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Top stories today:
- Strategic Bitcoin Reserve won’t buy new crypto, just hold seized ones
- Trump delays Mexico, Canada tariffs on USMCA-compliant goods
- SBF continues pardon push with Tucker Carlson podcast appearance
- Alibaba’s 32B model appears to lag DeepSeek R1 in reasoning
- Shield AI, drone defense startup, raises $240M at $5.3B
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. Strategic Bitcoin Reserve won’t buy any new crypto, just hold seized ones
Thu.: Trump signed an EO to create the Strategic Bitcoin Reserve and Digital Asset Stockpile.
~200K Bitcoin owned by the Treasury Dept. would seed the reserve, the White House said.
Non-BTC cryptos will be included.
The U.S. won’t sell any Bitcoin put in the reserve, Sacks said.
Other federal agencies “will evaluate their legal authority” to transfer any Bitcoin they own into the reserve.
1:30 PM ET on Fri.: Trump is also hosting the White House Crypto Summit.
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3. Trump delays Mexico, Canada tariffs on USMCA-compliant goods until Apr. 2
Thu.: Trump reversed the 25% tariffs, linked to illegal immigration and drug trafficking.
2024: 50% of Mexico’s imports and 38% of Canada’s were USMCA-compliant, per analysts.
Canadian oils, chocolates, beef, and engines were among the compliant goods.
Mexican TVs, ACs, avocados, and tomatoes were also in that category.
Plans on reciprocal duties are also expected to be announced by Trump on Apr. 2.
