WuBlockchain Weekly: China–U.S. Tariff Negotiations Commence, Bitcoin Reclaims $100k, Coinbase Acquires Deribit in Strategic Expansion, etc

May 09, 2025

1. Bitcoin Surges Past $100,000 Mark link

According to OKX market data, Bitcoin has surged past the $100,000 mark, trading at $103,282 at press time, with a 24-hour gain of 3.61%. Ethereum has also broken above $2,000, currently priced at $2,352 with a 24-hour increase of 20.62%.

BitMEX co-founder Arthur Hayes stated that the key institution influencing global liquidity and Bitcoin’s future is the U.S. Treasury — not the Federal Reserve. He predicted that Bitcoin could reach $1 million by 2028. Hayes also suggested that the U.S.-China trade deal is largely symbolic, with real economic restructuring likely to unfold quietly through mechanisms such as capital controls and foreign investment taxes. As for his portfolio, Hayes revealed that he currently holds approximately 60% in BTC, 20% in ETH, and the rest in what he describes as “high-quality altcoins.”

2. China and U.S. to Begin Trade Talks in Switzerland Aiming to Ease Tariff Tensions link

U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet with Chinese officials in Switzerland this week, marking the official launch of renewed U.S.-China trade talks. This meeting will be the first confirmed engagement between the two sides since the Trump administration announced a new round of high tariffs on Chinese imports. The talks are seen as a potential opportunity to ease tensions and alleviate cost pressures on manufacturing and consumer goods.

He Lifeng, member of the Political Bureau of the Communist Party of China Central Committee and Vice Premier of the State Council, will visit Switzerland from May 9 to 12. Serving as China’s lead representative in the trade negotiations, He is scheduled to hold talks with his U.S. counterpart, Treasury Secretary Bessent.

3. President Donald Trump to Host Two Crypto-Themed Dinners This Month link

U.S. President Donald Trump has scheduled two crypto-focused fundraising dinners this month, aimed at engaging with the digital asset community and raising campaign funds. The first, the “Crypto and AI Innovators Dinner,” was held on May 5 and required a $1.5 million entry fee per guest. Hosted by MAGA Inc., the event featured special guest David Sacks, a prominent figure in crypto and AI policy circles.

The second event is set for May 22 at Trump National in the Washington, D.C. area. Eligibility to attend is based on holdings of the $TRUMP meme token, with the top 220 holders receiving invitations to dine with Trump.

4. Trump’s Son Reveals Both He and the Former President Hold Substantial Bitcoin Reserves link

Eric Trump, the second son of former President Donald Trump, voiced strong support for Bitcoin during his speech at the Token2049 event in Dubai. He referred to Bitcoin as “digital gold” and revealed that both he and his father hold substantial amounts of the cryptocurrency. Eric expressed confidence in Bitcoin’s trajectory, predicting exponential growth in the coming years.

5. New Hampshire Becomes First U.S. State to Establish Bitcoin Reserves with HB 302 link

New Hampshire has officially enacted HB 302, becoming the first U.S. state to establish a state-level strategic reserve for Bitcoin and digital assets. The law permits the Treasury to allocate up to 5% of state funds into digital assets with a market capitalization exceeding $500 billion — currently, only Bitcoin qualifies. Custody of these assets may be managed through state-controlled multisig wallets, qualified custodians, or exchange-traded products. The law will take effect 60 days after signing.

Meanwhile, Arizona has signed HB 2749 into law, creating the state’s first crypto reserve. Though it prohibits direct investment, it allows unclaimed assets, airdrops, and staking rewards to be transferred into the reserve — signaling the governor’s openness to pro-crypto legislation.

In Texas, the House Committee on Government Efficiency and Reform has passed SB 21, known as the “Bitcoin Reserve Bill,” which now awaits a full House vote before advancing to Governor Greg Abbott. The bill proposes the creation of a “Texas Strategic Bitcoin Reserve,” to be managed by the Comptroller, and limits investment to digital assets with a market cap above $500 billion — again, only Bitcoin currently qualifies. Having passed the Senate on March 6, the bill’s fate is expected to be decided before the legislature adjourns on June 2.

6. UK Treasury Declares It Will Not Follow U.S. in Adopting Bitcoin Reserves link

At the Financial Times Digital Assets Summit in London, UK Economic Secretary to the Treasury Emma Reynolds stated that the United Kingdom has no intention of following the U.S. in holding Bitcoin as a government reserve, declaring, “That is not our plan.” She emphasized that the UK market is not suited for such a move, though she affirmed the country’s commitment to deepening cooperation with the U.S. on digital assets. A senior officials working group has already been established, with a “Regulatory Forum” scheduled for June.

Reynolds also revealed that the UK is exploring the use of distributed ledger technology (DLT) for issuing sovereign debt, with a vendor expected to be selected by late summer. She further clarified that the UK will not replicate the EU’s MiCA regulatory framework, instead favoring the integration of digital assets within its existing traditional financial regulatory architecture.

7. Coinbase to Acquire Crypto Options Platform Deribit for $2.9 Billion link

Coinbase is set to acquire crypto options platform Deribit in a cash-and-stock deal valued at approximately $2.9 billion, aiming to accelerate its global expansion and solidify its position in the crypto derivatives market. Deribit, the world’s largest platform for Bitcoin and Ethereum options, recorded a trading volume of $1.2 trillion in 2024. The transaction is pending regulatory approval, and Coinbase will also assume control of Deribit’s operational license in Dubai.

8. Ethereum’s Pectra Upgrade Officially Activated on Mainnet link

Ethereum has officially announced the successful activation of the Pectra upgrade on its mainnet. This major update introduces enhanced smart account wallet functionalities, doubles Layer 2 data blob capacity, and improves the overall experience for validators. The community will continue monitoring for any potential issues over the next 24 hours. The Pectra upgrade encompasses 11 EIPs, aiming to significantly improve user experience — such as EIP-7702, which enables EOAs to function like smart contracts — enhance validator operations through proposals like EIP-7251 (raising the maximum effective balance), and advance Layer 2 scalability with EIP-7691 by boosting blob throughput.

9. Strategy Acquires 1,895 BTC at a Cost of Approximately $180.3 Million link

Strategy has purchased 1,895 Bitcoins for approximately $180.3 million, with an average purchase price of around $95,167 per Bitcoin. As of 2025, its Bitcoin investment has yielded a return of 14.0%. As of May 4, 2025, the company holds a total of 555,450 Bitcoins.

10. OKX CEO: OKX DEX to Relaunch This Week with Real-Time Abuse Detection and Blocking System link

OKX CEO Star tweeted that the OKX DEX has been relaunched this week, with the introduction of a real-time abuse detection and blocking system. OKX Web3 aims to provide users with a blockchain access gateway similar to that of browsers and search engines. With its deep understanding of on-chain data, the platform allows users to access data from hundreds of chains in real time, manage multi-chain assets, and interact with millions of decentralized applications.

Fundraising

NewLimit announced the completion of a $130 million Series B funding round. link
The company behind the AI code editor Cursor, Anysphere, has raised $900 million, reaching a valuation of $9 billion. link
Doppel has completed a $35 million Series B funding round. link
Jump Crypto has made a strategic investment in the RWA platform, Securitize. link
T-Rex has completed a $17 million seed funding round. link
GoQuant announced the completion of a $4 million seed round, with GSR leading the investment. link
Fuze has completed a $12.2 million Series A funding round, led by Galaxy and e& Capital. link
The Dogecoin ecosystem application development platform, DogeOS, has raised $6.9 million, with Polychain Capital leading the investment. link
The cryptocurrency company Dinari has completed a $12.7 million Series A funding round. link

Learn more, check out crypto-fundraising.info.

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