Trump’s Crypto Pivot, Strategic Bitcoin Reserve, and Kraken’s IPO Plans

TL;DR

President Trump holds a White House Crypto Summit, reaffirming his commitment to industry-friendly policies.
Trump signs an executive order establishing a strategic Bitcoin reserve, utilizing seized crypto assets.
Bitwise partners with Maple Finance to offer institutional clients exposure to DeFi and onchain credit investments.
Crypto exchange Kraken prepares for an IPO, eyeing a first-quarter 2026 public debut.

Trump Holds White House Crypto Summit, Pledges Support for Industry Growth

Amid rising optimism in the crypto sector, President Donald Trump hosted the first-ever White House "Crypto Summit" on Friday, marking a dramatic shift in US digital asset policy. The landmark event drew key industry executives, cabinet officials, and lawmakers rallying behind Trump's newfound commitment to positioning the US as a global crypto powerhouse.

Trump, who once lambasted digital assets, has executed a remarkable about-face, now insisting that America must remain at the forefront of financial innovation. "I thought it was very important that we stay in the front of this one," Trump declared during the event. The summit follows a wave of regulatory rollbacks, with the SEC dropping multiple enforcement actions against major crypto firms in recent weeks.

Industry bigwigs praised the administration's dramatic policy pivot. "It's truly wonderful to see how things have changed and how the pendulum has swung back," remarked Gemini co-founder Cameron Winklevoss. Trump doubled down on his eagerness to bolster the industry through favorable legislation and a light-touch regulatory approach that could turbocharge sector growth.

This summit cements a stark contrast from the previous administration's stricter oversight, with industry participants hopeful that the regulatory tide will continue shifting in their favor as market sentiments warm up to the new approach.

Trump Signs Order Establishing Strategic Bitcoin Reserve

President Trump has inked an executive order to establish a Strategic Bitcoin Reserve, leveraging crypto assets already in federal coffers through seizure proceedings. The announcement, made Thursday, triggered a brief selloff, with Bitcoin tumbling 5% to $85,000 before rebounding to $89,200 by mid-day.

The reserve won't involve immediate Bitcoin purchases but will be capitalized with assets confiscated in criminal and civil forfeiture cases. White House crypto czar David Sacks explained that the commerce and treasury secretaries have been granted authority to develop budget-neutral strategies to scoop up additional Bitcoin down the road, provided they impose zero cost on taxpayers.

Market reaction was decidedly mixed. "The significance of this executive order is mainly symbolic, as it marks the first time Bitcoin is formally recognized as a reserve asset of the U.S. government," noted Andrew O'Neill, Digital Assets Managing Director at S&P Global Ratings. However, some investors felt shortchanged by the lack of fresh Bitcoin buys. "No active buying means this is just a fancy title for Bitcoin holdings that already existed with the government. This is a pig in lipstick," grumbled Charles Edwards, founder of Capriole Investments.

The administration has also unveiled a U.S. Digital Asset Stockpile, which will include tokens such as Ether, XRP, Solana, and Cardano, though the government won't add to the stockpile beyond those nabbed through forfeiture proceedings.

Bitwise Partners with Maple Finance to Expand Institutional DeFi Access

Bitwise, a leading cryptocurrency index fund manager, has teamed up with Maple Finance, an onchain credit platform, to serve up decentralized finance (DeFi) investment opportunities to institutional clients. The partnership underscores a broader trend of institutional capital flooding into blockchain-based fixed-income products as tradfi investors warm up to DeFi.

"This marks a pivotal step as institutional capital increasingly seeks structured, transparent, and yield-generating opportunities within the digital asset space," Bitwise trumpeted in a statement. Through Maple Finance, institutional clients will gain access to compliant, risk-adjusted credit investment products engineered for large-scale capital deployment.

Crypto lending has historically been plagued by high-profile bankruptcies, notably with firms like BlockFi and Celsius hitting the wall. However, Maple Finance's onchain infrastructure delivers ramped-up transparency and slashed human bias in defaults. "Bringing credit markets onchain allows for more efficient, verifiable lending," explained Sid Powell, founder of Maple Finance. "We now primarily manage over-collateralized loans, ensuring risk-adjusted returns for institutions."

The protocol, which currently boasts $620 million in total value locked, offers segregated investment pools catering to different risk appetites. Investors can opt for Bitcoin and Ether-backed loans for lower risk or take a punt on higher-yield pools with exposure to Solana and XRP-backed lending.

Crypto Exchange Kraken Plans 2026 IPO as Regulatory Environment Shifts

Cryptocurrency exchange Kraken, legally known as Payward Inc., is gearing up for an initial public offering (IPO) as early as the first quarter of 2026. The move would see Kraken join a growing cohort of crypto firms exploring public listings under a more favorable regulatory climate that has buoyed industry sentiment.

"We recently disclosed 2024 financial highlights to be more transparent about our business, which is something we started by being first to publish proof of reserves," a Kraken spokesperson told The Block. "We'll pursue public markets as it makes sense for our clients, our partners, and shareholders."

Kraken, which raked in over $1.5 billion in revenue in 2024, has long flirted with going public. It explored a $100 million pre-IPO funding round in mid-2024 but ultimately pumped the brakes to wait for improved market conditions. The exchange's IPO plans gained serious traction after the SEC dropped its case against Kraken on March 3, reinforcing the pro-crypto stance that's now the hallmark of the current administration.

The move mirrors a broader trend sweeping through the crypto sector, with companies like Gemini and eToro also eyeing IPOs. A public listing would mark a major milestone for Kraken as it seeks to expand its footprint in a rapidly evolving digital asset landscape where institutional players continue to pile in.