Is the US Buying 1M BTC & Why On-Chain Stocks Might Be Next

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We’re back in your inbox, rummaging through the chaos to bring you the biggest scoops. This week, rumors are swirling about the U.S. potentially buying 1 million BTC, stablecoins hit new highs, and “tradfi” (yep, old-school finance) is forging some sweet on-ramps for crypto. So, grab your beverage of choice—it’s about to get rowdy.

1. Will the U.S. Really Buy 1 Million BTC?

Picture it: A Senate bill wants the Treasury to accumulate 1 million Bitcoin—which translates to roughly a trillion dollars. Sponsored by some big crypto-loving politicians, they call it the BITCOIN Act. The plan? Acquire a million coins over five years, secure ’em in a network of cold storage vaults, and basically lock them up for decades.

Reality check: It’s only got Republican backing for now, so it’s far from guaranteed. But the fact we’re even hearing “1M BTC” from a government figure is borderline movie-plot territory. If it passes, the entire market might lose its mind—imagine that government FOMO. If it fails, well, we know the conversation isn’t going away anytime soon.

2. You Can Now Trade Coinbase Stock On-Chain

Yep, you read that right. A third party called Backed just tokenized Coinbase shares (ticker $COIN) and put it on Base—the L2 from Coinbase itself. The result? $wbCOIN—a wrapped version of the stock that anyone can theoretically trade without ridiculous brokerage fees.

Big picture: Tokenized assets can break open global access to stocks. Want to own a chunk of that sweet $COIN from a corner of the planet with no official local broker? Now you can—just expect some early hiccups and low liquidity. And no, Coinbase itself didn’t do this—it’s all from a random startup. Because crypto.

3. TradFi Keeps Building Crypto On-Ramps

We’ve got a trifecta of bullishness from the old-school suits:

1. Fidelity is rumored to add staking to its ETH ETF. Institutions love yield, so that might be bigger than you think.

2. Bitwise launched a “Bitcoin proxy ETF” (think MSTR plus a bunch of other BTC-heavy stocks). More ways to invest in crypto, people!

3. OCC told U.S. banks they can custody crypto. Meaning your local bank might become your new altcoin pusher. (We kid... but not really.)

Translation: The short-term market is bleh, but behind the scenes, big money’s building. If you believe in crypto cycles, this is the stuff that sets up the next bull run.

4. Another All-Time High… for Stablecoins

Stablecoins quietly soared to a $204.5B total market cap. That’s $2B more than a couple weeks ago, and $19.5B since January.

Why it matters:

• More “dry powder” to flow into alts if the market turns bullish.

• Possibly a sign that folks are stashing funds, waiting to pounce on dips.

• Could be fueling the next wave of degenerate mania whenever the market shifts gears.

5. The Market Mood

Despite all this good news, we’re stuck in a choppy zone. BTC dipped under $85K, then recovered, and everyone’s eyeing $82K for a weekly close. If it loses that support, there might be a wave of liquidations bigger than your last bar tab. But hey, that’s crypto for ya—volatile, dramatic, and never boring.

Final Take: Don’t Miss the Forest for the Trees

Short-term, things might look wobbly. But if you zoom out: governments are flirting with huge BTC buys, institutions are racing to offer new crypto products, and folks are tokenizing stocks left and right. This is the kind of infrastructure that sets up the next mania—whenever it decides to arrive.

Stay degen

– The DegenDen Team

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