A global crypto fraud empire that funneled over half a billion dollars from thousands of victims has been dismantled in a sweeping international operation spanning three continents. Crypto Fraud Network Dismantled: Europol, Spain Arrest 5 in Major Bust A sweeping crackdown on a global cryptocurrency scam has unraveled a vast network that siphoned millions from […]

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Nearly three years after the Merge formally switched Ethereum to proof-of- 
stake on 15 September 2022, a publicly listed Bitcoin miner is adopting the 
network’s native token as its primary treasury asset. BitMine Immersion 
Technologies (NYSE American: BMNR) on 30 June priced a $250 million private 
placement of 55,555,556 new shares at $4.50 each and appointed Fundstrat co- 
founder Tom Lee as chairman. The company’s SEC filing and press release make 
the purpose explicit: all net proceeds will be used to acquire and stake 
ether, a move management likens to Michael Saylor’s now-legendary Bitcoin 
strategy at MicroStrategy. Tom Lee Goes Full MicroStrategy On Ethereum 
Speaking hours later on CNBC’s Squawk Box, Lee framed the pivot as a logical 
response to the explosive growth of stablecoins, most of which settle on 
Ethereum. “Stablecoins, which is the ChatGPT of crypto, because it’s viral 
adoption by consumers, businesses, banks and now even Visa,” he said, 
underscoring why a treasury heavy in ETH could become strategically 
indispensable. Ethereum’s proof-of-stake design means that large holders who 
validate blocks “secure the fidelity of stablecoins,” Lee continued. “When 
Goldman issues a stablecoin and JP Morgan [issues] it on Ethereum as a layer- 
one blockchain, they’re going to want to secure it by staking Ethereum.” 
Related Reading: Top Analyst Predicts Major Ethereum Rally Toward $4,000 As 
Shorts Hit All-Time Highs Lee tied the long-term upside to macro numbers the 
US Treasury itself has started to cite. Stablecoins today hover around $250 
billion; Treasury Secretary Scott Bessent recently suggested the figure could 
hit $2 trillion—a potential ten-fold expansion that, in Lee’s words, would 
“insure dollar dominance.” Because Ethereum already underpins more than half 
of stable-value tokens, a multi-trillion-dollar stablecoin market would 
translate directly into rising transaction fees for the network and, by 
extension, higher staking rewards for BitMine’s planned validator clusters. 
The private-placement syndicate reads like a who’s-who roster from both TradFi 
and crypto: MOZAYYX led the round, joined by Founders Fund, Pantera, FalconX, 
Republic Digital, Kraken, Galaxy Digital, Digital Currency Group, Diametric 
Capital and Occam Crest. Closing is expected on or about 3 July, subject to 
NYSE American approval. BitMine, headquartered in Las Vegas, will immediately 
deploy the ETH position into staking, giving the miner a yield-bearing 
balance-sheet asset while reinforcing Ethereum’s security budget. “One of the 
key performance metrics for BitMine going forward is to increase the value of 
ETH held per share,” chief executive Jonathan Bates said in the statement. For 
investors, the comparison with MicroStrategy is unavoidable but imperfect. 
Saylor’s company amassed bitcoin under a proof-of-work regime that offers no 
native yield; BitMine’s ether can generate income through both staking rewards 
and potential capital-markets transactions collateralized by those staked 
coins. Related Reading: Strong Ethereum Accumulation Detected: LTH Buying 
Heavy During June Consolidation Yet both strategies share a central bet: that 
a scarce digital asset sitting at the core of global finance will appreciate 
faster than cash alternatives on a corporate balance sheet. Whether BitMine 
achieves MicroStrategy-level returns will depend on execution, regulatory 
clarity for staking, and—most of all—Ethereum’s price path. What is clear, 
however, is that corporate treasuries are beginning to see ether not merely as 
“gas” for decentralized applications but as a strategic reserve asset in its 
own right. From a market-structure vantage, the new treasury model could 
translate into meaningful price torque for Ether if it scales. MicroStrategy’s 
serial purchases have now absorbed nearly 600,000 BTC—around 2.8 percent of 
the 21 million-coin cap—and coincided with Bitcoin’s ascent from roughly 
$11,000 in August 2020, when the company made its first buy, to more than 
$107,000 today, a near-ten-fold move. BitMine’s opening salvo—$250 million, or 
about 100,000 ETH at current prices—represents barely 0.08 percent of 
Ethereum’s 122 million-coin supply, yet roughly 28 percent of that supply is 
already locked in staking contracts while net issuance has turned negative 
post-EIP-1559, shrinking the freely tradable float. If even a handful of 
additional balance sheets emulate this “ETH-as-reserve” playbook, the 
resulting demand shock could replicate the supply-squeeze dynamics that 
propelled Bitcoin into six-figure territory. At press time, Ether traded at 
$2,459. Featured image created with DALL.E, chart from TradingView.com

Ethereum Just Got Its MicroStrategy—Tom Lee Bets On Soaring ETH Price

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On-chain investigator ZachXBT has raised concerns over USDC stablecoin issuer 
Circle’s compliance standards and its growing use among malicious actors. 
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Robinhood’s partnership with Arbitrum failed to boost investor interest, 
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Malaysia is planning an overhaul of its regulatory framework for digital asset 
exchanges, aiming to expedite token listings and enhance investor safeguards. 
On Monday, Malaysia’s Securities Commission has released a consultation paper 
proposing significant updates to its regulations for digital…