It wasn’t alone in rejigging its exposure to cryptocurrencies. U.S. spot bitcoin ETFs overall recorded roughly $4.89 billion of net outflows in the three months through June, according to SoSoValue data. IBIT alone lost $2.95 billion. Spot ether ETFs also suffered, with more than $715 million in outflows.

Intesa Sanpaolo, in contrast, tripled its stake in BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares. The position was worth $7.10 million at quarter-end, up from $3.15 million.

Among crypto-linked equities, the bank nearly doubled its BitGo Holdings (BTGO) position to 323,000 shares, while reducing its stake in Coinbase Global (COIN) by 32%, Circle Internet (CRCL) by 10% and Robinhood Markets (HOOD) by 43%.

The filing also shows a new 5.66 million-share SpaceX (SPCX) position valued at $966.42 million, making it Intesa’s largest disclosed holding. SpaceX, which went public on June 12, holds 18,712 bitcoin worth $1.18 billion. It reduced its holdings in Tesla (TSLA) by 92%.

Intesa made its first direct bitcoin purchase in January 2025, acquiring 11 BTC for about 1 million euros ($1.2 million) as part of what CEO Carlo Messina described as an experiment.

Blockchain-based prediction markets platform Polymarket is looking to raise fresh capital at a $20 billion valuation, Bloomberg reported Tuesday, citing people familiar with the matter.

According to the person, the company closed a funding round at a $15 billion valuation in April which included a $600 million investment from the Intercontinental Exchange, the owner of the New York Stock Exchange.

In June, Polymarket told CNBC that its annualized revenue had climbed well above $1 billion even after the platform saw a decline in trading volumes in April and May which were offset by record highs during the World Cup.

Polymarket founder and CEO Shayne Coplan has long argued Polymarket should be viewed as an information platform rather than a betting site. In a March appearance, he said prediction markets let people “put your money where your mouth is” when they disagree with consensus, describing the platform as “a very useful thermometer of the world” that helps people assess the likelihood of future events. He also said his long-term vision is to expand beyond headline events into a broader “almanac for the future” covering a much wider range of markets.

Bitcoin mining company Bitdeer has signed a 16-year lease agreement valued at as much as $4.7 billion to secure artificial intelligence and high-performance computing data center capacity, underscoring how crypto miners are increasingly expanding into AI infrastructure as demand for computing power grows.

Under the agreement, Bitdeer will provide 121 megawatts of IT capacity at its Tydal, Norway, AI data center to a tenant that the company identified only as a subsidiary of Volta Infra. The facility will be configured to support Nvidia GPU-based AI workloads, though Bitdeer did not disclose the tenant’s identity or specify whether Volta is the end customer or an intermediary.

Bloomberg News reported that the Nvidia-backed Volta’s $10 billion ‌cloud contract is with ⁠Anthropic, citing people familiar with the matter.

The lease remains subject to customary closing conditions and is not yet effective, according to the company. To secure the tenant’s payment obligations, affiliates of JP Morgan and another unnamed global financial institution are expected to issue approximately $1.3 billion in letters of credit, or a bank guarantee that ensures the landlord can recover funds if the tenant fails to meet its contractual payment obligations.

Bitdeer shares jumped about 8% in early Nasdaq trading following the announcement, suggesting investors welcomed the company’s continued expansion into AI infrastructure and data centers.

Shares of Bitdeer Technologies Group (BTDR) rose sharply on Tuesday.
Source: Yahoo Finance

Bitdeer has steadily diversified beyond its core Bitcoin mining business in an effort to broaden its revenue base. Alongside its push into AI and high-performance computing infrastructure, the company has expanded its mining hardware manufacturing operations to reduce its reliance on third-party suppliers. Last month, Bitdeer announced a $36 million investment in a manufacturing facility in Nevada to support that strategy.

Related: Galaxy, MARA Holdings deepen Texas expansion with land acquisitions

Bitdeer bucks industry trend by selling all BTC holdings

Bitdeer has taken a different approach from many of its publicly traded mining peers by fully liquidating its Bitcoin treasury.

In early February, the company held roughly 943 BTC before announcing that it had reduced its holdings to zero, while maintaining that it remains committed to the Bitcoin ecosystem. According to Bitdeer executive Ross Gann, the sales were made to help fund the company’s broader expansion strategy, including acquisitions of powered land for AI and Bitcoin mining infrastructure.

By contrast, several major Bitcoin miners continue to maintain large Bitcoin treasuries. MARA Holdings, Riot Platforms, CleanSpark and Hut 8 each hold at least 10,000 BTC, according to BitcoinTreasuries.NET, with MARA’s holdings exceeding 36,000 BTC.

Magazine: Sorry everyone, Bitcoin is headed down to $43,500: Michael Terpin

Wells Fargo (WFC) will offer tokenized deposits for select corporate and commercial clients later this year, starting with enabling round-the-clock U.S. dollar-to-British pound transactions on its proprietary blockchain.

The bank frames round-the-clock settlement, programmable payments and parity with its existing deposit protections as future enhancements, saying the system will let clients move, program and settle funds 24/7/365 “when fully deployed.”

The limited initial rollout will expand to more clients, countries and currencies throughout 2027. Its system will automatically route eligible payments through tokenized deposits when doing so improves speed or flexibility, without changing how clients interact with the bank.

Tokenized deposits represent conventional bank balances on a blockchain. Unlike stablecoins, they remain commercial bank money and Wells Fargo says they will carry the same regulatory protections and deposit-insurance eligibility as its existing deposit products.

Future features will include conditional payments using smart contracts, according to the bank.

The platform could also support in-house custodial wallets and connections to other blockchains. Wells Fargo said it can integrate with a shared tokenized-deposit network being developed by The Clearing House, according to the Wall Street Journal.

But the Democratic-led states strongly refute this reasoning, insisting in the lawsuit that “the Administration cannot use forced labor as a pretext to continue its illegal tariff scheme. The tariffs the USTR imposed are so broad that they defy the USTR’s own stated aims and make a mockery of the statute used to justify them.”

California Attorney General Rob Bonta, who co-led the coalition, claimed Trump is “so intent on raising the cost of living for Americans that he is willing to break law after law after law to do so.”

“Tariffs are taxes, and the American people cannot and should not shoulder the extra costs that come from the President’s failed and illegal economic policy—no matter how much the President wants them to,” he added, in a statement announcing he is suing the Trump Administration over its tariffs for a third time.

Joining California in the lawsuit are Arizona, New York, Colorado, Connecticut, Delaware, Kentucky, Hawaii, Illinois, Massachusetts, Michigan, Maryland, Maine, Minnesota, Nevada, New Jersey,  North Carolina, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia Washington, and Wisconsin.

Galaxy Digital’s research chief says new victim reports tied to the Coldcard vulnerability have enabled the identification of additional attackers—highlighting that the incident may be broader than earlier estimates suggested.

According to Galaxy Research, the total losses tied to the Coldcard exploit have increased to about $100 million across three confirmed “attack waves,” with a possible fourth wave that could push the figure closer to $130 million in Bitcoin.

Key takeaways

• Galaxy Digital (Alex Thorn) says at least 15 attackers exploited the Coldcard vulnerability, based on newly received victim reports.
• Estimated losses have risen to roughly $100 million across three confirmed waves, with a suspected fourth wave that could increase totals to about $130 million.
• Dragonfly’s Haseeb Qureshi argues that “$2 of AI hardening” might have prevented the exploit, sparking a debate over AI’s role in vulnerability discovery.
• Tokenomist’s Tatsapat Saerejittima cautions that social media claims about rapid AI discovery were not based on a documented blind test.
• Castle Labs co-founder Francesco points to a potential link between the wallet’s private key setup and the vulnerability’s exploitability.

Victim reports reshape the attacker picture

In a Tuesday X post, Alex Thorn, head of research at Galaxy Digital, said Galaxy had received additional victim reports since the incident—reports that helped the firm label attacker activity that might otherwise have gone unnoticed.

Thorn’s comments emphasize that this was not a typical centralized-exchange-style compromise. Instead, the exploit mechanism differed in a way that made new patterns detectable once victims began reporting details.

He also cited an example: “Due to one single victim’s report of less than 1 BTC stolen, we identified a new attack with 12 BTC siphoned from 126 addresses,” Thorn wrote.

Loss estimates climb as confirmed waves expand

The broader impact is reflected in Galaxy Research’s figures. Loss estimates connected to the Coldcard exploit have grown to about $100 million across three confirmed attack waves.

Galaxy Research has also flagged a suspected fourth wave. If that additional wave is confirmed, the total losses could reach approximately $130 million in Bitcoin.

The incident has reopened ongoing security questions for cold storage users: while “offline” storage is generally considered safer than hot, connected systems, the Coldcard incident underscores that vulnerabilities in wallet firmware or key-generation logic can still be exploited—even when the device is designed to minimize exposure to networks.

AI hardening debate: speed claims vs. testability

As the incident spread, discussion intensified around whether advances in AI could accelerate vulnerability discovery and whether defensive “hardening” could have stopped the exploit. Dragonfly managing partner Haseeb Qureshi argued that roughly “$2 of AI hardening” could have prevented the Coldcard attack.

Qureshi referenced social media reports suggesting that some AI models were able to rediscover the underlying vulnerability quickly—one claim centered on Claude regenerating the issue in eight minutes. Qureshi added that the results may have been influenced by web search.

He also pointed to an example involving the open-source AI model GLM 5.2, stating that it was able to rediscover the attack in 20 minutes with web access turned off.

However, the narrative around rapid AI discovery met pushback from analysts who stress methodological rigor. Tokenomist’s data lead, Tatsapat Saerejittima, told Cointelegraph that it is unlikely AI models would have independently found the vulnerability before it was public.

“The claim that AI found it in 2 mins came from a pseudonymous Reddit user who scanned the code after the vulnerability had already become public. There was no blind test, no documented methodology, and no assessment of the model’s false-positive rate.”

Where private key setup may have mattered

Another technical thread concerns how Coldcard structured private key entropy. Crypto research company Castle Labs’ co-founder, Francesco, told Cointelegraph that while AI can reduce the time and cost of discovering cryptocurrency vulnerabilities, the wallet’s private key may have contributed to the exploitability.

Francesco said Coldcard used a level of private key entropy of 40 bits—lower than what other wallets typically adopt. He compared this to a standard approach where a 12-word seed corresponds to 128 bits of entropy. He attributed the difference to a firmware bug, suggesting the conditions for exploitation may have been more favorable than they would be under typical key-entropy assumptions.

Francesco also indicated that, as AI models become more capable and more integrated into both cybersecurity and offensive tooling, the broader cost of bug discovery is likely to keep dropping.

What investors and users should watch next

With Galaxy Research pointing to a possible fourth attack wave and analysts debating how quickly vulnerabilities can be rediscovered and mitigated, attention should shift toward whether additional victims corroborate the suspected wave and how cold-wallet vendors respond—particularly around firmware-level assumptions in key generation and any hardening measures that could reduce the chance of repeat exploitation.

Bitcoin has traded between $60,000 and $67,000 for several weeks, making $63,000 one of the most heavily supplied price areas. The only larger concentration sits between $78,000 and $82,000, where bitcoin topped out in May.

Glassnode’s Entity-Adjusted UTXO Realized Price Distribution (URPD) shows how much bitcoin supply last moved within each price band, with each entity’s balance assigned to its average acquisition price. More than 3% of the supply, approximately 515,000 BTC, is concentrated around $63,000, while more than 2%, or roughly 362,000 BTC, sits around $61,000.

Bitcoin is also trading almost exactly in line with its 200-week moving average, which tracks the asset’s average weekly price over the past 200 weeks. The indicator currently stands at $63,657, compared with bitcoin’s price of $63,822, highlighting significant accumulation in this range.

Glassnode’s 30-day Accumulation Trend Score, broken down by wallet-size cohort, shows that retail investors are currently the most aggressive buyers at these prices. Every other cohort is also accumulating, including whales holding at least 1,000 BTC, which are showing similarly strong accumulation.