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Hut 8 Rises 12% Pre-Market Amid Social-Media Talk of Partnership With Meta

HUT shares climbed to just under $30 as of 10:00 UTC, over 11.75% higher than its Wednesday closing price of $26.69.

Shares of bitcoin miner Hut 8 (HUT) jumped nearly 12% in pre-market trading amid social media speculation that it is building a data center with Facebook owner Meta Platforms (META).

The shares climbed to just under $30 as of 10:00 UTC. The CoinShares Valkyrie Bitcoin Miners ETF (WGMI), which offers broad exposure to the BTC mining sector, rose about 3% higher.

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Neither Miami, Fla.-based Hut nor Menlo Park, Calif.-based Meta has announced a partnership.

**Speculative Post**

Hut 8 appears to be partnering with Meta to develop a groundbreaking AI data center in West Feliciana Parish, Louisiana. While not officially confirmed, I’m led to believe this collaboration is likely, given the scale and focus of the project. The $12… https://t.co/E3PeEmsVnI pic.twitter.com/47xYttLaxP

— Jarron Jackson (@JarronJackson4) December 11, 2024

Hut 8 is building a data center in West Feliciana Parish, La. at an initial cost of $12 billion, local media has reported.

Earlier this month, Meta said it was planning to build a $10 billion AI data center in Richland Parish, La., Reuters reported.

There are similarities between bitcoin miners and AI data centers in the required equipment, computing power and energy to run it all. Some bitcoin miners have been dedicating resources to AI computation to diversify their revenue streams.

Hut 8 previously announced a $500 million at-the-market (ATM) offering and a $250 million stock-repurchase program. The company has said it mined 94 BTC in November, a 6% month-on-month decrease. It holds 9,122 BTC ($921 million) on the balance sheet, the seventh-largest holder of bitcoin of any publicly traded company.

Neither company immediately responded to CoinDesk’s request for comment.

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Bitcoin Is Leaving Exchanges in Batches of $10M or More: Van Straten

Institutional appetite for bitcoin has grown since Donald Trump won the U.S. election back in November.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is fighting a big milestone trying to sustain a $2 trillion market cap and a $100,000 price.

Once bitcoin has conclusively overcome these milestones, there may be clear skies ahead. Bitcoin has rallied over $30,000, since Donald Trump won the U.S. election in November, which coincided with many coins leaving exchanges, but primarily BTC leaving in large chunks.

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Glassnode data shows that transactions worth more than $10 million of bitcoin have been leaving exchanges at a rapid rate which signals aggressive buying from an institutional level. Many of these transactions appear to be coming from the exchange Coinbase, which is why we have noticed a Coinbase premium in recent weeks.

As of yesterday, almost 12,500 BTC ($1.3 billion) left exchanges, with roughly half of this amount leaving Coinbase, according to Glassnode data.

Since the U.S. election, Glassnode data reports that roughly 200,000 BTC have left exchanges, which leaves roughly 2.8 million BTC on exchanges which is the lowest amount in the past seven years.

Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain

The sale follows shortly after the Avalanche9000 upgrade went live in a testnet environment.

Avalanche, the layer-1 blockchain that is upgrading its technology platform, has raised $250 million in a token sale led by Galaxy Digital, Dragonfly and ParaFi Capital.

More than 40 investment firms participated in the deal.

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The sale follows the project’s Avalanche9000 upgrade went live in a testnet environment. The overhaul aims to make it cheaper to conduct transactions and run validators on the network, with the goal of making it easier to build apps on Avalanche. The upgrade cuts deployment costs by 99%, according to an announcement on Thursday.

AVAX, the native token of Avalanche, has climbed 4.95% since the token sale was announced. It up 9.6% in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), is 2.48% higher in that time.

Avalanche is the 10th-largest blockchain by total value locked (TVL) at $1.6 billion, according to DefiLlama data.

Ranger Finance Targets Crypto Perps Traders of ‘Size’ on Solana

Solana’s first crypto perpetuals aggregators service wants to compete with market leader Hyperliquid.

Solana’s nearly $500 million decentralized finance (DeFi) derivatives market is getting a new participant, one that’s looking to take a slice of all the other venues’ pies.

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Ranger Finance is an aggregator service that wants to be for perpetual futures what Jupiter is to spot swaps: Solana traders’ de-facto homepage for an entire category of on-chain trading.

“We want the Solana ecosystem to compete with your massive decentralized exchange (DEX) players — Hyperliquid, dYdX, Vertex — and currently the best way to do that is via aggregation,” said Ranger co-founder Barrett, a DeFi veteran who also runs the biannual mtnDAO hacker house in Salt Lake City.

Perps (futures contracts that don’t expire) are key drivers of DeFi activity. Most blockchains have their top venue, and Solana, with Jupiter’s perps service, is no exception. But traders seeking to place orders of “significant size” may not be able to find their fill on a single service, Barrett said in an interview.

That’s where the aggregator comes into play. It scans the market across multiple venues and routes orders accordingly, Barrett said. To start, Ranger will plug into Jupiter and the smaller Flash protocol but it plans to add Drift, Zeta and others.

“We are a blue ocean, because there’s no competition” on Solana for aggregating perps, Barrett said.

Ranger’s eight-person team also includes the pseudonymous FA2, a co-founder of block explorer SolanaFM, and Coby Lim, who leads the OTC spot trading desk for Blockchain.com.

Lim said Ranger is going to build additional tooling and trading capacities that institutional investors expect. For now, it’s sticking with the fee-based perps aggregator.

Another plan: Ranger’s own crypto. Barrett, an avowedly pro-token founder, said “there will be a token” when asked if the protocol has plans for community governance. He didn’t elaborate on the token’s relation to governance beyond that.

Still, it’s unlikely Ranger will treat tokens like votes and their holders as voters, as nearly every other community-governed crypto project does. Instead, the tokens might sooner have a role to play in futarchy, the markets-based governance model that was pioneered at mtnDAO.

Barrett said Ranger will aggressively embrace futarchy when the platform inevitably moves to decentralized governance.

“Where futarchy really excels is making sure an organization is moving and implementing in the right direction,” Barrett said.

Michael Sonnenshein, Ex-Grayscale CEO, Joins Tokenization Firm Securitize as COO

Sonnenshein left asset management firm Grayscale, issuer of spot bitcoin and ether ETFs, earlier this year.

Real-world asset tokenization firm Securitize appointed Michael Sonnenshein, formerly CEO of asset management company Grayscale Investments, as chief operating officer.

“There is massive demand for tokenization, and I am thrilled to join Securitize at such a pivotal moment for the company and the industry,” Sonnenshein said in a Thursday statement. His appointment started on Dec. 9.

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Tokenization is a booming sector at the intersection of digital assets and traditional finance. The process involves representing financial instruments like bonds, credit, commodities and other real-world assets on the blockchain in pursuit of operational efficiency, speedier settlements and cheaper transactions.

Securitize is a key service provider and marketplace in the field, with over $1 billion worth of tokenized instruments on its platform. The company jointly manages asset management behemoth BlackRock’s tokenized money market fund BUIDL. BlackRock also invested in Securitize.

“Michael is a trailblazer whose strategic vision and ability to navigate complex regulatory landscapes have helped pave the way for establishing digital assets as a mainstream investment class,” Carlos Domingo, CEO and co-founder of Securitize, said in a statement.

Sonnenshein’s appointment followed his departure earlier this year from Grayscale, where he had served as CEO since 2021. During his tenure, the company was one of the firms to have a spot-based bitcoin ETF approved to list in the U.S. in January. Grayscale had taken the Securities and Exchange Commission (SEC) to court over the regulator’s repeated refusal to allow it to convert its flagship, closed-end fund Bitcoin Trust (GBTC), then a closed-end fund, into an ETF.

Sonnenshein also joined Aptos Labs, developer organization of layer-1 blockchain Aptos (APT), as an adviser last month.

French Hill to Lead Powerful Congressional Panel Next Term: Report

Hill, who chaired the House Financial Services Committee’s digital assets subcommittee, has long been a crypto advocate on the Hill.

Congressman French Hill will be the next chair of the powerful House Financial Services Committee, Punchbowl News reported Thursday.

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The Arkansas Republican was named to the role Thursday by the party’s Steering Committee, which named the leaders of the various committees ahead of the 119th Congress’s start next year. Hill will succeed North Carolina’s Patrick McHenry, who will retire after 20 years in Congress and multiple terms leading Republicans on the Financial Services Committee.

Hill has chaired the Digital Assets, Financial Technology and Inclusion subcommittee over the past few years and cosponsored the Financial Innovation and Technology for the 21st Century Act (FIT21), a market structure bill that much of the cryptocurrency industry hoped would become law. He’s also introduced or cosponsored a number of other bills over the years addressing various aspects of the crypto world.

McHenry shepherded multiple pieces of crypto legislation through the House of Representatives, including FIT21. Over the past few years, he also worked on stablecoin legislation with his counterpart, California Representative Maxine Waters, though this bill was not ultimately introduced.

Waters will again lead Democrats on the House committee after being “unanimously” picked by the caucus, a Wednesday press statement said.

In the statement, Waters said she was “honored that the Democratic caucus has once again put their faith in me.”

“I will continue the fight to improve conditions for working families across the country,” she said. “Under my leadership over the past few years, we’ve achieved historic progress to expand housing and address homelessness, support small businesses, and protect people from fraud. But our work is far from finished.”

Waters said Democrats on the committee would fight any efforts by incoming U.S. President Donald Trump to “raise costs for working families and eliminate hard fought consumer protections.”

Bitcoin Grapples with $100K as Rally on Trump’s Crypto-Positive Comment Fizzles

Altcoins as a group outperformed bitcoin, with AVAX and LINK leading sector gains.

Appearing set for a run to a new record high earlier on Thursday, bitcoin (BTC) fell sharply in U.S. afternoon trading as tumbling bond markets took a toll on risk assets.

The positive price action came as President-elect Donald Trump said “we’re going to do something great with crypto” while ringing the opening bell at the New York Stock Exchange, reiterating his ambition to embrace digital assets in the U.S. and create a strategic bitcoin reserve. Alongside, the European Central Bank trimmed its benchmark interest rates by 25 basis points and in its dovish policy statement hinted that more rate cuts were likely to happen.

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Bitcoin rose as high as $102,500, its strongest price since last week’s all-time record above $104,000. Not only did that rally not hold, but the $100,000 level didn’t either, with the price falling to $99,800 by press time late Thursday afternoon.

Major risk assets as a group sold off as well, perhaps as Western bond markets reacted negatively to the ECB dovishness. The German 10-year Bund yield rose 8 basis points to 2.21% and the U.S. 10-year Treasury yield gained 6.5 basis points to 4.34%. U.S. stocks gave up early gains to close lower, the Nasdaq dropping 0.7% and S&P 500 0.5%. The price of gold also fell during the afternoon, shedding 1.8% to $2,706 per ounce.

Altcoins on average outperformed BTC with most members of the broad-market CoinDesk 20 Index booking daily gains. Native tokens of Avalanche network (AVAX) and data provider Chainlink (LINK) were the best-performing assets in the basket, advancing 9% and 13%. AVAX was perhaps benefiting from news of a $250 million token investment led by Galaxy, Dragonfly and ParaFi Capital, while Trump-affiliated decentralized finance project World Liberty Financial (WLFI) continued to purchase LINK through the day, adding $1 million more tokens in the later hours, onchain data by Arkham Intelligence showed.

The second-largest cryptocurrency ether (ETH) also outperformed BTC, holding onto a 1.5% daily gain after retracing from its session high just shy of $4,000. Analytics firm CryptoQuant said that strong spot ETF inflows and burgeoning Ethereum blockchain activity sets ETH up to reach new all-time highs above $5,000.

Societe Generale Conducts Blockchain-Based Repo Transaction With French Central Bank

SocGen is claiming bragging rights as the first to conduct an on-chain repo transaction with a European central bank.

Societe Generale said it carried out a blockchain-based repurchase agreement with the Banque de France in what it called the first such tokenized transaction with a euro-zone central bank.

The lender’s digital assets-focused subsidiary, SG-Forge, deposited as collateral some bonds issued in 2020 on the public Ethereum blockchain in exchange for central bank digital currency (CBDC) issued by the Banque de France on its DL3S blockchain, it said in a press release.

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With the European Union’s Markets in Crypto Assets (MiCA) regulatory framework already in place for stablecoin issuers, SG-Forge has maintained a high profile exploring ways to deploy its euro stablecoin, EUR CoinVertible (EURCV). The token was not involved in the repo transaction.

The Banque de France, meanwhile, has been energetically testing the feasibility of wholesale CBDCs to improve things like cross-border payments and settlement finality. Broadly speaking, blockchain-based repo transactions have proved to be one of the more compelling uses of the tech among banks.

“This transaction demonstrates the technical feasibility of interbank refinancing operations directly on blockchain. It illustrates the potential of a Central Bank Digital Currency to improve the liquidity of digital financial securities,” SocGen said in a press release.

Miners Are Adopting the Same Bitcoin Acquisition Strategy as MicroStrategy: JPMorgan

The strategic shift to a bitcoin accumulation model is due to pressure on profitability following the reward halving, the report said.

MicroStrategy (MSTR), the software company founded by Michael Saylor, is not the only large-scale corporate buyer of bitcoin (BTC), JPMorgan (JPM) said in a Wednesday report. Crypto miners are also adopting the accumulation strategy.

The shift to building up bitcoin holdings is driven by growing pressure on profitability, which stems from the reward halving in April and a rising network hashrate, the report said. Hashrate is the total computational power used to mine and process transactions on a proof-of-work blockchain and is a proxy for competition in the industry and mining difficulty.

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“This likely prompted miners to hoard or seek further investments into bitcoin or diversify into AI/HPC businesses,” analysts led by Nikolaos Panigirtzoglou wrote, referring to artificial intelligence and high-performance computing.

Miners such as MARA Holdings (MARA) have adopted a similar bitcoin-buying strategy to MicroStrategy, called BTC yield, in response to these challenges, JPMorgan said.

MARA now owns 35,000 tokens ($3.5 billion) and is the second-largest publicly listed corporation in terms of bitcoin holdings.

The miners aren’t alone. Medical-device maker Semler Scientific has also been actively buying the world’s largest cryptocurrency, and now owns $144 million worth of crypto.

January’s introduction of spot bitcoin exchange-traded funds (ETFs) in the U.S. has given institutional investors a more direct way to gain bitcoin exposure, the bank said. Shares of miners, which had been treated as a proxy for bitcoin, have underperformed as a result.

The bank noted that aside from buying more bitcoin, miners are increasingly financing their businesses via debt and equity offerings rather than selling their crypto reserves to cover operational costs.

Miners have raised more than $10 billion in equity so far this year, eclipsing the previous high of $9.5 billion in 2021, the report added.

Michael Novogratz’s Galaxy Appoints Former Point72 Exec as CFO

The firm’s current chief financial officer, Alex Ioffe, will transition into a senior advisor role.

Michael Novogratz’s Galaxy Digital (GLXY) has hired former Point72 chief financial officer Anthony Paquette to serve in the same role at the crypto financial services firm.

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He will replace Alex Ioffe, who will transition into a senior adviser role, the company said in a statement on Friday.

Paquette previously spent four years as the CFO at Steve Cohen’s hedge fund Point72, leading the firm’s global finance, treasury, and broker relations, among other things. Before that, he worked at SoFi, JP Morgan Chase and Bank of America.

“I am thrilled to join Galaxy, whose reputation as a world-class operator and investor in digital assets, digital infrastructure and other emerging technologies precedes it,” Paquette said in a press release. “I look forward to expanding upon Galaxy’s best-in-class finance team and helping further cement the firm as the preeminent industry leader.”

Galaxy Digital CEO Mike Novogratz thanked Ioffe for building a robust finance team and preparing the firm for a potential U.S. listing.

The Toronto-listed company has been trying to go public in the U.S. through a listing on Nasdaq for some time. However, it is still awaiting approval from the Securities and Exchange Commission (SEC) to move its headquarters from the Cayman Islands to Delaware, which it filed for approval in February 2023.