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As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray

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As Utah became the first state to get a bill through a legislative chamber that would allow the investment of public money into crypto assets, lawmakers in two other states joined the hunt this week: Kentucky and Maryland.

Though broadly identified with the Republican-led charge toward a so-called «bitcoin strategic reserve» at the federal level, the states have moved their own measures, widely varied as to how each might invest state money into digital assets.

Utah’s bill to allow the state treasurer to put money into digital assets survived a tight vote in the Utah House of Representatives — advancing with just a three-vote margin — to head on Friday to the state senate. If it clears both chambers and is signed into law by the governor, the legislation would permit investing public money into stablecoins or cryptocurrency with a market cap of more than $500 billion, which is currently a single-name list: bitcoin.

The new bill in Maryland this week, introduced by Democrat Delegate Caylin Young, pushes for a bitcoin (BTC) strategic reserve, much like the one contemplated by U.S. Senator Cynthia Lummis. In Maryland, the reserve would be funded through revenue from the enforcement of gambling violations.

The legislation in Kentucky also landed this week, with two bills — so far — that would open state retirement funds for investment in digital assets exchange-traded funds. The bills would also throw up roadblocks for the use of central bank digital currencies (CBDCs).

Most of the state bills have steered clear of calling for new taxpayer money to be channeled into crypto.

Read More: U.S. Bitcoin Reserve May Be Coming, But States Are Winning the Race

Fifteen other states are weighing legislation in their current sessions, with others expected to follow, and another two states — Michigan and Wisconsin — already have portions of their retirement funds in crypto ETFs. The surge in state interest mostly developed after the election of President Donald Trump and his stated interest in a strategic stockpile of digital assets.

Trump issued an executive order calling for his administration’s crypto working group to examine the possibilities of a crypto stockpile for the U.S., though he’s stopped short of calling for a strategic bitcoin reserve.

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CoinDesk 20 Performance Update: NEAR Gains 11.7%, Leading Index Higher Over Weekend

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2538.74, up 3.0% (+74.8) since 4 p.m. ET on Friday.

Nineteen of 20 assets are trading higher.

9am CoinDesk 20 Update for 2025-04-21: chart

Leaders: NEAR (+11.7%) and APT (+8.7%).

Laggards: BCH (-0.5%) and XRP (+1.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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Coinbase-Backed Zora to Airdrop Token After a Week of Contentious Promotions

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Onchain social media platform Zora said its ZORA token will go live on April 23, days after it gained viral traction on X after a push from the Base network team.

It outlined two snapshots for the drop in an X post, one covering activity from January 1, 2020, to March 3, 2025, and another from March 3 to April 20, 2025.

Snapshots are the ability to record the state of a blockchain at a specific point in time, often used to reward users in tokens based on their activity on that blockchain over a specific time period.

The Coinbase-backed Zora came into the spotlight last week after a push from Base creator Jesse Pollack on how the platform allowed the creation of “content coins” — or tokens that represented their underlying picture or word phrases in a tradeable form.

Pollack’s amplifications of several Zora-created tokens drew hype and activity to the platform, with user count and token creation setting records late last week. It attracted over 230,000 “new” traders (or wallets that interacted with the platform for the first time) on Sunday, data shows.

(Dune Analytics)

Base’s official X account posted about one such token, called «Base is for everyone,” which sent its market cap soaring from a few thousand to over $17 million within hours.

Blockchain sleuths later found three crypto wallets bought the tokens ahead of the official announcement — netting them a profit of $666,000, as reported.

Crypto exchange Coinbase, which develops and maintains Base, told CoinDesk at the time that is for everyone coin is not the official cryptocurrency of Base, and the layer 2 did not directly sell those.

Announcement of a token following such promotions has sent X users erupted with accusations of insider trading and poor communication.

“So it was literally an airdrop shill to create hype and liquidity for a dump of supply controlled by Coinbase Ventures? Got it,” snarked user @DCBcrypto.

Others, like @KienNguyen_NFT, predicted “Day 1 listing + insiders making 8 figs incoming,” while @blknoiz06 gave a backhanded compliment: “good marketing.”

Pollack has since squashed rumors of the Zora promotions being a marketing campaign, however.

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Strategy Buys $555M of Bitcoin, Increases Total Stash to 538,200 BTC

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Strategy (MSTR) has added 6,556 bitcoin (BTC) to its balance sheet, spending $555.8 million in the process, according to a regulatory filing published on Monday.

The purchase was funded using proceeds from the company’s two at-the-market (ATM) stock offering programs, the filings notes.

The firm, the largest corporate holder of bitcoin, sold 1.76 million shares of its Class A common stock and over 91,000 shares of a preferred stock series — STRK — between April 14 and April 20.

The common stock sale brought in $547.7 million, while the preferred shares added another $7.8 million. The latest acquisition boosts Strategy’s total holdings to 538,200 BTC, purchased at an average price of $67,766 per coin.

The Michael Saylor-led company has spent $36.47 billion on bitcoin to date. Shares of MSTR are up 2.77% in pre-market trading as BTC rose to $87,300.

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