This March 2025 roundup covers the US Strategic Bitcoin Reserve order, crypto enforcement developments and investment-product filings. It also follows the debate over El Salvador’s Bitcoin policy and its IMF program.
Trump Signs Executive Order for Bitcoin Reserve
President Donald Trump issued an executive order creating a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. The reserve will accumulate Bitcoin through federal asset forfeitures, and according to White House crypto czar David Sacks, it “will not cost taxpayers a dime.” This order was signed ahead of the White House crypto summit, attended by key industry figures.
However, not everyone supports the move. Solana co-founder Anatoly Yakovenko voiced skepticism, arguing that government involvement in crypto reserves could undermine decentralization.
Regulatory Wins for Crypto Firms
Several crypto firms reported enforcement developments during the period:
Kraken announced an agreement in principle to resolve the SEC case. An announced resolution and a completed court dismissal are separate procedural steps.
The SEC dismissed its civil enforcement action against Coinbase. That disposition did not establish a general legal classification for every digital asset.
Yuga Labs said the SEC had closed its investigation without recommending charges. The company’s view of NFTs should not be described as a regulator’s universal finding that NFTs are not securities.
Cumberland also reported steps toward resolution of its SEC case. The status depended on the relevant agreement and court process.
El Salvador’s Bitcoin Policy and IMF Program
President Nayib Bukele said El Salvador intended to continue acquiring Bitcoin. The relevant IMF arrangement was approximately $1.4 billion, distinct from wider financing packages. Its conditions concerning public-sector activity should not be described as a blanket prohibition on private Bitcoin use.
ETF Struggles and New Filings
Bitwise filed an S-1 registration for an Aptos spot ETF, moving forward after its initial Delaware filing.
Ethereum ETFs continue to see massive outflows, shedding $455 million in the last two weeks. Net inflows stand at $2.7 billion, far below Bitcoin’s $37 billion.
Volatility Shares submitted applications for three XRP ETFs, including a spot ETF, a 2x leveraged ETF, and a -1x inverse ETF.
Major Crypto Transactions and Developments
Mt. Gox moved 11,834 BTC (~$1.07 billion) from its wallet, possibly as part of creditor repayments.
Tether froze $28 million USDT held by Russian exchange Garantex, which has been sanctioned by the EU for alleged links to criminal organizations.
Ethereum developers postponed the Pectra upgrade after encountering issues in test implementations.
State-Level Crypto Initiatives
The Texas Senate passed SB 21, a proposal for a state Bitcoin reserve. Senate passage alone did not complete the legislative process.
Crypto Firms Eyeing IPOs and Investment Rounds
Gemini confidentially filed for an IPO, working with Goldman Sachs and Citigroup.
Flowdesk raised a $52 million Series B extension led by HV Capital. A separate debt facility involved funds managed by BlackRock; BlackRock was not the lead investor in the equity extension.
Security and Sports Developments
The theft of 283 million XRP from Ripple co-founder Chris Larsen’s accounts was linked to a 2022 LastPass password manager breach.
FIFA President Gianni Infantino suggested the organization may launch its own cryptocurrency token.
The week illustrated several forms of institutional crypto activity: reserve policy, enforcement decisions, fund applications and corporate financing. Each had its own legal or commercial stage.
