- Accessories
- Accommodation
- Accounting
- Airline
- Analytics
- Auction site
- Bank
- Beauty
- Bike Rental
- Biotechnology
- Books
- CRM
- Call center software
- Cameras
- Car company
- Cards
- Chrome plugin
- Clothing
- Coffee
- Collaboration
- Community
- Contact lenses
- Crowd funding
- Cryptocurrency
- Customer support
- Dating
- Department store
- Design tools
- Developer tools
- Digital printing
- Direct to consumer
- Domain names
- E-commerce
- E-commerce store builder
- Education
- Electronic signatures
- Electronic signitatures
- Electronics
- Email Service Provider
- Email marketing
- Entertainment
- Event management
- Fashion
- Finance
- Fitness
- Flight comparisons
- Food
- Food delivery
- Form builder
- Freelancer tools
- Furniture
- Game
- Gaming
- Gifts
- Glasses
- Greetings cards
- Groceries
- Hair
- Health
- Hiring
- Hotel comparison
- Hotels
- Insurance
- Investing
- Jewelry
- Landing page builder
- Language learning
- Lingerie
- Live chat
- Makeup
- Marijuana delivery
- Marketing
- Marketplace
- Mattress company
- Meal delivery kits
- Media
- Messaging
- Music
- NFT
- News
- No-code
- Nutrition
- Online courses
- Online-course-platform
- Outdoor store
- Password manager
- Payments
- Personal Finance
- Pharmacy
- Photography
- Podcast Hosting
- Podcasts
- Productivity
- Project management
- Property
- Proposal software
- Real estate
- Ride sharing
- Running
- SEO
- SaaS
- Sales tools
- Scooters
- Shoes
- Skincare
- Social network
- Software
- Sportsware
- Subscription boxes
- Swimwear
- T-shirt Printing
- Talent
- Telco
- Trains
- Transport
- Travel
- Underwear
- VPN
- Video hosting
- Video streaming
- Voucher/Coupon Sites
- Watches
- Web hosting
- Website builder
- Workforce management
- Writing
- & Other Stories
- &Open
- 1&1
- 1Password
- 3dcart
- 6pm
- A.C. Moore
- ANNA by RadLabs
- ASOS
- AT&T
- AVI-8
- AYR
- Abercrombie
- Accessorize
- Ace Hardware
- ActiveCampaign
- Acura
- Acuvue
- Adapt
- Adidas
- Airbnb
- Aircall
- Airtable
- Alaska Air
- All Saints
- Allbirds
- Amazon
- Ambronite
- American Airlines
- American Apparel
- Anchor
- Ann Taylor
- Antidote Street
- Apple
- Armani Exchange
- Armogan
- Asana
- Astley Clarke
- Audemars Piguet
- Auverture
- BBC iPlayer
- BECCA Cosmetics
- Baremetrics
- Barnes and Noble
- Basecamp
- Bath & Body Works
- Beans
- Bearbottom Clothing
- Beaver Brooks
- Ben Sherman
- Bend
- Bespoke Post
- Best Buy
- Big Cartel
- BigCommerce
- Binance
- Birchbox
- BitClout
- Bite
- Black Opal Beauty
- Blinkist
- Blue Apron
- Bluehost
- Bobbi Brown
- Bonlook
- Bonobos
- Boohoo
- Booking.com
- Boots
- Box
- Bravissimo
- Breaker
- Breitling
- Brightedge
- British Airways
- BrowserStack
- Bubble
- Buffer
- Busuu
- Bynder
- CVS
- Cadillac
- CafePress
- Calendly
- Calm
- Candy Club
- Canny
- Canon
- Canva
- Carbonmade
- Careem
- Carrd
- Cars.com
- Cartier
- Cash App
- Casper
- Caviar
- ChartMogul
- Chevrolet
- Chilewich
- Chococurb
- Chubbies
- Circle
- Claire's
- Clarks
- ClassPass
- ClickFunnels
- ClickUp
- Clinique
- Cloudflare
- Clubhouse
- Clue
- Coach
- Coastal
- Coda
- Coinbase
- Conductor
- ConvertKit
- CopyAI
- Costco
- Coursera
- Cover FX
- Craft
- Craigslist
- Crypto.com
- Cult Furniture
- Customer.io
- DFS
- Daisy Jewellery
- Daniel Wellington
- Debenhams
- Deliveroo
- Delivery.com
- Delivra - The Inbox
- Delta
- Depop
- Deputy
- Descript
- DesignByHümans
- Designer Shoe Warehouse
- Discord
- Disney+
- Djusie
- DocuSign
- Dollar Shave Club
- Domino's
- DoorDash
- Dorelan
- Dorothy Perkins
- Drip
- Dropbox
- Dropbox Paper
- Drops
- Duda
- Duolingo
- Dwell
- EasyJet
- Eaze
- Elevate
- Etsy
- Eurostar
- Eventbrite
- Everlane
- Evernote
- Expensify
- Express Glasses
- Eye Buy Direct
- FabFitFun
- Fabletics
- Facet
- Fancy
- Farm Rio
- Fashion Fair
- Fashion Nova
- Feedly
- Feelunique
- Fenwick
- Figma
- Finimize
- Firebox
- Fitbit
- Fiverr
- Fleur & Bee
- Flipd
- Flodesk
- Fluent
- Flybe
- Foodvisor
- Ford
- Forest
- Forever 21
- Fort Myers
- Fortnum & Mason
- Fossil
- Framebridge
- Framer
- FreeCodeCamp
- Freedom Japanese Market
- Freetrade
- Front
- Ftsny
- Fullstory
- Furniture Village
- Fyrn
- GMC
- GameStop
- Gap
- GatherContent
- Ghost
- Ghost Bed
- GitHub
- Glasses USA
- Glo
- Glossybox
- Go-Jek
- GoDaddy
- Goat
- Gobble
- Goggles4u
- Goldsmiths
- Gorillas
- Gousto
- Grab
- Graham and Green
- Grammarly
- Graze
- Greats
- Green Chef
- GreenRush
- Groupon
- Grubhub
- Guess
- Gumroad
- Gymshark
- Gyroscope
- H&M
- H.Samuel
- HVMN
- Habitat
- Harrods
- Harry's
- Harvey Nichols
- Hastens
- HauteLook
- Headspace
- Height
- Helix
- HelloFresh
- Help Scout
- Hey
- Hipmunk
- Hobby Lobby
- Home Depot
- HomeGoods
- Honda
- Honest
- Honey
- HostGator
- HotelTonight
- Hotjar
- House Curious
- House of Fraser
- Houzz
- HubSpot
- HubSpot CRM
- Huel
- Hulu
- Hungry House
- Hutch
- InMotion Hosting
- InVision
- Infoempleo
- Infojobs
- Instacart
- Interact
- Intercom
- Ipsy
- J.Crew
- JCPenney
- Jaguar
- Jessops
- Jet2
- JetBlue
- Jira
- Job Today
- Jump Bikes
- Just Eat
- Kay
- Khan Academy
- Klarna
- LTHR Supply
- Lancôme
- Landbot
- Lane Bryant
- Launchaco
- Leadpages
- Leesa
- Lemonade
- Lexus
- Liberty London
- Lifesum
- Lime
- Linear
- Linjer
- Linktree
- Litmus
- Loaf
- London Virgin Hair
- Lookfantastic
- Loom
- Loot Crate
- Lowes
- Lululemon
- Luma
- Lyft
- MAC Cosmetics
- MDMflow
- MVMT
- Mack Weldon
- Macy's
- Made
- Magento
- Mailchimp
- MapMyGut
- Marley Spoon
- MasterClass
- Mayvenn
- MeUndies
- Meadow
- Medium
- Memrise
- Menards
- Mercari
- Mercedes-Benz
- MetaMask
- Michaels
- Microsoft Teams
- Mini
- Miro
- Miss Selfridge
- Missguided
- Misto Box
- Mitsubishi cars
- Mixpanel
- Monday
- Moneybox
- Mont Blanc
- Monzo
- Moo
- Moonpig
- Morning Brew
- Morning Recovery
- Muttonhead
- My First Wig
- MyFitnessPal
- N26
- Nars Cosmetics
- NerdWallet
- Nest Furniture
- Netflix
- New Look
- Newegg
- Nicely Noted
- Nike
- No Mercy / No Malice
- Nomatic
- Noom
- Nordstrom
- Nordstrom Rack
- Notion
- Notonthehighstreet
- Now TV
- Nugg
- Ocado
- OfferUp
- Officevibe
- Old Navy
- Omega
- OpenSea
- OpenTable
- Otiumberg
- Outdoor Voices
- Overstock
- Ozone Socks
- PandaDoc
- Pandora
- Patreon
- Paula's Choice Skincare
- PayPal
- Peloton
- Picniic
- Pier 1
- Pipedrive
- Pitch
- Pizza Express
- Plated
- Plum
- Pluralsight
- Podia
- Poshmark
- Postmates
- Pottery Barn
- PrettyLittleThing
- Primark
- Process Street
- Puma
- Purple
- QVC
- Quibi
- QuickBooks
- Quill
- Quizlet
- Quora
- REI
- Racket
- Raymond Weil
- Redbubble
- Reflectly
- Replit
- Retool
- Revolut
- Rezi
- Ripcurl
- Robinhood
- Runkeeper
- SNKRS by Nike
- Sally Beauty
- SavvyCal
- Scentbird
- Scribd
- Seamless
- Search Metrics
- Selfridges
- Sephora
- ServiceNow
- Shop.com
- Shopify
- Shpock
- Shudder
- Shwood and Stanley
- Simba
- Skillshare
- Skyscanner
- Slack
- Slite
- Snapchat
- Society6
- Sock Fancy
- SoloLearn
- SoundCloud
- Southwest
- Soylent
- SpeedWeed
- Spotify
- Spreadshirt
- Square
- Squarespace
- Squarespace Scheduling
- Staples
- Starbucks
- Steam
- Stitch Fix
- Stone Forest
- Strava
- Strikingly
- Stripe
- Substack
- SumUp
- Sun Basket
- Sunsama
- Superdrug
- SurveyMonkey
- Swarovski
- Sweatcoin
- Swoon
- TRNK
- Tag Heuer
- Tally
- Target
- Taste Trunk
- Teachable
- Teachlr
- Techcrunch
- Ted Baker
- TeePublic
- Tempur
- Tempur-Pedic
- Tesla
- The Hustle
- The Jewel Hut
- The New York Times
- The Ordinary
- The White Company
- Thinx
- Threadless
- Thryve
- Tidal
- Tide.fm
- Tiffany & Co
- TikTok
- Tinder
- Todoist
- Tommy John
- Topshop
- TouchNote
- Trainline
- TransferWise
- Trello
- Triibe
- TripAdvisor
- Trivago
- Trustpilot
- Tuft & Needle
- TunnelBear
- Twitch
- Typeform
- UNIQLO
- Uber
- Uber Eats
- Udacity
- Udemy
- Ulta
- Unbounce
- UncommonGoods
- United
- Universe
- Upwork
- Urban Outfitters
- VSCO
- Vessi
- Victoria's Secret
- Vimeo
- Vinted
- Viome
- Virgin Atlantic
- Vistaprint
- Voog
- Vueling
- WW (Weight Watchers)
- WalMart
- Walgreens
- Wallapop
- Wallshoppe
- Warby Parker
- Watch Shop
- Watch Station
- Watches.com
- Wattpad
- Wayfair
- Waze
- Wealthsimple
- Webflow
- Weebly
- West Elm
- Whimsical
- Williams Sonoma
- Winc
- Wise
- Wistia
- Wix
- WooCommerce
- WordPress
- World Market
- Wowcher
- YNAB
- YouTube
- YouTube Music
- Zales
- Zapier
- Zara
- Zazzle
- Zendesk
- Zero
- Zoe & Morgan
- Zoopla
- Zulily
- eBay
- eToro
- uBiome
The New York Times Customer
Subscribed 3 years, 10 months ago
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
<head>
<title>
DealBook: Questioning Trump’s crypto reserve
</title>
<!--[if !mso]><!-- -->
<meta content="IE=edge" http-equiv="X-UA-Compatible"/>
<!--<![endif]-->
<meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
<meta content="width=device-width,initial-scale=1" name="viewport"/>
<style type="text/css">
#outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
</style>
<!--[if mso]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml>
<![endif]-->
<style type="text/css">
@media (max-width:480px){.css-r2ey6x{width:100%!important}}.css-sdwaa1:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-1n5iqtj:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-1n5iqtj{display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px}}.css-wf08f0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-wf08f0{display:inline-block!important}}@media (max-width:480px){.css-63f6sn{display:none!important}}@media (max-width:480px){.css-1npprw9{display:table-row!important}}@media (max-width:480px){.css-1b9cqt1{padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-36ugzx{padding-bottom:0!important}}@media (max-width:480px){.css-37loo4{padding:20px 0 0!important}}@media (max-width:600px){.css-xsf469{width:100%!important;height:auto!important}}@media (max-width:600px){.css-1wuwhda{width:100%!important;padding:0!important}}@media (max-width:480px){.css-1dtd48z{padding-left:30px!important}}@media (max-width:480px){.css-1hnedf7{font-size:13px!important}}@media (max-width:480px){.css-3vswge{padding-bottom:6px!important}}@media (max-width:480px){.css-10nzuqq{font-size:25px!important;line-height:30px!important}}.css-12jlfj0:hover{-webkit-text-decoration:none!important;text-decoration:none!important}.css-12jlfj0:hover{border-bottom:none!important}
</style>
</head>
<body>
<div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252F8BidkhRTKz5s_EdamfAj_A~~%252FAAAAARA~%252FDGj3sa5O9OYtyONiwdTtV5RTSem7xEua8ZFqdVVGY2BB-aSD1jawnzRigkh7U8Qd2ofnXBZCueVY-t-xf9TWeg~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NDEwMDYzODUuMzcyNjAwNn0:1tp5I9:FiGyGSTx_4KuTXLOJZzFXoBwhQD23ovbt1E8MaBZ0l0" width="1"/>
</div>
<div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
Also, the costs of Europe’s Ukraine defense
</div>
<div>
<!--[if mso | IE]><table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center"><tr><td><![endif]-->
<table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
<tbody>
<tr>
<td align="left" id="EMAIL_CONTAINER" width="100%">
<div style="margin:0 auto;max-width:600px;width:100%">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="padding:15px 0 5px;text-align:center;width:100%">
<div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="View in browser">
View in browser
</a>
<span style="color:#dcdcdc;margin:0 10px">
|
</span>
<a class="css-sdwaa1" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px" title="The New York Times">
nytimes.com
</a>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr aria-hidden="true">
<td>
<span style="text-align:center;line-height:0;font-size:0">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td>
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzczOTE1N30:1tp5I9:NY8sBMPkR8MIAF-JZ7uxg4hxCofw3fTFeRjAr9IOVFw" style="width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td height="10">
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="border-top:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td class="css-37loo4" style="padding:19px 0 0;width:100%;text-align:center">
<div style="margin-bottom:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
<img alt="DealBook" class="css-r2ey6x" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252FF-DealBook-Sorkin%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEwMDYzODUuMzc0NjIyfQ:1tp5I9:mfJuIY_KYXAIxE_NNbD0Qk9pw1V64rz-yCMJeFd2auo" style="width:300px" width="300"/>
</a>
</div>
<p style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
March 3, 2025
</p>
<p aria-hidden="true" style="font-size:0;line-height:0;margin:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1080714%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc0ODg1Nn0:1tp5I9:GSze7tGAz3uIsoNPF9K7qVlNn0O75j-RATp6gY1tNKg" style="max-width:600px;width:100%" width="600"/>
</a>
</p>
</td>
</tr>
<tr>
<td style="border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Good morning. It isn’t just traditional opponents of President Trump who questioned his plans to create a national crypto reserve with five tokens, including lesser-traded ones. Among them are allies like Joe Lonsdale, the conservative investor. More below. (Was this newsletter forwarded to you?
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Sign up here.
</a>
<span style="font-style:italic">
)
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td>
<img alt="President Trump speaking at a lectern wearing a blue suit, white shirt and blue tie, with his arms outstretched." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F03%252Fmultimedia%252F03db-newsletter-trumpbtc-zgkv%252F03db-newsletter-trumpbtc-zgkv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDEwMDYzODUuMzc1MTIxNH0:1tp5I9:oahNiS9NrEtHz-eQjxDeUoPQaoqp2jVAYvDyZlHc0A4" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
</td>
</tr>
<tr>
<td class="css-1b9cqt1" style="text-align:left;width:100%;padding-bottom:15px;line-height:14px">
<span style="color:#666;font:normal 14px georgia,serif">
President Trump drew criticism even from allies over his plans for a national crypto reserve.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
Kevin Wurm/Reuters
</span>
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The consequences of a crypto reserve
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Cryptocurrencies are again riding high, after President Trump announced that he would create a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
national crypto reserve with five tokens
</a>
<span>
, including three lesser-known and highly volatile ones.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It’s the latest boost that Trump has given the crypto industry, which spent some $130 million
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
backing him and other Republicans
</a>
<span>
. But the news drew criticism from many, including conservatives and even ardent crypto backers, over many concerns: giveaways to an already wealthy community, delegitimizing the digital currency industry and more.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
“I will make sure the U.S. is the Crypto Capital of the World,”
</span>
<span>
Trump declared on his Truth Social network yesterday in announcing the reserve, which would involve the federal government stockpiling five tokens: two well-established ones (Bitcoin and ether) and three newer and more thinly traded ones (XRP, solana and cardano).
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Proponents say a reserve would help taxpayers benefit from crypto’s price growth. It’s still not clear how such a reserve would work or when it would be introduced, though a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Republican-authored bill in the Senate
</a>
<span>
would direct the government to buy one million Bitcoins — worth about $92.6 billion at today’s prices — over five years.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The plan is music to the ears of many in the crypto industry,
</span>
<span>
who have already benefited significantly from Trump moves like picking regulators who will go easier on digital currencies. The price of Bitcoin alone has jumped 36 percent since the election in November.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc1MzQxfQ:1tp5I9:C8Kw8YO5AjyEhl9hBy1trFYnoXtY7IuzXxWHAeRbkkA" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc1NTZ9:1tp5I9:zOQt7qA7LyY2F0kOGT9_tG6KgkEFSZD7NVKQpfF_2fc" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc1ODI3Nn0:1tp5I9:WCgin1DFygD7mFDrfNtykjCS8tUaK6R1dPzPudKvQak" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Critics of all political stripes decried the move.
</span>
<span>
Some Republicans raised questions about spending taxpayer money on risky assets instead of paying down the national debt.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Joe Lonsdale
</a>
<span>
, a friend of Elon Musk’s, wrote on X: “It’s wrong to steal my money for grift on the left; it’s also wrong to tax me for crypto bro schemes.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some protested the seeming latest conflict of interest involving Trump and crypto, noting that Trump profited from
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
promoting the so-called memecoin $Trump
</a>
<span>
before his inauguration. (The S.E.C. last week said memecoins wouldn’t be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
subject to regulatory oversight
</a>
<span>
.) “This is getting egregious,” the software developer
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Nikita Bier
</a>
<span>
replied to Lonsdale’s post. “Every 2 weeks there is a kickback to the family. Completely delegitimizes all the work DOGE is doing.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Others questioned whether David Sacks, the investor who is Trump’s crypto czar, also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
stands to benefit
</a>
<span>
from such a reserve. Sacks wrote on X that he had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sold his cryptocurrency holdings
</a>
<span>
, but didn’t address any holdings his investment firm has in crypto start-ups. Sacks will chair a first-of-its kind crypto White House summit on Friday intended to discuss ways to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
spur innovation and growth
</a>
<span>
in the sector.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
This poses a longer-term question.
</span>
<span>
Judging by yesterday’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rally in crypto assets
</a>
<span>
, this could vastly benefit crypto investors, who showed that they’re willing to inject huge sums into politics. Could such an explicitly beneficial policy for crypto give them even more ammunition to influence future elections, further reshaping government in their favor?
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc2MDQ3Nn0:1tp5I9:I7gEL8BXQYTbLw-XoojFXOXDb555d0DeFtxXy86R96w" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc2MzM0N30:1tp5I9:psiZyfE3uaapggoLPpGjFQUzIsCtID3GkVKMFrU0l0o" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc2NTY1Mn0:1tp5I9:BrulKdejydcdpp-6bspgKiEMmr6vNj1VJQra5D5XkmQ" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Consulting firms lobby Washington to save their contracts.
</span>
<span>
Ernst & Young and Booz Allen are among those trying to persuade the Trump administration
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
not to ditch their work agreements
</a>
<span>
, The Wall Street Journal reports. Meanwhile, a new CBS News poll shows Americans are split on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
whether the so-called U.S. DOGE Service is good
</a>
<span>
; The Times
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
found more errors
</a>
<span>
with DOGE’s contract-cutting math; and President Trump appears to be cautious about cutting
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Medicaid
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Andrew Cuomo officially enters the New York mayoral race.
</span>
<span>
The former governor, who left Albany in 2021 amid sexual harassment charges, has already picked up two union endorsements and emerged as
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the new front-runner to unseat Mayor Eric Adams
</a>
<span>
. Cuomo has vowed to crack the city’s homeless problem, and rebuild its police department, but steered clear of mentioning Adams or Trump.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
“Anora” scores big at the Oscars.
</span>
<span>
The film took home
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
five Academy Awards
</a>
<span>
, including best picture, director, actress and original screenplay. It has pulled in just $41 million globally,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
one of the lowest grossing films ever to win best picture
</a>
<span>
, but it illustrated how smaller distributors like Neon, which released the movie, and A24, which was behind “The Brutalist,” outshined bigger studios in awards this year.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="border-top:0 solid #dcdcdc;padding-top:15px">
</td>
</tr>
<tr aria-hidden="true">
<td>
<div style="width:100%;text-align:center;line-height:0">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc2Nzg1OH0:1tp5I9:eP9leIPT5Mdq8f1BICOxvzIGdoM7TWyfxokrkjpGTlo" style="max-width:96px;margin-bottom:7px"/>
</div>
<span style="text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
<tbody>
<tr>
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc3MDF9:1tp5I9:BTwR1CHvr0ji9omaubajbXR4LxCgltRhdrm8RO4TSTU" style="display:block;width:100%;max-width:600px" width="600"/>
</a>
</td>
</tr>
<tr class="css-1npprw9" style="display:none">
<td style="line-height:0;font-size:0">
<a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
<img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc3MjU3OH0:1tp5I9:n2tQlNZaS5p76VV8BgIFTGXZIU33_AbRgEeaZOIt2ts" style="display:block;width:100%;max-width:480px" width="480"/>
</a>
</td>
</tr>
</tbody>
</table>
</span>
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
How will Europe pay to aid Ukraine?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
European defense stocks are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rallying this morning
</a>
<span>
, along with the euro, after the region’s leaders vowed to take on “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the heavy lifting
</a>
<span>
” of defending Ukraine from Russia. It’s the latest development in the three-year-old war after Friday’s Oval Office blowup put President Volodymyr Zelensky of Ukraine on the outs with President Trump.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But behind the investor enthusiasm lies the question: Can Europe, facing high debt loads, chronically low growth and looming tariffs imposed by Trump, afford more military spending?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Ending the Russia-Ukraine war carries a high cost.
</span>
<span>
Prime Minister Keir Starmer of Britain rolled out a four-point plan this weekend at a gathering of European leaders and Zelensky.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
It includes an Anglo-French “coalition of the willing” to defend any eventual deal for Ukraine, which could mean “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
boots on the ground and planes in the air
</a>
<span>
.” Britain also
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lent £2.26 billion
</a>
<span>
($2.86 billion) to Ukraine to help bolster its military forces.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Even before the summit, credit agencies had warned about Europe’s finances.
</span>
<span>
For example, increasing NATO members’ defense spending to 3 percent of G.D.P. — which is still short of the 5 percent that Trump wants — could force European governments to make unpopular spending cuts that weaken social safety nets,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Fitch Ratings has warned
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Other political options include loosening fiscal rules to allow for greater defense, rerouting unspent
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
NextGenerationEU funds
</a>
<span>
to military buildup and or raising taxes.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Borrowing would carry a hefty cost, too.
</span>
<span>
European bond yields
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ticked higher today
</a>
<span>
, a sign that investors were growing worried about potential growth in public spending.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Analysts are divided
</a>
<span>
on whether such commitments could muddle the European Central Bank’s plans to cut interest rates; the central bank meets later this week.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The stakes are huge.
</span>
<span>
Failure to help Ukraine could eventually push European nations into accepting a deal that favors President Vladimir Putin of Russia. That could test E.U. cohesion, analysts say — but might be welcomed by those interested in seeing a divided Europe.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Trump, Putin (and possibly Elon Musk?) all seem to dislike the European Union,” Holger Schmieding, an economist at the German bank Berenberg, wrote in a research note this morning. “They would prefer to deal one-by-one with a panoply of minnows and middling countries than with a union that represents the second biggest market in the world.”
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Alex Clavel, the C.E.O. of SoftBank's Vision Fund unit." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F03%252Fmultimedia%252F03db-newsletter-softbankclavel-hvwj%252F03db-newsletter-softbankclavel-hvwj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDEwMDYzODUuMzc3NTEwM30:1tp5I9:_xq8gOjokjAjQi6VYqDr-4HPto35tQFs1Bt9H80LwcQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
“Valuing world-beating companies in revolutionary times is not an easy thing to pinpoint,” Alex Clavel, who oversees SoftBank’s Vision funds, said of investing in artificial intelligence companies.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
via Reuters
</span>
</span>
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A peek inside SoftBank’s Vision Funds
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In recent years, SoftBank of Japan had sought to make its Vision Fund unit — home to three large financial vehicles that defined a once-heady era of tech investing — more conservative.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But the desire of Masa Son, SoftBank’s C.E.O., to become a lead investor in the artificial intelligence race is driving the company to spend heavily again, and raises questions about how the Vision Funds fit into that vision.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The funds’ C.E.O., Alex Clavel, gave DealBook’s Michael de la Merced his first interview since assuming sole leadership of the unit in January about that, and more.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The new vision:
</span>
<span>
The funds, which gained notoriety for pouring hundreds of millions into companies like WeWork and the robot-aided-pizza-maker Zume, are now meant to make minority investments in start-ups where someone else is in control, Clavel said. (SoftBank’s $3.5 billion investment in OpenAI is part of Vision Fund 2.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
How the Vision Funds are doing:
</span>
<span>
The division reported a nearly 310 billion yen ($2 billion) loss in the fourth quarter, as the paper value of holdings like the e-commerce company Coupang fell. But Clavel noted that the division over all grew last year, with its fair value rising by $5 billion and distributing about $66 billion via I.P.O.s and other cash-out events.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
A survey
</a>
<span>
of the Vision Funds’ hundreds of portfolio companies, whose results were shared first with DealBook, found that many of their C.E.O.s were:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
more optimistic about the economy and their businesses’ prospects compared with a year ago — though they’re also feeling more stressed;
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
worried about inflation, high interest rates and ongoing market volatility;
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and focused on organic growth, but also on conserving cash and stabilizing their companies.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The A.I. factor:
</span>
<span>
A majority of Vision Fund portfolio company C.E.O.s are using the technology in their core products, a reflection of the overall focus of SoftBank on becoming a leader in the field. “We do see A.I. as a secular trend, a revolution,” Clavel told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That has meant investing in prominent A.I. companies like OpenAI and the data intelligence provider Databricks at increasingly soaring valuations. (The Databricks C.E.O., Ali Ghodsi, told DealBook that “we’re at
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
peak bubble territory
</a>
<span>
for A.I.”)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Clavel acknowledged that “valuing world-beating companies in revolutionary times is not an easy thing to pinpoint.” But, he added, paying up big was the cost of entry. “We’re really convinced that this is a revolution,” he added.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
What’s next:
</span>
<span>
The Vision Funds are betting that it will become easier to take companies public this year, allowing the SoftBank funds to start selling their holdings and locking in gains. “We’re looking forward to the I.P.O. market opening back up,” Clavel said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
One thing not to expect anytime soon, he added, was outside investors returning to the Vision Funds. (While the first Vision Fund counted Saudi Arabia and Abu Dhabi as investors, the second Vision Fund is all SoftBank money.) “We don’t have any plans to do that,” Clavel said, noting that SoftBank itself has added money to Vision Fund 2 when required.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The week ahead
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A major presidential address, jobs, and tariffs — here’s what’s in focus this week.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Tomorrow:
</span>
<span>
President Trump will address Congress, outlining his policy agenda. His administration’s tariffs against Canada, Mexico and China are scheduled to go into force hours earlier. Stocks in Europe and Asia this morning are mostly higher after Howard Lutnick, the U.S. commerce secretary, suggested yesterday that the levies could be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lower than expected
</a>
<span>
, reviving hopes that Trump’s trade war threats aren’t set in stone.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="" class="css-xsf469" height="548" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F03%252F03%252Fbusiness%252F03db-chart%252F03db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDEwMDYzODUuMzc3OTg2N30:1tp5I9:Blts3Dv0hTWXghaGSuvWC-DkX7v0cEc_6eSE1iPSuT8" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Wednesday:
</span>
<span>
The Fed’s “beige book” survey of regional economic activity is scheduled to be published.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Friday:
</span>
<span>
It’s jobs day. Despite the deep Elon Musk-led cuts within the federal government, economists forecast that employers
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
added about 160,000 jobs
</a>
<span>
in February. Inflation hawks will closely watch data on wages.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Subscribe to The New York Times
</a>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
.
</a>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Shares in Prada jumped as the luxury brand is said to be close to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
a deal to buy Versace
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
from Capri Holdings for roughly $1.6 billion. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Shell has reportedly hired Morgan Stanley to advise on a strategic review that could involve the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
sale of its U.S. and European chemicals businesses
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Artificial intelligence
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Can Apple catch up in A.I.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
as competitors like Amazon surge ahead in offerings like a smarter digital assistant? (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Amazon loves AI,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
except when candidates use it in their job interviews
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Business Insider)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Bubble tea and ice cream have turned China’s Mixue into the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
world’s biggest fast-food chain
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, and its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
shares are soared
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in their trading debut this morning. (WSJ, CNBC)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Epic,” “based,” “420” — Elon Musk’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
penchant for using dated online slang
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
may be facing limits. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
We’d like your feedback. Please email thoughts and suggestions to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
dealbook@nytimes.com
</a>
<span>
.
</span>
</p>
<div aria-hidden="true" style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
<table border="0" cellpadding="0" cellspacing="0" width="40">
<tbody>
<tr>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc4MjEzNH0:1tp5I9:oplRYMZJVp62aK7lXtnVxWN1GW1-BQ6TP2t3ymht10A" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc4NDg1NH0:1tp5I9:SZ7fT5i-m1UL-1Eim6_JiFA8bH7ZGxEdB78xJVTa1jY" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc4Nzg0N30:1tp5I9:enxsmkL5hn_Kk9O7X4DoSNbOisyoe_6Bo22q8L4kkAY" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc5MDAxNH0:1tp5I9:rNhM2NGNC3rm6UVEky1Sj3P4qkqVKpr-YT-fLIiukPs" width="2"/>
</td>
<td height="6">
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250303%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDEwMDYzODUuMzc5MzQ2MX0:1tp5I9:LZlnz6DSFU9uZWqmpfZ32auc811ywKMasRJ2bG6xoKA" width="2"/>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="15">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-top:22px">
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@ravmattu
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Sarah Kessler
</a>
<span>
, Deputy Editor, Chicago
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@sarahfkessler
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Michael J. de la Merced
</a>
<span>
, Reporter, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@m_delamerced
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Lauren Hirsch
</a>
<span>
, Reporter, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@LaurenSHirsch
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ephrat Livni
</a>
<span>
, Reporter, Washington D.C.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@el72champs
</a>
</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td style="height:15px">
</td>
</tr>
<tr>
<td style="padding:12px 0;border-top:1px solid #000">
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
Need help? Review our
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
newsletter help page
</a>
or
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
contact us
</a>
for assistance.
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
<span>
You received this email because you signed up for DealBook from The New York Times.
</span>
</p>
<p style="font:12px/15px arial,sans-serif;color:#666;margin-bottom:7px">
To stop receiving DealBook,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
unsubscribe
</a>
. To opt out of other promotional emails from The Times, including those regarding The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
manage your email settings
</a>
. To opt out of updates and offers sent from The Athletic,
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
submit a request
</a>
.
</p>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
<a class="css-1n5iqtj" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
Subscribe to The Times
</a>
<a class="css-wf08f0" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:none">
Get The New York Times app
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:9px 0 8px;border-top:1px solid #dcdcdc">
<table>
<tbody>
<tr>
<td style="padding-right:15px">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0">
Connect with us on:
</p>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="x" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fx.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEwMDYzODUuMzc5NzQ4Nn0:1tp5I9:qr2ebaoiRrqmGOm900TnIZ9UtPVbcNpKP0iNgl5CNko" style="vertical-align:middle" width="25"/>
</a>
</td>
<td style="padding-right:15px">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
<img alt="whatsapp" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Fwhatsapp.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEwMDYzODUuMzc5OTc5OH0:1tp5I9:Sa9WkIJB9YkQfx6vZDEHJhk5xkBLPIUNiTt9H3DAt4M" style="vertical-align:middle" width="25"/>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td style="padding:10px 0;border-top:1px solid #dcdcdc">
<p style="font:12px/15px arial,sans-serif;color:#666;margin:0;line-height:20px">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Change Your Email
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Privacy Policy
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Contact Us
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#286ed0">
California Notices
</a>
</p>
</td>
</tr>
<tr>
<td style="padding:5px 0 7px;border-top:1px solid #dcdcdc">
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0;display:inline-block;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
<img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEwMDYzODUuMzgwMzQzMn0:1tp5I9:BZSP9iEKOqeHgLeaYxZDIW7q-2gx03uIasUNRWqvPbw" style="vertical-align:middle" width="150"/>
</a>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:none;color:#666;line-height:0">
<img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSIsInRpbWUiOjE3NDEwMDYzODUuMzgwNjcyfQ:1tp5I9:SRkHxvrKW4AXIe0hoVlWLZ72wZWhlKC_p-mURWridDY" style="vertical-align:middle" width="70"/>
</a>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
<p style="color:#999;font:12px/15px arial,sans-serif;margin:0">
The New York Times Company. 620 Eighth Avenue New York, NY 10018
</p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
<!--[if mso | IE]></td></tr></table><![endif]-->
</div>
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FPB-C2haJNadQAQKPv7DZYw~~%252FAAAAARA~%252FC2o0WVPY3eMT-ZgsiVfPaAMRu8RqGsBCWqMk1KBI1G_xVW9PZ06m_nZaLbIiJ-B87nPeSMqKFsWnsGDOdo3xxg~~/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiIsInRpbWUiOjE3NDEwMDYzODUuMzgxMDEwOH0:1tp5I9:xWqIYF98NMg9TitILm_RthGxjsGYwDS8w8BkGysWVbI" width="1"/>
</body>
</html>
1 month ago - nytdirect@nytimes.com
DealBook: Questioning Trump’s crypto reserve
Also, the costs of Europe’s Ukraine defenseView in browser|nytimes.comMarch 3, 2025Good morning. ...