Crypto Morning News: Fidelity's Solana fund registered in Delaware, Strategy expands perpetual preferred stock offering
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Crypto Morning News: Fidelity's Solana fund registered in Delaware, Strategy expands perpetual preferred stock offering
This week, VENOM, OP, and others will see large token unlocks, with OP's unlock worth approximately $26.83 million.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Bitcoin Block 888,888 Successfully Mined
According to mempool data, Bitcoin block 888,888 has been successfully mined.
Strategy Expands Perpetual Preferred Stock Offering from $500M to $722.5M
Officially announced, Strategy (Nasdaq: MSTR/STRK) has completed pricing for its 10.00% Series A perpetual preferred stock (ticker: $STRF). The company will issue 8.5 million shares at a public offering price of $85.00 per share, increasing the offering size from the initially planned $500 million to $722.5 million.
The offering is expected to settle on March 25, 2025, with net proceeds estimated at approximately $711.2 million after deducting underwriting discounts, commissions, and anticipated offering expenses. Strategy stated that the funds will be used for general corporate purposes, including Bitcoin acquisitions and operating capital.
U.S. House Committee to Review Landmark Stablecoin Bill on April 2
According to Bloomberg, the U.S. House Committee on Financial Services is expected to review a landmark stablecoin legislation on April 2, a key priority for President Donald Trump and the crypto industry. Sources indicate the bill is likely to pass through the committee.
This development marks a significant rise in the crypto industry’s influence within Congress, driven by bipartisan support—including from key Democrats such as New York Senator Kirsten Gillibrand—and record-breaking campaign spending that helped defeat industry opponents and elect allies.
Market News: Fidelity Solana Fund Registered in Delaware
Market sources report that the FIDELITY SOLANA FUND has been registered in Delaware, USA.
Fidelity Investments Files to Launch Tokenized U.S. Treasury Fund “OnChain” on Ethereum
Global asset management giant Fidelity Investments has filed an application with U.S. securities regulators to register a tokenized version of its dollar money market fund on the Ethereum blockchain, joining institutions like BlackRock and Franklin Templeton in blockchain-based tokenization efforts.
According to documents submitted to U.S. securities regulators on March 21, the tokenized product named "OnChain" will track transactions in Fidelity's Treasury Digital Fund (FYHXX), which manages approximately $80 million and consists almost entirely of U.S. Treasury bills.
While OnChain is still awaiting regulatory approval, Fidelity expects it to officially launch on May 30. The OnChain share class aims to provide investors with transparency and verifiable transaction tracking for FYHXX shares, though Fidelity will continue maintaining traditional book-entry records as the official ownership ledger.
In its filing, Fidelity stated: "Although the secondary record of OnChain on the blockchain does not represent the official record of ownership, the transfer agent will reconcile blockchain transactions with the official OnChain records at least daily." Fidelity also clarified that the underlying U.S. Treasury bills themselves will not be directly tokenized.
Data: PumpSwap Records $668K Trading Volume on Day One, Just 0.2% of Raydium’s
According to Ai Aunt monitoring, PumpSwap's performance during its first 24 hours included:
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Trading volume: $668,000, ranking 7th among Solana-based DEXs;
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TVL (Total Value Locked): $21.49 million;
Compared to mainstream DEXs, PumpSwap remains relatively small:
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Trading volume represents only 0.2% of Raydium’s, 0.04% of Uniswap’s, and 0.03% of PancakeSwap’s;
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TVL is just 1.87% of Raydium’s, 0.54% of Uniswap’s, and 1.28% of PancakeSwap’s.
Earlier news reported that pump.fun announced the launch of its DEX platform PumpSwap.
Wintermute Likely Market Maker for $MUBARAK, Holding ~$966K Worth of Tokens
According to The Data Nerd, Wintermute is likely acting as the market maker for the $MUBARAK token. A Wintermute wallet currently holds 7.688 million $MUBARAK tokens, valued at approximately $966,000. In addition, the wallet holds various other token assets, including:
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164 billion $BABYDOGE (~$222,700);
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1.882 billion $CAT (~$146,000);
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4.549 million $TUT (~$119,000).
Trump Again Calls on Fed to Cut Interest Rates
President Trump posted: "Egg prices are way down from the Biden-caused high prices. 'Grocery' and gas prices are also down. Now, if the Fed could do the right thing and cut rates, that would be great."
Analyst: Trade War Will Continue Pressuring Crypto Markets Through April; Potential Resolution Could Be Next Major Catalyst
Nansen research analyst Nicolai Sondergaard said global tariff concerns will continue pressuring markets at least until April 2. "I’m watching how the tariff situation unfolds starting April 2—perhaps we’ll see some tariffs lifted, but that depends on whether all countries can reach agreement. This is currently the biggest market driver."
Risk assets may lack direction until tariff-related concerns are resolved, which could occur between April 2 and July, potentially leading to positive market catalysts. Trump’s reciprocal tariff rates are set to take effect on April 2, although Treasury Secretary Scott Bessent previously suggested possible delays.
Besides trade tensions, high interest rates will continue suppressing investor risk appetite until the Fed eventually begins cutting rates. According to the latest CME Group FedWatch tool estimates, markets currently assign an 85% probability that the Fed will hold rates steady at its next FOMC meeting on May 7.
Iliya Kalchev, analyst at Nexo’s digital asset investment platform, noted that the Fed views inflation and recession concerns as temporary, especially regarding tariffs, which could be a positive signal for investors. "Markets may now look ahead to upcoming economic data with greater confidence. Cooling inflation and stable economic conditions could further boost investor sentiment, driving Bitcoin and digital assets higher."
VENOM, OP Among Projects Facing Large Token Unlocks This Week; OP Unlock Worth ~$26.83M
Token Unlocks data shows VENOM, EIGEN, ENA, FET, and OP are among projects facing large token unlocks this week:
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OP (Optimism): To unlock tokens worth ~$26.83 million in about 6 days and 23 hours (around March 31), representing 1.93% of circulating supply.
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VENOM: To unlock tokens worth ~$7.04 million in about 1 day and 7 hours (around March 25), representing 2.90% of circulating supply.
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ENA: To unlock tokens worth ~$2.93 million in about 2 days and 6 hours (around March 26), representing 0.15% of circulating supply.
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EIGEN: To unlock tokens worth ~$1.52 million in about 1 day and 18 hours (around March 25), representing 0.53% of circulating supply.
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FET: To unlock tokens worth ~$1.68 million in about 3 days and 23 hours (around March 28), representing 0.12% of circulating supply.
Executive Director of U.S. Digital Asset Task Force: We Have “Countless Ideas” on Buying Bitcoin, Will Implement Best Plan
According to Bitcoin Magazine, Bo Hines, Executive Director of the Presidential Working Group on Digital Assets, revealed in a recent interview that the team has "countless ideas" about purchasing Bitcoin, adding, "We will implement the best one."
Suspected Binance Wallet Employee Involved in $UUU Insider Trading, Profiting ~$110K So Far
Analysis by crypto KOLs @0xJamesXXX and @BroLeonAus suggests an address that dumped $UUU tokens for over $110,000 in profit may belong to Freddie, an employee from Binance Wallet’s BD & Growth department.
Chain data evidence shows:
After transferring funds from his personally verified X account address (freddieng.bnb) to a linked wallet, the wallet purchased approximately 24,124,336 $UUU tokens at an average price of $0.000258 using 10 BNB;
The tokens were then transferred to a new address:
0x44af67fe90facfdffdd4e324cd68c2e6b99a8870
And sold via Bitget for an initial profit of 181.4 BNB (~$110,000);
So far, 25% of the position has been cashed out, with remaining tokens distributed across 8 different addresses, each still holding several thousand dollars’ worth of $UUU tokens.
RWA Sector TVL Surpasses $10 Billion, 7-Day Growth at 6.19%
According to DefiLlama data, the Total Value Locked (TVL) in the RWA sector has surpassed $10 billion, reaching $10.206 billion with a 7-day increase of 6.19%. RWA thus becomes the 7th sector in DeFi to enter the $10 billion club.
The top seven DeFi sectors by TVL are currently:
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Lending: 501 protocols, $39.4B TVL;
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Liquid Staking: 215 protocols, $38.38B TVL;
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Bridges: 113 protocols, $36.482B TVL;
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Dexs: 1,625 protocols, $18.546B TVL;
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Restaking: 15 protocols, $16.407B TVL;
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Yield: 552 protocols, $10.817B TVL;
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Real World Asset Tokenization (RWA): 85 protocols, $10.206B TVL.
Within the RWA sector, Maker RWA, BlackRock’s BUIDL, Ethena USDtb, and Ondo Finance all have TVL exceeding $1 billion.
Market Overview
Suggested Reading
From 'The Double' to GameFi Crisis: The Purity and Loss in Game Creation
This article explores the purity and artistry of game creation and the impact of commercialization on the gaming industry, from "The Double" to the challenges of GameFi. By analyzing the philosophy and success of Josef Fares, co-creator of "It Takes Two," the article criticizes current industry trends such as microtransactions, NFTs, and GameFi models, emphasizing the importance of pure passion for gaming as the core of creative work.
Meme Fades, Pump.fun自救: Can PumpSwap Sustain Its Future?
This article discusses Pump.fun’s launch of a new decentralized exchange, PumpSwap, aimed at solving liquidity dependency issues and expanding its ecosystem. PumpSwap seeks to reduce costs and attract more users through self-built liquidity pools and innovative fee distribution mechanisms, promoting diversification in the DeFi space. However, its ultimate success depends on market conditions and its ability to differentiate itself competitively.
This article delves into the logic behind Trump’s new crypto policies and potential shifts in the context of AI technology. Through an interview with Dr. Shao Qing, it analyzes the policy goals, implementation pathways, and potential global financial and technological transformations triggered by Trump’s crypto agenda, while also discussing the profound implications of integrating AI and crypto technologies.
20 Crypto Market Truths People Are Unwilling to Accept Today
This article examines current trends and challenges in the cryptocurrency market, covering Bitcoin, Ethereum, altcoin seasons, NFTs, and Web3 gaming. It argues that a full-scale altcoin season may never return due to drying market liquidity. Trump is not a “magic bullet” for crypto—the policies favor institutions. Complex technologies are losing appeal; simple applications like AI and real-world assets are becoming more attractive.
Funding Becomes Harder: Crypto Venture Capital Enters Final Phase of Frenzy
This article discusses how crypto venture capital is entering the final stage of a frenzied cycle amid increasingly difficult fundraising conditions. While seed funding has seen growth, later-stage financing and token market liquidity have declined, posing challenges for the industry. Capital is concentrating in a few large firms, forcing founders and investors to reassess strategies to adapt to the new market environment.
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