The biggest crypto news and ideas of the day |
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Bitcoin Surpasses Google Market Cap |
James Van Straten:
Bitcoin (BTC) has become the fifth-largest asset by market capitalization, reaching $1.86 trillion and surpassing Google (GOOG) as it breaks through $94,000.
This marks the highest position bitcoin has ever attained in the rankings, even though its market cap previously exceeded $2 trillion when its price was over $109,000. At that time, however, tech stocks were significantly more elevated than they are at the moment. Bitcoin has just broken above $94,000, turning positive for the year. Renewed optimism is emerging amid easing tensions in the U.S.–China tariff trade war, which has fueled gains for both bitcoin and tech stocks, with Nasdaq futures rising 2%. Technically, bitcoin has now moved above key resistance levels that were noted on Tuesday. Additionally, it has set a new record relative to the Nasdaq, indicating a breakout not only against major tech indices but also across a range of key asset classes. |
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Jack Mallers + Brandon Lutnick |
Sam Reynolds, Francisco Rodrigues: Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick and chair of Cantor Fitzgerald, is launching a listed bitcoin (BTC) investment vehicle backed by SoftBank, Tether and Bitfinex and headed by co-founder Jack Mallers, the CEO of bitcoin-focused payments app Strike.
The company, to be called Twenty One Capital after merging with Cantor Equity Partners, a special purpose acquisition company (SPAC), will be majority owned by Tether, issuer of the largest stablecoin, and cryptocurrency exchange Bitfinex, the companies said in a statement. SoftBank, an investment-holding company, will own a "significant minority" stake. Tether and Bitfinex are contributing $1.5 billion and $600 million, respectively, while SoftBank is adding $900 million, the FT reported earlier. The venture plans to raise another $550 million through bonds and private equity to purchase more BTC. Twenty One plans to have more than 42,000 BTC at launch, giving it the third-largest bitcoin treasury. Strategy (MSTR) has 538,200 and MARA Holdings (MARA) 47,531. The deal mirrors Strategy’s bitcoin proxy model and would convert the BTC into equity at a valuation near $85,000 per coin, according to the release. It was announced amid renewed crypto optimism under the Trump administration, with bitcoin hovering near $93,000 and regulatory tailwinds shifting. The company will measure its performance in BTC. Twenty One Capital is set to bring in two new metrics: Bitcoin Per Share (BPS), a measure of how much BTC each share represents, and Bitcoin Return Rate (BRR), which tracks BPS growth.
“We’re not here to beat the market, we’re here to build a new one," Mallers said in the statement. "A public stock, built by Bitcoiners, for Bitcoiners.”
Cantor Fitzgerald is one of Tether's custodians, holding the majority of its U.S. Treasuries. Shares of Cantor Equity Partners are set to keep trading on Nasdaq under the CEP ticker until the transaction is finalized. Once the deal closes, Twenty One intends to trade under the ticker “XXI” on the exchange. |
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Riot Gets $100M Credit From Coinbase |
Francisco Rodrigues: Bitcoin (BTC) miner Riot Platforms (RIOT) has struck a $100 million credit agreement with Coinbase’s credit arm, using bitcoin as collateral to secure short-term funding for its ongoing expansion. The publicly traded mining firm said in a press release it would draw on the facility over the next two months. The deal offers Riot, which currently holds 19,223 BTC worth over $1.8 billion, a line of credit that avoids issuing new shares. “This credit facility is a key part of our efforts to diversify sources of financing to support our operations and strategic growth initiatives, with a view towards long-term stockholder value creation,” said CEO Jason Les in a statement. The loan, issued by Coinbase Credit, comes with a variable interest rate: borrowers will pay at least 7.75% annually, calculated as the greater of 3.25% or the federal funds rate upper bound, plus 4.5%. The loan term is 364 days, though Riot may seek a one-year extension if Coinbase agrees to it. The credit facility is secured by a portion of Riot’s total bitcoin reserves. The firm said it will use the funds “to pursue key strategic initiatives and for general corporate purposes.” Coinbase has been making other similar deals. Just last week, healthcare technology firm Semler Scientific (SMLR) announced it reached an agreement with Coinbase to borrow cash via a loan secured by its bitcoin holdings. Hut 8 (HUT), another bitcoin miner, has also leveraged a bitcoin-backed credit facility with Coinbase in the past. |
Dave Portnoy Consensus Interview |
Jenn Sanasie:
They call him “El Presidente.” But unlike the other President, Dave Portnoy draws a line at launching a memecoin. He worries his followers will lose their shirts. “I got involved in memecoins because I wanted to launch a Barstool memecoin, but I didn’t want my fans and followers to lose money,” he said in an interview with CoinDesk. Memecoins are “legalized Ponzi schemes,” he said, “there’s no value to it, so you gotta get in and get out before it crashes.” [Note: memecoins aren’t legalized in the U.S. but they are popular.] While Portnoy hasn’t launched a Barstool branded memecoin, he has launched other memecoins. In February he launched GREED, a token that reached a market cap of $41.5 million. According to Lookonchain, Portnoy bought 357.92M $GREED, totalling 35.79% of the total supply, then sold all in a single transaction causing the price to crash. He made around $258,000. The Barstool Sports founder took to X in the aftermath to say, “I warned people I could sell. I could have cashed out +1 million. I let it drop 75% before cashing out. Lots of people made money. I took profits + poured it into #jailstool which I can’t touch. I didn’t make a dime on it. Some people won. Some lost. Only the losers keep bitching.” Portnoy started trading stocks during the COVID-19 pandemic, and even launched the YouTube channel Davey Day Trader, where fans could follow his trades. His trades weren’t always successful, and there wasn’t always a clear strategy, but they were entertaining. At one point, he pulled letters out of a Scrabble bag, put RTX (Raytheon Technologies Corporation) together, and put $200,000 into the stock. It was around this time that Portnoy was introduced to bitcoin. “I don’t think you can be involved in anything, stock market [or] finance without crypto being a major part of it,” he says now. He has a love/hate relationship with bitcoin because he says he’s “been on the wrong side of it every time it rips.” Over the years he’s also experimented with investing in cryptocurrencies like XRP. Although Portnoy got into memecoins because he wanted to launch one for the Barstool community, he admits that he still doesn’t understand how to implement blockchain technology or cryptocurrencies into his business model. Barstool once accepted bitcoin as part of its Barstool Fund to help small businesses, but out of $50 million raised, he said only $30,000 came from bitcoin. “They talked big, big talk, but it didn’t work out,” he said, reflecting on the bitcoin community who persuaded him to accept the cryptocurrency. “Crypto is the league leader in people telling you what [you] should be doing, and it’s also the league leader in people I don’t trust.” Portnoy has experimented with memecoins, bitcoin, and even launched an NFT attached to his popular One Bite Pizza Reviews YouTube channel that sold for $138,000. And, although he doesn’t always understand them, he says “as much as I have back and forth with the crypto community, I actually love them. I think they’re hilarious [...] an interesting group, which I guess I'm a part of.” |
Opinion: Can Canada Compete on Crypto? |
By William Mougayar: Over the past several years, global discourse around blockchain has been dominated by the United States — its legislative gridlock, inter-agency turf wars, and intermittent moments of regulatory clarity. As the U.S. continued to grapple with its internal contradictions, other jurisdictions have sought to fill the void. Switzerland, Singapore, Hong Kong, Dubai, and Gibraltar positioned themselves as crypto hubs. Yet, each of them faced a critical limitation: none were natural centers of technological innovation at global scale. Canada, by contrast, holds an often-overlooked but exceptionally strategic position. Not only is it geographically and culturally aligned with the United States, but it also shares a kindred entrepreneurial ethos. More importantly, Canada has deep, organic roots in blockchain innovation. Ethereum — arguably the most important programmable blockchain platform, second only to Bitcoin by market capitalization — was conceived in Toronto.
Blockstream, the core Bitcoin infrastructure company, is based in Montreal. It is commonplace to find Canadian engineers, developers, and executives playing pivotal roles in leading U.S. blockchain firms. Thousands more contribute independently as blockchain technologists and software developers. Beyond this historical significance and talent base, Canada has a critical structural advantage: agility. Where the United States is weighed down by institutional complexity, Canada can be nimble. In the U.S., the path to coherent crypto regulation remains tangled in bureaucratic inertia. Legislation shuttles between the House and Senate, often stalling or contradicting itself. Agencies such as the SEC and CFTC continue to compete for jurisdiction. Even with the appointment of a White House crypto czar and an executive director, implementation continues to lag. For all its ambition, the U.S. regulatory machine moves like a supertanker — slow to pivot and burdened by procedural friction. Canada, in contrast, benefits from fewer layers of government, closer coordination between agencies, and a regulatory culture that — when sufficiently motivated — can respond with speed and clarity. This structural simplicity presents a rare opportunity: Canada can leapfrog the U.S. by becoming the first G7 nation to adopt a coherent, innovation-friendly blockchain strategy. Here’s what that plan could look like: Welcome global blockchain companies. Attract top-tier talent and startups with streamlined immigration pathways, R&D credits, targeted tax incentives, and bold partnerships. Establish a crypto-friendly tax regime. Modernize tax policy to support — not penalize — the use and holding of digital assets. Capital gains treatment, staking income, and token issuance rules must be clarified and calibrated to encourage innovation. Clarify and streamline regulation. Strong consumer protection and financial integrity remain essential, but ambiguity and overreach risk undermining innovation. Canada can offer clear, proportionate, and globally respected rules of engagement. Mandate crypto access within Canadian banks. Facilitate institutional adoption by encouraging banks to integrate blockchain systems and enable seamless, secure access to regulated crypto platforms, including holding stablecoins. Integrate blockchain into capital markets. Empower TMX and provincial exchanges to list approved digital assets and stablecoins. Allow registered dealer-brokers to offer decentralized finance (DeFi) products to retail and institutional clients. Promote blockchain use within the government. Encourage public agencies to pilot blockchain applications, sharing results and best practices to accelerate adoption across departments and services. Establish a national cryptocurrency reserve. In coordination with the Bank of Canada, explore holding select digital assets on the national balance sheet — an idea whose time has come.
FULL STORY
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