gm 03/10

Summary
gm, Circle expanded its $635 million tokenized U.S. Treasury fund (USYC) to the Solana blockchain, previously available only on Ethereum and Near. The integration of traditional finance with blockchain continues to accelerate as Bullish received NYDFS approval to launch spot crypto trading in 20 U.S. states, while DoubleZero Network reported surging activity with over 500,000 daily transactions and validation support from major players like Binance U.S. and Crypto.com. Meanwhile, Bitcoin surged above $119,000, benefiting from strong ETF inflows totaling $675.8 million, with BlackRock's IBIT fund now ranking among the top 20 ETFs by assets globally, signaling deepening institutional adoption amid expectations of a potential Federal Reserve rate cut later this month.

News Headlines
🔍 Strategy's Bitcoin treasury valued at $77.4B

• Michael Saylor's firm, Strategy, has reached a record valuation of its Bitcoin treasury at $77.4 billion, now holding 640,031 BTC (about 3.2% of total Bitcoin supply).
• Strategy holds nearly half of all publicly and privately held BTC, with total holdings across companies estimated at 1.32 million BTC valued at approximately $159 billion.

🧠 OpenAI Becomes World's Largest Startup With $500B Valuation

• OpenAI has become the world's most valuable private company with a $500 billion valuation after a $6.6 billion employee share sale to investors including Thrive Capital and SoftBank Group.
• This represents a dramatic increase from earlier this year when OpenAI was valued at approximately $60 billion, now surpassing SpaceX which is valued around $400 billion.

🔄 Polymarket Prepares for Imminent U.S. Launch

• Polymarket is poised to launch for U.S. users after a four-year hiatus due to regulatory issues, following the acquisition of QCX/QC Clearing for $112 million and receiving a no-action letter from the CFTC.
• The platform will focus on self-certifying event contracts for sports and elections, enabling immediate listings once certification is filed, potentially increasing competition in the prediction market space.

💻 Joe Lubin confirms SWIFT is using Linea to build its new payments system

• Consensys CEO Joe Lubin confirmed that SWIFT will use the Ethereum layer 2 Linea blockchain for its new 24/7 real-time crypto payments system, being developed in collaboration with over 30 traditional finance institutions.
• SWIFT handles around $150 trillion in global payments annually, making its entry into blockchain payments significant and potentially positioning it as a competitor to Ripple's XRP Ledger.

🔄 CME Group to Launch 24/7 Crypto Futures and Options Trading in Early 2026

• CME Group plans to offer round-the-clock trading for cryptocurrency futures and options starting in early 2026, pending regulatory approval, allowing trading of major products like bitcoin and ether at any hour except during a brief maintenance window.
• This move aims to meet growing client demand for continuous trading and could provide a competitive advantage over less regulated offshore platforms, particularly benefiting institutional investors who value regulated exchanges.

Market Metrics

Fundraising & VC
1. Yield Basis (Public Token Sale, $5M) - AMM-based DeFi protocol
2. Novastro (Public Token Sale, $2M) - Modular RWAfi layer powered by AI
3. Tea Protocol (Public Token Sale, $2M) - Layer 2 for open source

Regulatory
💰 Treasury Dodge: Strategy Avoids Billions in Tax Liability

• New IRS and Treasury guidance clarifies that companies won't need to account for unrealized crypto gains when calculating corporate alternative minimum tax (CAMT), saving Strategy from a multi-billion dollar tax liability.
• Strategy's shares rose 5% following the announcement, as the company holds approximately $75 billion in Bitcoin with unrealized gains of roughly $28 billion.

🚨 New York Proposes Tiered Tax on Crypto Mining Energy

• Democratic lawmakers introduced a bill to impose escalating excise taxes on crypto mining operations based on energy consumption, with rates ranging from 2 to 5 cents per kilowatt-hour.
• Miners using 100% renewable energy would be exempt, while tax revenue would fund Energy Affordability Programs to offset the estimated $79 million in additional costs that mining imposes on residential electricity customers.

👨‍💼 Trump Officially Nominates Travis Hill to Head FDIC

• President Trump has nominated Acting FDIC Chair Travis Hill for a five-year term to officially lead the banking agency, pending Senate confirmation.
• Hill has previously advocated for more guidance on digital assets and opposed the 'debanking' trend affecting cryptocurrency companies, signaling potential crypto-friendly policies.

🌍 Thailand SEC to Expand Crypto ETFs Beyond Bitcoin

• Thailand's Securities and Exchange Commission announced plans to expand its ETF offerings beyond bitcoin to attract younger investors seeking cryptocurrency exposure.
• Local mutual funds and institutions will be allowed to issue funds under specific rules, potentially including baskets of various crypto assets as part of Thailand's digital asset market development.

🌐 Swedish Lawmakers Propose National Bitcoin Reserve

• Two members of Sweden's Riksdag have proposed establishing a strategic Bitcoin reserve to combat inflation and diversify the nation's assets, citing it as a necessary step in the "digital arms race."
• The proposal suggests funding through confiscated Bitcoin and emphasizes that this initiative would not alter legislation governing monetary policy or introduce a central bank digital currency.

Technical Analysis
Bitcoin - Bitcoin has broken through the ceiling of a falling trend channel in the short term. This indicates a slower falling rate initially, or the start of a more horizontal development. The currency has support at points 117700 and resistance at points 123400. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the currency. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has broken up through resistance at points 4300. This predicts a further rise. The currency is assessed as technically positive for the short term.