The Daily: Janover buys 83,000 SOL for crypto treasury strategy, Ripple and SEC pursue 'negotiated resolution,' bitcoin rises and more

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

Happy Friday! The crypto market found a bit of respite at the end of a bloody week. Bitcoin and ether are up 5% and 3%, respectively, with other memecoins surging in the wings — such as the jocular token Fartcoin, which spiked more than 30% in the last day.

In today's newsletter, a commercial property financing firm buys about $9.6 million in SOL for its new crypto treasury, Ripple and the Securities and Exchange Commission temporarily paused their appeals process, bitcoin jumped 4% amid inflation optimism and more.

Meanwhile, a new North Carolina bill proposes letting individuals pay for economic transactions, such as taxes, with cryptocurrency.

Let's get started.

Janover buys 83,000 SOL for crypto treasury strategy

Janover, a commercial property financing firm, bought over 83,000 SOL worth approximately $9.6 million over the past two days as part of its new digital asset treasury strategy.

• The company's stock surged over 1,100% following the board's approval of the strategy on April 4, raising its market cap to about $73.5 million.
• CEO Joseph Onorati emphasized the company’s goal of becoming a transparent and efficient crypto accumulation vehicle, with quick execution of its first SOL purchase post-restructuring.
• Janover plans to stake its SOL holdings and operate Solana validators to earn rewards, reinvest in the network and grow its treasury through compounding.
• The company sees solana as a more dynamic complement to bitcoin and values its potential for SOL/share growth.
• Janover remains focused solely on SOL for now, but the firm notes it could expand into other cryptocurrencies in the future.

Ripple and SEC pursue 'negotiated resolution'

Ripple and the Securities and Exchange Commission have requested a 60-day pause in their appeals process as they work toward a potential settlement agreement.

• Both parties have reached an agreement-in-principle, pending final SEC approval, to resolve the years-long legal dispute over XRP's classification.
• The lawsuit, which began in 2020, focused on whether XRP was a security, but recent leadership changes at the SEC have softened the regulator's stance on crypto.
• Ripple's CEO noted the SEC has withdrawn its appeal on a key ruling, and both sides are now waiting for final approval and a possible district court decision.

Bitcoin jumps 4% amid inflation optimism

March’s Producer Price Index and core PPI fell more than expected, signaling easing inflation and aligning with softer CPI data from earlier in April.

• The unexpectedly low inflation figures boosted crypto markets, with bitcoin jumping 4% to $82,500 and major altcoins like ether and solana also rallying.
• Despite hopes for Federal Reserve rate cuts, analysts warn that recent geopolitical tensions and rising tariffs could complicate the outlook and delay policy shifts.
• Bond market volatility and weak auction demand have also raised concerns, with experts emphasizing the importance of upcoming Personal Consumption Expenditures (PCE) data on April 30 for future Federal Reserve decisions.

Conservative McDonald's shareholders push for a bitcoin treasury plan

A conservative think tank and McDonald’s shareholder National Center for Public Policy urged the company to invest in bitcoin, arguing it offers better long-term value than real estate, cash or bonds.

• McDonald’s declined to entertain the proposal and sought permission from the SEC to exclude it from discussion at its upcoming annual shareholders' meeting.
• The SEC agreed with McDonald’s stance, stating the bitcoin proposal falls under routine business decisions and can be omitted from shareholder materials.
• While other companies like Strategy and GameStop have embraced bitcoin, McDonald’s joins Microsoft in opting out — despite increasing corporate interest in crypto assets.

Fartcoin sees explosive growth as it decouples from the altcoin market

Fartcoin , a Solana-based memecoin, surged nearly 99% over the past week and over 30% in a single day, outperforming the broader crypto market during a volatile period.

• Despite unclear catalysts, Fartcoin’s market cap is nearing $900 million, with high liquidity and trading volumes making it a standout among meme and AI-linked tokens.
• Launched in October 2024, Fartcoin's popularity was in part fueled by viral antics from the AI bot Truth Terminal.

Next week:

• The United States releases numerous Retail Sales numbers as well as Crude Oil Inventories figures.
• European Central Bank gives a press conference on April 17.
• Stock markets close on April 18 for Good Friday.

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