Editor’s Note: We’re back, fam. Bitcoin has broken past the $100K mark again for the first time since February. However, in a completely unexpected turn of events, ETH has stolen the show by recording a 20%+ daily price increase.
Arizona has become the second state in a week to green‑light a crypto reserve, following New Hampshire’s precedent on Tuesday, but the road was anything but smooth. Governor Katie Hobbs first vetoed a bill that would have let state retirement funds add bitcoin. A slimmed‑down version, however, made it across her desk: House Bill 2749 authorizes Arizona to hold bitcoin and other digital assets only when they surface as abandoned or unclaimed property.
The Senate’s push to advance the GENIUS Act – a bipartisan bill meant to set the first federal rules for stablecoins – stalled on a vote at the very last minute. Democrats, still hashing out last minute changes with GOP leaders, claimed they hadn’t seen the final text while Republicans argued the vote was only to start formal debates and amendments. Leadership has already set the bill up for another try, so consider the stablecoin showdown simply postponed, not canceled.
For stablecoins and other digital assets to thrive globally, the world needs American leadership.
The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.
This bill represents a once-in-a-generation opportunity to expand dollar
— Treasury Secretary Scott Bessent (@SecScottBessent)
6:48 PM • May 8, 2025
Fresh off of the splashy Deribit acquisition announcement, Coinbase reported Q1 earnings. Headlines will focus on the company’s “sharp drop in quarterly profit,” to $66 million compared to $1.2 billion during the year-ago quarter. The drop though was due to losses on the company’s cryptoasset investment portfolio – primarily BTC – which fell in Q1. A better way to review Coinbase’s quarter is looking at net revenue which grew to $1.96 billion in Q1 from $1.59 billion a year ago.
Our take: Overall, it looks like business as usual. Trading volumes and revenue dropped a bit QoQ as expected, and just like they did for Robinhood (HOOD) and Kraken. Outside of that though everything else is crushing it:
Stablecoin revenue ATH
International trading ATH
Coinbase One subscribers ATH
Plus, the company bought the dip, deploying ~$150 million in the quarter to purchase 22K ETH and 2,382 BTC.
Celsius Founder Alex Mashinsky Sentenced to 12 Years for Crypto Fraud (Watcher Guru)
Crypto & Blockchain Venture Capital - Q1 2025 (Galaxy Digital)
Coinbase teases onchain social media platform? Video here.
Steak ‘N Shake to Roll Out US Bitcoin Payments Nationwide (Decrypt)
Coinbase unveils 24/7 BTC and ETH futures trading one day after Deribit acquisition (The Block)