Crypto Morning News: OpenAI completes $40 billion funding round, Initia airdrop claim page goes live
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Crypto Morning News: OpenAI completes $40 billion funding round, Initia airdrop claim page goes live
The U.S. House of Representatives will hold a hearing on April 9 regarding cryptocurrency market structure legislation.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
OpenAI completes $40 billion fundraising, setting record for largest private tech company funding round
According to CNBC, AI company OpenAI has announced the completion of a $40 billion fundraising round, setting a new record for the largest-ever funding round by a privately held technology company. This round values OpenAI at $300 billion (including newly added capital).
SoftBank led with $30 billion, joined by core investor Microsoft as well as Coatue, Altimeter, and Thrive. OpenAI plans to allocate approximately $18 billion toward Project Stargate in collaboration with SoftBank and Oracle. Notably, if OpenAI fails to transition into a for-profit entity by December 31, 2025, the funding amount could be reduced by $10 billion.
Coinbase CEO: U.S. stablecoin legislation should allow consumers to earn interest on stablecoins
Coinbase CEO Brian Armstrong posted that "U.S. stablecoin legislation should allow consumers to earn interest from stablecoins. The government should not favor one industry over another. Both banks and crypto companies should be permitted—and incentivized—to share yield with consumers.
Stablecoins have already found product-market fit by digitizing the U.S. dollar and other fiat currencies, but for everyday people and the U.S. economy, we haven’t yet unlocked a key piece: on-chain yield."
U.S. House to hold hearing on crypto market structure legislation on April 9
According to crypto journalist Eleanor Terrett, the House Financial Services Committee’s Digital Assets Subcommittee will hold a hearing next Wednesday (April 9) titled “American Innovation and the Future of Digital Assets: Modernizing U.S. Securities Laws for the Digital Age,” aiming to accelerate stablecoin and market structure bills with the goal of delivering them to President Trump before Congress adjourns in August. This marks the first public effort by the 119th Congress to establish a federal regulatory framework for the U.S. cryptocurrency industry.
Circle hires investment banks to advance IPO process, expects public filing by end of April
According to Fortune, USDC issuer Circle has hired JPMorgan and Citibank to assist with its initial public offering (IPO), with a public filing expected by the end of April. This would be the largest crypto-related IPO since Coinbase.
Hut 8 and Donald Trump’s son Eric Trump announce formation of Bitcoin mining company American Bitcoin
According to an official press release, mining firm Hut 8 Mining (NASDAQ/Toronto Stock Exchange: HUT) and Eric Trump, son of former U.S. President Donald Trump, have announced the launch of American Bitcoin, focused on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. American Bitcoin aims to become the world’s largest and most efficient pure-play Bitcoin mining company, targeting over 50 EH/s in hash rate with an average fleet efficiency below 15 J/TH, and intends to pursue an independent public listing in the future.
The partnership includes Eric Trump and Donald Trump Jr. Hut 8 will serve as American Bitcoin’s exclusive infrastructure and operations partner. Eric Trump stated, “Partnering with Hut 8, a recognized leader in the Bitcoin space, is an honor. By combining Hut 8’s proven excellence in data center operations with our shared passion for Bitcoin and decentralized finance, we are positioned to strengthen foundations and drive significant future growth.”
Donald Trump Jr. added, “Simply buying Bitcoin is only half the story. Mining under favorable economic conditions opens up far greater opportunities.”
Musk clarifies: U.S. Department of Government Efficiency (D.O.G.E.) has no connection to Dogecoin, just a name similarity
According to Decrypt, Elon Musk said during a town hall event in Green Bay, Wisconsin on March 30 that the U.S. federal Department of Government Efficiency (D.O.G.E.) has no relation to the cryptocurrency Dogecoin, and the government has no plans to use the digital asset.
Although the D.O.G.E. website briefly displayed Dogecoin’s Shiba Inu mascot in February—causing DOGE to surge 14% to a $58 billion market cap—Musk emphasized this was purely coincidental due to the name match.
CZ burns ~$3.6 million worth of BROCCOLI and TUT tokens, urges users: “Stop sending tokens for attention”
According to Arkham monitoring, CZ recently burned $1.1 million worth of BROCCOLI (0xa14), $540,000 worth of BROCCOLI (0x6d5), and $1.95 million worth of TUT from his public donation address.
CZ later tweeted, “Sent some high-value tokens (six or seven figures) from my address to a burn address. There are now some new AI solutions that can automate this process, but they haven't undergone security audits yet. The remainder will be handled later.
Please stop sending tokens to this address expecting interaction.”
Following the burn, CZ’s public donation address balance dropped to around $1.85 million, with BNB (1,780 tokens) now the top asset and meme coin holdings reduced to 42% of total assets.
Initia reveals first airdrop details; eligibility checker now live
According to official announcement, the Initia Foundation has released detailed information about its first token airdrop: 50 million INIT tokens (5% of total network supply) will be distributed, claimable within 30 days after mainnet launch. An eligibility query page is now live. Airdrop allocation breakdown:
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Testnet participants (89.46%)
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Ecosystem partners (4.50%)
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Social contributors (6.04%), broken down as: Discord participants (1%), Telegram active users (0.0374%), Twitter/X interactions (5%)
Initia stated that all contributors to Initia projects are ineligible for the airdrop—wallets and social accounts have been excluded from qualification lists. Anti-Sybil measures are in place, and bot accounts will be filtered out. Snapshot was taken on March 28, 2025.
NFT marketplace X2Y2 announces shutdown on April 30
According to official announcement, NFT marketplace X2Y2—after nearly three years of operation and $5.6 billion in trading volume—has officially announced it will cease platform services on April 30, 2025. Smart contracts will remain active, but the marketplace itself will shut down.
X2Y2 CEO TP noted that X2Y2 once ranked as the second-largest NFT marketplace after OpenSea and remains the third-largest in the industry. However, with NFT trading volumes down 90% from peak levels, after three years of effort, the team has decided to shift focus toward more sustainable, long-term opportunities.
X2Y2 will pivot into the intersection of AI and crypto, developing a decentralized, innovative yield platform aimed at creating a sustainable value cycle.
MicroStrategy increases Bitcoin holdings by 22,048 BTC at average price of $86,969
MicroStrategy founder Michael Saylor announced that the company purchased 22,048 BTC between March 24 and March 30 at an average price of $86,969 per BTC, totaling $1.92 billion. Year-to-date in 2025, MicroStrategy’s BTC holdings have achieved an 11.0% return.
As of March 30, 2025, MicroStrategy has acquired 528,185 BTC for $35.63 billion at an average purchase price of approximately $67,458 per BTC.
Tether adds 8,888 Bitcoin in Q1, bringing total holdings to 92,647 BTC
According to on-chain analyst EmberCN, USDT issuer Tether withdrew 8,888 BTC (worth ~$735 million) from Bitfinex to its reserve addresses at the end of Q1 2025.
Data shows Tether now holds a total of 92,647 BTC (worth ~$7.64 billion), making it the sixth-largest Bitcoin holder on-chain. Since May 2023, Tether has allocated 15% of corporate profits toward Bitcoin purchases to strengthen reserves, with an estimated average acquisition cost of $41,147 per BTC.
Market Data
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