The Block

Educating the world on crypto.

[Timmy Shen @timmyhmshen]

ICYMI: Here’s a quick news wrap from our U.S. session at @TheBlockCo

💰 Variant raised a $222 million fund targeting early-stage crypto and AI startups focused on expanding "autonomy."

🇦🇺 IREN established its first Australian data center campus to capture growing Asia-Pacific AI demand.

🥇 Tether is launching a Visa card that allows consumers to earn rewards paid in its gold-backed stablecoin XAUT.

🗳️ The crypto industry launched a new PAC aimed at protecting software developers as election season approaches.

🏦 Revolut’s U.S. bank is set to offer stablecoin services alongside FDIC-insured products.

🔥 Sen. Cynthia Lummis criticized JPMorgan CEO Jamie Dimon’s comments on crypto legislation, saying he had not read the Clarity Act.

⚡ Solayer launched the mainnet of Margin Trade, its new onchain perps trading platform.

🏛️ Treasury Secretary Scott Bessent backed a summer push for the Clarity Act and said work on a U.S. bitcoin reserve is progressing at a “deliberate speed.”

🛡️ EdgeX plans to offer refunds and launch a 200,000 USDC bounty program after a 71% token flash crash.

⚔️ Hyperliquid’s HYPE overtook Solana in price as SOL fell to its lowest level since 2023.

[The Block @TheBlockCo]

Polymarket's UMA vote upholds 'No' outcome on Strategy bitcoin sale market despite backlash https://t.co/TOPM5GdTax

[The Block @TheBlockCo]

Bitmine to launch STRC-style preferred stock offering amid $9.2 billion unrealized ETH losses https://t.co/IsJJOTWXSP

[perry @perry8888_]

Tom Lee is running the STRC playbook for $BMNR, but it could make sense

Bitmine is looking to raise $300 million. At 9.5%, it carries a $28.5M/year perpetual dividend

ETH staking generates yield (currently ~2.7%) or $296M a year for BMNR, more than 10x the annual obligation

Staking yield stops covering obligations if ETH reaches ~$1,200

But something tells me this won't be the only BMNR preferreds we see

[The Block @TheBlockCo]

Hyperliquid's HYPE overtakes Solana in price as SOL falls to lowest levels since 2023 https://t.co/lZe0NQl6ZA

[The Block @TheBlockCo]

Crypto VC deal count slumps to five-year low as investors grow more selective https://t.co/mTNBs0DPiw

[Gareth Jenkinson @gazza_jenks]

Wrapped up a fantastic two days at @proofoftalk with an in depth discussion on Bittensor with @const_reborn.

The Bittensor cofounder has some fascinating takes on AI and decentralization.

Full livestream replay in the comments!

[James Hunt @humanjets]

https://t.co/TG30txfRCc

[The Block @TheBlockCo]

EdgeX offers refunds and launches 200,000 USDC bounty after 71% token flash crash https://t.co/enhPkn3jy3

[The Block @TheBlockCo]

Hyperliquid hits record share of global perps market as HIP-3 tops $62 billion monthly volume https://t.co/n0wJ0csm6r

[Sarah Wynn @ForTheWynn_]

Treasury Secretary Scott Bessent told lawmakers on Wednesday that the department is moving at a "deliberate speed" to establish a strategic bitcoin reserve while continuing to push for passage of a major cryptocurrency market structure bill this summer.

Story here: https://t.co/Ap72azqoEt

[The Block @TheBlockCo]

Bessent backs summer push for Clarity Act, says bitcoin reserve moving at 'deliberate speed' https://t.co/djkWlHSFm0

[The Block @TheBlockCo]

Solayer rolls out Solana-native onchain perps trading platform Margin Trade mainnet https://t.co/Yg7M4y6qJ0

[The Block @TheBlockCo]

Sen. Lummis says JPMorgan CEO Jamie Dimon hasn't read Clarity Act, calls remarks 'distasteful' https://t.co/8zoHEsSsD1

[The Block @TheBlockCo]

Revolut’s US bank to offer stablecoin services alongside FDIC-insured products: Reuters https://t.co/N0JFOE82BC

[Jacquelyn Melinek @jacqmelinek]

Thanks for having me on @TheBlockCo

We talked about @StrataMedia_ strategy, the media landscape, institutional adoption, growing @CryptoAmerica_ and more!

Check it out below 👇🏼

[The Block @TheBlockCo]

Crypto industry launches PAC focused on software developer safeguards as elections near https://t.co/pUoi9h8vCS

[The Block @TheBlockCo]

Tether launching tokenized gold Visa card with XAUT rewards https://t.co/Spm2z2zU7n

[Sarah Wynn @ForTheWynn_]

Tuned in to the Senate Finance Committee this morning, where Treasury Secretary Scott Bessent is testifying to talk 2027 budgets, listen here: https://t.co/vqR2FYRTgm

[The Block @TheBlockCo]

IREN plants flag in Australia with its first data center campus to serve Asia-Pacific AI demand https://t.co/qhELN4YLZ5