Spot gold smashed through $4,710 per ounce while silver jumped more than 6%, extending a months‑long precious‑metals rally that is now outpacing most risk assets and reopening the gold‑versus‑Bitcoin safe‑haven debate.

Spot gold pushed through the $4,710 mark on Wednesday, with data from Gate showing prices around $4,709.08 per ounce, up 3.38% on the day. Spot silver outpaced the yellow metal, trading near $77.46 per ounce for a 6.43% daily gain, as the precious metals rally broadened across the complex.

External trackers confirm that gold has been grinding higher for months, with GoldPrice.org recently placing spot around $4,628 per ounce and noting a gain of more than $1,200 over the past year. Silver prices have also rocketed from the low‑$30s to the mid‑$70s in under twelve months, according to Fortune.

Analysts point to a familiar macro cocktail behind the move: sticky inflation expectations, growing conviction that the Federal Reserve will eventually have to cut rates, and a series of geopolitical flare‑ups that keep safe‑haven demand elevated. A late‑2025 Yahoo Finance analysis highlighted how gold rallied more than 60% year‑to‑date, easily outpacing the S&P 500 and even beating Bitcoin during a period of heightened macro stress.

Those dynamics are now colliding with structural demand. Industry data from the World Gold Council shows central banks have been net buyers of gold for several years, while silver continues to benefit from both investment demand and industrial use in solar, EVs, and electronics.

The parallel surge in gold and silver is also reshaping the long‑running “digital gold” debate around Bitcoin. A 2025 Investing.com piece on safe‑haven flows argued that gold tends to move first when real yields fall and rate cuts loom, with Bitcoin often lagging as a higher‑beta play on the same liquidity.

Crypto‑native observers are tracking that relationship closely. In one recent crypto.news report, analysts noted that while spot Bitcoin ETFs have attracted billions in inflows, gold’s market capitalization and price performance still dwarf BTC’s during acute risk‑off episodes. Another crypto.news feature stressed that central‑bank gold buying remains structurally supportive for prices in a way Bitcoin has yet to match. A separate crypto.news analysis pointed out that silver’s volatility often exceeds both gold and BTC during regime shifts, making days like this—when silver jumps more than 6%—a recurring feature of macro inflection points.

For now, with spot gold above $4,700 and silver approaching $80, the tape is unambiguous: traditional safe havens are back at center stage, even as digital assets fight to reclaim that narrative.

• Zcash price climbed 36% to above $600 amid Bitcoin’s uptick.
• ZEC’s rally comes as a surge in shielded supply highlights Zcash’s strength.
• Bulls could target $700 and cycle highs, but RSI signals profit-taking.

Zcash (ZEC) is riding the latest wave in the cryptocurrency market, surging alongside Bitcoin’s charge toward $82,000.

As the flagship asset nears this key psychological barrier, altcoins are joining the rally, with Toncoin (TON) climbing 22%, Internet Computer (ICP) gaining 18%, and Near Protocol (NEAR) up 15% in the past 24 hours.

This broad uptick signals a renewed investor appetite for privacy-focused and scalable protocols amid a dip in Bitcoin’s dominance to 54%.

Zcash explodes 36% to above $600

Zcash’s price has skyrocketed 36% over the past week, flirting with the $600 resistance level early Wednesday.

The privacy coin rose to highs of $606 on Coinbase, hitting its highest level since November 2025.

Meanwhile, open interest on major futures platforms like Binance and OKX has surged to $1.3 billion, up from $964 million the day before.

These metrics reflect surging conviction and have helped propel bulls past key resistances at $450 and $540. ZEC hovered at $578 at the time of writing, with the $600 mark now acting as the immediate hurdle.

Why is Zcash price surging?

As noted, Zcash’s ascent gained momentum amid Bitcoin’s rally. However, ZEC’s surge has also accelerated amid key institutional developments.

Robinhood’s late April listing of ZEC for spot trading unlocked access for millions of retail users, including those in New York for the first time, injecting fresh liquidity into the market.

Bulls also rode Grayscale’s filing to convert its Zcash Trust into a spot ETF, a move that could draw billions in traditional capital.

Zcash has also seen its shielded supply rise steadily, underscoring growing adoption for shielded transactions.

Multicoin Capital, which has amassed a substantial ZEC position, highlights this uptick. Co-founder and managing partner Tushar Jain emphasized ZEC’s appeal on X:

We believe that truly private, censorship and seizure resistant assets have clear product-market fit and demand is accelerating. We believe ZEC is the cleanest way to express this thesis in public markets.

Zcash price prediction – cycle highs next for ZEC?

Despite the rally, Zcash remains far from its all-time high set in 2016.

Yet, prices have surged significantly since lows of $15 in July 2024, and this uptick has seen bulls shatter the stubborn supply wall that capped prices since December 2025.

Rising to $600 could clear a path for higher levels, with bullish momentum likely bolstered by fresh institutional and retail accumulation amid ETF prospects and privacy demand.

If this holds, buyers will eye $700 as the next target, aligning with last year’s cycle highs. Movement towards $850 and $1,000 could align with an explosive rally across crypto.

However, technical indicators temper immediate optimism. The Relative Strength Index (RSI) on the daily chart sits at 86, signaling overextension and hinting at a pullback.

A retest of support at $452 (the recent breakout level) or deeper at $378 (a multi-month accumulation zone) could attract bears.

But these could offer entry points for renewed upside.

OpenTrade, the institutional-grade platform integrating on-chain and real-world asset (RWA) backed lending with stablecoin yield products, has closed a $17 million strategic funding round to expand its yield infrastructure. The round, led by Mercury Fund and Notion Capital, underscores a concerted push to scale OpenTrade’s permissioned and permissionless yield rails and to accelerate the growth of its vault-focused offering, Curation+, the company confirmed.

CEO David Sutter said the fresh capital will fuel a broader buildout across asset management and trading teams, lift engineering capacity, and establish a dedicated customer success function to support its expanding client base. “The company also plans to expand its asset management and trading team, increase engineering capacity, and build a dedicated customer success function to support its growing client base,” Sutter told Cointelegraph.

Key takeaways

• The $17 million strategic round was led by Mercury Fund and Notion Capital, adding to OpenTrade’s total funding of about $30 million, with prior backing from a16z Crypto and other investors across earlier rounds.
• The funding will accelerate the expansion of OpenTrade’s yield infrastructure, encompassing both permissioned and permissionless pathways, and will bolster its vault-centric Curation+ service and related product suite.
• The capital infusion arrives amid heightened regulatory scrutiny of stablecoins in the United States, as lawmakers debate how yield-like incentives should be treated under the CLARITY Act. Progress toward a compromise has recently advanced, with implications for how platforms may offer interest-like rewards on stablecoin activity.
• OpenTrade’s architecture centers on tokenized vaults that allocate capital across RWAs such as fixed-income instruments and select DeFi strategies, governed by smart contracts and designed to be compatible with global regulatory standards for traditional finance and digital assets.
• Regulatory tailwinds for the broader stablecoin and digital-asset sector are cited by the company as a positive backdrop for growth, though licensing, compliance, and cross-border considerations remain central for institutional participants.

Strategic funding to scale yield infrastructure

OpenTrade positions itself as a bridge between traditional securities lending concepts and the emerging market for stablecoins backed by real-world assets. The funds will enable broader deployment of its yield infrastructure, both in permissioned environments—where institutional-grade controls and compliance are prioritized—and in permissionless contexts that expand access to liquidity and yield opportunities for a wider base of clients. Sutter emphasized that OpenTrade’s strategy is anchored in a model derived from traditional finance securities lending but adapted to stablecoins, with attention to market-specific nuances that may shape institutional eligibility and participation.

As part of the growth plan, the company intends to scale its asset management and trading capabilities, grow its engineering and product teams, and introduce a dedicated customer success function to support an increasingly diverse roster of fintechs and institutional investors. The capital infusion thus serves not only to broaden product coverage but also to deepen client servicing, risk management, and regulatory compliance processes that are critical for on-chain and cross-border activity.

The round brings OpenTrade’s funding history into clearer focus. The company reported a total of $30 million in committed capital after this raise, reflecting previous rounds that included a $7 million strategic round in June 2025 led by Mercury Fund and Notion Capital, following a $4 million seed extension in November 2024. Earlier investors — including Circle Ventures and Polygon Ventures — participated in 2023, underscoring a broad base of strategic support from traditional and crypto-native backers. OpenTrade’s co-founders, Dave Sutter and Jeff Handler, previously held roles at Centre, the governance consortium associated with the USDC stablecoin, highlighting the team’s deep ties to the stablecoin ecosystem.

Regulatory backdrop: CLARITY Act and stablecoin governance

The fundraising occurs as U.S. policymakers weigh how to regulate stablecoin rewards within a broader market-structure framework. The CLARITY Act, a proposal under discussion in Congress, seeks to clarify the regulatory boundaries for digital assets and related incentives. Recent reporting indicates progress toward a compromise between crypto and banking stakeholders, with a Senate Banking Committee vote anticipated as the deal advances. The emerging framework would allow usage-based rewards—such as cashback or discounts tied to stablecoin activity—but would prohibit yield on idle balances, a distinction that impacts how platforms structure incentive programs and balance-sheet risk.

According to Cointelegraph, the ongoing reform efforts reflect an evolving regulatory approach to stablecoins and on-chain finance. The outcome of CLARITY Act negotiations could significantly influence the design and distribution of yield-bearing products offered by platforms like OpenTrade, as well as the licensing and oversight requirements faced by institutional users, fintechs, and crypto firms operating across U.S. and international markets.

Product architecture and market positioning

OpenTrade’s product envelope centers on tokenized vaults that channel deposits into a diversified set of yield sources, with RWAs playing a primary role alongside carefully selected DeFi strategies. Each vault adheres to a defined allocation strategy and operates through smart-contract-based mechanisms that manage deposits, monitor positions, and distribute returns. This architecture allows institutions to access yield opportunities with a structure designed to meet traditional finance and digital-asset regulatory standards while offering the transparency and auditability valued by compliance teams.

“Our structure is derived from securities lending in traditional finance, but adapted to the lending of stablecoins instead of securities,” Sutter explained, noting that practical access to these offerings may vary based on jurisdiction and investor classification. The platform’s compliance-first approach aims to make cross-border participation feasible for qualified investors while maintaining robust risk controls and reporting capabilities that respond to lender, borrower, and custodian expectations.

As part of the broader strategic vision, OpenTrade’s Curation+ service is positioned to operate as a dedicated vault-focused offering, managing collateral deployment and yield generation with careful attention to risk budgeting, governance, and regulatory alignment. The combination of tokenized vaults and an integrated asset-management framework is designed to deliver scalable, auditable, and compliant yield generation for fintechs and institutional subscribers alike.

Closing perspective

OpenTrade’s $17 million funding round signals an ongoing emphasis on expanding compliant, scalable yield infrastructure at a moment when the regulatory landscape for stablecoins and on-chain finance is becoming clearer, yet still evolving. For institutions, the development highlights a path toward more robust, regulated access to real-world asset-backed yield, while keeping a close watch on licensing, cross-border compliance, and the ongoing policy negotiations shaping the future of digital assets.

Wall Street’s appetite for retail crypto trading has intensified as Morgan Stanley rolls out a trading pilot on its E*Trade platform, pricing trades at a level that undercuts many traditional crypto brokers for standard retail users.

According to a Bloomberg report, Morgan Stanley is charging 50 basis points of the dollar value of each crypto transaction in the pilot. The program is currently in pilot mode, with E*Trade’s roughly 8.6 million clients expected to gain access later this year. A Morgan Stanley spokesperson confirmed to Cointelegraph that the details and fee structure described in Bloomberg’s report were accurate.

This latest push follows Morgan Stanley’s broader involvement in crypto, including its foray into a spot Bitcoin ETF ecosystem. Cointelegraph noted that the ETF, MSBT, drew about $30.6 million in inflows on its first day of NYSE Arca trading, a milestone that signals continued investor interest even as traditional banks expand into crypto access for clients.

The move illustrates a wider trend as large financial institutions seek to capture a share of retail trading revenue through crypto products, even as the ecosystem’s infrastructure and regulatory framework continue to mature.

Key takeaways

• Morgan Stanley’s E*Trade pilot charges 50 basis points per crypto trade, positioning the bank as a price leader among mainstream retail platforms.
• The pilot aims to bring 8.6 million E*Trade clients into crypto trading later this year, expanding access across a broad retail base.
• The broader appetite on Wall Street includes Charles Schwab’s recent launch of spot Bitcoin and Ether trading for retail clients at 75 basis points per transaction, underscoring a broader shift toward crypto offerings.
• Market players note that lower-fee options exist outside banks’ ecosystems, with platforms like Kraken Pro, Binance US, and Coinbase Advanced offering competitive pricing tiers for sophisticated traders.
• The momentum follows Morgan Stanley’s earlier debut of a spot Bitcoin ETF (MSBT), which attracted $30.6 million in inflows on its first day, reinforcing investor appetite for regulated crypto access from traditional financial institutions.

Pricing ambition and the retail crypto race

At its core, Morgan Stanley’s $0.005-per-dollar pricing? Not exactly. The firm’s pilot is priced at 50 basis points of the trade’s value, a rate that Bloomberg describes as aggressive relative to standard retail pricing offered by several large exchanges and brokerages. The plan to roll access out to E*Trade’s 8.6 million clients this year signals a rapid scale-up if the pilot proves sustainable, correlating with steady demand for regulated, institution-backed channels to buy and sell digital assets.

Such pricing moves raise questions about how traditional brokers balance revenue with user growth. While Morgan Stanley positions itself as a bridge between conventional finance and crypto markets, rivals—including exchanges and fintechs—have already experimented with lower fee tiers. The broader market has shown that the most aggressive price points are often paired with robust custody, insurance, and compliance frameworks that can be appealing to retail participants who remain wary of the space’s risk profile.

A broader wave of Wall Street crypto adoption

Morgan Stanley’s pilot sits within a larger arc of banking and brokerage firms expanding crypto offerings to retail and institutional clients. Earlier reports highlighted Charles Schwab’s rollout of spot Bitcoin and Ethereum trading for retail clients, beginning with a fee structure around 75 basis points per transaction. The move illustrates how mega-brokers are trying to capture a portion of retail trading revenue that once flowed primarily to crypto exchanges and alternative platforms.

Meanwhile, Goldman Sachs has moved to broaden its crypto product lineup through regulatory filings for a Bitcoin Premium Income ETF, an approach that would depend on selling call options on Bitcoin-related exchange-traded products rather than directly owning Bitcoin. This strategy reflects a broader W Street preference for investment vehicles tied to crypto exposure while managing risk through derivatives strategies.

Beyond trading and ETFs, the ecosystem is deepening on the infrastructure side. BNY Mellon has already rolled out a digital asset custody platform that began operating in the United States in late 2022, enabling select clients to hold and move Bitcoin and Ether in a regulated custodial environment. The gradual expansion of custody capabilities is a prerequisite for more active, bank-backed crypto trading and asset management services.

These developments collectively indicate a shift in the financial landscape: traditional incumbents are not only offering access to crypto but are also building the reliability and risk controls that can reassure a broader base of investors and fund managers. The industry is moving toward a model where regulated, enterprise-grade services coexist with more flexible, lower-cost trading options offered by specialized crypto platforms.

What this means for users and the market

For investors and traders, the emergence of bank-backed crypto trading pilots could translate into greater accessibility, more standardized protections, and a broader menu of regulated instruments. The price competition among major banks and high-profile brokerages may push other platforms to adjust their fee structures, potentially expanding the appeal of on-ramp products for new retail participants.

However, the consolidation of crypto capabilities within traditional financial institutions also introduces new considerations. Compliance, risk management, and the resilience of settlement rails remain critical as more clients move from pure-play crypto venues to regulated channels. Market observers will be watching how liquidity, spreads, and user experience evolve as these pilots scale from testing to routine availability across large client bases.

The broader market’s appetite for regulated access is evident in the MSBT inflows on its launch day, signaling continued investor interest in mainstream, audited products. As Morgan Stanley, Schwab and others push deeper into crypto, readers should monitor updates on client uptake, fee revisions, and any regulatory or operational hurdles that could shape how quickly these platforms gain traction.

Looking ahead, the next phase will likely reveal how quickly E*Trade users adopt crypto trading, how fee competition impacts platform economics, and what new product formats—ranging from spot to ETF-based exposures—will define retail participation in the crypto economy.

As the sector evolves, observers should watch for regulatory guidance that could influence pricing, product design, and custody standards—elements that will determine whether this wave of adoption becomes a durable layer of the traditional financial system.

For ongoing coverage, follow updates on Morgan Stanley’s E*Trade rollout, Schwab’s retail crypto expansion, and the broader bank-led push into crypto infrastructure and investment products.

Crypto.com has announced the launch of Crypto.com Travel, a new in-app booking platform powered by Bookit, marking another major step toward integrating cryptocurrency rewards into everyday consumer experiences.

The announcement was revealed during Consensus 2026 and introduces a travel and entertainment booking experience directly inside the Crypto.com app. The platform allows eligible users to earn cashback rewards in CRO tokens when booking hotels, flights, cruises, car rentals, and live experiences.

According to the company, Crypto.com Travel provides access to more than one million travel listings globally through Bookit’s infrastructure, while expanding the utility of CRO within the broader Crypto.com ecosystem.

Bringing Crypto Rewards Into Mainstream Travel

The launch is positioned as a major expansion of Crypto.com’s Level Up rewards program, which combines tiered crypto benefits with real-world spending experiences.

Users enrolled in eligible tiers can reportedly receive cashback rewards in CRO tokens on qualifying bookings, with additional benefits available when payments are completed through Crypto.com payment products.

Unlike traditional travel loyalty systems that rely heavily on points, restrictions, or blackout dates, Crypto.com says the new platform is designed to create a more flexible rewards experience tied directly to cryptocurrency incentives.

Eric Anziani, President and COO of Crypto.com, described the launch as part of a broader strategy to expand practical crypto adoption beyond trading and speculation.

Bookit CEO Lin Dai also noted that tokenized rewards and digital assets are increasingly becoming part of mainstream commerce and consumer spending experiences.

Crypto and Consumer Commerce Continue to Converge

The launch reflects a growing trend across the digital asset industry, where companies are increasingly focusing on real-world utility and consumer-facing applications rather than purely speculative use cases.

Travel, payments, rewards, and loyalty systems have emerged as one of the most active sectors for crypto integration, particularly as platforms seek to connect blockchain-based incentives with everyday purchasing behavior.

By combining travel bookings with CRO-based rewards, Crypto.com appears to be positioning itself at the intersection of fintech, digital assets, and global consumer commerce.

The feature is currently available for eligible users through the Crypto.com app in supported jurisdictions.

As the UK considers options to attract and develop the crypto industry at home, the Bank of England (BOE) has put forward several proposals for how it might regulate stablecoins to mitigate perceived financial risks.

These have included a ban on custodial wallets for stablecoin holdings. The UK crypto industry, from stablecoin issuers to Bitcoin hardliners, has predictably taken issue with the ban.

“This would be a serious misstep for the UK, risking long-term damage that is hard to unwind,” said Benoit Marzouk, CEO of stablecoin issuer tGBP told Cointelegraph.

Ban could hamper operability and competitiveness 

At the heart of the BOE’s approach to stablecoins, which it recently discussed in a series of inquiries before the House of Lords, is protecting the UK banking system. 

The bank argues that unhindered access to stablecoins, which can offer higher yields than traditional banking products, could lead to a run on deposits, and therefore on credit availability from UK banks. 

In March, Bank of England Deputy Governor Sarah Breeden told the House of Lords Financial Services Regulation Committee that BOE is “open to other ways of achieving the objective” of credit availability. 

Breeden speaks before Parliament. Source: Parliament 

“But I think you would expect us as the financial stability authority to ensure that there isn’t a precipitous drop in credit to the businesses and households in the UK,” she said.

One way it believes it can affect this is through banning unhosted wallets. “There is this concept of an unhosted wallet, where you haven’t got a wallet provider who is a regulated entity ensuring that AML [Anti-Money Laundering], KYC [Know Your Customer] criteria are complied with. Unhosted wallets will not be permissible in the UK. They are permissible in the US regime,” Breeden told the committee. 

For the crypto industry, it would be two steps backward. According to Marzouk, it would “wipe out hard-earned network effects.”

“If transfers are limited to registered VASPs or custodial wallets, existing GBP stablecoins […] would become in breach of regulations with holding on self-hosted or issuers would be forced into whitelisting models and re-issuing new tokens.”

Related: UK central bank is warming up to stablecoins, but says industry input is lacking

Joey Garcia, chief strategy, policy, and regulatory affairs officer at Xapo Bank, told Cointelegraph that, instead of being an update to the financial system, “this ban essentially restricts any attempt to understand and mitigate the perceived risks.”

“This would be interpreted as a signal of a hostile regulatory environment, discouraging developers and investment in the UK’s fintech sector.”

Marzouk said that it also undermines an important use case for stablecoins, namely remittances. Under the BOE’s regime, “recipients couldn’t access funds unless fully onboarded with a regulated exchange.” 

Source: ORF America

“A plane without wings is no longer a plane. Likewise, a stablecoin or blockchain asset that can only be transferred to a predefined list of wallets is not truly blockchain, it is effectively e-money within a closed ecosystem and then you don’t need a separate regulation.”

Garcia also said that the utility of stablecoins would be diminished as they “derive much of their value from the ability to be held and transferred on a peer-to-peer basis on open networks.”

“This is particularly relevant for the unbanked and underbanked around the globe, for whom self-custodial wallets and regulated on-ramps can be a primary gateway into digital financial services, and access to digital dollars or digital pounds.”

Curbing such a major use case for stablecoins “kills a major strategic opportunity: Positioning the Pound Sterling, one of the strongest and most trusted currencies, as a credible alternative to USD stablecoins,” said Marzouk.

Crypto industry questions feasibility of wallet ban

Beyond the issue of competitiveness is the feasibility of implementing an unhosted wallet ban. 

Susie Violet Ward, the director and co-founder of Bitcoin Policy UK, said that these rules would do little to address real illicit flows, but would rather “expand data collection, erode privacy, impose costs, and add friction and limit access through banks and intermediaries.”

Freddie New, chief policy officer at the Bitcoin Policy UK, said that the proposed policy from BOE was of “such monumental, such overweening, stupidity, that it is hard to formulate a sensible response.”

New said, “let everyone in the UK simply continue to use their ‘self-hosted wallets’ (ie ‘wallets’) without paying them a second’s more attention.”

It may not be as simple as that. The central bank does have some levers it can pull that would be particularly relevant for stablecoins. But even then, “this is extremely challenging to monitor, let alone enforce,” said Garcia.

The BOE could focus on Virtual Asset Service Providers (VASPs). Marzouk said that the bank could limit the issuance of new stablecoins into registered VASPs like crypto exchanges. In turn, these would only allow transfers to other VASPs or custodians “through the validation of existing tools that have been created for the Travel Rule regulation.”

But even this, per Marzouk, stretches the intended purpose of the Travel Rule. “The Travel Rule is designed to enable VASPs to exchange information if there’s some complaints from clients of identity theft, for example: It was not intended to restrict or prohibit self-custody.”

For Garcia, it’s neither “necessary nor feasible.” The underlying technology behind crypto wallets means that anyone can create one. “As long as the internet and public blockchains exist, a direct ban on wallet creation and use is not practically enforceable.” 

It’s distinctly possible that the ban will not make it into the final version of the Bank of England’s regulations. The bank’s latest Consultation Paper on stablecoins, published in November, does not propose one explicitly.

Any changes would have to go through the standard process, led by the Treasury under the Financial Conduct Authority’s framework as defined by the 2023 Financial Services and Markets Act. “This involves formal consultation, industry input, and iterative rulemaking before any measures can be finalised,” said Garcia. 

The best the industry can do to circumvent a ban is to continue engaging with policymakers, per Garcia.

“As participants within the sector, we must demonstrate the benefits of this technology clearly to address the concerns and risks that have been identified, to strengthen the case for proportionate regulation.”

Magazine: AI-driven hacks could kill DeFi — unless projects act now

Key Highlights

• CORZ stock surges following $421 million Polaris DS acquisition announcement
• Oklahoma power infrastructure expands with 440MW of contracted capacity
• Company pursues ambitious 1GW leasable power capacity goal
• Strategic acquisition reinforces AI hosting infrastructure objectives
• Business transformation continues from Bitcoin mining to AI services

Shares of Core Scientific (CORZ) experienced significant upward momentum following the announcement of a strategic acquisition designed to enhance power infrastructure capabilities in Oklahoma. The stock gained 10.88%, reaching $24.61 in early market activity, as investors responded positively to the company’s aggressive expansion into high-density colocation services. This strategic move further solidifies Core Scientific’s commitment to building artificial intelligence infrastructure and enterprise-scale computing facilities.

Core Scientific, Inc., CORZ

Strategic Polaris Deal Bolsters Oklahoma Operations

Core Scientific revealed its intention to purchase Polaris DS LLC in a transaction valued at $421 million, significantly expanding its Muskogee, Oklahoma footprint. This acquisition delivers 440 megawatts of power capacity under contract with Oklahoma Gas & Electric. The move is expected to accelerate the timeline for deploying advanced high-density computing infrastructure.

The transaction requires regulatory clearance and satisfaction of customary closing requirements, with completion anticipated during Q3 2026. Polaris currently maintains an active 40-acre campus located adjacent to Core Scientific’s current Muskogee operations. The property features established electric service contracts and substation facilities that enable additional expansion opportunities.

According to Core Scientific, this strategic purchase directly supports the organization’s objective of achieving approximately 1 gigawatt of leasable power infrastructure. The company has secured control of nearly 250 additional acres earmarked for future development initiatives. This comprehensive approach integrates targeted acquisitions, new construction projects, and flexible power delivery systems throughout its Oklahoma portfolio.

Advanced Infrastructure Enables AI and Computing Services

Core Scientific has strategically repositioned itself away from conventional Bitcoin mining operations toward artificial intelligence and high-performance computing services. As a result, the organization continues repurposing previous mining locations into enterprise-grade colocation facilities. The Muskogee expansion exemplifies this broader operational evolution.

Development work is currently underway on an additional 82.5 megawatt facility within the Muskogee campus complex. Initial delivery is projected for Q4 2027. Simultaneously, the existing 70 megawatt structure remains scheduled for customer handover in the second quarter of 2026.

This leased infrastructure accommodates Nvidia GB300 systems and is presently undergoing comprehensive testing and commissioning procedures. Core Scientific continues conducting detailed load assessments designed to maximize grid-connected capacity throughout the location. Additionally, the company has engineered behind-the-meter power configurations to facilitate future scalability needs.

Financial Performance Reflects Strategic Pivot

Cryptocurrency mining companies are increasingly diversifying into artificial intelligence and computing-oriented operations amid challenging mining profitability conditions. As a consequence, infrastructure holdings and long-duration power contracts have become highly valued strategic assets. Organizations controlling substantial energy resources are actively expanding into colocation and compute hosting markets.

Core Scientific’s most recent quarterly financials indicated total revenue decreased to $79.8 million compared to $94.9 million in the prior-year period. However, colocation revenue demonstrated substantial growth, climbing to $31 million from $8.5 million year-over-year. Conversely, Bitcoin mining revenue contracted to $42 million from $79 million.

The organization has also executed substantial financing arrangements to fund its expansion roadmap earlier this year. Core Scientific completed a $3.3 billion private debt placement complemented by $1 billion in loan facilities. Separately, shareholders voted against a proposed $9 billion combination with CoreWeave, though both entities maintain ongoing commercial relationships.

SpaceX plans an initial $55 billion Terafab chip and AI megafactory in Grimes County, Texas, as part of Elon Musk’s broader Austin-centered semiconductor and compute build‑out.

SpaceX is preparing to pour an estimated $55 billion into the first phase of its Terafab super‑factory in Texas, according to a recent notice from Grimes County officials and market reports tracking the project. A filing shared by local representatives on X states that “the County of Grimes, Texas, will be home to SpaceX’s multiphase, next‑gen, vertically integrated semiconductor manufacturing and advanced computing fabrication facility,” with “estimated capital for initial phase” of $55 billion and “estimated total investment of $119 billion.”

The project, dubbed Terafab, was first unveiled in March as a joint semiconductor initiative between Tesla, SpaceX and Musk’s AI company xAI in the Austin area. In remarks reported by Bloomberg, Musk called Terafab “a grand plan to eventually manufacture [our] own chips for robotics, artificial intelligence and space data centers,” and said the complex would be built in Austin and “jointly run by Tesla and SpaceX.”

Coverage from Fortune and other outlets indicated the initial cost of Terafab would be in the $20 billion to $25 billion range, with the first fab rising adjacent to Tesla’s Giga Texas plant in Austin. A detailed breakdown from Fintech Weekly described the launch event at Austin’s Seaholm Power Plant, noting that Tesla’s CFO pegged the early estimate at “between $20 and $25 billion” and that the facility would consolidate “chip design, lithography, fabrication, memory production, advanced packaging, and testing” under one roof.

The new Grimes County documentation suggests SpaceX is now planning a separate or expanded Terafab footprint beyond Austin, with the “SpaceX Reinvestment Zone No. 1 – 2026‑001” designated around the Gibbons Creek Reservoir area and a public hearing scheduled for June 3. The notice characterizes the site as a “multiphase” complex for semiconductor manufacturing and advanced compute, implying a long‑term build‑out that could eclipse earlier cost estimates.

Musk’s stated goal for Terafab is to ultimately produce enough custom silicon to support roughly a terawatt of computing power per year, powering Tesla’s autonomous vehicles and Optimus humanoid robots as well as SpaceX’s satellites and planned space data centers. As Yahoo Finance has reported, Terafab is being pitched as a vertically integrated answer to Musk’s chip supply constraints, with Tesla, SpaceX and xAI seeking to reduce dependence on external foundries like TSMC and Samsung.

The $55 billion figure tied to SpaceX’s Texas super‑factory underscores just how capital‑intensive that ambition is—and how aggressively Musk is betting that in‑house chip capacity will be a competitive edge across electric vehicles, AI, and space infrastructure.