Donald Trump's executive order establishing a national Bitcoin reserve attracted mixed reactions, as it relies on seized digital assets rather than direct Bitcoin purchases. As a result, some people in the industry believe the government should prioritize clear crypto regulation over a Bitcoin reserve. Meanwhile, Michael Saylor’s Strategy is aggressively expanding its Bitcoin holdings by raising up to $21 billion for additional acquisitions. In Singapore, SGX is set to launch Bitcoin perpetual futures in 2025 to further integrate cryptocurrency into traditional finance.
US Needs Policy Reform More Than a Bitcoin Reserve
Donald Trump’s recent executive order establishing a national Bitcoin reserve left the cryptocurrency industry with mixed reactions. While some had high hopes for the initiative, several executives believe that regulatory clarity is a far more pressing issue for the sector. Many in the industry are still awaiting concrete guidelines on securities regulation, taxation, and stablecoins, and uncertainty continues to weigh on the market.
The executive order was signed on March 6, and it fulfilled Trump’s campaign promise to create a Bitcoin reserve for the United States. However, instead of actively purchasing Bitcoin, the reserve will be made up of digital assets that were seized by law enforcement.
This approach disappointed traders and investors, as it does very little to address the regulatory ambiguity that has plagued the industry for a long time. Max Giammario, CEO of Web3 artificial intelligence startup Kindred, shared his concerns over the lack of a clear roadmap for innovation, taxation, and institutional adoption, as markets need structured guidance rather than vague rhetoric.
Bitcoin’s price action over the past week (Source: CoinMarketCap)
In the aftermath of the announcement, Bitcoin’s price dropped by roughly 13%, with altcoins suffering similar declines. The broader cryptocurrency market lost over $400 million in capitalization. Without immediate regulatory clarity, these losses could extend even further. Alvin Kan, Bitget Wallet’s chief operating officer, suggested that unless policies on stablecoins, ETFs, and institutional adoption become clearer, Bitcoin may continue to dominate the market at the expense of altcoins.
Despite these concerns, there is still optimism in the industry. Trump maintained a pro-crypto stance, and his administration has appointed leaders who are considered favorable to digital assets. Some executives believe that these developments could lead to more constructive policies in the long run.
Theodore Agranat, director of Web3 at Gunzilla Games, pointed out that the direction of US crypto policy under Trump is still a bit uncertain, but with key figures in influential positions, ongoing positive initiatives could emerge. For now, there is cautious optimism that future developments could provide the necessary framework to support long-term growth in the crypto sector.
Strategy Ramps Up Bitcoin Accumulation
While the US government will not actively buy Bitcoin for its reserve, the same cannot be said for Strategy. Michael Saylor’s Strategy is the largest public corporate Bitcoin holder, and is preparing to raise up to $21 billion in fresh capital to expand its Bitcoin reserves. The company announced on March 10 that it entered a new sales agreement that allows it to issue and sell shares of its 8% Series A perpetual strike preferred stock. The funds raised will be used for general corporate purposes, including potential Bitcoin acquisitions.
Under the new agreement, which is dubbed the “ATM Program,” Strategy plans to sell shares in a disciplined manner over an extended period, taking into account market conditions, including the trading price and volume of the perpetual strike preferred stock. The company stated in its filing with the Securities and Exchange Commission (SEC) that the proceeds from this initiative will be directed towards working capital and additional Bitcoin purchases.
Strategy Bitcoin stats (Source: Strategy.com)
As of now, Strategy holds about 499,096 BTC, which is valued at approximately $41.2 billion. The firm acquired these holdings at an aggregate purchase price of $33.1 billion, with an average cost of $66,423 per Bitcoin. This aligns with its previously disclosed plans to raise up to $21 billion in equity and $21 billion in fixed-income securities over the next three years under its “21/21 plan” to accumulate even more Bitcoin.
Since the beginning of 2025, Strategy publicly announced six Bitcoin acquisitions, and added about 52,696 BTC to its reserves since Jan. 13. This contributed to the company’s current BTC yield of 6.9% year-to-date. The firm also set an ambitious BTC yield target of 15% for 2025, after achieving an impressive 74% yield in 2024. The BTC yield metric reflects the percentage change in the ratio between the company’s Bitcoin holdings and its assumed diluted shares.
Overall, the company has become one of the most influential players in the crypto sector since adopting its Bitcoin reserve strategy in August of 2020. This move paved the way for greater institutional Bitcoin adoption, and even inspired other firms like Tesla and Japan’s Metaplanet to follow suit.
SGX to Launch Bitcoin Perpetual Futures in 2025
Singapore Exchange (SGX), which is the largest exchange group in Singapore, is preparing to introduce Bitcoin perpetual futures in the second half of 2025. The exchange wants to expand institutional market access by offering cryptocurrency futures that are tailored specifically for professional and institutional investors. A spokesperson from SGX stated that the company seeks to provide a trusted trading alternative, leveraging its Aa2 rating by Moody’s to establish credibility in the crypto derivatives market.
Singapore Exchange HQ
The launch of these Bitcoin perpetual futures is pending approval from the Monetary Authority of Singapore (MAS), with strict limitations in place to prevent retail investors from participating. Unlike traditional Bitcoin futures contracts, which require settlement at a predetermined date, perpetual futures offer continuous trading without an expiration date, making them a popular tool for traders looking to speculate on Bitcoin’s price movements.
The introduction of perpetual Bitcoin futures on SGX coincides with Singapore’s growing influence in the cryptocurrency and blockchain sector. The MAS actively fostered a crypto-friendly regulatory environment, which led to a big increase in the number of licensed crypto firms in the country. This trend positioned Singapore as a leading global hub for digital asset trading and investment.
SGX is not alone in its push for crypto futures trading in the region. In January of 2025, EDX Markets, a crypto asset firm backed by Citadel Securities, also announced its plans to offer crypto futures in Singapore. Meanwhile, in Japan, the Osaka Dojima Exchange is looking for regulatory approval to list Bitcoin futures, which, if granted, could make it one of the first traditional exchanges in Asia to handle these products.
As institutional interest in cryptocurrency derivatives continues to rise, futures trading is becoming an increasingly popular trend in the industry. SGX’s entry into this space is a major step toward integrating Bitcoin into traditional financial markets in Asia.
