The crypto industry found its champion in Donald Trump. Once a skeptic of blockchain, Trump embraced the sector after companies like Coinbase and Ripple donated tens of millions of dollars to elect pro-crypto candidates during the last election cycle. Trump began to adopt talking points rarely heard outside of Crypto Twitter, like calling for the end of “Operation Chokepoint 2.0” and the release of Silk Road founder Ross Ulbricht—a stunning reversal after referring to Bitcoin as a “scam” just a few years before.

It’s fair to say that, for most of the business world, the first few months of the Trump administration have not gone according to plan. After figures from Marc Andreessen to Bill Ackman declared that the new term would bring a golden age of economic activity, Trump’s insistence on enacting his sweeping tariff agenda has brought public stock offerings to a screeching halt. And not even FTC boogey-woman Lina Khan could have dreamed up such an effective pause to acquisitions.

Crypto remains a notable exception to the chaos. Trump has managed to fulfill nearly every one of his campaign promises, from establishing a strategic government reserve holding Bitcoin seized from law enforcement operations to pardoning “Dread Pirate” Ulbricht, who was serving two life sentences—once a libertarian pipe dream. Meanwhile, key House and Senate committees have advanced their versions of a bill to establish regulations for stablecoins, a type of dollar-backed cryptocurrency. Ambitious legislation that would reform the securities regime to allow for crypto activity is not too far behind.

At the center of this agenda is David Sacks, the venture heavyweight that Trump tapped as his crypto & AI czar, and Bo Hines, a 29-year-old, two-time unsuccessful Congressional candidate. Sacks, though not necessarily known for his crypto investments, was well-regarded prior to the appointment. Hines, though, came as a total surprise to nearly everyone.

Jessica Mathews and I have a new profile about Hines. The impetus was obtaining his calendar through a Freedom of Information Request, which revealed that Hines has been meeting with just about every important figure in the crypto industry during his first few months in the Trump administration, from a16z’s Chris Dixon and Marc Andreessen to BNY Mellon’s Caroline Butler.

We had a chance to interview Hines in D.C. near his office next to the White House, where the former college football wide receiver explained his journey into the volatile industry and his key role serving as a liaison between every interest group, from companies to regulators to Trump himself. We also have new details about Hines’ own ties to the Trump orbit, including his investment and marketing firm that donated $1 million worth of political advertising to a Trump-linked Super PAC weeks before the election.

But despite the progress of Trump’s crypto strategy, shepherded by Hines, there’s a looming question of the cost. The most consequential obstacle for the sector remains convincing the public that crypto is not a scam. Trump’s release of his own memecoin the weekend before his inauguration, which has since plummeted nearly 90%, has not inspired any confidence. That’s not to mention his World Liberty Financial project, which is rife with concerns about conflict of interest.

The recent economic jitters triggered by Trump’s tariff plan have further upended the crypto industry’s advancement. Bitcoin has largely given up any promise of serving as an alternative investment to traditional equities, planned IPOs for crypto firms like Circle are left in the lurch, and the largest public company, Coinbase, has seen its stock drop 40% since Trump’s inauguration.

Trump is undoubtedly the first U.S. blockchain president. But while the crypto industry was hoping that would give them the respectability of traditional finance, the real consequence might just be that everything else is crypto now when it comes to volatility. So buckle up, and in the meantime, read our feature on Bo Hines.

Leo Schwartz
X: @leomschwartz
Email: leo.schwartz@fortune.com

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VENTURE DEALS

- Krea, a San Francisco-based platform developer for creatives, raised $83 million in funding. Bain Capital Ventures led the $47 million Series B round and was joined by existing investors. Andreessen Horowitz led the $33 million Series A round and was joined by existing investors. Pebblebed led the $3 million pre-seed/seed round and was joined by angel investors.

- Tapcheck, a Plano, Texas-based on-demand pay platform for employees, raised $25 million in Series A extension funding from existing investor PeakSpan Capital.

- Blue Water Autonomy, a Boston-based autonomous ship developer for the U.S. Navy, raised $14 million in seed funding from Eclipse, Riot, and Impatient Ventures.

- Cofertility, a Los Angeles-based egg freezing and donation fertility company, raised $7.3 million in Series A funding. Next Ventures and Offline Ventures led the round and were joined by Initialized, Arkitekt, Foreground, and others.

- ClearCOGS, a Chicago-based AI-powered predictive analytics provider for restaurants, raised $3.8 million in seed funding. Closed Loop Partners' Venture Group led the round and was joined by Myriad Venture Partners and Level Up Ventures.

- Noto, a New York City-based AI-powered operations platform for lesson-based businesses, raised $3.8 million in seed funding from Base10 Partners.

- NoScrubs, an Austin-based laundry delivery service, raised $2 million in pre-seed funding. Initialized Capital led the round and was joined by Frontier VC.

PRIVATE EQUITY

- Ethos Capital, joined by British Columbia Investment Management and White Mountains Insurance Group, acquired a 50% stake in BroadStreet Partners, a Columbus-based insurance brokerage. Financial terms were not disclosed.

- Highland Arms Enterprises, backed by Main Post Partners, acquired Camprendy, a San Jose-based franchise territory of the Precision Garage Door Service. Financial terms were not disclosed.

- An affiliate of Paceline Equity Partners invested $40 million in Kassel Mechanical, a Columbus-based mechanical, electrical, plumbing, fire suppression systems installation and maintenance services provider.

EXITS

- Mubadala Energy agreed to acquire a 24.1% stake in SoTex HoldCo, the Houston-based parent company of Kimmeridge Texas Gas and Commonwealth LNG, from Kimmeridge. Financial terms were not disclosed.

OTHER

- Honeycomb acquired Grit, a San Francisco-based AI-powered software migration solutions provider. Financial terms were not disclosed.

- Tucker’s Farm acquired Webster Lock and Hardware, a Bronx-based locksmith company. Financial terms were not disclosed.

IPOS

- Chagee Holdings, a Shanghai-based teahouse franchisor, plans to raise $411.6 million in an offering of 14.7 million shares priced between $26 and $28 on the Nasdaq. The company posted $1.7 billion in sales for the year ending Dec. 31, 2024. Junjie Zhang, X Capital Management, Yang Zhou, and Dengfeng Yin back the company.

Inside the crypto industry’s Faustian bargain with President Trump