The Daily: Messari CEO steps down amid layoffs in 'AI-first' pivot, Mastercard to acquire BVNK for up to $1.8 billion, and more

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

Happy Tuesday! Bitcoin (BTC) briefly pushed past $75,000 this morning as a wave of short liquidations drove a squeeze-fueled rally, though analysts cautioned the move may prove short-lived without sustained spot demand and continued ETF inflows.

In today's newsletter, Messari's CEO steps down amid mass layoffs, Mastercard is set to acquire BVNK for up to $1.8 billion, PayPal expands (PYUSD) to 70 markets, and more.

Meanwhile, the CFTC said it won't pursue a broker registration action against Phantom over its derivatives trading feature. Plus, crypto e-commerce firm Bitrefill disclosed a cyberattack, naming North Korea's Lazarus Group as a potential suspect.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Messari CEO steps down alongside layoffs in AI pivot

Messari CEO Eric Turner has stepped down, with CTO Diran Li assuming the role following discussions with the board.

• Turner said he will remain at the blockchain research firm as an advisor after leading the company since 2024, succeeding founder Ryan Selkis.
• Messari also conducted layoffs alongside the leadership transition, though it did not disclose how many employees were affected.
  The company said the restructuring aims to reposition Messari as an "AI-first" business focused on institutional clients.
• Li said Messari will prioritize research and AI-driven products as part of its strategic shift — a rationale similar to what Jack Dorsey's Block cited for its approximate 40% workforce reduction last month.
• The move comes amid broader crypto industry layoffs, with firms like OP Labs and Gemini also recently cutting staff to refocus operations.
• Disclaimer: Messari is a competitor of The Block.

Mastercard to acquire stablecoin infrastructure firm BVNK for up to $1.8 billion

Mastercard agreed to acquire stablecoin infrastructure firm BVNK for up to $1.8 billion, including $300 million in contingent payments, subject to regulatory approval.

• The deal aims to connect onchain payment rails with Mastercard's global fiat network to enable "interoperability at scale" and is expected to close before the end of the year.
• Mastercard said BVNK's infrastructure will support use cases such as cross-border payments, remittances, and B2B and peer-to-peer transactions.
• The move follows a competitive acquisition process that previously involved Coinbase, which had explored a $2 billion deal for BVNK before talks ended in November.

PayPal expands PYUSD stablecoin access to 70 markets

PayPal expanded access to its PYUSD stablecoin to users in an additional 68 markets beyond the U.S. and UK, enabling them to buy, hold, send, and receive the token in-app.

• The rollout allows users in new regions like Colombia, Uganda, and Peru to use PYUSD for faster, lower-cost cross-border payments.
• Eligible users can also earn rewards on PYUSD holdings, though availability varies by market, including restrictions in Singapore.
• The expansion comes as PYUSD's market cap has grown to over $4 billion, though it remains a small share of the broader $300 billion stablecoin sector.

Cango posts $452.8 million net loss in first year as bitcoin miner

Cango reported a $452.8 million net loss in 2025, its first full year as a bitcoin miner, despite recording $688.1 million in revenue.

• The company generated more than 98% of its revenue from mining and produced 6,594.6 BTC during the year, while continuing its automobile trading business.
• Cango attributed the loss to non-recurring transformation costs, impairment charges, and fair-value adjustments tied to bitcoin.
• The firm sold about $305 million worth of bitcoin in early 2026 to repay debt and help fund its pivot toward AI infrastructure.

OpenSea delays SEA token launch indefinitely

OpenSea delayed its SEA token launch tied to a planned March 30 event, with no revised timeline, citing challenging market conditions.

• CEO Devin Finzer said the token would only launch once, prioritizing readiness over sticking to the platform's original Q1 target.
• The NFT marketplace signaled the shift in strategy as it winds down its rewards program and continues expanding into a multi-chain trading and derivatives hub.

In the next 24 hours

• U.S. mortgage data are due at 7 a.m. ET on Wednesday. U.S. PPI figures are out at 8:30 a.m. The Federal Reserve's latest interest rate decision follows at 2 p.m.
• A U.S. FOMC press conference is scheduled for 2:30 p.m.
• Bubblemaps and IOTA are among the crypto projects set for token unlocks.
• DC Blockchain Summit continues.

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