, and daily active addresses recovering to 1.5 million. Unlike other Layer 2s struggling during market uncertainty, Base's steady activity is buoyed by Coinbase's strategic investments in developer tools, ecosystem funding, and brand leverage. The network's $1.3 billion in DEX volume over the past 24 hours — driven largely by Aerodrome and Uniswap — positions it as a serious alternative to both centralized exchanges and Ethereum mainnet. This resilience underscores Base’s potential to become a long-term contender in the Layer 2 landscape.

Source: GrowThePie

Envision a Financial Infrastructure Revolution

At Stablecon NYC, industry heavyweights argued that stablecoins are reshaping financial infrastructure, with Visa’s Catherine Gu insisting that every financial institution needs a stablecoin strategy by 2025. Circle’s Spencer Spinnell compared stablecoins’ transformative potential to the internet’s impact, while others emphasized tokenized assets as key to disrupting traditional banking. WisdomTree’s Jonathan Steinberg highlighted onchain money market funds as direct competition to banks, while Chainalysis CEO Jonathan Levin noted that stablecoins succeed when they unlock entirely new payments models. The conference underscored that stablecoins are evolving from payments tools to foundational infrastructure for financial services, leaving traditional banks scrambling to adapt. See similar: Bitcoin-backed stablecoins just got real — but tax rules still point some to custodians

Regulation

Onchain Proof-of-Reserves "Bad Idea" for Strategy

During a sideline event at Bitcoin 2025 in Las Vegas, Strategy co-founder Michael Saylor dismissed the idea of publishing onchain proof-of-reserves as a security risk. He argued that revealing wallet addresses would expose the company to hackers and other threats, making it a "bad idea" despite calls for transparency after the FTX collapse. Saylor emphasized that proof-of-reserves often omits liabilities, giving an incomplete picture of financial health. Instead, he endorsed traditional audits by Big Four firms as the gold standard for institutional investors. Although he left the door open to zero-knowledge proofs in the future, Saylor underscored that liabilities must also be disclosed for a true financial picture.

IMF to Cap El Salvador’s Bitcoin Holdings Despite New Purchases

The International Monetary Fund (IMF) reaffirmed its intention to restrict El Salvador’s government bitcoin holdings under its $1.4 billion loan agreement, despite President Nayib Bukele’s continued purchases. Following the first review of El Salvador’s Extended Fund Facility arrangement, the IMF emphasized that while no risks from the country’s bitcoin reserves have materialized, potential threats remain. This stance aligns with earlier requirements to scale back Bitcoin-related activities, including legal changes to make BTC acceptance optional. Nevertheless, just hours after the IMF’s reiteration, El Salvador’s Bitcoin Office disclosed the acquisition of eight additional BTC, bringing its total to around 6,190 BTC—worth approximately $664 million.

Source: bitcointreasuries.net

Trump Media Launches Corporate Bitcoin Treasury with $2.5 Billion Raise

Trump Media and Technology Group has announced a $2.5 billion private placement to fund a corporate bitcoin treasury, securing investment from about 50 institutional investors. The financing package includes $1.5 billion in common stock and $1 billion in convertible notes priced at a 35% premium. The firm, which operates Truth Social and Truth.Fi, plans to add bitcoin to its balance sheet alongside its existing $759 million in cash and investments, with Anchorage Digital and Crypto.com providing custody. Trump Media CEO Devin Nunes framed the move as embracing bitcoin as "an apex instrument of financial freedom." See similar: As bitcoin treasury strategies proliferate, one company eyes big ETH buys

PSG Adds Bitcoin to Treasury, Eyes Broader Crypto Expansion

Paris Saint-Germain has become the largest sports club to reveal holding bitcoin in its treasury, converting part of its fiat reserves into the cryptocurrency last year. PSG Labs head Pär Helgosson announced the move at Bitcoin 2025, highlighting the club’s commitment to both Bitcoin and the broader crypto space. With a fanbase that skews younger and digitally native, PSG views Bitcoin as a bridge to engage its 550 million global fans—80% of whom are under 34. The club also plans to invest in Bitcoin startups, reinforcing its image as a forward-looking lifestyle brand beyond just football.

Other Domestic Regulation Updates

• Strategy buys more bitcoin for $427 million
• Crypto investment products hit $3.3 billion in inflows last week
• GameStop scoops up its first 4,710 BTC
• 'No deal has been signed': Elon Musk contradicts Telegram's $300M xAI partnership
• SEC says proof-of-stake staking activities do not constitute securities transactions

Other International Regulation Updates

• Coinbase sued over data breach-tied stock price fall in shareholder class action lawsuit
• Cantor’s Bitcoin financing business announces first transactions
• SOL Strategies files to raise up to $1 billion to buy more Solana
• Trump Media secures $2.3 billion to buy bitcoin
• Thailand moves to block some crypto exchanges

Pain & Gain

Pain

• Alpaca Finance to sunset all products
• MapleStory N bans 6,000+ accounts for botting, cheating
• Solana co-founder's personal ID leaked
• $160M in stolen funds puts Sui’s decentralization to the test

Gain

• Cobie's ICO platform Sonar goes live with Plasma seeking $50 million
• Tokenized equities will be ‘bigger than stablecoins’: Backed CEO
• Solana to get first Kaito-like mindshare leaderboard
• Analysts expect crypto rally to resume after dip on hawkish Fed minutes
• OpenSea adds rewards questing with ‘Voyages’ in OS2 public launch