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Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Telegram's blockbuster deal with xAI, which would see Elon Musk's AI company integrate into Telegram and the two firms share revenue, is still a work in progress despite an announcement from Pavel Durov earlier Wednesday, U.S. time, that the deal was inked.

TON, a token affiliated with Telegram's ecosystem, is trading at $3.30, rallying there from $3 after the initial – now refuted – announcement of the partnership was made. The token is down from an earlier high of $3.68, after Elon Musk posted on X that no deal had been signed between the two companies. TON is still up 11% on the day, according to CoinDesk market data.

While Durov has now confirmed that no deal has been signed, the Telegram founder said there is an “agreement in principle” which might be why TON still has significant support at the $3.30.

All eyes will be on Telegram and xAI as the Asia business day begins to see if more clarification comes from either side.

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Decentralized BlueSky isn't a Web3 Company, Says CEO

VANCOUVER—Jay Graber, the CEO of fast-growing decentralized social media platform Bluesky, got her start in Web3 as a developer for privacy coin zCash, but she wants to keep her X competitor firmly in Web2.

Speaking at Web Summit in Vancouver on Wednesday, Graber argued blockchain technology’s permanence and resource-intensive design make it unsuitable for consumer-oriented social networks, where content is fleeting and personal.

“Why do you need your picture of what you post for lunch being maintained forever in this digital archive?” she asked on stage, highlighting the inherent scalability and cost limitations that drove her decision to avoid blockchain at Bluesky.

Graber, to be sure, isn't against crypto. She says there's still genuine value in the technology for things like payments and digital identity, even if sometimes Web3 often presents solutions in search of a problem, and has a trend of gravitating towards centralization.

“There’s a period where everyone was creating blockchain like this hammer, and we were just going to try blockchain for everything,” Graber said. “Every system that's trying to do it ends up with concentrations because it's easy, and convenience ultimately wins at the end of the day.”

For her, Bluesky's future lies in combining the ideals of decentralization, such as user autonomy and portability, with practical, Web2 infrastructure to create a platform that prioritizes users' needs.

“Blockchain will probably find its place somewhere in the world of technology, but Bluesky is not on a blockchain because we're just making the best choices for our users,” she concluded.

Nvidia's Earnings Beat Boosts Stock, Offers Modest Lift to AI Tokens

Shares of Nvidia rose roughly 4% in after-hours trading Wednesday after reporting stronger-than-expected first-quarter earnings, highlighted by a 69% revenue increase from last year and a 73% jump in its data center business driven by robust demand for AI chips. Net income rose 26% to $18.8 billion, boosting Nvidia’s year-to-date performance modestly higher, CoinDesk previously reported.

The earnings report provided a slight lift to AI-related crypto tokens like Bittensor (TAO), NEAR Protocol, and Internet Computer (ICP), though gains were modest.

However, Nvidia tempered future expectations, cautioning that second-quarter revenue might fall short of market estimates due to tariff-related trade tensions between the U.S. and China.

Market Movements:

BTC: Bitcoin dipped 1.2% to $107,800, though NYDIG sees more room for gains. At the same time, crypto markets shrugged off a U.S. court blocking Trump's broad tariffs as unconstitutional, with BTC trading remaining muted.
ETH: Ether is trading above $2700 as Asia begins its business day. Earlier, CoinDesk analyst Omkar Godbole wrote ETH is eying a breakout above $3,000, forming a bullish “ascending triangle” pattern with rising support and resistance at $2,735, as higher lows signal growing buying pressure and accumulation ahead of a potential price surge.
Gold: Gold has slipped 1% to $3,267.47 amid cooling safe-haven demand, though tariff and geopolitical uncertainty linger.
Nikkei 225: The Nikkei 225 is opening in the green, up 1%, as investors in export-reliant Japan are looking at a recent announcement that the Supreme Court has blocked Trump's tariffs with cautious optimism, even as crypto shrugged it off.
S&P 500: While the S&P 500 closed in the red, futures are up 1% as traders await more clarity regarding the court's move to block Trump's tariffs.

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In brief

Caladan has revealed plans to open a representative office in New York City, committing at least 5% of its global workforce to expand into the U.S. market.
The firm is exploring broker-dealer registration and FINRA membership, seeking to build institutional partnerships and engage directly with U.S. regulators.
The move comes as the Trump administration rolls back enforcement and backs pro-crypto legislation, creating what Caladan sees as a more favorable environment for global players.

Crypto trading firm Caladan has announced plans to open a representative office in New York City, becoming the latest institutional player to expand into the U.S. as the Trump administration unwinds years of strict enforcement and signals a regulatory reset for the industry.

The Singapore-based firm will allocate at least 5% of its global headcount to the new U.S. office as it attempts to nab itself a broker-dealer registration and potential FINRA membership.

To lead the effort at its U.S. office, Caladan has hired a three-member team led by Gian-Paul Caccia, with experience across both crypto-native and traditional financial institutions, including crypto exchange Coinbase, asset manager BlackRock, investment bank Cowen Digital, and Bank of America.

Their mandate includes building institutional partnerships, advancing compliance strategy, and deepening regulatory engagement, according to a statement shared exclusively with Decrypt.

Caladan described its U.S. entry as part of a broader strategy to link Asia’s crypto market infrastructure with growing institutional momentum in the United States, seeking to serve as a conduit for liquidity, regulatory dialogue, and cross-border strategy.

“It’s not just about operating in the U.S., we want to help shape the rules-based future of crypto markets with full transparency and accountability,” Julia Zhou, COO at Caladan, said in the statement.

Caladan’s U.S. entry comes just as President Donald Trump’s administration tears up the rulebook that once kept firms like it at bay.

Since taking office in January, Trump has appointed pro-crypto SEC Chair Paul Atkins, dropped multiple lawsuits against digital asset firms, and reversed enforcement-heavy policies upheld by the previous administration.

Nexo, the crypto lender that exited the U.S. market in 2022, citing “regulatory dead ends,” also announced its return last month, crediting Trump’s pro-innovation stance for the renewed access.

The administration has also hosted a White House crypto summit featuring top industry figures and backed the GENIUS Act, a stablecoin framework that cleared the Senate last week and now heads to the House.

Even before his presidential inauguration, Trump launched a meme coin on Solana to tap into crypto culture. Last week’s private gala for top Official Trump (TRUMP) meme coin holders turned that gesture into a focal point for political controversy.

Edited by Sebastian Sinclair

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