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Bitcoin is experiencing a short-term consolidation, with its upward momentum being tempered by renewed tariff threats from Trump. These geopolitical concerns are also driving gold prices to new highs, which, in turn, is bolstering demand for the U.S. dollar. On the technical side, BTC is holding its ground above the support range of 102,500 - 104,000, supported by a rising trend line.
On the stablecoin front, USDC is leading the pack, marking a significant 21% increase in market cap, reaching $53 billion—its best performance since May 2021. In contrast, USDT has shown a more modest 1% growth.
There is also a growing risk that the dollar could continue to appreciate if tariffs are imposed on Canada and Mexico. Trump's tariff threat has traders scrambling for gold, which recently hit record highs. Reports are emerging of increased borrowing of the yellow metal from central banks, with heightened gold deliveries to the U.S. fuelling the activity. This surge is largely driven by concerns over potential import tariffs, according to Reuters.
In corporate moves, MicroStrategy has successfully upsized its preferred stock offering, raising $563.4 million, surpassing its original target of $250 million. The company sold 7.3 million shares at $80 each, resulting in an increased dividend yield of 10%—up from the initially projected 8%—which has attracted strong investor interest.
The News Room
Cipher Mining Secures $50M Investment From SoftBank-Backed Stargate AI
Bitcoin mining firm Cipher Mining has received a $50 million investment from SoftBank, a backer of the Trump-announced Stargate AI initiative. The funding, structured as a private equity investment, will support Cipher’s expansion into high-performance computing (HPC) and AI data center infrastructure. As part of the deal, Cipher agreed to a one-month exclusivity period with SoftBank for its 300 MW Barber Lake site in Texas. Analysts at JPMorgan see this investment as a potential indicator of broader AI diversification trends in the Bitcoin mining sector. SoftBank’s aggressive AI expansion, including its role in the $500 billion Stargate Project, highlights the growing intersection between AI infrastructure and crypto mining.
US SEC Approves Bitwise’s First Combined Bitcoin and Ethereum ETF
The U.S. Securities and Exchange Commission has approved the Bitwise Bitcoin and Ethereum ETF, allowing NYSE Arca to list and trade shares of the fund. The ETF will hold spot Bitcoin, Ethereum, and cash. The approval reflects a shift in regulatory stance under the Trump administration, which has seen a wave of new crypto ETF filings. This follows previous approvals for crypto index ETFs from Hashdex and Franklin Templeton, highlighting growing institutional adoption of digital assets in traditional markets.
NYSE Arca Seeks SEC Approval to Convert Grayscale’s XRP Trust Into Spot ETF
NYSE Arca has submitted a 19b-4 filing to the SEC to convert Grayscale’s XRP Trust into a spot exchange-traded fund (ETF), with Coinbase Custody as the custodian and BNY Mellon as the administrator. The trust, managing $16.1 million in assets, aims to offer U.S. investors exposure to XRP without direct ownership. The move is part of a broader push by firms seeking approval for various crypto ETFs, including those tied to Dogecoin, Litecoin, Solana, and a Trump-associated memecoin. With regulatory sentiment shifting under the new administration, industry players are testing the waters for expanded crypto ETF approvals.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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