Crypto Morning Report: MARA Holdings Allows Bitcoin Sales, Hash Global Secures Additional $100 Million Investment from YZi Labs

marsbitPublished on 2026-03-04Last updated on 2026-03-04

Abstract

Crypto Morning Brief - Key developments: Trump advocates for pro-crypto legislation, warning that without it, the industry may move to China. The CFTC plans to approve crypto perpetual futures in the U.S. within weeks. Lido paused deposits to ZKsync due to a bridge security vulnerability. Aave faces governance challenges as ACI ends its collaboration. Visa and Bridge expand stablecoin card services to 100+ countries. MARA Holdings now allows selling its Bitcoin holdings (53,822 BTC as of Dec 2025). Hash Global received an additional $100M strategic support from YZi Labs. Empery Digital rejected shareholder demands to liquidate Bitcoin. Antalpha disclosed $134M in Tether Gold holdings. PayPay, backed by SoftBank, plans a $1.1B Nasdaq IPO.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

Trump Calls for Protection of U.S. Crypto Industry, Criticizes Banks for Blocking Related Bills

Trump today posted on the Truth Social platform, strongly criticizing banking institutions for attempting to undermine the "Genius Act" and obstruct the passage of the "Clarity Act." He stated that these bills are crucial to ensuring the U.S. becomes the "crypto capital" and warned that without action, the industry could move to other countries like China. Trump urged banks to reach an agreement with the crypto industry, emphasizing that this is in the best interest of the American people, and called for the swift completion of market structure reforms to allow "Americans to earn more from their funds."

CFTC Chair: U.S. to Pave the Way for Crypto Perpetual Contracts Within Weeks

According to CoinDesk, U.S. Commodity Futures Trading Commission (CFTC) Chair Mike Selig stated that the agency is "working to land real, professional futures in the U.S. in about a month or so" and that "we expect to announce multiple policies very soon." Selig noted that the previous regulatory stance in the U.S. had led to a significant shift of perpetual futures business overseas.

While attending the Milken Institute event in Washington alongside U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, Selig revealed that the two are advancing the "Project Crypto" plan, including providing "innovation exemptions" for crypto innovation and clarifying regulatory approaches for decentralized finance (DeFi) developers. Additionally, the CFTC will establish clear standards and guidelines for prediction markets.

Lido: ZKsync wstETH Cross-Chain Bridge Endpoint Has Security Vulnerability, Deposit Function Suspended

According to Lido, the protocol identified a potential security vulnerability related to the ZKsync wstETH cross-chain bridge endpoint contract. There is currently no evidence that the vulnerability has been exploited, and wstETH holders on ZKsync are unaffected. Other cross-chain bridges are also unaffected.

Out of an abundance of caution, Lido has suspended new deposits to the ZKsync cross-chain bridge. Withdrawals and token transfers from ZKsync remain operational.

Lido has prepared a fix, which will be audited and deployed after the next scheduled on-chain governance comprehensive vote (expected in late March/early April), after which deposit functionality will be restored. Lido stated that further updates will be shared in due course.

Aave Chan Initiative to End Collaboration with Aave DAO in July, Governance Tensions Escalate Further

According to The Block, the Aave Chan Initiative (ACI), founded by Marc Zeller and serving as a major delegate and service provider for Aave DAO, announced it will not renew its collaboration with the DAO and plans to gradually terminate services over the next four months. This move follows the earlier announcement by another core contributor, BGD Labs, to withdraw, marking another key contributor stepping away as internal governance tensions within Aave continue to escalate. ACI's decision further highlights the governance challenges facing Aave's decentralized autonomous organization.

Visa to Partner with Stripe's Bridge to Expand Stablecoin Cards to Over 100 Countries Globally

According to Fortune, Visa and Bridge, a cryptocurrency startup acquired by Stripe in 2025, plan to expand stablecoin-backed card services to 100 countries in Europe, Asia, and Africa. This collaboration, previously implemented in 18 countries, allows users to make payments at Visa-accepting merchants using stablecoin balances from their crypto wallets.

Bridge co-founder and CEO Zach Abrams stated that the strong merchant network and acceptance built by Visa over the past 40 years remain highly valuable in the stablecoin world. Additionally, Bridge will participate in an ongoing Visa pilot project exploring the feasibility of using stablecoins on blockchain for payment settlements instead of traditional bank transfers.

Visa's head of cryptocurrency, Cuy Sheffield, said: "If we can move billions on-chain, we can move trillions on-chain."

American Bitcoin Adds 11,298 ASIC Miners, Expected Hashrate to Increase by 12%

According to Prnewswire, American Bitcoin plans to expand its Bitcoin mining capacity by adding 11,298 ASIC miners. This expansion is expected to increase the company's hashrate by approximately 12%.

Empery Digital Responds to Shareholder Demand: Will Not Liquidate Bitcoin Assets

Empery Digital Inc. (Nasdaq: EMPD) today confirmed receipt of a director nomination notice from ATG Capital Management and Tice P. Brown. The company clearly stated that it has evaluated and rejected Mr. Brown's proposal to immediately liquidate the entire Bitcoin investment portfolio, believing it is not in the best interest of all shareholders. Empery Digital emphasized that adhering to the existing strategy has increased Bitcoin per share by approximately 39%, and adopting the liquidation proposal would prevent shareholders from benefiting from Bitcoin's value appreciation.

The company will continue to execute its low-cost, high-efficiency Bitcoin financial strategy, increasing Bitcoin per share value by repurchasing shares below net asset value and narrowing the NAV gap. The board will submit formal recommendations at the upcoming 2026 Annual Shareholders Meeting.

Previous news reported that shareholders of Bitcoin treasury company Empery Digital publicly demanded the CEO's resignation and the liquidation of all BTC.

MARA Modifies Asset Management Strategy, Allows Sale of Bitcoin Held on Balance Sheet

According to The Block, Bitcoin mining company MARA Holdings announced in a 10-K filing with the U.S. Securities and Exchange Commission on Monday an expansion of its 2026 fiscal policy to allow the sale of its accumulated Bitcoin reserves.

As of December 31, 2025, MARA held 53,822 Bitcoin, valued at approximately $4.7 billion, including 9,377 Bitcoin loaned out and 5,938 Bitcoin used as collateral for a $350 million credit facility. MARA stated in the filing: "In the second half of 2025, we changed our digital asset management strategy to allow the sale of Bitcoin generated from operations. In 2026, we expanded the strategy to allow the sale of Bitcoin held on the balance sheet."

Antalpha Discloses Purchase of $134 Million Worth of Tether Gold

According to Globenewswire, Nasdaq-listed crypto fintech company Antalpha released its 2025 annual financial performance report, disclosing annual revenue of $79.7 million, a 68% year-over-year increase. Additionally, Antalpha stated that after strategically allocating funds to tokenized gold, it has purchased Tether Gold (XAUT) worth $134 million. As of the end of 2025, its holdings reached 39,371 XAUT, with an unrealized gain of $13.4 million. Antalpha also mentioned that XAUT can be exchanged for physical gold through its Antalpha RWA Hub.

Hash Global Secures Additional $100 Million Strategic Support from YZi Labs

According to an official announcement, Hash Global, a leading digital asset investment management institution in Asia, announced that its newly established BNB Yield Fund institutional edition — BNB Holdings Fund — has received an additional $100 million in strategic support from YZi Labs.

This follows YZi Labs' previous support for Hash Global's launch of the BNB Yield Fund targeting traditional distribution channels and individual investors, representing a further strategic increase.

This additional investment not only reflects the continued deepening of the partnership between the two parties but also marks the formal entry of BNB's institutionalization process into a structurally deepening phase.

SoftBank-Backed PayPay Plans U.S. IPO to Raise $1.1 Billion, Holds 40% Stake in Binance Japan

According to CoinDesk, Japan's largest cashless payment provider, PayPay, plans to list on Nasdaq, intending to issue 55 million American Depositary Shares at a price range of $17 to $20 per share, potentially raising up to $1.1 billion, with a valuation exceeding $10 billion. The company has over 70 million registered users and acquired a 40% stake in Binance Japan last October.

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The Impossible Trilemma Is Basically a Pseudo-Problem

The article argues that the core limitation of blockchain technology is not the scalability trilemma, but its fundamental lack of privacy, which acts as a barrier to institutional capital. It defines blockchain as a slow, expensive, shared computer whose primary value is "permissionlessness" (no administrator) and verifiable trust. While this is ideal for native financial assets like stable币, which now process trillions, two critical flaws remain for mainstream adoption: regulatory legitimacy and a default transparency that leaks all financial activity. The author contends that transparency is not a feature but a tax, quantified through MEV extraction, making the public ledger unusable for serious institutions. However, modern cryptography, specifically zero-knowledge proofs, now offers a solution: "provable privacy." This allows users to prove compliance (e.g., solvency, KYC) without revealing underlying data. This fusion of privacy and auditability resolves the transparency-compliant privacy-compliance dichotomy, enabling a purely upgraded system where transactions are verified but not broadcasted. Closing these flaws is presented as the essential bridge to onboard the next wave of trillions in capital.

marsbit1h ago

The Impossible Trilemma Is Basically a Pseudo-Problem

marsbit1h ago

The "Impossible Triad" Is Fundamentally a Pseudo-Problem

The article argues that blockchain's fundamental limitation is not the scalability trilemma (decentralization, scalability, security), which has been largely solved, but the lack of **privacy** and, until recently, clear **legitimacy**. Blockchain is described as a slow, expensive, globally shared computer whose core value is censorship resistance and verifiability. While ideal for native digital assets like money (e.g., stablecoins), its default transparency acts as a **tax**, exposing all transactions and enabling MEV extraction, which deters serious institutional capital. Simultaneously, its permissionless nature created regulatory ambiguity. The piece contends that **privacy** is the missing critical feature. It rejects the false choice between total transparency and complete anonymity. Modern cryptography (like zero-knowledge proofs) enables **compliant privacy**: users can prove facts (solvency, KYC status, compliance) without revealing the underlying sensitive data (specific holdings, identities). This preserves auditability for regulators and eliminates the leak of financial information. With recent regulatory progress (e.g., the GENIUS Act) addressing legitimacy, adding default, provably compliant privacy becomes a pure upgrade. It transforms blockchain from a costly, public ledger into a confidential settlement layer, finally bridging the gap to mainstream institutional and individual adoption of on-chain finance.

链捕手1h ago

The "Impossible Triad" Is Fundamentally a Pseudo-Problem

链捕手1h ago

Optical Chips: Collective Capacity Expansion

The global optical chip industry is experiencing a massive wave of expansion driven by surging AI data center demand. Major players across the US, Japan, Europe, and China are aggressively investing to ramp up production capacity. In the US, Coherent is expanding its 6-inch Indium Phosphide (InP) semiconductor fab in Texas, supported by CHIPS Act funding and a $2 billion strategic investment from NVIDIA. Lumentum is building a new factory for InP optical devices, and Nokia is scaling its advanced photonic chip packaging and testing capabilities. NVIDIA's investments aim to secure future supply of critical lasers and optical interconnect products for AI infrastructure. Japan's JX Advanced Metals, a leading InP substrate supplier, plans a multi-billion yen investment to increase its capacity 7-10 times, strengthening its grip on the crucial upstream materials market. In Europe, IQE and Tower Semiconductor settled a patent dispute and signed a multi-year InP epitaxial wafer supply agreement, highlighting that next-generation silicon photonics platforms will integrate high-performance InP components. STMicroelectronics and Sivers Semiconductors are also expanding silicon photonics production and partnerships. China is rapidly building out its domestic supply chain. Dongshan Precision's subsidiary, Source Photonics, announced a $12 billion project to expand optical chip and module production. Companies like Sanan Optoelectronics and Yunnan Germanium are scaling up InP chip manufacturing and substrate production, moving towards vertical integration from materials to modules. While debate continues around the exact future architecture—whether CPO (Co-Packaged Optics), NPO, or pluggables will dominate—analysts like Morgan Stanley argue the underlying driver is unchangeable: the explosive growth in bandwidth demand. This will inevitably increase the volume of optical engines, lasers, and related content per GPU, regardless of the final technical path. The competition for "more light" in the AI era has intensified into a global, full-chain capacity race.

marsbit4h ago

Optical Chips: Collective Capacity Expansion

marsbit4h ago

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

Stablecoin Real Yield Found: A Deep Dive into On-Chain Reinsurance with Re's Karan Saroya As stablecoin supply exceeds $170 billion, the search for sustainable, non-speculative yield intensifies. Re, an on-chain reinsurance platform, provides an answer: connecting stablecoin capital to the trillion-dollar traditional reinsurance market. Re operates as a regulated reinsurer, accepting stablecoin deposits as collateral to back US insurance companies. These insurers pay premiums, generating yield that flows back to on-chain depositors. Currently supporting 35 insurers and underwriting $500 million, Re projects scaling to over $1 billion soon. Key insights from a Bankless podcast with founder Karan Saroya and investor Avichal of Electric Capital: 1. **Uncorrelated, Real-World Yield:** Re offers stablecoin holders access to reinsurance returns (targeting 12-14%+), an asset class entirely separate from crypto or equity markets. 2. **Operational Efficiency via Smart Contracts:** Re replaces traditional, labor-intensive capital fundraising with smart contracts, allowing a ~12-person team to compete with industry giants. 3. **Regulatory Leverage:** For every $1 of collateral, regulations allow backing $5-7 in written premiums. This leverage amplifies returns from the underlying risk-free rate. 4. **DeFi Integration:** Depositors receive receipt tokens, which can be used in protocols like Morpho for "looping," potentially pushing yields to 18-20%+. 5. **The "DeFi Mullet" Model:** A compliant front-end (regulated reinsurer) paired with a decentralized back-end (smart contracts, DeFi capital markets). 6. **RE Governance Token:** Modeled on Lloyd's of London, the token governs the central capital pool's allocation, counterparty acceptance, and parameters. 7. **Real Economic Impact:** Capital funds real-world productivity (factories, clinics, businesses) via insurance, moving beyond crypto's internal loops. The discussion highlights a pivotal moment: DeFi's supply-side infrastructure is now met by real demand for productive yield, potentially kickstarting a flywheel where vast on-chain stablecoin capital seeks these real-world returns.

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Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

链捕手5h ago

1996 or 1999? Walsh's First Test is 'How to View AI'

"1996 or 1999? Wall's First Big Test Is 'How to View AI'" Federal Reserve Chairman Wall's initial challenge is not whether to raise or cut rates, but a more fundamental judgment: what kind of boom is the current AI boom? This will determine the Fed's policy path and define his legacy. Economics is split between two opposing views, according to reporter Nick Timiraos. One sees imminent productivity gains that will increase supply and cool inflation, allowing the Fed to hold steady. The other argues that while productivity benefits are distant, demand shocks are here now, and waiting for data confirmation risks missing the intervention window, forcing sharper rate hikes later. Wall has signaled a leaning toward the first view, echoing 1996-era Alan Greenspan, who embraced strong, productivity-driven growth without fear of inflation. However, Wall faces a different macro environment than Greenspan did, with tariff pressures, expanding fiscal deficits, and diminishing globalization benefits, which could force more significant inflation pressures even if AI benefits materialize. Wall's logic, expressed before taking office, is that AI-driven productivity gains won't show in official data for years. If the Fed waits for confirmation, it might mistakenly tighten policy and choke off the very growth that could suppress inflation. This argues for using forward-looking narratives over lagging data. Chicago Fed President Austan Goolsbee presents a key counter-argument. He distinguishes between expected and unexpected productivity booms. A widely anticipated boom, like the current AI wave, can cause people to spend future wealth gains in advance, overheating the economy before productivity actually rises, thus requiring preemptive rate hikes. He cites rising costs for AI data centers as evidence of such overheating. Fed Governor Christopher Waller offers a rebuttal to Goolsbee, noting the "expected spending" mechanism only works if people can borrow against future income, which many households cannot do due to borrowing constraints. Wall also faces a paradox related to his desire to reduce the Fed's use of "forward guidance" (pre-announcing policy moves). This practice was established in 1999 when Greenspan began signaling hikes to avoid market shocks. If the economy follows a less optimistic path, Wall may be forced to choose between using the guidance he wants to abolish or risking market volatility by staying silent. The ultimate question defining Wall's first major test remains: Is this 1996 or 1999?

marsbit6h ago

1996 or 1999? Walsh's First Test is 'How to View AI'

marsbit6h ago

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What is $BITCOIN

DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. Risks Lack of Transparency: The absence of publicly known backers, developers, or an audit process may yield skepticism regarding the project's sustainability and trustworthiness. Market Volatility: The trading activity is heavily reliant on speculative behavior, which can result in significant price volatility and uncertainty for investors. Conclusion DIGITAL GOLD ($BITCOIN) emerges as an intriguing yet ambiguous project within the rapidly evolving Solana ecosystem. While it attempts to leverage the “digital gold” narrative, its departure from Bitcoin's established role as a store of value underscores the need for a clearer differentiation of its intended utility and governance structure. Future acceptance and adoption will likely depend on addressing the current opacity and defining its operational and economic strategies more explicitly. Note: This report encompasses synthesised information available as of October 2023, and developments may have transpired beyond the research period.

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