Crypto PAC notches primary wins, but loses $2M Florida race

Update (Aug. 19, 8:27 pm UTC): This article has been updated to clarify that Lois Frankel won the Democratic primary in Floridas 23rd congressional district and not re-election.  Four of the five candidates supported by ads funded by the cryptocurrency-aligned political action committee (PAC) Fairshake won their primaries or otherwise advanced on Tuesday, potentially a bellwether for the industrys influence in the 2026 midterm elections.  On Tuesday, Democratic and Republican candidates supported by media funded by the Fairshake-affiliated PACs Protect Progress and Defend American Jobs, respectively, notched wins across three US states. Altogether, the PACs spent about $3.6 million on House and Senate races in Alaska, Florida and Wyoming.  Democrat Lois Frankel won her primary in Florida‘s 23rd congressional district after Protect Progress spent more than $150,000 on supportive media. Defend American Jobs also spent a combined $1.5 million on ads to support Republican Nick Begich in Alaska’s at-large congressional district, Republican candidate Sydney Gruters in Floridas 16th congressional district and Representative Harriet Hageman for the US Senate in Wyoming. Gruters and Hageman won their primaries, while Begich is expected to advance in Alaska.  All four candidates will likely go on to face challengers in the 2026 midterms in November, but a Democrat in

08-21انڈسٹری

Most Americans say the Trump family‘s crypto investments are not ’appropriate: Poll

A new poll conducted by Reuters/Ipsos found that a majority of respondents in the US believed it was not “appropriate” for US President Donald Trump and his family to earn through cryptocurrency investments while in office.  According to the results of the poll of 1,166 people between Aug. 14-17, 63% of the respondents said it wasnt appropriate for Trump and his family to earn money from crypto. Notably, 69% of Republicans polled said it was appropriate, while an overwhelming majority of Democrats, 92%, responded negatively.Source: Reuters  A June report from the US Office of Government Ethics disclosed that Trump had earned $1.4 billion from investments related to crypto in 2025, including through his family‘s World Liberty Financial company and his memecoin, Official Trump (TRUMP). White House spokesperson Anna Kelly has repeatedly said in response to requests for comment on Trump’s crypto investments that there were “no conflicts of interest.”  Several lawmakers have called for investigations and additional information from government agencies over World Liberty and the Trump family investments. In July, Senate Minority Leader Chuck Schumer said he had introduced legislation to create an agency focused on addressing corruption at the federal level, calling out the presidents “various, and extremely lucrative, cryptocurrency ventures.”  On

08-21انڈسٹری

Bitdeer signs $400M AI cloud computing deal for Malaysia facility

Bitcoin mining company Bitdeers artificial intelligence (AI) division, Bitdeer AI, signed a five-year customer deal covering about 50% of the capacity of its A102 Malaysia facility before its energization.  The deal was signed with an undisclosed customer of “high credit quality” and is expected to bring approximately $400 million in total revenue, Bitdeer revealed in a Wednesday announcement.  Revenue and associated costs are expected to begin in the first quarter of 2027 when services commence. Bitdeer AI is targeting 350 megawatts of AI cloud data center capacity by the first quarter of 2028.  Bitdeer is among the Bitcoin miners that expanded into AI infrastructure and high-performance computing to diversify revenue streams. Earlier in August, Bitdeer signed a 16-year lease valued at $4.7 billion for 121 megawatts of AI computing capacity in Norway.  Other Bitcoin miners that expanded into AI infrastructure include MARA Holdings, TeraWulf, Hut 8 and IREN.  Bitdeers stock price rose 7% on Wednesday and nearly 6% in pre-market trading on Thursday, changing hands at $10.2 a share as of 12:16 pm UTC, according to Yahoo Finance data.  Magazine: Bitcoiners turn to dice throws as self-custody setups are re-evaluated

08-21انڈسٹری

US debt tops $40T stoking debate on what it means for Bitcoin

As US federal debt tops $40 trillion for the first time, there is renewed debate over whether mounting government borrowing could strengthen Bitcoins case as a scarce, non-sovereign asset.  Interest costs have also climbed, surpassing Medicare to become the federal governments second-largest budget expense behind Social Security in the first 10 months of fiscal 2026, according to Reuters.  The debt milestone coincided with a Treasury move to calm a bond selloff thats pushed long-term yields to their highest levels since 2007. Treasury Secretary Scott Bessent said Wednesday the department would double buybacks of 10- to 30-year debt to at least $4 billion per operation, initially pushing yields and the US dollar lower as Bitcoin (BTC) and gold rallied.  Bitcoin is continuing to surge, trading around $72,600 on Thursday morning, up roughly 6% over the past 24 hours and 15% over the past week, according to CoinGecko data.  Source: Yahoo Finance  Related: Bitcoin ETFs add $189M as August net inflows approach $1B  Treasury buybacks add another potential Bitcoin catalyst  While Bloomberg and others attributed elements of Bitcoin‘s rally to optimism over friendlier US crypto policy following President Donald Trump’s meeting with industry executives at the White House on Wednesday, market analysts pointed to the Treasury and broader fiscal

08-21انڈسٹری

$248 Million Mutual Fund Invests in Ripple. Does It Matter for XRP?

Kinetics Internet Portfolio, a mutual fund with $248 million in assets, disclosed a direct equity stake in Ripple Labs itself rather than in XRP, according to a newly filed SEC report.  The distinction matters. Institutional money is choosing Ripple, the company, over XRP, the token.  Sponsored  Sponsored  What the SEC Filing Actually Shows  Form NPORT-P is the quarterly report registered investment funds file with the Securities and Exchange Commission (SEC), disclosing portfolio holdings. Kinetics filed its version as part of Kinetics Portfolios Trust.  The fund acquired Class A common shares issued directly by Ripple Labs. That structure gives Kinetics ownership of the company itself, not exposure to the cryptocurrency that bears its name.  According to the SEC filing, the stake is valued at roughly $246,000, representing a small fraction (about 0.1%) of the funds approximately $248 million in net assets.  Follow us on X to get the latest news as it happens.  Kinetics Internet Portfolio disclosed a direct equity stake in Ripple Labs. Source: SEC  The filing reflects holdings as of June 30, but regulatory reporting delays kept the information private until August.  Since Ripple remains a private company, Kinetics acquired the securities through specialized over-the-counter platforms built for accredited investors trading pre-IPO stock. Those venues let institutions buy shares well

08-21انڈسٹری

XRP Notches Best Week Since 2024 Election Pump on Bitcoin Short Squeeze

In briefXRP gained 10.40% on Wednesday alone, its biggest daily jump since February 6, then extended the rally Thursday, up roughly 30% for the week.The move traces back to Bitcoins break above $72,000, fueled by a record short squeeze and a U.S. Treasury plan to double long-bond buybacks starting September 9.XRPs own ETF inflows fell during the spike even as the token outperformed Bitcoin, and futures open interest has already dropped more than 11% off its rally-day peak.  XRP, the cryptocurrency created by the co-founders of Ripple, is trading near $1.29, up a whopping 30% since last weekends close under $1.  The move represents the coins strongest week in months, and one that started from a level it hadnt touched since right before its 2024 election pump. The token bottomed at $0.9862 last week, the same zone it sat in just before November 2024s post-election rally carried it toward an all-time high near $3.65.  Myriad: XRP price next move? Click to make your prediction.  Wednesdays session did the heavy lifting. XRP gained 10.40% that day, its sharpest single-day move since February 6, when the token also jumped more than 20%. Thursday brought a second leg higher, pushing the weekly candle toward $1.32, the closest

08-21انڈسٹری

Bitcoin Hits $72,850 as Traders Lose $650M in Shorts

Bitcoin surged past $72,000 to a session high of $72,850, gaining approximately 14% over four days and raising its market capitalization to $1.45 trillion.  Key TakeawaysBitcoin surged 14% over four days to a session high of $72,850, lifting its market cap to $1.45 trillion.Pro-crypto White House meetings and Treasury policy shifts sparked $1.59 billion in short bets liquidated.Market strategists expect Scott Bessents expanded Treasury bond buybacks to spur further crypto momentum.  Intraday Price Action and Breakout  Bitcoins unrelenting surge showed no signs of abating Thursday afternoon as the top cryptocurrency capitalized on pro-crypto sentiment from a White House meeting. Market data shows that after facing resistance at $72,000 earlier in the day, bitcoin easily breached the mark around 6:20 a.m. EST, climbing to $72,330.  Although bitcoin briefly slipped back below $72,000 for five hours, persistent buying pressure kept it near the threshold. Around 11 a.m., a second wave of buying propelled the cryptocurrency to a session high of $72,850. The surge lifted bitcoins 24-hour gain to 5.6% and boosted its market capitalization from $1.44 trillion to $1.45 trillion.  Since Monday, Aug. 17, when it traded around $63,500, bitcoin has added approximately $9,000 to its value—a 14% gain in just four days. The increase narrowed its

08-21انڈسٹری

Iranian Hackers Tied to $6 Million Bitcoin Extortion Charged in Massive Cyber Campaign

In briefU.S. prosecutors charged 17 alleged members of Iran-based Mabna Institute in a years-long hacking campaign.Six defendants were allegedly involved in the HBO hack, which included an attempt to extort the company for roughly $6 million in Bitcoin.The group allegedly stole at least 31.5 terabytes of academic data and intellectual property.  U.S. prosecutors charged 17 alleged Iranian hackers involved in a years-long cyber campaign that included the 2017 HBO breach and an attempt to extort the company for roughly $6 million in Bitcoin.  On Tuesday, the Justice Department said the defendants were members of Iran-based Mabna Institute, which allegedly carried out hacks for Irans Islamic Revolutionary Guard Corps and other Iranian government and university clients. The group targeted hundreds of universities, companies, government agencies, and other organizations worldwide, prosecutors said.  Myriad: Will the Clarity Act be signed into law in 2026? Click to make your prediction.  Behzad Mesri was previously charged with hacking entertainment giant HBO, stealing proprietary data. Prosecutors said five other defendants—Saeid Houshyar, Manouchehr Hashemloo, Keyvan Fayaz, Saber Shahbazi Ballojeh, and Arman Kahzadian—were directly involved in the hack.  “The superseding indictment alleges that, at the behest of entities including the IRGC, these defendants hacked into universities and other research institutions worldwide, including the

08-21انڈسٹری

Why Bitcoin-backed loans need qualified custody and no rehypothecation, according to Arch Lending CTO

Arch Lending co-founder Himanshu Sahay has identified qualified custody, zero rehypothecation, and clear collateral rules as three safeguards needed to reduce risks in Bitcoin-backed lending.  Himanshu Sahay, co-founder and chief technology officer of Bitcoin-backed lending platform Arch Lending, told crypto.news that wealthy Bitcoin holders are increasingly using loans to meet cash needs while keeping their exposure to the asset.  “For long-term Bitcoin holders, borrowing can provide liquidity without requiring them to sell their position,” Sahay said.  Individuals may use the proceeds for another investment or personal expenses, while family offices and businesses can borrow for working capital, according to Sahay. The arrangement allows the borrower to retain ownership of their Bitcoin unless the loan terms trigger a collateral sale.  A recent report on lending found that demand for Bitcoin-backed credit has recovered as investors look for liquidity without selling their holdings. The report said lending platforms have responded to the failures of 2022 by adopting clearer custody arrangements, plainer disclosures and more conservative risk controls.  Bitcoin-backed loans provide cash without an immediate sale  For US investors, selling appreciated Bitcoin generally requires the holder to calculate a capital gain or loss. The Internal Revenue Service treats digital assets held for investment as capital assets and requires taxpayers

08-21انڈسٹری

The Bitcoin Bull Run Continues: BTC Reached the $73,000 Mark in the Latest Rally—Here‘s Why It’s Rising and the Latest Data

Bitcoin surged a second time today, surpassing $72,000 and reaching its highest level since June, following yesterdays sharp rise. According to Binance data, $BTC climbed as high as $72,830 during the day, and is currently trading around $72,500 at the time of writing.  A chart showing the increase in $BTC price.  The rise in the cryptocurrency market is believed to be driven by two significant developments from the US. The first catalyst was the US Treasury Departments announcement that it will at least double the size of its repurchase operations for long-term government bonds.  Under the new plan, the maximum size of buyback operations for 10-20 year and 20-30 year bonds is planned to be increased from $2 billion per transaction to at least $4 billion.  Following the decision, the US 30-year Treasury yield, which had previously climbed to 5.337%, its highest level since 2007, fell sharply. The decline in long-term bond yields increased the relative attractiveness of alternative assets like Bitcoin, which does not provide yield, and $BTC was one of the first assets to react strongly to the news.  Crypto Meeting at the White House Boosts Bitcoin Once Again  The second wave of Bitcoins rise occurred following new news from Washington.  US President Donald Trump

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