Weekly Update: 4th of April
What happened between the 28th of March and the 4th of April?
- Trump announced on his self-proclaimed “Liberation Day” an array of tariffs against foes and long-term allies of the U.S., causing widespread sell-offs in financial markets. Read more
- Stablecoin issuer Circle has filed with the U.S. Securities and Exchange Commission to go public on the New York Stock Exchange. Read more
- Gamestop raises $1.5 billion, a portion will be used to acquire Bitcoin for its balance sheet. Read more
- Tether adds 8,888 Bitcoin in Q1 as holdings exceed 100,000 Bitcoin, worth approximately $8.46 billion. Read more
Liberation Day pounds financial markets
On April 2nd, President Trump announced a sweeping wave of tariffs targeting both long-term allies and economic competitors, triggering broad sell-offs across global financial markets. More than 180 countries were affected, with tariffs imposed on key industries, including automotive, pharmaceuticals, and semiconductors.
Markets reacted swiftly to the prospect of a tariff-induced global trade war and potential recession. Wall Street futures dropped approximately 3%, the Nikkei followed suit, and European stock futures declined by around 1.7%. While Bitcoin initially achieved a small rally towards $88,500, the amount of tariffs caused Bitcoin to retrace to $83,500. Treasury yields fell to multi-month lows, while the U.S. dollar index hit its lowest level in nearly six months amid heightened volatility.
Looking ahead, uncertainty is likely to persist beyond April 2nd. Investors should brace for ongoing responses, negotiations, policy shifts, and unexpected developments throughout the month.
Circle files for an IPO
According to a Form S-1 registration filed with the SEC on April 1st, USDC stablecoin issuer Circle plans to go public through an initial public offering (IPO). This marks the company's second attempt at going public, following a previously planned $9 billion merger with a special purpose acquisition company (SPAC), which was terminated in late 2022.
To support a successful IPO, leading investment banks J.P. Morgan and Citigroup will serve as lead underwriters. However, Circle’s prospectus does not disclose the number of shares to be offered or the target price for its IPO.
Gamestop to add Bitcoin to its balance sheet
Video game retailer and meme stock GameStop has completed a $1.5 billion convertible debt offering. The company plans to use the proceeds for general corporate purposes, including Bitcoin acquisitions in line with its investment policy. On March 25, GameStop confirmed board approval to invest in Bitcoin and US-dollar-pegged stablecoins using these funds and its cash reserves, which stood at $4.77 billion as of Feb. 1—up from $921.7 million a year earlier. While GameStop is a late entrant among public companies adding Bitcoin to their balance sheets, it follows a strategy popularized by Michael Saylor.
Tether increases its Bitcoin holdings
In Q1 2025, Tether, the issuer of USDT, purchased 8,888 Bitcoin, valued at approximately $750 million at the time. On-chain data shows the Bitcoin was transferred from a Bitfinex address to a wallet controlled by Tether.
According to Arkham Intelligence, Tether now holds 100,521 Bitcoin, worth around $8.46 billion. With a $13 billion profit in 2024, the company has built a substantial capital reserve to fund strategic investments. This rapid growth has positioned Tether as the seventh-largest buyer of U.S. Treasurys, surpassing major economies like Canada, Taiwan, and Mexico.
In other digital assets news
- Bitcoin miner Mara digital holdings plans to offer $2 billion in stock offerings in order to buy more Bitcoin for its balance sheet
- In partnership with digital assets exchange Crypto.com, Sony customers in Singapore can now make purchases using the stablecoin USDC on the electronics giant's online store.
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