You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
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.
Crypto Charts
Macro Charts
Disclaimer
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.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
.png)
.jpeg)
