Today in crypto: GameStop bets on Bitcoin amid SEC plans

BlackRock launches Bitcoin ETP in Europe

BlackRock has launched a new Bitcoin exchange-traded product (ETP) in Europe through its iShares fund service. The new ETP, trading under the ticker IB1T, is now available on German, French, and Dutch stock exchanges. This marks a major step forward for BlackRock as it continues to expand its crypto investment products globally.

Coinbase, the largest U.S. cryptocurrency exchange, will act as custodian for the digital assets backing the ETP. This partnership builds on the success of BlackRock’s U.S.-based Bitcoin funds, which have already accumulated nearly $40 billion in net inflows. In total, spot Bitcoin funds now manage almost $100 billion in assets.

The new European ETP provides direct exposure to Bitcoin's price movements, allowing investors to gain crypto exposure without directly holding the asset. The launch follows the success of BlackRock’s spot Ethereum fund, which has attracted over $4 billion in assets since its debut in July 2024.

In another related move, BlackRock has expanded its tokenized treasury fund, BUIDL, to the Solana blockchain through tokenization platform Securitize. The BUIDL fund, worth $1.7 billion, represents a further push toward integrating traditional finance with blockchain technology.

SEC to host more crypto regulation roundtables

The U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force has announced plans to host four more roundtables on crypto and digital asset regulation. The sessions will take place from April to June, covering topics like trading practices, custody, asset tokenization, and decentralized finance.

Leading the task force, Commissioner Hester Peirce explained that the goal of these roundtables is to gather insights from industry experts and develop clearer guidelines for the fast-evolving crypto sector. Last week’s first roundtable focused on how existing securities laws might apply to digital assets, signaling the agency’s intent to rethink its approach to regulation.

The SEC's proactive stance aligns with recent government moves to create a more crypto-friendly environment. President Trump has taken several pro-crypto initiatives, including plans to establish a strategic Bitcoin reserve and advancing stablecoin legislation. This policy direction is a stark contrast to the more cautious stance under previous administrations.

Ethereum braces for volatility

Ethereum could be heading into a period of heightened volatility, according to decentralized options platform Derive. Founder Nick Forster noted that Ethereum’s implied volatility is at a monthly low, but history shows that such calm periods rarely last long. Derive estimates a 30% chance of ETH dropping below $1,800 by the end of May, but there’s also a 19% chance it could rally above $2,500 during the same period.

Despite the potential for sharp movements, investor sentiment remains cautious. Recent data shows significant outflows from Ethereum funds, with spot ETFs shedding $370 million in just 12 trading days. In contrast, Bitcoin has seen inflows totaling $724 million, suggesting that investors are favoring the relative stability of Bitcoin over Ethereum at the moment.

Other layer-1 tokens like XRP and Solana are gaining traction amid regulatory breakthroughs. XRP’s recent surge followed the SEC dropping its lawsuit against Ripple Labs, while institutional interest in Solana has grown thanks to potential ETF developments.

GameStop embraces Bitcoin

Video game retailer GameStop has officially added Bitcoin to its list of permissible investment instruments, making it the latest mainstream company to adopt the cryptocurrency as a treasury reserve asset. The decision, outlined in the company's 2024 annual report, signals a strategic shift as GameStop joins other companies in leveraging Bitcoin for long-term value preservation.

The announcement led to a 6.3% increase in after-hours trading, following a day where GameStop shares had already risen after CEO Ryan Cohen’s public embrace of crypto. The company has not set a maximum amount of Bitcoin it may acquire, indicating potential for significant accumulation.

Hawk Tuah Girl documentary announced

Hailey Welch, better known as "Hawk Tuah Girl" from her viral street interview fame, is getting her own documentary. Bungalow Media + Entertainment will produce the film, covering her rapid rise to online fame and the subsequent controversy over her failed cryptocurrency project, $HAWK.

The $HAWK memecoin briefly soared to a market cap of $490 million before crashing by 93% within minutes. Investigations revealed that a handful of wallets controlled nearly all the supply, leading to accusations of a pump-and-dump scheme. Though Welch denies personal profit from the token, investors who lost millions have filed lawsuits against the project’s creators.

Welch has stayed relatively quiet on social media since the crash, but her recent Instagram post poking fun at rumors about her personal life suggests she’s ready to re-enter the public eye. The documentary will trace her journey from street interviews to the world of crypto and the fallout from her memecoin venture.

Why it matters

The rapid mainstream adoption of Bitcoin as a corporate treasury asset, exemplified by GameStop’s policy change, marks a new chapter for digital finance. Meanwhile, regulatory clarity from the SEC could set the stage for a more structured and predictable crypto market environment, giving investors greater confidence.

Ethereum’s potential volatility highlights the risk and opportunity inherent in crypto investments, while BlackRock’s expansion into European markets further legitimizes the asset class. On the cultural front, the Hawk Tuah Girl story is a reminder of the risky side of crypto, where hype can quickly turn to heartbreak.

Crypto is moving from the fringes to the mainstream – but with that growth comes both greater opportunity and greater responsibility. Investors, companies, and even influencers need to navigate this space carefully as regulations catch up and the market matures.