Top stories today:

1. Trump names XRP, SOL, ADA, BTC, ETH as part of U.S. crypto reserve
2. Q1 GDP revised down to -1.5%, sharp down from prior +2.3% forecast
3. MWC 2025 showcases solar panel-featuring smartphone, laptop
4. European leaders race to craft plan to save Zelensky, U.S. support
5. DeepSeek reveals “theoretical” profit margin of 5x+ on its AI models

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Trump names XRP, SOL, ADA, BTC, ETH as part of U.S. crypto reserve

• Sun.: Trump revealed the structure of the U.S. crypto reserve.

• Relatedly, Trump is hosting the first-ever Crypto Summit at White House on Fri.

• White House AI and Crypto Czar David Sacks will chair the summit.

 Crypto prices surged following the announcement

3. Q1 GDPNow forecast revised down to -1.5%, sharp down from previous +2.3% forecast

• Less-than-expected consumer spending and weak exports led to the downgrade.

• -3.7pp from GDP due to net exports, the regional Fed bank sees.

• +25% in Jan. merchandise trade deficit to $153.3B.

• -0.5% in inflation-adjusted personal spending in Jan., the most in ~4 years.

• It's early in the quarter, and GDPNow estimates will update with new data over time.

4. MWC 2025 showcases solar panel-featuring Infinix smartphone, Lenovo concept laptop