The Cardano price rally required for ADA to flip USDC hinges on a potential breakout past the psychological level of $1, assuming its circulating supply of 35.32 billion tokens remains unchanged. Based on this supply, ADA would need to reach a price of $1.755, representing approximately a 132% gain in market cap from the current levels. At press time, Cardano’s price trades at $0.7604 and currently holds the ninth position among the ten largest cryptocurrencies by market capitalization, presently valued at $26.73 billion. Meanwhile, USDC, Circle’s flagship stablecoin, which ranks seventh, boasts a $61 billion market cap. Cardano Price Impact if ADA Flips Circle’s USDC Cardano (ADA) price must rally to a price of $1.755 to achieve a market cap equal to or greater than USDC’s. A move to this price level would represent a 132% surge from ADA’s current price of $0.7604. Historically, ADA has experienced bigger rallies, indicating… Read More at Coingape.com
Ross Ulbricht, founder of the defunct Silk Road darknet marketplace, has raised over $1.3 million worth of Bitcoin through the sale of personal and prison-related items.
The auction, held via Scarce City, coincided with his appearance at the Bitcoin 2025 conference—his first public event since being released from prison earlier this year following Donald Trump’s presidential pardon.
Silk Road Founder Makes Public Comeback
The items up for sale included his prison-issued ID cards, clothing, paintings, and handwritten notes. His 2024–2025 prison ID fetched the highest bid at 5.5 BTC, while the full set of three IDs sold for a combined 7.5 BTC, valued at over $780,000 at the time.
Ross Ulbricht’s Prison Memorabilia. Source: Scarce.city
Other memorabilia included a notebook sold for 1.06 BTC, three prison paintings that brought in a total of 2.41 BTC, and clothing such as his prison sneakers and sweatsuit, which sold for 0.54 and 0.51 BTC, respectively.
Ulbricht also parted with personal belongings from before his arrest, including a djembe drum, a backpack, and a sleeping bag. In a statement shared on the Scarce City auction platform, he explained that these items represent a chapter he is now ready to leave behind.
“I’ve left Arizona, the state where I was in prison. It’s time to travel. That means downsizing and turning the page. I’ve decided to auction some personal items from before my arrest and during my time in prison. I don’t need the reminders and I’m sure some of you will love to have them,” Ulbricht said.
The Silk Road founder also highlighted the values he believes should shape the next phase of crypto development, including freedom, decentralization, and unity.
“When it comes to freedom, we’re not there yet. There’s still more freedom to be won,” Ulbricht stated.
Ulbricht’s presence at the event signals a renewed effort to participate in the crypto space, albeit from a different vantage point.
As April comes to an end, many altcoins are enjoying gains, especially in the last seven days, stemming from Bitcoin’s run up to $95,00. A few key tokens are looking at a bullish start in May due to varying factors.
BeInCrypto has analyzed three such altcoins for investors to watch in the last few days of April as they prepare for important developments.
BNB
BNB is currently showing positive performance, with expectations for further gains this week due to the upcoming Lorentz hard fork. Set to go live on April 30, the upgrade will bring faster blocks to the chain, which is likely to boost network efficiency and support a potential price rise for the altcoin.
Having broken free from a two-and-a-half-month downtrend, BNB is now trading at $606. The altcoin is aiming to breach the $618 resistance, and if successful, it could capitalize on bullish momentum from the Lorentz upgrade. This would set the stage for a potential rise to $647.
If BNB fails to break the $618 resistance, a decline could follow, potentially dropping the price below $600. In this scenario, BNB may find support at $576, which would invalidate the bullish outlook. Monitoring the $618 level will be key for assessing the altcoin’s trajectory in the coming days.
Kaspa (KAS)
KAS has gained 27% over the past week, helping to invalidate the bearish signals from the Ichimoku Cloud. Currently trading at $0.099, the altcoin is nearing the critical $0.103 resistance level. If this momentum continues, KAS could potentially break through and establish a new bullish trend.
The upcoming Crescendo upgrade is expected to drive further positive momentum for KAS. With the mainnet activation set to increase the network’s transaction capacity tenfold to 10 blocks per second (BPS), this event could play a pivotal role in propelling the price upwards and attracting more investor interest.
If the Crescendo upgrade lives up to expectations, KAS could rise to $0.112, potentially reaching $0.120. However, if KAS fails to breach the $0.103 level, the altcoin may experience a decline. A drop below $0.092 could send the price toward $0.083, invalidating the current bullish outlook.
Aave (AAVE)
Another altcoin to watch in the last week of April is AAVE, which has experienced a strong 22% rise this week, making it one of the best-performing altcoins. Despite the impressive gains, the current price action suggests that AAVE has not yet reached its peak. The altcoin still has room for further upward momentum, supported by strong market interest.
The Relative Strength Index (RSI) indicates that AAVE is currently in the bullish zone but is far from the overbought level of 70.0. With plenty of room before hitting this threshold, AAVE’s price could continue rising, potentially surpassing $180 and reaching $198.
However, if the bullish momentum weakens, AAVE could see a decline below the $167 support level. In this case, the price may fall to $153, and if this support level is breached, AAVE could drop to $126. Such a move would invalidate the current bullish outlook, signaling a possible trend reversal.
Corporate Bitcoin adoption continues its proliferation as more companies pursue accumulation strategies for their treasuries. Firms can benefit from capital appreciation, diversification, and an inflation hedge if executed properly.
However, not all Bitcoin acquisition strategies are created equal. If a company’s sole purpose is to hold BTC without sufficient resources or scale, it can risk total collapse during extended bear market periods. A chain reaction could further amplify downward pressure that could prove catastrophic.
Varying Approaches to Corporate Bitcoin Holdings
Institutional Bitcoin adoption is rising worldwide, with Bitcoin Treasuries data indicating that holdings have doubled since 2024. Public companies now collectively own over 4% of the total Bitcoin supply.
Interestingly, this increase in volume also represents a broadening range of reasons for doing so.
Some companies, most notably Strategy (formerly MicroStrategy), intentionally pursue such a playbook to become a Bitcoin treasury holding company. The move worked well for Strategy, whose supply accounts for 53% of total company holdings with over 580,000 BTC.
Other firms, like GameStop or PublicSquare, have taken a different approach, prioritizing exposure over aggressive accumulation. This scenario is optimal for firms that simply want to add BTC to their balance sheets while continuing to focus on their core businesses.
Initiatives like this carry far less risk than companies whose core business solely holds Bitcoin.
However, the increasing trend of companies adding Bitcoin to their financial reserves solely to dedicate themselves to holding Bitcoin carries profound implications for their businesses and Bitcoin’s future.
How Do Bitcoin-Focused Companies Attract Investors?
Building a successful Bitcoin treasury holding company involves much more than just aggressively buying Bitcoin. When a business’s sole purpose becomes Bitcoin holding, it will be exclusively valued based on the Bitcoin it holds.
To attract investors to buy their stock rather than just holding Bitcoin directly, these companies must outperform Bitcoin itself, reaching a premium known as Multiple on Net Asset Value (MNAV).
In other words, they must convince the market that their stock is worth more than the sum of its Bitcoin holdings.
Strategy implements this, for example, by convincing investors that by buying MSTR stock, they aren’t just purchasing a fixed amount of Bitcoin. Instead, they’re investing in a strategy where management actively works to increase the amount of Bitcoin attributed to each share.
If investors believe MicroStrategy can consistently grow its Bitcoin per share, they will pay a premium for that dual ability.
However, that’s just one part of the equation. If investors buy into that promise, Strategy has to deliver by raising capital to buy more Bitcoin.
The MNAV Premium: How It’s Built, How It Breaks
A company can only deliver an MNAV premium if it increases the total amount of Bitcoin it holds. Strategy does this by issuing convertible debt, which allows it to borrow funds at low interest rates.
It also leverages At-The-Market (ATM) equity offerings by selling new shares when their stock trades at a premium to its underlying Bitcoin value. Such a move enables Strategy to acquire more Bitcoin per dollar raised than existing shares, increasing Bitcoin per share for current holders.
This self-reinforcing cycle—where a premium allows efficient capital raises, which fund more Bitcoin, strengthening the narrative—helps sustain the elevated stock valuation beyond Strategy’s direct Bitcoin holdings.
However, such a process involves several risks. For many companies, the model is directly unsustainable. Even a pioneer like Strategy endured heightened stress when Bitcoin’s price dropped.
Nonetheless, over 60 companies have already adopted a Bitcoin-accumulating playbook during the first half of 2025. As that number grows, new treasury companies will face the associated risks even more acutely.
Aggressive BTC Accumulation Risks for Small Players
Unlike Strategy, most companies lack scale, an established reputation, and the “guru status” of a leader like Michael Saylor. These characteristics are crucial for attracting and retaining the investor confidence needed for a premium.
They also don’t generally have the same creditworthiness or market power. Knowing this, smaller players will likely incur higher interest rates on their debt and face more restrictive covenants, making the debt more expensive and harder to manage.
If their debt is collateralized by Bitcoin in a bear market, a price drop can quickly trigger margin calls. During an extended period of downward pressure, refinancing maturing debt becomes extremely difficult and costly for already overburdened companies.
To make matters worse, if these companies have shifted their core operations to focus solely on Bitcoin acquisition, they have no alternative business cushion that generates a stable and separate cash flow. They become entirely dependent on capital raises and Bitcoin’s price appreciation.
When several companies take such a move simultaneously, the consequences for the greater market can go south dramatically.
Does Corporate Bitcoin Adoption Risk a “Death Spiral”?
If many smaller firms pursue a Bitcoin accumulation strategy, the market consequences during a downturn can be severe. If Bitcoin’s price falls, these companies may run out of options and be forced to sell their holdings.
This widespread, distressed selling would inject an enormous supply into the market, significantly amplifying downward pressure. As seen during the 2022 crypto winter, such events can trigger a “reflexive death spiral.”
The different stages of a Bitcoin death spiral. Source: Breed VC.
The forced selling by one distressed company can further drive Bitcoin’s price down, triggering forced liquidations for other firms in a similar position. Such a negative feedback loop can provoke an accelerated market decline.
In turn, highly publicized failures could damage broader investor confidence. This “risk-off” sentiment could lead to widespread selling across other cryptocurrencies due to market correlations and a general flight to safety.
Such a move would also inevitably put regulators on high alert and spook off investors who may have considered investing in Bitcoin at one point.
Beyond Strategy: The Risks of Going “All-In” on Bitcoin
Strategy’s position as a Bitcoin treasury holding company is unique because it was a first mover. Only a handful of companies match Saylor’s resources, market influence, and competitive advantage.
The risks associated with such a playbook are various and, if proliferated, can be detrimental to the greater market. As more public companies move to add Bitcoin to their balance sheets, they must carefully decide between getting some exposure or going all-in.
If they choose the latter, they must cautiously and thoroughly weigh the consequences. Though Bitcoin is currently at all-time highs, a bear market is never entirely out of the question.
