Nvidia is reported to be preparing a large bond sale tied to its AI spending plans, a move that reinforces how aggressively the global tech sector is funding new compute capacity. According to Bloomberg, the chipmaker is seeking to raise at least $20 billion through a multi-part offering to finance AI-related investments and refinance existing obligations.

The report also frames Nvidia’s capital markets push as another signal of sustained demand for AI infrastructure—demand that has, in turn, opened a door for some Bitcoin miners to explore business models beyond crypto. As miners face tighter margins after the 2024 halving, the search for alternative revenue streams is becoming more prominent alongside the AI buildout.

Key takeaways

• Nvidia is reportedly aiming to raise $20 billion via a bond sale spanning seven maturities from two to 30 years.
• The longest-dated notes are expected to yield about 0.9 percentage points above comparable U.S. Treasuries, according to Bloomberg.
• Nvidia’s dominance in AI hardware means its spending plans are closely watched by the broader AI infrastructure industry.
• Bitcoin miners have increasingly used their power and data-center assets for high-performance computing and AI hosting as crypto mining economics remain under pressure.
• Research cited by Cointelegraph indicates miners have been selling off portions of their Bitcoin holdings, including more than 15,000 BTC between October and March, per TheEnergyMag.

Nvidia’s bond plan spotlights AI-funding momentum

Bloomberg reported on Monday that Nvidia is pursuing a high-grade bond offering after identifying the financing needs for its AI expansion. The plan, as described by people familiar with the matter, includes issuing notes across seven maturities, ranging from two years to 30 years.

Pricing details matter for investors because they reflect how the market is currently valuing long-term risk and growth. Bloomberg said the longest-dated bonds are expected to yield roughly 0.9 percentage points above comparable U.S. Treasury securities. While the exact deal terms weren’t finalized in the coverage, the structure suggests Nvidia is looking to lock in funding across a broad time horizon.

For the AI supply chain, the significance is straightforward: Nvidia is positioned at the center of large language model infrastructure through its GPUs, which are widely used by hyperscalers and cloud providers. When such a major platform vendor seeks debt financing at scale, it can be read as a vote of confidence in continued AI investment cycles.

Why this matters for Bitcoin miners’ diversification

Even though Nvidia’s bond offering is not a crypto story on its own, it arrives at a moment when parts of the mining sector are searching for stability outside Bitcoin block rewards. The shared thread is infrastructure: data centers, power capacity, and computing hardware utilization.

Cointelegraph noted that an increasing number of Bitcoin miners have started repurposing energy-intensive facilities for high-performance computing and AI hosting. Instead of relying solely on mining revenue, companies are positioning existing infrastructure—especially power and hosting capabilities—as assets that can serve the AI buildout.

The reporting points to miners that have historically been more closely associated with crypto, including HIVE Digital, TeraWulf, Hut 8, and CleanSpark. Each is described as exploring data center capacity offerings by leveraging internal infrastructure and power agreements to capture demand for computing resources.

This shift is not merely strategic branding. For miners, the practical advantage is that they already operate or control sites where electricity costs and uptime are key—two variables that are also central to operating AI workloads. If the demand for compute remains strong, data-center-led diversification can reduce reliance on a single revenue stream.

Bitcoin mining economics stay tough after the 2024 halving

The push toward AI-adjacent services is happening against a difficult backdrop for core mining economics. According to Cointelegraph’s coverage, the industry has faced heightened margin pressure following the April 2024 halving, which lowered reward issuance and intensified strain when mining difficulty and operating costs remain elevated.

Cointelegraph characterizes the environment using language attributed by analysts as among the harshest in history—an environment that has encouraged miners to take actions such as selling parts of their Bitcoin treasuries, reducing leverage, and looking for non-crypto revenue streams.

To illustrate how widespread the treasury selloff has been, Cointelegraph cited data from TheEnergyMag, stating that Bitcoin miners collectively sold more than 15,000 BTC between October and March. Another reference in the piece points to a timeline acceleration: sales reportedly became faster after BTC peaked above $126,000 in October, based on reporting from TheEnergyMag via MinerWeekly.

That combination—continued sell pressure alongside diversification plans—suggests miners are trying to balance short-term liquidity needs with longer-term repositioning. It also underlines why external funding and infrastructure demand can matter to miners even if the catalyst is coming from traditional tech capital markets.

From mining to AI infrastructure: the next valuation test

As miners explore new roles, investors are likely to focus on whether those businesses can offset weaker mining margins over time. In Cointelegraph’s reporting, analysts at Bernstein are referenced as expecting IREN to derive the vast majority of its value from AI infrastructure, tied to growth in the company’s cloud AI business. The point is less about instant profitability and more about the direction of future cash-flow drivers—an increasingly important question for companies that once relied almost entirely on Bitcoin mining revenue.

What remains uncertain is whether these AI-focused operations can scale quickly enough and on favorable economics to fully compensate for the cyclical nature of mining. The near-term treasury actions highlighted by TheEnergyMag indicate that many miners still need financial support and flexibility as they transition.

Readers should watch whether large-scale AI compute demand continues to translate into sustained demand for hosting and infrastructure services—especially given how much of that ecosystem depends on hardware providers like Nvidia. If AI spending remains robust, it may create a clearer bridge between traditional infrastructure financing and the longer arc of miners’ diversification; if it weakens, the transition will likely face harsher economic tests.

Kraken has moved to expand its onshore crypto derivatives footprint in the United States by launching perpetual futures trading for eligible US customers through its partner platform Bitnomial. The offering is now available via Kraken Pro, adding a US-regulated pathway to a contract type that has historically been dominated by offshore venues.

According to Kraken’s announcement, the new perpetual futures contracts share the same futures wallet as the exchange’s existing CME-listed crypto futures products. That design choice is aimed at simplifying account management for traders who want to handle both contract types through a single setup.

Key takeaways

• Kraken launched perpetual futures for eligible US users via Bitnomial on Kraken Pro.
• The contracts are tied to major assets including BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX.
• Kraken says traders can use the same futures wallet for the new perps and its existing CME-listed crypto futures.
• The launch follows Kraken’s late-May plan to bring CFTC-regulated perpetual futures to the US through Bitnomial.
• It lands during an ongoing US push to bring crypto perpetual derivatives onto regulated venues after CFTC guidance and approvals.

Kraken’s onshore perp futures launch via Bitnomial

Kraken said the perpetual futures products are accessible through Kraken Pro. The exchange described the contracts as having no expiration date, a common feature of perpetual derivatives intended to keep market exposure continuously available for traders.

The asset list Kraken provided includes Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Litecoin (LTC), and Avalanche (AVAX).

In practical terms, Kraken highlighted an operational detail: the perpetual futures contracts use the same futures wallet as its existing CME-listed crypto futures. For traders, this matters because it can reduce friction when allocating margin and monitoring exposure across different derivatives products, rather than forcing separate account workflows.

Why the “perps” shift matters for US traders

Kraken positioned the launch against the broader market reality that perpetual futures have largely traded on offshore platforms rather than regulated US venues. In its announcement, Kraken stated that perpetual futures generated more than $60 trillion in global trading volume in 2025.

That scale helps explain why regulatory access is a key competitive battleground for exchanges and venues. For US-based traders—especially those who want regulated execution—access to perpetual exposure has historically been constrained, pushing activity toward non-US platforms.

Kraken’s move therefore represents a direct attempt to bring a widely used derivatives format closer to the regulatory “onshore” boundary, potentially giving domestic participants another option besides CME-linked futures and other regulated products.

How Kraken’s previous US steps set up this launch

Kraken did not introduce this capability in isolation. Over the past year, it has broadened its US-facing offerings in stages, including support for CME-listed crypto futures that began in July 2025, and the launch of margin trading for eligible US customers earlier this month.

Just before this perp futures rollout, Kraken had also outlined its intention to introduce CFTC-regulated perpetual futures through Bitnomial. That plan was detailed in a late-May announcement connected to Kraken’s acquisition of a federally regulated exchange months earlier.

The present launch follows that roadmap, with Bitnomial—acquired by Kraken’s parent, Payward, in April—serving as the platform through which the new perpetual contracts are offered.

US derivatives competition accelerates after CFTC actions

Kraken’s announcement arrives as US venues compete for a share of the crypto derivatives market by seeking regulatory approvals that enable perpetual products domestically. The CFTC has played a central role in signaling that it can support regulated structures for “perpetual” contracts.

On May 29, the CFTC approved Kalshi’s Bitcoin perpetual futures contract and issued a no-action position for Coinbase. Around the same time, Coinbase announced that its Coinbase Financial Markets unit would provide US institutional clients access to global crypto perpetual futures and options markets, which the company said account for roughly 80% of global crypto trading volume.

Kalshi also launched perpetual futures contracts on May 29, describing the product rollout as a major step beyond its prediction-market business.

The sequence reflects more than a single approval; it points to a months-long regulatory effort to reduce uncertainty around how perpetual derivatives can be structured and traded in the US. In a January address, CFTC Chair Michael Selig said the agency would use existing authority to support perpetual futures and other novel derivatives products, arguing that uncertainty had encouraged activity to shift offshore. Later remarks at the Milken Institute’s Future of Finance conference suggested the CFTC was working to establish a framework for “true perpetual futures” in the US.

Against that backdrop, Kraken’s launch can be read as part of a wider industry effort to compete under clearer rules—particularly as more venues test the boundaries of what the CFTC will allow in practice.

Looking ahead, market participants will likely watch how quickly liquidity forms in Kraken’s new contracts, whether traders shift meaningful volume from offshore platforms, and whether other US exchanges follow with their own onshore perpetual offerings. The next regulatory signals from the CFTC could further determine how fast the onshore perps ecosystem expands.

Standard Chartered expects assets locked in decentralized finance (DeFi) to grow 37-fold to $2.7 trillion by the end of 2030.

The expansion would be driven by both tokenized real-world assets (RWAs) and crypto-native assets moving through onchain protocols, Geoff Kendrick, head of digital assets research at Standard Chartered, said in a research note on Monday. 

“I think the next opportunity for generational wealth in digital assets is going to come via the DeFi protocols,” Kendrick said. “I estimate that the amount of tokenized assets active in DeFi will 37x by the end of 2030.”

According to Kendrick, only 3% of stablecoins and 10% of tokenized RWAs are currently used in DeFi. He projected the share of tokenized assets used in DeFi to rise to 30% by the end of 2030, from about 3.5% today.

The forecast underscores growing institutional expectations that tokenization could channel more capital into DeFi. However, reaching $2.7 trillion would require onchain assets to grow rapidly and the share of tokenized value used in DeFi protocols to rise nearly ninefold.

Decentralized finance’s total value locked. Source: DefiLlama

Standard Chartered previously forecast that non-stablecoin tokenized RWAs would grow to $2 trillion by the end of 2028, with tokenized money-market funds and US equities accounting for most of the projected market.

While Standard Chartered expects tokenized assets to drive significantly more activity into DeFi, some researchers have cautioned that tokenization does not guarantee deep or unified markets. 

Axis CEO Chris Kim previously told Cointelegraph that issuing the same asset across multiple blockchains and formats can create siloed liquidity, pricing gaps and higher costs, limiting how easily tokenized assets can be traded even as their overall market value grows.

Oya Celiktemur, Ondo Finance’s sales director for Europe, the Middle East and Africa, also said at Paris Blockchain Week in April that tokenizing an illiquid asset does not “magically” make it liquid. 

Uniswap seen as a potential hub for tokenized markets

Kendrick said Uniswap could emerge as a key trading venue as more tokenized assets move onchain. He highlighted the decentralized exchange’s scale, brand and history of operating through multiple crypto cycles. 

Related: Botanix to shut down after 4 years, cites weak demand for Bitcoin DeFi

Kendrick added that those attributes could be particularly important to traditional financial institutions, which are likely to prioritize security and reliability when bringing tokenized RWAs to DeFi. 

“If Uniswap can commercialise enough and create significant enough TradFi partnerships to scale, its market cap-to transaction fees multiple is likely to increase, narrowing the gap with Coinbase,” he wrote. 

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?

Bitcoin has climbed more than 11% from its early June low as Santiment says the U.S.-Iran peace agreement may be laying the groundwork for a longer crypto bull market.

According to on-chain analytics firm Santiment, investor sentiment has improved sharply after the United States and Iran reached a peace agreement that eased concerns about supply disruptions, inflation, and escalating geopolitical tensions.

In a June 15 X post, Santiment said traders had spent months reacting to fears surrounding energy markets and global instability. The firm argued that the agreement has instead encouraged investors to focus on reopening trade routes, lowering economic uncertainty, and the prospect of more stable market conditions.

President Donald Trump announced on Sunday that the deal with Iran had been finalized, authorizing the toll-free reopening of the Strait of Hormuz and ending the U.S. naval blockade. A formal signing ceremony is scheduled for June 19 in Switzerland.

On-chain data points to renewed buying

As risk appetite returned, capital moved back into digital assets while oil prices headed lower.

Santiment noted that Bitcoin, Ethereum, and other cryptocurrencies benefited as traders rotated funds into risk assets following the announcement.

Bitcoin traded above $66,600 on Monday, up roughly 3.5% over recent sessions and more than 11% above its early June low near $59,375. Ethereum climbed to around $1,846, while XRP and Solana gained 8.7% and 7.4%, respectively. The total cryptocurrency market capitalization remained above $2.36 trillion.

At the same time, oil prices moved in the opposite direction. WTI crude settled near $81 per barrel, down roughly 4.4% on the day.

Separate data from Glassnode suggests buying activity had already begun before the latest geopolitical catalyst emerged. The analytics firm reported that Bitcoin’s Accumulation Trend Score started moving toward accumulation after prices fell into the $60,000 range earlier this month.

Glassnode said the pattern indicates investors were absorbing supply during the correction rather than continuing to sell. A separate cohort analysis showed accumulation scores improving across multiple wallet groups, which the firm interpreted as evidence that buyers from different investor segments stepped in as Bitcoin declined.

ETF outflows continue despite improving sentiment

While Santiment sees the market response as potentially significant, the firm emphasized that expectations are playing an important role in the rally.

According to Santiment, financial markets often react before economic benefits become visible. The firm said many participants now view the agreement as an early sign of stability after a volatile period that included inflation concerns, conflict-related uncertainty, and pressure on risk assets.

“If inflation pressures ease and institutional investors finally begin feeling more comfortable themselves, the sharp gains following this announcement may end up looking less like a one-day relief rally and more like the opening chapter of a much larger bull cycle.”

Investor caution has not disappeared entirely. More than $4.8 billion has flowed out of U.S. spot Bitcoin exchange-traded funds since May, and some market participants remain wary after previous ceasefire agreements in the Middle East failed to hold.

Despite this, Santiment argued that improving market sentiment, falling oil prices, and renewed demand for digital assets have created conditions that could support further gains if macroeconomic pressures continue to ease.

Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added to its cryptocurrency reserves last week as BTC continued to trade below the company’s average cost basis of about $75,700.

Strategy acquired 1,587 Bitcoin (BTC) for $100 million between June 8 and Sunday, according to Monday’s 8-K filing with the US Securities and Exchange Commission.

Source: SEC

The purchase was made at an average price of $63,024 per Bitcoin, bringing the company’s overall average cost basis slightly lower to $75,656.

With the latest buy, Strategy now holds 846,842 BTC, accumulated at a total cost of $64.07 billion. At the current price of about $66,216 per bitcoin, those holdings are worth roughly $56.1 billion, according to CoinGecko data.

MSTR sales behind the purchase

Similar to the previous 1,550 BTC acquisition announced last Monday, Strategy funded the latest acquisition through sales of its Class A common stock (MSTR).

In the filing, the company said it raised about $209 million by selling 1.73 million MSTR shares during the period. Preferred share programs, including STRC, STRF, STRK and STRD, showed no activity during the week.

Related: Bitcoin sales are necessary for Strategy’s digital credit business, Saylor says

According to STRC.live, a tracker of Strategy’s preferred stock programs, STRC traded below its $100 par value for a fourth consecutive week as of June 12. The stock remained in the mid-$96 range, marking its longest stretch below par since launch.

STRC closed at $94.80 on Friday, down around 1%, according to TradingView data.

Source: STRC.live

Strategy executive chairman Saylor hinted at the latest purchase in a post on X on Sunday, writing, “Still adding dots,” a phrase investors have come to associate with the company’s upcoming Bitcoin acquisitions.

Source: Michael Saylor

The latest buy comes about two weeks after Strategy disclosed the sale of 32 BTC on June 1, its first reported Bitcoin sale in years. While the transaction represented only a tiny fraction of the company’s holdings, the sale ignited debate in the community, with some industry observers questioning whether the company was moving away from its long-standing buy-and-hold approach.

Saylor recently defended the sale, telling Cointelegraph that Bitcoin treasury companies must retain the ability to sell holdings to support dividend-paying securities.

Magazine: Bitcoin, the ‘canary in the coal mine,’ XRP transaction demand falls 91.5%: Market Moves

Crypto exchange Bybit will offer eligible customers access to tokenized bond funds managed by PIMCO and China Merchants Bank International, expanding its push into real-world assets through partnerships with Plume and DigiFT.

Bybit’s new RWA Earn platform launched with two tokenized bond funds: the PIMCO Dynamic Income Opportunities Fund (PDO), which invests across fixed-income assets including corporate debt, mortgage-backed securities and government bonds, and the CMBI Investment Grade Bond Fund, which focuses on investment-grade credit in Asian and global markets.

According to Monday’s announcement, the funds are tokenized through DigiFT, a digital asset exchange regulated in Singapore and Hong Kong, while Plume provides the onchain infrastructure used for subscriptions and fund allocation.

RWA.xyz data shows Plume has more than 250,000 RWA holders and supports over 210 tokenized assets. The network processed more than $512 million in RWA transfer volume during the past 30 days.

Plume Network at a glance. Source: RWA.xyz

Bybit said users can subscribe to the products using USDC (USDC) and will not pay subscription, redemption or onchain transaction fees, though the products are not principal protected and returns are not guaranteed.

Related: Bybit joins Western Union’s new USDPT network as stablecoin expands distribution

Tokenized asset sector grows beyond Treasuries

The launch comes as tokenized real-world assets continue to gain traction across both traditional and crypto finance. According to RWA.xyz data, the tokenized asset market was valued at $31.8 billion as of June 12, led by tokenized US Treasury products with around $14.9 billion in assets.

Commodities accounted for roughly $4.7 billion of tokenized assets, followed by asset-backed credit at $2.2 billion and tokenized stocks at approximately $1.5 billion.

The tokenized asset market is valued at $31.8 billion. Source: RWA.xyz

Crypto companies have increasingly expanded the use of tokenized real-world assets beyond simple buy-and-hold investment products. In April, OKX integrated BlackRock’s BUIDL tokenized Treasury fund into its collateral framework, allowing eligible institutional clients to use the yield-bearing asset as trading margin.

Last week, Archax launched a system on Hedera that enables real-time interest payments for tokenized securities, allowing cash flows to follow assets as they change hands onchain.

The trend has also attracted major Wall Street firms. In May, JPMorgan filed to launch a tokenized money market fund on Ethereum (ETH).

Magazine: Bitcoin copying 2022 ‘almost perfectly,’ Ether to $4K in 2026: Market Moves

Non-fungible token (NFT) project Pudgy Penguins is winding down its mobile game Pudgy Party and halting further development.

In an X post, the team said on Saturday that it would shift its gaming resources toward Pudgy World, a browser-based experience which it described as the flagship gaming product for the Pudgy Penguins ecosystem. 

“We’ve made the difficult decision to wind down Pudgy Party and halt further development,” the team wrote, adding that Pudgy World offered greater potential for scalability and introducing new users to the Pudgy Penguins brand. 

The mobile game launched in August 2025 and surpassed 500,000 downloads on Google Play alone. Pudgy Party said total downloads have exceeded 1 million.

Pudgy Penguins is consolidating its gaming ambitions around a single flagship product as the project expands beyond NFTs through initiatives spanning toys, gaming, licensing and entertainment.

Total NFT market capitalization climbed to nearly $1.5 billion on Monday from more than $1.3 billion on Friday, according to CoinGecko, but remains far below its 2022 peak of over $17 billion.

7-day NFT market capitalization data. Source: CoinGecko

Crypto games struggle to find sustainable business models 

Pudgy Party’s wind-down comes as another Web3 gaming project, Fishing Frenzy, and its developer, Uncharted, announced they would cease operations after failing to establish a viable crypto-gaming model.

“Despite our best efforts, we were ultimately unable to prove our thesis on crypto gaming and could not find product-market-business fit,” Fishing Frenzy said in an X post on Monday.

The team said the company had spent the last year testing approaches and different audiences, but had not found a path that inspired the confidence to continue. 

Related: Binance to end NFT support on exchange, shift service to wallet

Fishing Frenzy will shut down its servers on June 25 at 2:00 am UTC. The project has stopped selling USDC packages and made its FISH token spend-only and untradable.

The team said that the USDC remaining in the FISH/USDC liquidity pool would be redistributed to community members and stakers. 

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?