Trump Media Raises $2.4B for Bitcoin Play, FTX Begins $5B Payout

NYC Comptroller Slams Mayor’s Bitcoin-Backed Bond Proposal as Risky and Unstable

New York City Comptroller Brad Lander has strongly opposed Mayor Eric Adams’s plan to introduce municipal bonds backed by Bitcoin, warning that such a move would pose financial risks and damage investor trust. Lander, who co-manages the city’s debt issuance, stated he would block any attempt to issue the so-called “BitBond” during his tenure. The proposal, unveiled by Adams at the Bitcoin 2025 conference, outlines bonds offering modest interest and potential Bitcoin gains, with part of the funds used to purchase Bitcoin reserves. Lander criticized the idea as incompatible with responsible city financing, especially for infrastructure and housing. The clash may also carry political weight, as Lander is a potential challenger to Adams in the upcoming mayoral election.

High-Leverage Trader James Wynn Loses $110M in Bitcoin Liquidations Amid Market Drop

Crypto trader James Wynn, known for aggressive leverage plays, suffered around $110 million in losses after a series of liquidations on the Hyperliquid platform. Wynn had built a $1.25 billion long position on Bitcoin, totaling 11,588 BTC at an average entry of $108,243. The trade unraveled as Bitcoin dipped below $105,000, partly due to market reaction to Donald Trump’s proposed 50% tariffs on EU exports. Major liquidations included over 1,000 BTC, with losses exceeding $100 million. Despite the setback, Wynn still holds a 40x leveraged long worth $167 million. He later criticized market manipulation, suggesting a shift toward spot Bitcoin and cold storage.

FTX Recovery Trust Begins $5B Second Payout, But Creditors Still Shortchanged by Old Valuations

The FTX Recovery Trust has launched a second round of payouts, distributing $5 billion to eligible creditors who met pre-distribution requirements. Distributions include 72% for Dotcom Customer Entitlement Claims, 54% for U.S. customers, and 120% for Convenience Claims. General Unsecured and Digital Asset Loan Claims will each receive 61%. The first round, totaling $1.2 billion, was issued in February. While funds are being returned, controversy persists as reimbursements are based on crypto prices from the 2022 bankruptcy filing, leaving many creditors with only 10–25% of their holdings’ current value. Over 160 countries remain excluded from the payout process.

Trump Media Raises $2.4B to Launch Bitcoin Treasury

Trump Media and Technology Group has completed a $2.44 billion private placement to fund the creation of a corporate Bitcoin treasury. The offering included 55.8 million DJT shares at $25.72 and $1 billion in convertible notes. Net proceeds of $2.32 billion will go toward Bitcoin purchases, general operations, and working capital. The move positions Trump Media, operator of Truth Social and Truth.Fi, as one of the largest Bitcoin-holding public companies. CEO Devin Nunes said the funds will accelerate strategic expansion and give shareholders direct Bitcoin exposure. Despite an initial stock drop, DJT shares rebounded slightly following the update.

Resources:

comptroller.nyc.gov

PRNW