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US-Listed Bitcoin Miners Reach $22.8 Billion Market Cap Amid Rising Hashrate and AI Prospects
U.S.-listed bitcoin miners have hit a record market cap of $22.8 billion, with stocks rallying in the first half of June due to a rising share of network hashrate and AI diversification opportunities. Leading the gains were Core Scientific, TeraWulf, and IREN, while Marathon Digital remains the largest with a $5.3 billion market cap. The sector has gained $4.4 billion since May, driven by an agreement between Core Scientific and AI firm CoreWeave. U.S. miners now hold a 23.8% share of the network hashrate, benefiting from more efficient operations post-bitcoin halving.
Deutsche Telekom, Owner of T-Mobile, to Start Bitcoin Mining Alongside Node Operations
Deutsche Telekom, Europe's largest telecommunication provider, will soon begin mining Bitcoin, as announced by Dirk Röder, head of Web3 infrastructure at subsidiary T-Systems MMS, during the BTC Prague conference. Already running Bitcoin and Bitcoin Lightning nodes since 2023, the company is expanding its crypto activities. Röder confirmed this after being asked directly at the conference. Deutsche Telekom's crypto engagements include node operations for Bitcoin, Ethereum, Polkadot, Flow, and Celo, and investments in these protocols. Additionally, it partners with Polygon, Q, and Chainlink networks.
SEC’s Crypto Asset and Cyber Unit Leader Resigns After Nine-Year Tenure
David Hirsch, head of the SEC's Crypto Asset and Cyber Unit in the Division of Enforcement, has left the agency after nearly nine years. Announcing his departure on LinkedIn, Hirsch reflected on his tenure, highlighting the complex and challenging investigations he worked on and expressing pride in the accomplishments of the Crypto Assets and Cyber Unit team he led. Hirsch did not disclose his future plans but mentioned he would share more details after taking a break. His departure comes as the SEC remains central to ongoing discussions and regulatory pressures in the crypto industry, especially with upcoming political considerations in the U.S. Another notable SEC departure includes Ladan Stewart, known for high-profile cases against Ripple and Coinbase, who left to join White & Case LLP as a partner.
Trading Desk Insights
Bitcoin's decline has accelerated, dropping over 6% following the Fed's hawkish stance. Altcoins are underperforming Bitcoin, while in traditional finance, small-cap stocks are lagging behind the SPX this year. This trend indicates a "flight to quality," where investors shift capital from riskier investments to safer assets during market uncertainty to minimize losses and preserve capital.
On Friday, US BTC ETFs experienced another round of outflows, totaling $189.9 million, primarily due to Fidelity and Grayscale.
In the Bitcoin mining sector, the combined market cap of 14 U.S.-listed mining stocks reached a record $22.8 billion in June, outperforming Bitcoin itself. This surge was driven by Core Scientific’s partnership with AI firm CoreWeave, with U.S.-listed miners increasing their share of the global network hashrate for the second consecutive month.
Stock futures showed little movement on Monday morning as traders began a holiday-shortened week. Investors will be closely monitoring if the rally can continue amid emerging market uncertainties. Markets will be closed on Wednesday for the Juneteenth holiday.
Minneapolis Federal Reserve President Neel Kashkari stated on Sunday that it's a “reasonable prediction” for the U.S. central bank to cut interest rates once this year, likely in December.
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