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.

Morgan Stanley has rolled out a cryptocurrency trading pilot on its E*Trade platform, charging lower basic retail fees than some of the largest US crypto and brokerage platforms.

The Wall Street bank is charging clients 50 basis points on the dollar value of each crypto transaction, undercutting Coinbase, Robinhood and Charles Schwab on standard retail pricing, according to a Tuesday Bloomberg report.

The offering is currently in pilot mode, with E*Trade’s 8.6 million clients expected to gain access later this year, Bloomberg reported.

The pilot illustrates how major Wall Street firms are moving further into crypto trading as they compete with exchanges and fintech platforms for retail trading revenue. Still, Kraken Pro, Binance US and some Coinbase Advanced tiers offer lower fees for crypto traders. 

A spokesperson for Morgan Stanley confirmed to Cointelegraph that the details and fee structure described in the Bloomberg report were accurate.

The latest crypto push by the bank comes about a month after Morgan Stanley launched a spot Bitcoin ETF (MSBT) that recorded $30.6 million in inflows on its first day of NYSE Arca trading.

Related: Crypto VC funding plunges to $659M in April, hits near two-year low

Wall Street giants venture into crypto trading

Morgan Stanley is not the only major financial institution expanding its crypto products for retail or institutional clients.

Charles Schwab, one of the largest US brokerage firms, announced the launch of spot Bitcoin and Ether trading for retail clients less than a month ago, Cointelegraph reported on April 16. The offering launched with a 75 basis points per transaction fee.

Goldman Sachs also filed with the US Securities and Exchange Commission in April to launch the Goldman Sachs Bitcoin Premium Income ETF, a proposed fund that would generate income by selling call options on Bitcoin exchange-traded products rather than investing directly in Bitcoin.

Earlier Wall Street crypto infrastructure efforts include BNY Mellon’s digital asset custody platform, which went live in the United States in October 2022 and allowed select clients to hold and transfer Bitcoin and Ether.

Magazine: Bitcoiners eye ‘sell in May,’ SBF’s bid for new trial shut down: Hodler’s Digest, April 26 – May 2

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Network News

AI AGENTS FORMS THEIR OWN COMPANY: ClawBank, an agent-economy infrastructure project, said its Manfred AI agent became the first such entity to autonomously set up a company, filing with the U.S. Internal Revenue Service (IRS) for its own Employer Identification Number (EIN), a unique code that allows it to legally operate as a business, hire staff and obtain licenses. The agent also holds an FDIC-insured U.S. bank account and a crypto wallet , Clawback said. “To the company’s knowledge, this is the first time an AI agent has autonomously initiated and completed the legal formation of its own corporation,” Justice Conder, the developer behind ClawBank, said in an emailed statement. Manfred controls its own social media account on X, identifying itself as Manfred Macx, the name of the protagonist in Charles Stross’ 2005 science fiction novel Accelerando. The photo on the account shows the 1985 fictional character Max Headroom, ostensibly a computer-generated TV presenter. “Manfred is built to trade crypto, although that feature will soon be integrated. Perhaps by the end of this month,” Conder said in a video interview. “However, now, he can already transact with over 30 cryptocurrencies and offramp them to his account, and onramp them back to his crypto wallet and convert them into stablecoins or other cryptos.” — Oliver Acuna Read more.

SOLANA’S ALPENGLOW UPGRADE COULD COME NEXT QUARTER: Solana co-founder Anatoly Yakovenko said a major upgrade to the network, dubbed Alpenglow, is expected to arrive as soon as this year, potentially within the next quarter, marking what he described as a pivotal step in the blockchain’s technical evolution. “So the Alpenglow release is basically due sometime this year, I think next quarter,” Yakovenko said during a fireside panel at Consensus Miami 2026. “That, to me, is this exciting step in the evolution of the protocol.” In simple terms, Alpenglow is about making Solana faster, more predictable and more secure at its core. Blockchains like Solana rely on a network of computers to agree on the order of transactions. Today, that process can introduce delays or uncertainty depending on network conditions. Alpenglow aims to tighten those guarantees. Yakovenko described a system where transaction confirmations approach the physical limits of how fast information can travel, essentially, near the “speed of light” around the globe. For users and developers, that means quicker finality (knowing a transaction is permanently settled) and a more reliable foundation for building applications. — Margaux Nijkerk Read more.

RIPPLE SHARING INTELLIGENCE ON NORTH KOREA HACKING THREAT: Ripple is now sharing its internal threat intelligence on North Korean hackers with the crypto industry, the company said, in a move that reframes how the sector is responding to a shift in DPRK attack methodology. The Drift hack was not a hack in the way most people think of one. Nobody found a bug or exploited a smart contract. North Korean operatives spent months befriending Drift’s contributors, slipped malware onto their machines, and walked off with the keys. By the time the $285 million moved, every system that was supposed to catch a hack had nothing to flag. That is the version of events Ripple and Crypto ISAC, the crypto industry’s threat-sharing group, laid out Monday alongside news that Ripple is now sharing its internal data on North Korean threat actors with the rest of the sector. The 2022-24 wave of more DeFi hacks was centred on exploiting code, with attackers finding smart contract vulnerabilities and draining protocols in minutes. But as security gets tighter, the modus operandi shifts from technology to people. Rogue operatives apply for jobs at crypto firms, pass background checks, show up on Zoom calls and build trust for months. Then they deploy attacks that no traditional security tool was built to catch, because the attacker is already inside. Ripple is now feeding Crypto ISAC the kind of profile data that makes that pattern legible across companies. — Shaurya Malwa Read more.

CLOUDLFARE ON AI AGENTS AND WEB ECONOMICS: For decades, the web ran on a simple bargain: Publishers and businesses made information freely accessible, search engines and other crawlers indexed it, and those services sent human traffic back. Sites could then monetize that traffic through ads, subscriptions or commerce. But that’s all changing fast, Cloudflare Chief Strategy Officer Stephanie Cohen said at CoinDesk’s Consensus conference in Miami. With the rise of AI agents, software can scrape a webpage, summarize content and keep the source user inside a chatbot or automated workflow instead of sending a person back to the original site. Cohen said that shift is breaking the internet’s old business model, with non-human traffic now exceeding human engagement. Cloudflare’s proposed answer is to give websites more control over automated traffic: identify the bots, verify who they are, understand what they intend to do and decide whether to allow, block or charge them. Cohen pointed to x402, an open payments protocol built around the HTTP 402 “Payment Required” status code, as one piece of that stack. — Jeffrey Albus Read More.

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In Other News

• Coinbase is set to slashing its workforce by roughly 14%, or 660 employees in response to negative market conditions and AI challenges. CEO Brian Armstrong announced the cuts in an X post, citing the “two forces” that converged in his firm’s decision to slash staff. Coinbase has more than 4,700 employees, according to its website, so 14% would be equivalent to around 660. “While we’ve managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth,” said the CEO of the Nasdaq-listed company. The second reason is AI, and how it is changing the way Coinbase operates, he said. “Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks,” Armstrong stated, adding that “the pace of what’s possible with a small, focused team has changed dramatically, and it’s accelerating every day.” — Olivier Acuna Read more.
• Bullish, CoinDesk’s parent company, has agreed to acquire transfer agent and shareholder services firm Equiniti in a $4.2 billion deal that would fold a core piece of traditional market infrastructure into its digital asset platform, expanding its push into tokenized securities. The transaction comprises $1.85 billion of assumed Equiniti debt and roughly $2.35 billion in Bullish stock, priced at $38.48 per share based on Bullish’s 30-day VWAP through May 4, according to a press release. After initially declining on news of the all-stock deal, Bullish shares have surged 17% in morning U.S. trade. The transaction gives Bullish, a regulated transfer agent, a required function for public companies, alongside its existing tokenization, trading and market infrastructure capabilities. — Will Canny Read more.

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Regulatory and Policy

• Lawyers seeking to seize $71 million in frozen ether for victims of North Korean terrorism changed their legal strategy Tuesday, arguing in a new court filing that the April 18 rsETH exploit was not theft but fraud, directly countering Aave’s attempt to void a restraining notice blocking the release of the assets. In a 30-page opposition brief filed in the Southern District of New York, a lawyer representing the North Korean terror victims argues the exploit was not a smash-and-grab theft but a fraudulent lending transaction, and that under longstanding U.S. law, fraudsters who acquire property through deception can obtain legal title to it, even if that ownership is later reversible. “What actually happened is that North Korea borrowed assets from users of the ‘Aave Protocol’ and did not pay it back, and when the ‘Aave Protocol’ sought to liquidate North Korea’s collateral, the ‘Aave Protocol’ unhappily discovered that the collateral was worthless,” the new filing reads. — Sam Reynolds Read more.
• Brad Garlinghouse, Ripple’s CEO, has been closely following the U.S. Senate’s progress on the crypto market structure bill, and he said it’s not a “done deal” as the next two weeks may be pivotal for the legislation’s chances. “If it doesn’t happen then, I think the likelihood is going to drop precipitously,” Garlinghouse said Tuesday at Consensus 2026 in Miami. But he said he still thinks it’s likely to happen, and the next moment will be the scheduling of the Senate Banking Committee’s long-awaited hearing to “mark up” the bill and advance it to the next stage. Senators at the center of the negotiations over the Digital Asset Market Clarity Act revealed last week the latest compromise language on a major sticking point — stablecoin yield — that is expected to allow the banking panel to schedule the hearing. “Do I think it’s perfect? Hell, no,” Garlinghouse said. “There’s tradeoffs and compromises, but I do think clarity is better than chaos.” The stablecoin compromise aims for a balance that allows crypto firms to pursue certain rewards programs without offering yield-bearing stablecoin accounts that resemble banks’ interest-bearing deposits that fuel U.S. lending. Crypto insiders have generally agreed that it’s acceptable, but a coalition of banking groups said this week that the deal “falls short.” — Jesse Hamilton Read more.

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Calendar

• May 5-7, 2026: Consensus, Miami
• June 2-3, 2026: Proof of Talk, Paris
• June 8-10, 2026: ETHConf, New York
• Sept. 29-Oct.1, 2026: Korea Blockchain Week, Seoul
• Oct. 7-8, 2026: Token2049, Singapore
• Nov. 3-6, 2026: Devcon, Mumbai
• Nov. 15-17, 2026: Solana Breakpoint, London

A blockchain analytics firm has flagged a tightly coordinated wave of activity around the Mystery (MYSTERY) memecoin at launch, where 90 newly funded wallets purchased roughly 90% of the token’s supply within minutes of trading opening. Bubblemaps labeled the pattern a “textbook scam,” arguing that the wallet cluster—funded by a single address known as 0x544E—appears to have orchestrated an outsized early stake before selling into the market and leaving late participants exposed to sharp price moves.

The wallet cluster allegedly funded by 0x544E previously moved 20 Ether from the crypto exchange Binance, according to Bubblemaps. After accumulating the majority of the supply at launch, the same cluster reportedly dumped about $100,000 worth of Mystery tokens and continues to hold around 40% of the total supply, Bubblemaps reported in a Tuesday post on X. The firm’s assessment underscores ongoing concerns that automated buying and coordinated wallet activity can dominate launches for thinly traded memecoins, undermining the principle of a fair, open starting line for all participants.

Key takeaways

• Coordinated launch boost: 90 wallets linked to 0x544E purchased about 90% of Mystery’s supply at launch and, after a partial sell-off, still control roughly 40% of the supply, according to Bubblemaps.
• “Textbook scam” characterization: Bubblemaps described the pattern as a textbook scam, highlighting how automated buying clusters can sidestep ordinary traders in nascent memecoins.
• Market performance swing: Mystery’s market capitalization surged to about $7.5 million on April 28, then declined roughly 75% to around $1.9 million, based on Dexscreener data.
• Broader context: The incident adds to a history of sniping-related risk in memecoins, a theme that has featured in prior reporting on fast-launch tokens and launch-time manipulation.
• Related signals and responses: The phenomenon has drawn attention in other memecoin episodes, including high-profile sniper activity and debates about fair launches in crypto communities.

Dissecting the launch tactic and its implications

Sniping—where bots or automated trading tools snap up newly listed tokens the moment a market opens—has long been a contentious practice in the memecoin ecosystem. Bubblemaps’ July 2024 analysis and subsequent observations emphasize that a cluster of wallets can secure a lion’s share of supply in a live launch, creating a barrier for ordinary traders who enter later. The immediate consequence is a higher risk that early holders may exit with outsized gains, while late entrants face steeper losses if the early buyers choose to sell more aggressively.

In this case, Bubblemaps noted that the cluster funded by 0x544E not only acquired most of Mystery’s supply at launch but also proceeded to liquidate a portion of its stake, selling about $100,000 worth of tokens and maintaining a substantial position. The firm framed the pattern as a classic case of market manipulation in a space where liquidity is thin and bot-driven activity can disproportionately influence price discovery. For investors and users, the episode reinforces the importance of transparent launch mechanisms and robust anti-bot controls in new-token ecosystems.

Cointelegraph reached out to Mystery for comment on the allegations but did not receive a response at the time of publication. The project brands itself as a free-spirited frog from Matt Furie’s “The Night Riders” universe and has claimed to have acquired the HEDZ NFT IP rights from Furie, according to a Monday post on X. Whether those claims will be substantiated remains unclear, and the lack of public comment from Mystery leaves unanswered questions about governance, rights, and long-term token utility.

Market trajectory: from peak to pullback

Mystery’s price action has mirrored a broader pattern often seen with memecoins: rapid appreciation fueled by novelty and social media chatter, followed by a sharp retracement as early participants take profits and new buyers reassess risk. Dexscreener data show the token’s market capitalization peaking at roughly $7.5 million on April 28, before retreating by about three-quarters to an estimated $1.9 million at the time of reporting. The chart highlights the volatility that can accompany freshly minted memecoins, particularly when a minority of wallets controls a large portion of the supply and liquidity remains shallow.

The all-time dynamics of Mystery, including its stated IP ambitions and branding around a meme character, add another layer to the story: a token whose narrative is as much about community culture as it is about on-chain mechanics. Such narratives can amplify demand in the short term, but they also attract scrutiny from researchers and on-chain watchers who assess sustainability, governance, and true fractional ownership of the supply.

For readers tracking this space, the Mystery episode is a reminder that market depth, holder concentration, and the presence of automated buying bots can significantly shape a token’s initial trajectory. Those factors, in turn, influence risk for late entrants and the potential for sharp, abrupt corrections after launch hype subsides.

Broader context: snipers, front-running, and the memecoin landscape

The incident sits within a longer arc of memecoin launches where snipers and bot-driven strategies have repeatedly captured headlines. In early 2025, a prominent sniper reportedly earned nearly $28 million on the Broccoli (BROCCOLI) memecoin, illustrating how launch-phase dynamics can generate outsized profits for a small group of participants. The episode followed public commentary from notable figures in the crypto space and underscored how launch windows can become focal points for automated, rapid trading activity.

Earlier reporting also touched on allegations surrounding new token distributions, including assertions that clusters of wallets had accumulated substantial shares of tokens at launch in other projects. While some projects disputed these claims, the pattern remains a touchstone in ongoing discussions about launch fairness and market integrity in memecoin markets. For additional context, readers can review related coverage on the topic, including notes on possible front-running considerations ahead of exchange listings.

As the ecosystem contends with these dynamics, observers are watching for clearer best practices around fair launches, anti-bot measures, and governance frameworks that can help ensure that new token markets remain accessible to a broad base of participants without enabling a small group to secure outsized control from day one.

Related reporting from Cointelegraph and its coverage network has highlighted these tensions from multiple angles, including analyses of front-running before listings and the regulatory and technological responses that may influence how exchanges and projects structure launches in the future.

Source notes and embedded context referenced in this article include Bubblemaps’ X posts detailing the 0x544E wallet cluster’s actions, Dexscreener’s price-history data, and Mystery’s public statements about IP-related claims. Readers seeking deeper, source-specific color can refer to the linked items in the original reporting for the exact timestamps and on-chain footprints.

As the market digests this episode, investors should monitor how Mystery evolves, whether the project clarifies its IP claims, and how the broader memecoin community responds to concerns about fair-launch integrity and anti-bot safeguards in the near term. The pace of regulatory and platform-level responses could also shape the risk profile for new token launches in the months ahead.

The Dubai Financial Services Authority (DFSA), the UAE Ministry of Economy and Tourism, and the Capital Market Authority (CMA) have announced the launch of their first joint Quality Management audit inspections, marking a new step toward strengthening financial oversight and regulatory coordination across the United Arab Emirates.

According to the announcement, the initiative is designed to improve oversight standards for audit firms operating within the UAE and reinforce confidence in the country’s financial reporting ecosystem.

The joint inspections follow recently signed Memorandums of Understanding between the participating authorities aimed at improving regulatory cooperation and information sharing related to auditor supervision across multiple jurisdictions.

Focus on International Audit Standards

The inspections will specifically assess how audit firms implement the International Standard on Quality Management 1 (ISQM 1), a globally recognized framework focused on quality control and governance within audit and assurance practices.

Regulators said the initiative is intended to ensure that financial institutions and market participants operating across the UAE benefit from consistent and high-quality audit standards aligned with international best practices.

The collaboration also reflects broader efforts by UAE authorities to strengthen transparency, governance, and investor confidence as the country continues positioning itself as a leading regional and global financial hub.

Strengthening the UAE Financial Ecosystem

The move comes as the UAE continues accelerating reforms across financial services, capital markets, compliance, and corporate governance.

Over recent years, regulators including the DFSA and other UAE authorities have increased their focus on international regulatory alignment, financial supervision, and institutional governance standards in support of long-term market development.

The latest initiative is expected to further enhance coordination between regulators while supporting the integrity and resilience of the UAE’s financial ecosystem.