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The cryptocurrency market is experiencing significant developments, particularly in mining exchange-traded products (ETPs) and regulatory considerations. Today, Bitdeer's Bitcoin ASIC production operation secured funding, while cryptocurrency ETPs are showing improving market trends after recent withdrawal activities.
Additionally, the cryptocurrency firm Coinbase has announced its intention to apply for a US federal bank charter, aiming to align its business operations with those of standard financial institutions.
The Bitcoin Application-Specific Integrated Circuit (ASIC) manufacturer Bitdeer has secured $60 million in financing to enhance its Bitcoin ASIC production. The business will use the funding to accelerate its manufacturing operations while building an internal mining operation. The decision to acquire funding from Bitdeer emerged when Bitcoin's network hashrate marked unprecedented growth in early April 2025.
The loan agreement concluded between Bitdeer and Matrixport followed Jihan Wu's appointment as the founder of Matrixport and chairman of Bitdeer. Bitdeer secured a $60 million loan as part of its $200 million maximum credit line, which utilises the Sealminer hardware as collateral.
Through this funding, Bitdeer plans to strengthen its market position in Bitcoin mining as global competition intensifies. The company encounters difficulties because decreasing miner earnings rates and market competition diminish its profitability, while transaction fees remain low.
Cryptocurrency exchange-traded products (ETPs) saw minor inflows last week, signalling a potential recovery after facing significant outflows in recent weeks. Data from CoinShares indicates that the week of April 14–18, 2025, saw modest inflows of $6 million, although the market remains volatile. While inflows began strongly, stronger-than-expected US retail sales triggered a brief surge in outflows, amounting to $146 million.
XRP received the highest incoming funds, totalling $37.7 million, which established it as the leading cryptocurrency ETP that month. A small amount of value was left in Bitcoin during this period as its April trend persisted. The overall assets under management (AUM) in crypto ETPs increased by 1.4% to reach $131 billion as of April 18th, 2025. Despite this recovery, the overall market sentiment remains cautious as many major issuers, including those based in the US, are in the red for the month.
The cryptocurrency exchange giant Coinbase stated it is exploring the United States federal bank charter application process. A growing number of cryptocurrency companies are working to better integrate into mainstream financial systems by making this strategic decision. The bank charter would enable Coinbase to operate like a traditional banking institution, facilitating deposit collection and loan distribution.
Several major cryptocurrency companies have announced plans to pursue U.S. banking licenses following Coinbase's public declaration of its intentions to do so. Coinbase's initiative to acquire a federal banking charter indicates that significant regulatory changes may be on the horizon for cryptocurrency firms, which will likely face heightened oversight. This move by Coinbase highlights the increasing acceptance of digital assets within traditional financial systems. However, the company has not yet made any official decisions regarding this process.
