IREN shares rose 4% in pre-market trading after the company entered a $1.6 billion purchase agreement with Dell Technologies for air-cooled Blackwell systems, a major step in scaling its artificial intelligence infrastructure, the company said on Wednesday.

The new systems will support IREN’s previously announced five-year, $3.4 billion managed services AI cloud contract and are expected to be deployed across the company’s existing data centers in Childress, Texas. Commissioning is targeted for early 2027.

Once operational, the AI cloud contract is projected to increase IREN’s annualized run-rate revenue from $3.7 billion to $4.4 billion, reinforcing the company’s position as a growing player in AI infrastructure and cloud services.

Co-founder Daniel Roberts said speed and execution remain critical in the rapidly expanding AI market.

“Securing capacity and accelerating commissioning are our top priorities in a market where time-to-compute is everything,” Roberts said. “Our relationship with Dell ensures access to hardware at the scale and speed the market demands.”

The agreement highlights increasing demand for AI compute capacity as hyperscalers, enterprises, and developers race to secure infrastructure for next-generation AI workloads.

Read More: IREN co-founder says AI’s biggest bottleneck is infrastructure, not chips

Tokyo-listed Bitcoin Japan Corporation has invested in SpaceX through a U.S.-based private secondary market transaction tied to digital infrastructure and AI expansion.

According to a press release shared with crypto.news, Bitcoin Japan made the investment through BTCJPN US LLC, its wholly owned U.S. subsidiary, using a Special Purpose Vehicle managed by a registered U.S. general partner. 

The company said the deal forms part of its investment activity focused on digital assets, AI compute infrastructure, satellite communications, and next-generation technology sectors.

SpaceX currently operates launch systems and the Starlink satellite communications network, while also expanding into AI infrastructure, compute capacity, and data center operations. Bitcoin Japan said those sectors represent long-term opportunities tied to global demand for connectivity and computing infrastructure.

Phillip Lord, representative director and CEO of Bitcoin Japan Corporation, said the company has concentrated on strengthening its corporate foundation after its extraordinary shareholders’ meeting while positioning itself for participation in high-growth technology industries.

“The global structural trends surrounding AI infrastructure, AI compute infrastructure, data connectivity, and related digital infrastructure represent what we believe to be significant long-term investment opportunities,” Lord said.

He added that SpaceX had already built global-scale infrastructure assets through its launch business and Starlink network, making the investment consistent with Bitcoin Japan’s long-term strategy.

Bitcoin Japan said its investment remains subject to the terms attached to the SPV and limited partnership agreements. The company also noted that because SpaceX is privately held, there is no guarantee regarding future liquidity events, valuation outcomes, or returns tied to the investment.

SpaceX draws crypto-linked investor interest ahead of IPO

Interest around SpaceX has continued to build across crypto and financial markets ahead of the company’s expected Nasdaq debut. 

As previously reported by crypto.news, SEC filings from the company showed that SpaceX disclosed holdings of 18,712 Bitcoin, placing the company ahead of Tesla’s reported Bitcoin balance of 11,509 BTC, according to BitcoinTreasuries data cited in previous reports.

Regulatory filings reviewed in May also indicated that SpaceX could seek a valuation between $1.75 trillion and $2 trillion while targeting a capital raise of roughly $75 billion through its planned public listing.

At the same time, crypto exchanges have started launching derivatives tied to SpaceX before any official IPO pricing has been finalized. Bitget and Bybit both introduced SPCXUSDT perpetual contracts in May, giving traders leveraged exposure to market expectations surrounding the listing without providing ownership of SpaceX shares.

Beyond financial markets, crypto-linked figures have also become connected to the company’s spaceflight projects. Chun Wang, co-founder of Bitcoin mining pool F2Pool, was recently named as part of a planned Starship flyby mission beyond the Earth-Moon system and past Mars.

Ethereum price has remained under pressure near the $2,100 zone after failing to reclaim a key long-term resistance level, while analysts warned that the asset still risks another major leg lower unless bulls recover momentum above $2,500.

According to data from crypto.news, Ethereum (ETH) price traded near $2,086 on Wednesday, holding slightly above the psychological $2,000 support area after weeks of sideways consolidation.

The token has struggled to sustain rebounds since rejecting the 200-week simple moving average near $2,470 earlier this quarter, with traders continuing to rotate cautiously amid mixed ETF demand and weakening momentum across major altcoins.

Analyst Ali Martinez said Ethereum’s path back toward a bullish structure requires “reclaiming the 200-week SMA at $2,500” followed by “a clean break above the 50-week SMA at $3,100.” Until then, ETH remains trapped inside what he described as a multi-year range that has contained price action since 2021.

The weekly chart reinforces that view. ETH continues to trade below both the 200-week SMA near $2,472 and the 50-week SMA around $3,054 after failing to hold a recovery above the mid-range resistance earlier this year. Consecutive lower highs have formed since the late-2025 peak near $4,800, while the latest rebound attempt stalled below the $2,400-$2,500 supply zone.

Meanwhile, Ethereum’s daily chart shows a developing bearish Adam and Eve structure stretching from April into May.

The pattern formed after ETH surged vertically toward the $2,420 resistance zone before entering a slower, rounded consolidation phase that later rolled over into renewed selling pressure. The neckline currently sits near the $1,950 support area.

A confirmed breakdown below that level projects a measured downside target near $1,450 based on the height of the formation.

Momentum indicators have also weakened. The daily RSI hovered near 37 at press time, remaining below the neutral 50 line after trending lower throughout May. At the same time, the Aroon indicator showed the bearish trend component maintaining dominance, with Aroon Down near 71 while Aroon Up remained pinned near zero during the latest selloff sequence.

Martinez warned that the most important support level now sits near $1,850. According to the analyst, a weekly close beneath that level would likely accelerate downside volatility toward $1,560, followed by a possible retest of the lower multi-year range boundary near $1,070.

“From a purely technical perspective, the broader channel structure points to two major downside targets following this rejection,” Martinez wrote in an X post discussing Ethereum’s weekly structure.

Meanwhile, fellow analyst Dennis also warned of a potential drop toward the $1,600 to $1,700 region if Bitcoin slides to $65,000 amid renewed market weakness.

Institutional buyers accumulate ETH during market weakness

While the technical setup remains fragile, large corporate buyers have continued accumulating Ether during the correction.

Bitmine Immersion Technologies disclosed this week that it purchased another 111,942 ETH after the latest market pullback briefly pushed prices below $2,200. The purchase brought the company’s holdings to nearly 5.4 million ETH, strengthening its position as the largest Ethereum treasury firm in the market.

Tom Lee, chairman of Bitmine, said the company still expects “a supercycle ahead for crypto and Ethereum,” citing tokenization demand from Wall Street and the expansion of AI-powered blockchain agents as long-term catalysts for the network.

Bitmine’s accumulation strategy has drawn comparisons to Michael Saylor’s Bitcoin treasury model, though the firm has focused entirely on Ethereum. The company previously purchased more than 100,000 ETH per week during a three-week buying streak earlier this year. According to Lee, Bitmine ultimately wants to control roughly 5% of Ethereum’s circulating supply, a target requiring more than 6 million ETH.

Vitalik Buterin added another layer to the institutional narrative after confirming that the Ethereum Foundation would narrow its operational priorities and focus mainly on “critical, non-replaceable activities.” The Ethereum co-founder also disclosed that nearly 90% of his personal net worth remains allocated to ETH despite the prolonged correction.

At the same time, debate around ETH’s long-term value accrual has intensified inside the Ethereum community itself.

Bankless co-founder David Hoffman said he recently sold his ETH because he no longer believes Ethereum’s network success will fully translate into proportional gains for the asset.

“I am massively bullish Ethereum,” Hoffman wrote, while arguing that only a “marginal amount” of the ecosystem’s future growth may ultimately benefit ETH holders directly.

Hoffman’s comments arrived as Ethereum exchange-traded fund flows remained inconsistent throughout May. Several U.S. spot Ethereum ETFs have posted alternating inflow and outflow sessions in recent weeks as institutional investors continue favoring Bitcoin exposure during periods of macro uncertainty.

According to CoinGlass data, Ethereum open interest has also declined from local highs reached earlier this quarter, suggesting leveraged traders have reduced directional exposure after multiple failed breakout attempts above $2,400. Funding rates across major perpetual futures exchanges have remained mostly neutral to slightly negative, showing limited appetite for aggressive long positioning at current levels.

Liquidation maps from derivatives platforms continue to show dense short-term leverage clusters concentrated between $2,250 and $2,400. A sharp move above that region could trigger a temporary squeeze toward the 200-week SMA near $2,500. Below current prices, liquidation pockets have formed around the $1,900 and $1,800 zones, increasing the risk of rapid volatility if support fails.

Macro risks continue to pressure Ethereum sentiment

Outside crypto-specific catalysts, macro conditions have continued limiting risk appetite across digital assets.

Federal Reserve policy expectations remain a major variable for Ethereum and the broader altcoin market. Traders have continued monitoring U.S. inflation data, Treasury yields, and labor-market reports for clues about the timing of future rate cuts. Higher-for-longer interest rate expectations have generally pressured speculative assets throughout 2026, particularly technology-linked crypto sectors such as Ethereum and AI-related tokens.

Oil markets have added another layer of uncertainty. Brent crude prices have remained volatile following repeated geopolitical tensions surrounding Middle East shipping routes and ongoing negotiations tied to the Strait of Hormuz. Previous spikes in energy prices this year triggered broad selloffs across crypto markets as investors reduced exposure to higher-risk assets.

On-chain valuation metrics, however, have started attracting long-term accumulation interest despite the weak chart structure.

Martinez highlighted Ethereum’s 0.8 Market Value to Realized Value pricing band near $1,850 as a historically important accumulation area. According to the analyst, previous drops below that threshold rarely lasted long before ETH established macro bottoms and entered new bullish cycles.

The preliminary list for the Russell 3000, published by FTSE Russell, signals notable attention from the index providers toward crypto-focused and crypto-adjacent issuers. Among the firms flagged in the early roster are Sharplink and Forward Industries, alongside crypto exchange Gemini and crypto services firm Galaxy Digital. The index composition exercise tracks the 3,000 largest U.S. companies and requires a market capitalization threshold of about $146.4 million.

As the reconstitution process unfolds, investors will be watching how these names navigate the next steps. FTSE Russell plans further updates on June 5, June 12 and June 18, with the final reconstituted Russell indexes taking effect after the U.S. market closes on June 26.

Key takeaways

• Crypto-linked firms appear on the early Russell 3000 list, underscoring how crypto-adjacent players are inching toward broad index inclusion and potential broader fund ownership.
• Sharplink holds about a $1.2 billion market cap; its leadership suggests that inclusion could push Sharplink toward broader exposure such as the Russell 2000, expanding its shareholder base and access to capital markets.
• Forward Industries, with a market cap near $350 million, is also positioned as eligible for the Russell 2000, with executives noting expectations for improved liquidity and visibility among long-term institutional investors.
• Galaxy Digital, with an estimated market cap around $11.55 billion, sits in a position where Russell 1000 eligibility becomes plausible; Gemini, with roughly $571 million, could be in line for the Russell 2000 if included.
• Bitmine Immersion Technologies, an Ether-treasury company, was mentioned in related chatter as potentially entering the Russell 3000; Tom Lee highlighted its threshold-crossing potential for a move into the Russell 1000, given market-cap growth.

Crypto firms in the crosshairs of broad market indices

The Russell reconstitution is a routine but closely watched process that reshuffles the lineup of companies across the Russell 1000, 2000, and 3000 indices. Passing certain market-cap hurdles can trigger automatic fund buying by passive and active managers, amplifying trading volumes and raising visibility among institutional investors. The current preliminary list illustrates how crypto-native and crypto-exposed firms are increasingly considered for inclusion alongside traditional tech, financials, and consumer names.

Sharplink, noted by CEO Joseph Chalom to have a market cap of about $1.2 billion, signaled that inclusion could push the company toward Russell 2000 status. Chalom said that joining the Russell indexes would broaden the firm’s shareholder base and strengthen its access to capital markets. Forward Industries, with CEO-identified market metrics around $350 million, also faces a pathway to Russell 2000 inclusion, with chief investment officer Ryan Navi emphasizing anticipated gains in liquidity and long-term institutional visibility.

Momentum toward the Russell 1000 for Galaxy and Bitmine

Galaxy Digital’s current market capitalization—roughly $11.55 billion—already places it within reach of Russell 1000 eligibility, which includes the largest U.S. companies. Gemini, by contrast, sits around a $571 million market cap and would be more likely to be considered for the Russell 2000, depending on the evolving list and index thresholds. If Galaxy shifts into the Russell 1000, it would be grouped alongside major U.S. technology and fintech players such as Nvidia, Microsoft, Apple, and Alphabet, reinforcing the convergence between traditional markets and crypto-focused businesses.

Bitmine Immersion Technologies has also drawn attention for its potential Russell 3000 inclusion after surpassing the index’s minimum market-cap bar in related discussions, with Tom Lee flagging a possible move into the Russell 1000 on the strength of its capitalization. This points to a broader narrative: as crypto firms mature and reach higher market-cap levels, their eligibility for inclusion in the core U.S. equity benchmarks grows, potentially altering index-weight dynamics and passive fund flows.

What this means for investors and markets

From an investor perspective, inclusion in the Russell indexes can unlock heightened exposure to crypto-adjacent names through widely held funds that track the benchmarks. For asset managers, the weightings that come with index membership can translate into more predictable demand and potentially tighter spreads for the added constituents. The discussion around Sharplink and Forward Industries emphasizes the practical benefits of broader ownership and greater access to capital markets, beyond the immediate liquidity boosts that any index inclusion typically brings.

For the crypto sector, the evolving conversation around Russell eligibility highlights a broader shift in how traditional markets view crypto-native businesses. It underscores an ongoing effort to bridge the gap between high-growth digital assets and conventional investment products, a trend that could influence funding dynamics, corporate governance expectations, and investor due diligence as more crypto-focused firms become part of mainstream indexes.

What to watch next

Readers should monitor FTSE Russell’s upcoming index updates on June 5, June 12 and June 18, which will shape the final composition ahead of the June 26 index reconstitution. While preliminary lists indicate potential inclusions, the ultimate decisions depend on continued market-cap performance and adherence to index criteria. As crypto firms increasingly land on these lists, the market will be watching not just where these companies sit in the rankings, but how passive and active funds adjust their portfolios in response to the updated benchmarks.

With several crypto-adjacent names on the radar, the upcoming reconstitution could redefine the trading dynamics around these firms and signal a maturation point for crypto-involved businesses seeking deeper and more stable institutional engagement.

India’s market regulator has moved ahead with a pilot project for tokenized corporate bonds, testing whether distributed ledger technology can improve liquidity and settlement efficiency in the country’s debt markets.

Speaking on the sidelines of the CareEdge Debt Market Summit in Mumbai on May 26, Securities and Exchange Board of India Chairman Tuhin Kanta Pandey said the regulator has approved a pilot initiative that will examine the use of Distributed Ledger Technology, or DLT, for the trading and settlement of corporate bonds.

During his interaction with the media, Pandey said the project would initially operate on a limited scale before any decision is taken on expanding the framework across the market. According to the SEBI Chairman, the implementation process could take between six and nine months as regulators and market participants work through multiple operational stages.

At the same time, the proposal has placed India’s approach to blockchain technology back in focus, particularly because the government continues to maintain a highly restrictive policy toward retail cryptocurrency trading while encouraging selected institutional uses of DLT infrastructure.

Pandey said certain DLT-based systems are already being used in segments such as covenant monitoring and depositories, though SEBI now wants to study whether tokenization can address long-standing inefficiencies in India’s corporate bond market.

India’s corporate bond market, estimated at nearly ₹59 lakh crore according to industry estimates cited in the additional context, continues to face low secondary market participation because many institutional investors hold bonds until maturity. Limited retail participation has also reduced price discovery and trading activity across the segment.

Under the proposed pilot, tokenization would convert traditional bond instruments into blockchain-based digital tokens capable of automated and near-instant settlements. The additional context noted that regulators are also evaluating whether fractional ownership structures could lower entry barriers for smaller investors.

Speaking about the expected benefits, Pandey said tokenization could improve liquidity and support “instantaneous autonomous settlements” within the bond market ecosystem.

RBI framework expected soon

During the event, Pandey said the Reserve Bank of India is separately working on draft guidelines connected to the framework and is expected to release the final norms shortly. He added that SEBI and stock exchanges are prepared to proceed once approvals from the central bank are finalized.

The SEBI Chairman also acknowledged risks associated with the technology, particularly concerns linked to future advances in quantum computing. According to Pandey, regulators need to examine whether developments in quantum systems could eventually affect cryptographic security used in DLT-based infrastructure.

India keeps the crypto sector in check

While India has opened the door for blockchain use cases in regulated financial markets, the country’s stance toward private cryptocurrencies remains tightly controlled through taxation and compliance rules.

Under India’s current virtual digital asset tax regime, profits from cryptocurrency transactions are taxed at a flat 30%, while a 1% tax is deducted at source for each trade. Existing rules also prevent investors from offsetting crypto losses against gains or regular income.

Meanwhile, crypto exchanges operating in India are required to register with the Financial Intelligence Unit-India and comply with the Prevention of Money Laundering Act requirements, including strict know-your-customer procedures and transaction reporting obligations.

Recent tax reporting rules have further tightened oversight. Digital asset platforms are required to submit user-level transaction data directly to the Income Tax Department, while delayed or inaccurate reporting can attract monetary penalties.

India is also integrating with the OECD’s Crypto-Asset Reporting Framework, a global data-sharing system that will allow authorities to receive information related to offshore digital asset holdings belonging to Indian residents.

By contrast, the corporate bond tokenization pilot will operate inside a permissioned and regulator-backed environment overseen jointly by SEBI and the RBI, separating the initiative from public blockchain networks commonly associated with cryptocurrencies such as Bitcoin and Ethereum.

Bitcoin BTC$75,724.24 has fallen to 13th place among the world’s largest global assets after slipping to roughly $76,000, bringing its total market capitalization down to $1.5 trillion.

BTC has struggled throughout 2026, falling 11% year to date and nearly 30% over the past 12 months, as investor capital has rotated into other high performing sectors.

Precious metals were among the biggest beneficiaries during that period. Gold surged to a record $5,600 per ounce in January before easing back to around $4,486, while silver climbed as high as $120 per ounce and now trades near $76.

The rally in metals pushed silver to become the world’s fifth largest asset by market capitalization, highlighting strong demand for traditional safe haven assets amid continued economic uncertainty.

The ongoing boom in artificial intelligence (AI) and semiconductor stocks has significantly outpaced bitcoin’s performance. The so-called “Magnificent Seven” technology companies have continued to rally, with the Roundhill Magnificent Seven ETF gaining 33% over the past year.

Semiconductor leaders such as Taiwan Semiconductor Manufacturing Company (TSMC) and Broadcom (AVGO) have both surpassed bitcoin in market capitalization, each now valued at around $2 trillion, ranking eighth and ninth globally.

Micron Technology (MU) recently became the latest semiconductor company to cross the $1 trillion valuation threshold, while Samsung, valued near $1.3 trillion, now sits just behind bitcoin.