FTX disqualified approximately 392,000 customer claims, valued at around $2.5 billion, because those users failed to complete the required Know Your Customer (KYC) verification process by the specified deadline. This action was part of the bankruptcy proceedings following the exchange’s collapse, with the U.S. Bankruptcy Court confirming the cancellation of these claims on April 2, 2025. The deadline to at least begin the KYC process was March 3, 2025, and those who didn’t comply had their claims expunged.
This reduced the total liabilities, potentially increasing the payout for verified claimants, with repayments set to be based on asset values from November 2022, when FTX filed for bankruptcy. The estate has between $12.6 billion and $16.5 billion available for distribution, and the next repayment phase is scheduled to begin May 30, 2025, for eligible creditors who meet the ongoing requirements.
The STABLE Act, formally known as the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, advanced through the U.S. House Financial Services Committee with a 32-17 vote on April 2, 2025. This bipartisan support included six Democrats voting in favor alongside Republicans. The bill, introduced by Representatives French Hill and Bryan Steil, aims to establish a regulatory framework for payment stablecoins, such as those pegged to the U.S. dollar, by mandating transparency in reserves and business operations. It now awaits a full House floor vote, while a related Senate bill, the GENIUS Act, also progresses toward its own floor debate.
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VanEck has taken a significant step toward launching the first Binance Coin (BNB) exchange-traded fund (ETF) in the United States. On March 31, 2025, the investment management firm registered a trust entity named the “VanEck BNB ETF” in Delaware under filing number 10148820, according to public records on the official Delaware state website. This registration marks the initial move in the process of creating a BNB ETF, with the next step being a formal application to the U.S. Securities and Exchange Commission (SEC) for approval. If approved, it would be the first U.S.-based ETF to track the price of BNB.
MicroStrategy has reported an unrealized loss of $5.91 billion on its digital assets for the first quarter of 2025, as disclosed in a filing with the U.S. Securities and Exchange Commission on April 7, 2025. This significant loss is primarily tied to its Bitcoin holdings, reflecting a sharp decline in the cryptocurrency’s market value during the quarter. Despite this paper loss, the company noted a $1.69 billion income tax benefit that partially offsets the impact, though it still expects a net loss for Q1. MicroStrategy, which has positioned itself as a major corporate holder of Bitcoin, did not purchase additional Bitcoin in the last week of the quarter (March 31 to April 6), amid heightened market volatility.
Grayscale recently launched two new exchange-traded funds (ETFs) focused on generating income from Bitcoin. The Grayscale Bitcoin Covered Call ETF (BTCC), and the Grayscale Bitcoin Premium Income ETF (BPI) were introduced on April 2, 2025. These funds are designed to leverage Bitcoin’s volatility to create regular income streams for investors through options strategies. The BTCC aims to maximize income by writing call options close to Bitcoin’s current market price, targeting high yield returns. This strategy prioritizes regular cash flow, making it suitable for investors seeking consistent income.
On the other hand, the BPI takes a different approach by writing call options at higher strike prices, further from Bitcoin’s current value. This allows investors to potentially benefit from Bitcoin’s price appreciation while still earning income from option premiums, balancing growth and income generation.
Alabama has introduced legislation to allow state investment in Bitcoin. In March 2025, House Bill 482 (HB482) was introduced in the Alabama House of Representatives, followed by its companion, Senate Bill 283 (SB283), filed in early April 2025 by Senator April Weaver. These bills propose that the Alabama State Treasurer be permitted to invest up to 10% of certain state funds in digital assets, provided those assets have a market capitalization exceeding $750 billion over the preceding 12 months. As of now, Bitcoin is the only cryptocurrency that meets this criterion, effectively making it the focus of the legislation, though it isn’t explicitly named in the bills.
Fidelity Investments recently launched a new product called the “Fidelity Crypto IRA,” allowing U.S. investors to trade Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) within a tax-advantaged retirement account. This offering, introduced on April 2, 2025, provides options for a Roth IRA, Traditional IRA, or Rollover IRA, with no fees for account opening, maintenance, or crypto custody. However, a 1% spread is applied to buy and sell transactions. The service is available to U.S. citizens aged 18 and older in states where Fidelity Digital Assets operates, and it requires a linked Fidelity brokerage IRA for funding.
Treasure DAO, a decentralized gaming ecosystem, has indeed announced a significant restructuring that involves shutting down its game publishing operations and the Treasure Chain, its Layer-2 network. This decision, driven by severe financial challenges, was outlined by John Patten, the DAO’s chief contributor, in early April 2025. The organization faced an unsustainable annual burn rate exceeding $8 million, with only $2.4 million in stablecoins left in its treasury. Without these drastic measures, the treasury was projected to be depleted by mid-2025.