The partnership introduces the S&P 500 Index to Blockchain for the first time. Licensed asset managers can now initiate Blockchain funds meeting institutional standards. Continue Reading: S&P 500 Enters Blockchain World with Innovative Collaboration The post S&P 500 Enters Blockchain World with Innovative Collaboration appeared first on COINTURK NEWS .
Bitcoin’s price has retraced by a slight 0.9% in the past 24 hours as traders are expecting a few important economic events during today’s session. Meanwhile, the broader cryptocurrency market is also reflecting the uncertainty as the majority of altcoins are trading in the red with some charting a lot bigger declines than others. Bitcoin Price Waits for News The deep involvement of corporate Bitcoin buyers and institutions has surely played a major role in its price increase over the past year but it’s also the reason why the crypto market has been largely correlated to traditional ones. A few years ago, literally nobody cared about metrics such as CPI, PMI, and whatnot, but now every crypto trader has them on their watchlist. As such, today is also shaping up to be a volatile experience with a few important economic events on the calendar. First, Jerome Powell will speak in the afternoon, followed by data for job openings, PMI, and ISM manufacturing – all indicators that shape policymaking, especially when gauging the strenght of the local economy. That said, Bitocin’s price is down about 1% on the day and is currently trading at around $106,500 after having tested $109,000 yesterday. It’s interesting to see if the bulls have it in them to push bakc towards the upper boundary of the recent trading range or if the bears will send the price back below $105K. Source: TradingView Altcoins in Red, Some More Than Others As you can clearly see in the heatmap below, the altcoins are also not having a great day. This is, perhaps, to be expected – Bitcoin’s dominance over the market has been rising gradually over the past many months and whenever BTC slips, altcoins crash. The past 24 hours have hardly been a crash, though, but it’s clear that most of them are charting more considerable declines. This is especially true for TKX, ARB, SPX6900, SEI, and others, that are down between 8% and 15% on the day. Believe it or not, Bitcoin Cash (BCH) is today’s best performer, gaining more than 6%. Who would have thought? Source: Quantify Crypto The post Bitcoin Traders Wait Important Economic Announcements Today, These Altcoins Plummet (Market Watch) appeared first on CryptoPotato .
Malaysia’s Securities Commission (SC) has proposed sweeping changes to its digital asset exchange (DAX) regulatory framework. This follows a sharp rise in digital asset trading, which hit a record RM13.9 billion ($2.9 billion) in 2024, more than double the volume recorded in 2023. According to the consultation paper released by the commission, the proposed updates aim to reduce time-to-market for new tokens while enhancing governance, investor protection, and platform resilience. Public Consultation: Enhancing the Digital Asset Exchange (DAX) Framework Consultation is open 30 June – 11 August 2025. Full media release: https://t.co/uQPeQadh7B Consultation Paper: https://t.co/AGXjbEamRW Questions? Email us at aFINity@seccom.com.my pic.twitter.com/FyQiY5UWFe — SC Malaysia (@SecComMalaysia) June 30, 2025 Notably, Malaysia’s digital asset market has grown significantly since the DAX framework was introduced in 2019. The surge in trading volume in 2024 was linked to growing interest from both retail investors and institutional participants. The SC also highlighted increasing involvement from traditional capital market intermediaries, who are gaining exposure to crypto assets through direct investment and fund-based channels. Malaysia Proposes Faster Listings with Eligibility Criteria Among Other Reforms Under the proposed reforms, certain tokens may be listed on regulated DAX platforms without first securing the SC’s approval. This change would only apply to digital assets that meet predefined eligibility standards. According to the regulator, it seeks to cut down regulatory delays and allow exchanges to respond more quickly to market demand. At the same time, DAX operators would bear greater responsibility for ensuring that listed assets comply with legal and risk requirements. The SC also plans to introduce enhanced governance obligations. DAX operators would be required to segregate client assets from their own operational funds. This move seeks to prevent misuse and bolster trust among users. SC also noted that operational control standards would also be upgraded to reflect the unique risks of trading digital assets. This includes more stringent oversight of internal processes and improved risk management systems. Another key aspect of the proposal is raising financial thresholds for licensed DAX operators. The SC said the changes are intended to reinforce the operational and financial resilience of exchanges. Stronger capital requirements would help ensure that platforms can withstand market shocks and fulfill obligations to clients. The regulator believes this will boost investor confidence and contribute to a more stable trading environment. Malaysia Ramps Up Crypto Reform Efforts Amid Surge in Mining-Linked Power Theft and Regulatory Gaps The consultation period runs from June 30 to August 11, 2025 and notably, these proposed changes form part of the SC’s broader strategy to keep Malaysia’s digital asset ecosystem competitive and secure. The consultation comes amid wider government efforts to position Malaysia at the forefront of responsible fintech innovation. In March 2025, Bank Negara Malaysia (BNM) announced plans to explore asset tokenization and digital asset technologies. Malaysia's central bank will explore asset tokenization and digital assets, collaborating with the private sector on potential use cases for tokenized deposits and CBDCs. #BankNegaraMalaysia #CBDC https://t.co/FAnsrg2yY6 — Cryptonews.com (@cryptonews) March 24, 2025 This will focus on collaboration with the private sector and use cases such as tokenized deposits and CBDCs, as outlined in its 2022-2026 financial sector blueprint. Despite its progressive stance, the central bank cautioned that cryptocurrencies are still not legal tender due to their risks. This cautious approach was echoed in the SC’s recent enforcement actions, which targeted unlicensed foreign crypto exchanges such as Bybit and Huobi Global for operating without registration. Malaysia has directed @Bybit_Official to disable its website and mobile applications in the country, citing enforcement actions against the exchange. #Bybit #Malaysia https://t.co/RfuIef4vLE — Cryptonews.com (@cryptonews) December 30, 2024 Continuous crypto regulations in Malaysia is understandable as crypto scams and theft surge. Tenaga Nasional Berhad (TNB) reported a 300% rise in power theft linked to illegal crypto mining . There were 610 detected cases of power thefts in 2018, linked to illegal crypto mining, which surged to 2,397 in 2024, Malaysia TNB noted. #MalaysiaCryptoMining #BitcoinMining #ElectricityConsumption https://t.co/Xmnl4pXXhx — Cryptonews.com (@cryptonews) May 12, 2025 This figure rose from 610 cases in 2018 to 2,397 in 2024, with around 1,699 crypto-related complaints received between 2020 and 2024. This comes as no regulatory body oversees mining operations. The post Malaysia Crypto Trading Hits Record $2.9B as Regulator Proposes Sweeping DAX Reforms appeared first on Cryptonews .
On-chain investigator ZachXBT has raised alarms about the misuse of Circle’s USD Coin (USDC) by North Korean IT operatives. He claims that tens of millions of dollars have been funneled through the stablecoin with little to no intervention from the issuer. However, he also went on to hit Ripple’s RLUSD over its user base. This comes in when the USDC stablecoin issuer recently applied to establish a national trust bank in the United States in order to oversee its reserve. Circle had a successful initial public offering (IPO) in June, as the company was valued at around $18 billion. Ripple inflates RLUSD adoption? In a series of posts on X (formerly Twitter), ZachXBT accused Circle of turning a blind eye to illicit flows, calling it “a crime super cycle where no one cares.” The On-chain sleuth stated that USDC is being widely used by North Korean IT workers to receive payments and claimed that recent related transactions reached tens of millions of dollars. ZachXBT criticized the stablecoin issuer for claiming to be “compliant” while taking no action to freeze or monitor the funds. Amid the controversy, one XRP supporter suggested switching to Ripple’s new stablecoin RLUSD as a potentially safer alternative. ZachXBT pushed back, stating: “I trust Circle, Paxos, or Tether infinitely more than Ripple.” He mentioned that, unlike Circle or Tether, which at least have a base of organic users, Ripple has a history of “misrepresenting paid partnerships to make it appear like adoption.” They all at least have organic users whereas Ripple does not and theirs comes from misrepresenting paid partnerships to make it appear like adoption. — ZachXBT (@zachxbt) July 1, 2025 When asked why he was still defending USDC despite its alleged links to North Korea, ZachXBT reiterated his position in a post . He asserted that RLUSD is “asset-backed and issued by a so-called trusted American powerhouse,” but ultimately lacks credibility due to what he characterizes as Ripple’s artificial growth tactics. The issue ties into broader geopolitical concerns as North Korea’s Lazarus Group, a state-sponsored hacking unit, has been linked to numerous high-profile crypto heists. As crypto adoption grows, G7 countries have increasingly prioritized coordinated action against North Korean cyber operations. The debate unfolds when Circle’s CRCL stock faces mounting selling pressure. It is down 28% over the past week. Market watchers are closely eyeing how regulators respond to Circle’s ambitions to become a licensed US bank. CRCL traded at a price of $181.29 in the last session. USDT and USDC dominate stablecoin scene The stablecoin market is on a surge, smashing $263 billion mark in cap and a 24 hour trading volume of over $62.4 billion. Tether’s USDT is leading the tally while holding a market cap of more than $157 billion. Circle’s USDC stands second in the tally with a cap of over $61 billion. Ripple’s RLUSD can be seen way in the tally as it is still in its initial phase of booming. RLUSD holds a market cap of around $455 million, which looks like a tiny number in front of the leaders. However, its native coin, XRP, has gained much in recent times due to a partial win in the lawsuit against the US Securities and Exchange Commission (SEC). XRP price remained up by 3% over the past 30 days. XRP is trading at an average price of $2.20 at the press time. Its 24 hour trading volume is up by 116% to stand at $4.12 billion. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
BitcoinWorld Meta AI: Zuckerberg’s Bold Restructuring for Superintelligence Labs For those navigating the rapidly evolving digital landscape, particularly in the realm of cryptocurrencies and decentralized technologies, understanding the tectonic shifts in artificial intelligence is crucial. The latest announcement from Meta AI signals a profound reorientation of its efforts, aiming for nothing less than artificial superintelligence. This strategic pivot by Mark Zuckerberg has significant implications, not just for the future of AI development , but potentially for the entire digital economy, including how we interact with and secure our digital assets. Meta AI’s Ambitious Restructuring: What Does It Mean? In a move that underscores its commitment to leading the frontier of artificial intelligence, Meta has officially restructured its various AI initiatives under a new, unified division: Meta Superintelligence Labs . This significant organizational change, revealed in an internal memo, consolidates all of Meta’s AI teams into a single powerhouse unit. The primary objective is clear: to accelerate the pursuit of artificial general intelligence (AGI) and ultimately, superintelligence. This restructuring isn’t merely an internal shuffle; it represents a bold declaration of intent from one of the world’s largest technology companies. By centralizing its AI resources, Meta aims to foster greater collaboration, streamline research and development, and expedite the creation of advanced AI systems that could redefine human-computer interaction. Leading the Charge: Who Heads Meta Superintelligence Labs? The success of such an ambitious undertaking hinges on strong leadership, and Meta has brought in key figures to steer Meta Superintelligence Labs . Alexandr Wang, the visionary former CEO of data labeling startup Scale AI, has been appointed as the chief AI officer for this new group. Wang’s expertise in data infrastructure and AI training will be pivotal in building the foundational capabilities required for superintelligence. Partnering with Wang is Nat Friedman, the former CEO of GitHub, who will oversee Meta’s AI products and applied research. This combination of leadership, blending deep technical expertise with product-oriented vision, suggests a comprehensive approach to not only research groundbreaking AI but also integrate it into Meta’s vast ecosystem of platforms and services. Their aim is to ensure that the advanced AI development from the labs translates into tangible products and experiences for users. Mark Zuckerberg’s Aggressive Strategy in the AGI Race Mark Zuckerberg has been transparent about his ambition to lead the AGI Race . This latest restructuring is a culmination of several aggressive moves aimed at securing Meta’s position at the forefront of AI innovation. Zuckerberg’s strategy involves two key pillars: Strategic Acquisitions and Investments: Earlier this month, Meta made a substantial investment of $14.3 billion in Scale AI. This investment was not just financial; it also facilitated the onboarding of Alexandr Wang, a critical talent for the new Superintelligence Labs. Such large-scale investments demonstrate Meta’s willingness to commit significant resources to its AI goals. Talent Acquisition: Beyond company acquisitions, Meta has actively lured top AI researchers from competitors. The report indicates that Meta has successfully recruited 11 new AI researchers. Notably, this includes Pei Sun, a principal researcher from Google DeepMind, and Joel Pobar, an engineer from Anthropic. These hires are crucial as they bring diverse expertise and cutting-edge knowledge from leading AI labs directly into Meta’s new unit. This aggressive talent acquisition strategy reflects the competitive nature of the AI landscape. Companies are not just vying for technological breakthroughs but also for the human capital capable of achieving them. Zuckerberg’s direct involvement in securing these talents underscores the strategic importance of AI development to Meta’s long-term vision. Understanding AI Development: From Current Models to Superintelligence The term “superintelligence” might sound like science fiction, but it represents the ultimate goal of many AI research efforts. To understand Meta’s ambition, it helps to differentiate between various stages of AI: AI Stage Description Examples Artificial Narrow Intelligence (ANI) AI designed for specific tasks. Excels in its narrow domain but lacks broader understanding. Voice assistants (Siri, Alexa), recommendation algorithms, spam filters. Artificial General Intelligence (AGI) AI with human-level cognitive abilities across a wide range of tasks. Can learn, understand, and apply knowledge like a human. Currently theoretical; a major research goal for many leading AI labs. Artificial Superintelligence (ASI) AI that surpasses human intelligence in virtually every field, including scientific creativity, general wisdom, and social skills. Highly theoretical; Meta’s stated long-term objective for Superintelligence Labs. Meta’s establishment of Superintelligence Labs signifies a direct leap towards the most advanced forms of AI. While the path to AGI and ASI is fraught with challenges, including ethical considerations, computational demands, and theoretical hurdles, Meta is clearly positioning itself to be a frontrunner in this transformative journey. The investment in talent and infrastructure reflects a belief that these stages are not just possible but inevitable, and that being a leader in this domain is critical for future technological dominance. What Are the Implications of This AI Development for the Digital World and the AGI Race? Meta’s intensified focus on AI development , particularly towards superintelligence, carries significant implications for the broader digital ecosystem. For the cryptocurrency and blockchain communities, these developments could manifest in several ways: Enhanced Security and Efficiency: Advanced AI could revolutionize cryptographic methods, enhance blockchain network security, and optimize transaction processing, leading to more robust and efficient decentralized systems. New Digital Asset Applications: Superintelligent AI could power sophisticated decentralized applications (dApps), create more intelligent smart contracts, and enable novel forms of digital ownership and interaction within metaverses. Economic and Social Shifts: The emergence of highly capable AI could accelerate automation, redefine labor markets, and shift economic power structures. Understanding these dynamics will be crucial for adapting digital asset strategies. Ethical and Governance Challenges: As AI becomes more powerful, questions of bias, control, and accountability become paramount. The crypto community, with its emphasis on decentralization and transparency, might play a role in shaping ethical AI governance models. This push by Meta highlights the accelerating pace of technological change in the AGI Race . The interplay between advanced AI and decentralized technologies will likely define the next era of the internet, demanding continuous adaptation and innovation from all stakeholders. Conclusion: Meta’s Bold Leap into the Future of AI Meta’s restructuring of its AI unit under the new Superintelligence Labs marks a pivotal moment in the company’s history and the broader landscape of artificial intelligence. With Mark Zuckerberg at the helm, aggressively acquiring top talent and investing substantial capital, Meta is unequivocally signaling its intent to lead the charge in the AGI Race and beyond. The creation of Superintelligence Labs, led by industry stalwarts like Alexandr Wang and Nat Friedman, positions Meta AI to make significant strides in AI development . While the journey to artificial superintelligence is complex and filled with both promise and potential pitfalls, Meta’s strategic commitment underscores the transformative power of AI. This development is not just about building smarter machines; it’s about shaping the very future of digital interaction, commerce, and human potential, impacting everything from how we work to how we engage with decentralized digital assets. To learn more about the latest AI development trends, explore our article on key developments shaping AI models features. This post Meta AI: Zuckerberg’s Bold Restructuring for Superintelligence Labs first appeared on BitcoinWorld and is written by Editorial Team
BitcoinWorld Swiss Crypto Mobile Mining App MiningToken: Earn BTC, LTC & DOGE on the Go — Effortless, Zero Investment Crypto Rewards The Switzerland-based cloud-mining company MiningToken has released a new mobile-first crypto mining app, which claims stress-free, no investment, token mining- Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE). Targeting on-the-go individuals willing to participate in the crypto world without the need to purchase special equipment, cover electricity costs, and work with installations, the app has a simplified system and a 100$ joining bonus. As an expert investor or a first-time crypto investor, the mobile solution by MiningToken is a sure way to passive income. Mobile Crypto Mining, Simplified Conventional cryptocurrency mining also needs a costly ASIC device, regular power usage, and technical expertise. These obstacles are removed with the MiningToken and these barriers are removed using a completely cloud-based offering that can be accessed through a mobile application. Once the users sign up, the $100 guarantee of crypto or real crypto can be claimed right away and start mining. No payments are necessary. The secret of this mobility is the worldwide chain of green eco-friendly mining farms maintained by MiningToken. Mining is all conducted remotely on professional-grade electrical processing hardware that is powered using renewable sources of energy. It is easy to use by a user who just deposits their bonus on mining contracts and earnings are made visible on their phones. Core Features and Benefits 1. True Cloud Mining Infrastructure The app used by MiningToken is connected to real mining centres and not virtual crypto generators. Such farms exist in countries such as Norway, Canada and Bhutan, realizing the use of resources such as hydropower, geothermal energy and wind energy to meet the real output of mining and confirmed returns. 2. Multi-Crypto Support The app works with BTC, DOGE, and LTC, which gives the user an opportunity to diversify the reward portfolio. The mobile consumers are able to set their mining priorities according to their own perspectives. 3. No Costs Upfront With the 100$ bonus , one will start mining right away with no risks taken. 4. AI-Driven Optimization This is because the back-end of MiningToken works on artificial intelligence to allocate dynamic mining resources to optimize performance. 5. Real-Time Analytics and Withdrawals Users have the possibility to track earnings, withdraw them anytime, and reinvest profits but all this through an exciting mobile dashboard. Available Mining Farm Contracts Here is a detailed table of MiningToken’s mobile-accessible mining farm plans. Each aligned with different budgets and ROI expectations: Cloud Mining Farm Name Contract Amount ($) Contract Period (Days) Total Profit ($) Total Return ($) Daily ROI MT Norway Hydro 100TH Cloud $100 1 $1.50 $1.50 1.5% MT Uruguay Wind 600TH Cloud $200 2 $6.00 $12.00 3.0% MT Sweden Wind 1.4PH Cloud $600 5 $17.40 $87.00 2.9% MT Canada Hydro 3.6PH Cloud $1,400 5 $43.40 $217.00 3.1% MT Uruguay Hybrid 11.2PH Cloud $3,900 5 $136.50 $682.50 3.5% MT Paraguay Hydro 32PH Cloud $8,900 5 $356.00 $1,780.00 4.0% MT Iceland Geo 68PH Cloud $17,800 3 $890.00 $2,670.00 5.0% MT Bhutan Hydro 152PH Cloud $38,900 1 $2,567.40 $2,567.40 6.6% MT ElSalvador Geo 85PH Cloud $78,900 1 $6,312.00 $6,312.00 8.0% Users can activate these contracts directly through the mobile app by allocating all or part of their $100 bonus or additional funds. Getting Started: Step by Step Download the App — Available on iOS and Android. Register an Account — Quick signup with instant verification. Claim Your $100 Bonus — Automatically added to your app balance. Select a Mining Plan — Choose any of the nine cloud farm contracts. Start Mining — Your chosen farm begins earning crypto immediately. Track Performance — View real-time stats and track multi-crypto rewards. Withdraw or Reinvest — Move earnings directly to your crypto wallet or reinvest in other contracts. The app guides users at every step with clear instructions and progress indicators. Security and Sustainability MiningToken is a Swiss-regulatory compliant company that is based in Zurich. All of the activity on the platform is encrypted and the funds of the users are secured with the use of cold wallets and two-factor authentication. Mining processes that only rely on the use of renewable energy at the hydropower station in Quebec and Bhutan, wind in Uruguay and Sweden, and geothermal in Iceland and El Salvador. This guarantees environmentally friendly and economical mining infrastructure. Why Mobile Mining is the Future In the era of smartphones in every pocket, souls are introducing applications of cloud mining, such as MiningToken, to reveal the pleasures of crypto mining that people have never known. No complicated configuration or huge investments: you need simply a phone and an internet connection and the desire to discover. The concept of mobile-first mining is a passively and sustainably generated democracy of crypto earning by users of all professions, social statuses, and nationalities. Conclusion The new mobile mining application by MiningToken is fulfilling the idea of a stress-free way of crypto revenues with no investments. Its clear earnings processes, environmentally friendly mining farms and the ability to support several massively popular cryptocurrencies make it not just an application, but a platform of inclusive digital asset development. Begin to mine on your device today as a $100 free sign-up welcome bonus awaits you, and indulge in the next step in mobile crypto mining. Frequently Asked Questions Is the mining really free? Yes. The signup credit is 100 dollars, which enables one to start without paying anything and all the winnings are valid and can be withdrawn. Is it possible to mine different coins? Yes. The application accepts BTC, DOGE and LTC. You are free to reinvest in any of the available plans at any time. What is the working of earnings? The profits are made daily, regarding the ROI of the chosen mining farm contract. Is there a hidden cost? No. The withdrawals, conversions, as well as activation of the plans are executed without any extra costs. This post Swiss Crypto Mobile Mining App MiningToken: Earn BTC, LTC & DOGE on the Go — Effortless, Zero Investment Crypto Rewards first appeared on BitcoinWorld and is written by Keshav Aggarwal
BYBIT: New Listing : FRAGUSDT Perpetual Contract in Innovation Zone, with up to 12.5x leverage
Summary In June 2024, I rated Bit Digital a 'strong buy' due to its early and successful pivot to HPC revenue. Missed HPC revenue guidance, and shifting GPU market dynamics, made me less optimistic about long-term prospects later last year. A recent 75 million share offering and questionable capital allocation strategy further cloud the investment outlook, making me cautious on BTBT now. The company wants to spin out its HPC/AI subsidiary WhiteFiber via IPO. I believe shareholders would benefit from such a move. Bit Digital ( BTBT ) is one of the stocks I've covered the most for Seeking Alpha in recent years. It's also one of the few stocks that I have labeled with a 'strong buy' tag in the past. That strong buy call came last June and was predicated on the assumption that Bit Digital was a strong buyout candidate in a market that was seeing Bitcoin ( BTC-USD ) mining stocks shift operations to HPC businesses. Bit Digital was one of the first companies to do this and to date is still one of the most successful examples of such a pivot. BTBT Calls (Seeking Alpha) More recently, I've soured a bit on the company's long-term prospects after annualized HPC revenue guidance was missed last year, market dynamics for GPU as-a-service models began to change , and Bit Digital embarked on a capital allocation strategy that I found to be questionable in my most recent piece from March. Subsequent to my March piece, we have another quarter of corporate performance and a recent capital raise to assess. Q1-25 Earnings The quarter ended-March was a fairly transformative one for Bit Digital. Not only did the company see a significant 17.4% reduction in top line revenue year over year, but the company's revenue from its Digital Asset Mining segment plummeted by 64.5% from Q1-24: Revenue Q1-25 Q1-24 YoY Digital Asset Mining $7,776,963 $21,891,760 -64.5% Cloud Services $14,842,286 $8,069,584 83.9% Colocation Services $1,644,663 $0 ETH Staking $560,641 $325,746 72.1% Other $280,567 $99,748 181.3% Total Revenue $25,105,120 $30,386,838 -17.4% Source: Bit Digital, Form 10-Q In spite of 84% year-over-year growth in revenue from Cloud Services, Bit Digital simply couldn't overcome the decline from mining to produce a positive year-over-year gain in the top line figure. For context, mining made up just 31% of Bit Digital's total revenue in Q1-25. That segment accounted for 72% of revenue in Q1-24 and 54% during the full year 2024. The decline in revenue from mining has been well telegraphed for several months. The company even stopped releasing monthly production numbers early in the year. Profit Margin Q1-25 Q1-24 YoY Digital Asset Mining 21.3% 40.7% -47.8% Cloud Services 59.0% 60.9% -3.1% Colocation Services 66.8% ETH Staking 94.2% 95.0% -0.8% Source: Bit Digital, Form 10-Q It certainly isn't a surprise to see the margin from mining collapse by 48% year over year. Q1-24 was the last full quarter of pre-halving Bitcoin production. CEO Sam Tabar has steadfastly opposed a hash-growth at any cost philosophy, and I think the transformation we're currently seeing in the company's business is proof of that. Still, there are concerns going forward. For instance, despite producing 59% gross margins in Q1-25, Bit Digital's Cloud Service revenue is still well below the $100 million annualized run rate that was expected by the end of last year. Operating income Q1-25 Q1-24 Total Revenue $25,105,120 $30,386,838 Opex Sans Digital Asset Gain/Loss -$28,268,205 -$28,960,381 Operating Income -$3,163,085 $1,426,457 Source: Bit Digital, Form 10-Q - Author's calculation Essentially, every public Bitcoin miner utilizes FASB accounting rules that allow the companies to show unrealized gains in the digital assets that they hold as income (or losses). Stripping that out from Bit Digital's report, we can see that the company flipped from positive operating income in Q1-24 to negative in Q1-25. This should be alleviated in the future as Bitcoin mining becomes a less significant driver of both COGS and revenue. That said, the company's recent capital allocation moves have been substantial. A Massive Wager On Ethereum Prior to releasing Q1 earnings, we already knew that Bit Digital was beginning to position as more of an Ethereum ( ETH-USD ) proxy than a Bitcoin proxy. The company held $91.3 million in ETH and $78.8 million in BTC at the end of January. Two months later, those figures were dramatically different: Digital Assets Quantity Cost Basis Fair Value BTC 417.6 $25,456,846 $34,474,294 ETH 24,434.20 $59,917,193 $44,556,466 Total digital assets held as of March 31, 2025 $85,374,039 $79,030,760 Source: Bit Digital, Form 10-Q At the end of January, ETH had a market value of $3,300 per coin. By the end of March, that price had been nearly cut in half, down to $1,800 per coin. This is what I said at the end of my March BTBT piece: This may be a spicy take, but if I were CEO Sam Tabar, I would completely abandon the ETH staking business entirely. There are two reasons for this. First, ETH has been a total drag on the company's digital asset value and I laid that out in the section above. That could certainly turn around, but that's far from a sure thing. The bigger issue is really simple; if Bit Digital can't rely on capital appreciation from ETH the way it can from BTC, then it would almost certainly be more beneficial for the company to deploy that capital differently. Last summer, the company had sold BTC and swapped it to ETH - that turned out to be a horrific decision with the benefit of hindsight. During Q1-25, the company sold even more BTC and hung on to its ETH. CEO Sam Tabar from the conference call: we also sold approximately $32 million worth of Bitcoin holdings during the quarter to help fund growth while managing our use of equity issuance . We did not sell any ETH during the quarter, but transferred 3,400 into an internally managed fund, which we do not count as treasury holdings. I've bolded part of the quote above because I think this is important. Leadership has openly acknowledged the poor optics associated with the size of the company's ATM relative to the market capitalization of BTBT stock. Given this, I find it strange that Bit Digital opted to raise capital through shareholder dilution to buy even more ETH. Capital Allocation & WhiteFiber IPO On June 26th, Bit Digital announced the pricing of $150 million equity raise at $2 per share for 75 million new shares of BTBT stock. Notably, the company's stock had closed at $2.35 per share the prior session. Thus, the offering came at a 15% discount to the market value of the stock just one day earlier. After underwriter fees, the company receives $142.5 million, with use of proceeds going toward purchasing ETH. It's hard for me to view this favorably for three reasons. Bit Digital just sold Digital Assets to fund growth rather than issuing equity, only to turn around just a couple months later and issue equity to buy Digital Assets. It's a rather striking 180. While the company's ETH staking is its best business segment by gross margin, the revenue from the segment is by far the smallest of four dis-aggregated business lines. Furthermore, the staking business may not be intense from an opex standpoint, but it does tie up a considerable amount of capital for a very small percentage of top line revenue. This move essentially triples down on a capital allocation strategy that hasn't been working. Namely, allowing Bit Digital's equity valuation to be dependent on a risk asset that has weak sentiment and arguably deteriorating fundamentals. All while the company wants to raise through an active ATM. In the prospectus, Bit Digital expressed conviction in the Ethereum ecosystem and specifically mentioned legislation around stablecoins in the US as cause for optimism: Given increased regulatory clarity, including the recently passed GENIUS Act, we view ETH as a digitally native store of value and foundational infrastructure for decentralized applications and stablecoins. Accordingly, we intend to grow our ETH position over time, supported by staking rewards. Looking past the fact that the GENIUS Act has actually not been passed yet by the House of Representatives, I see it as a risky move to further tie the valuation of the company to an asset that Bit Digital can't ultimately control rather than focusing on raising that capital to fund growth of WhiteFiber. On the latter, it's very interesting to me that Bit Digital is trying to spin out WhiteFiber. As a wholly owned subsidiary of Bit Digital, WhiteFiber submitted a registration statement with the Securities and Exchange Commission for a proposed IPO. Share count and pricing of such an IPO have yet to be determined. But this would seem to be an attempt to get the same kind of value on its data center business that the market is currently giving companies like Core Scientific ( CORZ ) or IREN Limited ( IREN ) - each of which actually had less HPC/AI revenue than Bit Digital in Q1 yet continue to trade a much larger forward sales multiples than that of BTBT: Data by YCharts To some degree, I suspect the lack of apparent HPC respect for BTBT relative to peers is due to the company having such a large allocation to ETH. For those who would rather see Bit Digital focus capital on scaling cloud services, these ETH purchases are perhaps frustrating. But in the event WhiteFiber does IPO and is successfully spun out of BTBT, holding BTBT is perhaps warranted. Valuation And Assets Per the offering prospectus, there would be an estimated 283.5 million BTBT common shares outstanding following completion of the offering. By my math, that dilutes the current holder base by roughly 36%. And at a $2.19 share close on June 30th, Bit Digital has an implied valuation of $621 million at that 283.5 million shares count. Following the $150 million capital raise, Bit Digital will have about $204 million in ETH, $45 million in BTC, $297 million in non-current assets, and $99 million in combined cash and 'other current assets' as of Q1-25. Short of an absolute collapse in the price of Ethereum, stock price downside from here should be somewhat limited, provided the company doesn't continue to aggressively dilute. Closing Summary I think a WhiteFiber IPO would be a good thing for both Bit Digital and Bit Digital shareholders. It will allow the market to pick between two very different business models currently operated by one parent company. Given the substantial rallies we've seen from stocks like CoreWeave, Core Scientific, and IREN Limited on the proposed buyout of Core Scientific by CoreWeave, there's no reason Bit Digital shouldn't benefit from spinning out its HPC/AI subsidiary - especially given the segment revenue its doing relative to some of those other stocks mentioned. Having said all of this, I'm a bit concerned about Bit Digital's Ethereum reliance. Despite being well off its coin price highs, Ethereum is far from cheap on a circulating P/F ratio. A re-rating lower in ETH would severely impact Bit Digital's stock valuation. I'll reiterate the 'hold.'
An unknown wallet has sent $20,000 worth of Bitcoin to Satoshi Nakamoto’s legendary Genesis Block mining address, marking the largest transfer to the Bitcoin creator’s wallet in four months. Arkham Intelligence detected the transaction on June 30, involving 0.185 BTC sent to the address that holds approximately $117 billion in dormant Bitcoin. The transfer represents the second-largest donation to Satoshi’s address since February, when another user sent $200,000 following a Binance withdrawal. Arkham analysts suspect the latest transaction was either an accidental exchange withdrawal or a deliberate tribute from “ an OG Bitcoiner giving back ” to honor Bitcoin’s enigmatic founder. Source: Arkham Intelligence Historical data reveals a pattern of periodic donations to Satoshi’s addresses, with transfers ranging from $7,140 to $1.17 million over recent years. Most large transfers appear to be connected to exchange withdrawals, suggesting possible user errors rather than intentional gifts, although the motivations behind these transactions remain unclear. Satoshi’s wallet now contains the equivalent of $117 billion in Bitcoin across multiple addresses, all of which have remained untouched since the creator’s disappearance in 2011. Source: Arkham Intelligence Any movement from these addresses would likely trigger massive market volatility and intense global attention. Exchange Withdrawals Drive Mysterious Donation Pattern The latest $20,000 transfer follows a documented pattern of substantial Bitcoin donations to Satoshi Nakamoto’s addresses, with most large transactions appearing linked to cryptocurrency exchange operations. Arkham’s analysis suggests the recent transfer likely originated from an exchange or crypto service withdrawal, consistent with previous high-value donations. February’s $200,000 transfer originated from a personal wallet after the sender withdrew funds from Binance. Source: Arkham Intelligence The pattern suggests either systematic user errors during withdrawal processes or deliberate tribute payments by early Bitcoin adopters, despite Nakamoto’s 14-year absence from public communications. Historical transfer data shows significant variations in donation amounts and timing. A $1.17 million transfer occurred one year ago from address bc1***6v2, representing the largest single donation on record. This was followed by smaller amounts, including $67,790 two years ago and $41,670 three years ago. Early Bitcoin era miners have significantly reduced their selling activity, with 2025 sales dropping to just 150 BTC compared to 10,000 BTC sold in the previous year. Some analysts interpret these donations as a sign of community support for the Satoshi-era miners who helped establish Bitcoin’s initial network security. Identity Speculation Intensifies Amid Legal Battles The mystery surrounding Satoshi Nakamoto’s identity has intensified dramatically as multiple investigations, documentaries, and legal proceedings attempt to uncover the identity of Bitcoin’s creator. Recent speculation has centered on Twitter co-founder Jack Dorsey , with researchers citing circumstantial evidence, including timing coincidences and connections to the cypherpunk movement. Sean Murray’s research highlighted alleged connections between Dorsey and Nakamoto, including shared interests in cryptography and references to sailors in early Bitcoin code. VanEck’s Matthew Sigel described the evidence as “ compelling and worthy of further scrutiny ,” although critics dismissed the claims as speculative without concrete proof. In the spirit of full disclosure, intellectual honesty, posterity's judgment, and rigorous debate, I would like to share my strong belief: I have become personally convinced that Jack Dorsey – CEO of Square and founder of X – is Bitcoin’s founder Satoshi Nakamoto. This is my… https://t.co/ufLhdoZEzw pic.twitter.com/kY5y3fFpby — matthew sigel, recovering CFA (@matthew_sigel) February 18, 2025 At the same time, Craig Wright’s fraudulent claims to be Satoshi Nakamoto reached a definitive conclusion with his conviction for contempt of court. Judge James Mellor sentenced Wright to one year in prison , suspended for two years, after finding “overwhelming” evidence he is not Bitcoin’s creator. Legal pressure on government agencies has also escalated, with crypto lawyer James Murphy filing Freedom of Information Act lawsuits against the Department of Homeland Security. Murphy seeks documents related to claims that DHS identified and interviewed Satoshi Nakamoto in California, though the agency has never confirmed these allegations. Most interestingly, HBO filmmaker Cullen Hoback’s documentary named Canadian Bitcoin Core developer Peter Todd as the creator of Bitcoin, prompting Todd to go into hiding for safety reasons. However, despite all the exciting efforts to identify Bitcoin’s creator, it has sparked controversy within the cryptocurrency community, with many questioning the ethics of attempting to expose Satoshi’s identity. HBO's documentary Money Electric: The Bitcoin Mystery has stirred controversy by suggesting that early Bitcoin developer @peterktodd is Satoshi Nakamoto, a claim Todd swiftly denied on social media. #SatoshiNakamoto #Bitcoin #MoneyElectric https://t.co/m7EThxd1he — Cryptonews.com (@cryptonews) October 9, 2024 Multiple attempts to identify Bitcoin’s creator have focused on prominent cypherpunks, including Nick Szabo, Hal Finney, and Len Sassaman. Each candidate possesses technical credentials and historical connections to Bitcoin’s development, yet none have been definitively proven as Nakamoto. The post Mystery Wallet Sends $20K to Satoshi Nakamoto’s Address – Accident or Tribute? appeared first on Cryptonews .
BitcoinWorld AI Regulation: Congress’s Alarming Push to Block State AI Laws for Five Years In the rapidly evolving digital landscape, where decentralized technologies like cryptocurrency thrive on innovation, a significant debate is unfolding in Washington that could reshape the future of artificial intelligence. Congress is currently deliberating a federal proposal to impose an AI moratorium , potentially banning states and local governments from regulating AI for five years. This move, reminiscent of debates around digital asset regulation, has sparked intense discussion among tech leaders, policymakers, and consumer advocates alike. The Proposed AI Moratorium : What’s on the Table? A federal proposal that would prohibit states and local governments from regulating AI for half a decade could soon become law. Senator Ted Cruz (R-TX) and other lawmakers are working to include this provision in a major GOP budget bill, which the Senate is voting on this Monday, ahead of a critical July 4 deadline. This measure, initially conceived to ban states from enforcing any laws or regulations on AI models, systems, or automated decision systems for a decade, has seen revisions. Over the weekend, Senator Cruz and Senator Marsha Blackburn (R-TN) agreed to shorten the pause on state-based AI regulation to five years. The updated language attempts to exempt laws addressing child sexual abuse materials, children’s online safety, and an individual’s rights to their name, likeness, voice, and image. However, a crucial caveat states that such laws must not place an “undue or disproportionate burden” on AI systems. Legal experts are uncertain how this would impact existing or future state AI laws , creating a cloud of ambiguity over their enforceability. Fueling AI Innovation or Stifling Progress? Proponents of the federal AI moratorium, including prominent figures like OpenAI’s Sam Altman, Anduril’s Palmer Luckey, and a16z’s Marc Andreessen, argue that a fragmented approach to AI regulation across states would hinder American AI innovation . They contend that a “patchwork” of diverse state laws would make it excessively difficult for AI companies to operate and scale, especially at a time when the global race to dominate AI, particularly against China, is intensifying. The argument is that a unified federal approach, even if it means a temporary pause on state action, would provide the necessary clarity and freedom for AI developers to innovate rapidly without navigating a labyrinth of differing local rules. This perspective emphasizes speed and competitiveness on the international stage as paramount. Safeguarding Consumer Protection : The Case Against Federal Preemption Critics of the proposed moratorium argue that it would severely undermine consumer protection and accountability in the rapidly evolving AI landscape. This group includes most Democrats, many Republicans, Anthropic’s CEO Dario Amodei, labor groups, AI safety nonprofits, and consumer rights advocates. They warn that this provision would block states from passing vital laws designed to protect citizens from AI harms, effectively allowing powerful AI firms to operate with minimal oversight. The moratorium threatens to preempt state AI laws that have already been enacted. For example, California’s AB 2013 requires companies to disclose the data used to train AI systems, offering transparency to consumers. Similarly, Tennessee’s ELVIS Act protects musicians and creators from AI-generated impersonations, a direct response to emerging AI harms. Public Citizen has compiled a database revealing numerous AI-related laws across states that could be nullified, many of which address specific harms like deceptive AI-generated media used to influence elections, a concern shared by states like Alabama, Arizona, California, Delaware, Hawaii, Indiana, Montana, and Texas. Furthermore, several noteworthy AI safety bills awaiting signature, such as New York’s RAISE Act, which would mandate large AI labs nationwide to publish thorough safety reports, are also at risk. Opponents argue that allowing a federal vacuum in regulation for five years leaves consumers vulnerable to unchecked AI development. The Fiscal Leverage: How Funding Ties Into State AI Laws Getting the AI moratorium into a budget bill has required some creative legislative maneuvering. Budget bill provisions typically need a direct fiscal impact. To meet this requirement, Senator Cruz revised the proposal in June to make compliance with the AI moratorium a condition for states to receive funds from the $42 billion Broadband Equity Access and Deployment (BEAD) program. This strategic move leverages federal funding as an incentive for states to adhere to the federal AI pause. Cruz released another revision last week, claiming it ties the requirement only to a new $500 million in BEAD funding included in the bill—a separate, additional pot of money. However, a closer examination of the revised text suggests the language also threatens to pull already obligated broadband funding from states that do not comply. Senator Maria Cantwell (D-WA) previously criticized Cruz’s original language, stating it “forces states receiving BEAD funding to choose between expanding broadband or protecting consumers from AI harms for ten years.” This fiscal pressure adds another layer of complexity to the debate. What’s Next for AI Regulation in Congress? As of Monday, the Senate is engaged in a “vote-a-rama”—a series of rapid votes on the budget bill’s numerous amendments. The new language agreed upon by Cruz and Blackburn will be part of a broader amendment that Republicans are expected to pass along party lines. Senators will also likely vote on a Democrat-backed amendment aimed at stripping the entire AI moratorium section from the bill. The outcome of these votes will determine the immediate future of AI regulation in the U.S. The debate extends beyond Capitol Hill. Chris Lehane, chief global affairs officer at OpenAI, stated that the “current patchwork approach to regulating AI isn’t working and will continue to worsen if we stay on this path.” He warned of “serious implications” for the U.S. in the AI dominance race against China, even quoting Vladimir Putin on the importance of AI leadership. OpenAI CEO Sam Altman echoed these sentiments, expressing concern that a state-by-state patchwork would be “a real mess and very difficult to offer services under.” Altman also questioned whether policymakers could keep pace with rapidly evolving AI technology to craft effective regulations. The Public’s Stance on Consumer Protection While proponents of the moratorium advocate for a “light touch” approach to AI governance, public sentiment appears to lean differently. A recent Pew Research survey found that most Americans desire more AI regulation . Approximately 60% of U.S. adults and 56% of AI experts are more concerned that the U.S. government won’t go far enough in regulating AI than they are about over-regulation. Americans also largely lack confidence in the government’s ability to regulate AI effectively and remain skeptical of industry efforts around responsible AI. This public desire for stronger oversight stands in contrast to the proposed federal pause on state action. The Case Against Preemption: Why States Matter “The patchwork argument is something that we have heard since the beginning of consumer advocacy time,” Emily Peterson-Cassin, corporate power director at internet activist group Demand Progress, told Bitcoin World. “But the fact is that companies comply with different state regulations all the time. The most powerful companies in the world? Yes. Yes, you can.” This counter-argument suggests that large tech companies are well-equipped to navigate varying state laws, as they do in other industries. Opponents and cynics argue that the AI moratorium is less about fostering innovation and more about sidestepping oversight. While many states have passed AI regulations, Congress, known for its slow pace, has yet to pass any comprehensive federal AI laws. “If the federal government wants to pass strong AI safety legislation, and then preempt the states’ ability to do that, I’d be the first to be very excited about that,” said Nathan Calvin, VP of state affairs at the nonprofit Encode. “Instead, [the AI moratorium] takes away all leverage, and any ability, to force AI companies to come to the negotiating table.” Anthropic CEO Dario Amodei, a vocal critic, stated in an opinion piece for The New York Times that “a 10-year moratorium is far too blunt an instrument.” He emphasized AI’s rapid advancement, predicting fundamental changes within two years. Amodei argued that without a clear federal plan, a moratorium would result in the worst outcome: no state action and no national policy. He suggested that instead of prescribing product release methods, the government should collaborate with AI companies to establish transparency standards for practices and model capabilities. The opposition isn’t limited to Democrats. Republicans like Senator Josh Hawley (R-MO) are concerned about states’ rights and are working with Democrats to remove the provision. Senator Blackburn, despite her involvement in the amendment, has also criticized the provision, advocating for states’ ability to protect citizens and creative industries. Representative Marjorie Taylor Greene (R-GA) even threatened to oppose the entire budget if the moratorium remains. A Critical Juncture for AI Governance The debate over the federal AI moratorium represents a critical juncture for AI governance in the United States. It pits the desire for rapid AI innovation and global competitiveness against the fundamental need for consumer protection and robust oversight. The outcome of the Senate’s vote-a-rama will not only shape the regulatory landscape for artificial intelligence for the next five years but also set a precedent for how federal and state governments interact in regulating rapidly evolving technologies. As the digital world continues its relentless march forward, finding a balanced approach that fosters innovation while safeguarding the public remains the paramount challenge. To learn more about the latest AI regulation trends and their impact on the digital economy, explore our articles on key developments shaping AI policy and institutional adoption. This post AI Regulation: Congress’s Alarming Push to Block State AI Laws for Five Years first appeared on BitcoinWorld and is written by Editorial Team