Daily News: Binance Attributes ACT Crash to Four Users' Sell-Off, Backpack Completes Acquisition of FTX EU

The Trump Administration Considers Launching "Bitcoin Bonds" to Support Bitcoin Reserve Strategy According to The Block, on April 1, 2025, the Bitcoin Policy Institute proposed 'BitBonds,' a new financial instrument. This initiative aligns with President Trump's March executive order to establish a Bitcoin reserve strategy. These bonds will attract investors with a low-interest rate of 1%, which is 3.5% lower than traditional treasury bond rates. 90% of the proceeds will be allocated to government funding, while 10% will be used to purchase Bitcoin.

Experts predict that issuing Bitcoin Bonds at a $2 trillion scale—20% of 2025's refinancing needs—could save $70 billion annually. Over a decade, this would amount to $700 billion in savings. Additionally, it would expand the U.S. Bitcoin reserves without imposing extra burdens on taxpayers. The plan is seen as an innovative solution to address the challenge of $9.3 trillion in short-term U.S. debt set to mature.

U.S. Government to Complete Bitcoin and Other Crypto Asset Holdings Audit by April 5 According to Crypto Briefing, the U.S. Treasury Department and other federal agencies will complete the first comprehensive audit of government Bitcoin and other crypto asset holdings by April 5. The audit stems from President Trump's recent executive order, which mandates all federal agencies to report their digital asset holdings within 30 days.

Circle Submits S-1 Filing to SEC, Plans NYSE Listing According to filings on the U.S. SEC website, Circle has submitted an S-1 filing to the Securities and Exchange Commission, intending to conduct an initial public offering (IPO) with the ticker symbol "CRCL" on the New York Stock Exchange. The IPO price range has yet to be determined.

Additionally, The Block reported that Circle acquired the remaining 50% of Centre Consortium’s equity for $210 million in stock in 2023. The equity was previously held by Coinbase. Centre Consortium is a joint venture responsible for issuing the USDC stablecoin, with Coinbase and Circle formerly serving as its partners.

Market News: VANECK BNB ETF Registered in Delaware Market reports suggest that VANECK has registered the VANECK BNB ETF in Delaware, indicating that the company may launch a BNB-based investment product in the United States.

Binance: Four Users Sold $1.05M in Spot ACT, Leading to Price Decline In response to yesterday's sharp price drop of the ACT token, Binance released an investigation report on ACT token price fluctuations. The report revealed that three VIP users cross-sold approximately $514,000 USDT worth of ACT tokens on the spot market, while one non-VIP user transferred and sold an equivalent of $540,000 USDT worth of tokens from external sources. During the price decline, some users' futures contracts were liquidated, causing a ripple effect leading to declines in other tokens.

Binance stated that as a precautionary measure, it has reduced the leverage multiplier for ACTUSDT perpetual contracts. However, since the token has been fully circulated in the secondary market, the platform cannot intervene in user sell-off behavior. Binance will continue to monitor the situation and adjust risk control measures accordingly.

Wintermute Founder: Arbitrage Only Conducted After Price Fluctuations Evgeny Gaevoy, founder and CEO of Wintermute, responded to the recent sharp declines in ACT and other meme tokens. Gaevoy clarified that Wintermute was not involved in the price crash and stated that they are also trying to understand the cause of the incident. He explained that Wintermute only conducted arbitrage operations on automated market maker (AMM) pools after significant price fluctuations had already occurred.

GameStop Completes $1.3B Convertible Bond Issuance, May Initiate Bitcoin Purchase Plan According to CoinDesk, GameStop has completed the issuance of convertible bonds, with its five-year convertible notes fully subscribed, including the overallotment option, raising a total of $1.5 billion. After deducting expenses, the net proceeds amount to $1.48 billion.

Last week, during its Q4 earnings release, GameStop CEO Ryan Cohen announced that the board had approved an updated investment policy, which includes plans to add Bitcoin to the company's balance sheet. Part of the funds raised from this financing is expected to be used for Bitcoin purchases.

F2Pool Co-Founder Chun Wang: "Today, We Became the 681st Humans to Cross the Kármán Line, the 626th to Orbit Earth" Chun Wang, astronaut aboard SpaceX’s Crew Dragon spacecraft and co-founder of F2Pool, posted on X: "Today, we become the 681st humans to fly above the Kármán line, and the 626th to orbit the Earth."

Earlier reports indicated that SpaceX's Crew Dragon spacecraft launched its sixth manned mission (Fram-2) on April 1, 2025. The mission includes four astronauts: Chun Wang, Yannick Mikkelsen, Rabeya Rogg, and An-Eric Phillips.

Chun Wang, a Chinese-born entrepreneur from Tianjin, built his fortune through Bitcoin investments and co-founded F2Pool. He has participated in several commercial space projects. This mission, funded by Wang's team at nearly $200 million, marks the first privately contracted polar orbit mission in commercial spaceflight history. Wang is not only the mission's initiator and primary financier but also serves as the mission commander.

Backpack Completes Acquisition of FTX EU, Launches User Fund Return Process According to official announcements, the globally compliant crypto asset trading platform Backpack has officially completed its acquisition of FTX EU. Starting today, Backpack EU is initiating the asset recovery and fund distribution process, providing clear and convenient services to help former FTX EU users retrieve their previously frozen fiat assets.

Following the acquisition, Backpack will reactivate the licenses held by FTX EU and plans to offer comprehensive cryptocurrency derivatives trading services across the EU in the future.

Shaw: ElizaOS v2 and auto.fun Projects to Launch Soon Shaw, founder of ElizaOS, announced on social media that the Launchpad project auto.fun will launch in two weeks alongside its first batch of partners. Additionally, the "v2" version of ElizaOS (formerly ai16z) is ready and will soon begin marketing and officially go live.

Shaw stated that he will travel to Hong Kong next week, followed by Paris, to conduct live previews and promotional activities for these two projects.

Berachain Ecosystem Aggregator Ooga Booga Reveals Tokenomics, 10% Allocated for Airdrops Ooga Booga, the liquidity aggregator within the Berachain ecosystem, has unveiled its tokenomics model:

• Team Allocation: 18%, locked for 6 months, followed by linear unlocking over 24 months

• Advisor Allocation: 1.35%, locked for 6 months, followed by linear unlocking over 24 months

• Investor Allocation: 19.15%, no lock-up, linear unlocking over 24 months

• Community Incentives: 20%, 100% unlocked at TGE

• Ecosystem Allocation: 30%, 100% unlocked at TGE

• Community Public Sale: 1.5%, 100% unlocked at TGE

• Airdrop Allocation: 10%, 100% unlocked at TGE

This token distribution model highlights a significant focus on community engagement, with 10% allocated for airdrops to incentivize early participation.