Staking For Fidelity’s Ethereum ETF + Sen. Lummis Reintroduces Bill to Establish US Strategic Bitcoin Reserve📈
Crypto Shifts Accelerate as US Policy, Institutional Bitcoin Moves, and ETF Innovations Take Center Stage.
Because Bitcoin
March 11, 2025
Sam Bankman-Fried Courts Trump for Pardon After FTX Collapse, But Political Insiders Say Chances Are Slim
Sam Bankman-Fried, once a crypto mogul, is now seeking a pardon from former President Trump after his conviction and the collapse of his exchange, FTX. Bankman-Fried, who once donated heavily to both Democratic and Republican candidates, is attempting a political pivot by aligning with Trump and appearing on right-wing media. Despite the effort, political insiders and crypto lobbyists view his chances of receiving a pardon as unlikely. While Trump’s previous pardons, like that of Ross Ulbricht, provide a precedent, Bankman-Fried remains widely despised in the crypto community following the FTX fraud scandal.
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Cboe Files to Allow Staking in Fidelity’s Ethereum ETF Amid Declining AUM
Cboe BZX Exchange has filed a proposed rule change with the SEC to enable staking for Fidelity Investments’ spot Ethereum ETF (FETH). If approved, the amendment would allow the fund to stake some or all of its ETH through trusted providers, with staking rewards treated as income. This move comes as FETH’s assets under management shrink alongside Ethereum’s price decline. Other firms, including Grayscale and 21Shares, are also seeking to add staking to their Ethereum ETFs, following the SEC’s initial exclusion of staking when approving spot Ethereum ETFs last July.
Sen. Lummis Reintroduces Bill to Establish US Strategic Bitcoin Reserve
Sen. Cynthia Lummis has reintroduced the BITCOIN Act, a bill aimed at creating a strategic bitcoin reserve to strengthen the U.S. balance sheet. This follows President Trump’s recent executive order to establish such a reserve. The bill proposes a decentralized network of secure Bitcoin vaults managed by the U.S. Treasury and a phased acquisition of 1 million BTC, targeting a 5% share of the total supply. Republican lawmakers, including Sen. Tommy Tuberville and Rep. Nick Begich, support the initiative, viewing it as a tool to maintain U.S. economic dominance and address national debt.
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Bitwise Launches ETF Tracking Companies With Major Bitcoin Holdings
Bitwise has introduced the Bitcoin Standard Corporations ETF (ticker OWNB), designed to track publicly traded companies holding over 1,000 BTC in their corporate treasury. The ETF’s top assets include Strategy, MARA, CleanSpark, and Riot Platforms, among others. With Strategy holding 499,096 BTC worth over $41 billion, the ETF weights holdings based on bitcoin ownership while capping the largest position at 20% for diversification. Bitwise sees corporate bitcoin adoption as a growing trend, offering investors exposure to companies embracing the bitcoin standard.
Cantor Fitzgerald Expands Bitcoin Financing With Anchorage Digital and Copper.co Custody
Cantor Fitzgerald has selected Anchorage Digital and Copper.co to provide digital asset custody services, strengthening its bitcoin financing business. Initially announced in mid-2024, the firm’s financing initiative offers leverage to institutional bitcoin investors, starting with $2 billion and expanding in $2 billion increments. Additionally, Cantor Fitzgerald holds bitcoin, custodies USDT, and has a 5% stake in Tether worth up to $600 million. Meanwhile, its CEO Howard Lutnick was confirmed as the U.S. Secretary of Commerce on Feb. 18, 2025.
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