Crypto Morning Brief: David Sacks Steps Down as White House AI and Crypto Lead; Moonshot Considers Hong Kong IPO
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Crypto Morning Brief: David Sacks Steps Down as White House AI and Crypto Lead; Moonshot Considers Hong Kong IPO
AI company Anthropic is considering an IPO as early as October.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
U.S. initial jobless claims for the week ending March 21 stood at 210,000, in line with expectations
Initial jobless claims in the U.S. for the week ending March 21 totaled 210,000, matching expectations and rising from the prior week’s revised figure of 205,000.
David Sacks announces departure from role as White House AI and Crypto Lead
According to Bloomberg, David Sacks stated he has concluded his tenure as “White House AI and Crypto Lead” and will now serve as Co-Chair of the President’s Council of Advisors on Science and Technology (PCAST), continuing to engage in technology policy matters—including artificial intelligence.
The Wall Street Journal: President Trump considering deploying an additional 10,000 U.S. ground troops to the Middle East
According to The Wall Street Journal, Pentagon officials familiar with the matter said the Department of Defense is considering deploying up to 10,000 additional ground troops to the Middle East—providing President Trump with more military options while he weighs negotiations with Iran. This potential force, which could include infantry and armored vehicles, would join approximately 5,000 U.S. Marines and several thousand paratroopers from the 82nd Airborne Division already ordered to deploy to the region. It remains unclear where exactly these forces would be stationed in the Middle East, though they are likely to be positioned within range of strikes against Iran and its Kharg Island. Trump has repeatedly stated he will open the Strait of Hormuz—with or without support from U.S. allies. White House Deputy Press Secretary Anna Kelly said all announcements regarding troop deployments will be issued by the Department of Defense. As previously noted, President Trump retains full access to all military options. A spokesperson for U.S. Central Command—the military command responsible for U.S. forces in the Middle East—declined to comment.
Fannie Mae to accept cryptocurrency-backed mortgages for the first time; homebuyers may use Bitcoin and other digital assets for down payments
According to The Wall Street Journal, mortgage giant Fannie Mae will accept cryptocurrency-backed mortgages for the first time. Mortgage lender Better Home & Finance and U.S.-based cryptocurrency exchange Coinbase jointly announced a new mortgage product enabling homebuyers to pledge their cryptocurrency holdings as collateral for Fannie Mae–guaranteed loans—without needing to sell their crypto assets to cover the down payment.
U.S. proposal to allow cryptocurrencies in 401(k) retirement plans clears White House review
According to Bloomberg Law, a regulatory proposal permitting cryptocurrencies, private equity, and other alternative assets in 401(k) retirement plans has completed review by the White House Office of Information and Regulatory Affairs (OIRA). The U.S. Department of Labor expects to formally publish the proposal in the coming weeks. If finalized, the rule could significantly reshape the $12 trillion 401(k) market. The proposal stems from an executive order signed by President Trump last August, directing the Department of Labor’s Employee Benefits Security Administration (EBSA) to reassess guidance on alternative asset investments in retirement plans within 180 days. Its core objective is to provide legal protections for employers, reducing litigation risk related to fiduciary liability when offering alternative investment options.
Bo Shen, Founder of Distributed Capital: Personal wallet hack in 2022 resulted in ~$42 million loss; public reward offered for actionable leads
Bo Shen, founder of Distributed Capital, posted on social media announcing a public appeal for information regarding the hack of his personal wallet—and introducing a bounty program. Shen stated that his personal wallet was compromised in November 2022, resulting in losses of approximately $42 million. Over the past three years, his team has conducted continuous investigations and has since gathered additional critical leads and evidence; the on-chain movement trail of the stolen assets has also become progressively clearer.
This bounty program is open to individuals and institutions alike, with no restrictions on identity, background, or submission format. Anyone who makes a substantive contribution toward recovering the stolen assets will receive a reward equal to 10%–20% of the final recovered amount, with the exact percentage determined based on the degree of contribution.
X Product Lead: Grok’s full algorithmic recommendation feature launches next week—the most significant change to X to date
Nikita Bier, X’s Head of Product, announced on social media that Grok’s full algorithmic recommendation feature will launch next week—described as the most consequential update to the X platform thus far.
Source: Moonshot AI reportedly exploring Hong Kong IPO
According to JIN10 Data, sources indicate that Moonshot AI is in the early stages of considering an initial public offering (IPO) in Hong Kong, aiming to capitalize on surging investor interest in artificial intelligence. Sources added that Kimi—the AI chatbot developed by Moonshot AI—has held preliminary discussions with China International Capital Corporation (CICC) and Goldman Sachs Group regarding its IPO. However, the timing of any potential listing remains uncertain.
Mining firm MARA discloses sale of 15,133 BTC in March and $1 billion convertible senior note buyback
Per MARA’s official announcement, MARA Holdings has launched a repurchase of approximately $1 billion in zero-coupon convertible senior notes due 2030 at a ~9% discount. This move reduces MARA’s convertible debt by roughly 30%, capturing ~$88 million in value and fully eliminating future dilution risk associated with retired bonds. All funds for this repurchase were sourced exclusively from Bitcoin sales—not from ATM stock issuance. MARA stated the initiative aims to strengthen its balance sheet and enhance strategic flexibility as it expands into digital energy and AI/HPC sectors.
MARA also announced it sold 15,133 bitcoins between March 4 and March 25, 2026, for total proceeds of approximately $1.1 billion. Proceeds from the Bitcoin sales will be allocated toward the note repurchase transaction, with remaining funds used for general corporate purposes.
AI company Anthropic considering IPO as early as October
According to Caixin Global, AI company Anthropic is considering an IPO as early as October and has begun preliminary discussions with multiple Wall Street banks about a potential listing. Earlier reports suggested Anthropic could raise over $60 billion through the IPO.
ARK Invest partners with prediction market platform Kalshi to integrate data into institutional investment workflows
According to The Block, ARK Invest has partnered with prediction market platform Kalshi to incorporate its data into institutional investment workflows—supporting investment decision-making and risk management.
ARK Invest outlined three primary uses for Kalshi’s data: (1) supplementing fundamental and quantitative analysis with continuously updated market expectations; (2) leveraging trading volume and other performance metrics for real-time assessments; and (3) managing event-specific risks—including hedging discrete portfolio outcomes and mitigating macroeconomic and sector-level exposures.
Cathie Wood, CEO and CIO of ARK Invest, stated that signals from prediction markets help reinforce the research process and provide contextual reference points for key drivers in disruptive industries. Nick Grous, ARK’s Head of Research, added that prediction markets serve as an important tool for measuring risk around critical economic and company-level outcomes.
Market Data
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