The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! The U.S. President addressed the Digital Asset Summit in New York earlier today. However, unsurprisingly, the hyped-up speech was, in reality, much ado about nothing, with Trump reiterating the same well-worn, existing crypto proposals and aspirations in a pre-recorded message as bitcoin retraced most of Wednesday's gains.
In today's newsletter, VCs including Sequoia Capital, Ribbit, Benchmark and Kingsway invest over $400 million in Toncoin, Kraken agrees to the largest-ever crypto and tradfi deal, Trump Media execs launch a SPAC eyeing U.S.-based crypto firms and more.
Meanwhile, Bernstein cuts its price targets for Bitcoin miners amid significant underperformance relative to BTC in 2025. Plus, Canary Capital files for the first-ever Pengu ETF tracking the PENGU token and Pudgy Penguins NFT collection.
Let's get started.
TON Foundation announced that venture capital firms such as Sequoia Capital, Ribbit, Benchmark and Kingsway have invested over $400 million in Toncoin.
Crypto exchange Kraken has agreed to acquire CFTC-registered U.S. retail futures trading platform NinjaTrader for $1.5 billion — marking the largest-ever deal between crypto and traditional finance.
A special purpose acquisition company (SPAC), managed by executives closely linked to Trump Media & Technology Group, aims to raise $179 million to purchase a U.S. crypto or blockchain company.
Crypto onramp MoonPay has secured a $200 million revolving credit line from investment firm Galaxy to manage extreme liquidity demands.
Bybit CEO Ben Zhou reported on Thursday that 86% of the $1.5 billion stolen in the crypto exchange's February hack, about 440,091 ETH, has now been converted into 12,836 BTC and distributed across 9,117 wallets.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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