Good morning and welcome to Kaupr Today — and to Kaupr Weekly!

Crypto spring. Tom Lee says it has started. Bitcoin broke $80,000. The Clarity Act cleared its last major hurdle. But is this the beginning of something — or will the market sell the news?

🔷 The Clarity Act moment — and the crypto spring question
🔷 Tokenization — the tipping point
🔷 Also a good read

And if you missed yesterday's special edition — we launched Kaupr Weekly, our new 10-minute podcast. Episode 1 is just below.

Have a good read! Morten

Kaupr Today is supported by K33, as one of our Kaupr TV Season Partners. Click on the image to learn more.

Kaupr Weekly is our new 10-minute podcast. Every week, editor Morten Myrstad takes one big story from the week and explains what it actually means — not a summary of the newsletter, but his own reflections and conclusions.

Bitmine acquired 101,745 ether last week, bringing total holdings to 5.18 million ETH — roughly 4.29% of the token's outstanding supply. Chairman Tom Lee declared "crypto spring" has commenced, pointing to Bitcoin breaking $80,000, the Clarity Act compromise and Ethereum's strength since the Iran conflict began. The firm has staked over 4.36 million ETH, generating nearly $300 million in annualized revenue. Lee argues the pattern is familiar: prices strengthen while investor sentiment stays muted and bearish — exactly how past cycles began.

Why it matters: When the most prominent Ethereum bull on Wall Street calls a new cycle while still buying at scale, it's not cheerleading — it's a position statement backed by $13 billion in crypto and cash.

Source: Tom Lee says 'crypto spring' started as largest Ethereum treasury buys $238 million in ether, CoinDesk

Circle jumped 20%, BitGo 10%, Coinbase 7% and Galaxy Digital 4% on Monday after the Clarity Act stablecoin yield compromise was released over the weekend. Circle's chief strategy officer Dante Disparte called it a signal that the US is choosing to lead in digital assets. Coinbase's chief policy officer said that while banks got tighter yield restrictions, the industry protected activity-based rewards — and that the broader bill can now move forward on token classification, DeFi and tokenization.

Why it matters: Markets don't wait for legislation to pass — the compromise alone moved billions in market cap on Monday morning.

Source: CLARITY Act Compromise Propels Digital Asset Shares Higher, PYMNTS

The Senate released compromise text on Friday resolving the last sticking point in the Clarity Act — banning yield on passive stablecoin holdings, allowing activity-based rewards. A committee markup is expected the week of May 11. Polymarket puts the odds of passage in 2026 at 55%, up nine points in 24 hours. But the yield section was never the most important part — the bill fundamentally embeds digital assets into US financial infrastructure for the first time.

Why it matters: This moves US crypto from regulatory grey area to regulated infrastructure — and the tokenization, agentic trading and DeFi frameworks in the bill will shape who builds what for the next decade.

Source: Final hurdle cleared in CLARITY Act — what's at stake, Kaupr

Going deeper → What the CLARITY Act could actually mean for users, builders and banks — Kaupr — in Norwegian, English, Swedish and Danish

Securitize and Computershare — which manages shares for 58% of the S&P 500 — have agreed to let US-listed companies issue tokenized shares alongside traditional ones. The tokens represent direct equity ownership on blockchain rails, not derivatives or wrappers. Investors can borrow against them onchain and hold them in digital wallets. 10,000 US public companies are now within reach.

Why it matters: When Computershare moves, the $70 trillion US equity market moves with it.

Source: World's Largest Stock Transfer Agent is Moving into Tokenization Through Partnership with Securitize, Forbes

Oliver Harris, JPMorgan's new head of its Kinexys blockchain division, says putting assets onchain doesn't automatically make them easier to trade. The real shift requires a unified global settlement layer connecting money, assets and data. Harris calls this his "third hell loop" — but says technology and regulation are finally mature enough for it to work.

Why it matters: The world's largest bank is setting a more sober standard for what tokenization needs to actually deliver — and that matters for every institution building in the space.

Source: JPMorgan's new blockchain chief warns that tokenization does not equal liquidity, CoinDesk

Rain is now a Mastercard Principal Member, enabling stablecoin-powered credit and prepaid cards in over 210 countries. Rain already held a Visa principal membership — making it the first stablecoin card infrastructure company inside both major global networks. The two will also explore onchain settlement to cut the liquidity requirements of traditional fiat settlement.

Why it matters: Stablecoins are no longer working around the card networks. They're inside them.

Source: Stablecoin startup Rain joins Mastercard as a Principal Member, The Block

Kaupr TV Live was back on air Friday 24 April, live from the studio in Stockholm — news, guests and conversations from the Nordic, Baltic and European Web3 and digital finance scene.

▶️ Watch on YouTube 📺 Watch on the KauprTV portal 📅 Watch on LinkedIn Event

Hosted by Morten Myrstad and Leon Aleksander Karlsen Solbakken

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Wishing you a great Tuesday — and welcome back on Wednesday morning for the next edition of Kaupr Today.

Best regards
Morten Myrstad
Founder & Editor