COINOTAG News on August 21, citing Onchain Lens monitoring, reports a known Bitcoin OG whale deposited 20 million USDC into HyperLiquid and opened a 6x leveraged ETH long from a
Bitcoin faces downside risk as spot demand weakens and leveraged positions remain exposed near $112K.
Ming Shing, a Hong Kong-listed company, announced on Wednesday, 20 August, that it has entered into an agreement to purchase 4,250 BTC valued at approximately $483 million. The acquisition, priced at the current BTC price of $113,638, would place Ming Shing as the largest holder of Bitcoin among Bitcoin treasuries in Hong Kong. Boyaa Interactive, currently holding 3,350 BTC, would be surpassed as the leading Bitcoin treasury in Hong Kong. The agreement will be financed through the issuance of convertible notes and warrants instead of cash. Ming Shing, a construction company, will issue 3% of 10-year convertible notes and 12-year warrants that cover a total of 402,467,916 shares. The transaction is set to close by December 31, 2025. Ming Shing to lead Hong Kong BTC treasuries with 4,250 BTC acquisition The construction company has joined the Hong Kong-listed firms with Bitcoin reserves in a growing industry wave of publicly listed companies forming Bitcoin treasuries as an alternative financial strategy. The trend follows early adopters like Strategy and Metaplanet . As of August 2025, 169 publicly traded companies worldwide had adopted the Bitcoin treasury model. Strategy holds the largest portion with approximately 629,000 BTC valued at approximately $71 billion. Ming Shing Group’s recent acquisitions include a 500 BTC purchase in January 2025 and 333BTC in both February and March, positioning itself as one of the largest Bitcoin treasuries in Hong Kong. The company views crypto assets as a long-term store of value and hedge against inflation. Winning Mission and Rich Plenty Investment Limited, two British Virgin Islands-based firms, are involved in the transaction. Winning Mission, the seller of the 4,250 BTC, will receive $241.48 million in convertible notes and warrants for 201,233,958 shares. Rich Plenty Investment will act as the broker for the transaction between the two entities. The convertibles and warrants include a 4.99% cap on beneficial ownership. Wenjin Li, CEO of Ming Shing, noted the volatile nature of the Bitcoin market and acknowledged that the investment could potentially appreciate and increase the company’s assets. According to the details of the transaction, the company’s share base is expected to increase from the current less than 13 million outstanding shares. If all goes well and the convertibles are exercised, the shares would rise to 415 million, reducing the current shareholder ownership to about 3.1%. If all shares, convertibles, warrants, and accrued interest are exercised, the company’s share base could reach 939 million, leaving the existing shareholders with just 1.4% ownership. The current approved share base is 100 million; to increase, an authorization will be required from the shareholders. Ming Shing’s stock jumps briefly before closing at $1.65 on Thursday Ming Shing’s stock jumped briefly to $2.15 after the announcement and closed at around $1.65 on Thursday. The stock is down 6.06% on the daily chart and 24.39% over the past week. The stock YTD shows 74.39% down with a year range of $1.18 – $10.58%, showing poor performance throughout the last 12 months. Financial reports from the construction firm show that it experienced a negative profit margin of -3.9% in 2025 and a pre-interest and tax loss of $5.35 million. The company is diversifying its assets from the core business to shield itself from such losses and increase shareholder margins. Regulators across Hong Kong have approved Ether ETFs, spot Bitcoin, licenses for crypto service providers and the introduction of the ASPIRe regulatory framework. CMB International , a financial institution in Hong Kong, has also begun issuing digital assets in the city. The city is undergoing drastic changes to establish itself as a central hub for digital assets. The smartest crypto minds already read our newsletter. Want in? Join them .
Amid all the turbulence in the crypto market lately, many crypto enthusiasts are keeping their eyes on the bigger picture.
BitcoinWorld BlackRock Crypto Transfer: Crucial Movements to Coinbase Prime Spark Speculation A recent report from Lookonchain has sent ripples through the crypto community, revealing a significant BlackRock crypto transfer . The on-chain analytics firm shared on X that the financial giant, BlackRock, moved substantial amounts of Bitcoin (1,885 BTC) and Ethereum (59,606 ETH) to Coinbase Prime just hours ago. This intriguing movement immediately sparked widespread speculation about BlackRock’s intentions, with many wondering if it signals an imminent sell-off. Understanding the BlackRock Crypto Transfer: What Exactly Happened? On-chain data provided by Lookonchain indicates that BlackRock executed a notable transfer of digital assets. Specifically, 1,885 Bitcoin, valued at approximately $120 million at current prices, and 59,606 Ethereum, worth around $210 million, were moved to Coinbase Prime. This action, reported about four hours prior to Lookonchain’s announcement, points to a deliberate strategic move by one of the world’s largest asset managers. Such a large-scale BlackRock crypto transfer often draws attention due to its potential market implications. Coinbase Prime serves as an institutional-grade platform, offering comprehensive trading, custody, and prime brokerage services for digital assets. Therefore, a transfer to this platform by a major player like BlackRock is not a casual event. It suggests a prepared action, whether for trading, rebalancing, or other strategic objectives. Why Does This BlackRock Crypto Movement Matter? BlackRock’s involvement in the cryptocurrency space is closely watched by investors globally. As a leading institutional investor with trillions of dollars under management, its actions can significantly influence market sentiment and price dynamics. The recent BlackRock crypto transfer to Coinbase Prime is particularly noteworthy for several reasons: Potential for Selling Pressure: Moving assets to an exchange often precedes a sale. If BlackRock intends to sell a portion of its holdings, this could introduce selling pressure on Bitcoin and Ethereum prices. Market Signal: Large institutional moves can signal a shift in investment strategy or outlook. Investors often try to decipher these signals to adjust their own portfolios. Liquidity Management: Institutions manage their liquidity carefully. Transferring assets to an exchange could be part of a broader liquidity management strategy, preparing for various market scenarios. Understanding these motivations is crucial for anyone following the institutional adoption of digital assets. Exploring Potential Reasons for the BlackRock Crypto Transfer While the immediate assumption often leans towards selling, several possibilities could explain this significant BlackRock crypto transfer : Profit Taking: Given the substantial gains in Bitcoin and Ethereum over recent periods, BlackRock might be realizing profits from its existing positions. This is a standard practice for any investment firm. Portfolio Rebalancing: Institutions frequently rebalance their portfolios to maintain desired asset allocations. This transfer could be part of a larger strategy to adjust their crypto exposure relative to other assets. Strategic Trading: Coinbase Prime offers advanced trading tools. BlackRock might be positioning these assets for more active trading strategies, potentially involving derivatives or arbitrage opportunities. Operational Requirements: Less dramatically, the transfer could be for internal operational reasons, such as consolidating assets for reporting, auditing, or shifting between different custodial solutions within their ecosystem. It is important to remember that on-chain data shows transfers, not necessarily sales. The ultimate intent behind this BlackRock crypto transfer remains speculative until further official statements or confirmed trades emerge. What’s Next for the Market After This BlackRock Crypto Transfer? The cryptocurrency market often reacts swiftly to news concerning major institutional players. While the BlackRock crypto transfer has fueled speculation, its actual impact will depend on BlackRock’s subsequent actions. If sales occur, a temporary price dip might be observed for Bitcoin and Ethereum. Conversely, if the assets are simply being repositioned for other strategic purposes, the market reaction might be minimal or even positive if it signals continued institutional engagement. Investors should remain vigilant and monitor official announcements from BlackRock or further on-chain data. This event underscores the growing influence of traditional finance institutions on the volatile crypto landscape, making their every move a point of interest for market participants. In conclusion, the recent BlackRock crypto transfer of substantial BTC and ETH to Coinbase Prime, as reported by Lookonchain, is a development worth watching. While the immediate implication points towards potential selling, other strategic reasons like profit-taking, portfolio rebalancing, or operational adjustments cannot be ruled out. This move highlights the evolving interplay between traditional finance giants and the digital asset ecosystem, reinforcing the need for investors to stay informed about institutional flows. The market’s reaction will ultimately depend on how BlackRock utilizes these transferred assets, shaping the near-term trajectory for Bitcoin and Ethereum. Frequently Asked Questions (FAQs) Q1: What is Coinbase Prime? A1: Coinbase Prime is an institutional-grade platform designed for large financial institutions and corporations, offering comprehensive services for digital assets, including trading, custody, and prime brokerage. Q2: Why is BlackRock’s crypto transfer significant? A2: BlackRock is one of the world’s largest asset managers. Their significant movements of digital assets can influence market sentiment, indicate shifts in institutional strategy, and potentially affect cryptocurrency prices. Q3: Does a transfer to an exchange always mean selling? A3: Not necessarily. While moving assets to an exchange can precede a sale, it can also be for portfolio rebalancing, strategic trading, or internal operational requirements. Q4: How can investors track institutional crypto movements? A4: Investors can track institutional movements through on-chain analytics platforms like Lookonchain, reputable crypto news outlets, and by monitoring official announcements from institutions themselves. Q5: What assets did BlackRock transfer to Coinbase Prime in this instance? A5: BlackRock transferred 1,885 Bitcoin (BTC) and 59,606 Ethereum (ETH) to Coinbase Prime. Did you find this analysis of BlackRock’s crypto movements insightful? Share this article with your network on social media to help others understand the dynamics of institutional crypto adoption! To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin and Ethereum institutional adoption. This post BlackRock Crypto Transfer: Crucial Movements to Coinbase Prime Spark Speculation first appeared on BitcoinWorld and is written by Editorial Team
Summary IREN Limited uniquely combines high-margin Bitcoin mining with a strategic shift into green AI data centers, driving impressive 128% YoY growth. Ultra-low energy costs (3.3¢/kWh) provide a major competitive advantage in mining, fueling cash flow for aggressive data center expansion. Valuation appears high on a PS basis, but rapid revenue growth and future data center projects make IREN undervalued long-term. Despite risks from Bitcoin volatility and project delays, I view IREN as a strong buy and am increasing my portfolio allocation. Investment Thesis: IREN Limited (NASDAQ: IREN) is, in my opinion, the best stock that combines two current core businesses. -Bitcoin hype -Increasing demand for data centers IREN benefits from the current high Bitcoin prices through cheap mining, which they sustainably invest in green data centers and can thus demonstrate a growth of 128% YoY with a PS ratio of only 9.78. YCharts From Mining to Datacenter IREN has long been a very effective Bitcoin miner with a profit margin of 67% per Bitcoin mined in the last quarter. They achieve this through low electricity costs of only 3.3¢/kWh through renewable energy compared to other providers who are twice as expensive at 8¢/kWh. In my opinion, this leads to a currently very strong competitive advantage and this will also be a reason why IREN will be so effective in the data center sector in terms of margin and profit as they also rely on green energy here. Currently comes: -2-5% of the Revenue from the AI cloud data center business -95% of the Revenue from the Bitcoin mining business This shows that the transformation has only just begun but in my opinion will be really relevant in the long term as this will make the difference between IREN becoming a very valuable company. Let's first look at the Bitcoin mining business where IREN mined 728 Bitcoins in July with a capacity of an incredible 50 EH/s already reached in the middle of this year. An incredible increase with an annual growth rate of 361%. This only ensures a profit of an incredible $66 million in July because of Bitcoin Mining. YCharts At the end of Q1 2025 the Bitcoin price was at $82k and all mining costs were $40k which shows a 100% return and is the reason why Iren is expanding so strongly in this area as the margins are perfect and they are building up cash with the mining of bitcoin to invest in the data centers. For example, in 2025 they had cash of $400 million earned e.g. through the mining business and reinvested in the data center area (Horizon 1) Iren has therefore ordered 2,400 NVIDIA Blackwell GPUs to support its next phase of growth. The plan is to commission a 75 MW liquid-cooled data center by the fourth quarter of 2025 (project: Horizon 1). Management assumes that this facility will generate annual revenue of USD 75 to 100 million once it is up and running, thus further diversifying the mining business, and in my opinion shows the shift from mining companies to green data centers. The project is nevertheless dependent on the delivery of the 2400 GPUS, which may be delayed due to the shortage. Thus, I currently see a successful transition from mining to green data centers, which have an enormous demand and diversify the business sustainably. I also think it is very good to exploit the advantage of cheap mining and then invest the cash effectively. Fundamentals: At first glance, Iren looks historically overvalued according to the PS Ratio, as we currently have a PS Ratio of 9.78 . This is also above the sector average of 3.27. However, this view is very one-sided, as we have to look at the growth on the other side YCharts If we look at the current growth rates in the Bitcoin and AI/data center segment, Iren is valued very favorably. The company is currently growing 128% YoY and in segments like AI they have 33% growth QoQ and here they are still missing the revenue from the future Horizon 1 project until the end of 2026. If we assume a conservative 50% revenue growth over the next three years, we get a PS ratio of 3.37 which is well below the historical average. Now the question arises under which factors could Iren achieve this growth? YCharts The determinants are: 1: Rising bitcoin prices Iren benefits over-proportionally from rising bitcoin prices when mining as the cost per bitcoin mined is currently $40,000 and the margin is determined by the selling price. This then also directly determines the sales growth and profit that is then invested in data centers. Since we are currently in a bull run with steadily increasing volumes, I doubt that we will become unprofitable even in the event of a stronger correction. Otherwise, I could imagine Iren holding the coins until higher prices. IR 2: Expansion in data centers The surplus from Bitcoin sales will be invested entirely in the green data center area to build Horizon 1 and 2 with a target capacity of 300MW in 12 months, in my opinion to keep up with the competition. The data centers alone are expected to generate a projected revenue of $1.2 billion , which would be $4.5 per share and would already lead to an extremely favorable P/S ratio with the mining business and thus an undervaluation. At the current time, IREN has a forecast EPS of $0.14 in 2025, which will then be increased to $1.24 in 2026. An increase of 800% and this is just the beginning. Rising Bitcoin prices, the expansion into the AI business and the high investments in Horizon 1, for example, have reduced profits. Key figures such as PE or PEG ratio are therefore not suitable at the current time, which is why I have focused on PS ratio. Analyst Ratings: Other analyses also support my bullish outlook of 5 Buy/ 3 Hold with an average price target of +8%, which I consider to be very pessimistic due to the growth and the current valuation. TipRanks Technicals: The stock price of Iren is very bullish from a current perspective, we have a lot of positive momentum underpinned by two important support lines. In addition, we have a lot of volume in the current price range, which is very positive as this shows many willing buyers who are currently buying the stock. In addition, the trend has not yet ended and the RSI of 69 is still perfectly in order and only shows the direction of a past high position. So I do not see an overreaction here but a very bullish chart. Tradingview Bullish Risks The main risk to my thesis is the current unprofitability, which could be get worse by the mining business disappearing if BTC were to experience a strong bear market and slip below $40k. However, I think this is unlikely as the company would accumulate the coins and then sell them after bitcoin has risen again. In addition, the expansion of Horizon 1 and 2 could be delayed, causing sales and thus the valuation to fall later than expected. However, I see these risks as manageable as the company is reasonably valued and has plenty of growth potential. Conclusion: I am currently very convinced that IREN is making a sustainable shift from the mining business to the data center sector and see the mining business as a good opportunity to expand and build up cash. For this reason, I have also started to include IREN in my portfolio with a current size of 2% and a target weighting of 5%. Due to the low valuation in the long term and the current growth, I see Iren as a strong buy candidate.
Bitcoin has been experiencing a correction over the past week, breaking record after record in the current cycle. While it has been noted that this cycle is driven by institutional adoption, at this point some analysts argue that the last cycle was not like previous cycles and the halving was not the focus. However, analysis firm Glassnode noted that despite growing institutional adoption, Bitcoin's historic 4-year cycle may still be intact. Glassnode noted in its latest analysis that Bitcoin's recent price action may still be following its historic four-year halving cycle. “From a cyclical perspective, Bitcoin's price action also reflects previous patterns.” Glassnode noted that Bitcoin's current cycle trajectory and duration closely resemble previous cycles. Analysts also noted that all-time highs in both the 2015-2018 and 2018-2022 cycles occurred 2-3 months later than the current timeline. At this point, according to analysts' chart, the market peak in Bitcoin could occur as early as October. “The peak cycle highs in the 2018 and 2022 cycles were reached just two or three months after where we are now when measured from the cycle low.” Glassnode also noted that increased profit-taking by long-term investors and a slowdown in spot Bitcoin ETF inflows suggest the market may be at the end of its cycle phase. This data could signal that the current bullish wave is nearing its end. *This is not investment advice. Continue Reading: Glassnode Says "Bitcoin's Bull Cycle Continues Unbroken!" and Sets a Date for the Summit!
Brazil is moving toward creating a $19 billion Bitcoin strategic reserve termed RESBit, following a public hearing held on August 20. The session, led by the Chamber of Deputies’ Economic Development Commission in Brasília, brought together lawmakers, economists, and digital asset experts to discuss Bill 4501/24, which proposes using Bitcoin to modernize Brazil’s treasury management and strengthen its position in the global digital economy. If approved, Brazil would join the ranks of El Salvador, the U.S., China, the EU, and Dubai in exploring government-backed Bitcoin holdings, signaling a major step in adopting digital assets as part of national economic planning. $19B Bitcoin Reserve as Treasury Hedge Against Dollar As RESBit Faces Multi-Committee Scrutiny The initiative , authored by Deputy Eros Biondini (PL-MG) and brought forward for debate by Deputy Luiz Philippe de Orleans e Bragança (PL), envisions a Bitcoin reserve worth $18.6 to $19 billion. The plan frames Bitcoin as a “digital commodity” comparable to gold, with the goal of diversifying Brazil’s financial reserves, hedging against currency volatility, and insulating the economy from geopolitical shocks. Under the proposal, the Central Bank of Brazil and the Ministry of Finance would oversee custody and management of the assets, publishing biannual reports on performance, risk exposure, and strategic impact. Supporters argue this transparency could strengthen trust in the initiative and anchor it within broader fiscal stability measures. Lawmakers pointed to international examples, including El Salvador’s adoption of Bitcoin as legal tender and pilot reserve initiatives in the U.S. and Asia, to frame RESBit as part of a global push to integrate cryptocurrencies into sovereign balance sheets. Proponents described Bitcoin as a safeguard against monetary inflation and dollar hegemony, suggesting that the digital reserve could reinforce Brazil’s long-term financial sovereignty. Industry experts invited to the hearing, including Diego Kolling of Méliuz and Julia Rosim of ABcripto and Bitso, acknowledged Bitcoin’s scarcity and decentralization as potential long-term benefits but cautioned lawmakers on its well-known volatility and security risks. They stressed that custody frameworks, liquidity management, and cybersecurity protections would be crucial to prevent fiscal exposure. Notably, the bill faces an extensive multi-committee review before reaching the full Chamber for a vote. It must clear four powerful bodies — the Economic Development Commission, the Science, Technology, and Innovation Committee, the Finance and Taxation Committee, and the Constitution, Justice, and Citizenship Committee — before advancing to the Senate. Each stage provides opportunities for technical adjustments and political negotiation. Critics at the session warned of broader fiscal implications, arguing that diverting nearly $19 billion into Bitcoin could restrict funding for infrastructure and social programs while exposing public finances to sudden swings in crypto markets. Others flagged transparency and accountability as potential weak points, noting the need for robust reporting and oversight if the reserve moves forward. Latin America’s Bitcoin Momentum: Brazil to Join the Sovereign Reserve Movement Brazil’s proposed RESBit initiative positions the country at the forefront of Latin America’s crypto drive, joining a growing list of nations eyeing strategic Bitcoin reserves. Notably, Brazil already leads the region in both trading volume and adoption, ranking 10th worldwide in Chainalysis’ 2024 Geography of Crypto report. Brazilian tax authority data revealed nearly $76 billion in crypto transactions last year, indicating the scale of integration across its economy. Lawmakers described RESBit as a crucial step to harness this momentum, with the Central Bank and Finance Ministry tasked with biannual performance and risk reports to ensure oversight and alignment with financial policy. Beyond Brazil, several other nations have already moved to integrate Bitcoin at the sovereign level. El Salvador remains the flagship case of sovereign Bitcoin adoption, making it legal tender in 2021. Retail use has since plunged from 25.7% in 2021 to just 8.1% in 2024, but the government has continued to buy the dip. El Salvador has expanded its Bitcoin holdings once again, purchasing five additional BTC amid a market dip that saw the asset fall to $83,000. #ElSalvador #Bitcoin https://t.co/bVwm7Hs5s8 — Cryptonews.com (@cryptonews) March 4, 2025 At the time of writing, its holdings stand at 6,275 BTC, worth around $710 million, giving it sizable unrealized gains and reaffirming its role as a crypto pioneer. Argentina and Venezuela have also turned to Bitcoin and stablecoins to offset inflation and bypass dollar shortages, signaling a broader regional tilt. In the U.S., Bitcoin has entered state coffers through criminal seizures, making the country the largest known holder with nearly 198,000 BTC as of July 2025. China follows closely with about 194,000 BTC, most of it tied to the PlusToken Ponzi scheme but reportedly sold. China sold 194K #Bitcoin already, imo. PlusToken's seized BTC in 2019 was sent to Chinese exchanges like Huobi. The CCP said it was "transferred to the national treasury" without clarifying if it was sold. A censored regime holding censorship-resistant money feels unlikely. pic.twitter.com/ODHD9rSR0d — Ki Young Ju (@ki_young_ju) January 23, 2025 While neither has adopted Bitcoin as legal tender, their large holdings show a shift in how major economies view the asset: less as speculation, more as a strategic reserve. The post Brazil Debates Massive $19B Strategic Bitcoin Reserve — Will It Challenge Dollar Dominance? appeared first on Cryptonews .