The White House is preparing for its first crypto summit on Friday, and the biggest names in the industry are competing for an invite. The summit, led by AI and Crypto Czar David Sacks, replaces the now-terminated “crypto council” that Former President Donald Trump once promised.
Formal invites started going out Tuesday, with confirmed attendees such as Strategy’s Michael Saylor, Multicoin Capital’s Kyle Samani, and Paradigm’s Matt Huang. Robinhood CEO Vlad Tenev even teased that he would be there, along with Coinbase and Kraken, who said their CEOs, Brian Armstrong and Arjun Sethi, would attend. The White House summit is expected to serve as a key forum for shaping future crypto regulations.
According to reports, the White House Crypto Summit will have a smaller-than-expected guest list featuring government officials from the Presidential Working Group on Digital Assets. A larger reception is planned nearby for those not invited to the roundtable.
Amid increasing infighting within the industry and overwhelming demand for seats, the Trump administration pivoted to a more permanent crypto council. Instead, the White House will convene crypto summits periodically to meet with leaders.
With critical regulatory decisions on the horizon, the event is seen as a sign of things to come for the administration’s approach to digital assets.
Michael Saylor recently called for the U.S. to embrace Bitcoin as a strategic reserve, describing it as the “greatest economic program of the 21st century.” Saylor also said that the U.S.’s ownership of 10–20% of the Bitcoin network could be used to lower the national debt.
Despite concerns about the sustainability of the Bitcoin acquisition plan, large financial institutions continue to invest in the company through buying shares or fixed-income securities.
According to a Feb. 6 Securities and Exchange Commission (SEC) filing, BlackRock, the world’s largest asset manager, with over $11.6 trillion in management assets, increased its Strategy stake to 5%.
BlackRock’s filing came one day after MicroStrategy rebranded to Strategy and adopted a Bitcoin-themed marketing scheme to reflect its core focus.
A dozen US states, including Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah, and Wisconsin, currently hold Strategy stock as part of their pension programs or treasury funds.
California’s State Teachers’ Retirement Fund had the largest exposure among the 12 state funds, holding nearly $83 million in Strategy stock.
The California Public Employees Retirement System was close behind, which manages state employee pensions and holds approximately $76.7 million in Strategy shares.
On Feb. 20, Strategy announced a $2 billion convertible note offering, its latest corporate securities move to fund additional Bitcoin purchases.
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Author: NixCoin
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