Crypto World
How Bitcoin Could Reuse Signatures Across Compatible UTXOs
This is Part 3 in the technical article series about Bitcoin covenants by Cointelegraph Research. To read the previous article click here.
SIGHASH_ANYPREVOUT, as proposed in BIP 118, builds on the earlier SIGHASH_NOINPUT concept mentioned in the 2015 Lightning Network paper by Joseph Poon and Thaddeus Dryja, and later formally proposed by Joseph Poon on the bitcoin-dev mailing list in February 2016.
SIGHASH_ANYPREVOUT is not a new opcode but a proposed new value for the SIGHASH flag, designed to be deployed as a soft-fork upgrade to Bitcoin. The SIGHASH flag is appended to a signature and determines which parts of a transaction are signed and will be checked by the CHECKSIG opcode. The selected flag is chosen by the signer, not enforced by the scriptPubKey. Due to the technical details related to upgradability in a softfork, the SIGHASH_ANYPREVOUT proposal only extends to spends from taproot addresses.
A variety of standard SIGHASH modes already exist, as illustrated in Figure 1. If the flag is set to SIGHASH_ALL, the signature must cover all inputs, all outputs, and the specific outpoint being spent, thus cryptographically binding the authorization to that exact UTXO. An outpoint is the combination of a transaction ID and an output index that together uniquely identify which UTXO a transaction is consuming. With SIGHASH_NONE, only the inputs need to be signed, leaving the outputs unconstrained. The SIGHASH_SINGLE variant signs all inputs, but only the output at the same index as the input being signed. The ANYONECANPAY modifier introduces further flexibility by allowing a single input to be signed independently of the others. Crucially, none of these existing modes allows a signature to omit commitment to the outpoint. That restriction is what SIGHASH_ANYPREVOUT removes.
BIP-118 defines two ANYPREVOUT variants that differ in how much of the previous output they omit from the digest, summarised in Figure 2. Under SIGHASH_ANYPREVOUT, the outpoint is excluded from the digest, but the signature still commits to the amount and scriptPubKey of the previous output, as well as the input’s nSequence. Under SIGHASH_ANYPREVOUTANYSCRIPT, the amount and scriptPubKey are also excluded, meaning the signature is not bound to the locking script of the spent output at all. All other commitments follow the standard Taproot signature message construction and depend on the selected base flag, such as SIGHASH_ALL or SIGHASH_SINGLE.
Because the outpoint is omitted from the digest, the same signature can authorize spending any compatible UTXO that satisfies the remaining committed fields. For example, a transaction pre-signed with ANYPREVOUT | ALL to produce a 0.5 BTC output can be reused if the same address later receives another UTXO of 0.5 BTC, even if the private key used to create the original signature is no longer available. If the new UTXO holds more than 0.5 BTC, however, the excess will be lost to miners unless the original signature included a change output. This rebinding property is what makes ANYPREVOUT useful for layer-2 protocols, where the same pre-signed transaction must apply to multiple possible on-chain UTXOs without requiring new signatures for each one.
For covenant-like applications, the ANYPREVOUT variants preserve commitment to the scriptPubKey of the previous output, and are typically the most relevant. They allow signatures to be reused across compatible UTXOs while ensuring funds remain bound to the same locking script. ANYPREVOUTANYSCRIPT removes this binding entirely and is therefore less suited to covenant-style applications.
Similar to OP_CTV, SIGHASH_ANYPREVOUT improves on the logic already achievable with pre-signed transactions but does not by itself enable recursive covenants or transaction introspection. Instead, it relaxes the binding between a signature and a specific UTXO, allowing a signature to be reused across multiple compatible UTXOs.
Some research has also noted that removing the outpoint commitment makes recovered-key constructions possible — that is, a public key can be derived from a fixed signature and message pair such that the corresponding private key is provably unknown to anyone, making the UTXO’s key path provably unspendable and forcing any spend through the script path. It would avoid the need for temporary keys, which are otherwise required to make the key path unspendable in constructions that rely on script-path-only enforcement. This observation appears in Bitcoin Covenants: Three Ways to Control the Future by Jacob Swambo et al. (2020), although it remains a theoretical construction rather than a design proposed in BIP-118.
The primary risk associated with SIGHASH_ANYPREVOUT signatures is signature replay. Because these signatures do not commit to a specific outpoint, the same signature can be used to spend a different UTXO than the one originally intended, provided the new UTXO satisfies the remaining committed fields. This risk becomes more pronounced in specific configurations: when ANYPREVOUT | SINGLE is used and output amounts can be rearranged; when a separate UTXO exists with the same scriptPubKey and amount, in the case of ANYPREVOUT; when the same public key appears in a compatible script, in the case of ANYPREVOUTANYSCRIPT; or when a miner can influence transaction ordering and inclusion to exploit these conditions. However, these scenarios require either deliberate misuse or a failure of the user or developer to account for replay conditions during protocol design.
In our next article we will commence our discussion of Opcodes that serve as supporting tools. These extend the expressiveness of Bitcoin script or data handling but do not implement covenant functionality unless combined with other opcodes. In this next category, we will discuss OP_CHECKSIGFROMSTACK and OP_CAT.
Bitcoin is moving through what some analysts describe as a “textbook” bear-market bottom, as speculation cools and short-term holders begin taking profits during a rebound toward $65,000. The debate now centers on whether this phase represents a durable transition—or a pause before another round of capitulation.
Much of the optimism in the current narrative comes from onchain and long-horizon price indicators, paired with short-term holder behavior. Still, onchain analytics provider CryptoQuant has cautioned that the market may need to see deeper stress from short-term investors before the bottom fully confirms.
Key takeaways
- Quant analyst “Frank” argues multiple bottom signals are flashing and that the current phase will look “obvious in hindsight.”
- He points to a shift in short-term holder spent output profit ratio (STH-SOPR), which he reads as profit-taking by short-term holders rather than indiscriminate loss selling.
- Comparisons cited include prior reversal zones seen in 2022 and the March 2020 COVID crash, using a framework tied to the 200-week SMA.
- CryptoQuant warns STH-SOPR may still need to fall further to reach the deeper “capitulation” levels seen in earlier local bottoms.
Why some analysts call this a “textbook” bottom
In recent posts on X, the Bitcoin quant account known as Frank—named after economist Frank A. Fetter—said Bitcoin’s current action resembles past macro bottom patterns. According to Frank, the set of “bottom signals” is either already present or in the process of forming, and should become unmistakable once the market moves away from the current range.
In the analysis, Frank highlighted a chart built around the 200-week simple moving average (SMA) for the BTC/USD market. The chart overlays quantile bands, with the focus on a specific area tied to prior reversal behavior.
Franks’ framework emphasizes the “ninth quantile,” a region that previously coincided with major reversal points at the bottom of the 2022 bear market and during the March 2020 crash. He argues that BTC has returned to a similar reversal zone, which—based on historical repetition—suggests a late-stage bottoming process may be underway.
While such historical patterning can be informative, it is not a guarantee. Quantile-based reversal zones are descriptive, not deterministic; investors typically use them to frame risk rather than to declare certainty.
Short-term holders start selling in profit, not panic
The more behavior-focused part of the current bullish case centers on short-term holders (STHs)—wallets holding Bitcoin for up to six months without selling. Frank singled out the spent output profit ratio (SOPR) for this cohort, a metric that tracks whether the coins moving on-chain are in profit or loss relative to their holders’ cost basis.
In Frank’s interpretation, STH-SOPR turning “green” indicates that short-term holders are realizing profits as they spend coins. He connected this to a broader market characteristic: markets in earlier recovery phases tend to treat short-term holders more constructively, without immediately forcing widespread loss selling.
“The market treating short-term holders well is a characteristic of a bull market.”
This distinction matters for traders because it can signal that the rebound is supported by changing incentives. Profit-taking during a recovery phase is different from capitulation, where selling pressure is often driven by traders exiting at large losses.
Even so, short-term holder behavior can flip quickly if price fails to hold recent gains. Investors should watch whether the STH-SOPR improvement persists or reverses as conditions change.
Where the bullish case may be incomplete
Although the “bottom” narrative is gaining traction, there are reasons to remain cautious. In particular, CryptoQuant—through contributor Trader Germini—has argued that STH-SOPR may need to reach deeper values before a strong capitulation signal is present.
As reported by CryptoQuant, in stronger bottoming zones STH-SOPR often falls much deeper as short-term holders capitulate and sell at large losses. The contributor compared the current reading with earlier local bottom conditions, noting that the present level has not yet approached the deeper capitulation area seen around 0.93 in prior local bottom zones.
“This means the market has cooled down, but it has not yet shown a strong short-term holder capitulation signal.”
In practical terms, that creates a tension inside the current debate. Frank’s view suggests the market is already shifting because STHs are spending in profit. CryptoQuant’s counterpoint is that profit-taking can occur before the most intense selling pressure—meaning “cooling down” may precede the final stress event rather than replace it.
For investors, the key is not just whether STH-SOPR turns favorable, but how far it moves and whether it does so in tandem with broader market stabilization.
What to watch next as Bitcoin tests the transition
The near-term market question is whether Bitcoin can consolidate and build upon the recovery while onchain conditions confirm a durable shift. If the bullish scenario is correct, short-term holder metrics should remain supportive and price action should hold the improved behavior described by STH-SOPR. If CryptoQuant’s caution is right, additional downside pressure could still arrive—potentially driving STH-SOPR further toward historical capitulation ranges.
Readers should monitor the next rounds of onchain updates around STH-SOPR, alongside BTC’s ability to sustain gains after failing or retesting recent levels. The “textbook” framing may still prove useful—but the market’s final confirmation will likely hinge on whether short-term holders ultimately reach the kind of capitulation depth seen in previous bottoms.
‘History on a jersey patch.’ That’s how Ripple’s team on X described the new partnership between the company and the Kansas Jayhawks.
Mostly referred to as simply KU or Kansas, the Jayhawks are the athletic teams representing the University of Kansas. KU athletic teams have won 15 national championships, including 12 NCAA Division I titles. Now, they will carry XRP’s logo.
The Jayhawks’ X account noted that this partnership is a “shared commitment to innovation and excellence,” as the token’s logo will appear on all of their uniforms. Ripple said this is the first-ever crypto sponsorship of a major college athletics program.
The FAQs shared by both parties shed more light on the collaboration. It will start in the fall of this year, and the patch color will ‘match’ the “overall color scheme of Kansas athletics and corresponding uniforms.” The XRP patch will be either Crimson, Blue, or White.
The logo of the cryptocurrency will appear only on game jerseys and not on practice, travel, or sideline gear.
The team also warned that officially licensed Adidas game jerseys for sale at retail stores will not be emblazoned with the XRP patch. On the other hand, if fans purchase an official game jersey at the Kansas Athletics’ official team store called Jayhawk Outfitters, the patch can be added at the time of the transaction.
Ripple CEO Brad Garlinghouse also commented on the move, calling it a “rare moment where my professional and personal worlds collide.” Born and raised in Kansas, he holds a Bachelor of Arts in Economics from the University of Kansas before getting an MBA from Harvard Business School.
Rare moment where my professional and personal worlds collide: XRP is now the first crypto on the jersey of a major college athletics program, at my alma mater.
XRP Family, meet the Jayhawks. Rock Chalk! https://t.co/F6uAL0kMNS
— Brad Garlinghouse (@bgarlinghouse) July 8, 2026
The post Ripple Lands Major XRP Partnership as Garlinghouse Shares Rare Personal Moment appeared first on CryptoPotato.
Adam Back’s Bitcoin Standard Treasury Company (BSTR), the bitcoin treasury company backed by the Blockstream CEO and bitcoin pioneer, is renegotiating the terms of its planned public listing through a merger with Cantor Equity Partners I (CEPO), with the parties abandoning the original structure agreed last year in an effort to better reflect current market conditions.
The companies said Wednesday they will not complete the transaction under the terms of the July 2025 business combination agreement. Instead, they are discussing a revised structure, with further details expected in future filings with the U.S. Securities and Exchange Commission.
As part of the changes, the previously announced private placement financing tied to the merger will no longer be required to close. CEPO also indefinitely postponed its shareholder meeting, which had been scheduled for July 10. Any redemption requests submitted by CEPO shareholders will be cancelled and shares returned, with no action required from investors.
The announcement follows a series of delays. In June, CEPO postponed its shareholder meeting to allow additional time and extend the redemption deadline. The meeting was subsequently pushed back to July 10 before being postponed indefinitely.
BNB Chain has already lifted performance on BNB Smart Chain. During the first half of 2026, block times fell to 450 milliseconds from 750, while benchmark throughput rose to about 5,200 transactions per second from roughly 2,800.
David Z, BNB Chain’s chief technical officer, told CoinDesk the next phase focuses on execution rather than consensus.
“All smart contracts today need optimization directly at the execution layer,” he said. “The chains got fast at consensus and storage, but the execution engine itself still works like it’s translating sentence by sentence.”
The new network will use execution-layer techniques such as just-in-time compilation, which compiles code as it runs, and strength reduction, which swaps expensive calculations for simpler ones.
The roadmap also reserves blockspace for services such as oracles, liquidations and cross-chain bridges, alongside native privacy, account abstraction, gas sponsorship, transaction batching, scheduled execution and passkey signing.
BNB Chain is separately researching quantum-resistant security. The team said it aims to let users adopt quantum-safe protection without changing wallet addresses or disrupting existing applications, work that remains at the research stage.
Bitcoin exchange Bull Bitcoin said Wednesday that it had petitioned France’s Council of State (Conseil d’État) to strike down a French decree implementing the European Union’s DAC8 crypto tax reporting rules.
DAC8 requires crypto service providers to collect users’ identity and transaction data and automatically report it to national tax authorities, which then exchange the information with their counterparts across EU member states. The directive went into effect on Jan. 1, 2026.
The exchange said in a Wednesday press release that DAC8 risks creating a “mass database” linking legal identity and home addresses, including transactions with no relevance to taxation.
“Against a backdrop of daily data leaks and a surge in kidnappings targeting crypto-asset holders, building such a database endangers the physical safety of millions of holders and their loved ones.”
Bull Bitcoin said it filed a summary petition before the Conseil d’État on Feb. 24, followed by a substantive legal brief outlining its arguments. The exchange said it intends to pursue “every legitimate avenue to suspend, delay, annul or amend the effects of DAC8 and its global counterpart, the CARF.”
The Crypto-Asset Reporting Framework (CARF) is a global crypto tax reporting framework developed by the Organisation for Economic Co-operation and Development (OECD) that provides a common standard for jurisdictions to collect and exchange information on crypto transactions.
Related: French couple robbed of $1M in Bitcoin by criminals posing as police
Bull Bitcoin warns DAC8 leak could expose crypto holders
Under DAC8, crypto service providers must submit their first reports covering the 2026 calendar year by Sept. 30, 2027, after which tax authorities in EU member states will automatically exchange the information.
France implemented DAC8’s crypto reporting rules through Decree No. 2025-1276, signed Dec. 19, 2025.
France has emerged as one of the countries most affected by so-called wrench attacks, in which victims are threatened or assaulted to force the transfer of digital assets. In April, RTL reported that French police had counted 41 crypto-related kidnappings since the start of 2026.
Wrench attacks increased by 75% in 2025 to 72 verified cases worldwide, according to cybersecurity company CertiK. France saw the most incidents during 2025, with 19 confirmed wrench attacks, while Europe accounted for roughly 40% of global incidents.
Bull Bitcoin’s warning also comes after major crypto firms have suffered customer data breaches. In May 2025, Coinbase said that less than 1% of its transacting monthly users were affected in an attack that may cost the exchange up to $400 million in reimbursement expenses.
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Divided Federal Reserve officials indicated at their last meeting that they will address persistent inflation this year with one interest rate hike. History, though, suggests that policymakers will have a hard time stopping there.
In fact, there have been few instances over the past 35 years or so when the Fed has only made one rate move, be it up or down. Rather, the central bank’s Federal Open Market Committee tends to move in rate cycles, where it adjusts policy multiple times over a period to meet whatever goal it seeks to accomplish.
“A lot of people are talking about one rate increase. The committee does not generally do that. I mean, what’s the point of that?” former St. Louis Fed President Jim Bullard told CNBC on Monday. “So, usually it means a tightening cycle, and I think markets are trying to sniff that out right now.”
Markets will get more clues Wednesday about the Fed’s policy direction when the committee releases minutes from its June 16-17 meeting. The summary will provide a glimpse behind the curtain of new Chairman Kevin Warsh’s first meeting, which he characterized last month as “a good family fight” on the direction of rates.
A history of cycles
The last meeting featured an update on participants’ views on rates and key economic metrics and a dramatically shortened statement that flatly stated, “The Committee will deliver price stability.”
In the “dot plot” grid of individual participants’ rate expectations, the committee leaned to a hike before the end of 2026 and then one cut each in the next two years.
But the FOMC’s history is that it rarely makes one-off rate adjustments.
In the last cycle, it cut three times in the back half of 2025. Before that, the Fed cut three times in 2024, hiked 11 times between 2022-23 and cut five times between 2019-20.
In fact, you’d have to go back to 2015 for the last time the committee made just one move, and that was primarily because it considered the economy too unstable for a previously planned hiking cycle. Going back to 1990, such moves were rarely seen.
The reasoning is fairly straightforward: Officials think policy needs to be persistent and aggressive, and modest tweaks like quarter-point moves rarely help when the Fed is trying to solve a problem.
In this instance, the central bank’s problem is inflation that is running well above its 2% target for the past five years. Some officials believe an easing of hostilities in the Middle East, a decline in oil prices and the fading impacts of tariffs could help ease price increases, but there is significant disagreement on whether the trend is down or up.
Bullard isn’t as convinced inflation will unwind and thinks the Fed may have to act soon — before the November midterm election, even if there’s a perception that an increase would be politically risky. President Donald Trump, in particular, could get restless after appointing Warsh to succeed now-Governor Jerome Powell, whom the president frequently criticized.
“If you wait till after the election, you might have to do more, and that’s really the risk for the committee here,” Bullard said. “You wait too long, and then you might get into the winter or first half of next year, and now you have to do quite a bit in order to keep inflation under control.”
The minutes themselves, however, may offer fewer clues than in previous years.
Investors looking for deep insight on the internal debate may be disappointed as the Warsh Fed appears set to provide less direct communication and “forward guidance” about the path ahead.
Minutes already had been inscrutable enough, with officials cloaked in anonymity and vague quantifiers used to reflect group sentiment at the meeting. The lack of clarity could intensify under Warsh’s direction.
“We expect Warsh to make the FOMC minutes less informative with respect to the views expressed at the FOMC meetings,” Standard Chartered strategist Steve Englander said in a client note.
“In particular, the ‘Participant Views’ section may greatly reduce the ‘almost all/most/many/some/a few/a couple/one’ phrasing that indicates the degree of support among participants for differing views, risks and policy options,” he added. “We think the minutes will become a more anodyne listing of policy decisions, such as when Paul Volcker was chair.”
The inflation-slaying Volcker served between 1979 and 1987.
Inflation outlook varies
Investors increasingly appear to believe inflation will drift back toward the Fed’s target over time, though consumers have expressed considerably more discomfort about future price increases.
Treasury market securities that investors use to price in inflation expectations are subdued. The 5- and 10 year “breakeven” rates, or the difference between yields on Treasurys and inflation-backed notes, have been around their lowest levels of the year, and other metrics are following suit.
But the New York Fed’s monthly consumer survey for June showed inflation expectations at multi-year highs: The one-year outlook (3.7%) was at its highest since September 2023, while the three-year (3.3%) hit its peak since June 2022.
Markets, though, are largely in line with the Fed’s June blueprint.
Traders are pricing in a hike as early as September, then see policymakers staying on hold for at least the next year, according to the CME Group’s FedWatch. The futures market is pricing in additional hikes, but not until later years.
Not everyone agrees, with some on Wall Street expecting the Fed to have to take more aggressive action.
Bank of America recently raised its interest rate forecast, saying it now sees the central bank having to approve three quarter-percentage-point hikes before the end of this year.
“We were skeptical of the need for cuts in 2025. Both the data and our updated read of the Fed’s reaction function suggest it will reverse those cuts in short order,” BofA economist Aditya Bhave said in a note.
The bank, however, expects the hiking cycle will be brief, allowing the Fed to stay on hold in 2027 after showing its resolve to tame inflation.
- Nexo Card launches in Argentina with debit and credit modes for crypto users.
- Andres Ondarra will lead Nexo Argentina as General Manager from August 1.
- Buenos Aires is being positioned as Nexo’s regional hub for Latin America.
Nexo has launched its crypto debit-and-credit card in Argentina, marking a deeper push into one of Latin America’s most active digital-asset markets and placing Buenos Aires at the centre of its regional expansion strategy.
The launch comes alongside a leadership change, with Andres Ondarra appointed General Manager of Nexo Argentina.
The company said the two developments mark the next stage of its growth in the country, where digital assets have become a mainstream part of wealth management for many users.
Nexo described Argentina as a market where crypto adoption runs deeper than almost anywhere else, citing the highest share of digital-asset adoption among markets surveyed.
The company also said Argentina processed approximately $93.9 billion in digital-asset transactions over three years, ranking second in Latin America behind Brazil.
Nexo Card brings spending and borrowing utility
The Nexo Card allows clients in Argentina to use digital assets in two ways. In debit mode, users can spend their holdings directly. In credit mode, they can borrow against those assets as collateral without selling them.
The company said clients can switch between both modes through a single interface, giving users more flexibility in how they manage and use their crypto wealth.
New clients are being offered 10% back on their first swipe.
They can also receive additional cashback and milestone rewards worth up to USD 450 in total during their first three months. Nexo said users can earn up to 13% annual interest on idle in-app balances, paid daily.
The card has previously been recognised by the Digital Banker Awards, the FinTech Breakthrough Awards, and the PAY360 Awards.
“Argentine clients have spent a decade making digital assets part of how they manage wealth. The Nexo Card is built precisely for that — letting them spend in debit mode, borrow against their holdings in credit mode, and earn from every transaction, all without having to sell. It’s the freedom to live on that wealth, not just hold it,” said Andres Ondarra, incoming General Manager, Nexo Argentina.
For Nexo, the product launch is aimed at the next phase of crypto usage in Argentina.
With capital already moved into digital assets, the company is focusing on everyday utility: spending, borrowing and earning from holdings without requiring clients to sell them.
Eligible clients in Argentina can apply for the Nexo Card through the Nexo app and website.
Ondarra takes charge as Buenos Aires becomes regional hub
Ondarra will formally lead Nexo Argentina’s operations from August 1.
He brings more than 25 years of experience across traditional finance, fintech and crypto in Latin America, including a background in Wall Street investment banking.
His appointment comes as Nexo positions Buenos Aires as its regional hub for Latin America.
The company said it is investing in local infrastructure, sports partnerships, including the AFA, and a local team to support clients across the region.
Ondarra succeeds Federico Ogue, who led Nexo’s expansion in Argentina and is now moving to a new entrepreneurial venture.
“Argentina has one of the most sophisticated crypto and fintech ecosystems in the region, and the work Nexo has done here is something to be proud of. I look forward to passing the baton to Andres, who brings exactly the experience and vision to lead Nexo’s next stage of growth in Argentina,” said Ogue.
SpaceX (SPCX) apparently moved bitcoin across its wallets early Wednesday for the first time in about six months in three transfers totaling less than $300 of its $1.16 billion holding that don’t signal any impending sales.
Data from Arkham Intelligence shows the largest transfer across addresses tagged as belonging to the company moved 0.00213 BTC, about $135, between two wallets. A second sent 0.00139 BTC, or about $89.
In the third, Coinbase Prime’s custody service topped up a SpaceX address with 0.000738 BTC, around $47, the kind of small amount an exchange sends to cover network fees before a larger transaction can go through.
SpaceX went public on June 12 in the largest IPO on record, and its filing put the company’s full bitcoin position on a public balance sheet for the first time. Small movements can draw attention after a share listing even though none of the coins reached an exchange deposit address and none left SpaceX’s control.
The company still holds 18,712 BTC. Transfers this size are usually routine maintenance: funding a wallet to pay fees, consolidating coins across addresses or testing a signing setup before moving a real balance.
India’s tax department reportedly found widespread gaps in crypto tax reporting, warning that offshore exchanges, private wallets and peer-to-peer (P2P) trades are making crypto activity harder to track.
Reuters on Wednesday reported government documents showed that fewer than a quarter of 645,000 individuals who made crypto transactions in the year ending in March 2023 reported the trades on their tax returns. The department also reportedly estimated that India had about 39 million crypto traders holding over $2.1 billion in crypto at the end of May.
The findings add a tax-enforcement factor to the country’s long-running digital asset policy debate, moving the issue beyond the central bank’s financial-stability concerns and into questions on offshore trading and recoverable tax revenue. India was ranked first in Chainalysis’ 2025 Global Crypto Adoption Index.
The report comes days after the Reserve Bank of India (RBI) backed a containment strategy for crypto assets. On July 3, the central bank urged lawmakers to keep banks and financial institutions insulated from cryptocurrencies and privately issued stablecoins. The RBI reportedly said prohibition remained a recognized policy option and recommended preventing digital asset use in payments and settlements.
Cointelegraph sought comment from India’s Central Board of Direct Taxes but had not received a response by publication.
Crypto tax enforcement remains a global challenge
India is not the only jurisdiction struggling to bring crypto activity into the tax net. In Israel, a voluntary disclosure program aimed at crypto profits fell short of expectations, according to a June 3 report by local business outlet Globes.
The Israel Tax Authority (ITA) reportedly expected to collect 2 billion to 3 billion Israeli shekels (about $650 million to $986 million) from the process, which offered criminal immunity to taxpayers who would disclose previously hidden capital.
Related: Petition to scrap South Korea’s crypto tax reaches 50K threshold
Despite this, only 289 disclosure requests had been submitted since the program was launched in August 2025, with reported capital totaling 676.5 million shekels and estimated tax due of 40.9 million shekels. The figure was a sharp miss compared with the expectations and with the estimated crypto tax gap.
Globes cited tax experts who said the program’s lack of an anonymous disclosure track had weakened the incentive for crypto holders to come forward.
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Key Highlights
- MasTec (MTZ) is purchasing electrical contracting firm The Superior Group in a $1.65 billion transaction
- Transaction terms include $1.175 billion cash plus $475 million in MTZ shares, with additional earnout provisions
- Superior anticipates generating between $1.6 billion and $1.7 billion in revenue throughout 2026
- Shares of MTZ declined 5.72% in response to the acquisition news
- Investment firm Mizuho increased MTZ price target to $502 while keeping Outperform status
On July 7, 2026, MasTec (MTZ) unveiled plans to acquire The Superior Group, an electrical contracting company based in Ohio, for roughly $1.65 billion.
Following the announcement, shares tumbled 5.72%, dropping $21.78 to close at $358.85.
The transaction structure includes $1.175 billion in cash payments and $475 million worth of MasTec shares. Additionally, an earnout component based on Superior’s performance metrics over the following 36 months has been incorporated.
Based on Superior’s projected 2026 adjusted EBITDA, the acquisition represents approximately 6.9 times that figure.
Operating from Columbus, Ohio, Superior maintains a workforce of approximately 3,000 employees. As an IBEW-signatory electrical contractor, the firm delivers comprehensive solutions spanning design, construction, engineering, prefabrication capabilities, and project oversight.
The company’s revenue stream is heavily concentrated in the data center sector, representing about 90% of operations, with hyperscale clients accounting for roughly 70% of business.
For calendar year 2026, Superior forecasts revenue ranging from $1.6 billion to $1.7 billion, alongside adjusted EBITDA between $225 million and $250 million. MasTec anticipates Superior will generate $2.2 billion to $2.5 billion in revenue during 2027.
Through the balance of 2026, Superior is positioned to contribute $800 million to $900 million in revenue and $100 million to $115 million in adjusted EBITDA to MasTec’s financial performance.
Superior brings a substantial $1.4 billion project backlog and maintains a 300,000-square-foot prefabrication center — strategic assets that enhance MasTec’s operational capabilities.
Integration Into MasTec’s Power Delivery Division
The acquisition will establish Superior as a distinct group within MasTec, functioning under the Power Delivery segment umbrella. This segment’s profit margins are projected to expand into the low double-digit range from the current level of approximately 9%.
Bryan Stewart, who currently serves as Superior’s Chairman and CEO, will continue in leadership alongside the company’s existing executive team.
To finance the cash component, MasTec will utilize available cash reserves, its current credit line, and two delayed draw term loan facilities arranged in conjunction with the transaction.
The transaction is anticipated to finalize in mid-to-late July 2026, subject to antitrust regulatory clearance.
Wall Street Response
Mizuho elevated its MTZ price objective to $502 from the previous $498 target following the deal announcement, maintaining its Outperform recommendation. The investment bank observed that this acquisition completes the data center strategy MasTec presented during its May 12 analyst presentation.
Several other Wall Street firms had already adjusted their targets upward prior to this transaction. KeyBanc established a $500 target with an Overweight stance. Stifel upgraded its objective to $455, while TD Cowen advanced its target to $445 from $320. Jefferies currently maintains a $493 price target.
During Q1 2026, MasTec disclosed a 28% year-over-year expansion in backlog, with new contract awards climbing 18% compared to the prior-year period. The company’s backlog reached a record $20.3 billion as of the end of March.
MasTec conducted a conference call on Wednesday at 9:00 a.m. ET to provide details on the acquisition. Lazard served as financial advisor to MasTec in the transaction; UBS represented Superior.
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