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Strike CEO Jack Mallers said his new role as CEO of Bitcoin treasury firm Twenty One Capital won’t distract him from heading Strike, revealing the platform processed over $6 billion in volume in 2024.

“This is not a shift in my commitment; it’s an extension of it,” Mallers said in an April 25 letter to Strike investors.

Every decision based on if it is “good for Bitcoin”

“If Bitcoin wins, humanity wins. Every business decision I make starts with one question: Is this good for Bitcoin? Twenty One exists because I believe it is good for Bitcoin and, therefore, good for the world,” Mallers said.

Mallers explained that Strike, a Bitcoin payments platform, and Twenty One Capital have different goals. He said Strike focuses on making “Bitcoin accessible globally,” while Twenty One aims to increase “Bitcoin ownership per share (BPS) and pioneer Bitcoin-native financial tools.”

“These are separate companies, but they share the same ethos: Bitcoin wins, we win,” he said.

It comes after Twenty One Capital announced its launch on April 23, with the backing of Tether, SoftBank and Cantor Fitzgerald.

The firm is looking to challenge Michael Saylor’s Strategy to become the “superior vehicle for investors seeking capital-efficient Bitcoin exposure.” It revealed its plans to launch with 42,000 Bitcoin (BTC).

Mallers shared key metrics for Strike publicly for the first time, revealing that in 2024, the firm posted over $6 billion in volume, recorded 600% year-on-year growth, maintained an 85% gross profit margin, and reported zero customer acquisition costs.

Mallers said that despite maintaining a team of 75 employees, the company expects to “generate 8-9 figures in net profit in 2025.”

Several crypto enthusiasts had taken to social media to ask how the logistics would work for Mallers, being the CEO of Strike and Twenty One Capital.

Related: 5 Bitcoin charts predicting BTC price rally toward $100K by May

Crypto commentator “Alex” asked in an April 25 X post, “What will be the fate of Strike? New incoming CEO? Or will he pull an Elon Musk?” Similarly, Domingo Guerra asked, “Who will be running Strike!?”

Meanwhile, several crypto industry participants have publicly speculated that Twenty One Capital may acquire Strike in the future. Swan Bitcoin CEO Cory Klippsten said it is “probably safe to assume that this company will acquire strike.” 

Daniel Sempere Pico said, “How long before Twenty One acquires Strike?” However, neither Mallers or Strike has indicated any intention of doing so.

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Key points:

• Bitcoin price pushed above $95,000, increasing the chance of a rally to $100,000.

• Institutional investor demand is back, suggesting that the bearish trend could be over.

• Select altcoins could break above their respective overhead resistance levels if Bitcoin remains strong

Bitcoin (BTC) bulls are trying to sustain the price above $95,000, but they are likely to face significant resistance from the bears. Will buyers succeed in pushing the price toward the psychologically important level of $100,000, or is a pullback around the corner? That is the big question on the traders’ minds.

A positive sign is that inflows for US spot Bitcoin exchange-traded funds have increased since April 21, per Farside Investors data. Coinbase Institutional head of strategy John D’Agostino said in a recent interview with CNBC that several institutions purchased Bitcoin in April to hedge against currency inflation and macro uncertainty as Bitcoin mirrors “the characteristics of gold.

However, some analysts doubt the sustainability of the current Bitcoin rally. One of the red flags is that the sentiment, as measured by the Crypto Fear & Greed Index, slipped from a score of 72 out of 100 on April 23 to 60 on April 25, though Bitcoin is trading close to $95,000. Select analysts expect Bitcoin to pullback toward $87,000. 

Could Bitcoin sustain above $95,000, triggering buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin has been trading near the $95,000 level, suggesting that the bulls are holding on to their positions as they anticipate a move higher.

The 20-day exponential moving average ($87,437) is sloping up, and the relative strength index (RSI) is near the overbought zone, signaling that the bulls are in command. A close above $95,000 could drive the BTC/USDT pair to $100,000. 

Sellers will try to halt the up move at $100,000, but if the bulls do not allow the price to dip below $95,000, the prospects of a break above the overhead resistance increase. The pair may then climb to $107,000. The bears will have to yank the price below the moving averages to regain control.

Ether price prediction

Ether’s (ETH) relief rally is facing resistance at the 50-day SMA ($1,812), but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1,696).

The 20-day EMA is flattish, but the RSI has jumped into the positive zone, signaling a slight advantage to the bulls. If the 50-day SMA is scaled, the ETH/USDT pair could reach the breakdown level of $2,111. The bears may pose a strong challenge at $2,111, but if the bulls overcome it, the pair could skyrocket to $2,550.

Sellers are likely to have other plans. They will try to pull the price below the 20-day EMA. If they can pull it off, the pair could tumble toward $1,537.

XRP price prediction

XRP (XRP) has been trading near the 50-day SMA ($2.18) for the past two days, indicating that the bears are fiercely defending the level.

A minor positive for the bulls is that they have not allowed the price to skid below the 20-day EMA ($2.13). The bulls will again try to propel the XRP/USDT pair to the resistance line, which is a critical level to watch out for. The pair could rally to $3 if buyers pierce the resistance line.

On the downside, a break and close below the 20-day EMA suggests that the bears remain in charge. The downside momentum could pick up on a break below $2. The pair may then plummet to $1.60.

BNB price prediction

BNB (BNB) turned down from $620 but is taking support at the moving averages. This suggests a change in sentiment from selling on rallies to buying on dips.

Buyers will try to push the price above $620. If they manage to do that, the BNB/USDT pair may rally to $644. Sellers will try to stall the up move at the $644 level, but if the bulls prevail, the pair could soar to $680.

This bullish view will be invalidated in the near term if the price turns down and breaks below the moving averages. That could sink the pair to $566, indicating that the markets have rejected the breakout above the downtrend line.

Solana price prediction

Solana (SOL) is struggling to stay above the $153 level, indicating that the bears are active at higher levels.

The upsloping 20-day EMA ($136) and the RSI in the positive zone indicate that the bulls are in control. If buyers push and maintain the price above $153, the SOL/USDT pair could jump to $180.

The moving averages are the crucial support on the downside. A break and close below the 50-day SMA ($129) suggests that the pair could consolidate between $153 and $110 for a few days.

Dogecoin price prediction

Dogecoin (DOGE) bounced off the 20-day EMA ($0.16) on April 24, indicating that the bulls are buying on dips.

The DOGE/USDT pair could reach $0.21, which is a crucial resistance to watch out for. If buyers pierce the $0.21 level, the pair will complete a double-bottom pattern. This bullish setup has a target objective of $0.28.

Contrarily, if the price turns down and breaks below the moving averages, the pair may remain range-bound between $0.21 and $0.14 for a while. The advantage will tilt in favor of the bears on a break below the $0.14 support.

Cardano price prediction

Cardano (ADA) closed above the 50-day SMA ($0.68) on April 23, signaling that the bears are losing their grip.

The 20-day EMA ($0.65) has started to turn up, and the RSI is in the positive zone, suggesting that the path of least resistance is to the upside. The ADA/USDT pair could rally to $0.83, where the bears may step in.

Any pullback is expected to find support at the 20-day EMA. If the price rebounds off the 20-day EMA, it signals a bullish sentiment. Sellers will have to drag the price below the 20-day EMA to sink the pair to $0.58.

Related: SUI's 73% weekly price gains top crypto market — New price record in reach?

Sui price prediction

Sui (SUI) picked up momentum after buyers pushed the price above the moving averages on April 22.

The rally of the past few days has pushed the RSI into the overbought territory, suggesting a minor consolidation or correction in the next few days. Any pullback is expected to find support in the zone between the 38.2% Fibonacci retracement level of $3.14 and the 50% retracement of $2.94.

A shallow pullback increases the possibility of a rally to $4.25 and then to $5. Sellers will be back in the driver’s seat if they pull the SUI/USDT pair below $2.86.

Chainlink price prediction

Chainlink (LINK) has started a recovery, which is expected to face strong selling at the overhead resistance of $16.

If the price turns down from $16, it is expected to find support at the 20-day EMA ($13.53). A solid bounce off the 20-day EMA increases the likelihood of a break above $16. The LINK/USDT pair may then climb to the resistance line of the descending channel pattern. A break above the channel signals a potential trend change.

Sellers will have to tug the price below the moving averages to regain control. The pair may then drop to $11.89 and eventually to the support line.

Avalanche price prediction

Avalanche (AVAX) is facing resistance at the overhead resistance of $23.50, but a positive sign is that the bulls have not ceded much ground to the bears.

The 20-day EMA ($20.22) has started to turn up, and the RSI is in the positive territory, indicating that buyers have the edge. If the price breaks and closes above $23.50, the AVAX/USDT pair will complete a double-bottom pattern. That could open the doors for a rally to the pattern target of $31.73.

Alternatively, if the price turns down and breaks below the moving averages, the pair could remain stuck inside the $23.50 to $15.27 range for a few days.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Today in crypto, SEC chair Paul Atkins speaks at the agency’s roundtable. Circle executive Dante Disparte denies reports that the company is pursuing a US federal bank charter, and ARK Invest projects Bitcoin could reach as high as $2.4 million by 2030.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. 

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty. 

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

Circle executive denies claims of seeking US banking license

An executive at major stablecoin issuer Circle denied reports that the company is looking to obtain a US federal bank charter.

In an April 25 X post, Circle’s chief strategy officer and head of global policy, Dante Disparte, denied that the company is interested in obtaining a US federal bank charter or acquiring an insured depository institution.

Instead, he said that Circle intends to comply with future US regulatory requirements for payment stablecoins, “which may require registering for a federal or state trust charter or other nonbank license.” He also urged lawmakers to reach regulatory clarity for stablecoins sooner rather than later.

The statement followed recent reports that major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, were considering applying for bank charters or licenses. Other firms cited as seeking such licenses included publicly traded US-based crypto exchange Coinbase and stablecoin issuer Paxos.

ARK Invest ups its 2030 Bitcoin bull case prediction to $2.4 million

Cathie Wood’s ARK Invest has raised its “bull case” Bitcoin (BTC) price target from $1.5 million to $2.4 million by the end of 2030, citing increased institutional investor interest and Bitcoin’s increasing acceptance as “digital gold.”

It also bumped its “bear” and “base” case scenarios for Bitcoin to $500,000 and $1.2 million,  up from the $300,000 and $710,000 respective predictions it made in February.

“Institutional investment contributes the most to our bull case,” said ARK research analyst David Puell, who estimated that Bitcoin would achieve a 6.5% penetration rate into the $200 trillion financial market in a best-case scenario (that figure excludes gold).

Bitcoin’s acceptance as “digital gold” was also a major contributor to the lofty estimate, with Puell estimating that it could capture up to 60% of gold’s market cap by the end of 2030 in a bull scenario.

At $2.4 million per Bitcoin, the cryptocurrency’s market cap would be $49.2 trillion, assuming that Bitcoin’s total supply will have reached 20.5 million by the end of 2030, making it more valuable than the current gross domestic products of the US and China combined.

Though the identities of many of the top holders of US President Donald Trump’s memecoin were still unknown, blockchain data showed significant outflows over the past seven days — during which time he announced a dinner and White House tour for certain tokenholders. 

According to data from blockchain analytics firm Nansen as of April 25, the TRUMP memecoin had seen more than $869 million in outflows in the last seven days compared to roughly $96 million in inflows among the top 500 changes. Some of the changes followed Trump announcing that the top 220 TRUMP holders could apply to meet him at a golf club dinner in Washington, DC, with fewer opportunities for a White House tour.

“It’s clear that more people took the opportunity to offload their Trump tokens than new buyers came in,” said Nansen. “There still appears to be some interest — either A) to secure the dinner ticket, or B) to capitalize on price volatility. As a result, a few new wallets have entered the top 250 holders, while some previous holders seem to have taken the opportunity to exit their positions.”

Launched in January before Trump took office, his memecoin, and that of his wife, Melania, have seen criticism from US lawmakers and leaders in the crypto industry for potential conflicts of interest. At the time of publication, the identity of many of the top tokenholders and those who might apply to attend the dinner were unknown.

Who is investing in Trump’s memecoin?

As of April 25, the top tokenholder had 1,176,803 TRUMP memecoins worth roughly $16 million at the time of publication. The wallet holder, under the username “Sun,” had led to speculation that Tron founder Justin Sun — a Trump supporter and investor in the Trump family-backed crypto firm World Liberty Financial — could be among the dinner attendees. Cointelegraph reached out to Sun’s team for comment but had not received a response at the time of publication.

Related: Trump memecoin team denies $300K dinner requirement rumors

Other tokenholders included usernames like “elon” and “doge,” though it was unclear if Tesla CEO Elon Musk, also a Dogecoin (DOGE) advocate, was involved in the project. The team behind the TRUMP token controls 80% of the total supply, resulting in many critics suggesting the Trump or someone in his family could still rug-pull investors.

Before the 2024 election, Trump arranged a similar dinner at his Mar-a-Lago property in Florida with supporters who purchased non-fungible tokens depicting his mugshot during his arrest for allegedly attempting to subvert the results of the 2020 election. It’s unclear whether any of the same people who attended the May 2024 event are among the top TRUMP memecoin holders.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Stripe, a global payments platform, is building a new US dollar stablecoin product for companies based outside the United States, the United Kingdom and Europe in a move that may further expand the footprint of the dollar around the world.

Stripe CEO Patrick Collison confirmed the product on X, posting an invitation for companies interested in testing the solution. The move gained traction after Stripe recently received regulatory approval to acquire the stablecoin payments network Bridge.

Bridge's network competes with banks and companies that use the SWIFT system, a global financial messaging network that facilitates international wire transfers. Two former Coinbase executives, Zach Abrams and Sean Yu, co-founded the company in 2022.

Related: Former Square, Coinbase execs raise $58M for Bridge stablecoin network

Stablecoin adoption grows in 2025

Stripe has a long-standing history with crypto, becoming the first major payments processor to integrate Bitcoin (BTC) in 2014. However, it discontinued support due to Bitcoin’s long transfer times and high transaction fees. The company began rebuilding its crypto team in 2021 as part of a renewed push into the space.

Stripe has recently accelerated that push. In October 2024, the company introduced a stablecoin payment option, which users adopted in over 70 countries on the first rollout day. In June that year, Stripe partnered with Coinbase to offer fiat-to-crypto conversions. Collison noted on X that Stripe's latest crypto initiative is something the company has "wanted to build for around a decade."

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to assets like fiat currencies. In the United States, USD-backed stablecoins have increasingly gained attention at the federal level, with figures like US Federal Reserve Chair Jerome Powell calling for dedicated legislation. PayPal launched its own stablecoin in 2023 and recently announced that it would begin offering yield to holders of its token.

As of April 25, the stablecoin market cap stands at $237.5 billion, according to DefiLlama.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Semler Scientific has bought approximately $10 million worth of Bitcoin since Feb. 14, the healthcare technology company said in an April 25 statement. 

The company purchased 111 Bitcoin (BTC) for $10 million at an average price of roughly $90,000 per coin, Semler said. It holds a total of more than 3,300 Bitcoin worth approximately $300 million in aggregate. 

Semler said its Bitcoin purchases have earned stockholders a Bitcoin yield of 23.5% in the year to date. Bitcoin yield measures the ratio of BTC holdings to outstanding shares, reflecting growing exposure per share for investors.

“Semler Scientific uses BTC Yield as a [key performance indicator] to help assess the performance of its strategy of acquiring bitcoin in a manner Semler Scientific believes is accretive to stockholders,” it said. 

The company said it acquired its Bitcoin treasury for an average price of nearly $89,000. As of April 25, Bitcoin trades at approximately $95,000 per coin, according to data from Cointelegraph. 

Semler Scientific is a healthcare technology company that develops and sells medical diagnostic products, with a primary focus on detecting chronic diseases. The company has partially financed its Bitcoin purchases by issuing roughly $125 million in new stock, it said. Semler also announced plans to raise $75 million through the private offering of convertible senior notes in January. 

Related: Bitcoin, showing 'signs of resilience', beats stocks, gold as equities fold — Binance

Corporate Bitcoin buying

In 2024, Bitcoin’s surging price pushed Michael Saylor’s Strategy (formerly MicroStrategy) up more than 350%, according to data from FinanceCharts. Strategy’s success has inspired dozens of other companies, such as Semler, to start accumulating Bitcoin treasuries. 

Public companies are now among the largest institutional Bitcoin holders. As of April 25, corporate Bitcoin holdings are worth approximately $71 billion in the aggregate, according to data from BitcoinTreasuries.NET.

Strategy is still the largest corporate Bitcoin holder, with a treasury worth more than $50 billion. During the week of April 14, Strategy bagged 6,556 Bitcoin for an average price of $84,785 per coin.

Among institutional buyers, corporate treasuries still lag exchange-traded funds (ETFs), which cumulatively hold approximately $110 billion in Bitcoin as of April 25, according to Coinglass data.

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In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. 

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty. 

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned [...] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.” 

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

US President Donald Trump’s first 90 days in office have been miserable for Bitcoin (BTC) and the broader cryptocurrency industry. Despite positive regulatory developments, culminating in the first-ever White House crypto summit on March 7, digital asset prices have been dragged down by the currents of trade war and fear of recession.

However, crypto saw a huge sentiment shift this week amid reports that Trump was backing off on his full-scale tariff war against China. It also didn’t hurt that Trump’s media empire, Trump Media and Technology Group, inked a deal with Crypto.com for its forthcoming Made in America exchange-traded funds (ETFs).

This week’s Crypto Biz newsletter covers renewed inflows into Bitcoin ETFs, a potential crypto venture backed by Cantor Fitzgerald, and Coinbase’s possible pursuit of a federal banking charter. It wraps up with a look at Tesla’s decision to hold its Bitcoin position despite a disappointing earnings quarter.

Bitcoin ETFs see largest inflows since January

Capital is flowing back into US spot Bitcoin ETFs, highlighting a positive sentiment shift among institutional investors. 

According to Glassnode data, the 11 spot Bitcoin ETFs registered $381.3 million in net inflows on April 21, with the ARK21Shares Bitcoin ETF accounting for nearly a third of the total. 

One day later, the 11 funds registered $912.7 million in net inflows, the largest since January when Bitcoin was trading at all-time highs. The ARK21Shares, Fidelity and BlackRock Bitcoin funds saw the largest inflows on April 22. 

As billions flowed back into Bitcoin ETFs, spot BTC prices climbed back to $94,000 on April 23, pushing the total cryptocurrency market cap close to the $3 trillion mark again.

Cantor Fitzgerald is backing $3B crypto venture: Report

Cantor Fitzgerald is reportedly in talks with Softbank, Tether and Bitfinex to establish a $3 billion crypto acquisition company called 21 Capital. 

According to an April 23 report by the Financial Times, the new company aims to capitalize on the favorable crypto environment in the United States following US President Donald Trump’s election. It also seeks to emulate the success of Strategy, the business intelligence firm turned Bitcoin bank that has amassed more than 534,000 BTC. 

The report suggested that stablecoin issuer Tether will contribute $1.5 billion to the new venture. Softbank is expected to add $900 million and Bitfinex another $600 million. 

21 Capital is reportedly eyeing another $350 million raise via convertible bonds alongside a $200 million private equity placement. The proceeds will reportedly be used to buy Bitcoin.

Coinbase weighs US banking license

Coinbase is considering applying for a United States federal bank charter, potentially signaling the cryptocurrency exchange’s intention to move into traditional banking services.

A spokesperson for Coinbase confirmed to Cointelegraph that the exchange was considering this option, but did not elaborate on the reasons why.

“This is something Coinbase is actively considering but has not made any formal decisions yet,” the spokesperson said.

A US federal bank charter is significant because it allows licensees to perform core banking activities, including deposit taking and lending. For crypto exchanges like Coinbase, obtaining such a charter could represent a major step toward integrating traditional banking with digital assets.

Tesla HODLs Bitcoin despite earnings slump

Electric vehicle maker Tesla reported disappointing first-quarter earnings this week but opted to hold onto its Bitcoin investments, signaling that Elon Musk’s company still sees significant upside in digital asset prices.

Tesla’s net income plunged 71% in the first quarter, with revenue falling 9% and automotive sales down 20% year over year.

Tesla’s disappointing earnings highlight the folly of mixing business and politics, with the results partly attributed to Musk’s role in Trump’s White House.

Despite the earnings slump, Tesla held firm on its digital asset position, maintaining 11,509 BTC — unchanged since 2022. At current prices, that stake is valued at just under $1.1 billion.

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Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter. 

The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”

“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said. 

It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.

Related: Certain stablecoins aren't securities, SEC says in new guidance

Regulatory U-turn

The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January. 

Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities. 

This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.

However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies. 

In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law. 

In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.

Integrating crypto into TradFi

In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”

The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.

In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

New data from RWA.xyz, a platform tracking tokenized real-world assets, shows that six entities are responsible for 88% of all tokenized US Treasurys. The data suggests a concentration among a few funds as the market continues to develop.

The largest issuer of tokenized treasures continues to be BlackRock. The company's tokenized US treasury fund, called BUIDL, has a market capitalization of $2.5 billion, 360% higher than its nearest competitor. BlackRock disclosed a total of $11.6 trillion in assets under management in the first quarter of 2025.

Rounding out the top six are Franklin Templeton’s BENJI, with a market capitalization of $707 million, Superstate’s USTB at $661 million, Ondo’s USDY at $586 million, Circle’s USYC at $487 million, and Ondo’s OUSG fund holding assets worth $424 million. Together, those six funds account for 88% of all tokenized treasuries issued.

According to RWA.xyz data, the largest tokenized treasury funds have seen consolidation since the beginning of 2025. Of the top six funds, only Circle’s USYC experienced a decline in market cap over the past few months.

Notably, BUIDL’s market cap increased by 291% from Jan. 1 to April 24. It now makes up 41.1% of the total tokenized US Treasurys market cap.

Centralization of tokenized RWAs has a dark side: MEXC

According to Tracy Jin, chief operating officer of MEXC, the centralization of tokenized real-world assets has a dark side, especially if those RWAs are on permissioned or semi-centralized blockchains.

"Most tokenized assets will be issued on permissioned or semi-centralized blockchains,” Jin told Cointelegraph. “This gives authorities the power to issue restrictions or confiscate assets. The tokenization of assets such as real estate or bonds is still tied to the national legal system."

The tokenized real-world asset market is expected to boom in 2025. The trend is driven by regulatory clarity, interoperability, solutions for liquidity, the evolution of identity from physical to digital, and even fractional ownership. According to RWA.xyz, the sector total market cap reached a high of $21.3 billion on April 21.

Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift