Key Takeaways

• White House develops comprehensive strategy for Bitcoin Reserve utilizing seized cryptocurrency holdings
• Officials anticipate significant Bitcoin Reserve announcement in upcoming weeks
• Congressional members introduce legislation to establish permanent legal framework
• Federal government holds approximately 200,000 BTC from enforcement seizures
• Legal and policy frameworks continue development before official implementation

The Trump administration has significantly advanced its initiative to establish a national Bitcoin Reserve, with official announcements anticipated in the near future. The proposed reserve framework would leverage roughly 200,000 BTC obtained through federal law enforcement seizures. Government officials are currently finalizing legal protocols and policy frameworks ahead of public disclosure.

Administration Develops Comprehensive Reserve Framework

The White House intends to unveil its official Bitcoin Reserve framework within approximately eight weeks. Based on reports from Bybit’s weekly analysis, government officials plan to designate seized Bitcoin as strategic national reserve holdings. Additionally, this initiative represents a significant pivot in digital asset policy under President Trump’s leadership.

The reserve structure would primarily utilize Bitcoin already in federal custody from criminal prosecutions and civil asset forfeitures. This methodology allows officials to establish the reserve without conducting immediate market acquisitions. Accordingly, the administration can position the Bitcoin Reserve as a balance sheet optimization strategy.

Patrick Witt, the White House digital asset adviser, addressed the initiative during the Bitcoin 2026 conference held in Las Vegas. He indicated that legal assessments and executive preparation efforts remain ongoing before the subsequent public phase. Subsequently, the administration anticipates delivering a substantial update in the near term.

Congressional Action Seeks Permanent Legal Authority

The White House recognizes that Congress must provide the Bitcoin Reserve with robust statutory foundation. While executive directives can establish agency guidelines, legislative action creates enduring policy authority. Accordingly, members of Congress have begun drafting bills designed to codify the reserve into federal law.

Senator Cynthia Lummis alongside Representative Nick Begich previously reintroduced the BITCOIN Act. This legislation proposed acquiring one million Bitcoin across a five-year timeline using budget-neutral mechanisms. Begich subsequently announced plans to rebrand this legislation as the American Reserves Modernization Act.

The proposed legislation builds upon Trump’s executive directive while expanding the reserve’s operational scope. It additionally establishes clear separation between the Bitcoin Reserve and a broader digital asset inventory. Furthermore, this organizational structure positions Bitcoin as the cornerstone of the administration’s cryptocurrency policy platform.

Implementation Specifics Await Official Documentation

The Trump administration has yet to disclose the complete legal architecture of the Bitcoin Reserve. Specific implementation details will emerge through official documentation, regulatory guidance, and potential congressional authorization. Nevertheless, current indications demonstrate the reserve initiative has progressed beyond preliminary policy consideration.

The federal government currently maintains substantial Bitcoin holdings from previous law enforcement operations. These digital assets originated from seizures connected to criminal investigations and civil forfeiture proceedings. Consequently, officials can construct the Bitcoin Reserve without immediate expenditure of public funds for asset acquisition.

The initiative emerges amid ongoing Washington deliberations regarding comprehensive crypto regulation. Legislators continue developing frameworks for market structure, asset custody, stablecoin oversight, and digital asset supervision. Therefore, the Bitcoin Reserve may become a cornerstone element of Trump’s comprehensive digital asset policy framework.

Historical Context and Policy Evolution

Trump issued an executive order previously to establish a strategic Bitcoin Reserve. The directive instructed officials to preserve Bitcoin currently maintained on government financial statements. It simultaneously established a distinct repository for additional digital assets obtained through enforcement activities.

The policy represents a fundamental transformation in federal treatment of seized cryptocurrency holdings. Historically, federal agencies frequently liquidated forfeited Bitcoin through public auctions or alternative disposition methods. Currently, the administration seeks to retain Bitcoin as a permanent national asset.

The forthcoming announcement may provide clarity regarding custody arrangements, agency oversight, transparency requirements, and legislative priorities. It could also reveal how officials intend to protect the reserve against future policy modifications. Therefore, the next official documents will determine how the US Bitcoin Reserve transitions from conceptual plan to operational reality.

 

Block, the payments company behind Cash App and Square, has introduced on-chain proof-of-reserves for its corporate Bitcoin treasury, alongside new features for its products. The move places Block in the vanguard of crypto firms increasing transparency by allowing independent verification of holdings, rather than relying on trust alone.

At a Las Vegas event, Block announced that anyone can independently verify Block’s Bitcoin holdings through on-chain signatures, and that reserves are actively controlled rather than merely historically observed. The company noted a balance of 8,883 BTC, valued at about $681.4 million, which it describes as the 14th-largest corporate Bitcoin holding.

Key takeaways

• Block adds on-chain proof-of-reserves for its corporate Bitcoin treasury and for Cash App and Square, enabling public verification of holdings.
• 8,883 BTC are disclosed as Block’s reserves, valued around $681.4 million, marking Block as the 14th-largest corporate Bitcoin holder.
• PoR is presented as actively controlled and verifiable, not just a historical record, according to Block’s announcement on X.
• Adoption of proof-of-reserves has grown since the FTX collapse, with major platforms like Binance, Kraken, OKX, Bitfinex and Bitget among those embracing disclosures.
• Despite the broader push, some industry figures — notably Strategy’s Michael Saylor — have questioned PoR, citing security and information-exposure concerns.
• Block expanded its crypto toolkit with a touchscreen Bitkey hardware wallet, Cash App enhancements to auto-convert payments to Bitcoin, 5% Bitcoin back at Square merchants, and higher withdrawal limits.

Block’s PoR expansion and what it covers

Block’s new proof-of-reserves offering targets not only its corporate treasury but also the company’s consumer-facing payments rails. The disclosure covers 8,883 BTC on its books, which Block says helps validate the firm’s Bitcoin holdings in a verifiable, on-chain manner. By presenting these reserves alongside its public statements, Block aims to give users and investors a clearer picture of where its Bitcoin assets sit and how they’re controlled.

The company framed the PoR rollout as part of a broader push toward greater accountability in the crypto industry, particularly in the wake of past industry-wide upheavals. By tying the verification to on-chain signatures, Block argues that the reserves are actively managed and auditable, rather than simply reported after the fact.

Verification as a standard, with notable industry context

The PoR trend gained significant momentum after the 2022 FTX collapse, when customers and counterparties increasingly pressed for transparent, independently verifiable asset backing. Since then, several large crypto exchanges and institutions have published proof-of-reserves disclosures as part of a broader transparency push. Block’s adoption adds to a growing list that includes major venues such as Binance, Kraken, OKX, Bitfinex and Bitget.

That broader market debate remains nuanced. In May 2025, Michael Saylor, executive chairman of Strategy, the universe’s largest corporate Bitcoin holder, publicly warned that proof-of-reserves can pose security risks. He argued that exposing certain information about reserves and custodial relationships could undermine security for issuers, custodians, exchanges and investors. His stance illustrates the tensions between transparency and operational security that continue to shape PoR discussions.

New tools, incentives, and what Block is launching next

Alongside PoR, Block announced a slate of product updates aimed at integrating Bitcoin more deeply into its ecosystem. The company introduced a touchscreen Bitkey hardware wallet, designed to verify transactions at the point of interaction. It also rolled out a feature on Cash App that allows a subset of users to automatically convert payments into Bitcoin, broadening the pathway for everyday spending to become Bitcoin exposure.

Block is also expanding incentives for merchants using Square, offering 5% Bitcoin cashback on purchases at Square-enabled merchants. In addition, customer withdrawal limits have been increased fivefold, rising to $10,000 per day and $25,000 per week, easing access for users who hold Bitcoin through Block’s platforms.

Why this matters for investors, users, and builders

For investors and users, Block’s PoR push is a signal that the firm aims to align its disclosures with a growing demand for verifiable, auditable crypto holdings. In a market where opacity and custody risk have historically been points of contention, on-chain verification can reduce information asymmetry and potentially lower counterparty risk perceptions for Block’s Bitcoin assets tied to its treasury and product ecosystem.

For builders and other corporates, Block’s approach offers a playbook for integrating PoR into consumer products without sacrificing security. The combination of active on-chain verification and expanded Bitcoin-enabled features—such as automatic conversion in Cash App and merchant incentives—illustrates a practical path to broad Bitcoin adoption in payments and corporate treasury management.

As the industry weighs the benefits and trade-offs of PoR, readers should watch how more corporates adopt verifiable disclosures, how custodial arrangements evolve to balance transparency with security, and whether regulatory scrutiny shapes future PoR standards.

Looking ahead, the question is whether Block’s expanded PoR rollout will spur further adoption among other corporates and what changes may emerge in the governance of on-chain verifications. Keep an eye on whether more products integrate native Bitcoin mechanics and whether policy developments around disclosure standards influence how PoR is implemented across the sector.

Commodity-linked currencies are trading near key levels, showing restrained price action as market participants adopt a wait-and-see approach. The fundamental backdrop is shaped by expectations surrounding the release of Australia’s inflation data and the Bank of Canada’s interest rate decision, followed by a press conference. These events are viewed as key drivers for the respective currencies and could significantly shift the balance of power in the market.

Additional attention is focused on global factors, including US statistics (data on economic activity and oil inventories), as well as ongoing uncertainty surrounding negotiations between the US and Iran, which continues to influence overall risk sentiment.

AUD/USD

The AUD/USD pair is trading near its yearly high around 0.7220. This level is attracting heightened attention, as the pair has not traded above it for three years, increasing its significance as a supply zone. In the event of strong inflation data, a breakout with further upside is possible, whereas weaker figures could trigger a pullback and a return to the 0.7100–0.7180 range.

Key events for AUD/USD:

• today at 16:00 (GMT+3): S&P/CS Composite-20 Home Price Index (US), not seasonally adjusted
• today at 17:00 (GMT+3): US CB Consumer Confidence Index
• tomorrow at 04:30 (GMT+3): Australia Consumer Price Index

USD/CAD

The recovery in USD/CAD observed last week has lost momentum following a failed attempt to consolidate above 1.3700. Yesterday, the April low was updated, but the price found support at 1.3600 and rebounded. Technical analysis of USD/CAD points to the possibility of a decline towards 1.3540–1.3520 if the pair consolidates below 1.3600. The bearish scenario would be invalidated after a confident move and hold above 1.3700.

Key events for USD/CAD:

• tomorrow at 15:30 (GMT+3): US New Home Construction (housing starts)
• tomorrow at 16:45 (GMT+3): Bank of Canada interest rate decision
• tomorrow at 17:30 (GMT+3): Bank of Canada press conference

Overall, the market is in a waiting phase, where key levels in AUD/USD and USD/CAD serve as decision points. Upcoming macroeconomic events — including Australia’s CPI, the Bank of Canada’s decision, and US data — will determine the next direction: either continuation of current trends with breakouts, or a return to more subdued, range-bound dynamics.

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Key Takeaways

• Attackers exploited Gmail’s dot alias functionality to generate authentic-looking Robinhood security alert emails
• Scammers registered Robinhood accounts using modified versions of victims’ email addresses with dots repositioned
• Malicious HTML code was inserted into the “device name” registration field to embed fraudulent links
• The deceptive emails successfully passed SPF, DKIM, and DMARC authentication protocols
• Robinhood verified that no system compromise occurred and user funds and data remained secure

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Investors using Robinhood found themselves on the receiving end of convincing phishing emails that appeared to originate from the platform’s official mail servers. These deceptive messages alerted recipients about suspicious login activity from an unknown device and featured a clickable button directing them to a fraudulent login portal.

Reports of this attack surfaced on social platforms over the weekend, with numerous users posting evidence of the fraudulent communications.

Cybersecurity expert Alex Eckelberry verified that this campaign wasn’t caused by a data breach. Rather, it took advantage of two distinct vulnerabilities: the way Gmail processes dot characters in email addresses and security gaps in Robinhood’s user registration system.

Gmail’s email system disregards periods in the username portion of addresses. This means “jane.smith@gmail.com” and “janesmith@gmail.com” both deliver to the identical mailbox. Robinhood, on the other hand, recognizes these as distinct accounts.

Fraudsters capitalized on this discrepancy by establishing Robinhood profiles using dot-altered variations of targeted users’ Gmail addresses. This triggered Robinhood’s automated notification system to dispatch emails directly to the legitimate owner’s inbox.

The Mechanism Behind the Embedded Phishing Link

To inject malicious URLs into these system-generated emails, attackers inserted HTML markup into the optional “device name” input field during the account registration process. Gmail’s email client interpreted this HTML as legitimate formatting code.

This technique produced a genuine message originating from “noreply@robinhood.com” that displayed a fraudulent security warning complete with a functional phishing button. The email successfully validated against all conventional email authentication mechanisms.

According to Eckelberry, simply accessing the counterfeit website wouldn’t compromise user accounts. The actual threat materializes only when victims input their credentials or sensitive information on the fraudulent page.

Robinhood’s customer support team on X acknowledged the situation on Monday. The malicious emails carried the subject line “Your recent login to Robinhood.”

Official Statement from Robinhood

The financial services company clarified that this incident stemmed from exploitation of its registration workflow rather than a security breach of its infrastructure. The company emphasized that no customer information or financial assets were compromised.

Robinhood recommended that users immediately delete the suspicious emails and refrain from interacting with any questionable links. Those who had already clicked were instructed to reach out to Robinhood’s support team exclusively through the authenticated app or official website.

This incident follows a report from blockchain security firm Hacken identifying phishing and social engineering as the predominant threat vector in the cryptocurrency sector throughout Q1 2026.

Hacken’s analysis revealed these attack methods resulted in approximately $306 million in losses during just the first quarter of the year.

As of now, Robinhood has not publicly disclosed any planned modifications to its account registration protocols following this security incident.

US President Donald Trump has softened his stance on prediction markets just days after he bemoaned the surging interest and popularity of the betting platforms.

“I don’t know. I know some people who are very smart. They like it,” Trump told reporters in Florida on Saturday after he was asked about his earlier comments, in which he said he didn’t support prediction markets. “They disagree, but they like it.”

“A lot of other countries are doing it, and when the other countries do it, we get left out in the cold if we don’t do it,” he said.

Donald Trump speaking to reporters in Florida before departing for Washington, DC. Source: YouTube

Trump’s latest comments came after he told reporters at the White House on Thursday that he was “not happy” with prediction markets in response to a question about well-timed bets on events linked to the Iran war.

“Well, you know, the whole world, unfortunately, has become somewhat of a casino,” Trump said on Thursday. “And you look at what’s going on all over the world and Europe, and every place they’re doing these betting things. I was never much in favor of it. I don’t like it conceptually, but it is what it is.”

“I think that I’m not happy with any of that stuff, but they have all these different sites of predictive markets. It’s a crazy world. It’s a much different world than it was,” he added.

Prediction markets such as the popular Polymarket and Kalshi have surged in use over the past year, with the two platforms together seeing a record $23.6 billion in trading volumes in March, according to Token Terminal.

Related: CFTC sues New York over bid to apply gambling laws to prediction markets

Trump’s son Donald Trump Jr. invested in Polymarket in August and joined the company’s advisory board. He is also an adviser to rival Kalshi, taking on the role in January 2025.

President Trump could also soon have an interest in prediction markets. His company, Trump Media, said in October that it would roll out prediction markets in partnership with Crypto.com on its flagship social media site, Truth Social.

Trump divested his stake in Trump Media upon entering office, transferring his shares to a trust for which Trump Jr. is the sole trustee.

Magazine: Should users be allowed to bet on war and death in prediction markets?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

On-chain investigator ZachXBT has accused Sam Altman-linked Worldcoin, now known as World, of using a harmful token model tied to biometric data collection. 

The comments came after Elon Musk referred to OpenAI CEO Sam Altman as “Scam Altman” on X.

ZachXBT claimed Worldcoin used a “predatory low float crypto token” structure. He also compared some of its practices to tactics linked to Sam Bankman-Fried and FTX, while raising concerns over WLD token sales and user recruitment.

Biometric data collection faces criticism

Worldcoin was launched as a human verification project using iris-scanning devices called Orbs. The project gives users WLD tokens after verification, but critics have questioned how it operates in low-income regions.

ZachXBT alleged that the project exploited vulnerable users by offering small token rewards in exchange for biometric data. He also claimed the system helped create a black market for verified accounts.

According to screenshots shared by ZachXBT, some verified accounts were allegedly sold for as low as $0.50 on escrow platforms. He argued that such activity weakens the project’s claims around privacy and security.

WLD token sales draw attention

ZachXBT also pointed to alleged WLD token sales by the World Foundation. One image he shared claimed the foundation sold 85.45 million WLD for $25 million through FalconX at an average price of $0.293.

He further alleged that the project had issues around token supply and insider selling. He cited past reporting from MIT Technology Review, which had questioned Worldcoin’s early recruitment methods and its use of cash incentives.

Worldcoin has faced debate for years over privacy, token distribution, and its global user onboarding model. The latest claims add pressure as the project continues to expand its identity network.

Musk lawsuit adds market focus

The allegations surfaced as Elon Musk’s lawsuit against OpenAI and Sam Altman heads to trial. Musk claims Altman and other OpenAI leaders moved away from the company’s original nonprofit mission.

Reports said jury selection was completed on Monday in a California federal court. Musk is seeking damages from OpenAI and Microsoft, according to a person linked to the case.

Prediction markets remain divided on the outcome. Kalshi and Polymarket both placed Musk’s odds of winning the OpenAI lawsuit at about 60%.

WLD price fell more than 2% after the latest allegations. The token traded near $0.25, with a 24-hour range between $0.25 and $0.26.

CoinGlass data showed mixed derivatives activity. WLD futures open interest rose over 7% in 24 hours to $177.51 million, while short-term open interest on Binance, OKX, and Bybit declined.

A second corporate accumulator of cryptocurrency is starting to look a lot like the first.

Bitmine Immersion Technologies (BMNR), the treasury firm chaired by Fundstrat’s Tom Lee, bought 101,901 ether (ETH) worth roughly $234 million last week. That’s close to the regular weekly purchases from Strategy (MSTR), the Michael Saylor-led bitcoin BTC$76,968.77 digital treasury company, as well-followed crypto trader Luke Martin flagged on X.

Strategy’s normal weekly buys are around $200 million to $300 million, once large purchases fueled by at-the-market sales of its perpetual preferred stock STRC are stripped out. The STRC spikes — the massive bursts that show up in mid-January, late February, late March and, most recently, April 21 at $2.54 billion — are the outliers, not the baseline.

Bitmine’s purchase was its largest weekly accumulation of 2026, capping a four-month streak of escalating buys that started at roughly $76 million per week in early January. It now holds more than 5 million tokens, or about 4.21% of the second-largest cryptocurrency’s circulating supply.

Such a structural development matters because BitMine is now the only major corporate crypto buyer keeping pace alongside Strategy.

Most digital asset treasury companies paused or slowed accumulation through the February price drop that took bitcoin to the mid-$60,000s and ether below $1,900. Strategy itself ended a 13-week bitcoin buying streak in late March before restarting in April.

Lee’s framing for the buying pace is that ETH is in the late stages of a “mini-crypto winter” and that a bottom is forming in equity markets. Bitmine pivoted to its current strategy in June 2025 and reached the 5 million ETH milestone in roughly 10 months.

The firm has staked about 73% of those tokens, generating roughly $264 million in annualized revenue from yield. Total crypto and cash holdings sat at $13.3 billion as of early April.

The two firms share a playbook of capital markets activity — Strategy through preferred stock and convertible debt, Bitmine through equity issuance — to purchase crypto assets.

Under pressure

BitMine’s strategy was put under pressure in February and early March, when it was sitting on nearly $8 billion in unrealized losses against $16 billion in total purchases.

The firm kept buying. Two months later, ether is up 22% from its February lows, and Bitmine’s accumulation pace has not just held, it’s accelerated.

Strategy’s April 21 purchase of $2.54 billion remains the largest single corporate crypto buy of the year. But Bitmine’s $234 million last week is the first time the structural baselines have come within striking distance of each other.

If the pattern holds for another month, ether will have something it has never had before: a Strategy-equivalent corporate buyer absorbing supply each week regardless of price.