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Crypto World

What are “the trenches”? Solana memecoin culture

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MoneyGram takes validator role on Solana, joins institutional developer platform

If you spend any time around Solana memecoins, you will hear about “the trenches.” It is where traders called degens fight over brand-new tokens that mostly go to zero, in a culture with its own language, rituals, and brutal economics. Here is what the trenches are, the slang you need to follow them, and the hard reality behind the romance.

Summary

  • “The trenches” is crypto slang for the chaotic, high-risk frontier of on-chain memecoin trading, especially brand-new Solana tokens on launchpads like Pump.fun.
  • The traders who operate there are called trenchers or degens, and the culture has its own dense vocabulary, rituals, and a war-themed self-image of survival against the odds.
  • The trenches run on launchpads, decentralized exchanges, and fast trading tools, where tokens can rocket and collapse within minutes and bots compete for the first buys.
  • The romance of life-changing gains is real but rare, and is built on heavy survivorship bias, since the large majority of tokens die fast and most participants lose money.
  • Understanding the trenches and its slang is useful for following crypto culture and protecting yourself, but the honest framing is that it functions more like a casino than a market.

“The trenches” is crypto slang for the chaotic, high-risk frontier of on-chain memecoin trading, especially the world of brand-new Solana tokens launched on platforms like Pump.fun, where traders fight for fast profits amid rampant scams, bots, and a flood of coins that mostly go to zero. The phrase is a war metaphor, and it is chosen deliberately. To be “in the trenches” is to be down in the mud of the riskiest, fastest, most unforgiving part of crypto, trading tokens that are minutes old, against opponents who include automated bots and seasoned predators, where fortunes are made and lost in the time it takes to read a chart. It is a culture as much as an activity, with its own dense vocabulary, its own rituals and heroes, and its own grim economics.

The term has spread well beyond its origins, and you will now hear it used for the early, high-risk stage of any speculative crypto play, but its heartland is the Solana memecoin scene, where the conditions that birthed it, instant token creation, near-zero fees, and a permanent firehose of new coins, are most intense. This guide is a map of the trenches for people who want to understand the culture without necessarily entering it, or who are entering it and want to know what they are walking into. It explains what the trenches are and where they physically exist on-chain, the mindset and culture that define the people in them, a working glossary of the slang you need to follow any trenches conversation, how a typical trench play actually unfolds from launch to death or survival, a recent episode that captures the culture in motion, and, most importantly, the hard reality behind the romantic self-image.

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That last part matters more than all the slang, because the trenches present themselves as a place of opportunity and camaraderie, and they are also a place where the overwhelming majority of participants lose money to a structure designed to extract it. Learning the language is the easy part. Understanding the economics is what protects you. This guide tries to do both, in that order, so that the culture is legible and the danger is unmistakable.

What the trenches are and where they live

At its core, the trenches refers to the earliest and riskiest stage of memecoin trading, where tokens are brand new and the action is fastest. The phrase captures both a place and a phase. As a phase, it means trading coins in their first minutes and hours of life, before they have established markets, when prices move violently and information is scarce. As a place, it refers to the venues and channels where this happens.

The trenches live on launchpads, above all the dominant Solana launchpad, where anyone can deploy a token in seconds and it begins trading immediately against a bonding curve. For readers new to that pricing model, the mechanism under every launch is the bonding curve, which automatically changes a token’s price as buyers and sellers move in and out. The trenches extend to the decentralized exchanges where tokens move after they graduate from those launchpads, and to the social channels, especially memecoin-focused chat groups, that are themselves often called the trenches, because that is where traders gather to share tips and coordinate.

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The infrastructure of the trenches is built for speed, which shapes the entire experience. Traders use specialized tools and bots that let them buy a token within seconds of its launch, read on-chain data in real time, and execute faster than a human could click, because in a world where a coin can rise and fall in minutes, milliseconds of timing translate into enormous differences in entry price. This is why the trenches are not a level playing field: automated snipers and bots routinely buy into a token in its first moments, ahead of the humans who see it trending later. The reason all of this concentrated on Solana is structural: Solana’s very low fees and fast transaction speeds make it cheap and quick to launch coins and to trade them rapidly, which is exactly what a high-frequency, high-churn memecoin culture needs.

The launchpads that lowered the barrier to creating tokens did the rest. The trenches, then, are the on-chain frontier where the cheapest, fastest, most permissionless token creation meets the most speculative trading culture in crypto. The combination produces both the energy and the carnage the term implies. It is why the trenches feel like a live market, a chatroom, and a casino floor at the same time.

The mindset and the culture

The trenches have a distinct culture, and understanding the mindset is as important as understanding the mechanics, because the culture is part of what keeps people in a game that mostly loses them money. The self-image is heroic and martial: participants cast themselves as warriors surviving in hostile territory, enduring losses, hunting for the one coin that will pay for all the others. There is genuine camaraderie in it, a shared identity among people who understand a world outsiders find baffling or repellent, and a folklore of legendary trades and legendary traders. The dominant ethos is captured in the word degen, short for degenerate, which trenchers wear as a badge rather than an insult.

To be a degen in the trenches is to accept that you are gambling and to lean into it with a certain dark humor. That humor and identity are woven through the culture’s language and rituals. Trenchers talk about “locking in,” meaning to focus intensely on the goal of making money quickly with minimal effort, and about hunting for a “gem,” an undervalued coin spotted before the crowd. The culture prizes “alpha,” valuable information or insight shared among insiders, and it runs on a constant cycle of fear of missing out and fear of being wrong, the twin emotions that drive impulsive buying and panic selling.

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There is a player-versus-player quality to it, an awareness that in a zero-sum scramble over a worthless token, your profit is someone else’s loss, which the culture acknowledges with a kind of cheerful brutality. All of this creates a powerful social pull. The trenches are not just a market; they are a community with a language, a value system, and an emotional rhythm. That social dimension is a large part of why people stay even as they lose, because belonging and the thrill of the hunt are their own rewards.

Recognizing the culture’s grip is important, because the same camaraderie that makes the trenches compelling is also what makes them hard to walk away from. The community tells itself stories about survival and conviction, and some of those stories are true. But many of them are also retrospective myths built around the tiny number of trades that worked. That is why the culture has to be understood together with the economics, not separately from them.

A working glossary of trench slang

To follow any conversation in the trenches, you need the vocabulary, and the slang is dense enough that an outsider can find a discussion incomprehensible. What follows is a working glossary of the most important terms, enough to read a typical trenches exchange. Begin with the people: a trencher or degen is a high-risk memecoin trader; a jeet is a derisive term for someone who sells too early or panic-sells, dumping on others; and a whale is a holder large enough to move a token’s price with their trades. The verbs of entry and exit matter too: to ape, or ape in, is to buy a token impulsively without much research; to snipe is to buy in the very first moments of a launch, usually with a bot; and to bundle is to coordinate multiple wallets to buy at launch, often to create a false impression of demand.

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The lifecycle of a coin has its own terms. A fair launch means a token released with no presale or insider allocation, where everyone enters through the same curve. Graduation is the moment a token completes its bonding curve and moves to a normal exchange. A rug, or rug pull, is the most common trench ending: a scam where the creator pulls liquidity or dumps their holdings, collapsing the price to near zero.

A CTO, or community takeover, is when holders take over a coin the original creator abandoned, running it themselves to try to revive it. The emotional and evaluative vocabulary rounds it out: a gem is an undervalued find; alpha is valuable insight; FOMO and FUD are the fear of missing out and fear, uncertainty, and doubt that drive buying and selling; bags are the tokens you hold; to be underwater is to hold at a loss; and to moon or send it is to rise sharply or to take the plunge on a risky buy. Newer coinages appear constantly, such as a stimmy, slang adopted from stimulus payments to describe handing money to traders, which entered wide use when an influencer pledged to airdrop fees to the trenches. The vocabulary keeps evolving, but these terms form the durable core, and knowing them turns an impenetrable trenches conversation into something you can actually follow.

How a trench play unfolds

To see the culture and mechanics together, follow how a typical trench play unfolds from birth to death, because the lifecycle is remarkably consistent. It begins with a launch: someone deploys a new token on a launchpad, giving it a name, an image, and a ticker, and it starts trading instantly against its bonding curve. In the first seconds, before any human has really noticed, automated snipers and bots may buy in, taking the earliest and cheapest positions, sometimes coordinated across bundled wallets to create the look of organic demand. This is the first hard truth of the trenches: by the time a human sees a coin, bots have often already moved.

Next comes the attention phase. If the coin has a catchy theme, a connection to a trending narrative, or a push from an influencer or a coordinated group, it begins to spread across social channels, and human traders start to ape in, sending the price climbing up the curve as buying accelerates. If the momentum builds far enough, the coin graduates, its accumulated liquidity moving to a normal exchange, which can attract a fresh wave of traders who treat graduation as a sign of legitimacy. Then comes the decisive phase, which for the overwhelming majority of coins is the end.

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As the early buyers and any insiders take profit, selling into the latecomers, the price stalls and reverses. If a creator or whale dumps a large position, or pulls liquidity outright in a rug, the price collapses toward zero, often within hours of the peak. Most coins simply fade as attention moves to the next launch and buyers stop arriving, the price bleeding down the curve as holders capitulate. A small number survive, and an even smaller number, occasionally, get a second life through a community takeover, when stubborn or spiteful holders seize the abandoned coin and try to rebuild momentum themselves, which usually fails but can, if executed well, give the holders a better exit.

This lifecycle, launch, snipe, hype, climb, distribution, collapse, plays out thousands of times a day, and recognizing its shape is the difference between understanding what you are watching and being its raw material. It is also why who profits from the churn matters. Launchpads, creators, and early entrants can profit from volume and timing even when the token itself has no lasting value. Late buyers often discover that the chart they are chasing is already in its distribution phase.

The trenches in action

A recent episode captures the culture vividly and ties the abstractions to a concrete moment. In late June 2026, a frenzy erupted around a cluster of Solana memecoins using the name of a prominent influencer, and it played out as a textbook trenches event. Multiple competing tokens using the same name launched at once, and the trading community flipped between them in exactly the player-versus-player scramble the culture is known for, with no single coin crowned the real one for a stretch as trenchers fought over which version would win. One version went parabolic, running to tens of millions in market cap within days, while dramatic individual outcomes, including a trader turning a few thousand dollars into hundreds of thousands, became the kind of folklore that draws more people into the next launch.

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The episode also showcased the culture’s vocabulary and rituals in real time. The influencer at the center publicly took the side of the trenches against the launchpad, criticizing how it handled rewards and pledging to airdrop his accumulated fees back to traders, framing it in the community’s own slang as giving the trenches a stimmy because the platform would not. The word stimmy, the framing of small traders as a community owed a payout, the swarm of copycat tokens, the parabolic run, and the rapid churn all embodied the trenches in a single story. It also showcased the danger.

The same influencer disavowed other tokens trading on his name, copycats and impersonations proliferated, and the headline pump figures often did not survive a look at the actual on-chain data. The episode was the trenches in miniature, the camaraderie and the opportunity and the manipulation and the carnage all braided together, which is exactly why it drew such attention. For a student of the culture, it was a live demonstration of every dynamic this guide describes. It was also a reminder that behind the romance of the heroic trade sits a machine that mostly transfers money from latecomers to insiders and platforms.

The reality behind the romance

Strip away the war metaphors and the folklore, and the trenches are, in hard economic terms, a place where most participants lose money to a structure built to extract it, and saying so plainly is the most useful thing this guide can do. The data is unambiguous. Studies of Solana memecoin launches have found that roughly two out of three coins are effectively dead within their first day, with the vast majority of their liquidity gone, and that on the order of 80% or more lose over 90% of their value within about a week. Recent Pump.fun lifespan data showed the same pattern, with nearly seven in 10 reviewed launches recording their final bonding-curve trade on launch day.

By some estimates, the overwhelming majority of tokens launched on the dominant launchpad are scams, pump-and-dumps, or jokes with no lasting value. The life-changing gains that make the folklore are real, but they are extraordinarily rare, and they are visible precisely because they are rare, while the millions of losing trades are invisible. That produces a powerful survivorship bias: you hear about the trader who turned a few thousand into a fortune, never about the thousands who did the opposite. This is the same dynamic that makes the assets traded in the trenches so culturally powerful and financially dangerous.

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The structural reality reinforces this. The platforms that host the trenches earn from trading volume regardless of whether any coin succeeds, so the house profits from the churn itself, much like a casino. Bots and insiders routinely get the earliest, cheapest positions, leaving the human trader who arrives on a trending coin to buy from people already in profit. Creator fees and large insider holdings give those who launch and promote coins tools and motives to manufacture hype around tokens they benefit from.

The emotional culture, the FOMO, the camaraderie, the heroic self-image, is itself part of what keeps people trading through losses. None of this means the trenches are not real or that no one ever profits; some skilled and disciplined traders do, and the culture has genuine creativity and community in it. But the honest framing, shared by the more responsible voices in the space, is that the trenches function far more like a casino than like an investment market, that the odds are structurally against the individual, and that anyone entering should treat it as gambling with money they can afford to lose entirely, not as a path to wealth. The slang is fun and the stories are thrilling, but the math is brutal, and the math is what determines what happens to almost everyone who goes in.

Frequently asked questions

What does “the trenches” mean in crypto?

The trenches is slang for the chaotic, high-risk frontier of on-chain memecoin trading, especially brand-new Solana tokens on launchpads like Pump.fun. It is a war metaphor: to be in the trenches is to trade coins that are minutes old, in the fastest and most unforgiving part of crypto, against opponents that include automated bots. The term refers to both a phase, the earliest and riskiest stage of a token’s life, and a place, the launchpads, exchanges, and chat groups where this trading happens. Memecoin-focused chat channels are themselves often called the trenches. The phrase has spread to mean the early high-risk stage of any speculative crypto play. In practice, though, its strongest association remains Solana memecoin trading, because Solana’s speed, low fees, and launchpad culture created the conditions where the slang took hold. It is less a formal market category than a cultural label for the most chaotic edge of on-chain speculation.

Who are “trenchers” and “degens”?

Trenchers are the traders who operate in the trenches, buying and selling brand-new memecoins. Degen, short for degenerate, is a closely related term that trenchers wear as a badge rather than an insult; it describes someone who takes large speculative risks, does minimal research, and embraces gambling openly. The culture is built around this identity: a self-image of risk-taking warriors hunting for the one coin that pays for all the losses. There is real camaraderie and folklore among them, a shared language and value system. That social identity is part of what makes the trenches compelling and part of what keeps people trading even as the structure causes most of them to lose money over time. It gives the activity a story larger than the trade itself. The danger is that the story can make repeated losses feel like proof of toughness rather than evidence that the odds are bad.

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Where do the trenches actually happen?

On-chain, primarily on Solana. The trenches live on launchpads, above all the dominant Solana launchpad, where anyone can deploy a token in seconds and it trades instantly against a bonding curve, and on the decentralized exchanges where tokens move after they graduate. They also live in social channels, especially memecoin-focused chat groups that are themselves called the trenches. The infrastructure is built for speed, with specialized tools and bots that let traders buy within seconds of a launch and read on-chain data in real time. Solana became the heartland because its very low fees and fast transactions make it cheap and quick to launch and rapidly trade coins, which is exactly what the high-churn memecoin culture needs. The chain’s infrastructure makes small, fast trades economically possible in a way that would be harder on more expensive networks. That is why the trenches are as much a product of technical design as they are of internet culture.

What does “stimmy” mean, and other common slang?

A stimmy is slang, adopted from stimulus payments, for handing money to traders; it entered wide use when an influencer pledged to airdrop fees to the trenches. Other core terms include ape, to buy impulsively without research; snipe, to buy in a launch’s first moments, usually with a bot; rug, a scam where the creator collapses the price; CTO, a community takeover of an abandoned coin; jeet, a derisive term for someone who panic-sells; whale, a holder big enough to move the price; bags, the tokens you hold; alpha, valuable insight; and FOMO and FUD, the fear of missing out and the fear and doubt that drive buying and selling. The vocabulary evolves constantly, but these form its durable core. The slang matters because it does more than describe trades. It builds identity, signals belonging, and compresses complex market behavior into quick phrases that move through chats fast. Understanding it helps you follow the culture, but it should not make the activity seem safer than it is.

Can you actually make money in the trenches?

Some people do, but the odds are structurally against the individual, and most participants lose money. The data is stark: roughly two of three Solana memecoins are effectively dead within a day, and 80% or more lose over 90% of their value within about a week, while the overwhelming majority of launchpad tokens are scams, pump-and-dumps, or jokes. The life-changing gains that fuel the folklore are real but extremely rare, and they create survivorship bias because the countless losses are invisible. Bots and insiders get the earliest positions, platforms profit from the churn regardless of outcomes, and creator fees give promoters motives to manufacture hype. Skilled, disciplined traders exist, but the structure resembles a casino more than an investment market. The rare wins are easy to screenshot and share, while the typical losses disappear into wallet history. That imbalance is exactly why the romance of the trenches can be so misleading.

Is trading in the trenches a good idea?

This guide does not recommend it, and the honest framing is that the trenches function far more like a casino than an investment market, with the odds structurally against the individual participant. The platforms profit from trading volume regardless of whether coins succeed, bots and insiders take the best positions, and most tokens are designed to extract money from latecomers. The culture’s camaraderie and heroic self-image are genuine and are also part of what keeps people trading through losses. If someone chooses to participate anyway, the only responsible approach is to treat it strictly as gambling, risking only money they can afford to lose entirely, verifying contracts and holder concentration, and never mistaking the rare success stories for the typical outcome. That means treating every new coin as hostile until proven otherwise. It also means understanding that speed, information, and discipline matter, but even those do not erase structural disadvantages. The safest way to learn the trenches is as a culture and a warning before treating it as a trading venue.

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This article is educational information about crypto culture, not financial advice or encouragement to trade memecoins. Descriptions of trenches culture, slang, and failure statistics reflect reporting available as of June 29, 2026, and can change. Memecoin trading is extremely high-risk, resembles gambling, and causes most participants to lose money. Verify any specific token or platform independently and consult a qualified professional before making any financial decision.

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Crypto World

SEC Wins $5.4 Million Crypto Fraud Case

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SEC Wins $5.4 Million Crypto Fraud Case

The US Securities and Exchange Commission has won its fraud suit against crypto platform NanoBit Limited, nearly two years after the agency accused it of stealing hundreds of thousands of dollars from at least 18 investors between 2023 and 2024.

The announcement by the SEC on Monday came nearly two weeks after the US District Court for the Eastern District of New York entered a final judgment against four entities and two individuals tied to the NanoBit fraud case on June 16.

The SEC alleged that NanoBit’s operators impersonated financial professionals in WhatsApp groups to trick investors into depositing funds on the fake platform. Instead, the funds were allegedly diverted to scheme participants, the SEC said. 

The case is another example of the SEC’s continued crackdown on crypto-themed fraud under the Trump administration, even as the agency has softened its regulatory approach to crypto companies and revised what it considers to be a securities offering.

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On May 29, the SEC charged a Texas man with allegedly running a fraud scheme that raised more than $12 million from roughly 150 investors by falsely claiming to use AI-powered trading bots to generate guaranteed returns. 

In April, the SEC also charged crypto executive Donald Basile and two companies he controlled for raising roughly $16 million from hundreds of investors through false claims tied to a crypto token called Bitcoin Latinum. 

NanoBit perpetrators ordered to pay $5.4 million

The New York court found that the defendants violated US securities laws and issued permanent injunctions against them, prohibiting them from engaging in the issuance, purchase or sale of securities. 

Related: Crypto scammers exploit World Cup ticket demand, TRM warns 

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NanoBit was ordered to pay a $1.18 million fine, disgorgement of more than $532,000 for the ill-gotten gains and prejudgment interest of nearly $81,200, totaling nearly $1.8 million.

NanoBit’s affiliates — Radiant Horizons, Sweet Karma and Zhao Deli — were each ordered to pay a $1.18 million fine, while one of the scheme’s main orchestrators, Jiajie Liu, was ordered to pay about $120,000 in penalties, disgorgement and prejudgment interest.

In the September 2024 complaint, the SEC alleged that NanoBit investors were solicited on social media, such as Instagram, before being added to the WhatsApp groups.

Investors were allegedly shown a fake dashboard depicting rising returns, creating the illusion that their funds were growing. 

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It allegedly persuaded investors by falsely claiming that its affiliate, NanobitUS Securities, was an SEC-registered broker, while also promoting fake initial coin offerings (ICOs) promising substantial returns. 

However, “no transactions took place on the NanoBit platform and investors’ funds in fact went to scheme participants who wired more than $2 million to bank accounts in Hong Kong and misappropriated hundreds of thousands of dollars’ worth of investors’ crypto assets,” the securities regulator alleged.

The SEC alleged that investors who sought to withdraw funds were met with excuses and asked to pay large fees, while others were removed from the WhatsApp groups for questioning the platform’s legitimacy.

Magazine: The end of anonymity? AI could unmask crypto’s hidden identities 

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Obfuscation May Enable Private On-Chain Voting

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Crypto Breaking News

Ethereum co-founder Vitalik Buterin has laid out a longer-term cryptography blueprint for private, onchain voting that aims to avoid the need for a trusted group to handle ballots. In a technical essay published Monday, Buterin argues that a cryptographic technique known as indistinguishability obfuscation (iO) could let blockchain systems compute voting results while keeping individual votes hidden and limiting opportunities for collusion.

The proposal centers on replacing traditional threshold-style committees—groups that collectively decrypt encrypted votes—with protected programs designed to reveal only the final outcome. Buterin cautions, however, that the approach is not yet practical, with the most conservative versions requiring extremely heavy computation and faster variants depending on less-tested security assumptions.

Key takeaways

  • Buterin’s proposal uses indistinguishability obfuscation (iO) to create “protected programs” that can compute vote tallies without exposing ballot contents.
  • The design is intended to reduce reliance on threshold committees that jointly decrypt results, potentially lowering the trust needed for private onchain voting.
  • Even with iO, blockchains remain essential because protected programs can’t stop being copied or support state updates on their own.
  • Buterin describes current constructions as computationally impractical, positioning the idea as research direction rather than a near-term deployment plan.

From encrypted ballots to protected programs

Buterin frames iO as a method for hiding software logic. In his explanation, iO transforms a piece of code into a protected program such that others can run it to obtain the intended output, but cannot inspect the internal code or retrieve embedded sensitive data. He emphasizes that this approach focuses on concealing the program itself, rather than solely masking the data it processes.

In the context of voting, the idea would be to package the tallying and eligibility logic into an obfuscated program. Voters could submit encrypted ballots, and the system would execute the protected program to produce a final tally without exposing how individual participants voted. In effect, this would remove a key requirement of many private voting schemes: coordinating a set of operators (a threshold committee) that holds decryption capabilities and must behave honestly.

Buterin also notes that blockchains still have to do the heavy lifting for public coordination and evolving state. While iO can hide computation details, it cannot prevent copying or manage changing information by itself, so a blockchain—or similar distributed infrastructure—would remain necessary for the system to function over time.

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Why dropping threshold committees matters

Private onchain voting typically involves operational trust assumptions, even when votes remain cryptographically protected. In many designs, groups of operators must safeguard information and follow the protocol correctly—particularly during decryption or tallying. Buterin argues that eliminating (or sharply reducing) the need for threshold committees could make decentralized governance more resistant to manipulation.

In his view, reducing this dependency could also lower the risk of insider interference and enable voters to participate without exposing voting behavior. However, the core promise is not only privacy for individuals; it is also a shift in who has meaningful control over the outcome. Instead of multiple parties jointly controlling decryption, the tally would be derived from running a protected program intended to reveal only what the system needs to disclose.

That said, the essay’s emphasis on security assumptions and computational feasibility underlines that the practical challenge is formidable. The approach is designed to minimize trust—but it still must be engineered so that security holds under realistic operating constraints.

Security trade-offs and why deployment is still out of reach

Buterin’s assessment is explicit: the idea, while conceptually aligned with “almost no trust assumptions,” is not ready for real-world use. He describes the most conservative constructions as requiring what he calls “galactic” amounts of computation—suggesting that the computational overhead would overwhelm any system intended for everyday participation.

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He also points to a tension faced by cryptographic research more broadly: faster constructions tend to rely on weaker or less-tested security assumptions. In other words, an implementation that is technically feasible may not yet offer the same level of assurance as the most conservative theoretical design. This leads Buterin to characterize iO-based private voting less as a deployment-ready system and more as a long-term research direction.

For investors and builders watching Ethereum’s roadmap, the takeaway is that privacy research is moving toward more rigorous “how it’s computed” privacy—yet the path from cryptographic theory to production-grade systems will require major advances in efficiency and confidence in assumptions.

How this fits into Buterin’s broader privacy agenda

This iO voting essay builds on earlier work by Buterin linking advanced cryptography to stronger privacy and reduced coercion risk. In October 2024, he connected iO with private voting in an Ethereum roadmap he published, arguing that the technique could improve privacy guarantees.

He has also pushed for practical privacy steps within Ethereum’s ecosystem. In April 2025, Buterin proposed a more immediate privacy roadmap that called for integrating privacy tools into existing wallets. That proposal also advocated for stronger protections against data collection by infrastructure providers used by wallets to access Ethereum, reflecting an emphasis on privacy not just at the cryptographic layer but in the surrounding network services.

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Buterin has additionally directed personal funds toward privacy-preserving projects. According to earlier coverage by Cointelegraph, on Jan. 30 he earmarked 16,384 Ether (ETH) (about $45 million at the time) to support initiatives focused on privacy, open infrastructure, and self-sovereign tools.

Read together, these threads show a consistent direction: privacy improvements are being pursued both through long-horizon cryptographic designs like iO and through nearer-term engineering changes that could reduce exposure to tracking and data collection.

For now, the most important question is what—if anything—can be improved to make iO-based voting computationally viable without sacrificing security confidence. Readers should watch for follow-up research that narrows the performance gap and clarifies which security assumptions would be acceptable for real deployments.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Bitmine Increases ETH Holdings to 5.7M After Joining Russell 1000

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Crypto Breaking News

Bitmine Immersion Technologies said it added more than 27,000 Ether to its treasury last week after completing a $43 million purchase. The update comes as the company prepares for greater visibility with its inclusion in the Russell 1000, an index that many funds use as a benchmark for passive investing.

In a disclosure shared on Monday via PR Newswire, Bitmine said its Ether holdings reached just over 5.7 million ETH. The company reported buying the tokens at an average price of $1,569 per Ether and said it now holds about 4.7% of Ethereum’s 120.7 million token supply—moving it closer to its stated objective of owning 5% of the asset.

Key takeaways

  • Bitmine reported a $43 million Ether purchase that increased holdings to just over 5.7 million ETH at an average $1,569 per token.
  • The firm said its stake is now roughly 4.7% of Ethereum’s circulating supply, edging toward a 5% target.
  • Bitmine’s Russell 1000 inclusion is expected to bring additional institutional demand through funds that track the index.
  • Despite broader Ethereum developments, Bitmine’s chairman described the prior week as difficult for crypto investors after Ether fell about 8%.
  • Other crypto-linked firms were also added to the Russell 3000 Index recently, expanding how traditional investors encounter crypto treasury businesses.

A growing Ether treasury amid a volatile week

Bitmine’s announcement frames the latest acquisition as part of a continued push to build a larger corporate Ether position. After its recent buy, the company said it holds slightly above 5.7 million Ether and has reduced the gap to its 5% supply goal.

The filing also highlights how market price swings can complicate treasury strategies even when the broader Ethereum ecosystem is active. Bitmine chairman Tom Lee characterized the preceding week as challenging for crypto investors, saying Ether fell by 8%. In his remarks, he noted Ethereum-related positives—including the creation of Ethlabs—and pointed to a softer tone from the Bank of England regarding stablecoins.

Even with those developments, Lee said the selloff played out in ways that can influence investor behavior. He later attributed some of the pullback to what he described as “window dressing,” where investors reduce exposure to assets that have declined over recent months.

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Why Russell 1000 inclusion could change Bitmine’s investor base

Beyond the treasury update, the more market-facing development is Bitmine’s addition to the Russell 1000, which tracks the largest 1,000 US companies. Bitmine said this step may increase investor demand for its shares because many mutual funds, ETFs, and pension funds follow Russell indices and must buy constituents once they are added.

Lee previously discussed this mechanism when Bitmine was first under consideration for the Russell index in May. He said passive index funds can account for up to 25% of the market capitalization of stocks included in the index.

In Monday’s comments, Lee said Russell 1000 membership is expected to add “hundreds and possibly thousands” of additional institutional investors as equity owners of Bitmine. For a company whose business model is closely tied to holding and managing Ether exposure, a shift in the shareholder base can matter: institutional ownership patterns can influence liquidity, trading volume, and the range of investors willing to hold crypto-treasury equities over the long run.

Stock movement follows Ether, despite new corporate catalysts

Bitmine’s share performance on Monday reflected both the company’s corporate update and the broader pressure on Ether. The stock rose 1.7% to close at $13.80, according to the article, but it has fallen roughly 9% over the past week in tandem with Ether’s decline.

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That pattern underscores an important tension for investors watching crypto treasury businesses: even when the company executes meaningful purchases or secures index inclusion, the underlying price of Ether can still dominate near-term equity performance. In other words, Bitmine’s catalysts may improve access to new capital sources, but the valuation of its holdings remains directly linked to market conditions for ETH.

Broader index adoption for crypto-related firms

The Russell inclusion story is not unique to Bitmine. The article noted that rival crypto treasury firms Sharplink and Forward Industries—along with Gemini and Galaxy Digital—were also added to the Russell 3000 Index on Friday. The Russell 3000 tracks the largest 3,000 US companies, which can create additional pathways for traditional market participants to build exposure to crypto-linked public equities.

For investors, this trend signals a gradual normalization of crypto-related businesses inside mainstream index ecosystems. However, it also raises a watchpoint: as more crypto treasury firms enter large-cap indices, their stock demand may become more mechanically tied to index-tracking flows, potentially increasing short-term trading activity around reconstitution dates.

At the same time, it does not remove the central risk for equity holders—Ether’s market volatility. Bitmine’s chairman’s remarks about window dressing and short-term reductions in exposure illustrate how quickly sentiment can shift even when broader Ethereum developments continue.

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Investors should watch whether Bitmine’s Russell 1000 entry translates into sustained institutional ownership or whether near-term trading remains dominated by ETH price movements. The next key question is how the company continues to balance incremental Ether acquisitions with the equity volatility created by shifting crypto market sentiment.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Tether trades at 7% to 10% premium in India. Exchanges say its just supply and demand

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In recent days, USDT has traded at a premium across several Indian exchanges, with premiums generally ranging between 7% and 10%, depending on liquidity and market activity. On CoinSwitch, USDT has traded at around a 9% premium over the past few days.

“At CoinSwitch, users always see the live buy and sell price before placing an order. We do not charge any hidden fees beyond our disclosed brokerage. The premium reflects prevailing market conditions rather than any platform-imposed markup,” Singhal said.

Both CoinDCX and CoinSwitch attribute the premium entirely to organic supply-and-demand dynamics: more buyers than sellers, thinner liquidity near the global reference price, and a market mechanism — not platform pricing decisions — setting the rate. Neither executive directly addressed the ED’s enforcement action or its effect on token supply in their statements.

Nevertheless, the supply squeeze that drove the premium unusually higher could be linked to the enforcement action.

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Market makers and liquidity provides could have scaled back from sourcing USDT overseas after the ED’s action, which would show up exactly as a supply-side liquidity shortage, the same mechanism both Thakur and Singhal describe in general terms.

Operating on Indian exchanges has been relatively tougher for market makers because of a flat 30% tax on gains, no allowance to offset losses, and a restrictive 1% tax deducted at source (TDS). These rules have long contributed to market dislocations.

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SEC wins NanoBit crypto fraud case as court orders over $5.5M

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The U.S. Securities and Exchange Commission has secured a final default judgment in its case against NanoBit Limited and several linked defendants. 

Summary

  • SEC judgment orders NanoBit-linked defendants to pay over $5.5M after alleged WhatsApp investor fraud scheme.
  • Regulators said the fake platform used group chats, false broker claims, and fake ICO pitches.
  • The case shows fraud enforcement continues even as broader crypto rulemaking moves toward clearer standards.

According to the SEC litigation release, the U.S. District Court for the Eastern District of New York entered the judgment on June 16, nearly two years after the agency filed its complaint.

The court ordered NanoBit, Radiant Horizons Limited, Sweet Karma Fashion Inc., Zhao Tropical Deli Inc., Jiajie Liu and Hua Zhao to pay penalties, disgorgement and interest. The final judgment lists total payment obligations of about $5.52 million across the defendants.

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SEC says NanoBit platform was fake

The case centered on claims that NanoBit operated as a fake crypto trading platform. The SEC said the defendants and other scheme participants used social media apps to reach investors before moving them into WhatsApp groups.

In its September 2024 complaint, the agency said the participants posed as financial industry professionals and built trust with investors. The SEC alleged that NanoBit falsely claimed an affiliate, NanobitUS Securities, was registered with the regulator.

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WhatsApp groups and false broker claims

The SEC said the supposed financial professionals promoted fake initial coin offerings and presented NanoBit as a working trading venue. Investors allegedly saw platform screens that appeared to show crypto prices, account balances and trading activity.

“No transactions took place on the NanoBit platform” and that “investors’ funds in fact went to scheme participants,” the regulator said.

According to the SEC, more than $2 million was wired to bank accounts in Hong Kong, while hundreds of thousands of dollars in crypto assets were misused.

Fraud enforcement continues

The NanoBit judgment adds to a string of crypto fraud actions even as U.S. regulators change their wider approach to digital asset policy. As reported by crypto.news, the SEC had already named NanoBit and CoinW6 among relationship investment scam cases in its 2024 enforcement review.

As reported by crypto.news, the SEC also charged Texas resident Nathan Fuller in May over an alleged $12.3 million AI crypto arbitrage scheme. That case involved claims of guaranteed returns from a trading robot, according to the report.

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The same fraud risks have spread beyond fake trading platforms. As reported by crypto.news, TRM Labs warned this month that scammers had created World Cup-related crypto fraud operations, including fake ticketing sites and a fixed-match betting scheme.

The SEC has also warned investors about group-chat scams. In a December 2025 investor alert, Investor.gov said people should “never rely solely on information from group chats” when making investment decisions. The agency also urged investors to check the background of anyone offering or selling investments.

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Strategy Sets $1.25B Bitcoin Sale Plan After Pausing BTC Purchases

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Strategy opened a new funding chapter after authorizing Bitcoin monetization for credit support, preferred security buybacks, and dividends. The company also paused Bitcoin purchases while raising $1.15 billion through MSTR stock sales. The move shifts part of its treasury policy from pure accumulation to broader capital management.

Bitcoin Monetization Plan Takes Shape

Strategy adopted its Digital Credit Capital Framework on June 29 through a new regulatory filing with broader funding options. The framework targets stronger liquidity, preferred security support, and long-term exposure to Bitcoin. It also aims to protect shareholder value as the firm manages larger credit obligations and capital needs.

The central tool is a Bitcoin Monetization Program, which allows controlled BTC sales for defined purposes rather than simple accumulation. Strategy may generate up to $1.25 billion and place the cash in its USD Reserve for near-term needs. The reserve can fund dividends, interest payments, cash buffers, and approved repurchase programs without selling new shares.

However, the company said the program does not require any Bitcoin sales under current conditions or future obligations. Therefore, Strategy may keep its full Bitcoin position if management avoids monetization and protects its treasury. Still, the recent 32 BTC sale raised market questions among traders and analysts after the new plan became public.

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MSTR Stock Sale Funds Balance Sheet

Strategy reported no Bitcoin purchases for the week ending June 28, ending a steady accumulation phase after active weeks. The pause ended its recent buying streak, although the company kept its total holdings unchanged for now. Its treasury still holds 847,363 BTC, bought for an aggregate cost of $64.10 billion.

At the same time, Strategy sold 12.67 million MSTR shares under its at-the-market program to raise fresh cash. The sale produced about $1.152 billion in net proceeds for the company during the same period after fees. That capital gives management more room to handle payouts, reserves, and credit security needs without immediate Bitcoin buying.

The stock sale also adds context to the new framework and its wider treasury shift after the weekly update. Strategy has long used equity issuance and preferred securities to support Bitcoin accumulation while protecting BTC exposure. Now, it has added Bitcoin monetization as another funding option for balance sheet management as markets change.

Digital Credit Securities Buyback Gets Approval

Strategy also authorized repurchases of up to $1 billion in Digital Credit Securities under the new framework. The approval covers STRC, STRF, STRD, and STRK, depending on management’s capital structure view and pricing. The company said buybacks could occur if they improve liquidity, security pricing, or capital efficiency.

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If Strategy uses Bitcoin proceeds for repurchases, it must route them through the monetization program. This link gives the company a formal path from BTC sales to credit support and cash reserves. Even so, the framework leaves final action with management and market conditions, not automatic triggers.

The company also lifted the annual STRC dividend rate to 12% from July 1. Strategy designed to help pull STRC closer to its $100 par value over time. STRC rose 9.48% in premarket trading to $81.64 after the announcement, showing a sharp early response.

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Tom Lee Ties Ethereum Selloff to Quarter-End Window Dressing

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Tom Lee Ties Ethereum Selloff to Quarter-End Window Dressing

Bitmine Chairman Tom Lee tied Ethereum’s (ETH) 8% weekly drop to quarter-end window dressing, arguing funds trimmed three-month losers.

The executive made the comments as Bitmine reported holdings of 5,700,040 ETH worth roughly $9 billion.

Lee Frames ETH Drop as Quarter-End Window Dressing

Window dressing refers to fund managers selling underperforming positions before quarter-end reporting dates. The practice allows them to present portfolios with fewer losing positions to clients, even though it does not improve the portfolio’s actual performance or returns.

Lee pointed to the term when describing Ethereum’s recent slide. 

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“This past week was a challenging one for crypto investors as ETH fell by 8% … We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” he said.

The drop fits a wider decline. Ethereum has fallen nearly 22% over the past month, outpacing Bitcoin’s (BTC) 19% loss. It is also on track for a third consecutive red quarter. 

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Treasuries Keep Buying as ETH Trades Below Cost

Nonetheless, Bitmine kept accumulating through the weakness. The firm acquired 27,084 ETH last week.

Its stake now equals 4.7% of the 120.7 million ETH supply, or 94% of its “Alchemy of 5%” target. 

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“The future roadmap for crypto remains positive as the dual drivers of Wall Street modernizing its legacy infrastructure on crypto rails and the future of agentic-AI payment systems on crypto rails remain intact. Bitmine remains focused on the longer-term horizon and continues to manage the company to be positively positioned for these exponential drivers,” Lee added.

Meanwhile, the second-largest Ethereum holder, SharpLink, has also resumed buying. The firm restarted its accumulation after an eight-month pause. 

According to Lookonchain, it has acquired 39,196 ETH. Despite the renewed buying, SharpLink still holds an unrealized loss of nearly $1.7 billion, with an average acquisition cost of about $3,609 per ETH.

The renewed buying signals conviction among large holders even as prices sit far below their entry points. Whether quarter-end reporting marks a turn or deeper weakness may become clearer in July.

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MiCA’s transitional period ends July 1. Here is what European crypto users need to know

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The EU’s MiCA transition ends July 1, requiring crypto firms to hold CASP licenses as investors reassess platform compliance and regulatory status.

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Summary

  • EU MiCA rules enter full force on July 1, leaving most previously registered crypto firms without authorization.
  • MiCA’s full rollout reshapes Europe’s crypto market as investors shift toward licensed trading platforms.
  • Europe’s MiCA deadline prompts investors to verify exchange licenses before stricter crypto rules take effect.

The EU’s 18-month grace period for crypto firms is closing. With 83% of previously registered exchanges still unlicensed, European investors face real platform risk — and a narrow window to act.

The deadline is not a technicality. On July 1, 2026, the European Union’s Markets in Crypto-Assets (MiCA) regulation transitions from its 18-month grandfathering phase into full enforcement. Of the 1,200-plus crypto firms that previously held national VASP registrations across the bloc, only approximately 210 have converted to full CASP licensing under MiCA. The remaining 83% either did not complete the process, are mid-application without legal standing to continue operating, or have already quietly withdrawn from the EU market.

ESMA has stated clearly that after July 1, 2026, any entity providing crypto-asset services to EU clients without a MiCA licence will be in breach of EU law and must cease offering those services. This is not a grace period extension — it is the end of one.

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What MiCA actually changes

MiCA, which entered into force in June 2023 and came into full application in December 2024, creates a unified licensing regime across all 27 EU member states. Under MiCA, CASPs — crypto-asset service providers including exchanges, custodians, brokers, and trading platforms — must meet strict requirements on governance, safeguarding of client assets, IT security, and disclosure. Authorization in one EU country gives firms passporting rights to serve clients across the entire Union.

The framework’s scope is deliberately broad. It covers exchanges and trading platforms, portfolio managers, custodians, and brokers. It also sets new standards for stablecoin issuers — major stablecoins like USDT remain non-compliant under MiCA, forcing exchanges to delist them and fragmenting liquidity in the European market.

For investors, the most consequential aspect of MiCA is what happens to assets held on platforms that do not make the cut. Firms that have not yet submitted a MiCA authorization application face a near-impossible timeline. Regulatory processing periods range from 25 to 40 business days for an initial completeness assessment alone. Those still mid-process have no guaranteed protection after the deadline passes.

The authorization landscape

The authorized cohort remains small relative to the broader market. As of March 2026, CASP authorizations crossed 40 fully approved firms across the EU, with 14 centralized exchanges holding licenses — led by Binance in France, Kraken and Coinbase in Ireland, Bitstamp in Luxembourg, and OKX in Malta.

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Among the platforms that did not wait for regulatory pressure to force compliance is SwissBorg, a European wealth management app that secured its regulatory approvals through French authorities ahead of the July deadline. France is considered one of the more stringent MiCA jurisdictions, and authorization there covers passporting rights across the broader EU. SwissBorg‘s users can continue accessing its yield products, diversified investment themes, and trading infrastructure without service interruption — a position that contrasts sharply with platforms still working through the authorization queue.

Approximately 70% of EU-based crypto transactions now occur on MiCA-compliant exchanges, suggesting that despite the low firm count, volume has already concentrated around licensed platforms. Administrative fines under Article 111 can reach €15 million or 12.5% of annual turnover, whichever is greater, for non-compliance.

The timelines have not been uniform across member states. Transitional periods varied dramatically, with the Netherlands requiring compliance by July 2025, Italy by December 2025, and others extending to the July 2026 outer limit. In practice, some European investors have already been navigating a partially cleared market for months.

What investors should do now

The most immediate action is verification. ESMA publishes an interim MiCA register — updated weekly — that lists authorized CASPs, white papers, and entities flagged as non-compliant. Any platform that cannot be found in that register should prompt a closer look at where assets are currently held and what withdrawal options exist before activity is suspended.

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Stablecoin allocations warrant particular attention. MiCA’s earlier June 2024 phase already reshaped the European stablecoin market through reserve requirements and redemption rules that hit asset-referenced tokens and e-money tokens first. The ongoing pressure on USDT’s EU distribution is a direct downstream effect of that earlier phase. Users holding non-compliant stablecoins on EU-facing platforms may find their trading pairs restricted or eliminated in the coming weeks.

ESMA has stressed that as national MiCA transitional periods expire across the EU, CASPs operating without authorization must implement orderly wind-down plans to minimize harm to clients. Orderly is the operative word — but with concentrated exit pressure expected at the deadline, users on non-compliant platforms should not assume that withdrawal processes will remain frictionless. The practical move is to migrate capital onto a licensed platform before that pressure peaks.

The structural shift

The compliance picture that emerges from MiCA’s full rollout is not simply a list of winners and losers among exchanges. It reflects a more fundamental restructuring of how crypto operates in Europe — one that brings it closer in legal character to traditional financial services, with the same investor protections, the same disclosure obligations, and the same oversight architecture.

Unlike national VASP registrations, MiCA creates a single authorization regime across all 27 EU member states, covering governance, custody standards, conflicts of interest, prudential safeguards, client asset protection, disclosure obligations, market abuse rules, and complaints handling.

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Whether that brings European retail investors more security or simply more friction remains an open question — one that the industry and regulators are still actively working through. What is not open to debate is the deadline. July 1 is two days away, the authorized list is public, and the platforms that prepared early are already operating on the other side of it.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

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Sovereign Funds Buying Bitcoin Dip, MidChains CEO Says

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Sovereign Funds Buying Bitcoin Dip, MidChains CEO Says

Sovereign wealth funds have been accumulating spot Bitcoin, a sign that Bitcoin’s current price level is becoming attractive to institutional investors, according to MidChains CEO Basil Al Askari.

While there has been a slowdown in retail crypto market participation, the opposite is being seen on the institutional and corporate side, Basil Al Askari said on Cointelegraph’s “Chain Reaction” podcast on Monday. 

“I would be able to confirm that one, at least one, and possibly in the coming weeks, two sovereign wealth funds have been accumulating spot Bitcoin specifically,” he said. 

A sovereign wealth fund is a state-owned investment fund, typically capitalized by a country’s reserves, so the move signals state-level conviction, not just private speculation. Sovereign wealth funds collectively control more than $13 trillion globally.

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Al Askari, who heads MidChains, a regulated crypto trading platform focused on retail and institutions based in Abu Dhabi, said this low price point is seen very much as an “entry level for a lot of those mega funds” that have the patience to accumulate over an extended period of time.

Basil Al Askari speaking on Chain Reaction. Source: Cointelegraph

The potential impact on Bitcoin’s price is not going to be a massive cascade on the market immediately, he said, but it sends “a very clear signal” to other institutions that may be sitting on the sidelines and looking at these larger funds as leaders, seeking a “way to experiment and start to get involved” with Bitcoin.

Related: Bullish Bitcoin RSI divergence has analysts calling for 2022-style bear market bottom

“I do think this is what will happen, is that over the longer term period, we’ll start to see Bitcoin becoming more and more scarce as a result of larger holders with much longer time horizons on their holding periods as far as looking at investments.”

Abu Dhabi’s Mubadala Investment Company invested $437 million in BTC via BlackRock’s iShares Bitcoin Trust (IBIT) shares in February 2025, while Bhutan’s Druk Holding and Investments is one of the earliest and most direct sovereign holders of the asset, but it has been selling some this year. 

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ETFs outflow billions as corporates buy the dip

Coinbase’s head of institutional strategy, John D’Agostino, told CNBC earlier this month that the dip is being welcomed by institutional investors.

“I just got off a plane from the Middle East, and I can tell you that the family offices in the UAE and the government and sovereign funds that are putting the effort into buying this asset class are not unhappy at being able to buy it at a discount,” D’Agostino said.

The current situation has been mixed, with sustained US spot BTC exchange-traded fund outflows exceeding $4.1 billion so far this month. Meanwhile, corporate treasuries, primarily Strategy, which has scooped up 3,657 BTC this month, continue to accumulate.

Magazine: AI is banking the unbanked in Africa… faster than crypto

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CBDC ban rides housing bill into Trump’s 10-day deadline

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CBDC ban rides housing bill into Trump’s 10-day deadline

U.S. President Donald Trump is facing a short decision window after House Speaker Mike Johnson sent the 21st Century ROAD to Housing Act to the White House on Monday. 

Summary

  • Trump now faces a 10-day window as the housing bill’s CBDC ban moves toward law.
  • The bill blocks the U.S. Fed from creating a CBDC or similar asset through 2030.
  • Trump’s SAVE America push delayed a housing measure that passed with bipartisan backing last week.

Reuters reported that Trump did not commit to signing the bipartisan housing bill and described it as “a big yawn” while pressing Republicans to move on the SAVE America Act.

The clock matters because the U.S. Constitution gives a president 10 days, excluding Sundays, to sign or return a bill after presentment. If Congress remains in session and the president takes no action, the bill becomes law as if it had been signed.

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CBDC ban sits inside housing measure

The 21st Century ROAD to Housing Act mainly focuses on housing affordability. The package seeks to expand housing supply, support manufactured housing, speed up some reviews, and place new limits on large investors buying single-family homes.

The same bill also carries a non-housing provision aimed at the Federal Reserve. The final package prohibits the Fed from creating a central bank digital currency through 2030. The language covers a CBDC and any asset that is substantially similar to one.

The CBDC clause has moved through Congress alongside broader digital asset debates. The housing bill passed the Senate in an 85-5 vote and the House in a 358-32 vote, giving the package strong support from both parties before it reached Trump.

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SAVE America Act drives the standoff

Trump has linked the housing bill to the SAVE America Act, a voting measure that would require proof of U.S. citizenship for voter registration. He canceled a planned signing ceremony last week and said Republicans should focus on the election bill before other measures.

That position has frustrated some Republicans who want to campaign on housing affordability before the November midterms. Senator Bill Cassidy said it was “irresponsible” to postpone signing the housing bill over the SAVE Act and said relief for high housing costs should start quickly.

Trump also questioned parts of the housing package because Democrats supported it. He said the bill was bipartisan and added that Democrats were getting items he would not necessarily accept, according to reports.

Crypto policy faces a narrow July window

The housing fight comes as the Senate calendar also weighs on crypto legislation. As reported by crypto.news, the Senate adjourned until July 13, leaving lawmakers with less floor time to move the CLARITY Act before the August break.

The CLARITY Act remains central to crypto market structure talks. As reported by crypto.news, it has cleared the House, passed the Senate Banking Committee, and reached the Senate calendar, but it still needs floor action.

The same debate also touches the CBDC issue. As reported by crypto.news, the CLARITY Act includes anti-CBDC language that would bar the Fed from issuing a retail digital dollar without clear approval from Congress.

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