Firmus has secured $2 billion in fresh equity funding to expand its artificial intelligence infrastructure business across Australia and the Asia-Pacific region. The financing increased the company’s post-money valuation above $10.5 billion and strengthened support for its regional expansion plans. The capital will accelerate new AI factory projects while reinforcing Firmus’ shift from Bitcoin mining toward high-performance computing services.

Firmus Directs Fresh Capital Toward AI Factory Expansion

Firmus completed the equity round with full commitments from existing backers Coatue and Nvidia. Meanwhile, funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles joined the financing. Jane Street also participated and expanded the group of institutional supporters backing the company.

The funding almost doubled Firmus’ valuation from the $5.5 billion recorded during its April financing round. As a result, the company has raised more than $3 billion in equity over the past year. The additional capital will support Project Southgate and wider infrastructure development across Australia.

Firmus plans to accelerate the next stage of Project Southgate with the newly secured funding. At the same time, the company will prepare selected projects across the Asia-Pacific region. Early development work has also started on an Indonesian project designed for AI-focused customers.

Manufacturing Strategy Supports Regional Deployment

Firmus has already established Australian manufacturing for its proprietary HyperCube infrastructure platform. The company uses Nvidia’s DSX AI Factory Reference Architecture to build its computing systems. Consequently, the design supports faster deployment while improving energy efficiency and operational resilience.

The latest financing also strengthens Firmus’ partnership with Nvidia beyond infrastructure deployment. In June, both companies expanded their relationship through a cloud infrastructure agreement. Under that arrangement, Firmus agreed to purchase Nvidia systems while delivering cloud services powered by the company’s technology.

Australia remains the center of Firmus’ expansion strategy despite broader regional ambitions. The company plans to use its manufacturing capability and software platform to speed domestic deployments. Afterward, it expects to extend additional infrastructure projects across selected Asia-Pacific markets.

AI Infrastructure Continues Attracting Institutional Capital

The latest financing reflects growing demand for companies building physical AI infrastructure instead of traditional technology businesses. Large financial firms have increasingly supported data centers, computing capacity, and electricity infrastructure. These assets continue gaining importance as artificial intelligence services require greater processing power.

Former Bitcoin mining companies have also accelerated their transition toward AI infrastructure during the past year. Core Scientific agreed earlier this year to provide AMD with up to 2.5 gigawatts of future data center capacity. The agreement will begin in 2027 and supports the company’s ongoing business transformation.

Other companies have also expanded their AI strategies through infrastructure investments. IREN acquired Spain-based Nostrum Group in June and added approximately 490 megawatts of secured grid-connected power. Meanwhile, Hyperscale Data sold about 100 Bitcoin and secured a Bitcoin-backed credit facility for its Michigan AI campus.

Firmus stated that Australia will remain the primary destination for most of the newly raised capital. The company believes its existing production capacity will support faster deployment before additional regional expansion begins. Firmus also confirmed that the transaction remains a private financing rather than a public securities offering under United States securities regulations.

The UK political fallout from the Sam “SBF” Bankman-Fried saga is widening, as Reform UK’s chairman has demanded an investigation into reported crypto-linked donations connected to Defense Secretary Wes Streeting.

In a report published by The Telegraph, Reform UK chair Lee Anderson called on the parliamentary commissioner for standards to examine Streeting over claims that he received £50,000 in donations via a think tank during 2022 and 2023. The reported funding is said to have originated from Labour for the Long Term, an organization whose founder—according to the same report—previously accepted a £675,000 gift from Bankman-Fried before transferring money to Streeting.

Key takeaways

• Reform UK’s Lee Anderson has asked the parliamentary commissioner for standards to probe allegations involving Defense Secretary Wes Streeting’s reported £50,000 donation.
• The alleged funds are linked, via Labour for the Long Term, to a prior £675,000 gift attributed to former FTX CEO Sam “SBF” Bankman-Fried.
• Streeting is reported to have said he never had contact with Bankman-Fried, and his name reportedly did not appear on a donor list provided to him.
• UK rules allow some unincorporated associations to provide large political donations, potentially creating a reporting gap for donors’ sources.
• Separate US proceedings continue to narrow Bankman-Fried’s legal options, with the Second Circuit upholding his conviction and 25-year sentence.

Reform presses standards investigation over alleged donation chain

Anderson’s demand is aimed at whether parliamentary donation rules were followed in practice, given the alleged involvement of Bankman-Fried-related money. According to The Telegraph, the reported contributions to Streeting traced back to a think tank—Labour for the Long Term—which was established by David Lawrence.

The reporting describes a sequence in which the think tank received money that, in turn, was reportedly tied to Bankman-Fried. It then suggested that funds were used to support Streeting’s political activities without Bankman-Fried being directly identified in any donor list Streeting reviewed before acceptance, per The Telegraph.

Reform’s move underscores how the Bankman-Fried case is continuing to influence political scrutiny beyond the US courtroom—particularly where political funding structures may obscure ultimate funding sources.

Streeting response and think tank clarification

As described by The Telegraph, Streeting asked Labour for the Long Term for a list of its donors before accepting the reported £50,000. The same report states that Bankman-Fried’s name was not included in that list.

The defense secretary also reportedly said he had never been in contact with the former FTX CEO, who is currently serving a 25-year prison sentence after being convicted on seven felony charges.

David Lawrence, the founder of Labour for the Long Term, told The Telegraph that Streeting’s contribution was funded by a donor other than Bankman-Fried. Lawrence also said that Labour for the Long Term “did not receive any donations from the FTX Foundation or Mr. Bankman-Fried,” according to the report.

The UK political funding loophole at the center of the debate

The dispute highlights a compliance challenge that is familiar to observers of UK political finance: certain organizational structures can make it harder to trace the provenance of money reaching politicians.

According to the International Bar Association, unincorporated associations are permitted to give more than £675 directly to politicians. The International Bar Association notes that such regulations can function as a loophole, potentially allowing organizations with business interests in the UK to act as “conduits for foreign or dark money” without reporting the underlying sources of funds.

For investors, builders, and users watching crypto’s broader regulatory and reputational effects, the practical takeaway is that large, politically visible controversies involving digital-asset figures can spill into governance and compliance debates—even when direct interaction between a politician and the crypto-linked actor is denied.

Farage’s own crypto scandal adds pressure to the timing

The Reform controversy arrives as Nigel Farage prepares to face voters in a by-election triggered by his resignation as a member of parliament amid his own crypto-related scandal. Earlier coverage from Cointelegraph noted that Farage received $6.7 million in donations from crypto billionaire Christopher Harborne and financial assistance from George Cottrell, a convicted fraudster connected to a crypto casino. Farage has claimed the contributions were “gifts.”

While the allegations involving Streeting and Labour for the Long Term are separate from Farage’s case, the overlap in timing reflects how political scrutiny can become a multi-front process—where multiple parties seek to frame one another’s compliance failures while voters weigh the overall integrity of political funding.

US appellate mandate narrows Bankman-Fried’s options

Even as UK officials face new questions, Bankman-Fried’s legal situation in the United States continues to tighten. Earlier this week, the US Court of Appeals for the Second Circuit issued a formal mandate upholding his felony conviction and 25-year sentence, as reported by Cointelegraph.

The appeals court’s June decision reportedly reduced the remaining legal routes that could lead to potential early release. The same coverage states that Bankman-Fried may still pursue an appeal to the US Supreme Court or wait for a possible presidential pardon.

Taken together, the parallel developments—standards investigations in the UK and mandate-level enforcement in the US—suggest that the Bankman-Fried legacy is likely to remain politically and legally consequential even after the courtroom stage moves toward finality.

For the next phase, readers should watch whether the parliamentary commissioner for standards accepts Reform’s request and what procedural outcomes follow, as well as whether any further appellate steps in the US change Bankman-Fried’s prospects or prompt renewed attention to the financial pathways that link crypto figures to political fundraising.

Circle has expanded its blockchain payment infrastructure by launching native USDC and the Cross-Chain Transfer Protocol on OKX’s X Layer. The integration increases access to regulated digital dollar payments while improving cross-chain functionality for developers and businesses. It also strengthens X Layer’s position as a network supporting decentralized finance, payments, tokenized assets, and artificial intelligence applications.

Native USDC Brings Direct Stablecoin Access To X Layer

Circle has introduced native USDC on X Layer, an Ethereum-compatible layer-2 blockchain developed by OKX. The launch gives developers and businesses direct access to Circle-issued stablecoins across the network. It also reduces dependence on bridged versions that previously supported USDC activity.

The integration allows decentralized applications to use native USDC for payments, trading, lending, and other financial services. Developers can also build applications with regulated dollar liquidity from the network itself. As a result, projects gain direct access to Circle’s stablecoin infrastructure.

Qualified businesses can issue and redeem USDC through Circle Mint on X Layer. The service provides institutional access to regulated stablecoin liquidity for settlement and treasury operations. Meanwhile, Circle expands its infrastructure for enterprise blockchain adoption through the integration.

X Layer operates as an Ethereum-compatible layer-2 network with lower transaction costs and faster settlement speeds. The blockchain supports decentralized finance, payment services, tokenized real-world assets, and artificial intelligence applications. Therefore, native USDC strengthens payment capabilities across multiple sectors operating on the network.

Circle continues supporting bridged Ethereum-based USDC on X Layer during the transition period. However, the company encourages applications and ecosystem participants to migrate toward native USDC over time. This approach improves consistency while reducing reliance on external bridge infrastructure.

Cross-Chain Transfer Protocol Expands Multi-Chain Connectivity

Circle also activated its Cross-Chain Transfer Protocol (CCTP) on X Layer. The protocol allows users to move native USDC between supported blockchain networks. Unlike traditional bridge models, CCTP transfers native tokens instead of wrapped assets.

The addition brings the number of blockchains supporting CCTP to 26. At the same time, native USDC now operates across 36 blockchain ecosystems following the X Layer integration. Consequently, developers gain broader access to liquidity across multiple chains.

Cross-chain functionality supports decentralized applications that require efficient movement of stablecoins between different ecosystems. Developers can build services without creating separate liquidity pools for every blockchain. This design also simplifies payment and settlement processes across supported networks.

Circle designed CCTP to improve interoperability between blockchain ecosystems while maintaining native asset movement. The protocol removes the need for wrapped stablecoins during supported transfers. Therefore, developers can create applications with more direct cross-chain payment capabilities.

The expanded network also strengthens X Layer’s position within the broader blockchain ecosystem. Applications can connect with supported chains while maintaining access to regulated USDC liquidity. This combination supports payment services and decentralized financial products across several blockchain environments.

Expansion Supports Payments, AI Applications, And Enterprise Services

Native USDC also supports payment providers, fintech companies, decentralized applications, and automated financial systems operating on X Layer. Businesses can settle transactions with regulated digital dollars across the blockchain. Furthermore, developers can integrate stablecoin payments into consumer and enterprise services.

The integration connects with X Layer’s x402 ecosystem, which focuses on automated payments between artificial intelligence agents and digital services. Developers can use USDC for application programming interfaces and machine-driven payment processes. As a result, automated systems gain access to regulated blockchain settlement.

Circle continues expanding its blockchain infrastructure beyond the X Layer launch. The company recently introduced founding validators for its Arc blockchain initiative. Participants include BlackRock, DTCC, Galaxy, Mastercard, Visa, Standard Chartered, and other financial and technology organizations.

The validator group reflects Circle’s broader strategy to expand regulated blockchain infrastructure across financial markets. Enterprise participation also supports the company’s long-term network development goals. Meanwhile, Circle continues increasing the availability of native USDC across additional blockchain ecosystems.

The X Layer integration represents another step in Circle’s broader expansion strategy. Native USDC, Circle Mint, and CCTP now provide additional payment and settlement options for businesses and developers. Together, these services strengthen regulated stablecoin infrastructure across an expanding multi-chain blockchain ecosystem.

“The order is intended to preserve identified stolen digital assets while the litigation continues, representing an important step in Bybit’s ongoing efforts to recover funds, support international law enforcement investigations, and reinforce accountability for large-scale cybercrime,” Bybit said in the release.

“Our focus has never changed: protect our users first, recover what we can, and make sure the people behind these attacks are held accountable,” said Ben Zhou, co-founder and CEO of Bybit, in a statement. “The Lazarus attack wasn’t just an attack on Bybit. It was an attack on trust in our industry. That’s why we’ve worked closely with investigators, exchanges, regulators, law enforcement, and now the courts.”

The preliminary injunction means a federal judge ordered the respondents not to transfer or sell the assets they’re holding while the case is ongoing, Bybit said. The exchange added that it will look for further relief from the court.

“The civil action is being pursued independently of ongoing criminal investigations conducted by U.S. law enforcement authorities,” the firm added.

The company’s deteriorating financial performance compounded these concerns. BitMEX continued to lose market share throughout the sale process as trading activity migrated to larger centralized exchanges and decentralized perpetual futures platforms. This made potential acquirers reluctant to pay the revenue multiple typically reserved for growing businesses, the person said.

Both and BitMEX and Exodus did not respond to requests for comment by publication time.

The exchange was reportedly seeking a valuation of around $1 billion during the process, although it is unclear whether formal bids were ever submitted.

BitMEX was one of crypto’s most influential exchanges, pioneering the perpetual futures contract in 2016 with the launch of its XBTUSD perpetual swap. Unlike traditional futures, perpetuals have no expiry date and instead use a funding-rate mechanism to keep prices aligned with the underlying asset, allowing traders to maintain leveraged long or short positions indefinitely.

The product revolutionized crypto derivatives trading, was rapidly adopted across the industry, and today accounts for the vast majority of crypto derivatives volume on other exchanges such as Binance, Bybit and Hyperliquid.

The company announced on July 24 that it would wind down operations following a strategic review by its parent, HDR Global Trading, and immediately halting new account registrations ahead of its planned Sept. 23 closure.

The chairman of the UK’s Reform party has called for an investigation following reports of a $50,000 political donation linked to former FTX CEO Sam “SBF” Bankman-Fried.

According to a Friday report from the Telegraph, Reform UK chair Lee Anderson called for the parliamentary commissioner for standards to probe Defense Secretary Wes Streeting over reported $50,000 in donations from a think tank in 2022 and 2023. The reported donations came from Labour for the Long Term, whose founder reportedly accepted a $675,000 gift from Bankman-Fried before sending funds to Streeting.

Notably, Reform leader Nigel Farage is set to face voters next week in a by-election triggered by his resignation as a member of parliament amid his own crypto scandal. The UK politician received $6.7 million in donations from crypto billionaire Christopher Harborne and financial assistance from George Cottrell, a convicted fraudster linked to a crypto casino. Farage claimed that the contributions were “gifts.”

Under UK law, unincorporated associations are permitted to give more than $675 directly to politicians, according to the International Bar Association. The regulations offer a loophole for companies with business in the UK to be used as “conduits for foreign or dark money” to lawmakers without reporting the source of the funds.

Related: Crypto companies have spent $189M so far on 2026 US election cycle: Report

According to the Telegraph, Streeting asked Labour for the Long Term for a list of its donors before accepting the $50,000, but Bankman-Fried’s name was not included. The defense secretary reportedly said that he had never had any contact with the former FTX CEO, who is currently serving 25 years in prison after his conviction on seven felony charges.

David Lawrence, who founded the think tank, said Streeting’s contribution was funded by a donor other than the former CEO, and that Labour for the Long Term ”did not receive any donations from the FTX Foundation or Mr. Bankman-Fried,” according to the Telegraph.

US court issues mandate upholding SBF’s conviction

Earlier this week, the US Court of Appeals for the Second Circuit issued a formal mandate upholding Bankman-Fried’s felony conviction and 25-year sentence.

The appeals court announced its ruling in June, giving the former CEO fewer legal routes to seek a potential early release from prison. Bankman-Fried still has the option of appealing to the US Supreme Court or waiting for a potential presidential pardon from Donald Trump.

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