becky cuteface
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Arizona’s chance to pioneer crypto-driven public finance was abruptly halted as the governor axed a game-changing bill that would’ve let state retirement funds buy bitcoin.
Arizona Governor Kills Bitcoin Bill for Public Crypto Investment
Arizona Governor Katie Hobbs vetoed Senate Bill 1025 on May 2, blocking a legislative proposal that would have allowed public funds—including state retirement systems—to invest in bitcoin and other cryptocurrencies. The bill, formally titled the “Arizona Strategic Bitcoin Reserve Act,” sought to amend Title 35, Chapter 2 of the Arizona Revised Statutes by adding Article 2.2. It would have enabled public funds to allocate up to 10% of their portfolios to digital assets and outlined provisions for storing such holdings in a future federal strategic bitcoin reserve if established by the U.S. Treasury.
Hobbs justified her decision in a letter to Senate President Warren Petersen, reiterating her stance on maintaining conservative investment practices for the state’s retirement system. She wrote:
Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.
The proposed legislation defined virtual currency as a digital representation of value used as a medium of exchange, unit of account, and store of value, excluding any representation of U.S. or foreign fiat currency.
$STPT $PORTO $ACM
Arizona’s chance to pioneer crypto-driven public finance was abruptly halted as the governor axed a game-changing bill that would’ve let state retirement funds buy bitcoin.
Arizona Governor Kills Bitcoin Bill for Public Crypto Investment
Arizona Governor Katie Hobbs vetoed Senate Bill 1025 on May 2, blocking a legislative proposal that would have allowed public funds—including state retirement systems—to invest in bitcoin and other cryptocurrencies. The bill, formally titled the “Arizona Strategic Bitcoin Reserve Act,” sought to amend Title 35, Chapter 2 of the Arizona Revised Statutes by adding Article 2.2. It would have enabled public funds to allocate up to 10% of their portfolios to digital assets and outlined provisions for storing such holdings in a future federal strategic bitcoin reserve if established by the U.S. Treasury.
Hobbs justified her decision in a letter to Senate President Warren Petersen, reiterating her stance on maintaining conservative investment practices for the state’s retirement system. She wrote:
Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.
The proposed legislation defined virtual currency as a digital representation of value used as a medium of exchange, unit of account, and store of value, excluding any representation of U.S. or foreign fiat currency.
$STPT $PORTO $ACM
Today's PNL
2025-05-04
-$0.09
-5.05%
#BinanceAlphaAlert
Crypto needs a stablecoin bill
On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.
Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.
The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.
However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.
$ACM $PORTO
Crypto needs a stablecoin bill
On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.
Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.
The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.
However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.
$ACM $PORTO
My 30 Days' PNL
2025-04-05~2025-05-04
+$1.54
+586.03%
#BinanceHODLerSTO
A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.
The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.
Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.
Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.
The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
$STPT $1000CHEEMS
A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.
The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.
Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.
Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.
The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
$STPT $1000CHEEMS
#AirdropSafetyGuide
Who should single-issue crypto voters back?
In February, a poll by YouGov and Swyftx found that 59% of crypto users would vote for a pro-crypto candidate in the federal election above all other issues. That equates to around 2 million Australians and would be enough to determine the outcome of the election one way.
But the similarities between the major parties on crypto regulation are much greater than the differences. Goodey said both sides of politics have genuinely engaged with the industry about its concerns and priorities.
“You can see in some of the language with their media releases that they both released in March, April this year, that they are in agreement on what the industry issues are,” she said.
Owing to Senator Bragg’s campaigning on crypto, the industry sees the Liberal Party as more enthusiastic about digital assets, but after three years in government, the ALP looks to have arrived at roughly the same place.
Recent YouGov and Resolve polls suggest the government is likely to be reelected.
While internal Liberal polling suggests an ALP minority government is a genuine possibility, the major parties would have enough votes between them to pass bipartisan crypto legislation.
Whatever happens, 2025 looks like the year Australia will finally provide the crypto industry with the certainty it needs.
“For industry, the timing is really quite critical now because obviously it’s something that has been discussed and kicked around for quite a few years,” Lam said.
$STPT $PORTO
Who should single-issue crypto voters back?
In February, a poll by YouGov and Swyftx found that 59% of crypto users would vote for a pro-crypto candidate in the federal election above all other issues. That equates to around 2 million Australians and would be enough to determine the outcome of the election one way.
But the similarities between the major parties on crypto regulation are much greater than the differences. Goodey said both sides of politics have genuinely engaged with the industry about its concerns and priorities.
“You can see in some of the language with their media releases that they both released in March, April this year, that they are in agreement on what the industry issues are,” she said.
Owing to Senator Bragg’s campaigning on crypto, the industry sees the Liberal Party as more enthusiastic about digital assets, but after three years in government, the ALP looks to have arrived at roughly the same place.
Recent YouGov and Resolve polls suggest the government is likely to be reelected.
While internal Liberal polling suggests an ALP minority government is a genuine possibility, the major parties would have enough votes between them to pass bipartisan crypto legislation.
Whatever happens, 2025 looks like the year Australia will finally provide the crypto industry with the certainty it needs.
“For industry, the timing is really quite critical now because obviously it’s something that has been discussed and kicked around for quite a few years,” Lam said.
$STPT $PORTO
#AppleCryptoUpdate
Stand With Crypto campaign and ASIC
The Stand With Crypto campaign is active in Australia but has been fairly low-key during the campaign, with a focus on debanking.
Coinbase managing director for APAC John O’Loghlen called on whoever wins the election to launch a “Crypto-Asset Taskforce (CATF) within the first 100 days.” This would include industry and consumer representatives to finally get crypto regulations over the line.
“If Australia doesn’t move now, we risk falling even further behind,” he told Cointelegraph.
“The next government must move beyond consultation and into legislation.”
The Australian Securities and Investments Commission (ASIC) is the local equivalent of the US Securities Exchange Commission (SEC). It released its own crypto regulatory proposals in December.
$ATM $ACM $PORTO
Stand With Crypto campaign and ASIC
The Stand With Crypto campaign is active in Australia but has been fairly low-key during the campaign, with a focus on debanking.
Coinbase managing director for APAC John O’Loghlen called on whoever wins the election to launch a “Crypto-Asset Taskforce (CATF) within the first 100 days.” This would include industry and consumer representatives to finally get crypto regulations over the line.
“If Australia doesn’t move now, we risk falling even further behind,” he told Cointelegraph.
“The next government must move beyond consultation and into legislation.”
The Australian Securities and Investments Commission (ASIC) is the local equivalent of the US Securities Exchange Commission (SEC). It released its own crypto regulatory proposals in December.
$ATM $ACM $PORTO
#DigitalAssetBill
The government steps up efforts
The Treasury has been quietly drafting legislation this year, which Goodey understands is “almost complete.”
“There’s been prioritization within Treasury, and I know that their team has almost doubled — the digital asset team — for writing that draft legislation. So, there has been an investment in that over the past six months.”
Przelozny characterizes the ALP’s approach as “cautious and methodical, but it’s been slow,” prioritizing consumer protection and risk management.
BTC Markets CEO Caroline Bowler said the election of a pro-crypto Trump administration and the UK’s draft regulations (released this week) likely forced both sides of politics to finally get serious.
”Australia has ground to make up, and I would anticipate this also being a factor in the savvy move by both parties,” she said.
$PORTO $ACM $ASR
The government steps up efforts
The Treasury has been quietly drafting legislation this year, which Goodey understands is “almost complete.”
“There’s been prioritization within Treasury, and I know that their team has almost doubled — the digital asset team — for writing that draft legislation. So, there has been an investment in that over the past six months.”
Przelozny characterizes the ALP’s approach as “cautious and methodical, but it’s been slow,” prioritizing consumer protection and risk management.
BTC Markets CEO Caroline Bowler said the election of a pro-crypto Trump administration and the UK’s draft regulations (released this week) likely forced both sides of politics to finally get serious.
”Australia has ground to make up, and I would anticipate this also being a factor in the savvy move by both parties,” she said.
$PORTO $ACM $ASR
#BinanceAlphaAlert A guide to crypto trading bots: Analyzing strategies and performance
While short on detail, those aims are broadly similar to the crypto regulation priorities that Howarth outlines to Cointelegraph — the big difference being that the opposition has committed to a faster time frame.
Przelozny praised the 100-day promise as “exactly the kind of urgency we need.”
If elected, the Liberal Party’s legislation is expected to take some of its cues from Senator Andrew Bragg’s private members bill in 2023 and some from the more recent work done by the Treasury.
$ACM $PORTO $STPT
While short on detail, those aims are broadly similar to the crypto regulation priorities that Howarth outlines to Cointelegraph — the big difference being that the opposition has committed to a faster time frame.
Przelozny praised the 100-day promise as “exactly the kind of urgency we need.”
If elected, the Liberal Party’s legislation is expected to take some of its cues from Senator Andrew Bragg’s private members bill in 2023 and some from the more recent work done by the Treasury.
$ACM $PORTO $STPT
#StrategicBTCReserve
More than a decade of inaction on crypto
Australia’s first parliamentary inquiry into digital assets was held back in 2014, but there’s been more than a decade of regulatory inaction since. The industry says this has led to stagnation and a brain drain of talent to jurisdictions like Singapore and the UAE.
The former Liberal Government was considering the landmark Digital Services Act, based on the 2021 Senate Committee’s crypto recommendations, when it lost office in 2022. Despite ongoing consultations since, the ALP government, led by Prime Minister Anthony Albanese, hasn’t put forward any legislation to parliament.
But there has definitely been a vibe shift from the ALP recently, with Treasurer Jim Chalmers telling Cointelegraph that digital assets “represent big opportunities for our economy.”
”We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.”
His office said exposure draft legislation would be released “in 2025” for consultation, introduced into Parliament “once that feedback has been considered” with the subsequent reforms “phased in over time to minimize disruptions to existing businesses.”
The shadow assistant treasurer, Luke Howarth, said the ALP has been slow to act because it didn’t have a blockchain policy when it was elected.
“It wasn’t until the FTX collapse that they acknowledged the need for regulation,” he told Cointelegraph. “The Albanese government initially promised it would put in place regulation by 2023 but have failed to draft legislation or give a clear time-frame for action. After three years, all that was offered to industry was a six-page placeholder document.”
$ACM $PORTO $ASR
More than a decade of inaction on crypto
Australia’s first parliamentary inquiry into digital assets was held back in 2014, but there’s been more than a decade of regulatory inaction since. The industry says this has led to stagnation and a brain drain of talent to jurisdictions like Singapore and the UAE.
The former Liberal Government was considering the landmark Digital Services Act, based on the 2021 Senate Committee’s crypto recommendations, when it lost office in 2022. Despite ongoing consultations since, the ALP government, led by Prime Minister Anthony Albanese, hasn’t put forward any legislation to parliament.
But there has definitely been a vibe shift from the ALP recently, with Treasurer Jim Chalmers telling Cointelegraph that digital assets “represent big opportunities for our economy.”
”We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.”
His office said exposure draft legislation would be released “in 2025” for consultation, introduced into Parliament “once that feedback has been considered” with the subsequent reforms “phased in over time to minimize disruptions to existing businesses.”
The shadow assistant treasurer, Luke Howarth, said the ALP has been slow to act because it didn’t have a blockchain policy when it was elected.
“It wasn’t until the FTX collapse that they acknowledged the need for regulation,” he told Cointelegraph. “The Albanese government initially promised it would put in place regulation by 2023 but have failed to draft legislation or give a clear time-frame for action. After three years, all that was offered to industry was a six-page placeholder document.”
$ACM $PORTO $ASR
#bitcoin
Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, said that both parties “are equally invested in getting this draft legislation across the line.”
“Irrespective of who gets in, we’re in a better position than we were about a year ago.”
Pro-crypto voters have choices in the Senate, too, with the Libertarian Party issuing a 23-page Bitcoin policy in March — calling for the creation of a national Bitcoin
BTC
$95,493
Reserve and the acceptance of Bitcoin as legal tender.
The minor party is fielding five Senate candidates in different states, including former Liberal MP Craig Kelly, but doesn’t currently have anyone in the Senate.
The progressive left-wing Greens party has not outlined a position on crypto, while the conservative right-wing One Nation party has campaigned against debanking and CBDCs.
$STPT $ASR $ACM
Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, said that both parties “are equally invested in getting this draft legislation across the line.”
“Irrespective of who gets in, we’re in a better position than we were about a year ago.”
Pro-crypto voters have choices in the Senate, too, with the Libertarian Party issuing a 23-page Bitcoin policy in March — calling for the creation of a national Bitcoin
BTC
$95,493
Reserve and the acceptance of Bitcoin as legal tender.
The minor party is fielding five Senate candidates in different states, including former Liberal MP Craig Kelly, but doesn’t currently have anyone in the Senate.
The progressive left-wing Greens party has not outlined a position on crypto, while the conservative right-wing One Nation party has campaigned against debanking and CBDCs.
$STPT $ASR $ACM
#BTCRebound
Despite reports in February suggesting that 2 million pro-crypto voters could decide the outcome of this week’s Australian Federal Election, crypto has barely rated a mention during the campaign.
“I think it’s a missed opportunity,” Independent Reserve founder Adrian Przelozny told Cointelegraph. “Neither side has made crypto a headline issue because they’re wary of polarizing voters or sounding too niche.”
But the good news is that after more than a decade of inaction, both the ruling Australian Labor Party (ALP) and the opposition Liberal Party are promising to enact crypto regulations developed in consultation with the industry.
In April, Shadow Treasurer Angus Taylor promised to release draft crypto regulations within the first 100 days after taking office, while the Treasury itself has draft bills on “regulating digital asset platforms” and “payments system modernization” scheduled for release this quarter.
$STPT $ASR $ACM
Despite reports in February suggesting that 2 million pro-crypto voters could decide the outcome of this week’s Australian Federal Election, crypto has barely rated a mention during the campaign.
“I think it’s a missed opportunity,” Independent Reserve founder Adrian Przelozny told Cointelegraph. “Neither side has made crypto a headline issue because they’re wary of polarizing voters or sounding too niche.”
But the good news is that after more than a decade of inaction, both the ruling Australian Labor Party (ALP) and the opposition Liberal Party are promising to enact crypto regulations developed in consultation with the industry.
In April, Shadow Treasurer Angus Taylor promised to release draft crypto regulations within the first 100 days after taking office, while the Treasury itself has draft bills on “regulating digital asset platforms” and “payments system modernization” scheduled for release this quarter.
$STPT $ASR $ACM
#AppleCryptoUpdate
Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%
Bitcoin dominance — the ratio of Bitcoin’s market capitalization to the entire crypto market — is 64.78% at the time of publication, according to TradingView data.
Bitcoin dominance was 57.59% on Jan. 1. Source: TradingView
This represents an 11.68% increase since Jan. 1, when Bitcoin dominance was hovering just below 60%, a level where some analysts said would be its peak before altcoin season began.
Several analysts doubted that Bitcoin dominance would ever return to 70%.
One of those skeptics was Into The Cryptoverse founder Benjamin Cowen, who explained in August that he doesn’t “think it is going back up to 70%,” and his target for Bitcoin dominance is 60%.
Meanwhile, in December CryptoQuant CEO Ki Young Ju said “altseason is no longer defined by asset rotation from Bitcoin.”
He said the traditional signal marking the beginning of an altcoin season when capital rotates from Bitcoin to altcoins is outdated. Instead, altcoin trading volume has become more prevalent against stablecoin and fiat currency pairs.
$STPT
Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%
Bitcoin dominance — the ratio of Bitcoin’s market capitalization to the entire crypto market — is 64.78% at the time of publication, according to TradingView data.
Bitcoin dominance was 57.59% on Jan. 1. Source: TradingView
This represents an 11.68% increase since Jan. 1, when Bitcoin dominance was hovering just below 60%, a level where some analysts said would be its peak before altcoin season began.
Several analysts doubted that Bitcoin dominance would ever return to 70%.
One of those skeptics was Into The Cryptoverse founder Benjamin Cowen, who explained in August that he doesn’t “think it is going back up to 70%,” and his target for Bitcoin dominance is 60%.
Meanwhile, in December CryptoQuant CEO Ki Young Ju said “altseason is no longer defined by asset rotation from Bitcoin.”
He said the traditional signal marking the beginning of an altcoin season when capital rotates from Bitcoin to altcoins is outdated. Instead, altcoin trading volume has become more prevalent against stablecoin and fiat currency pairs.
$STPT
#DigitalAssetBill
Senator Cynthia Lummis and at least one other Republican in Congress are reportedly critical of US President Donald Trump for offering the top holders of his memecoin a dinner and White House tour.
According to a May 2 CNBC report, Lummis said the idea that the US president was offering exclusive access to himself and the White House for people willing to pay for it “gives [her] pause.” She wasn’t the only member of the Republican Party to be critical of Trump’s memecoin perks, announced on April 23, roughly three months after the then-president-elect launched the TRUMP token.
“I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour,” said Republican Senator Lisa Murkowski, according to NBC News.
$ASR $ACM
Senator Cynthia Lummis and at least one other Republican in Congress are reportedly critical of US President Donald Trump for offering the top holders of his memecoin a dinner and White House tour.
According to a May 2 CNBC report, Lummis said the idea that the US president was offering exclusive access to himself and the White House for people willing to pay for it “gives [her] pause.” She wasn’t the only member of the Republican Party to be critical of Trump’s memecoin perks, announced on April 23, roughly three months after the then-president-elect launched the TRUMP token.
“I don’t think it would be appropriate for me to charge people to come into the Capitol and take a tour,” said Republican Senator Lisa Murkowski, according to NBC News.
$ASR $ACM
#BinanceHODLerSTO
The future optimism is more than tangible
The strong support from institutional investors comes as the optimism around crypto-friendly policies has significantly increased after Donald Trump won the US presidential elections in November 2024.
Establishing a Strategic Bitcoin Reserve in early March, seen as a massive policy shift, triggered positivity in the crypto and mining sectors. This sector gained importance. Last year, Bitcoin mining operations significantly contributed to the US economy, generating roughly $4.1 billion in gross domestic product and creating over 31,000 jobs nationwide. The industry is also revitalizing rural areas by generating tax revenue and repurposing remote locations for mining operations. It sounds like the gusher days of the oil industry a century ago, doesn’t it?
The latest investments, leadership appointments and IPOs show that Bitcoin mining firms have a significant tailwind. Meanwhile, they are no longer just about BTC — they are becoming data infrastructure providers for the AI sector, turning into hybrid data processing giants.
Taking advantage of this shift, the US could potentially become the leader in the digital asset and Bitcoin mining space due to the pro-crypto stance of the Trump administration and fulfill its stated goal of being the “crypto capital of the world.”
As institutions double down on Bitcoin mining and AI convergence, the question isn’t if this industry will evolve but who will lead the charge. The modern digital gold rush is underway, and the smartest capital is already claiming it.
$STPT
The future optimism is more than tangible
The strong support from institutional investors comes as the optimism around crypto-friendly policies has significantly increased after Donald Trump won the US presidential elections in November 2024.
Establishing a Strategic Bitcoin Reserve in early March, seen as a massive policy shift, triggered positivity in the crypto and mining sectors. This sector gained importance. Last year, Bitcoin mining operations significantly contributed to the US economy, generating roughly $4.1 billion in gross domestic product and creating over 31,000 jobs nationwide. The industry is also revitalizing rural areas by generating tax revenue and repurposing remote locations for mining operations. It sounds like the gusher days of the oil industry a century ago, doesn’t it?
The latest investments, leadership appointments and IPOs show that Bitcoin mining firms have a significant tailwind. Meanwhile, they are no longer just about BTC — they are becoming data infrastructure providers for the AI sector, turning into hybrid data processing giants.
Taking advantage of this shift, the US could potentially become the leader in the digital asset and Bitcoin mining space due to the pro-crypto stance of the Trump administration and fulfill its stated goal of being the “crypto capital of the world.”
As institutions double down on Bitcoin mining and AI convergence, the question isn’t if this industry will evolve but who will lead the charge. The modern digital gold rush is underway, and the smartest capital is already claiming it.
$STPT
#BTCRebound
Institutional investments on the rise
The appealing revenues in the Bitcoin mining industries brought huge attention from institutional investors. This process is easy to spot: Bitcoin mining pools in the US accounted for over 40% of the global Bitcoin network’s hashrate in 2024.
According to research by EY-Parthenon and Coinbase, 83% of the 352 global institutions plan to increase their crypto allocations this year, while 51% of the asset managers are considering investments in digital asset companies, including mining companies. That’s why I’m not surprised to witness huge investments in Riot Platforms, CoreWeave and other mining industry players.
The favorable market sentiment has paved the way for more initial public offerings (IPOs) and specialized funds targeting mining companies. In addition to securing the $650-million investment, CoreWeave aims to go public with a $4-billion IPO to help the Nvidia-backed company reach a $35-billion valuation.
Bgin Blockchain, a Singapore-based crypto miner manufacturer, recently filed to go public in the US. Renaissance Capital, an investment advisory firm, expects Bgin Blockchain to raise $50 million for its IPO.
This surge in institutional momentum is set to benefit the Bitcoin mining industry by driving up demand and tightening available supply on the market. As more large players accumulate and hold Bitcoin, market scarcity could increase, supporting higher prices and, in turn, boosting miner profitability.
$ASR $ACM $ATM
Institutional investments on the rise
The appealing revenues in the Bitcoin mining industries brought huge attention from institutional investors. This process is easy to spot: Bitcoin mining pools in the US accounted for over 40% of the global Bitcoin network’s hashrate in 2024.
According to research by EY-Parthenon and Coinbase, 83% of the 352 global institutions plan to increase their crypto allocations this year, while 51% of the asset managers are considering investments in digital asset companies, including mining companies. That’s why I’m not surprised to witness huge investments in Riot Platforms, CoreWeave and other mining industry players.
The favorable market sentiment has paved the way for more initial public offerings (IPOs) and specialized funds targeting mining companies. In addition to securing the $650-million investment, CoreWeave aims to go public with a $4-billion IPO to help the Nvidia-backed company reach a $35-billion valuation.
Bgin Blockchain, a Singapore-based crypto miner manufacturer, recently filed to go public in the US. Renaissance Capital, an investment advisory firm, expects Bgin Blockchain to raise $50 million for its IPO.
This surge in institutional momentum is set to benefit the Bitcoin mining industry by driving up demand and tightening available supply on the market. As more large players accumulate and hold Bitcoin, market scarcity could increase, supporting higher prices and, in turn, boosting miner profitability.
$ASR $ACM $ATM
#StablecoinPayments
BTC price liquidations mount after 10-week highs
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retreating from multimonth highs toward the May open.
Hitting liquidity clustered around spot price, Bitcoin created a recipe for volatility as market participants discussed key levels.
“Dense longs cluster 95.7k-96k, heavy shorts 96.5k-97k right around current price (~96.2k),” popular trader TheKingfisher wrote in part of ongoing analysis on X.
“These are price magnets. Expect chop/volatility as they get tested.”
BTC liquidation heatmap. Source: CoinGlass
The latest data from monitoring resource CoinGlass showed price colliding with buy liquidity, with the majority of asks clustered around $97,200.
With the past week seeing multiple liquidity “grabs,” some saw the potential for that behavior to continue as the key $100,000 mark edged closer.
$STPT $DEXE
BTC price liquidations mount after 10-week highs
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retreating from multimonth highs toward the May open.
Hitting liquidity clustered around spot price, Bitcoin created a recipe for volatility as market participants discussed key levels.
“Dense longs cluster 95.7k-96k, heavy shorts 96.5k-97k right around current price (~96.2k),” popular trader TheKingfisher wrote in part of ongoing analysis on X.
“These are price magnets. Expect chop/volatility as they get tested.”
BTC liquidation heatmap. Source: CoinGlass
The latest data from monitoring resource CoinGlass showed price colliding with buy liquidity, with the majority of asks clustered around $97,200.
With the past week seeing multiple liquidity “grabs,” some saw the potential for that behavior to continue as the key $100,000 mark edged closer.
$STPT $DEXE
#StrategicBTCReserve
Bitcoin
BTC
mining firms should hold their mined Bitcoin and use it as collateral for fiat-denominated loans to pay operating expenses instead of selling BTC and losing the upside of an asset that miners expect to surge in price, according to John Glover, chief investment officer at Bitcoin lending firm Ledn.
In an interview with Cointelegraph, Glover said that holding onto the BTC carries several benefits including, price appreciation, tax deferment, and the potential to make extra revenue by lending out BTC held in corporate treasuries. The executive added:
"If you are mining, you are generating all this Bitcoin. You understand the thesis behind Bitcoin and why it is likely going to continue to appreciate in the future. You do not want to sell any of your Bitcoin."
This debt-based approach is similar to companies like Strategy, which issue corporate debt and equity to finance Bitcoin acquisition and profit from the diverging fundamentals of BTC and the fiat currencies the corporate capital raises are denominated in.
$STPT $DEXE
Bitcoin
BTC
mining firms should hold their mined Bitcoin and use it as collateral for fiat-denominated loans to pay operating expenses instead of selling BTC and losing the upside of an asset that miners expect to surge in price, according to John Glover, chief investment officer at Bitcoin lending firm Ledn.
In an interview with Cointelegraph, Glover said that holding onto the BTC carries several benefits including, price appreciation, tax deferment, and the potential to make extra revenue by lending out BTC held in corporate treasuries. The executive added:
"If you are mining, you are generating all this Bitcoin. You understand the thesis behind Bitcoin and why it is likely going to continue to appreciate in the future. You do not want to sell any of your Bitcoin."
This debt-based approach is similar to companies like Strategy, which issue corporate debt and equity to finance Bitcoin acquisition and profit from the diverging fundamentals of BTC and the fiat currencies the corporate capital raises are denominated in.
$STPT $DEXE
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