Crypto World
SanDisk (SNDK) Shares Slide 5% as Google Innovation Threatens Memory Demand
Quick Summary
- SNDK shares declined approximately 5% during Wednesday’s trading session
- Google introduced TurboQuant, a new compression technology potentially reducing AI memory needs
- SanDisk revealed a $1 billion private placement deal to purchase roughly 3.9% of Nanya Technology
- The Nanya transaction featured a 15% price discount with a mandatory three-year holding period
- Prior to Wednesday’s decline, SNDK had surged nearly 196% in 2025
Wednesday proved challenging for SanDisk as the memory chipmaker confronted two significant developments. The unveiling of Google’s TurboQuant compression technology rattled memory sector investors, while a previously unannounced $1 billion strategic stake in Nanya Technology compounded selling pressure. By session’s end, shares had retreated approximately 5%.
TurboQuant represents Google’s latest compression innovation aimed at minimizing memory footprint requirements in artificial intelligence applications. For a chipmaker whose extraordinary rally has centered on AI-fueled memory consumption, such technological advances present a direct challenge.
The additional pressure originated from SanDisk directly. The company announced that its operating unit had committed to purchasing approximately 139 million Nanya shares via private placement, totaling $1.0 billion and representing about 3.9% of Nanya’s total shares outstanding.
The acquisition price reflected a substantial 15% markdown from market value, immediately triggering investor scrutiny regarding deal structure and motivation. Additionally, the purchased shares carry a mandatory three-year restriction on resale.
Complementing the equity position, SanDisk and Nanya formalized a comprehensive multi-year strategic procurement agreement. Through this arrangement, Nanya commits to providing DRAM components to bolster SanDisk’s extended-term supply chain requirements.
The strategic rationale appears straightforward — secure a critical supply partner while acquiring ownership at favorable pricing. However, market participants responded with skepticism rather than enthusiasm.
Understanding the Market’s Negative Response
Following SNDK’s remarkable 1,200% climb over twelve months, investor expectations for capital allocation decisions have intensified substantially. Committing $1 billion toward a non-controlling supplier stake, instead of share repurchases or internal expansion, generated considerable debate.
The transaction remains subject to Taiwanese regulatory clearance before finalization, introducing additional uncertainty into the equation. Skeptics questioned whether this represented optimal capital deployment given the stock’s extraordinary appreciation.
The announcement’s timing compounded concerns. Market observers had already begun scrutinizing SNDK’s valuation following its meteoric rise. Any development that muddied the bullish narrative was destined to trigger meaningful volatility.
Core Business Metrics Remain Robust
Notwithstanding Wednesday’s retreat, SanDisk’s fundamental performance indicators continue showing strength. Management’s Q3 FY2026 outlook projects revenue between $4.4 billion and $4.8 billion, non-GAAP earnings per share ranging from $12 to $14, and gross profit margins spanning 65% to 67%.
These figures represent substantial improvement versus Q2 results, and executive leadership maintains conviction that AI infrastructure spending will sustain its upward trajectory. Under normal circumstances, such guidance would dominate market discussion.
Options market activity for SNDK on Wednesday displayed a moderately optimistic bias, indicating certain traders perceive the pullback as an attractive entry point once Nanya-related concerns dissipate.
Technical sentiment indicators entering Wednesday’s session registered a Strong Buy rating, while the equity maintains average daily volume exceeding 18 million shares.
Presently, the investment community faces two contrasting interpretations of SanDisk: a high-momentum enterprise capitalizing on legitimate AI-driven demand, versus a company that allocated $1 billion toward a transaction generating more uncertainty than clarity.
SanDisk’s valuation currently stands at approximately $103.7 billion in total market capitalization.
TLDR
- Coinbase has started streaming its order book, perps, and futures data onchain through Chainlink’s DataLink service.
- Onchain protocols can now access data feeds from Coinbase International Exchange and Coinbase Derivatives Exchange.
- The integration includes perpetual futures, equities, and commodities benchmarks for decentralized applications.
- Coinbase said its benchmarks will support developers building derivatives and tokenized asset platforms.
- Chainlink confirmed that DataLink delivers enterprise data securely from off-chain systems to blockchain networks.
Coinbase has started sending its exchange market data directly onchain through Chainlink’s DataLink service. The rollout gives onchain protocols access to Coinbase order books, futures, and perpetual contracts data. The companies said the integration supports secure and verifiable data delivery for decentralized applications.
Coinbase Expands Onchain Data Access Through DataLink
Coinbase confirmed that it now streams spot and derivatives data onchain using Chainlink’s DataLink bridge. The service distributes feeds from Coinbase International Exchange and Coinbase Derivatives Exchange. As a result, developers can access order book depth and futures pricing in real time.
The exchange said the rollout covers perpetual futures, equities, and commodities benchmarks. It also provides standardized datasets designed for institutional and decentralized platforms. Coinbase aims to monetize its proprietary market data while expanding infrastructure services.
Liz Martin, Vice President of Coinbase Markets, outlined the company’s objective. She said, “Our benchmarks enable DeFi and TradFi developers to build more robust onchain apps across derivatives, tokenized assets, and more.” Her statement accompanied the formal announcement of the integration.
Coinbase operates the largest crypto exchange in the United States by trading volume. The company continues efforts to grow into an “everything exchange” model. It also seeks to strengthen its prime brokerage capabilities for institutional clients.
The DataLink bridge enables enterprise users to push off-chain information into blockchain networks. Chainlink launched DataLink late last year as part of its enterprise strategy. The service focuses on secure data transfer between traditional systems and smart contracts.
Coinbase said developers can verify order book and futures data directly onchain. The company expects broader integration across decentralized protocols. The rollout marks the first time Coinbase distributes its exchange market data onchain at scale.
Chainlink Strengthens Infrastructure Role with Enterprise Integrations
Chainlink Labs confirmed that DataLink now carries Coinbase exchange benchmarks. Johann Eid, Chief Business Officer at Chainlink Labs, described the integration as infrastructure-focused.
He said, “The future of finance requires a foundation of uncompromising security.”
Eid added, “We aren’t just moving data; we are building the programmable market infrastructure defining the next era of tokenization.”
He said the effort accelerates the convergence of institutional finance and DeFi systems. Chainlink positions DataLink as a secure enterprise-grade bridge.
Chainlink said it has secured nearly $100 billion in total value locked across decentralized finance applications. The network also reported facilitating more than $25 trillion in onchain transaction value. These figures reflect cumulative activity supported by Chainlink services.
The Coinbase integration follows earlier collaborations between the two companies. Coinbase selected Chainlink as its exclusive bridging solution for wrapped assets such as cbBTC, cbETH, and cbDOGE. It also uses Chainlink services for the Base-Solana Bridge infrastructure.
Chainlink has expanded enterprise relationships beyond crypto-native firms. The company provides Oracle services for Swift, JPMorgan, and Mastercard. DataLink also supports institutional data providers including S&P Global and FTSE Russell.
Bitmine Immersion Technologies has launched MAVAN, an institutional-grade Ethereum staking platform that will run validator infrastructure for its own holdings and external clients.
Staking involves locking up Ether to help validate transactions on the network in exchange for rewards.
The rollout takes advantage of Bitmine’s position as the largest public company holder of Ether (ETH), with more than 3.1 million ETH already staked. MAVAN, or Made in America Validator Network, is the company’s proprietary Ethereum staking platform.
The platform was initially developed to support Bitmine’s existing Ethereum treasury and is now being opened to institutional clients and custodians, who are expected to bring additional ETH holdings onto the platform in the coming weeks.
Bitmine said it staked 101,776 ETH over the past week and plans to continue increasing the amount allocated to MAVAN as it moves to stake most of its remaining Ether holdings. The company estimates staking rewards could approach $300 million annually based on current yields.
The new staking platform will use US-based infrastructure alongside a globally distributed setup and is expected to be expanded onto additional proof-of-stake networks and blockchain services.
Bitmine is targeting institutions, custodians and exchanges, with backing from investors including ARK Invest, Founders Fund, Kraken, Pantera Capital, Digital Currency Group and Galaxy Digital.
According to data from CoinGecko, Bitmine currently holds 4,660,903 ETH, has added 238,244 ETH over the past 30 days, and accounts for approximately 3.86% of the total Ether supply.
The company said it plans to continue increasing its Ether holdings, with a stated goal of acquiring 5% of the total ETH supply.
Related: Ethereum devs up security efforts with new ‘Post-Quantum’ team
Institutional demand reshapes Ethereum staking infrastructure
Ethereum staking has become increasingly tailored to institutional users, as demand grows for yield alongside compliant, institution-grade infrastructure.
In February, Lido, the largest liquid staking protocol, introduced a modular upgrade that allows institutions to customize staking setups, including validator configuration and withdrawal parameters. Konstantin Lomashuk, a founding contributor at Lido, said institutional users already make up a significant share of its total value locked, with demand continuing to grow.
The trend extends to the protocol level. The same month, the Ethereum Foundation announced it had begun staking part of its treasury, with plans to allocate around 70,000 ETH to validators and direct rewards toward ecosystem development.
Staking is also being integrated into investment products. In October, Grayscale introduced staking for its Ether ETFs, allowing the funds to generate income from staking. Earlier this month, BlackRock debuted the iShares Staked Ethereum Trust (ETHB), a Nasdaq-listed product that combines spot Ether exposure with staking-based yield.
Ether was trading around $2,164 at last look, up roughly 4.6% over the past year, according to CoinGecko data. The asset has remained well below its mid-2025 highs above $4,000.
Magazine: The dirty secret about quantum signatures: No one knows if they work
In the growing policy moment for securities tokenization, the House Financial Services Committee gathered views on the innovation at a Wednesday hearing, though the specter of President Donald Trump’s family crypto ties did arise more than once.
The lawmakers broadly agreed that tokenized securities generally need the same regulatory guardrails as traditional securities trading, which matches the position of U.S. Securities and Exchange Commission Chairman Paul Atkins, who has said his agency is on the verge of issuing a formal rule proposal to move forward on such crypto policies.
“We stand at the threshold of a significant transformation in our financial landscape,” said committee Chairman French Hill. But as tokenization arises, regulatory gaps and risks need to be explored, he said. “We obviously are going to maintain market integrity, no matter what technology we select.”
Both parties have questions on oversight and how tokenization will mesh with traditional markets, which must still be answered by regulators and potentially by crypto legislation. Concerns raised by the panels’ Democrats included anonymous wallets that could mask foreign ownership, know-your-customer issues and the management of decentralized finance (DeFi). But the hearing effectively acknowledged the onset of the technology as an inevitability rather than a theoretical future.
The committee’s ranking Democrat, Representative Maxine Waters of California, said she’s concerned about tokenization further moving toward the gamification of trading.
“This committee has already examined how trading apps use behavioral designs to turn investing into a game,” she said. “Tokenization could make those trades faster, always on, and with fewer guardrails.”
Speed and efficiency, though, is the foundational advantage of tokenizing stocks. Blockchain Association CEO Summer Mersinger offered that non-custodial, non-discretionary DeFi code brings efficiencies, because “you remove a lot of intermediaries that add expenses to the trade.”
“Regulatory approaches should distinguish clearly between entities that perform intermediary functions and infrastructure that enables user-directed activity, ensuring that obligations are calibrated to the presence of custody, control and discretion,” she said in her testimony. Mersinger also encouraged an “iterative approach” from the SEC to get policy going quickly on tokenization.
While the Senate is trying to finish the Digital Asset Market Clarity Act that will establish laws to govern such tokenization, Atkins has said his agency is going to provide an “innovation exemption” that lets firms test such new arenas as tokenization without immediate registration hoops. Even before any of that arrives, the crypto industry and wider financial sector are building tokenization platforms.
“Tokenization is just the next iteration of the technology,” said Ken Bentsen, who leads the Securities Industry and Financial Markets Association. He said that new entrants should get the same regulations and guardrails as businesses currently involved in stock trading.
Just this week, BlackRock Chairman and CEO Larry Fink argued in his annual shareholder letter that digital assets and tokenization could “update the plumbing of the financial system.” News also emerged that investment giant Franklin Templeton secured a tokenization partnership with Ondo Finance and that $2.2 trillion asset manager Invesco had taken over management of Superstate’s $900 million fund of tokenized U.S. Treasuries, USTB.
But committee Democrats also criticized the Trump administration’s push on behalf of the crypto sector, which Waters said is paired with “blatant corruption” involving the Trump family’s personal involvement in digital assets businesses, which includes a stake in World Liberty Financial Inc. that announced a deal with Securitize last month to tokenize loan revenue tied to hotel projects.
“The Trump family has earned an estimated $1 billion dollars in profit from their crypto ventures,” Waters noted. “When officials in the government who are approving the rules also profit from the market those would regulate, the American people rightly ask whose interests truly comes first.”
“The ties between the Trump family and this industry has unfortunately created a cloud over the legitimacy of moving forward on this important market structure legislation,” said Salman Banaei, the general counsel at tokenization firm Plume who had also worked at the SEC and Commodity Futures Trading Commission.
Binance, the largest crypto exchange by volume traded, released guidelines placing tighter obligations on token issuers and liquidity providers.
The new rules require projects to disclose their market maker’s identity, legal entity and contract terms. They also ban profit-sharing and guaranteed-return arrangements, which the exchange said can create incentives that conflict with fair trading. Token lending agreements must clearly say how borrowed tokens can be used.
The rules are “intended to help projects conduct stronger due diligence on their market-maker partners and remind users to be mindful of market conditions,” a Binance spokesperson said in an email. The company is looking to foster “a fair and efficient marketplace, and we do not tolerate misconduct.”
The new policy targets a part of the crypto market that often works behind the scenes. Market makers usually post buy and sell orders to keep trading active and reduce sharp swings in price, which, in a healthy market, can help users buy or sell without major slippage, especially when a token is newly listed.
Binance said problems occur when firms act less like neutral liquidity providers and more like sellers with hidden incentives. The exchange flagged behavior such as selling that clashes with token release schedules, one-sided trading and activity that inflates volume without moving prices in a natural way.
In the blog post, Binance said it will take “swift, decisive action against any misconduct,” including blacklisting market makers. It’s unclear whether Binance plans to name the market makers it blacklists.
Network News
ETHEREUM FACES KEY MOMENT WITH QUANTUM, AI CHANGES AHEAD: The first couple of months of 2026 have forced the Ethereum community into a kind of introspection—one that goes beyond price, beyond technical upgrades, and into the question of what the network is actually trying to be. Even before this year, there has been a sense among builders and executives that Ethereum was on the verge of another growth phase—this time driven not by crypto-native users but by institutions and technology. Neobanks, as some argued, would quietly onboard millions by abstracting away the complexity of wallets and gas fees. Ethereum, in this framing, wouldn’t need to win users directly. It would sit beneath the interface, powering a new financial stack that, on the surface, looked nothing like crypto. It was a continuation of a long-running thesis: that Ethereum’s success would come from invisibility. That vision has been shaped in part by years of previous upgrades aimed at improving user experience and reducing costs. Changes like “proto-danksharding”, introduced in the Dencun upgrade, significantly lowered fees for layer 2 networks by increasing data downloads for transactions, while ongoing improvements to the base layer have made transactions more efficient. While the price of the network’s ether (ETH) token has been determined by market forces, these upgrades have, together, helped move Ethereum closer to a model where users interact with applications without needing to understand the underlying infrastructure. But that narrative began to change a few weeks into the year, when Vitalik Buterin, delivered a sharp reality check to the broader ecosystem: “You are not scaling Ethereum.” The comment cut through what had, until then, been a largely celebratory conversation around rollups. These types of networks, also known as layer-2 (L2) networks, process transactions off Ethereum and then bundle them back onto the main chain to make it faster and cheaper. Layer-2 networks have exploded over the last few years, transaction fees have come down, and activity has spread—but the deeper question was whether any of this amounted to coherent scaling. — Margaux Nijkerk Read more.
SOLANA FOUNDATION RELEASES DEVELOPER PLATFORM FOR INSTITUTIONS: The Solana Foundation is launching a new developer platform aimed at making it easier for financial institutions to build blockchain-based products, with early users including Mastercard, Western Union and Worldpay. The Solana Developer Platform (SDP), currently available for developers to test, is a toolkit that enables enterprises to create and scale financial applications on Solana without deep crypto infrastructure expertise. The SDP will also integrate AI tools such as Anthropic’s Claude Code and OpenAI’s Codex. The platform bundles services from more than 20 infrastructure providers — spanning custody, compliance, wallets and payments — into a single interface, streamlining what has traditionally been a fragmented process for institutions entering the space. At launch, SDP includes two live modules. The issuance module enables companies to create tokenized deposits, stablecoins and tokenized real-world assets, while the payments module supports fiat and stablecoin flows, including on- and off-ramps and onchain transactions. A trading module is expected later in 2026. The involvement of traditional payments firms underscores growing institutional interest in blockchain-based settlement. — Margaux Nijkerk Read more.
BALANCER LABS TO SHUT DOWN: The company that built decentralized finance (DeFi) powerhouse Balancer is closing. Balancer co-founder Fernando Martinelli announced that Balancer Labs, the corporate entity that incubated and funded the decentralized exchange protocol, will be shutting down. The decision comes roughly five months after a v2 exploit in November 2025 that drained approximately $110 million in digital assets, as CoinDesk first reported, including osETH, WETH, and wstETH, the third known security breach for the project and the one that created the legal exposure Martinelli cited as the reason for shutting down BLabs. “BLabs, as a corporate entity, has become a liability rather than an asset to the protocol’s future and is just not sustainable as is without any sources of revenue,” Martinelli wrote in a governance forum post. Martinelli added he “seriously considered” shutting everything down entirely. But he stopped short of calling for a full wind-down because the protocol still generates revenue. — Shaurya Malwa Read more.
BITCOIN MINING CONCENTRATION TRIGGERS SMALL ‘REORG’: Bitcoin’s mining concentration problem just showed up on the blockchain itself, triggering a small “reorg.” At the center of the story is Foundry USA, the largest bitcoin mining pool, representing a group of miners who combine their computing power to verify transactions, mine blocks, and split the rewards in BTC. On the blockchain, there are many miners, and sometimes two or more find a block at nearly the same time. When that happens, the network temporarily has two competing versions of the blockchain. Eventually, the network reorganizes back into a single chain, depending on which version grows faster. This process is called a blockchain reorganization, or “reorg.” That’s what happened earlier this week: Foundry and AntPool both mined blocks at roughly the same time, causing a chain split. Foundry then produced several consecutive blocks, moving slightly faster than its competitors, and became the chain the network followed. The result: the blockchain reorganized to Foundry’s version, and the blocks mined by AntPool and ViaBTC were orphaned or effectively erased from the ledger. Those miners earned nothing for the work they had done. — Shaurya Malwa Read more.
In Other News
- The New York Stock Exchange (ICE) is teaming up with tokenization specialist Securitize to help design the infrastructure behind tokenized securities trading. Securitize is aiming to go public this year via a SPAC deal with Cantor Equitize Partners (CEPT). CEPT shares are higher by 6% premarket. ICE shares are flat. The two firms signed a memorandum of understanding to build NYSE’s planned Digital Trading Platform. Securitize will serve as a design partner, focusing on how transfer agents — the entities that track ownership and handle corporate actions — operate when securities are issued and settled on blockchain rails. Securitize, backed by large asset managers like BlackRock and Ark Invest and registered with the SEC as a transfer agent, is expected to be among the first firms eligible to mint tokenized versions of stocks and ETFs on the platform, subject to regulatory approvals. The firm’s broker-dealer arm could also take part in trading, giving it a foothold across both issuance and market activity. The move comes as traditional exchange behemoths like NYSE and Nasdaq are doubling down on tokenization efforts to bring blockchain rails into stock trading. — Kristzian Sandor Read more.
- BlackRock Chairman and CEO Larry Fink used his annual letter to shareholders to argue that digital assets and tokenization could help update the financial system, even as he warned that the U.S. economic model is leaving too many people behind. In the letter, Fink said the current system has delivered most of its gains to people who already own assets, while many workers have been shut out of market growth. He tied that imbalance to a wider problem in the U.S., where rising inequality, high government debt and weak participation in capital markets are putting pressure on the old model of finance. “Capitalism is working—just not for enough people,” Fink wrote. His proposed fix centered on tokenization and digital distribution as tools to expand access to investing and make markets run better. Tokenization, Fink said, could “update the plumbing of the financial system” by making investments easier to issue, trade and access. The idea is simple: If ownership of assets is recorded on digital ledgers, moving a fund share, bond or other security could become faster and cheaper. In practice, that would allow a regulated digital wallet to hold not just payments, but also tokenized bonds, ETFs and fractional interests in assets such as infrastructure or private credit. — Helene Braun Read more.
Regulatory and Policy
- Crypto industry insiders got their first look at the revised market structure bill in the Senate, and the opening impression was that the language on allowable stablecoin yield was overly narrow and unclear, according to a person familiar with the current draft. The new language, which was announced Friday by Senators Angela Alsobrooks and Thom Tillis, would ban yield payments for simply holding a stablecoin. It would also restrict any approach that makes the program equivalent to a bank deposit, and it imposes further limits on other potentially allowed activities, the person said, adding that the mechanics of determining activities-based stablecoin rewards remain uncertain. The crypto industry got its first look at the revised section of the Digital Asset Market Clarity Act earlier this week during a closed-door review on Capitol Hill in Washington, an attempt to clear a roadblock to getting a hearing in the Senate Banking Committee. Bankers had insisted that stablecoin rewards look nothing like interest-bearing bank deposits, because they argued the competing product could hamstring the industry and strangle lending. So, the compromise will allow rewards programs for users’ stablecoin activities but not balances. — Jesse Hamilton Read more.
- Brazil’s new finance minister, Dario Durigan, is expected to delay a public consultation on applying a tax on financial operations, locally known as Imposto sobre Operações Financeiras (IOF), to some cryptocurrency transactions, Reuters reported, citing sources familiar with the matter. Durigan took office on March 20 after Fernando Haddad stepped down to run for governor of São Paulo. Reuters said the new minister wants to focus on microeconomic measures and avoid proposals that could trigger conflict with Congress during an election year. The postponed consultation centered on a draft decree that could classify some crypto transactions as foreign exchange operations. — Francisco Rodrigues Read more.
Calendar
- Mar. 24-26, 2026: Digital Asset Summit, New York City
- Mar. 30-Apr. 2, 2026: EthCC, Cannes
- Apr.15-16, 2026: Paris Blockchain Week, Paris
- May 5-7, 2026: Consensus, Miami
- Sept. 29-Oct.1, 2026: Korea Blockchain Week, Seoul
- Oct. 7-8, 2026: Token2049, Singapore
- Nov. 3-6, 2026: Devcon, Mumbai
- Nov. 15-17, 2026: Solana Breakpoint, London
The integration gives DeFi protocols direct access to institutional-grade order book, spot, and futures data from the largest US crypto exchange.
Coinbase has integrated Chainlink’s DataLink service to publish its premium exchange data onchain for the first time, the companies announced on Tuesday.
DataLink is an institutional-grade data publishing service powered by the Chainlink data standard. Through the integration, DeFi protocols can now access a range of Coinbase’s datasets directly onchain, including order book data, spot prices, perpetual futures data from Coinbase International Exchange, e-mini futures data, and additional datasets spanning crypto, metals, energy, and equity futures via Coinbase Derivatives Exchange.
The data is designed to power more accurate pricing, stronger risk management, and new onchain market types, from derivatives and perpetuals to tokenized real-world assets, structured products, and next-generation lending protocol risk engines.
“We’re excited to build on our existing Chainlink integrations by adopting DataLink to publish Coinbase’s exchange market data onchain for the first time,” said Liz Martin, Vice President of Coinbase Markets. “Our benchmarks enable DeFi and TradFi developers to build more robust onchain apps across derivatives, tokenized assets, and more.”
The DataLink adoption expands an existing relationship. Coinbase’s Base-Solana bridge is secured by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), and Coinbase selected CCIP as its exclusive interoperability provider for all Coinbase Wrapped Assets. Previously, Coinbase also integrated the Chainlink standard into its Project Diamond institutional tokenization platform.
“Coinbase bringing its exchange data onchain through Chainlink sends a clear signal,” said Johann Eid, Chief Business Officer at Chainlink Labs. “We are proving that the future of finance requires a foundation of uncompromising security.”
Coinbase is the latest in a series of major DataLink adopters. FTSE Russell and the TSX Venture Exchange have also tapped the service to bring their market data onchain.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
US President Donald Trump announced the appointment of 13 members from the crypto, blockchain, AI, and technology industries to his Council of Advisors on Science and Technology, re-established by executive order in January 2025.
In a Wednesday notice, the White House said that the council would include Meta CEO Mark Zuckerberg, Coinbase co-founder Fred Ehrsam, Nvidia CEO Jensen Huang, Oracle chief technology officer Larry Ellison, and others from major tech companies.
According to the White House, the council could have up to 24 members, many of whom “will be appointed in the near future.”
The council will be co-chaired by White House AI and crypto czar David Sacks and Trump’s science advisor Michael Kratsios. According to the January executive order re-establishing the council under Trump, it will “advise the President on matters involving science, technology, education, and innovation policy.”
Many of the tech industry representatives have a history of supporting the Trump administration. Huang has previously met with the president to discuss export controls for Nvidia’s chips, while Zuckerberg traveled to Trump’s private Mar-a-Lago club in November 2024 after his election win and attended a White House dinner with other executives from tech companies in September 2025.
Related: SEC’s top enforcer clashed over Trump cases before quitting: Report
The appointment of the council’s members came less than a week after the White House released a national AI framework, calling on Congress to pass legislation that will preempt state-level laws. Trump has been pushing Republicans to pass the SAVE America Act — legislation requiring proof of citizenship to register to vote — saying on March 8 that he “will not sign other bills” until it passes.
No timeline on market structure bill in US Congress
Since a comprehensive digital asset market structure bill, called the CLARITY Act, passed the House of Representatives in July 2025, the Senate has faced several setbacks stalling progress on the legislation. From scheduled recesses, to government shutdowns, to industry concerns over stablecoin yield, progress on moving the bill forward was nowhere to be seen.
The Senate Agriculture Committee advanced its version of the market structure bill in January, but a markup in the Senate Banking Committee — essential to address implications on securities laws and regulations — was postponed after Coinbase CEO Brian Armstrong said the company could not support the bill as written. As of Wednesday, the committee had not announced a new date for the markup.
Magazine: The dirty secret about quantum signatures: No one knows if they work
Crypto World
Sky-backed Obex spreads $1 billion across credit, energy and AI assets to expand stablecoin yield
Obex, the Framework Ventures-backed incubator, began deploying $1 billion on Wednesday to link the Sky ecosystem’s USDS stablecoin with income from tangible assets like AI data centers, housing and energy, boosting real-world strategies beyond crypto-native sources of yield.
The first group of assets includes products from Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better. Each aims to bridge crypto markets with parts of the real economy, including lending, housing finance, energy and AI infrastructure, often by turning those assets into blockchain-based instruments via tokenization.
The firms will work with Obex to add new tokenized products designed to generate yield and increase USDS use across their platforms. They will also work to develop and roll out new yield-generating tokenized assets.
Sky, one of the oldest decentralized finance (DeFi) lending protocols and issuer of the $10 billion USDS, is trying to move past the closed loops that have long defined crypto lending. The protocol brought in $435 million in annualized revenue in 2025 and plans to push the dollar-pegged stablecoin’s supply above $20 billion next year.
Obex is aiming to help Sky get there by plugging new sources of income into the system. Last year, it obtained a mandate to allocate up to $2.5 billion of Sky’s USDS reserves into real-world assets to generate yield.
“We’re moving beyond circular DeFi yield sources and toward high-quality yield from structured credit markets, fintech, energy infrastructure, AI CapEx, real estate, and other productive sectors,” said Parker Edwards, a partner at Framework Ventures.
The push reflects a broader shift toward tokenization, in which assets such as loans, funds, or infrastructure projects are represented on blockchain networks. Proponents say this can make it easier to move capital, track ownership and open access to a wider pool of investors.
The market for tokenized real-world assets is growing rapidly, and tripled in value to $26 billion in the past year, RWA.xyz data shows. That growth has been driven by demand for more stable and predictable returns than those typically found in crypto lending and other speculative strategies.
Bitcoin (BTC) price struggled to break above $72,000, as several key onchain metrics highlighted weakening demand for BTC, casting doubts on its upside potential.
Key takeaways:
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Bitcoin investors shift to distribution as whales and smaller cohorts aggressively sell under weak market conditions.
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Bitcoin whale transaction count hits multi-year lows, as smart money waits for policy and geopolitical clarity.
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Bitcoin’s hash rate fell sharply amid rising energy costs, increasing chances of miner capitulation.
Bitcoin investors “shift to distribution”
Bitcoin investors have are increasingly risk-off, distributing their BTC holdings amid the recent price weakness fueled by the US and Israel-Iran war and other macroeconomic headwinds.
Glassnode’s Accumulation Trend Score (ATS) is near zero (light yellow), indicating that the whales are distributing their BTC holdings or not accumulating.
Related: Bitcoin retakes $71K as US sends Iran 15-point ceasefire plan
The drop in the trend score indicates a transition from accumulation to distribution across almost all cohorts. This shift mirrors a similar pattern observed in early 2025, which aligned with Bitcoin’s drop to $74,500 in April 2025.
Additional data from Glassnode shows a “shift toward distribution or inactivity” among small to mid-sized entities holding less than 1,000 BTC.
This is in contrast to “Q4 2024, where broad cohort accumulation preceded a sustained rally,” the onchain data provider said in a Tuesday post on X, adding:
“Heavy participation across wallet sizes remains a precondition for any durable recovery.”
Bitcoin whale activity “historically quiet”
Reflecting this distribution or inactive accumulation trend is Bitcoin’s whale activity, which has become “historically quiet,” according to Santiment.
Last week, daily BTC transactions above $100,000 fell to just 6,417, the lowest since September 2023. Meanwhile, transfers exceeding $1 million dropped to 1,485, levels last seen in October 2024.
The declining whale activity is largely due to market participants waiting for “clarity from the CLARITY Act,” as well as a long-term solution to the war, according to the data analytics company.
This indicates that “smart money is reluctant to make moves with so much policy and global uncertainty at play,” Santiment added.
Declining Bitcoin network activity
Bitcoin’s inability to sustain the recovery is further evidenced by low network activity and less onchain demand.
CryptoQuant’s Bitcoin network activity index, which tracks key indicators such as daily active addresses, total transactions count, and UTXO count, has been declining since August 2025.
This points to “weaker demand across the network,” CryptoQuant analyst Maartunn said in a recent post on X.
This aligns with weak onchain fundamentals such as liquidity and network growth as tracked by Bitcoin Vector’s fundamental index.
This metric “keeps trending lower and remains well below the strengthening zone,” Bitcoin Vector said in a Tuesday X post.
The onchain data provider described the current market conditions as “stability without support,” rather than a healthy consolidation, adding:
“As long as onchain conditions stay weak, upside looks increasingly dependent on flow, short covering, or external catalysts, not organic strength. If fundamentals don’t recover, this kind of divergence usually doesn’t support a sustained mid-term recovery.”
Bitcoin mining hash rate drops 22%
Bitcoin’s hash rate, a metric that shows the level of mining activity, has dropped sharply over the last couple of weeks, meaning miners are shutting down machines.
The hash rate has fallen to 813 EH/s on Wednesday, from 1.2 ZH/s on March 5, representing a 22% decrease.
Rising energy costs, exacerbated by the US and Israel-Iran war, compressed the hash price below $34 per PH/s/day, which is below many miners’ breakeven levels.
“Bitcoin miners are losing $19,000 on every coin they produce, and difficulty just dropped 7.8% as the miner exodus accelerates,” analysts at Token Metrics said in a recent post on X, adding:
“If difficulty drops another 5%+ within the next 7 days, miner capitulation is accelerating and spot sell pressure will intensify.”
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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Startale Group said it closed a $63 million Series A round, adding $50 million from SBI Group to a $13 million first close from Sony Innovation Fund in January.
The Singapore-based company, which operates in Japan, builds blockchain tools for both financial firms and retail users. Its products include Strium, a blockchain for tokenized securities and other real-world assets, yen stablecoin JPYSC, dollar stablecoin USDSC and the Startale app, a consumer app tied to Sony-backed layer-2 network Soneium.
The funding brings together Startale’s two most important strategic partners, the firm said. SBI has worked with the company on Strium and JPYSC, while Sony has backed Startale through its investment arm and its work on Soneium.
The round reflects Startale’s push to build across several layers of the onchain economy, from financial infrastructure and settlement tools to end-user applications.
Startale said it will use the funding to scale Strium for tokenized securities and real-world asset trading, expand adoption of JPYSC and USDSC and develop the Startale app into a broader platform for asset management, payments and onchain services to become a “SuperApp.”
CEO Sota Watanabe said the company will also use the funding to push tokenized stocks tied to Japanese equities and expand yen stablecoin adoption this year.
The round lands as Japan works to test how blockchain systems can connect to existing financial infrastructure. Japanese Finance Minister Satsuki Katayama said earlier this year she fully supports crypto trading integration into the country’s stock exchanges.
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Es wird EXTREM schwer XRP zu bekommen!
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