The Trump administration’s push to establish a US Strategic Bitcoin Reserve has reportedly hit a roadblock, as the Commerce and Treasury departments are at odds over how the reserve should be structured and which agency should have primary oversight of the holdings.

US President Donald Trump’s March 2025 executive order called for the SBR to be housed inside the Treasury Department, while other agencies would assist with asset seizures to build the reserve. 

However, concerns have emerged over whether the Treasury has the legal authority to manage the Bitcoin (BTC) holdings, partly because of its volatility, Bloomberg reported Monday, citing people familiar with the matter. 

The Commerce Department has emerged as a contender to oversee the reserve, they said. The Department of Justice is also reportedly working with the departments to determine legally available options, they added.

The Bitcoin reserve is a key part of Trump’s plan to make the US the “crypto capital of the world,” marking a major shift in the government’s approach to digital assets by positioning Bitcoin as a strategic reserve asset rather than a seized commodity.

“To deliver on the President’s vision, the Trump administration continues to evaluate the best structure for a Strategic Bitcoin Reserve and US Digital Asset Stockpile,” White House spokesperson Liz Huston told Cointelegraph.

Source: Cointelegraph

The US currently holds 328,372 Bitcoin worth $21.1 billion — the most of any nation-state — but has sold portions through court-ordered actions over the years.

Senators look to codify the Bitcoin reserve

Efforts have been made to codify the Bitcoin reserve in Congress through the BITCOIN Act and ARMA Act, introduced in May, which seek to acquire 1 million Bitcoin over five years using budget-neutral strategies.

Related: Has Strategy’s capital overhaul put an end to ‘death spiral’ fears?

One of the White House’s top crypto advisers, Patrick Witt, described ARMA as “Version 2” of the BITCOIN Act and said the White House had spent significant time examining the legal implications of creating a Bitcoin reserve. 

“It’s a breakthrough as far as getting everything in place — legally sound — properly safeguarding the assets,” Witt said at the time.

Under ARMA, Bitcoin must be held for at least 20 years unless it is sold to reduce America’s national debt, which is nearing $40 trillion.

Bitcoin reserve developments viewed bullishly

Despite the interagency issues, many industry advocates say the SBR could strengthen the case for Bitcoin as a strategic reserve asset.

“The Strategic Bitcoin Reserve isn’t just bullish for Bitcoin. It validates an entirely new category of capital allocation,” Tim Kotzman, host of the Bitcoin Treasuries Podcast, said.

“Public companies moved first. Nation-states are beginning to follow.”

While 15 nation-states hold Bitcoin, El Salvador is the only country that has formally established a Bitcoin reserve and is making routine purchases.

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

Crypto losses from hacks and scams dropped in the first half of 2026, according to new figures cited by CertiK. In the period, overall losses fell 46.8% year-on-year to $1.32 billion—yet the security firm argues the headline decline is deceptive, pointing to a shift toward more targeted and destructive attacks.

CertiK’s report breaks the half-year down by quarter: phishing drove $508.2 million in losses in Q1, while wallet compromises became the dominant threat in Q2 with $807.5 million attributed to that attack vector. The firm also highlighted that more than 70% of Q2 losses came from two major incidents—KelpDAO and Drift Protocol—events tied to North Korean state-sponsored hacking activity.

Key takeaways

• First-half 2026 crypto losses fell 46.8% year-on-year to $1.32 billion, but CertiK says the reduction does not indicate a safer ecosystem.
• Attack dynamics shifted: phishing dominated Q1 ($508.2M), while wallet compromises were the largest driver in Q2 ($807.5M).
• Over 70% of Q2 losses were linked to the KelpDAO and Drift Protocol hacks, which are believed to involve North Korean state-sponsored actors.
• CertiK warns attackers are becoming more “targeted and more financially destructive per event,” even if total dollars stolen appear lower.
• TRM Labs reported a sharp rise in the number of incidents in H1 2026 (83 to 207), reinforcing that volume—not just dollar totals—matters.

Why “losses down” may be the wrong signal

At first glance, the year-on-year decline looks encouraging. CertiK, however, cautions against interpreting the data as evidence that security has improved. The firm told Cointelegraph that a “headline reading” of losses down nearly 50% could mislead readers because the prior-year comparison was distorted by an exceptionally large theft.

CertiK specifically referenced the $1.4 billion Bybit hack as the type of outlier that can skew year-over-year comparisons. In the same reporting, CertiK noted that such comparisons can mask underlying changes in attacker behavior—particularly as threat actors adapt tactics and select targets more precisely.

This is where the firm’s analysis becomes investor- and operator-relevant: if the ecosystem is seeing fewer total dollars stolen but more attacks that are more damaging per incident, then risk is not actually decreasing. Traders may feel this first as volatility tied to exploit headlines, but the deeper impact lands on protocols, custodians, and institutions that must continually adjust defensive controls.

Phishing vs. wallet compromise: Q1 and Q2 split

CertiK’s quarterly breakdown shows how different attack categories shaped the first half of the year. In Q1, phishing was responsible for the bulk of losses, totaling $508.2 million. By Q2, the picture changed significantly: wallet compromises contributed $807.5 million, making that category the largest single driver of losses during the quarter.

For market participants and builders, that shift matters because it points to different failure modes. Phishing typically targets human behavior—seed phrases, approvals, and credentials—while wallet compromise often reflects deeper weaknesses around key custody, multisignature operations, signing procedures, and operational security. The change in the dominant vector suggests defenders cannot rely on improvements in one area alone; they have to treat the security stack as layered.

North Korean hacking remains central, and volume may be rising

CertiK’s report places disproportionate emphasis on state-linked activity during Q2. More than 70% of the losses in the quarter came from the KelpDAO and Drift Protocol hacks. Cointelegraph previously reported on both incidents, including coverage of KelpDAO being exploited and the Drift Protocol hack raising questions about the protocol’s response.

Beyond the immediate losses, the incidents also intersect with government-level discussion. The attacks reportedly even prompted a late-month meeting between US, Japanese and South Korean authorities focused on mitigating North Korea’s cyber activity and illicit revenue generation. Officials also acknowledged that North Korean IT workers are increasingly using AI to improve their schemes—an issue cybersecurity leaders believe can increase the scale, speed, and sophistication of protocol exploitation.

CertiK’s broader warning aligns with another dataset. TRM Labs, in its H1 2026 reporting, argued that declining total dollars stolen should not be mistaken for a safer environment. In TRM’s analysis, the number of incidents more than doubled from 83 to 207 in the first half of 2026, the highest number TRM has recorded across a six-month period. TRM also found that smart contract exploits accounted for 125 incidents—about 60% of all events—in H1.

That juxtaposition is important: even if fewer dollars are being stolen than in a year with record outliers, the ecosystem can still be exposed to a higher frequency of attacks. More incidents mean more operational disruptions, more incident response overhead, and more opportunities for failures—especially in fast-moving DeFi environments.

Private key management: the “most consequential” security surface

CertiK singled out private key handling as the area most likely to determine outcomes for attackers. According to the firm, private keys and multisignature wallet management remain the “most consequential security surface” for exploitation—particularly because weaknesses there can enable large transfers even when other controls appear in place.

To address this, CertiK urged protocols and institutions holding significant onchain assets to harden every layer of private key management. The recommendations span hardware security, multisignature governance, and even the geographic distribution of signers. The core argument is that defenses should be designed to reduce the chance that a single point of compromise results in irreversible loss.

CertiK also framed security investment as asymmetric: it said this is an area where spending on the right controls can produce unusually large risk reduction relative to the cost. That theme echoes long-standing guidance from hardware wallet providers. For example, Ledger has previously warned users to keep seed phrases offline and never share them, emphasizing that basic operational discipline remains one of the most effective barriers to phishing-driven theft.

While these recommendations may sound familiar, the data behind them—especially Q2’s wallet compromise losses—underscores that key management is not a “set it and forget it” task. Attackers often shift tactics toward whatever control surface shows the most leverage, and wallet compromise outcomes suggest that leverage is still available to criminals and state-linked groups.

Looking ahead, the key question is whether the first-half pattern persists: phishing-heavy losses in the first quarter followed by wallet compromises and concentrated state-linked incidents in the next. Readers should watch not only aggregate loss totals, but also incident frequency, which TRM’s reporting suggests is rising—an indicator that the threat environment may be intensifying even when dollar figures temporarily fall.

Richard Heathcote, the former chief investment officer of stablecoin issuer Tether, is reportedly looking to sell part of his stake in the company. Bloomberg, citing people familiar with the matter, said Heathcote wants to liquidate only a portion of his 1.26% ownership in Tether, after stepping down from the role in March to move into an advisory position.

Tether’s continued private ownership structure makes any sale by a senior insider notable. The company behind USDt (USDT)—the largest stablecoin by market capitalization—remains privately held even as it operates at massive scale, with circulating supply of roughly $184 billion and a reported share of about 59% of the stablecoin market, according to DefiLlama data.

Key takeaways

• Bloomberg reports Richard Heathcote plans to sell only part of his 1.26% stake in Tether, after leaving his chief investment officer post in March.
• USDT remains dominant in stablecoin markets, with DefiLlama estimating around $184 billion in circulating supply and ~59% share.
• The reported sale unfolds alongside increased regulatory friction for USDT in Europe, including delistings by MiCA-authorized platforms.
• Broader capital-market ambitions continue elsewhere in crypto, with multiple exchanges weighing—but adjusting—paths toward IPOs.

Insider ownership sale spotlights Tether’s private structure

Heathcote’s reported plan offers rare visibility into Tether’s ownership. With the company privately held, there is limited public detail on how large stakeholders are positioned, how their holdings evolve, or whether any strategic shifts accompany changes in leadership and investment oversight.

Bloomberg said Heathcote exited his chief investment officer role in March to take an advisory position after overseeing Tether’s investment portfolio. His stake, at 1.26%, is large enough that even a partial sale could be meaningful—though the report characterizes the intention as selling only a portion rather than unwinding his position entirely.

For investors and market participants, the significance is twofold. First, any insider distribution can become a proxy for internal confidence or liquidity planning. Second, ownership changes at a stablecoin issuer can matter indirectly to market confidence, because USDT is central to trading pairs, liquidity provisioning, and settlement across crypto markets.

USDT’s European regulatory headwinds continue

The ownership sale report arrives as Tether navigates regulatory pressure in Europe. Cointelegraph previously reported that USDT has been delisted by an increasing number of MiCA-authorized platforms after Tether chose not to comply with the European Union’s crypto framework.

One prominent example cited in that earlier reporting was Revolut’s decision to remove USDT from its platform, announced during the month covered by the Cointelegraph update. While platform-level delistings do not necessarily change the underlying global demand for USDT overnight, they can influence where consumers can access the token and how easily it can be onboarded through mainstream channels.

That dynamic matters for Tether because stablecoin access increasingly intersects with regulated on-ramps. If distribution opportunities narrow in certain jurisdictions, issuer narratives may shift from pure growth to compliance, market structure, and risk management. The partial nature of Heathcote’s reported sale suggests, at minimum, that liquidity planning is not necessarily tied to a single near-term regulatory decision—but the timing still reinforces that Tether is operating amid heightened oversight.

Crypto IPO plans keep shifting from exchange to exchange

While Tether leadership has been publicly skeptical about the need for an IPO, other crypto businesses have continued exploring public listings—often with delays driven by changing market conditions or internal restructuring.

Cointelegraph reported that Kraken has taken steps toward a public listing. Fortune previously reported in September 2025 that Kraken raised $500 million at a $15 billion valuation, fueling expectations for an IPO. Separately, Kraken announced it had confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering in November 2025.

However, Bloomberg later reported that Kraken’s IPO plans could slip until 2027 after layoffs tied to the company’s expanding use of artificial intelligence. The implication for readers is that even when IPO work is underway, execution timelines can be highly sensitive to operational priorities and cost structure.

South Korean exchange Bithumb has also faced a moving target. Cointelegraph noted in April that Bithumb said it is delaying its IPO until after 2028, citing efforts to strengthen accounting policies and internal controls following earlier regulatory setbacks.

Taken together, these updates underline a broader theme in crypto’s attempted migration to traditional capital markets: going public has become less a straightforward fundraising event and more a compliance-heavy, execution-dependent process. Even companies that proceed with filings can still experience delays as they balance governance upgrades, regulatory expectations, and internal transformation.

What to watch next for Tether and the stablecoin market

Bloomberg’s report did not specify deal timing, counterparties, or regulatory requirements tied to Heathcote’s planned partial sale. The next key question for the market is whether the transaction influences investor perceptions of Tether’s governance and long-term positioning—especially as USDT continues to face uneven access across Europe. In the meantime, stablecoin holders and traders should monitor platform delistings, jurisdiction-by-jurisdiction compliance signals, and any additional transparency that may emerge around insider ownership and capital-market readiness across major crypto firms.

Bitcoin (BTC) fell from nearly $64,000 on Sunday to about $62,000 on Monday, and the primary trigger behind the move appeared to be a SEC disclosure showing Strategy’s largest ever sale of 3,588 BTC. The fuller explanation for the price action can be found deeper in the plumbing.

Sunday’s climb toward $64,000 was almost entirely futures driven. Net futures buying reached roughly $415 million for the day, capped by a single four-hour burst of about $687 million that force-closed some $33 million in bets against Bitcoin. Spot flows over the same session were slightly negative, and this gap matters since a rally with no cash buyers behind it rests on positions that can be forced to unwind at any moment.

Monday morning delivered the unwind, and it accelerated as Strategy’s filing landed. The largest corporate Bitcoin treasury holder sold BTC for $216 million to fund dividend payments, with a further $1.25 billion of sale capacity still untouched. 

Related: Bitcoin recovers from Strategy’s BTC sale, funding rates hit 9%: Are bulls back?

Following the news, Bitcoin futures flows swung to roughly $456 million of net selling in a single four-hour window. Liquidations hit both directions at once, roughly $42 million of bullish positions and $49 million of bearish ones. The Monday afternoon recovery looked different from Sunday’s rally as futures buying of about $568 million was joined, for the first time in days, by meaningful spot buying of about $143 million.

BTC/USD cumulative volume delta. Source: Hyblock

Through the price whipsaws, Bitcoin’s funding rate held firm in positive territory for over a week, including during Monday’s slide. With about $20.6 billion in open futures positions, the market’s leveraged optimism remains largely intact, but due to the funding rate and number of longs crowded into leveraged positions, the current setup is fragile.

BTC/USD open interest. Source: Hyblock

Two areas to keep an eye on are whether Strategy’s sale marks the beginning of a prolonged selling phase for the company and whether the unused $1.25 billion authorization will weigh on any rally. 

On Wednesday, the Federal Reserve releases minutes from its June meeting, with markets currently pricing in a 75.6% chance that rates will remain at 3.50%-3.75% in July. Any hawkish tone in the minutes may test crowded leveraged long positions, with pressure zones at $62,300 to $62,800 above the market and $61,000 and $59,500 below.

Ripple has received full authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework after Luxembourg’s financial regulator granted the company a Crypto Asset Service Provider (CASP) license. The approval follows Ripple’s preliminary CASP approval earlier this year and, according to the company, completes its transition into the “post-transitional” MiCA regime.

The CASP authorization, combined with Ripple’s existing Electronic Money Institution (EMI) license, allows the blockchain payments firm to provide regulated crypto-asset services across the European Economic Area (EEA) under EU rules.

Key takeaways

• Ripple secured a CASP license in Luxembourg, completing its full MiCA authorization after preliminary approval in June.
• The authorization enables regulated crypto-asset services across the EEA, supported by Ripple’s existing EMI license.
• Ripple says it is among a relatively small group of firms fully authorized under MiCA.
• MiCA enforcement has begun across the EU, with ESMA maintaining an updated register of licensed providers and national regulators handling supervision.
• ESMA’s latest CASP register shows licensed providers rising to 280 after 37 firms were added following the July 1 transition deadline.

Ripple’s MiCA authorization and what it enables

Ripple said it has now obtained full authorization under MiCA after Luxembourg’s regulator granted it a CASP license. The company previously received preliminary approval in June, and Ripple framed the new authorization as the end of its transition period under the EU framework.

In a statement, Cassie Craddock, Ripple’s managing director for the United Kingdom and Europe, said the CASP authorization means Ripple is “fully compliant” with MiCA and prepared to scale its operations.

For market participants, the practical significance of a MiCA CASP license is that it positions a crypto-asset service provider to operate as a regulated entity inside the EU’s MiCA system. Ripple’s mention of its additional EMI license is notable because it reflects that the company is not relying solely on the crypto-asset authorization path; instead, it brings together licensing coverage that can support a broader regulated service offering.

From transition to enforcement: MiCA’s July 1 deadline

Ripple’s authorization comes after the EU’s MiCA transition period ended on July 1. Under the framework, firms offering regulated crypto-asset services in the bloc needed authorization; otherwise, they were expected to stop offering such services.

MiCA also introduces an important structural change for authorized providers: in many cases, a single authorization can support “passporting” across the EEA, reducing the need for separate approvals in each member state. That is the mechanism Ripple is effectively leaning on, given its statement that it can offer regulated crypto-asset services across the EEA.

While licensing outcomes have improved since the deadline, the enforcement phase is now active. ESMA coordinates aspects of supervision through the register of authorized entities, but the day-to-day regulatory enforcement is carried out by national authorities—meaning implementation and pressure levels can differ across EU member states.

ESMA register update: licensed CASPs rise to 280

According to ESMA’s updated register, the number of licensed crypto-asset service providers stands at 280. The figure increased from 243 a week earlier after 37 additional companies were added, including Standard Chartered, FalconX and Sygnum Europe, as reported in the coverage linked from Cointelegraph.

This incremental jump matters for investors and counterparties because ESMA’s register acts as a key reference point for determining which entities are authorized to operate under MiCA. However, the register’s growth also highlights the uneven pace of authorization as firms work through licensing processes close to major deadlines.

Not all major players secured authorization before July 1. The source notes that Binance withdrew its MiCA application in Greece ahead of the transition and said it would pursue authorization elsewhere while working toward compliance.

Regulators step up: Belgium highlights unauthorized providers

With MiCA moving into enforcement, regulators at the member-state level have begun taking action. Belgium’s Financial Services and Markets Authority (FSMA) has already started applying the new rules.

On Monday, FSMA identified six crypto-asset service providers that it said were operating without authorization and added them to its list of unauthorized crypto-asset service providers, according to the coverage linked from Cointelegraph. The regulator also issued warnings to consumers and market participants about unauthorized platforms, underscoring that the transition is no longer a planning phase—it is an active compliance test.

For users and institutions working with EU-facing crypto service providers, this is a reminder that regulatory status is becoming a central operational variable. Authorization and supervision may be decisive factors for risk management, counterparties, and product availability.

Looking ahead, the key watch items are how quickly the authorization gap closes across remaining providers, how national regulators interpret and apply MiCA enforcement in practice, and whether additional major exchanges and service platforms reach full CASP authorization under the EU framework.

Bitcoin miner TeraWulf is moving further into the artificial intelligence infrastructure race, signing a long-term data center deal with AI firm Anthropic and restructuring its ownership in a separate AI campus venture. The company said it expects the agreement to generate about $19 billion in contract revenue over 20 years.

In a separate transaction, TeraWulf also announced plans to sell its majority stake in an AI data center joint venture in Texas, with proceeds intended for reinvestment into wholly owned AI infrastructure projects. Following the announcements, TeraWulf shares rose by roughly 12% in Monday morning trading, extending a year-to-date gain of about 107%, according to Yahoo Finance data at the time of writing.

Key takeaways

• TeraWulf signed a 20-year data center lease with Anthropic, expected to bring roughly $19 billion in contract revenue.
• The Anthropic campus will be built at TeraWulf’s Justified Data site in Hawesville, Kentucky, with initial operations targeted for the second half of 2027 and full buildout in early 2028.
• TeraWulf plans to monetize its 50.1% stake in the Abernathy AI data center joint venture in Texas and reinvest the returned capital into wholly owned projects.
• The broader shift reflects how AI demand for power, cooling, and high-performance compute is creating new opportunities—and new capital requirements—for Bitcoin miners.

Anthropic deal ties up TeraWulf’s Kentucky capacity

Under the new agreement, Anthropic will lease a purpose-built AI data center campus at TeraWulf’s Justified Data facility in Hawesville, Kentucky. The site, which TeraWulf acquired in February, is designed to support 401 MW of critical IT capacity.

TeraWulf’s announcement outlines a phased ramp-up: initial operations are expected in the second half of 2027, with the full buildout targeted for early 2028. For investors, the timeline matters as it defines when revenue streams associated with the expansion can begin translating into cash flow, rather than relying solely on the pace of construction progress.

While AI data centers rely on different hardware from crypto mining, the underlying infrastructure requirements overlap in important ways—especially around power access and the ability to operate energy-hungry computing at scale.

Reinvesting by selling the Abernathy stake

Alongside the Anthropic lease, TeraWulf disclosed it has agreed to sell its 50.1% stake in the Abernathy joint venture. The Abernathy project is positioned as an AI data center development in Texas.

The buyer is an investor group led by Fluidstack, acting through the joint venture arrangement. TeraWulf said it expects the sale to return roughly $450 million of its investment, which the company plans to reinvest into AI infrastructure projects it owns outright.

From a strategy perspective, this move suggests TeraWulf is attempting to balance partnerships with majority control: monetizing some exposure through the sale, while channeling capital toward projects where it can hold full ownership and capture a larger share of long-term economics. Still, readers may want to track how management defines “wholly owned projects,” including their construction stages and financing assumptions, because capital structure and timing can materially affect risk.

Why AI is reshaping Bitcoin mining’s infrastructure playbook

TeraWulf’s shift arrives at a moment when demand for AI infrastructure is outpacing available computing capacity. Training and running large AI models require data centers equipped with high-performance chips, advanced cooling systems, and reliable electricity—conditions that can make power-rich locations increasingly valuable.

Bitcoin miners have an advantage in that they often already operate or control grid-connected sites, power arrangements, and related infrastructure built for energy-intensive workloads. That has encouraged a wave of diversification into AI and high-performance computing (HPC), even though the end-use hardware differs from typical crypto mining setups.

But the pivot to AI is not frictionless. Blocksbridge Consulting, in a June estimate cited by the article, suggested public Bitcoin miners pursuing AI infrastructure may require roughly $50 billion in near-term capital. The implication is straightforward: AI buildouts can demand materially higher spending than traditional mining facilities, increasing the importance of securing long-term contracts, managing construction schedules, and maintaining access to financing.

Industry momentum and the funding gap narrative

The broader pattern shows up in other miner-adjacent deals. Earlier coverage noted that HIVE Digital signed a three-year, $220 million agreement to supply GPU cloud infrastructure for Cohere through Bell Canada’s AI Fabric. In another example of miners tying up new power for AI-era workloads, IREN acquired Spanish data center developer Nostrum Group, a move that added about 490 MW of secured, grid-connected power as it pushed into the European AI market.

Taken together, these moves underline the tension in the sector: the same power and data center capabilities that make miners attractive for AI also make them targets for substantial reinvestment. With AI infrastructure costs high and timelines long, contract-backed revenue—such as TeraWulf’s Anthropic lease—can become a key differentiator in proving that miners can scale beyond speculation and into durable customer demand.

For now, the most important things to watch are execution milestones—especially whether the Kentucky campus stays on track for initial operations in the second half of 2027—and how TeraWulf deploys the capital returned from selling the Abernathy stake into new, wholly owned projects. The market will likely focus on whether miners can close the funding gap highlighted by analysts while converting AI infrastructure plans into steady, contracted cash flows.

Bitmine Immersion Technologies’ stock has climbed more than 4% after the company expanded its Ethereum treasury with another 42,197 ETH, even as Strategy shares slipped following a Bitcoin sale.

According to Bitmine, the company purchased 42,197 ETH between June 29 and July 3, increasing its treasury to 5,742,237 ETH. The company said those holdings now account for about 4.8% of Ethereum’s circulating supply, reinforcing its position as one of the largest corporate holders of the cryptocurrency.

The latest acquisition also expanded Bitmine’s staking portfolio. The company disclosed that 4,879,157 ETH, roughly 85% of its treasury, is currently staked, generating an estimated annual staking yield of around $235 million.

Investors welcomed the update, sending Bitmine’s shares up 4.28% to $14.98 at the time of writing after the stock traded as high as $15.04 during the session. The gains came despite weakness elsewhere among crypto-linked equities.

By contrast, Strategy fell 1.17% after selling 3,588 BTC to repurchase its STRC preferred stock. The opposite moves in the two companies suggest investors favored Bitmine’s expanding Ethereum treasury strategy while reacting cautiously to Strategy’s latest capital allocation decision.

Bitmine’s Ethereum strategy continues to attract investor attention

Bitmine has steadily positioned itself as an Ethereum-focused treasury company rather than a traditional mining business. Alongside growing its ETH reserves, management has continued increasing the portion of those assets committed to staking to generate recurring on-chain income.

The latest purchase comes ahead of Bitmine’s earnings report covering the April through June 2026 quarter, scheduled for July 29. According to Wall Street estimates, the company is expected to report about $45 million in revenue.

Separately, Bitmine Chairman Tom Lee has maintained an optimistic outlook for U.S. equities. Speaking during CNBC’s Squawk Box, Lee said companies reporting third-quarter earnings later this month are likely to exceed Wall Street expectations, adding that such results could support another leg higher for stocks.

Lee also reiterated his expectation that the S&P 500 could climb from around 7,500 to 8,000 before the end of 2026.

Technical indicators point to improving momentum

BMNR has staged a strong rebound after breaking above its recent consolidation range near $14.30. The latest rally has pushed the stock to the doorstep of its 20-period simple moving average around $15.94, which now serves as the first major resistance level.

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A sustained move above that average could open the way toward the 50-period moving average near $18.49. Even so, the stock remains below its 100- and 200-period moving averages, indicating that the longer-term trend has not yet turned bullish.

Momentum indicators have strengthened alongside the price recovery. The 4-hour MACD has completed a bullish crossover, while expanding green histogram bars indicate buying pressure has accelerated following the breakout.

Failure to hold above the recent breakout area near $15 could invite profit-taking and send the stock back toward support around $14.30, with the recent swing low near $13 remaining the next significant downside level if sellers regain control. 

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

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