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

Author: Deep Tide TechFlow

Yesterday’s market updates

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

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

In the week ending March 28, initial jobless claims in the U.S. were 202,000, versus an expected 212,000; the prior figure was revised from 210,000 to 211,000

According to data from Jintou Data, initial jobless claims in the U.S. for the week ending March 28 were 202,000, versus an expected 212,000; the prior figure was revised from 210,000 to 211,000.

Fed’s Logan: Supports keeping interest rates unchanged

According to Jintou Data, Fed’s Logan said it supports the Fed keeping interest rates unchanged at its most recent FOMC meeting, as the labor market has stabilized from the second half of 2025 into this year.

Ministry of Industry and Information Technology: Exploring innovative businesses such as “compute power banks” and “compute power supermarkets,” supporting small and medium-sized enterprises to deposit idle compute power resources

According to Jintou Data, the General Office of the Ministry of Industry and Information Technology issued a notice on launching a special campaign to empower small and medium-sized enterprises with inclusive compute power. It mentions that innovative compute power service models will be used to make services inclusive. Improve the “small and medium-sized enterprises” section of China’s compute power platform, the compute power resource docking section on the China Small and Medium Enterprises Service Network, and the national compute power internet service node sections (collectively referred to as the small and medium-sized enterprises platform sections), to enable precise matching between SMEs’ demand and compute power supply, and to roll out flexible payment models such as charging by “card-hours,” “compute-hours,” and Token-based fees. Explore innovative businesses such as “compute power banks” and “compute power supermarkets,” support SMEs to store idle compute power resources, and enable flexible take-up and use through cross-regional and cross-period scheduling. Implement an AI-based entrepreneurship support plan for SMEs, encouraging relevant local departments to subsidize “compute power vouchers,” “storage power vouchers,” and “transport power vouchers” to SMEs that align with industrial orientations through the SMEs platform sections, simplifying the process for obtaining and using them.

Ministry of Commerce responds to Meta’s acquisition of Manus and issues related to corporate cross-border operations

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

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

Telegram’s built-in encrypted wallet, Wallet in Telegram, has officially launched perpetual contract trading functionality, allowing users to open long/short positions 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. The maximum leverage is 50x. The underlying support for this feature is provided by the decentralized perpetual contract trading protocol Lighter.

Coinbase gets conditional approval from the OCC, allowing it to 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 Coinbase National Trust Company, formally obtaining a federal trust charter.

The charter is positioned for custody and market infrastructure business. Coinbase has explicitly stated that it will not pivot to become a commercial bank, will not accept retail deposits, and will not conduct partial-reserve banking business. The OCC federal trust charter will provide a unified federal regulatory framework for its custody business and lay the foundation for new products such as payment and related services.

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

According to Blockspace, MARA (NASDAQ: MARA), one of the world’s largest bitcoin miners, has cut about 15% of employees, affecting multiple departments’ full-time staff as well as some contract workers. CEO Fred Thiel said in an internal memo that this round of layoffs is not purely a financial decision, but part of the company’s strategic shift from a pure-play bitcoin mining firm to an energy and digital infrastructure company.

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

In addition, MARA recently sold more than 15,133 BTC (about $1.1 billion) to repay $1 billion in convertible notes. It posted a net loss of $1.3 billion for all of 2025, 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 leave.

Bloomberg: OpenAI’s secondary market shares cool off, investors turn to Anthropic

According to Bloomberg, OpenAI shares are losing appeal in the secondary market, and in some cases are almost impossible to sell. Ken Smythe, founder of the secondary market platform Next Round Capital, said that recently around six institutional investors attempted to sell about $600 million worth of OpenAI shares, but nobody took them; meanwhile, buyers have said they are ready to put $2 billion into Anthropic.

Multiple secondary market platforms (including Augment and Hiive) recorded record demand for Anthropic shares, with valuation quotes of about $600 billion—more than a 50% premium over the prior round’s $380 billion financing valuation.

Analysts noted that the huge gap between OpenAI’s current $852 billion valuation and Anthropic’s makes the latter more attractive on risk-reward. In addition, OpenAI’s high operating costs and slow customer acquisition among enterprises have also made some investors more cautious, while Anthropic’s dominant position in the high-profit enterprise market has led its growth prospects to be widely seen as promising.

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

According to Jintou Data, Tether has launched a final push in fundraising at a $500 billion valuation, urging investors to commit to an agreement within the next two weeks.

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

According to Jintou, sources said SpaceX has raised its target valuation for its initial public offering to more than $2 trillion. These sources said the company and its advisors are sharing this valuation target with potential investors in preparation for meetings over the coming weeks. Media reports earlier from abroad said these so-called “sneak-peak” briefings may include more information supporting the valuation.

In February, reports said that after SpaceX acquired Musk’s xAI, the combined company’s valuation was $1.25 trillion. At a $2 trillion valuation, SpaceX would surpass all companies in the S&P 500 except NVIDIA, Apple, Alphabet (Google’s parent), Microsoft, and Amazon—and it would also surpass two other companies among the U.S. stock market’s “Magnificent Seven,” namely Meta and Tesla, which is Musk’s own company.

Market updates

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