Coinbase to acquire 10T/1RT portfolio company Deribit for $2.9B

→ WSJ

10T portfolio company eToro launches its IPO roadshow, targeting a ~$4B valuation

→ The Block

Meta explores stablecoin integration

→Fortune

GENIUS Act fails Senate in a 48-49 vote for stablecoin regulation

→ The Hill

Ethereum’s Pectra upgrade successfully implemented

→ The Block

Coinbase Q1 2025 earnings

→ Transcript

New Hampshire is first state to approve Bitcoin reserve for state funds

→ CoinDesk

 Zenrock's zenBTC is live: the first fully decentralized native-yield generating wrapped BTC product

→ Link

• Coinbase (via Deribit acquisition)

• • • 5/9: Launches 24/7 futures for Bitcoin and Ethereum: Link
    • 5/9: Bloomberg reports that Coinbase considered a MSTR approach to holding BTC on balance sheet, but decided against it: Link

• Doodles

• 5/9: Launches native $DOOD token on Solana: Link
 
• Figment

• 5/6: Bloomberg reports that it's looking for acquisitions: Link

• Futureverse

• 5/9: Futureverse and Rakuten Wallet launch a pass to bring users onto Web3 more easily: Link

• Gemini

• 5/7: Hires Brad Vopni from Hudson River Trading to spearhead institutional expansion: Link
• 5/9: Secures MiFID II license from Malta to offer derivatives in EEA: Link

49.7% of all token failures in history happened in 2025 — memecoin-driven

Ethereum L2 unique interactions hit an all-time-high of 14M unique addresses

Unichain led in April TVL growth

Stablecoin market cap is up +45% YoY, outpacing crypto’s 24% total market growth

NOTABLE RAISES

• Doppel (Risk Protection)

• • 5/5: Raises $35MM in Series B led by Bessemer, with participation from 9Yards, Sozo Ventures, a16z, South Park Commons, Strategic Cyber Ventures, Script: Link

• Sentora (DeFi Asset Management)

• • 5/6: Raises $25MM in Series A from New Form Capital, with participation from Joint Effects, Tribe Capital, Ripple, UDHC, Curved Ventures, and others: Link

• T-Rex (L1 for entertainment)

• 5/9: Raises $17MM in pre-seed round from Portal Ventures, North Island Ventures, Framework Ventures, Arbitrum Gaming Ventures, ArkSTream Capital, and more: Link

INDUSTRY NEWS

• Bitcoin

• • 5/7: Revolut partners with Lightspark to streamline BTC transactions: Link

• ETFs

• • 5/5: SEC delays decision on Canary’s Litecoin ETF: Link

• Exchanges

• • 5/7: HOOD plans blockchain to trade US assets in Europe: Link
• L1s
• • 5/8: Sei weighs proposal to deprecate Cosmos accounts and move to EVM only model: Link

• NFT

• • 5/5: Mattel shuts down its Hot Wheels NFTs: Link

• Regulation

• • 5/7: OCC says banks can handle crypto for customers and outsource it: Link

• RWA

• • 5/6: Citi joins forces with Switzerland’s SDX to tokenize $75Bn pre-IPO shares market: Link

• Stables

• 5/8: Stripe announces new stablecoin features from its Bridge acquisition: Link

• May 12 – SEC Tokenization Roundtable

   

• May 12 – APT token unlock ($55MM)

   

• May 14–16 – Consensus 2025 *Dan Tapiero speaking

   

• May 14 – VanEck Onchain Economy ETF launch

   

• May 15 – Animoca's Moca Network Townhall

   

• May 16 – Galaxy Digital ($GLXY) begins trading on Nasdaq