The Daily: Trump secures House pledges on GENIUS Act, Ark trims Coinbase and own Bitcoin ETF amid record highs, and more
Powered by ChatGPTThe following article is adapted from The Block’s newsletter,The Daily, which comes out on weekday afternoons.
Happy Wednesday! "Crypto Week" was thrown into disarray overnight as the U.S. House scrapped planned votes on crypto legislation following a procedural failure.
In today's newsletter, President Trump says key House members have now pledged to back the GENIUS Act vote, Ark Invest offloads Coinbase shares and its own bitcoin ETF following their record highs, a Cantor Fitzgerald SPAC is set to close a multi-billion-dollar bitcoin deal with Adam Back, and more.
Meanwhile, Peter Thiel-backed entities acquire a 9.1% stake in the Ethereum treasury firm BitMine.
Let's get started.
President Trump said overnight he had secured pledges from 11 of 12 key House members to back the GENIUS Act vote scheduled for Wednesday.
Cathie Wood's Ark Invest sold $13.3 million worth of Coinbase shares and $8.7 million of its own spot bitcoin ETF on Tuesday after both assets hit record highs.
Brandon Lutnick, chair of Cantor Fitzgerald and son of U.S. Secretary of Commerce Howard Lutnick, is finalizing a deal with Blockstream founder Adam Back to acquire billions of dollars in bitcoin through Cantor Equity Partners 1, the FT reported, citing two people briefed on the talks.
Eclipse Foundation launched ES on Wednesday and began a 100 million token airdrop to early users based on onchain activity, social presence, and community engagement.
Pump.fun appeared to begin a multi-million-dollar $PUMP token buyback using platform fees on Tuesday, repurchasing nearly 3 billion tokens less than a week after launch.
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[The Block]