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Sundial Enables First Cross-Chain BTC Transfer Between Bitcoin and Cardano

PLUS: New Hampshire approves BTC treasury investments, Trump creates U.S. Bitcoin reserve, BlackRock’s Bitcoin ETF outpaces gold, UK targets crypto credit ban, and Sundial builds a BTC–Cardano bridge.

Author

Michael Stinson
May 09, 2025

Happy Friday, Maestros!

Welcome to another edition of the Bitcoin Renaissance!

This week, New Hampshire now allows public funds to invest in Bitcoin, while Trump establishes a $17B U.S. Bitcoin reserve. BlackRock’s BTC ETF leads gold in inflows, and the UK plans to ban crypto buys on credit. Spotlight: Sundial is building a trustless BTC–Cardano bridge via BitVM.

Another week, another new APIs!

PS. Don’t forget to follow us on X here.

🚀 Featured Stories

New Hampshire has become the first U.S. state to authorize its treasury to invest up to 5% of public funds into Bitcoin and other high-cap digital assets. Governor Kelly Ayotte signed legislation allowing these investments, which will be securely stored through regulated custody solutions or exchange-traded products. This move positions New Hampshire at the forefront of state-level cryptocurrency adoption.

BlackRock's iShares Bitcoin Trust (IBIT) has surpassed traditional gold-focused ETFs in year-to-date inflows, reflecting growing institutional confidence in Bitcoin. The ETF's performance indicates a shift in investor preference towards digital assets over traditional safe-haven investments like gold.

President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve, utilizing over $17 billion in forfeited bitcoins from criminal and civil cases. The reserve aims to position the U.S. as a global leader in digital assets, treating Bitcoin as a long-term national reserve asset.

The UK's Financial Conduct Authority plans to prohibit retail investors from buying cryptocurrencies using borrowed money, aiming to protect consumers and maintain market integrity.

💡 Spotlight: Sundial Protocol

Sundial Protocol is a hybrid Layer-2 solution designed to bridge Bitcoin's liquidity with Cardano's smart contract capabilities. By leveraging Cardano's eUTXO model and Ouroboros consensus, Sundial processes transactions off-chain to enhance speed and reduce costs, while maintaining security through regular checkpointing to the Cardano mainnet.

Key Features

  • Trustless ZK Bridge: Utilizes zero-knowledge proofs to enable secure, non-custodial transfers of BTC between Bitcoin and Cardano, eliminating the need for traditional custodial intermediaries.

  • Babel Fees: Allows transaction fees to be paid with any token, enhancing flexibility for decentralized applications and users.

  • Native UTXO Security: Ensures robust security by avoiding wallet drainers, smart contract compromises, failed transactions, and outages.

  • Institutional-Grade Compliance: Offers features like reporting and risk management to meet the needs of institutional participants.

Recent News

First Bridgeless BTC Transfer: In a demonstration of its capabilities, Sundial participated in the first bridgeless cross-chain BTC transfer between Bitcoin and Cardano. Utilizing BitcoinOS's BitSNARK protocol and the xBTC token standard, this event showcased the potential for non-custodial, cryptographic asset transfers across blockchains.

Future

Sundial Protocol aims to unlock new DeFi opportunities by integrating Bitcoin's substantial liquidity into Cardano's ecosystem. By providing a scalable and secure platform for decentralized applications, Sundial is poised to enhance interoperability and drive the adoption of decentralized finance solutions across both Bitcoin and Cardano networks.

More info here!

📣 Trending on X

Michael Saylor just shared how anyone could generate $100 million through Bitcoin.

U.S. banks receive official approval from the OCC to buy, sell, and custody Bitcoin on behalf of their customers.

The Missouri House of Representatives voted 102-41 to pass a bill that would exempt capital gains from state income tax, including profits from the sale of stocks, real estate, and cryptocurrencies like Bitcoin

Fidelity’s Chris Kuiper outlines “The Investment Case for #Bitcoin” to corporations exploring BTC adoption.