NVIDIA shares, NVDA, fell 7% on Thursday after a US federal judge allowed an 
investor lawsuit to proceed as a class action, reviving allegations that the 
company and CEO Jensen Huang concealed more than $1 billion in crypto- 
mining–related graphics card sales. NVIDIA Accused Of Hiding $1 Billion In 
Crypto Sales The suit, originally filed in 2018, contends that NVIDIA misled 
shareholders by attributing surging revenue to gaming demand while minimizing 
the substantial contribution from cryptocurrency miners. Plaintiffs maintain 
that the company funneled orders from miners through consumer GeForce gaming 
cards rather than reporting them under dedicated crypto product lines, 
inflating the appearance of organic gaming growth. Related Reading: MARA 
Holdings’ Bitcoin Sell-Off: 15,000 BTC Liquidated As Prices Crash Below 
$69,000 According to internal testimony and documents disclosed in the court 
filing, independent analyses place undisclosed crypto-related GPU revenue 
between $1.1 billion and $1.35 billion—far exceeding what NVIDIA publicly 
acknowledged at the time. In court materials, one insider identified as “FE 1” 
explained how the tracking system monitored miner purchases; another, “FE 2,” 
said Huang participated in sales meetings where crypto-driven demand and its 
effects on revenue were discussed. Plaintiffs argue these accounts, together 
with internal records, show NVIDIA was aware of the scale of miner demand but 
publicly downplayed its significance. Class Action Certified Despite Company 
Defense NVIDIA has long maintained that crypto mining accounted for only a 
small fraction of its business and that any mining-related exposure was 
largely confined to dedicated Crypto SKUs within its OEM segment. NVIDIA’s 
defense has drawn backing from industry groups: in August 2024, the Digital 
Chamber of Commerce filed an amicus brief urging the US Supreme Court to 
overturn a Ninth Circuit decision that had partially revived the case. 
Regulators have previously sanctioned NVIDIA over related disclosure issues. 
In 2022, the Securities and Exchange Commission (SEC) fined the company $5.5 
million and issued a cease-and-desist order for allegedly failing to fully 
disclose how crypto-mining demand affected fiscal 2018 results. Despite that 
settlement, plaintiffs say the newly surfaced internal emails and testimony 
support their contention that NVIDIA&#8217;s public statements materially 
mischaracterized the drivers of its 2018 revenue. Related Reading: Ethereum 
(ETH) May Be Reversing Course, Says Top Analyst; Watch These Key Resistances 
The alleged concealment had real market consequences: when cryptocurrency 
prices collapsed in late 2018, and miner demand evaporated, NVIDIA sharply 
lowered its revenue guidance, citing excess inventory and weaker miner orders. 
The stock plunged over two trading days, precipitating the investor suit that 
has now been certified as a class action by Judge Haywood S. Gilliam Jr. Judge 
Gilliam reached the certification after NVIDIA failed to demonstrate that its 
statements had no impact on the company’s stock price. Court filings also 
include an internal email from a senior vice president that suggested NVIDIA&#8217;s 
valuation remained elevated because of the company’s public reassurances—an 
item plaintiffs point to as evidence of market effect. At the time of writing, 
NVDA was trading at $172, down almost 18% from its all-time high of $212 set 
in October of last year. Featured image from CNBC, chart from TradingView.com

NVIDIA Faces Class Action After Court OKs $1 Billion Crypto-Mining Revenue Claims – Stock Dips 7%

Bitpanda has unveiled Vision Chain, an Ethereum Layer 2 network designed to 
bridge the gap between regulated financial institutions and the global 
decentralized economy. Bitpanda announced the launch of Vision Chain as a 
dedicated infrastructure to facilitate the scaling of tokenized assets. Built 
using the Optimism OP Stack, this Ethereum Layer 2 network enables banks […]

Bitpanda Launches Vision Chain to Connect Traditional Institutions and Onchain Finance

It’s estimated that Xinbi processed more than $19.9 billion in illicit flows 
between 2021 and 2025 and that the platform is deeply interconnected with a 
range of other illicit services.

UK sanctions $20B scam market by cutting ‘legitimate’ crypto ties

On-chain analytics firm CryptoQuant has pointed out how Bitcoin has tended to 
revisit or stay below the Realized Price in past bear markets. Currently, this 
level is located at $54,000. Bitcoin Hasn&#8217;t Gone Below Realized Price This 
Cycle In a new post on X, CryptoQuant has talked about what the Realized Price 
is telling us about Bitcoin right now. The &#8220;Realized Price&#8221; here refers to an 
on-chain indicator that keeps track of the cost basis or acquisition level of 
the average investor on the BTC network. When the spot price of the asset is 
trading above this metric, it means the addresses as a whole are in a state of 
net unrealized profit. On the other hand, BTC&#8217;s value being below the 
indicator suggests an underwater status for the overall network. Related 
Reading: Bittensor (TAO) Rallies 35%, But Social Sentiment Stays Mixed Now, 
here is the chart shared by CryptoQuant that shows the trend in the Bitcoin 
Realized Price over the history of the cryptocurrency: As displayed in the 
above graph, Bitcoin broke through the Realized Price at the end of the 2022 
bear market and since then, the asset has maintained above this line. This 
suggests that investors have enjoyed net profits in this period. Recently, the 
cryptocurrency has faced some notable bearish momentum, but so far, it has 
managed to stay some distance above the Realized Price. Currently, the metric 
is situated at $54,000. From the chart, it&#8217;s visible that past bear markets 
generally saw Bitcoin spend time at or below this level. When the majority of 
the investors are in loss, selling pressure with the motive of profit-taking 
starts running out, so it may be why the asset historically found bottoms 
below the metric. While the holders as a whole are still in the green, a 
significant segment of the userbase is already underwater at the current price 
levels. As the below chart shows, the Realized Price of the short-term holders 
has been floating some distance above the spot price recently. The short-term 
holders refer to BTC investors who purchased their coins within the past 155 
days, so their Realized Price tracks the average buying price of coins that 
moved over the last five months. With the spot price currently being under 
this level, it would appear that this group is in a state of loss. &#8220;Recent 
buyers are underwater, creating sell pressure on every bounce,&#8221; noted the 
analytics firm. Related Reading: Bitcoin Whales Go Silent: Large Transactions 
Plummet Strategy, the largest Bitcoin treasury company in the world, has also 
seen the asset drop under its cost basis with the recent bearish action. At 
present, the firm&#8217;s Realized Price is sitting around $75,600. &#8220;Right where the 
recent rally got rejected, the market is reacting to this level,&#8221; said 
CryptoQuant. BTC Price Bitcoin has continued to consolidate sideways recently 
as its price is trading around $68,400 right now. Featured image from Dall-E, 
chart from TradingView.com

Bitcoin Realized Price Sits At $54,000—Will BTC Revisit It This Cycle?

Kalshi has already listed specific markets that ARK Invest is interested in, 
such as non-farm payroll markets and deficit-to-GDP (gross domestic product) 
ratio markets.

Cryptocurrency price in SEK