TLDR:

• Wintermute CEO Evgeny Gaevoy says crypto is now driven by a “number go up” mindset over cypherpunk values.
  
• Gaevoy argues stablecoins reinforce U.S. dollar dominance rather than building a truly decentralized financial system.
  
• Despite Ethereum’s $120B+ in TVL, Gaevoy says most of it is “stuck money” with little real-world application use.
  
• Gaevoy warns that deeper TradFi integration could permanently erase the original cypherpunk dream of decentralized finance.

Cypherpunk ideals once drove the creation of Bitcoin and decentralized finance. However, Wintermute founder and CEO Evgeny Gaevoy believes the industry has moved far from those origins.

Speaking on Fortune’s Crypto Playbook podcast, Gaevoy argued that crypto has been consumed by a “number go up” mindset.

He also raised concerns about stablecoins reinforcing dollar dominance and the limited real-world adoption of decentralized applications, even as blockchain valuations remain high.

The Shift Away From Decentralization

Gaevoy expressed concern about how the crypto industry has repositioned itself over recent years. Rather than building systems that operate outside traditional finance, many projects now align closely with Wall Street structures.

This shift, he said, runs counter to Bitcoin’s founding philosophy as a libertarian, government-independent currency.

Earlier in February, Gaevoy shared his views in a viral thread on X. He argued that despite pro-blockchain government sentiment and institutional adoption, the core mission of crypto has been overshadowed.

The industry, in his view, is now driven more by price speculation than by meaningful technological purpose.

Stablecoins have become one of the most widely used products in crypto. However, Gaevoy pointed out that their growth comes with a contradiction.

“We were supposed to build something parallel to the dollar,” he said on the podcast, “but now we are actually imposing the dollar on the rest of the world.” That framing challenges the widely held view that stablecoin expansion equals genuine crypto progress.

For Gaevoy, this represents a fundamental conflict in values. The industry set out to create an alternative financial system, but has instead become a channel for extending existing monetary dominance. Rather than replacing the dollar-based order, crypto has largely reinforced it.

Limited Adoption Despite High Valuations

The debate between Ethereum and Solana often dominates crypto conversations. Gaevoy, however, believes this misses a larger issue: neither blockchain has achieved genuine decentralized application adoption.

Despite Ethereum holding over $120 billion in total value locked, according to CoinMarketCap, Gaevoy described much of it plainly. “It’s stuck money,” he said, pushing back against the idea that high TVL figures reflect real economic activity.

Corporate pilots placing bonds or cash markets on blockchains have attracted significant media attention. Yet Gaevoy cautioned against reading too much into them.

“People quite overestimate those pilots by corporations to put some bonds on blockchains or some cash markets on blockchains,” he said. These efforts, he added, remain a tiny fraction of what happens in traditional finance daily.

Wintermute itself works across centralized and decentralized exchanges rather than committing to one direction. This positions the firm to operate at multiple levels of integration with traditional finance.

Still, Gaevoy maintains that the ideal future involves returning to cypherpunk principles rather than a deeper merger with Wall Street.

“Everyone is cheering for this merger with TradFi,” Gaevoy said. “But nobody understands that it will basically just cancel out the cypherpunk dream altogether.”

He remains confident the tide will turn. “My bet is this pendulum will swing back again when people realize there is a benefit to this crazy blockchain stuff, and it’s not just memecoins,” he added.

So far, bitcoin has remained relatively stable after the new tariffs were announced, but history shows pain might be on its way.

On Friday, the US Supreme Court ruled against President Trump’s tariffs, indicating that he could not use a 1977 law – the International Emergency Economic Powers Act (IEEPA) – to levy taxes on imports from almost all countries.

Trump’s reaction was immediate, calling the ruling a disgrace and threatening to take even more actions. He did so hours later, announcing a new 10% temporary tariff on goods from all countries under a law that was never used before, known as Section 122.

It allows him to impose tariffs of up to 15% for 150 days before Congress steps in. However, experts have warned that Trump could once again work around the law, as Section 122 does not expressly prohibit him from allowing the tariffs to lapse after 150 days and then declaring a new emergency to bring them back.

It’s worth noting that the Friday court ruling applies only to tariffs that Trump had enacted under the IEEPA. This allows the President to regulate trade in response to an emergency. Additionally, tariffs imposed under Section 232 of the Trade Expansion Act of 1962 will remain, including those on steel, aluminium, lumber, and automotives.

In its 6-3 ruling on Friday, the Supreme Court failed to address or provide guidance on returning the money to the affected parties that paid the taxes, worth around $130 billion. Treasury Secretary Bessent said after the decision was announced that the refund issue could drag on for years.

For now, perhaps the most important question for crypto investors is whether these latest developments will lead to another crash in the market.

Recall that BTC and the alts plunged in February and April last year when Trump hit essentially every country with tariffs. More corrections took place a few months ago when he only threatened the EU with additional taxation during the Greenland saga.

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So far, bitcoin has remained relatively stable, trading around $68,000. However, it appeared stable after the threats against the EU but plummeted once all financial markets opened on that Monday morning.

In a strategic move that blends crypto mining with enterprise AI ambitions, MARA Holdings completed a majority stake acquisition in Exaion, the French computing infrastructure operator. The deal, initially agreed in August 2025 with EDF Pulse Ventures, hands MARA France a 64% stake in Exaion after the necessary regulatory clearances. EDF remains a minority shareholder and customer, while NJJ Capital—the investment vehicle of telecom entrepreneur Xavier Niel—will take a 10% stake in MARA France as part of the broader alliance. Governance is being reshaped to reflect the new ownership structure: MARA, EDF Pulse Ventures, and NJJ will each hold board seats alongside Exaion’s CEO and co-founder, with Niel and MARA’s chief executive Fred Thiel also expected to participate on the board. The arrangement crystallizes a multi-party partnership that could accelerate Exaion’s AI and cloud ambitions while reinforcing MARA’s diversification beyond traditional mining operations.

Key takeaways

• MARA Holdings secures a 64% stake in Exaion, a French computing infrastructure operator, after regulatory approvals).
• EDF Pulse Ventures remains a minority shareholder and customer, preserving existing commercial ties with Exaion.
• NJJ Capital will acquire a 10% stake in MARA France, creating a broader alliance with MARA.
• Board composition will reflect the new tri-party ownership, with 3 seats for MARA, 3 for EDF Pulse Ventures, and 1 for NJJ, plus Exaion’s leadership.
• The move aligns with a wider industry trend of Bitcoin miners repurposing facilities for AI data centers to diversify revenue amid hashprice pressure and rising mining costs.

Tickers mentioned: $BTC, MARA

Market context: The deal sits at the intersection of crypto mining, AI infrastructure demand, and large-scale energy deployment. The sector has faced tighter economics since the 2024 halving reduced block rewards and rising network difficulty squeezed margins. In response, several miners have pursued hybrid models—maintaining mining as a cash-flow anchor while building AI computing capacity to stabilize revenue streams. This broader trend is evident in public players adapting their asset bases, with companies like HIVE Digital Technologies reporting strength driven by AI expansion, and others such as CoreWeave moving from crypto mining toward substantial AI infrastructure operations. The industry context underpins MARA’s strategic push into Exaion, emphasizing resilience through diversified endpoints rather than a sole reliance on hash-rate economics.

Bitcoin mining economics have continued to evolve as the hash-rate environment shifts. In the latest cycle, Bitcoin mining difficulty rose about 15% to 144.4 trillion, reversing a prior decline and underscoring the ongoing challenge of maintaining profitability in a volatile cost environment. The rebound in difficulty highlights the need for miners to find steadier revenue streams that can weather fluctuations in price and energy costs. As miners explore data-center-scale AI and high-performance computing services, the balance between pure block rewards and ancillary computing offerings remains a focal point for investors and operators alike.

In the context of this transaction, the governance structure is designed to ensure broad-based representation from MARA, EDF Pulse Ventures, and NJJ while preserving Exaion’s leadership, a balance that could shape how the company evolves as an AI-focused infrastructure provider.

Why it matters

The MARA-Exaion deal signals a concrete step toward a more integrated model of value creation in the crypto ecosystem—one that marries mining with enterprise-scale AI infrastructure. By consolidating Exaion under a majority stake, MARA positions itself to leverage Exaion’s data-center capabilities to offer AI-ready compute at scale, potentially tapping into markets that demand GPU-accelerated processing, machine learning workloads, and cloud-style services tailored for research, development, and production environments. This aligns with a broader industry leitmotif: as hash price becomes an increasingly uncertain driver of earnings, diversified revenue streams anchored in computing infrastructure can provide a stabilizing layer for balance sheets, particularly in a sector prone to volatility in crypto cycles.

The governance implications are non-trivial. The board composition—a representation split among MARA, EDF Pulse Ventures, and NJJ, plus Exaion’s leadership—suggests a framework designed to maintain continuity while enabling cross-pollination of strategic priorities. Xavier Niel’s NJJ Capital involvement and MARA’s continued leadership signal a durable collaboration that could accelerate product development, client acquisition, and international deployment of Exaion’s AI-oriented infrastructure. For investors, the arrangement offers a clearer line of sight into how a crypto-focused mining group can pivot toward high-value computing services while maintaining exposure to digital-asset cycles. For builders in the space, the alliance may foreshadow more multi-party partnerships that blend energy, telecom, and cloud-oriented compute into cohesive platforms for AI workloads and data processing at scale.

From a market perspective, the development occurs amid ongoing demand for AI capacity and cloud infrastructure. Publicly traded miners have increasingly pursued hybrid business models; several have reported that AI-focused data-center initiatives are contributing to revenue growth or serving as a counterweight to mining volatility. The MAVA-Exaion collaboration exemplifies how crypto operators can leverage established energy and data-center assets to participate in AI infrastructure without fully stepping away from mining fundamentals. This approach may influence how other players structure alliances and funding rounds, especially as regulatory and policy considerations around AI compute, data sovereignty, and energy efficiency continue to evolve.

In the long run, the Exaion partnership could shape a more resilient blueprint for how crypto-native firms participate in data-center ecosystems. While the shift toward AI infrastructure is driven by macro-level demand for compute power, it also reflects a broader appetite among investors for differentiated, asset-light growth vectors that are less dependent on volatile crypto price cycles. If executed effectively, the MARA-Exaion alliance could deliver an AI-forward product suite that appeals to enterprises seeking scalable, secure, and energy-conscious computing solutions—an outcome that would diversify both top-line growth and risk exposure for a company historically driven by mining revenues.

What to watch next

• Board governance implementation and any subsequent changes to Exaion’s leadership structure.
• The timing and terms of NJJ Capital’s 10% stake in MARA France and how it influences cross-border collaboration.
• Product roadmaps and enterprise customer wins for Exaion’s AI data-center services, including capacity expansions and new partnerships.
• Regulatory developments affecting AI infrastructure and energy usage across France and Europe that could impact deployment scales.

Sources & verification

• Official MARA Holdings press release detailing the Exaion stake acquisition and ownership structure.
• EDF Pulse Ventures partnership announcements outlining minority participation and customer relationships.
• Public disclosures from NJJ Capital regarding its 10% MARA France stake and strategic intent.
• Exaion governance documents and leadership statements released in connection with the transaction.

Strategic convergence: AI, cloud computing and Bitcoin mining intersect

Bitcoin (CRYPTO: BTC) has emerged as a reference point for miners as they recalibrate portfolios toward AI-forward infrastructure. The combination of a 64% Exaion stake for MARA (NASDAQ: MARA) and a 10% stake for NJJ Capital in MARA France signals a deliberate move to anchor AI data-center capabilities within a crypto ecosystem historically defined by hash power. The arrangement envisages Exaion as a platform for AI and high-performance computing, powered by MARA’s energy assets and regulatory experience, while EDF Pulse Ventures preserves its role as a strategic partner and customer. This alignment not only diversifies revenue streams but also positions the group to bid for larger enterprise workloads that require GPU-accelerated compute at scale, a space where the demand is growing even as crypto prices swing.

Industry dynamics underpinning the transaction extend beyond this deal. A number of mining operators are repurposing facilities to host AI and data-center workloads, a trend underscored by notable moves across the sector. HIVE Digital Technologies has reported strong results strengthened by AI initiatives, while CoreWeave has shifted from crypto mining toward AI infrastructure provision as GPU demand cooled for mining. Other players—TeraWulf, Hut 8, IREN, and MARA among them—are similarly realigning assets to unlock steadier, non-volatile income streams. The logic is straightforward: AI compute centers can offer recurring revenue tied to enterprise demand, while mining remains a cash-flow anchor rather than a sole driver of profitability.

In parallel, the industry continues to monitor mining difficulty and hash-rate dynamics. A rebound in difficulty—rising roughly 15% to 144.4 trillion—reiterates the energy and efficiency challenges miners face, including weather-related outages that periodically disrupt grid reliability. Against that backdrop, the ability to monetize excess energy capacity and repurpose facilities into AI data-center hubs could prove essential for long-term resilience. The MARA-Exaion venture thus sits at a confluence of capital, energy strategy, and enterprise-grade compute services, highlighting how crypto businesses are evolving to weather market cycles while expanding their tech footprint into AI-enabled markets.

The overall number of crypto market participants calling for Bitcoin to enter new all-time high territory has tapered off, which crypto sentiment platform Santiment points out is a positive signal.

“Calls for Bitcoin to hit $150k to $200k, and even $50k to $100k, are drying up,” Santiment said in a report on Friday.

“This reduction in FOMO and ‘Lambo’ memes is actually a healthy market indicator. It shows that retail optimism is fading,” Santiment added.

Bitcoin sentiment bumps up to ‘neutral’

While prominent Bitcoin (BTC) advocates such as BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee were openly calling for Bitcoin to reach as high as $250,000 during 2025, the asset’s price ended up reaching $126,100 in October, before entering a downtrend that ultimately led to ending the year lower than where it started.

The downtrend continued into the new year, with Bitcoin dropping to near $60,000 on Feb. 6, but has since edged up to $67,847 at the time of publication, according to CoinMarketCap.

Santiment said that the sentiment around Bitcoin, measured by the ratio of bullish to bearish social media comments, has recovered from “extreme bearishness” to “neutral territory,” which may make it harder for market participants to make trading decisions.

“Better to avoid trading in these scenarios or at least discount the significance of sentiment metrics in your analysis,” Santiment said.

Meanwhile, other indicators suggest that crypto investors are still fearful.

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, stayed in “Extreme Fear” territory on Saturday, posting a score of 8, suggesting investors are extremely cautious.

Related: Bitcoin ignores US Supreme Court, Trump tariff strike amid talk of $150B refund

However, Santiment said the overall activity on the Bitcoin network is “flashing warning signs,” explaining that transaction volume, active addresses, and network growth are all “steadily declining.”