The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Happy Tuesday! Memecoin influencer Murad Mahmudov once told us to "believe in something" as his public portfolio soared to an all-time high of $56 million

Happy Tuesday! Memecoin influencer Murad Mahmudov once told us to “believe in something” as his public portfolio soared to an all-time high of $56 million in January. Now, with that same portfolio down over 80% to below $10 million, it seems that belief might just be that memecoins are largely worthless.

In today's newsletter, Sen. Cynthia Lummis has brought back her bill to create a U.S. bitcoin reserve, Starknet developer StarkWare is establishing a BTC treasury of its own, Bitwise has launched an ETF of corporate bitcoin holders and more.

Plus, Axelar Foundation is disclosing strategic AXL token sales worth $30 million.

Let’s get started.

Sen. Lummis brings back bill to create U.S. bitcoin reserve

Sen. Cynthia Lummis (R-Wyo.) has reintroduced a bill to establish a Strategic Bitcoin Reserve, aligning with President Trump's recent executive order.

Lummis's bill, named the "Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act, aims to create a Strategic Bitcoin Reserve within the U.S. Treasury.

The bill proposes transferring 1% of the U.S. government's total assets into bitcoin and adjusting the allocation semiannually based on changes in the U.S. monetary base.

The initiative is designed to promote price stability and serve as a valuable addition to U.S. economic and financial technological competitiveness on the global stage.

"The United States faces a critical juncture in safeguarding its economic strength and technological leadership," Lummis said in a statement. "As the global financial landscape evolves with the rise of digital assets, it's crucial that we adapt and implement innovative solutions to maintain our competitive edge."

Lummis's bill also includes provisions to expedite the approval process for U.S. institutions seeking to operate as digital asset banks, aligning with the broader push for comprehensive crypto regulation.

StarkWare is establishing BTC reserve as part of its operational strategy

Blockchain scaling company StarkWare is establishing a "Strategic Bitcoin Reserve," committing to holding a growing portion of its treasury in BTC as part of its operational strategy.

This strategy, revealed in a recent statement, will see StarkWare begin with a 10% allocation to BTC, incrementally increasing the stake over time.

The move is designed to align with President Trump's recent executive order, which encourages U.S. institutions to adopt a similar approach.

"We are establishing a Strategic Bitcoin Reserve, beginning with a 10% allocation of our treasury to BTC and incrementally growing this stake over time," StarkWare said.

"This strategy aligns with President Trump's recent executive order, encouraging U.S. institutions to hold portions of their liquid assets in bitcoin to support the coin's role in the global financial system."

The move also ties into a broader trend of institutions establishing BTC reserves in their treasury.

Earlier this year, the House of Representatives passed an amendment to a bill that would allow the government to hold bitcoin in its treasury. The amendment was introduced by Rep. Greg Stefanik (R-N.Y.).

And last year, Sen. Lummis introduced a bill to create a Strategic Bitcoin Reserve within the U.S. Treasury. The bill would have seen 1% of the government's total assets transferred into bitcoin, with the allocation adjusted semiannually based on changes in the U.S. monetary base.

Crypto asset manager Bitwise has launched an ETF to track companies holding at least 1,000 BTC in their treasury

Crypto asset manager Bitwise has launched its Bitcoin Standard Corporations ETF (OWNB) to track companies holding at least 1,000 BTC in their treasury.

The ETF, which is now available for trading on the New York Stock Exchange, will provide investors with an easy way to invest in a basket of large-cap U.S. companies that have made a strategic decision to allocate a portion of their liquid assets to bitcoin.

“We believe that investors are increasingly interested in tying their investment strategy to the narrative around bitcoin,” said Ben Demeter, Bitwise's director of research. “We are excited to launch this new ETF, which will allow investors to invest in a portfolio of companies that are doing just that.”

The ETF will be actively managed and will have a high management fee of 1.5%.

The move comes as several other crypto asset managers are applying for spot price bitcoin ETFs with the Securities and Exchange Commission.

Cboe BZX Exchange has filed a 19b-4 form with the Securities and Exchange Commission to add staking in Fidelity's spot Ethereum ETF

Cboe BZX Exchange has filed a 19b-4 form with the Securities and Exchange Commission to allow staking in Fidelity's spot Ethereum ETF (FETH).

The move comes after the SEC approved the first two spot crypto ETFs - Bitwise'