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.

Magazine: From Bitcoin critics to blockchain believers: The 5 biggest crypto backflips

• 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 BTC$61,803.35 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.

Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’

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.

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.

MasTec, Inc., MTZ

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.

Citadel told the New York court the decision to stop pursuing the case had nothing to do with the merits of its claims. Instead, it said it had already prevailed in a separate London arbitration against Portofino’s founders on employment-related claims including breach of contract, unlawful means conspiracy and deceit, winning damages and legal costs that the High Court later recognized and made enforceable.

Despite that victory, Citadel said it has been unable to collect the award, leading to the bankruptcy petition against Lancia.

In the filing, Citadel says Lancia owes 5.98 million pounds of the 2025 award by the London Court of International Arbitration as well as interest and costs.

The petition says the awards were recognized by England’s High Court in February, a statutory demand served in April went unsatisfied, and Lancia’s attempt to set aside that demand was dismissed in May.

Citadel estimates it holds security worth only about 21,886 pounds against the debt, mostly small bank accounts and minority interests in French companies.

In the letter accompanying the U.S. dismissal, Citadel also noted that Lancia is subject to a worldwide freezing order and faces bankruptcy proceedings, adding that evidence presented at a June 26 High Court hearing failed to persuade the court that his ownership stake in Portofino held significant value.

Bitcoin sentiment is sliding to a level Lyn Alden describes as the weakest she has personally seen, as the latest market phase has become more corporate- and leverage-influenced rather than driven by fresh spot demand. In an interview with Natalie Brunell on Tuesday, Alden argued that Bitcoin’s long-term case cannot depend on outside saviors—it must be able to “survive on its own merits.”

The comments also arrive as Strategy, Michael Saylor’s flagship corporate Bitcoin vehicle and the largest public holder, disclosed another round of selling. Strategy’s Monday weekly 8-K filing said it sold 3,588 BTC, a disclosure that has intensified scrutiny of how corporate structures and yield-style products interact with Bitcoin’s volatility.

Key takeaways

• Lyn Alden said current Bitcoin sentiment is at the lowest point she has seen, and she expects a year that is “flat to up” rather than “flat to down.”
• Alden emphasized Bitcoin must stand on core fundamentals—liquidity, permissionless transfer, and value storage—rather than new external catalysts.
• While Alden sees a role for Strategy’s STRC preferred stock, she cautioned that BTC-linked products can encourage leverage.
• On protocol change proposals, Alden urged caution and criticized the “existential issue” framing used to push faster rule modifications.

Why Alden thinks this cycle feels different

Alden contrasted the present mood with the 2022 bear market, when Bitcoin fell as low as the mid–$16,000 range but investor enthusiasm remained comparatively steadier. In her view, the current drawdown has come alongside a fading of narratives and a market cycle that has leaned more heavily on corporate balance sheets and institutional-style structures.

She also flagged investor disappointment as a contributor to sentiment deterioration. Even so, Alden laid out a tempered base case: she does not expect Bitcoin to print a new all-time high within the year, while also acknowledging the asset’s historic volatility leaves room for a sharp upside move.

Her “hope” scenario is not a fast recovery to new highs, but the prevention of further sustained declines—what she described as a “lack of new bottoms in place.” Technically, she suggested the broader path could look more sideways to upward rather than trending lower, though she did not frame that as a guarantee.

Strategy’s sale and the debate over leverage

Corporate adoption has been one of Bitcoin’s dominant themes in recent cycles, and Strategy has been central to that story. However, Alden said Strategy’s STRC preferred stock has increasingly become part of the market’s trading and positioning toolkit—especially for investors who want exposure to the company’s Bitcoin strategy without holding BTC directly or taking on the full volatility profile.

At the same time, she warned that the presence of higher-yielding BTC-linked products can unintentionally pull more leverage into the system. That dynamic matters because the more investors rely on layered exposure structures, the more sensitive performance can become when market conditions tighten—even if the underlying asset remains unchanged.

Her remarks land amid ongoing discussion about Strategy’s capital structure and the perceived risks tied to Bitcoin-backed preferred stock products. Alden characterized recent actions by Strategy to rebuild reserve coverage and add safeguards as reasonable reactions to market stress, but she also stressed that the long-term behavior of such products still ultimately depends on Bitcoin’s price action.

In practical terms, Alden’s framing suggests investors should distinguish between a product’s access benefits and the risk it may add to portfolio behavior during drawdowns. For traders, that translates into being more precise about the source of exposure—spot versus structured yield versus leverage—and how each tends to react when sentiment breaks.

BIP-110 and Alden’s stance on faster protocol changes

Alden also addressed Bitcoin Improvement Proposal 110 (BIP-110), a proposal aimed at reducing network spam by restricting data-heavy transactions, including those used for storing images. Her position was notably cautious: she said she is generally wary of efforts to change Bitcoin’s rules quickly, arguing that some proposals could increase network complexity or alter existing safeguards.

Rather than rejecting technical scrutiny outright, Alden said she would evaluate the arguments for and against protocol changes. Still, she criticized how some proposals are presented publicly, especially when they are framed as an “existential issue” for Bitcoin. In her view, that kind of language exaggerates the stakes and can amount to “incorrect marketing.”

The takeaway from her comments is not simply that all rule changes are bad, but that the way proposals are communicated can affect how investors and users interpret urgency—particularly during periods when sentiment is already fragile.

What to watch next

With sentiment at a cycle-low level in Alden’s assessment and Strategy’s selling now firmly in focus, traders and long-term holders will likely watch whether Bitcoin stabilizes without additional “new bottoms,” and whether BTC-linked structured products become a source of fragility—or a stabilizing bridge—during the next leg of market direction.

Bitcoin is facing its weakest sentiment cycle yet, according to Lyn Alden, a Bitcoin-focused macroeconomist who said the asset must stand on its own as Strategy disclosed a $216 million Bitcoin sale earlier this week.

“I don’t think there’s anything coming to save Bitcoin,” Alden said in a Tuesday interview with journalist and Bitcoin educator Natalie Brunell, saying the asset’s long-term success must come from its own fundamentals rather than external catalysts.

“The asset just has to survive on its own merits,” Alden said, pointing to Bitcoin’s underlying properties as a liquid, permissionless way to store and send value, instead of relying on a new source of demand.

Her comments come as institutional adoption and corporate treasury strategies have become features of Bitcoin’s latest market cycle. On Monday, Strategy’s weekly 8-K filing disclosed that it sold 3,588 BTC.

Bitcoin sentiment falls to a cycle low

Alden said the current downturn feels different from the 2022 bear market, when Bitcoin dropped to as low as $16,000 but enthusiasm among Bitcoin investors remained relatively strong.

“This is the lowest sentiment that I’ve personally seen on Bitcoin,” Alden said, pointing to a combination of fading narratives, a more corporate-driven market cycle and disappointment among investors.

Alden said her base case is that Bitcoin will not reach a new all-time high this year, though she acknowledged that the asset’s volatility leaves room for a sharp move higher.

“The base case that I would hope to see is just a lack of new bottoms in place” and a technical picture that points “flat to up rather than flat to down,” Alden said.

STRC found demand, but leverage remains a risk

Michael Saylor’s Strategy, the world’s largest corporate Bitcoin holder, has come under increased scrutiny during the downturn as investors reassess the risks around its Bitcoin-backed capital structure and preferred stock products.

Alden said Strategy’s STRC preferred stock has a role for investors who want exposure to the company’s Bitcoin strategy without holding the asset directly or taking on Bitcoin’s full volatility.

Source: Matthew Sigel

She noted that STRC has become the biggest preferred security in the market, but warned that higher-yielding BTC-linked products can encourage investors to take on additional leverage.

Related: Strategy’s Bitcoin sale may give BTC a ‘durable bottom,’ Grayscale says

She added that Strategy’s recent steps to rebuild its reserve coverage and introduce additional safeguards were reasonable responses to the market stress, though the long-term performance of the product still depends on Bitcoin’s price action.

Alden pushes back on urgency around Bitcoin changes

Alden also discussed Bitcoin Improvement Proposal 110 (BIP-110), which aims to reduce network spam by limiting data-heavy transactions, including those used to store images.

Alden said she is generally cautious about efforts to change Bitcoin’s rules quickly, warning that some proposals could make the network more complex or affect its existing safeguards.

Source: Eric Balchunas

She said she would analyze the technical arguments for and against protocol changes, but criticized the way some proposals are presented to the public. Alden argued that framing a protocol change as an “existential issue” for Bitcoin exaggerates the stakes, calling that approach “incorrect marketing.”

Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’