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Core Scientific Shares Surge After Securing $2B Bitcoin Mining Contract
Core Scientific's shares surged by up to 17% after extending its high-performance computing (HPC) contract with CoreWeave. This new deal adds about $2 billion in revenue, bringing the total potential revenue to $6.7 billion, starting in the first half of 2026. The agreement involves hosting an additional 112 megawatts (MW) of GPUs for CoreWeave, with CoreWeave covering the capital investment costs. This extension reflects the growing demand for high-power data center infrastructure, positioning Core Scientific favorably in the market. The deal marks the third extension of their partnership, highlighting the strategic fit of bitcoin miners in hosting HPC and AI-related machines due to their existing power contracts and infrastructure.
Grayscale Launches New Crypto Investment Trusts for SUI and TAO
Grayscale has launched two new crypto investment products: the Grayscale Bittensor Trust, which invests in Bittensor's native token TAO, and the Grayscale Sui Trust, which focuses on the Sui protocol's SUI token. These additions bring Grayscale's total number of crypto investment products to 18. Rayhaneh Sharif-Askary, Grayscale's head of product and research, emphasized that these new trusts provide investors with access to tokens central to the growth of decentralized AI and the evolution of smart contract blockchains.
Hong Kong's Mox Bank launches crypto ETF trading
Mox Bank, a Hong Kong-based virtual bank and subsidiary of Standard Chartered, has launched crypto ETF trading, becoming the first bank of its kind to offer direct trading of spot Bitcoin and Ether ETFs on its platform. The bank plans to expand its crypto offerings by partnering with a licensed exchange to allow direct purchases and trading of crypto assets. Mox aims to be a cost-effective option for crypto ETF trading, charging minimal fees for transactions. The move aligns with Hong Kong's efforts to position itself as a crypto hub. Since launching in 2020, Mox has reported that 28% of its customers are invested in crypto, with 18% actively trading. Mox's CEO emphasized the bank's innovative approach and commitment to staying ahead of the competition.
Trading Desk Insights
BTC is on a solid rebound, inching closer to the $58,000 mark. A notable catalyst is the statement from BOJ Deputy Governor Shinichi Uchida, who assured that the central bank wouldn't hike borrowing costs amid market volatility, providing a sigh of relief for investors in risky assets like crypto and equities. Bitcoin whales, holding between 1k and 10k BTC, have capitalized on the recent dip, scooping up more coins while smaller investors with less than 1 BTC panicked and sold off. On the flip side, ETH is lagging behind both BTC and SOL, despite positive ETF inflows.
Solana-based memecoins are soaring, with SOL itself spiking 38% from Monday's lows, leading sector gains as optimism around SOL ETFs builds. Solana network volumes have more than doubled, hitting over $3.3 billion from Monday’s $1.5 billion. Tokens like POPCAT and WIF surged by over 20%, while MUMU and CATDOG saw gains exceeding 30%. In contrast, major memecoins on other blockchains, such as DOGE and PEPE, are attracting less interest compared to their Solana counterparts.
In the US crypto ETF market, BTC saw outflows of $148.6 million yesterday, while ETH enjoyed inflows of $98.4 million, primarily driven by Blackrock’s contribution of $109.9 million.
In other headlines, Donald Trump Jr. teased a significant shake-up in the crypto world with an upcoming major announcement.
Equity futures jumped on Wednesday as Wall Street rebounded from a three-day losing streak. Investors are eager to recover earlier losses, with Wall Street coming off a strong session. On Monday, the Dow and the S&P 500 recorded their worst sessions since 2022, driven by recession fears and the unwinding of the yen carry trade.
Market sentiment is shifting towards a high probability of Fed rate cuts in September and December. Traders are pricing in a half-point cut in September, with aggressive easing expected to slash 2.25 percentage points off the Fed’s short-term borrowing rate by the end of next year. The likelihood of a 50bps rate cut in September has surged from 6% a month ago to 66% today.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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