By Shikha Singh
GameStop Raising $1.3bn Via Convertible Debt To Buy Bitcoin
GameStop is offering $1.3 billion in convertible notes with a 0% coupon, with net proceeds expected to be used for acquiring bitcoin.
The $1.3 billion of convertible senior notes will have a five-year maturity, according to a press release, and the underwriter greenshoe is for up to an additional $200 million.
Led by Ryan Cohen, GameStop is taking a page from Michael Saylor’s Strategy, which has raised many billions via convertible debt for the purposes of building its bitcoin stack.
Ethereum’s Final Pectra Test Goes Live on Hoodi Network
The final planned test of Ethereum’s Pectra upgrade took place Wednesday on the new Hoodi testnet. Two previous tests on the Holesky and Sepolia test networks failed to finalize properly.
The upgrade is the biggest to hit Ethereum in over a year, focused on developer experience improvements and ease-of-use changes.
Developers plan to activate Pectra on Ethereum’s main network in about 30 days, pending continued testing.
Bitcoin Mining Stocks Down After Microsoft Scraps Data Center Plans
Bitcoin mining stocks are down after tech giant Microsoft reportedly scrapped plans to invest in new artificial intelligence data centers in the US and Europe, citing a potential oversupply, according to a report by Bloomberg and data from Google Finance.
Shares of crypto miners Bitfarms, CleanSpark, Core Scientific, Hut 8, Marathon Digital and Riot dropped between 4% and 12% in tandem with the news, the data showed.
Wyoming State Gears Towards Launching a Stablecoin This Year
Wyoming is planning to launch a stablecoin, potentially the first fiat-backed token issued by a public entity in the U.S., by July.
The Wyoming Stable Token (WYST) is currently being tested on multiple platforms, including Avalanche, Solana, and Ethereum, in collaboration with blockchain interoperability firm LayerZero.
Stablecoins, blockchain-based tokens with a fixed price predominantly to the U.S. dollar, are gaining popularity for payments and remittances, with a market value of nearly $230 billion.
Bitget Maintains 213% Reserve Ratio in March 2025 Proof-of-Reserves Update
Bitget has released its latest proof-of-reserves report for March 2025, confirming its asset transparency and commitment to user fund security.
The report shows a reserve ratio of 213%, meaning the exchange holds more than double the assets required to cover all user balances across key cryptocurrencies such as BTC, ETH, USDT, and USDC.
This exceeds the 100% threshold needed to meet user liabilities, signaling strong solvency. Specifically, the reserve ratios are 332% for BTC, 173% for USDT, 161% for ETH, and 198% for USDC, ensuring that the platform’s holdings comfortably back user assets.
The audit leverages a 27-layer Merkle tree, consisting of over 37.8 million records, allowing users to independently verify their balances without exposing personal data.
GMX Defends Contracts After $13 mn Loss Tied to Abracadabra’s Cauldron Exploit
GMX, a decentralized exchange (DEX), clarified that its contracts were not affected by a recent exploit involving Abracadabra’s cauldrons, which led to the theft of approximately 6,260 Ethereum (worth around $13 million).
The exploit targeted Abracadabra’s smart contracts, which use GMX’s liquidity pools, but GMX’s own contracts remained secure.
The breach was confined to the integration between GMX V2 and Abracadabra’s cauldrons, not the GMX platform itself.
The incident was a flash loan attack involving Abracadabra’s CauldronV4 contract, which allowed the attacker to borrow Magic Internet Money (MIM) stablecoin and execute multiple actions, ultimately leading to liquidation without collateral.
Ghibli-Themed Memecoins Skyrocket on Solana Amid Viral AI Art Trend
Ghibli-inspired memecoins on Solana are gaining significant popularity, as AI-generated Studio Ghibli-style images take over social media.
Over the past 24 hours, interest has surged, sparking a rally in related tokens. The top Ghibli-themed coin, GHIBLI, was launched on March 26 and has skyrocketed nearly 40,000% in value, reaching a market cap of $20.8 million.
This rapid growth underscores the influence of online trends and AI-driven hype in driving momentum in the crypto market.
Pirating Pioneer Napster Sells For $207 mn With Plans For Music Metaverse
Artificial intelligence startup Infinite Reality has acquired the music-pirating app turned streaming service Napster for $207 million, with plans to create a music-focused metaverse.
The acquisition aims to introduce branded 3D virtual spaces for virtual concerts, social listening parties, and exclusive virtual merchandise.
Napster’s CEO, Jon Vlassopulos, will remain in his role and emphasized the shift from traditional internet formats to immersive, 3D experiences.
The acquisition is expected to close in the coming weeks, with Infinite Reality aiming to turn Napster into a leading immersive platform for music artists and fans.
Bitcoin Supply on Exchanges Drops to 7-Year Low as Store of Value Sentiments Escalate
Sentiment among Bitcoin holders has shifted to long-term accumulation, as evidenced by a sharp decline in Bitcoin reserves on centralized exchanges.
According to data from Santiment, the Bitcoin supply on exchanges has dropped to a 7-year low of just 7.53%, the lowest since February 2018.
This suggests that investors are increasingly focused on holding Bitcoin for the long term, moving their assets to self-custody wallets and reducing selling pressure on exchanges.
This trend also reflects growing interest from institutional investors and long-term custodians, which is seen as a sign of maturing market conditions and could contribute to price appreciation.
The reduction in Bitcoin supply on exchanges indicates a shift from viewing Bitcoin as a speculative asset to a store of value, leading to market stability and bullish prospects.
Cryptocurrency Exchange WhiteBIT Launches in Australia
WhiteBIT, the largest European cryptocurrency exchange by traffic, has launched in Australia, marking a significant step in its global expansion.
The platform, which went live in December 2024, is registered with AUSTRAC and offers spot trading to Australian users, with plans to expand its product offerings.
WhiteBIT aims to provide high-quality services while adhering to local regulations, building on its strong local team.
WhiteBIT, part of the WhiteBIT Group, has 8 million registered users and offices in seven countries. Its expansion into Australia comes amid increasing demand for cryptocurrencies, with 9.6% of Australians owning digital assets.
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