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Jack Dorsey’s Block Boosts Bitcoin Mining Plans Amid Trump Win

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Block Inc., formerly known as Square, led by Jack Dorsey is redirecting its strategy to Bitcoin mining and self-custody wallets as it reduces its funding on the decentralized web projects and the music streaming app, Tidal. This strategic shift was made shortly after Trump’s win in the recent U.S. presidential election, which has positive sentiment in the cryptocurrency industry. 

Trump supported the digital asset industry during his presidential campaign, and the struggling Bitcoin mining sector, which has been unprofitable since the halving in the first half of this year.

Block Prioritizes Bitcoin Mining and Wallet Development

According to Block’s third-quarter shareholder letter, the company decided to shift resources from Web5 and Tidal toBTC products. Block, which has been constructing mining equipment instead of mining the Bitcoin, plans to increase its impact within the industry through the manufacturing of mining equipment. This comes after Bitcoin Maxi Michael Saylor invited Microsoft CEO Satya Nadella to consider adding Bitcoin to the company’s investment portfolio.

The company disclosed that it had found a 3-nanometer mining chip in April 2024, which proved that the company is working towards enhancing mining technology for business use. In July this year, Core Scientific, one of the largest Bitcoin mining companies, said it would employ Block’s miners for its operations, suggesting high interest in Block’s products.

Furthermore, Block has also announced the intention to increase investment in Bitkey, a recently launched self-custody Bitcoin wallet introduced in March. Bitkey enables users to buy, sell, and hold Bitcoin with the ability to connect to Block’s Cash App and Coinbase platform. The emphasis on Bitkey is in line with Block’s vision of offering safer storage and transaction solutions for cryptocurrencies.

Decision to Wind Down Web5 and Tidal Investments

Block’s decision to shut down the Web5 project marks the end of an ambitious attempt to develop a decentralized internet framework. Web5, introduced in 2022, aimed to create technologies that support decentralized identity, personal data storage, and verifiable data exchange. 

However, with limited progress and mounting competition in the blockchain-based internet space, Block has chosen to discontinue the project and allocate its resources to areas with stronger demand and clearer revenue prospects.

The company is also scaling back its investment in Tidal, the music streaming platform it acquired in 2021 for nearly $300 million. Tidal has undergone staff reductions in recent years, and Block’s leadership acknowledged that the platform had not met expectations for user growth and revenue. By reallocating funds from Tidal, Block aims to strengthen its financial position and channel resources toward its cryptocurrency initiatives.

Financial Performance and Market Reaction

Block’s third-quarter financial report revealed revenue of $5.98 billion, below analysts’ expectations of $6.24 billion, according to FactSet. This miss, coupled with the restructuring announcement, led to an initial 10% drop in Block’s share price in after-hours trading.

Although the stock recovered some losses, Block remains under pressure to demonstrate growth, especially as it faces competition from payment companies like PayPal and Stripe.

Revenue from Bitcoin and Cash App also fell short of projections, reporting $2.43 billion and $3.93 billion, respectively. Block attributed some of these results to a challenging market environment for digital assets. Despite these challenges, the company reported a 6% year-over-year revenue increase, reflecting steady growth in its core business.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Is Tron Price Up 7% Today?

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Tron’s native cryptocurrency TRX is up by 7% today after founder Justin Sun announced plans to double down on building the meme ecosystem on the blockchain. this announcement was enough to push the Tron price higher with daily trading volumes surging 62% to more than $1.23 billion. Over the last two days. TRX has seen a sharp recovery of 15%, bouncing back from the support of $0.21.

Tron Price Rally to $1 Coming?

As Justin Sun prepares for the comeback of the meme coin ecosystem on the Tron blockchain network, analysts are predicting a Tron price rally to $1 and above. Popular crypto analyst Javon Marks has projected a bullish outlook for TRON (TRX) stating that the altcoin is preparing to hit its logarithmic-measured breakout target at $1.11.

Source: Javon Marks

Marks highlighted that TRON price trajectory suggests significant potential for gains, with an estimated 516% upside from current levels required to reach the predicted target. Last week Justin Sun also stated that TRX will hit new all-time highs very soon.

On the other hand, social analytics platform LunarCrush stated that the social and market activity on the Tron blockchain network has surged significantly following the TRX price surge. Tron now accounts for 1.05% of all crypto-related discussions, reflecting heightened community interest. TRON’s robust metrics highlight its growing prominence as both investors and the community focus on its upward momentum.

Source: LunarCrush

Tron DAO Meme Coin Frenzy Heating Up

Tron’s meme token ecosystem is experiencing a resurgence, fueled by confidence from Justin Sun, founder of the Tron blockchain. Yesterday alone, 122 new tokens were launched on the SunPump.meme platform, marking the first time in four months that daily launches exceeded 100.

To date, 95,573 tokens have been created, generating 36,374,191 $TRX in fees, equivalent to $5.74 million. Furthermore, the activity on the TRON DAO continues to soar, signaling a strong and growing interest in Tron’s meme token ecosystem.

Source: On-Chain Lens

Commenting on this development, Justin Sun wrote: The first rule of making memes on Tron: I will not personally profit a single cent from memes. Any losses will be fully covered by myself, and all proceeds will be donated.

Getting TRX to Solana

In another announcement, Justin Sun revealed plans to bring TRX, Tron’s native cryptocurrency, to Solana’s blockchain in the coming weeks. Although the announcement lacked specific details or a definitive timeline, it has sparked excitement among both TRX and Solana communities.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bo Hines Targets Stablecoin Legislation In Two Months

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Executive Director of the Presidential Working Group on Digital Assets Bo Hines has issued a timeline for stablecoin regulation in the US. Hines is predicting a two-month window for legislators to wrap up existing bills for final assent by the President.

Bo Hines Eyes Stablecoin Legislation In The Coming Weeks

American journalist Eleanor Terrett disclosed that Bo Hines has his eyes on May as a tentative date for stablecoin legislation in the US. Hines stated in a panel discussion that stablecoin legislation can be on President Trump’s desk within two months.

The Executive Director shared his predictions at the Digital Asset Summit 2025 in New York. Hines reiterated the government’s stance on digital currencies, particularly stablecoins while reeling out his projection for a possible rollout.

Barring any eventualities, Hines expects President Trump to sign a stablecoin regulation into law in two months. The most plausible bill is Senator Bill Hagerty’s Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).

At the moment, the US Senate Banking Committee has approved the GENIUS Act, setting it up for a full vote on the floor of the House. Experts are tipping the bill to scale through the legislative process citing bipartisan support and the scope of its provision.

The bill will also have to pass through the House of Representatives before final assent by the US President.

Stablecoin Issuers Are Angling For Top Spot In The US

Currently, stablecoin issuers are jostling for places as the US turns its sights toward the industry. US Treasury Secretary Scott Bessent noted that the US is keen on exploring stablecoins to maintain the dollar’s position as the global reserve currency.

“We will keep the US the dominant reserve currency and use stablecoins to do that,” remarked Bessent.

Given the changing stance, experts are tapping XRP’s RLUSD to lead America’s stablecoin charge. On the other hand, Circle is positioning USDC to become the stablecoin of choice by the government. Tether CEO Paulo Ardoino has also indicated a keen interest in playing an increased role in America’s stablecoin ambition.

The OCC has since announced that US banks can dabble in stablecoin transactions as global banks launch stablecoins to get skin in the game.

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Nasdaq Files 19b-4 For 21Shares Polkadot ETF With US SEC

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Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), seeking approval to list 21Shares’ spot Polkadot ETF. This move would allow investors to gain exposure to Polkadot’s native cryptocurrency, DOT, without directly holding the asset.

Nasdaq Files 19b-4 For 21Shares Polkadot ETF

According to a recent filing, Nasdaq has filed Form 19b-4 for a spot Polkadot ETF on behalf of 21Shares. The proposed ETF will track the spot price of Polkadot’s DOT token, the 27th largest cryptocurrency by market capitalization.

The filing follows 21Shares’ earlier submission of an S-1 amendment, in which the company detailed its plan to provide a regulated investment vehicle for digital asset exposure.

As the sponsor of the fund, 21Shares aims to provide a secure and accessible means for investors to participate in the growth of Polkadot without the need for direct ownership of DOT. In addition to the Polkadot ETF, the company is seeking approval for other ETFs related to digital assets such as Solana and XRP.

This Is A Developing News, Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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