Chipmaker Nvidia has reportedly become the latest company to tap the AI debt boom with a planned $20 billion bond offering, underscoring the relentless demand for AI infrastructure and data centers that has also created new opportunities for Bitcoin miners diversifying beyond crypto.

On Monday, Bloomberg reported that Nvidia is seeking to raise at least $20 billion through a multi-part bond sale to help finance AI-related investments and refinance existing debt.

Citing people familiar with the matter, the report said Nvidia plans to issue notes across seven maturities ranging from two to 30 years, with the longest-dated bonds expected to yield roughly 0.9 percentage points above comparable US Treasury securities.

The offering highlights investors’ continued appetite for financing AI expansion and signals that one of the industry’s most influential companies expects demand for AI infrastructure to remain strong.

Source: Cointelegraph

As the dominant supplier of the GPUs that power large language models, Nvidia sits at the center of the AI ecosystem. Its chips are used extensively by hyperscalers and cloud providers, making the company’s capital spending plans a closely watched barometer for the broader industry.

The sustained AI buildout has also benefited an increasing number of Bitcoin miners, which have begun repurposing their energy-intensive facilities and power infrastructure for high-performance computing and AI hosting. 

Companies that once relied almost exclusively on Bitcoin mining revenue, including HIVE Digital, TeraWulf, Hut 8 and CleanSpark, are now positioning themselves as providers of data center capacity, leveraging internal infrastructure and existing power agreements to capitalize on growing demand for computing resources.

Related: Bitcoin mining difficulty drops 10% in 11th largest downward adjustment

BTC mining economics remain under pressure

Bitcoin miners are pursuing AI diversification as the economics of their core crypto business become increasingly challenging, especially in the wake of the April 2024 halving, which intensified margin pressures amid elevated mining difficulty and operating costs.

The industry has faced what some analysts have described as the “harshest margin environment of all time,” prompting many miners to sell portions of their Bitcoin treasuries, reduce leverage and seek new revenue streams beyond cryptocurrency mining.

According to data from TheEnergyMag, Bitcoin miners collectively sold more than 15,000 BTC between October and March.

Bitcoin mining companies’ treasury sales have accelerated since October, when BTC peaked above $126,000. Source: TheEnergyMag

Against this backdrop, analysts expect large miners to evolve into AI infrastructure providers. Bernstein, for example, recently said it expects IREN to derive the vast majority of its value from AI infrastructure, citing the rapid growth of the company’s cloud AI business.

Related: Professional investors dumped 52K BTC worth of ETFs in Q1, filings show

The majority of the Ripple USD stablecoin is on Ethereum, the top competitor to Ripple’s XRP Ledger.

Indeed, $879 million of the roughly $1.63 billion worth of tokens in circulation sits on Ethereum versus $760 million on the XRP Ledger, a 53-to-47 split in Ethereum’s favor.

Ripple markets its dollar-pegged stablecoin as a flagship of the XRP Ledger’s enterprise readiness, yet an entirely different blockchain minted the majority of the supply.

RLUSD launched in December 2024 with an impressive-sounding New York State Department of Financial Services license.

Unable to fulfill its launch on just the XRPL, Ripple issued tokens natively on two blockchains, pitching XRP as the “home” venue even though Ethereum has hosted the majority of the tokens.

By October 2025, roughly 88% of RLUSD supply lived on Ethereum, with just $91 million on XRPL. 

Although Ethereum has ceded some of its dominance to XRPL over the past eight months, XRPL remains in second place.

By the end of 2025, Ethereum’s share was still 81%, roughly $1 billion against $235 million on XRPL. Today, after 18 months of work, XRPL has worked itself up to a 47% share.

Ethereum has the users

On Ethereum, Ripple USD is useful on DeFi applications that dwarf comparable DeFi on XRPL.

For example, Ripple put RLUSD into the Aave V3 lending market in April 2025, where users may deposit it for yield or borrow it for a fee collateralized by other Ethereum-based digital assets. 

By late 2025, nearly two-thirds of all RLUSD had been deposited into Aave. RLUSD once ranked as the largest single asset in the protocol’s institutional Horizon market.

Curve and Morpho, other DeFi platforms, also vault hundreds of millions more of Ethereum-based RLUSD.

The transaction record also points to the success of Ripple USD on Ethereum. 

RLUSD transfer volume hit a record $18.4 billion in the first quarter of 2026, most of which was not XRPL transactions. Instead, Ethereum provided a larger, wealthier community of DeFi users with deeper liquidity pools.

XRP, the token that fans of XRPL can purchase, captures almost none of the value of RLUSD dominance slowly transitioning away from Ethereum.

Every RLUSD transfer on the XRP Ledger burns a fee of approximately one hundred thousandth of 1 XRP, an amount worth less than $0.0001. 

Despite Ripple’s marketing of RLUSD as an institutional settlement token with its home on XRPL, XRP tokenholders enjoy a reduction of supply measured in fractions of fractions of a cent for those settlements.

Read more: Years of hype but still no deal: SWIFT sidesteps XRP again

Ripple’s multi-chain success story for Ethereum

Of course, Ripple CEO Brad Garlinghouse has long argued that finance will run across many blockchains. The company even enlisted the Wormhole cross-blockchain bridge to push RLUSD onto Ethereum layer-2 networks like Coinbase’s Base. 

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Reserves for the stablecoin are blockchain agnostic, sitting off-chain with the Bank of New York Mellon, which Ripple named as a primary custodian in July 2025.

As of writing time, XRP is trading at $1.27, down 31% from where it started 2026 and 41% over the last year.

The clearest growth story in Ripple’s orbit is a stablecoin whose largest home is Ethereum, the network XRP had hoped to displace.

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BitMine Immersion Technologies has continued adding to its Ethereum position despite a persistent downturn in crypto markets. In a report filed on Monday, the crypto treasury company said it purchased 76,881 ETH over the prior week, further lowering (or at least supporting) its overall cost basis as Ether moved in a volatile range during that period.

The acquisition brings BitMine’s total holdings to 5,620,754 ETH, with an average purchase price of $1,718. While the company has been steadily accumulating through bearish conditions, the scale of its exposure means the treasury remains deeply sensitive to ETH price swings—especially as its strategy relies on both asset ownership and staking-related yield.

Key takeaways

• BitMine bought 76,881 ETH in the last week, bringing holdings to 5,620,754 ETH at an average cost of $1,718.
• At around Monday’s reported market price of $1,843.69, BitMine’s ETH portfolio is valued near $10.2 billion, with an estimated unrealized loss close to $9 billion.
• BitMine controls about 4.66% of ETH’s circulating supply and is moving closer to its stated 5% target (based on 120.68 million circulating ETH).
• The company has staked more than 4.1 million ETH, generating recurring rewards that can continue even when spot prices weaken.
• Ethereum’s environment is under strain not only from price performance but also from structural concerns around layer-2 economics and Ethereum Foundation departures.

BitMine keeps accumulating as ETH trades below prior levels

According to BitMine’s Monday disclosure, the treasury added 76,881 ETH over the preceding week. The purchases took place during a period when Ether briefly dipped below $1,600, according to Cointelegraph’s reference to price action. The broader point, as emphasized by the company’s ongoing behavior, is that accumulation has continued regardless of whether ETH is rebounding or falling.

As of the latest reporting, BitMine’s average acquisition price stands at $1,718. At the time CoinMarketCap data was referenced (Ether trading at $1,843.69 on Monday), the company’s ETH stash was estimated at roughly $10.2 billion.

That figure also highlights the trade-off inherent in a long-duration treasury approach: DropsTab data cited in the report indicates BitMine is sitting on an unrealized loss of nearly $9 billion at current prices. For investors watching large-ETH holders, this matters because it illustrates how treasury strategies can be simultaneously yield-oriented (through staking) and mark-to-market exposed when market conditions deteriorate.

Approaching a “large holder” milestone—while staking supplies yield

BitMine’s latest purchases bring it closer to a stated ambition: owning 5% of Ethereum’s total circulating supply. Based on the cited circulating figure of 120.68 million ETH, the company controls approximately 4.66% after the most recent acquisition.

Just as important is the company’s staking footprint. The report notes that BitMine has staked more than 4.1 million ETH, worth about $8.1 billion at current prices at the time of writing. Staking allows the treasury to earn protocol rewards by helping secure the Ethereum network, creating a more stable stream of yield compared with holding un-staked assets.

In practice, that means BitMine’s economics are not tied purely to whether ETH spot rises or falls. Even during weaker price periods, staking rewards can partially offset losses—though they do not remove the underlying exposure to ETH’s market price.

ETFs face outflows as Ethereum’s broader fundamentals come under scrutiny

BitMine’s accumulation is unfolding amid a wider backdrop that has been difficult for Ethereum-related products. The article links the treasury’s pressure to this year’s selloff in digital asset prices, pointing to spot Ether exchange-traded funds (ETFs) that recorded four consecutive days of net outflows “last week.” It also notes that selling pressure has persisted since early May, with daily net outflows exceeding $60 million on several occasions.

In the US market, BlackRock’s iShares Ethereum Trust ETF (ETHA) is cited as the largest US-listed ETH ETF, with net assets of $4.75 billion. The filing is described as representing 2.36% of crypto’s circulating supply, with its trend referenced via SoSoValue charts.

The key tension for readers is that large-scale accumulation by a treasury entity does not automatically translate into improved ETF demand or stronger near-term flows. ETF outflows can signal that many investors remain focused on risk reduction or wait-and-see positioning, even as some participants continue adding to long-term holdings.

Beyond price: layer-2 fee dynamics and Ethereum Foundation turnover

While spot performance and fund flows matter, the report argues that Ethereum also faces structural uncertainties. One concern raised is the effect of Ethereum’s layer-2 scaling strategy. As more transaction activity moves to layer-2 networks, the Ethereum mainnet captures less transaction-fee revenue and burns less ETH. Since parts of Ethereum’s monetary narrative are tied to fee burning, reduced burn could weaken deflationary dynamics relative to prior expectations.

Separately, the article points to internal changes at the Ethereum Foundation. It says that at least nine senior leaders, researchers, and core contributors have departed the nonprofit so far this year—described as one of the largest waves of talent attrition in its history. The departures are framed as coinciding with an organizational overhaul and renewed community debate over Ethereum Foundation governance, strategic direction, and its long-term role in the ecosystem.

For market participants, this type of organizational churn can matter less for day-to-day price moves and more for expectations around development priorities and execution risk—especially in a period where scaling, fee capture, and long-term network economics are already being debated.

What to watch next

BitMine’s next disclosures will be important to monitor for changes in acquisition pace and how much of its growing ETH exposure remains staked. At the same time, Ethereum investors should keep an eye on ETF flow trends and the evolving debate around layer-2 economics—alongside any further transparency around Ethereum Foundation staffing and governance—as these factors collectively shape confidence in the network’s longer-run trajectory.

TLDR:

•  Zebec launched enterprise payroll on Stellar with support for stablecoin salary distributions globally.
•  European institutions have entered final testing for payroll, benefits, and contractor payment workflows.
•  Workers can access salaries instantly through wallets, payment cards, or local currency conversions.
•  XLM gained over 22% in 24 hours as Stellar ecosystem activity and trading volumes increased.

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Zebec has launched its enterprise payroll platform on Stellar, extending blockchain-based salary payments to one of the industry’s largest payment-focused networks. The deployment introduces real-time payroll capabilities for employers managing global teams and contractor networks. 

Companies can now distribute salaries in stablecoins while workers gain instant access to funds through digital wallets and payment cards. The rollout comes as Stellar’s native token records heightened market activity and a sharp rise in trading volume.

Zebec Payroll on Stellar Targets Global Enterprise Payments

The launch introduces Zebec’s payroll infrastructure directly onto the Stellar network. According to information shared by Stellar, employers can stream salaries and contractor payments in stablecoins through the platform.

Employees can receive funds instantly in supported digital wallets. They can also spend balances using Zebec’s Mastercard-powered cards or convert digital dollars into local currencies.

The company also unveiled a redesigned enterprise dashboard. The interface targets HR departments managing large international workforces and contractor networks.

Several European institutions and multinational employers have entered final testing stages, according to details released by Zebec. These organizations are evaluating salary distribution, contractor payments, and employee benefits workflows.

The testing phase represents one of the first large-scale evaluations of Zebec’s payroll infrastructure on Stellar. The deployments focus on real-world payment operations rather than experimental blockchain applications.

Zebec stated that the rollout builds on its existing relationship with Stellar. The company highlighted Stellar’s growing role in blockchain-based payment infrastructure and cross-border financial services.

Stellar Ecosystem Growth Coincides With XLM Market Activity

The payroll deployment arrives during a period of increased activity across the Stellar ecosystem. Stellar highlighted the launch through its official social media channels, emphasizing instant payment capabilities for workers and contractors.

The network has attracted attention through payment-focused initiatives connecting traditional financial services with blockchain infrastructure. Zebec referenced Stellar’s work in remittances and institutional blockchain adoption as part of the broader collaboration.

The launch also supports Zebec’s wider multichain expansion strategy. The company continues to deploy payment and payroll infrastructure across multiple blockchain networks while focusing on enterprise compliance requirements.

Market activity surrounding Stellar has also accelerated. According to data from CoinGecko, XLM traded around $0.22 after gaining more than 22% over the previous 24 hours.

Trading volume climbed above $813 million during the same period. The token also moved within a daily range between approximately $0.18 and $0.23.

The payroll announcement arrived alongside that increase in trading activity. While the launch and price movement occurred during the same period, the available data does not establish a direct relationship between the two developments.

The deployment adds another enterprise-focused use case to Stellar’s payments ecosystem as organizations continue evaluating blockchain-based payroll operations.

The US Commodity Futures Trading Commission (CFTC) has hired a new chief data innovation officer with deep experience in blockchain forensics in what could be seen as the regulator’s move toward greater focus on the technology.

In a Monday notice, CFTC Chair Michael Selig said that Donald Battle, an adviser to the US Securities and Exchange Commission (SEC) crypto task force, would be the commission’s chief data innovation officer. Battle was appointed as an SEC crypto task force adviser in January 2025 with the incoming Trump administration, and previously worked as a blockchain data adviser for the CFTC and crypto enforcement specialist with the Treasury Department’s Financial Crimes Enforcement Network.

Source: CFTC

Selig cited Battle’s experience in “data science, blockchain forensics, programming interfaces, and cutting-edge AI solutions” among his reasons for his pick.

The appointment signaled the agency moving closer to addressing crypto regulation and enforcement at a time when Congress is seeking to overhaul the CFTC’s and SEC’s roles with a digital asset market structure bill, the CLARITY Act.

The CFTC chair remains the sole commissioner at the financial agency responsible for many aspects of digital asset regulation and enforcement. Under Selig, the CFTC has claimed exclusion jurisdiction over regulating prediction market platforms like Kalshi and Polymarket, resulting in many lawsuits against state-level authorities seeking to crack down on what they called illegal gambling.

Related: Kraken rolls out perpetual futures for US traders through CFTC-regulated venue

Public comment period opens for proposed CFTC framework on sports event contracts

The CFTC last week released a proposed rule that could distinguish sports event contracts offered on platforms like Kalshi and Polymarket from what it called “games of random chance,” referring to gambling. The public has 45 days to comment on the draft rule that could influence how the financial agency addresses regulation of sports events contracts and betting at the state and federal levels.

Magazine: Bitcoin, the ‘canary in the coal mine,’ XRP transaction demand falls 91.5%: Market Moves

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