Crypto Morning Report: Initial Jobless Claims Data Better Than Expected, SpaceX IPO Target Valuation Rises to Over $2 Trillion

Telegram’s built-in encrypted wallet announces the launch of perpetual contract functionality, supported by Lighter.

Author: Deep Tide TechFlow

Yesterday Market Update

Iran says it is drafting a transit agreement for the Strait of Hormuz with Oman

According to the Islamic Republic News Agency (IRNA): Iranian Deputy Foreign Minister Gharibabadi said that Iran is currently drafting a transit agreement for the Strait of Hormuz with Oman.

U.S. initial jobless claims for the week ending March 28: 200,000, vs. 212,000 expected; prior value revised from 210,000 to 211,000

According to Jintian Data, the number of initial jobless claims in the U.S. for the week ending March 28 was 202,000, compared with 212,000 expected, and the prior value was revised from 210,000 to 211,000.

Fed’s Loughn: Supports keeping interest rates unchanged

According to Jintian Data, Fed’s Loughn said it supports keeping interest rates unchanged at the recent FOMC meeting, as the labor market has been trending toward stability from the second half of 2025 into this year.

MIIT: Exploring innovative businesses such as “computing power banks” and “computing power supermarkets,” supporting SMEs to deposit idle computing resources

According to Jintian Data, the General Office of the Ministry of Industry and Information Technology issued a notice on carrying out a special campaign to empower SMEs with inclusive computing power. It mentions an innovative computing power service model for broad-based access. It will improve the computing power platform’s SME sections, the computing resource matchmaking sections of the China SME Service Network, and the national computing internet service node sections (collectively referred to as the SME platform sections), to promote precise matchmaking between SME demand and computing power supply. It will roll out flexible payment models such as charging by “card-hours,” “chip-hours,” and Token-based billing. It will explore innovative businesses such as “computing power banks” and “computing power supermarkets” to support SMEs in depositing idle computing resources, enabling flexible take-up through cross-regional and cross-period scheduling. It will implement an AI SME entrepreneurship support program, encouraging relevant local authorities to provide subsidies in the form of “computing power vouchers,” “storage power vouchers,” and “transport power vouchers” to SMEs aligned with industrial directions through the SME platform sections, simplifying the acquisition and usage process.

MOFCOM responds to Meta’s acquisition of Manus and issues around cross-border operations by companies

According to Jintian Data, on the 2nd, the Ministry of Commerce held a regular press conference. A reporter asked what measures China would take regarding Meta’s acquisition of Manus, and raised related questions about companies’ cross-border operations. MOFCOM spokesperson He Yaodong responded that the Chinese government supports enterprises in carrying out cross-border operations and technology cooperation as needed, and that relevant activities must comply with China’s laws and regulations and follow statutory procedures.

Telegram’s built-in encrypted wallet announces the launch of perpetual contract functionality, supported by Lighter

Wallet in Telegram, Telegram’s built-in encrypted wallet, has officially launched perpetual contract trading functionality. Users can perform both long and short opening trades directly within the Telegram app. This feature currently supports more than 50 trading markets, covering asset classes such as precious metals, stocks, crude oil, and cryptocurrencies, with a maximum leverage of 50x. The underlying support for this functionality is provided by the decentralized perpetual contract trading protocol Lighter.

Coinbase receives conditional approval from the OCC and can establish a national trust company

According to Coinbase’s official disclosure, Coinbase has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the Coinbase National Trust Company, formally obtaining a federal trust charter.

The charter is positioned for custody and market infrastructure businesses. Coinbase has made it clear that it will not transition into a commercial bank, will not accept retail deposits, and will not carry out certain reserve-banking businesses. The OCC federal trust charter will provide a unified federal regulatory framework for its custody business and lay the groundwork for new products such as payment and related services.

Bitcoin miner MARA cuts about 15% of staff; strategic shift to an energy and digital infrastructure company

According to Blockspace, one of the world’s largest Bitcoin mining firms, MARA (NASDAQ: MARA), laid off about 15% of employees—full-time workers in multiple departments and some contract workers. In an internal memo, CEO Fred Thiel said the layoffs are not purely a financial decision, but part of the company’s strategic transition from a pure-play Bitcoin miner to an energy and digital infrastructure company.

Previously, MARA completed its acquisition of a majority stake in French state-owned energy company EDF’s subsidiary Exaion in February this year, officially moving into the AI and high-performance computing (HPC) space, and reached an agreement with data center developer Starwood to repurpose about 1 GW of mining infrastructure for AI workloads.

In addition, MARA has recently sold more than 15,133 BTC (about $1.1 billion) to repay a $1 billion convertible note; its net loss for the full year of 2025 was $1.3 billion, and its adjusted EBITDA was -$330.8 million. Affected employees will receive one month of paid leave, 13 weeks of severance pay, and full compensation for unused vacation.

Bloomberg: OpenAI secondary-market shares lose steam; investors turn to Anthropic

According to Bloomberg, OpenAI’s shares are losing appeal in the secondary market, and in some cases are nearly impossible to sell. Ken Smythe, founder of the secondary-market platform Next Round Capital, said that recently about six institutional investors tried to sell roughly $600 million worth of OpenAI shares, but found no buyers; meanwhile, buyers have indicated they are ready to put $2 billion into Anthropic.

Multiple secondary-market platforms (including Augment and Hiive) have recorded record-breaking demand for Anthropic shares. Valuation quotes are around $600 billion—more than a 50% premium versus the previous round’s $380 billion financing valuation.

Analysts said the large gap between OpenAI’s current $85.2 billion valuation and Anthropic’s makes the latter more attractive on risk-reward. In addition, OpenAI’s high operating costs and slow expansion of enterprise customers have also made some investors more cautious, while Anthropic’s dominant position in the high-profit enterprise market has led growth prospects to be widely seen as promising.

Tether launches a final push for fundraising at a $500 billion valuation

According to Jintian Data, Tether has launched a final push for fundraising at a $500 billion valuation and is urging investors to commit agreements within the next two weeks.

SpaceX expected to push for a $2 trillion valuation, surpassing Meta and Tesla

According to Jintian, insiders say SpaceX has raised its target valuation for its initial public offering (IPO) to above $2 trillion. These insiders said the company and its advisers are sharing this valuation target with potential investors as they prepare for meetings in the coming weeks. As previously reported by foreign media, these so-called “test-the-waters” briefings may include more information supporting the valuation.

In February, it was reported that after SpaceX acquired Musk’s xAI, the combined company’s valuation was $1.25 trillion. Based on a $2 trillion valuation, SpaceX would exceed all companies in the S&P 500 except Nvidia, Apple, Alphabet (Google’s parent), Microsoft, and Amazon—and also exceed two other companies among the U.S. stock “Magnificent Seven,” namely Meta and Tesla, which is owned by Musk himself.

Market Updates

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Aiming at the U.S. midterm elections with nearly $300 million; Tether executives steer the crypto industry’s second-largest political fund

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After Anthropic discloses its source code, it issues 8,000+ DMCA takedown requests; its “safety first” persona has an especially awkward week

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SpaceX secretly files IPO documents; a $1.75 trillion valuation sprint for the biggest listing in history, with aerospace stocks surging intraday

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This article says SpaceX has secretly submitted IPO registration documents to the U.S. Securities and Exchange Commission (SEC), with a target valuation of $1.75 trillion and a plan to raise $75 billion. If successful, it would become the largest IPO in history. Current geopolitical conditions and market volatility could affect whether SpaceX’s IPO succeeds, and the probability of completing the listing before June 30 is estimated at 63%. SpaceX’s IPO is seen as a bellwether for the aerospace industry and the AI investment boom, and alongside the potential IPOs of OpenAI and Anthropic, it may kick off a new supercycle of IPOs in 2026.