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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SpaceX draws crypto-linked investor interest ahead of IPO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Institutional buyers accumulate ETH during market weakness

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

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

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

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

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

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

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

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

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

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

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

Macro risks continue to pressure Ethereum sentiment

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

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

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

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

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

Crypto exchange HTX rejected U.K. claims it helped Russia’s “illicit financial infrastructure” used for moving funds and sustaining the country’s war in Ukraine, saying it refused a listing application from the A7A5 ruble stablecoin.

“A7A5 was trying to list their stablecoin. However, following our rigorous internal due diligence and compliance review processes, their application was explicitly rejected,” a spokesperson for HTX told CoinDesk.

The token’s issuer, A7 LLC, is already sanctioned by many Western governments.

In a sanctions note issued Tuesday, the Foreign Office didn’t provide specific evidence of any HTX-A7A5 cooperation. The ministry said it had “reasonable grounds to suspect” HTX was assisting A7, which the U.K. says is “carrying on business in a sector of strategic significance to the Government of Russia.”

“We approached all the leading CEXes several months ago in order to list A7A5, including HTX,” A7A5 executive Oleg Ogienko told CoinDesk, using crypto terminology for centralized exchanges. “But all of them rejected our application almost at once because they are scared of secondary sanctions.”

Ogienko said he’s open to working with centralized exchanges and HTX’s refusal to list the Russian stablecoin is “bad for them.”

“Now, we do not need their listing, because our business model runs on DeFi infrastructure,” he told CoinDesk. “Nevertheless, we are open for interaction with CEXes if they want to increase their real trade volume and attract good clients.”

In an interview with CoinDesk at the Consensus Hong Kong conference earlier this year, Ogienko said he attended to meet with projects and protocols to discuss cooperation and business development.

Ogienko said A7A5 is fully compliant with Kyrgyz and Russian regulations and the principles set out by the Financial Action Task Force (FATF), which tackles money laundering and terrorist and proliferation financing worldwide.

“We do not violate any legislation,” he said.

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

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

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

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

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

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

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

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

RBI framework expected soon

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

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

India keeps the crypto sector in check

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

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

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

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

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

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