About
RIVER
Ended--
Last price (USDT)
210.42K
24h total (USDT)
1.29M
Total vol (USDT)
2025-09-20 15:00:00 ~ 2025-09-22 10:30:00
Trading time (UTC+0)
2025-09-22 12:00:00 ~ 2025-09-22 16:00:00
Delivery time (UTC+0)
Total supply100.00M
Resources
Introduction
River is developing a chain-abstracted stablecoin system that connects assets, liquidity, and yields across different ecosystems. This system is powered by the omnichain CDP stablecoin satUSD, enabling users to access yield, leverage, and scalability across multiple ecosystems. Going beyond traditional models, River has innovatively introduced PrimeVault and SmartVault, which combine collateral flexibility with automated, liquidation-free yield strategies, thereby enabling seamless multi-chain expansion.
Bitcoin miner Hut 8 signs $7 billion AI deal backed by Google
Publicly tradedbitcoin mining company Hut8 (HUT) saw its stock price soar after the company signed a new $7 billion, 15-year agreement—with support from Google—with Fluidstack to provide power for high-performance computing through its 245MW data center at the River Bend campus in Louisiana. Shortly after the market opened on Wednesday, HUT was trading at $42.55, up more than 15%. HUT has risen nearly 13% in the past month and is up more than 150% over the past six months. Hut8 CEO Asher Genoot said in a statement: "This agreement is the result of our rigorous and patient execution, as we focus on ensuring we make the right deal, not just the first deal." He added: "We are working hand in hand with Louisiana, Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, aiming to deliver next-generation AI and high-performance computing infrastructure at scale. We are committed to maintaining the same rigor and long-term vision as we commercialize our broader development projects." The agreement also includes a renewal option of up to 15 years, with the total contract value potentially reaching $17.7 billion. While Google is providing financial backing, this latest move will also establish connections with JPMorgan and Goldman Sachs for transaction financing and loan underwriting. Noah Wintroub, Chairman of Global Investment Banking at JPMorgan, said in a statement: "The River Bend project demonstrates that when Hut8 combines innovative thinking, a goal-aligned team, and institutional discipline in a rapidly evolving industry, it can translate into real, lasting value." This deal is the latest trend of bitcoin miners significantly expanding into the AI computing sector, with some deals backed by Google. In September, Cipher Mining's stock price soared.A $3 billion AI cloud hosting agreementwas supported by Google. The situation is similar for bitcoin miner TeraWulf.It reached an agreement with Google-backed Fluidstackand the tech giantincreased its stake in the mining company in August. Other mining companies, such as MARA, are expanding their AI services while continuing bitcoin mining, while Bitfarms is fully focused on this.Gradually winding down its bitcoin businessto focus on providing AI computing services. Hut8 expects the construction of its new mining site to create up to 265 jobs in Louisiana. The first data center at River Bend is expected to be completed in the second quarter of 2027. The company operates five bitcoin mining sites in the US and Canada. The company has not yet responded to this. Decrypt Request for comment.
Bitcoin miner Hut 8 secures $7 billion Google-backed AI data center lease
Bitcoin miner Hut 8 has signed one of the largest infrastructure agreements ever signed by a Bitcoin company. Specifically, Hut 8 hassecureda 15-year, $7 billion lease agreement with a cryptocurrency miner to provide large-scale AI data center capacity at its River Bend campus in Louisiana. This agreement demonstrates that cryptocurrency miners are leveraging their computing power and infrastructure to meet the growing demand for AI computing. The lease agreement between Hut 8 and AI infrastructure company Fluidstack covers 245 megawatts (MW) of IT capacity, with an annual rent increase of 3%. Meanwhile, Google is providing financial backing for the lease project, and will step in if Fluidstack is unable to pay the rent on time. This reduces risk and enhances confidence in Hut 8's strategy. The agreement also gives Fluidstack the option to lease up to an additional 1,000 MW of power as the campus develops. Google Backstop and JPMorgan Financing Reduce Risk In fact, Google's involvement as a financial guarantor throughout the lease term is a notable feature of this deal. In addition, Hut 8 and Fluidstack plan to sign an operations services agreement for ongoing data center management, which will also be supported by Google's payment backing. The project will be primarily financed through loans, with banks providing up to 85% of the funding. JPMorgan is the lead underwriter, with Goldman Sachs also participating, which will reduce the upfront capital Hut 8 needs to invest. Hut 8 expects the deal to generate approximately $6.9 billion in total net operating income over 15 years, or about $454 million per year. Construction Timeline Extended to 2027 Construction work on the River Bend data center has already begun. The first data center hall is expected to be operational in the second quarter of 2027, with more halls coming online later that year. CEO Asher Genoot stated that the project reflects Hut 8's "strength-first, innovation-driven" approach, focusing on finding the right partners rather than just pursuing speed. Hut 8 Stock Reaction After the announcement, Hut 8's share price rose by about 20% in pre-market trading. This indicates that investors are excited about the company's transformation from bitcoin mining to artificial intelligence and high-performance computing. Notably, this move builds on Hut 8's previous strategy of entering the AI sector. In 2024, the company established its Highrise AI subsidiary and deployed over 1,000 Nvidia H100 GPUs to offer GPU-as-a-service products. Cryptocurrency Miners Enter the AI Sector Meanwhile, Hut 8's deal is also part of a trend of cryptocurrency companies transitioning into the AI sector to create new revenue streams. Core Scientific signed a $3.5 billion, 12-year agreement with CoreWeave, expected to generate about $290 million in annual revenue. Galaxy Digital has expanded its Helios AI data center in Texas and signed a long-term lease agreement with CoreWeave, expected to generate about $1 billion in annual revenue. Cipher Mining has also reached a high-performance computing agreement with Google-backed Fluidstack. These deals show that the power, land, and infrastructure built for bitcoin mining are now being repurposed for large-scale AI, which will bring billions of dollars in revenue to cryptocurrency companies over the next decade.
Bitcoin Miner Hut 8's Stock Soars After Inking $7 Billion Google-Backed AI Deal
In brief Bitcoin mining firm Hut 8 landed a $7 billion deal for an AI data center with Google's financial backing. The deal has renewal options that can expand the total value to $17.7 billion. Hut 8 shares have now soared more than 15% since the opening bell. Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE Shares in publicly traded Bitcoin miner Hut8 (HUT) are soaring after the firm booked a new $7 billion, 15-year deal with Fluidstack—backstopped by Google—to provide power for high-performance computing via a 245MW data center at its River Bend campus in Louisiana. HUT was recently changing hands at $42.55 shortly after the opening bell on Wednesday, a gain of more than 15%. HUT is up nearly 13% in the last month, and better than 150% in the last six months. “This agreement is the result of disciplined, patient execution as we focused on securing the right transaction, not just the first,” said Hut8 CEO Asher Genoot, in a statement. “Together with the State of Louisiana, Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, we expect to deliver next-generation AI and high-performance computing infrastructure at scale, and we are committed to applying the same rigor and long-term focus as we advance commercialization across our broader development pipeline,” he added. The firm’s deal also includes up to 15 years of renewal options that can take the contract value to $17.7 billion. While Google is providing the financial backstop, the firm’s latest initiative will also hold ties to JPMorgan and Goldman Sachs on deal financing and loan underwriting. “River Bend demonstrates how, when Hut 8 brings together the combination of innovative thinking, an aligned team, and institutional discipline to a rapidly evolving sector, it translates into real, enduring value,” said JPMorgan Global Chairman of Investment Banking Noah Wintroub, in a statement. The deal is the latest in a trend that has seen Bitcoin miners expand significantly into AI compute, some with Google’s backing. In September, Cipher Mining shares boomed on a $3 billion AI cloud hosting deal that was backstopped by Google. Bitcoin miner TeraWulf similarly had a deal with Fluidstack backed by Google, and the tech giant upped its stake in the miner in August. Other miners like MARA are expanding their AI services alongside Bitcoin mining, while Bitfarms is completely winding down its BTC operations to focus on providing AI compute. Hut8 anticipates that the construction of its new site will create up to 265 jobs in Louisiana. The first data hall at River Bend is expected to be completed in Q2 2027. The firm operates five Bitcoin mining sites across the United States and Canada. A representative for the firm did not immediately respond to Decrypt’s request for comment.
River: S3 snapshot will take place on 12.19, and S4 will launch on 12.22
According to Deep Tide TechFlow, on December 17, official sources announced that River will conduct the final snapshot for Season 3 (S3) on December 19, and launch Season 4 (S4) on December 22. S3, as the verification and expansion phase, has completed stress testing, reaching a peak TVL of $650 million, with satUSD circulation at $350 million (ranked 25th on DeFiLlama), and has completed integrations with Pendle, Morpho, ListaDAO, and others. S4 will last approximately 90–120 days, with incentives shifting focus to long-term alignment and active participation with $RIVER, centered around three core paths: Omni-CDP (satUSD) usage and liquidity, $RIVER staking, and River4FUN social engagement. Among them, satUSD-related strategies offer 2×–25× reward multipliers; $RIVER staking rewards must be claimed within 3 months or they will expire. S3 rewards will be available for claiming next week, while S4 rewards are expected to be distributed after 90–120 days (subject to official announcements).
Hut 8 shares surge 25% as bitcoin miner seals AI deal with Anthropic and Fluidstack, signs $7 billion data center lease
Bitcoin miner-turned-AI diversifier Hut 8 announced a partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the United States, marking a major expansion of its data center development pipeline. Under the agreement, Hut 8 will develop and deliver at least 245 megawatts and up to 2,295 megawatts of AI data center capacity for Anthropic, using high-performance compute clusters operated by Fluidstack. The partnership is structured across multiple tranches. The first phase will launch at Hut 8's River Bend campus in Louisiana, where the company and Fluidstack plan to develop an initial 245 megawatts of IT capacity supported by 330 megawatts of utility power. Subsequent phases include a right of first offer for up to 1,000 additional megawatts at River Bend and the potential joint development of up to 1,050 megawatts across Hut 8's broader pipeline. While bitcoin mining ASIC machines are not suited for AI workloads, mining operators often control power, sites, and cooling infrastructure that can be adapted for GPU hosting, making AI data center diversification attractive across the sector amid rising demand. "Scaling frontier AI infrastructure is, at its core, a power challenge," Hut 8 CEO Asher Genoot said in a statement. "Through our partnership with Anthropic and Fluidstack, we are aligning power, data center design, and compute deployment into an integrated platform capable of delivering at gigawatt scale." Hut 8 signs $7 billion, 15-year data center lease deal Alongside Wednesday's partnership announcement, Hut 8 also disclosed that it has signed a 15-year, triple-net lease with Fluidstack for the initial 245 megawatts of IT capacity at River Bend, valued at $7 billion over the base term. A triple-net lease (NNN) is a lease structure where the tenant, not the landlord, pays property tax, insurance, maintenance, and operating costs, on top of base rent. The agreement includes three five-year renewal options that could lift the total contract value to approximately $17.7 billion, as well as a right of first offer for up to 1,000 megawatts of future expansion at the site, the firm said. Google is providing a financial backstop covering lease payments and related obligations for the 15-year base term, while Hut 8 expects the project to generate $6.9 billion in cumulative net operating income over that period. The initial data center is scheduled for completion in the second quarter of 2027, with additional facilities coming online later that year. Hut 8 said it plans to finance the project with up to 85% loan-to-cost funding, with JPMorgan expected to serve as lead loan underwriter and Goldman Sachs also acting as a loan underwriter, subject to final agreements and customary closing conditions. The River Bend campus is being developed in coordination with Louisiana State, local stakeholders, and Entergy Louisiana, which has secured an initial 330 megawatts of utility capacity with the potential to scale by a further 1,000 megawatts. Hut 8 expects around 1,000 construction workers at peak buildout and projects more than 265 direct, indirect, and induced jobs once the site becomes operational, with employment expected to rise as future phases advance. "At first glance, this HUT deal looks like one of the strongest AI/HPC colocation deals disclosed so far," VanEck Head of Digital Assets Research Matthew Sigel said on X. "Question for the bears: if AI power is a bubble, why do deal economics keep improving?" Following the news, Hut 8's stock gained over 25% at one point in pre-market trading on Wednesday, according to The Block's price page, trading at $46.24 compared to Tuesday's closing price of $36.85. It is currently changing hands for $45.45 — having gained around 75% year-to-date. HUT/USD price chart. Image: TradingView.
Google-backed deal expands hut 8 data centers with 245MW River Bend lease and Anthropic partnership
Hut 8 data centers expand with 245MW River Bend lease
Hut 8 signs a 15-year data center lease agreement worth $7 billion
Jinse Finance reported that bitcoin mining company Hut 8 announced on X that it has signed a 15-year data center lease agreement with Fluidstack, valued at $7 billion, to lease its 245 MW data center located in the River Bend campus. Additionally, Fluidstack may add up to 1,000 MW of capacity during future expansion phases at the campus, with the specific term depending on the installed capacity of the campus.
Critical Bitcoin (Btc) Data Affecting The 14 Largest Banks In The Us Has Arrived! “First They Opposed It, Then…”
Interest in Bitcoin (BTC) and cryptocurrencies in the US has been increasing exponentially in recent years. While major institutional companies are also reacting to this trend, banks have also joined in the growing interest in cryptocurrencies. Recent analysis at this point has revealed that 14 of the 25 largest banks in the US have developed Bitcoin products. According to River, a Bitcoin-focused financial services company, 14 of the 25 largest banks in the US are currently developing Bitcoin products for their clients. River's data shows that Bitcoin integration has gone from skepticism to a strategic priority for the majority of major American banks. @media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width: 728px; height: 90px; } } window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "d098b0a7-6bf7-478a-a0ee-0619d281a09c"; sevioads_preferences[0].adType = "banner"; sevioads_preferences[0].inventoryId = "709eacfd-152a-4aaf-80d4-86f42d7da427"; sevioads_preferences[0].accountId = "c4bfc39b-8b6a-4256-abe5-d1a851156d5c"; sevioads.push(sevioads_preferences); Indeed, the banking sector's attitude towards Bitcoin has undergone a remarkable transformation. Just a few years ago, leading banking executives described Bitcoin as a speculative asset, a tool for illicit activity, or a passing fad. However, today, it is observed that the largest banks in the US are actively developing Bitcoin products. River stated that the main products offered include Bitcoin custody services, trading and brokerage services, and integration with existing asset management platforms. According to River's table, the banks that have launched or are developing Bitcoin-related products include the following: @media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width: 728px; height: 90px; } } window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "d098b0a7-6bf7-478a-a0ee-0619d281a09c"; sevioads_preferences[0].adType = "banner"; sevioads_preferences[0].inventoryId = "709eacfd-152a-4aaf-80d4-86f42d7da427"; sevioads_preferences[0].accountId = "c4bfc39b-8b6a-4256-abe5-d1a851156d5c"; sevioads.push(sevioads_preferences); “JPMorgan (Bitcoin trading services), Citibank (custody and trading services for high net worth clients), Goldman Sachs (Bitcoin services for high net worth clients), PNC Group (Bitcoin custody and trading services)”
Visa partners with Circle to provide stablecoin settlement services using USDC for U.S. banks
Visa has expanded its stablecoin settlement business to the United States, allowing banks and fintech companies to use USDC tokens for transactions. The credit card payment giant announced on Tuesday that Circle issuers and acquirer partners can now leverage stablecoins to settle transactions using Circle’s stablecoin USDC. This move follows the company’s announcement a day earlier of the launch of a stablecoin advisory practice aimed at facilitating stablecoin adoption. Visa Introduces Stablecoin Settlement in the US According to Visa’s report, as of November 30, its stablecoin settlement volume had reached an annualized run rate of $3.5 billion. Circle’s USDC has played a crucial role in Visa’s global transactions. Now, the company has enabled US financial institutions to enjoy instant and convenient transactions linked to stablecoins. They can now transfer funds quickly around the clock, even on holidays, and the experience of using Visa cards remains unaffected. USDC is the second-largest stablecoin in the stablecoin sector, which has a market capitalization of over $315 billion. Its issuer, Circle, is the developer of the Arc network, while Visa is a design partner of the Arc network. The choice of Circle’s USDC as the US settlement stablecoin further consolidates the long-term partnership between the two companies. Visa began piloting USDC in its stablecoin settlement program in 2021. Two years later, it became one of the first top payment companies to use stablecoins for transaction settlement. Since then, Visa has continued to promote the adoption of stablecoins, providing users with flexible payment options. Initial Partnerships Meanwhile, Cross River Bank and Lead Bank are the first participants in this project. Tuesday’s report shows that they have already started using the Solana network and USDC to settle Visa card transactions. In addition, Visa plans to expand these services to more US financial institutions by 2026. It encourages interested clients to participate in the promotion and adoption of stablecoins through its client team. Notably, Visa has been deepening its involvement in the blockchain sector in recent years. Last month, Visa tested paying creators and freelancers in stablecoins using USDC.It launched the Visa Tokenized Asset Platform to support institutions wishing to use stablecoin payment channels.
Payment Giant Visa Has Signed A Stablecoin Deal With Circle! Which Network Will Be Used? Here Are The Details
Visa has significantly expanded its crypto-related products and services by officially launching stablecoin reconciliation for banks in the US. According to a company statement, Visa is opening its US payment network to the settlement of transactions made with the USDC stablecoin issued by Circle Internet Group. The new system will operate on the Solana blockchain and will initially be used by Cross River Bank and Lead Bank. While Visa has previously conducted limited stablecoin settlement trials outside the US, this step marks the first full-scale implementation within the country's banking system. In July, President Donald Trump signed a federal regulatory framework for stablecoins, paving the way for such services to be implemented in the US. The regulation aims to enable crypto assets pegged to fiat currencies to offer faster and lower-cost payment solutions. @media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width: 728px; height: 90px; } } window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "d098b0a7-6bf7-478a-a0ee-0619d281a09c"; sevioads_preferences[0].adType = "banner"; sevioads_preferences[0].inventoryId = "709eacfd-152a-4aaf-80d4-86f42d7da427"; sevioads_preferences[0].accountId = "c4bfc39b-8b6a-4256-abe5-d1a851156d5c"; sevioads.push(sevioads_preferences); Luca Cosentino, Senior Vice President of Products at Cross River Bank, stated that demand from fintech and crypto companies is rapidly increasing, and that stablecoin consensus will create new business opportunities for banks. He emphasized that in the long term, stablecoins will become a fundamental part of payment infrastructure. Visa announced that it will also provide support for Circle's Arc blockchain network and will integrate with it when it goes live. The company, along with rivals like Mastercard, has entered a technology race that could transform the traditional payment processing role. According to Bloomberg Intelligence, stablecoins could reach over $50 trillion in annual payment volume by 2030. Visa aims to strengthen its position in the digital asset space by launching a global stablecoin advisory service for banks, fintech companies, and retailers in response to growing demand. @media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width: 728px; height: 90px; } } window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "d098b0a7-6bf7-478a-a0ee-0619d281a09c"; sevioads_preferences[0].adType = "banner"; sevioads_preferences[0].inventoryId = "709eacfd-152a-4aaf-80d4-86f42d7da427"; sevioads_preferences[0].accountId = "c4bfc39b-8b6a-4256-abe5-d1a851156d5c"; sevioads.push(sevioads_preferences);
Visa Enables USDC Settlements on Solana for U.S. Banks, Cross River Bank Among First Users
COINOTAG News reports that on December 16, Visa disclosed that U.S. institutions will be able to settle transactions using USDC on the Solana blockchain. The move aims to streamline on-chain settlement and broaden the role of stablecoins in mainstream banking rails. Early adopters, including Cross River Bank and Lead Bank, will pilot the service to clear and settle payments with USDC. The initiative leverages Visa‘s settlement infrastructure to enhance liquidity, reduce latency, and improve visibility across digital-dollar transfers. As a design partner of Circle‘s Arc blockchain, Visa will back the integration when the Arc network launches, signaling closer interoperability between Circle’s ecosystem and traditional banking rails. Share News:
Visa to Enable U.S. Institutions to Settle Transactions in USDC via Solana
BlockBeats News, December 16th, today Visa announced that it will allow US institutions to use the USDC stablecoin for transaction settlement on the Solana blockchain. Cross River Bank and Lead Bank are among the first banks to use this service. Visa, as a design partner of Circle's Arc blockchain, will also support it once the Arc network is launched.
Visa supports US financial institutions in settling with USDC on Solana
Visa has begun supporting US financial institutions in settling transactions using USDC on Solana, with Cross River Bank and Lead Bank being the first institutions to use this service. As a partner of Circle Arc blockchain, Visa will also provide support after Arc goes live.
Stripe, Paradigm Open Tempo Blockchain to Public as Stablecoin Demand Accelerates
Key Notes Tempo blockchain separates transaction lanes to prevent congestion and offers stable fees at one-tenth of a cent per transaction. Major financial institutions including UBS, Deutsche Bank, and Cross River Bank are testing the payments-focused network's capabilities. The platform accepts dollar-denominated stablecoins like USDT and USDC for transaction costs and targets microtransaction use cases. Stripe and Paradigm opened Tempo’s public testnet on Tuesday, expanding the operational capacity of the payments-focused blockchain unveiled in September. A Bloomberg report on Tuesday detailed how the rollout invites any company to begin building stablecoin payment applications on the network. The companies confirmed that Tempo’s newest group of partners includes UBS, Cross River Bank, and prediction-market operator Kalshi. They join existing participants such as Deutsche Bank, Nubank, OpenAI, and Anthropic, which have been testing live workloads to validate the chain’s performance. Other partners mentioned include DoorDash, Shopify, Standard Chartered , Visa , Coupang, and Revolut, with more firms like Klarna, Brex, Coastal, Mastercard , Ramp, Payoneer, Persona, and Figure joining after the initial announcement . Tempo’s testnet is live! Any company can now build on a payments-first chain designed for instant settlement, predictable fees, and a stablecoin-native experience. Tempo has been shaped with a wide group of partners validating real workloads including @AnthropicAI , @Coupang ,… pic.twitter.com/tHcjuBRGZb — tempo (@tempo) December 9, 2025 According to details, the Tempo blockchain applies a payments-first architecture that separates transaction lanes from the broader network to avoid congestion common on public blockchains. The design targets predictable settlement times and fee stability, aiming to prevent disruptions often triggered by spikes in speculative trading. With a fixed fee of one-tenth of a cent per transaction, Tempo offers an alternative to traditional card rails that charge between one and three percent plus fixed costs. This model also aligns with rising interest in microtransactions across fintech and AI firms, which increasingly prefer usage-based fees instead of monthly billing. Tempo also accepts any dollar-denominated stablecoin for transaction costs, including USDT and USDC, the two largest tokens in circulation. Companies building on the Tempo blockchain can begin testing integrations today, according to project documentation. "Working with Tempo allows Coastal to test and co-create the next generation of financial infrastructure. It’s not just about improving speed or efficiency — it’s about unlocking new capabilities for the broader ecosystem of fintech and embedded finance partners. Together, we’re… https://t.co/grxZmHHBKO — Coastal (@CoastalBankWA) December 9, 2025 Coastal Bank President Brian Hamilton said his institution is testing how the network’s structure could unlock new capabilities across fintech and embedded-finance partners. Related article: Fintech Giant Klarna Launches Stablecoin on Tempo Blockchain Matt Huang, managing partner at Paradigm, which leads the project’s development effort, told Bloomberg his team will focus on real-world use cases for stablecoins. The move continues a year-long trend of US institutional participation in crypto, further accelerated by the GENIUS ACT regulatory framework signed into law by President Donald Trump in July 2025.
Kevin Hassett Emerges as Trump’s Leading Candidate for Federal Reserve Chair
Quick Breakdown Kevin Hassett is now seen as Trump’s top contender to replace Jerome Powell as Federal Reserve chair. Hassett’s deep involvement in crypto policy and personal holdings in Coinbase add weight to his candidacy. Trump’s broader shortlist features several crypto-friendly figures who align with his push for further rate cuts. Crypto-friendly White House economic adviser Kevin Hassett is reportedly rising to the top of President Donald Trump’s shortlist to replace Federal Reserve Chair Jerome Powell when his term ends in May. According to a Bloomberg report citing sources close to the matter, Trump’s advisers and allies believe Hassett aligns closely with Trump’s push for aggressive rate cuts, positioning him as the most likely successor. Hassett’s crypto credentials strengthen his case Hassett currently heads the National Economic Council, where he oversees the White House’s digital asset working group created by Trump earlier this year. The group issued a policy-focused crypto report in July, reinforcing the administration’s interest in digital assets . His personal financial disclosures reveal strong ties to the industry; he holds at least $1 million in Coinbase stock. He earned over $50,000 from Coinbase for serving on its Academic and Regulatory Advisory Council. He also previously advised One River Digital Asset Management, a major crypto investment firm. When asked on Fox News whether he would accept the role of Fed chair, Hassett replied that he would “have to say yes,” noting he has discussed the possibility with Trump. Source : Fox News Trump’s Fed shortlist packed with crypto supporters Hassett isn’t the only crypto-friendly name in the mix. Trump has also reportedly vetted Chris Waller, a Fed governor who publicly encouraged banks to explore decentralized finance. Michelle Bowman, the Fed’s vice chair for supervision, suggested that Fed staff should be able to hold small amounts of crypto to understand the technology better. Regardless of who ultimately gets the nod, analysts expect Trump to push his next chair toward lower interest rates. The Fed has already cut rates twice this year, by a total of 50 basis points. Market expectations lean heavily toward another 25-basis-point cut in December, with CME’s FedWatch tool placing the odds near 85%. Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The Flip Side of US AI: Working for Chinese Bitcoin Miners
Original Article Title: "The Other Side of American AI: Working for Chinese Bitcoin Miners" Original Article Author: Lin Wanwan, Dongcha Beating By the end of 2025, a Chinese crypto equipment company, Bitmain, was placed on the U.S. national security review list. On November 21, the U.S. Department of Homeland Security initiated Operation "Red Sunset" under the guise of national security, putting Bitmain on the review table. The accusatory terms cut to the core: investigating whether their equipment contains a backdoor and whether it could deal a fatal blow to the U.S. power grid in extreme circumstances. Why would a Chinese mining company be accused of posing a threat to the U.S. power grid? This stems from the U.S.'s extreme anxiety over core resources. At this moment, Silicon Valley is witnessing the most expensive "silent" event in technological history. Within AI data centers, tens of thousands of Nvidia H100 GPUs are lying dormant on the ground. These chips, priced at $30,000 each and dubbed "industrial gold" by Huang Renxun, should be running at full speed, injecting life into GPT-5 or Sora. However, at this moment—they are without power. Humanity's most cutting-edge assets are now being stymied by the most primitive of physical limitations. The U.S. is facing a power shortage to an incomprehensible extent. A deficit of 44 gigawatts, equivalent to the entire power generation capacity of a moderately developed country like Switzerland. In this self-proclaimed most technologically advanced country, the average waiting time to power up a newly built AI data center has stretched to over 48 months. The U.S. power grid is like an elderly person in their twilight years. Just as AI giants held billions of dollars but couldn't find an outlet, they discovered that a lifesaving straw had appeared in the last place they expected—Bitcoin mines. That's when Wall Street suddenly realized: what these people held in their hands was the scarcest asset of the AI era—an enormous amount of electricity already contracted with energy companies. Yet, they come to realize: this survival rule about "hashrate equals power" had been exemplified to the fullest by a group of Chinese engineers on the other side of the ocean a decade ago. Because what is now serving as the first round of "power training ground" for the American AI era was completed in China a decade ago and, due to a decree three years ago, migrated to the U.S. The game of both sides of the ocean harbors inevitability within contingency. Just as the torrent of time cannot be diverted, each generation has its own fate, and every footnote is telling us: greatness cannot be planned. American Power Inherits "Chinese Legacy" History always tends to first write down the answers and then wait for the one asking the question to appear. In June 2024, the American Bitcoin mining firm Core Scientific announced a shocking piece of news on Wall Street: they had signed a $3.5 billion agreement with CoreWeave, known as NVIDIA's offspring, to lease out the electricity infrastructure originally used for mining Bitcoin to be used by the latter for training AI models. These pieces of news caused a sensation in Silicon Valley, being referred to as the "hashpower marriage." However, across the ocean in China, for the miners and officials who experienced the "5·19" storm back then, these pieces of news had a different taste. Because companies like Core Scientific, IREN, Cipher, and other mining firms used their infrastructure to house the NVIDIA H100, a large portion of it actually carried Chinese genes. To some extent, the first round of "electricity defense works" in the American AI era fully inherited the industrial legacy of China's hashpower diversion. And the person who inadvertently drew up the blueprint was named Janke Tudor. Janke Tudor, a typical engineer who graduated from the Institute of Microelectronics of the Chinese Academy of Sciences, whose original life path should have been to write code, draw circuit diagrams, and be a quietly prestigious tech giant in some tech park. It wasn't until 2013 that Janke Tudor and Wu Jihan founded the company Bitmain. It is said that Janke Tudor only spent two hours reading the Bitcoin whitepaper. He might not have understood the future of currency, but he understood the essence behind that math—it was a arithmetic game about hash collision. In 2016, Bitmain made a decision that shocked the industry: they threw a massive chip order at TSMC. The Antminer S9, equipped with TSMC's cutting-edge 16nm FinFET process, emerged, not only as a capacity miracle in chip history but also created an unprecedented "thermodynamic furnace." In Janke Tudor's eyes, the S9 was a chip; but in the eyes of the national grid, it was a pure industrial load. Unlike a factory that operates day and night, it does not fluctuate with temperature. It operated with a smooth power curve 24 hours a day, not picky about voltage or background. From that moment on, a new system was born in the world: electricity, from a public service, transformed into a "B-side raw material" that could be instantly priced, traded, and liquidated; electricity, an energy source that is difficult to store at a low price once generated, embedded its value in a series of numbers in another form; Bitcoin mining began to become an industry: from the hydroelectric power in the mountains of Sichuan to the wind power in the grasslands of Inner Mongolia, Bitcoin miners operate on every inch of China's power-redundant land. Perhaps at the time, Jack Dorsey did not realize that the industrial standard he defined for Bitcoin mining machines inadvertently rehearsed a perfect energy supply solution for the extremely thirsty American AI a decade later. In the craziest year of 2018, Bitmain alone swallowed 74.5% of the global share. But that's not the scariest part. The scariest part is that the remaining share was also completely wrapped up by the Chinese. Whether it was the Shenma mining machine founded by Yang Zuoxing, the former chief chip designer of Bitmain, or the ASIC pioneer Canaan Creative, they were all Chinese faces. This is not a global competition at all but a "Chinese Engineers Civil War" spanning 2000 kilometers: from the Olympic Science Park in Haidian, Beijing, to the Wisdom Park in Nanshan, Shenzhen, the heart of global hashrate, pulsating with the Chinese rhythm. It is an absolute closed loop that Silicon Valley has to look up to, completely locked down by the Chinese supply chain. It wasn't until May 2021 that, with a regulatory ban, the continuous roar by the Yangtze River came to a sudden halt after several years. For the country, this was the end of an electricity-consuming industry; but for the industry, it was the beginning of an epic "Great Technical Migration." Thousands of containers were loaded onto freighters and drifted across the seas, carrying not only the latest generation of Ant mining machines designed by Jack Dorsey but also a unique "electricity survival philosophy" honed in China. One of the destinations: Texas, USA. Here, there is an independent ERCOT grid and the wildest electricity trading market in the United States. For these "hashrate refugees" from the East, this place is simply an enhanced version of "Sichuan + Inner Mongolia." However, when these Chinese people truly landed, the American energy sector was surprised to find that these were not refugees but a well-equipped "energy special forces." When the mining companies were in Sichuan, the mine owners relied on drinking heavily with power plant managers and cultivating relationships to get cheap electricity, based on an unspoken "understanding." However, in Texas, this logic was rapidly upgraded to high-frequency trading algorithms. Texas electricity prices fluctuate in real-time, changing every 15 minutes and can surge from 2 cents to $9 in extreme cases. Traditional Silicon Valley data centers (such as Google, Meta) are wary of such fluctuations, accustomed to lying on fixed rates like greenhouse flowers. But how did Jack Dorsey's "disciples" react? They were excited. They took the experience of manually controlling power on/off domestically in the past and turned it into an automated demand response program. When the electricity price is negative (such as when there is an oversupply of wind power in Texas, USA), they operate at full power, voraciously consuming electricity, to the point where the grid even has to pay them to use electricity; when a heatwave hits and electricity prices soar, they can cut off hundreds of megawatts of load in seconds, selling electricity back to the grid at a much higher price differential than mining. This kind of "energy arbitrage" technique has left veteran American power traders dumbfounded. The likes of American mining giants such as Riot Platforms and Marathon today, thriving and transitioning to AI data centers, rely precisely on this electricity algorithm brought over from China. Another legacy of the Jack Ma era is the extreme pursuit of physical infrastructure speed. The traditional American data center construction period is 2-3 years, characterized by meticulous engineering by elite engineers. But the "mining circle" doesn't buy into this, as they believe that every second of downtime is a crime against profit. Thus, on the Texas plains, a jaw-dropping "Chinese speed" has emerged that astonishes local builders: no exquisite glass curtain walls, no complex central air conditioning, only huge industrial fans roaring. This "modular, containerized, minimalistic cooling" infrastructure solution has forcefully compressed the construction period to 3-6 months. This rugged yet highly efficient engineering capability was initially mocked as an "electronic junkyard" in Silicon Valley, but today, it has become a hot commodity—because the explosion of AI computing power is too rapid, and entities like OpenAI can't wait for 3 years; they need this "plug-and-play" infrastructure capability now. Evidently, in Silicon Valley, you can buy graphics cards with money, but you can't buy time. This "time" is a legacy of the crazy decade from ten years ago. Back then, for the sake of mining Bitcoin, Chinese miners and their successors madly acquired land and built substations in the US, accumulating a priceless "grid-connected capacity" today. Electricity quotas are the new hard currency of American capital. The so-called "inheritance" is not inheriting that pile of silicon scrap iron, but inheriting the right of access to the power grid. The reason mining companies can secure billion-dollar deals is simply because, in the current power-deficient America, they firmly hold the key to kickstarting the AI era. The Migration Night of the "Invisible Champion" This brutal joy will ultimately end in a brutal outcome. 2018 was a secretive watershed year in business history. In that year, Sam Altman, the founder of ChatGPT, was still worrying about the survival of his nonprofit organization; Musk had just barely survived a near-bankruptcy situation, and the computing power in their eyes was still just meek servers in a data center. However, across the ocean, Jack's Gang and his Bit Continent have turned computing power into an industrial behemoth. They may not have understood the future of AI, but that hasn't stopped them from holding the key to the future: how to tame those greedy silicon chips in watts. This is a story about grassroots heroes, national will, and a historical joke. In seven years, China nurtured a power-devouring behemoth in the swift currents and coal seas of the West, only to, on a summer night in 2021, uproot it with its own hands in pursuit of greater financial security and a dual-carbon goal. To understand why the United States today is bowing so low to mining companies to absorb the power surge of AI, one must read about the "energy training" at the Dadu River in Sichuan, China, a decade ago. Let's rewind to August 2019. It was Bit Continent's heyday and also a brief window for China's mining industry to "turn gray to white." At that time, the Sichuan provincial government introduced a policy called the "Hydropower Consumption Demonstration Zone" to address the long-standing issue of "excess water during the flood season" (meaning electricity generated from water that cannot be utilized and is wasted). This was a real red-headed document in places like Ganzi and Aba in Sichuan. According to reports by Caixin at the time, under this policy, Jack's Gang's mining machines were no longer hidden "off the grid" in the deep mountains but became honored guests helping the local power grid "smooth out peaks and valleys." At that time, Bit Continent was, in fact, acting as a "super capacitor" for the energy network in western China. Jack's Gang was proud not only of its 7nm chips but also of its ability to instantly convert surplus electricity into digital assets. At that time, China held 75% of the global Bitcoin hash rate. From Wall Street to the City of London, everyone looking to join this game had to consider Jack's Gang's preferences and rely on the power load in Sichuan and Xinjiang, China. However, behind this "gray prosperity," two Damocles swords were always hanging overhead. The first is "financial security." Regulatory authorities had long realized that this was not just a technological innovation but also a massive fund flow outside of foreign exchange controls. The second is "dual carbon control." With the introduction of the "3060 dual carbon" target in 2020, the flow of every unit of electricity became a political account. The mining industry, a "high-energy consumption, low-employment, no physical output" sector, was destined to be sacrificed on the macroeconomic strategy scale. The precise turning point in history was marked on May 21, 2021. That evening, the State Council's Financial Stability and Development Committee held its fifty-first meeting, during which a highly impactful but succinct statement appeared in the meeting summary: "Crack down on Bitcoin mining and trading activities". This was no longer the past practice of "warning of risks" or "restricting development," but the highest-level "shutdown order". What followed was the most thrilling 30 days in the history of China's computing power industry. Inner Mongolia took the lead by directly cutting off power to coal-fired mining farms, followed swiftly by Xinjiang conducting a dragnet-style investigation. The climax occurred on the night of June 19, 2021. On that day, the Sichuan Provincial Development and Reform Commission and Energy Bureau issued a notice to clean up and shut down virtual currency "mining" projects. This marked the infamous "Sichuan Shutdown Night" within the industry. To this day, there is a circulating video of that night: in a super mining farm in Aba Prefecture, as the midnight bell rang, on-duty personnel, tears in their eyes, successively switched off the circuit breakers of the high-voltage distribution cabinets. The deafening roar of cooling fans, which had been running for years like an airplane taking off, disappeared in an instant. The indicator lights of millions of mining machines went out simultaneously. The world suddenly fell eerily silent, with only the sound of the rushing waters of the Dadu River remaining. At that moment, the global Bitcoin network's hash rate plummeted by nearly 50%. China, with a determined resolve, forcibly severed an industry that consumed billions of kilowatt-hours of electricity annually from the bloodstream of the national grid. We successfully defended the financial front line and freed up valuable energy space. However, in the crevice of this grand narrative, an unexpected twist was planted: we kept the power but expelled the group of people who "understood best how to use it." Yet, the machines that were disconnected from the power grid did not disappear; they began to roam. In the latter half of 2021, an unprecedented congestion occurred at the Yantian Port in Shenzhen. According to descriptions from freight forwarder companies at the time, thousands upon thousands of shipping containers piled up like mountains, all laden with S19 mining machines dismantled from Sichuan and Xinjiang. This was a computing power version of the "Dunkirk evacuation." The story comes full circle. In 2024, when ChatGPT took the world by storm, the AI giants suddenly realized: a lack of power, a lack of substations, a lack of high-power data centers that can be rapidly deployed. While China cleared out "outdated capacity" years ago, it had neatly packaged and delivered the ability to "construct and operate large-scale, high-energy-consumption computing centers" to the world. This was a strategic decision that was crucial for national financial sovereignty, decisively abandoning this high-risk digital highland. From a macroprudential perspective, this was absolutely the correct and necessary strategic action at the time. However, the irony of history lies in the fact that those massive bubbles and excess hashpower that were actively squeezed out and expelled eventually solidified on the other side of the ocean, becoming the most indestructible cornerstone of the adversary's grid and energy system. But if one thinks that the endgame of this hashpower migration was merely "the East loses ground, the West gains benefits," then they only see the chips on the table, not the table itself. The AI arms race, in essence, is an endless consumption of energy by computing clusters, ultimately leading to a battle over electricity costs. In this war of attrition, no country is more strategically deep-rooted than China. The United States needs miners as this "flexible load" to patch up and prolong life, treating miners as bait to cure the electricity grid's "old age ailments." However, China is different, possessing a national power grid as its central brain. Through Ultra-High Voltage (UHV) power transmission, it seamlessly transports the cheapest clean energy from the west to the data center clusters in the east like a continuous blood supply, with low loss. Nevertheless, swept along by the tide of history, Bitmain, the power management exemplar of the Chinese hashpower era, inadvertently became a strategic force reshaping the global energy landscape. They unintentionally offered their honed skills by the Yangtze River to the other side of the ocean, fortifying the first circle of the power wall for the upcoming American AI age. The Fate of "Defected" Mining Enterprises So, have these "bitcoin-era miners who defected" truly made a leap to sit at the table of the AI age? The answer may lie in the calculations of the giants. Have you ever wondered why tech behemoths like Microsoft and Google, with billions in cash flow, truly entrust their power lifeline to mining companies? Just because they found the self-construction timeline too long? Of course not. The fundamental reason is that they fear the lessons of history more than anyone else. Looking back at business history, there is actually an invisible tombstone on the mahogany desks of Silicon Valley elites, engraved with a once soaring name: Global Crossing. This was the most tragic infrastructure giant to perish in the 2000 internet bubble. At the time, America's elites firmly believed that in just a few years, the whole world would enter the internet age, and people would increasingly need faster internet speeds. In this religious-like fervor, founder Gary Winnick debt-financed billions of dollars and, like a madman, laid tens of thousands of kilometers of fiber optics on the seabed within a few years, connecting the Americas, Europe, and Asia. After the bursting of the dot-com bubble, ".COM" websites only needed to shut down servers, lay off employees, and they were done with bankruptcy liquidation. However, infrastructure providers faced a huge asset burden: the optical fibers buried under the Pacific Ocean, capable of transmitting trillions of bytes per second, overnight turned into the most terrifying "dead asset" in shareholders' eyes — unsellable and immovable, only able to quietly lie on the dark ocean floor, slowly decaying on the balance sheet. In 2002, Global Crossing collapsed under the weight of $12.4 billion in debt. The most ironic outcome was: Li Ka-shing's Hutchison Whampoa later tried to pick up these assets at less than 1% of the price, as if picking up scrap metal. Global Crossing demonstrated a cruel truth with its own corpse: in the early stages of technological revolution, whoever bears irreversible heavy assets will be the first scapegoat in a downturn. They thought they held the data arteries of the future world, but ended up sacrificing themselves as infrastructure. Today's Microsoft CEO Satya Nadella and Google CEO Sundar Pichai surely remember this tombstone more than anyone. Therefore, when you open the financial reports of these past two years, you will find that their core risk control consists of four words: asset isolation. The CapEx capital expenditures of AI giants are skyrocketing, but every penny is meticulously considered: on one end are GPUs and customized servers, these relatively "general" assets can be quickly reoriented, and if they really don't work, they can be sold at a discount; on the other end are data center buildings, cables, and cooling systems, typical "specialized heavy assets," trying to spin off the most difficult-to-exit assets. The real calculation is right here: they want to spread that "pit" to others. The AI giants are trying to use long-term computing power contracts, power contracts, and park leases to create a chain that "looks like OpEx operating expenses, but essentially shifts the CapEx risk to others." For the miners who have been recruited and the infrastructure players eager to transform, the words of the giants are enticing: "You are responsible for investing money to build factories, you are responsible for handling liquid cooling renovations, I am responsible for signing electricity contracts. As long as AI becomes a dividend of the times, you collect rent according to the contract, and I get business growth and stock price returns." It sounds like risk sharing, but upon careful consideration, it's more like the popular saying: "You die with a friend rather than die a pauper." But what if AI is ultimately proven to be another illusion like the Global Crossing incident? Big tech giants can easily exit gracefully by paying a small default fee, taking a one-time asset impairment, and then continuing to tell the next story. However, those who truly have to face the bank's loan reminder letters and explain to creditors how to deal with factories custom-made for high power-density, where nothing can be done except plugging in an H100, or this batch of infrastructure white knights who thought they had finally made it to the table. Furthermore, someone may ask: What if the AI bubble bursts, and mining companies simply remove the GPUs and switch back to mining rigs to continue mining coins? More realistically, most mining farms that "transition to AI" do not have interchangeable hardware: AI data centers use GPUs and liquid cooling, while Bitcoin requires ASIC shipping containers for ultimate cost efficiency, and these two systems are hardly compatible. The capital market has already given you a premium on "AI infrastructure stocks," and announcing a return to mining would shift the valuation anchor back from AI to "high-energy-consuming miners," but the factories remain, and the narrative and market cap would be liquidated first. So history will not repeat itself, but it always rhymes with a similar beat. The fiber optic cables that were laid on the seabed back then, the data centers standing in the wilderness today, the payers of the bill may have changed, but their roles remain the same. Greatness Cannot Be Planned Today, in the strategic game of AI competition between China and the United States, computing power and electricity are two crucial winning moves. Although the United States lags behind China in the efficiency of power grid construction, it has unexpectedly acquired a massive "shadow inventory." When Silicon Valley's data center construction is stymied by environmental regulations and supply chain constraints, these mining farms can quickly step in to power the training of GPT-5 and GPT-6. The allure of the business world lies in its unpredictability. All strategic planning is essentially looking in the rearview mirror at the road traveled. This is an unexpected strategic assistance campaign. It was not planned by the policymakers in the White House or deduced by the Pentagon but inadvertently constructed by a group of wandering Chinese engineers and a bunch of profit-chasing speculators in the chaos of the market game. The world is always full of "precise errors" and "ambiguous correctness." This may be a fable left by business history: Greatness has never been able to be planned.
River suspends points redemption mechanism, sparking controversy; River Pts drops over 70% in a single day
Code is Law seems to be a thing of the past Written by: ChandlerZ, Foresight News On the evening of November 9, the chain abstraction stablecoin system River announced that it would temporarily suspend the mechanism for exchanging River Pts for RIVER tokens and plans to carry out a comprehensive upgrade. The official reason given was that the price of RIVER had recently suffered an organized and premeditated short-selling attack. Some large holders concentrated on exchanging River Pts for RIVER in a short period, combined with large short positions, to collaboratively suppress the market price. River Pts are River’s ecosystem points, which can be traded and staked as ERC20 tokens. Under River’s unique Dynamic Airdrop Conversion mechanism, River Pts can be converted into RIVER tokens at any time within 180 days, allowing users to choose the timing and market behavior themselves. After the announcement, River Pts quickly collapsed in the secondary market. Market data shows that River Pts dropped from about $0.04 to around $0.01 on the same day, a single-day drop of more than 70%, with selling pressure erupting all at once. What is River? And what is Dynamic Airdrop Conversion? The River project is developed by the RiverdotInc team, with its core positioning as building a chain abstraction stablecoin system for multi-chain ecosystems. The system aims to connect assets, liquidity, and yields across different blockchains, enabling seamless cross-chain interaction without relying on traditional bridging or wrapping mechanisms. On September 19, River became the first BuildKey TGE project launched on Binance Wallet. BuildKey is an innovative issuance model launched by Binance in cooperation with Aspecta AI. The model is divided into three stages: In the first stage, users must meet the Alpha Points threshold and deposit BNB to obtain BuildKey certificates, which represent future token allocations. In the second stage (BuildKey trading), users can trade BuildKey in a liquidity pool based on a Bonding Curve, achieving pre-TGE price discovery. The threshold for this stage is relatively low. The third stage (TGE and redemption) is where the core advantages of the BuildKey model—fairness and transparency—are realized. The number of tokens subscribed for this time was 2 million RIVER, accounting for 2% of the total supply. Ultimately, more than 100,000 BNB were deposited, worth over $100 millions, setting a fundraising record for Binance Wallet IDO. The oversubscription rate reached as high as 993 times, with over 33,000 participating addresses. River previously attracted much attention largely due to its proposed Dynamic Airdrop Conversion mechanism. Unlike traditional “one-time fixed ratio” airdrops, River incorporated time into its tokenomics model. On September 22, River announced that the RIVER token airdrop was open for claiming, allocating 1 billion River Pts for the airdrop, corresponding to up to 30 million RIVER, about 30% of the total supply. The number of RIVER tokens users could claim would increase over time—the longer the wait, the more tokens could be obtained, with a maximum waiting period of 180 days. If a user claimed on the 180th day, the number of tokens received would be 270 times that of claiming on the first day. The official example stated that for the same 1 million Pts, if exchanged on the first day, only about a thousand RIVER could be obtained; if held until the 180th day, up to 30,000 RIVER could be received, a return 270 times higher than on the first day. In the project’s narrative, this design aims to reward long-term supporters and punish “hit-and-run” fast players. The longer users wait, the stronger their trust in the project, and the more tokens they can ultimately receive. Combined with the ability to stake River Pts within the ecosystem and participate in activities to continue accumulating, Dynamic Airdrop Conversion was once touted as a new standard for airdrop distribution. For this reason, after the TGE, most users chose not to rush to exchange but to continue holding or staking Pts, hoping to receive a higher proportion of RIVER closer to the 180-day mark. This group is also the one experiencing the greatest “expectation gap” in this incident. According to its official website, as of November 10, about 65.74 million River Pts had been converted into RIVER tokens. Official: Had to hit the brakes to prevent systemic risk In the November 9 announcement, the River team stated that since November 7, it had observed abnormal and suspicious activities on multiple exchanges, including addresses opening large short positions, large amounts of River Pts being exchanged for RIVER and immediately sold, and sharp changes in funding rates. The announcement stated that malicious short-sellers were placing large short orders while using the Pts exchange mechanism to quickly obtain RIVER for sale, thereby collaboratively suppressing the price. This was described as an organized and premeditated attack, targeting the River ecosystem and the points exchange mechanism itself. In this narrative, River’s solution was to immediately suspend the Pts-to-RIVER exchange channel, initiate market buybacks, and begin upgrading the mechanism. The team emphasized that this was a temporary decision made in pursuit of long-term sustainable growth and promised to disclose more data, hold AMAs, listen to community feedback, and jointly design a new mechanism. From the project’s perspective, this was a forced braking action to avoid a main market crash under extreme market conditions. But for users, this touched on a more sensitive issue: do the rules still count? 180-day anytime exchange—why can it be stopped midway? The reason this incident escalated so quickly is not just the sharp drop in Pts price, but the way the project handled the boundaries of the rules. Many participants pointed out that River had emphasized the 180-day exchange window, the freedom to choose the timing, and even batch exchanges in its FAQ, official articles, and airdrop page. Many users based their conversion and arbitrage strategies on these rules. Now, with the window not even halfway through, the exchange mechanism has been announced as temporarily suspended, with no clarity on whether, when, or under what rules it will resume. For these users, this is no longer a simple strategy adjustment, but a forced rule change in an ongoing game. The Pts in their hands, which were chips expected to be converted into RIVER, have become points that can only be sold at a loss on the secondary market, with their time value instantly discounted. On the other hand, the debate over who is actually being protected is intensifying. Supporters believe that if there really was a large-scale short-selling attack combined with concentrated exchanges, keeping the mechanism open could have caused the RIVER spot market to collapse, dragging down the entire ecosystem and all token holders; suspending exchanges and initiating buybacks may indeed be necessary in extreme situations. But opponents question whether, in effect, the suspension primarily protects the RIVER main market price while shifting the pressure onto Pts holders. What makes many people uneasy is that this suspension exposes a deeper issue: to what extent can rules written into contracts and treated as on-chain commitments be unilaterally changed by the project team? If the River contract still retains strong mutability permissions, this means the arrangement of 180-day free exchange is not a hard rule locked in code, but more like an operational plan that can be adjusted at any time by the contract owner switch. In the crypto world where “code is law” is a creed, such a structure—where a few addresses hold the power of life and death—is enough to trigger a renewed discussion about the foundation of trust in the community. If contracts can be changed at any time, are users really betting against time, or are they betting against the project team’s subjective decisions?
Hut 8's 13% selloff over lack of AI tenant 'short-sighted,' says Benchmark after record quarter
Hut 8 Corp. shares fell as much as 13% on Tuesday after the company reported record third-quarter results but did not confirm a hyperscale AI tenant for its River Bend project in Louisiana. Benchmark Equity Research Analyst Mark Palmer described the selloff as "short-sighted and unwarranted" in a Wednesday note to clients, arguing that traders positioned for a near-term announcement that management never promised. Palmer said the selloff reflected the "unwind of speculative, 'lottery ticket' positions," obscuring the fact that the company has laid the groundwork for a long-term, high-value enterprise, maintaining the view that Hut 8's approach remains disciplined. "It does not appear to be a question of whether such an announcement will occur, but when," he said. However, CEO Asher Genoot did confirm during Hut 8's earnings call that development of the 300 MW flagship facility in West Feliciana Parish — which can eventually scale toward one gigawatt — remains on track to begin operations in late 2026. "While traders hoped for a near-term pop, Mr. Genoot emphasized that management's focus is squarely on securing the right tenant, not just the fastest one," Palmer said, adding that the firm is "playing the long game" in energy, AI, and bitcoin optionality. "Hut 8 can afford to wait for a deal that optimizes long-term economics, rather than accept a suboptimal one for a short-term headline," Palmer added. "And given the AI infrastructure boom and the scramble among major cloud and hyperscale players for reliable, affordable power, we find it hard to imagine that River Bend will remain untenanted for long." Record quarter underscores diversification Hut 8 posted $83.5 million in revenue for the third quarter, up 91% year-over-year and ahead of consensus estimates of $65.4 million — driven primarily by growth in its bitcoin mining subsidiary, American Bitcoin Corp. Net income rose to $50.6 million from under $1 million a year earlier, supported by gains on digital assets. Adjusted EBITDA also jumped to $109 million — a twentyfold increase over the same period last year — displaying the impact of higher bitcoin prices, greater scale, and a more diversified platform, Palmer said. As of Sept. 30, Hut 8 held 13,696 bitcoins worth about $1.6 billion, including 10,278 on its balance sheet and 3,418 owned by American Bitcoin Corp. — propelling it into the top 10 largest publicly traded bitcoin holders, according to Bitcoin Treasuries data . CFO Sean Glennan said the company has generated nearly $1 billion in incremental value from its bitcoin holdings since Genoot became CEO in February 2024 — including $689 million from price appreciation, $265 million from bitcoin-backed credit facilities, and roughly $32 million in premiums realized through covered call option strategies. Glennan said those results show bitcoin can serve as a "productive reserve asset" that enhances liquidity and reduces reliance on equity. Benchmark reiterated its buy rating and $78 target for Hut 8 — 62% to the upside from Tuesday's $48.11 closing price, according to The Block's Hut 8 price page . The stock is currently up 4.4% in pre-market trading on Wednesday, per TradingView. HUT/USD price chart. Image: TradingView . The research and brokerage firm values Hut 8 based on a sum-of-the-parts approach that includes its 1,530 MW of energy infrastructure under development, its 64% stake in the Eric Trump and Donald Trump Jr.-backed American Bitcoin Corp., and its bitcoin reserves. "Mr. Genoot addressed the gap between how the market is valuing Hut 8's 1,530 MW of power under development and how it is valuing the power pipelines of its peers," Palmer explained. "He said investors would need to see the company demonstrate its ability to execute on the development of its power pipeline before it would be more fully valued by the market."
Bitcoin’s ‘Silent IPO’: Early Holders Exit as Institutions Enter Amid Market Maturation
Galaxy Digital executed a $9 billion Bitcoin sale for a Satoshi-era investor in July 2025, one of the largest crypto exits to date. This event signals a new era, as early Bitcoin adopters distribute coins to meet rising institutional demand without disrupting the market. This ongoing shift marks Bitcoin’s transition into a more mature and stable market. Institutional capital now dominates, as on-chain data shows dormant wallets reactivating throughout 2025. The asset’s evolution from speculative play to global financial infrastructure continues to accelerate. The Mechanics of Bitcoin’s Distribution Phase Bitcoin’s current consolidation resembles the post-IPO stages in traditional equities, where early backers gradually exit as institutions enter. In a Subtack post, Jeff Park, an advisor at Bitwise, describes this as a “silent IPO,” which lets original holders distribute Bitcoin through ETF infrastructure. Unlike previous downturns shaped by regulation or failures, today’s distribution happens under strong macro conditions and growing institutional interest. On-chain data reflects the trend. Dormant wallets that were inactive for years began moving coins in mid-2025. For example, in October 2025, a wallet that had been inactive for three years transferred $694 million in Bitcoin, highlighting broader wallet reactivations during the year. Blockchain analytics firm Bitquery also tracked numerous wallets that had been dormant for over a decade, becoming active in 2024 and 2025. Crucially, this distribution is patient, not panic-driven. Sellers target high-liquidity windows and institutional partners to minimize price impact. The Galaxy Digital transaction demonstrates this approach, where over 80,000 Bitcoin were moved during estate planning for an early investor, all without destabilizing the market. Historically, such consolidation phases in traditional finance last six to 18 months. Companies like Amazon and Google experienced similar periods after their IPOs, as founders and venture investors made room for long-term institutional investors. Bitcoin’s ongoing consolidation since early 2025 signals a comparable shift from retail pioneers to professional asset managers. Institutional Adoption Accelerates as Early Holders Exit This handoff from early holders to institutions relies heavily on the expansion of ETF infrastructure. Since the launch of spot Bitcoin ETFs in early 2024, institutional inflows have surged. CoinShares research reported that as of Q4 2024, investors managing over $100 million collectively held $27.4 billion in Bitcoin ETFs, a 114% quarterly gain. Institutional investors accounted for 26.3% of Bitcoin ETF assets, up from 21.1% the prior quarter. North American crypto adoption increased by 49% in 2025, driven primarily by institutional demand and the introduction of new ETF products, according to Chainalysis. This growth ties directly to the accessibility of spot ETFs, a familiar option for cautious investors. Still, market penetration remains early. River’s Bitcoin Adoption Report reveals that only 225 of over 30,000 global hedge funds held Bitcoin ETFs in early 2025, with an average allocation of just 0.2%. This gap between interest and allocation demonstrates how institutional integration is just beginning. Still, the trend remains upward. Galaxy Digital ended Q2 2025 with roughly $9 billion in combined assets under management and stake, a 27% quarterly increase—thanks in part to rising crypto prices and the record-setting Bitcoin sale. Its digital assets division delivered $318 million in adjusted gross profit, and trading volumes jumped 140%, as detailed in Galaxy’s Q2 2025 financial results. The crypto lending ecosystem also expanded. According to Galaxy’s leverage research, Q2 2025 saw $11.43 billion in growth, bringing total crypto-collateralized lending to $53.09 billion. This 27.44% quarterly rise signals strong demand for institutional-grade infrastructure that supports large transactions and wealth strategies. Psychological De-Risking and the New Bitcoin Holder Profile The logic behind early holder exits goes beyond profit-taking. Hunter Horsley, CEO of Bitwise, highlights that early Bitcoin investors remain bullish but prioritize psychological risk management after life-changing gains. On X, he explained that many clients aim to preserve their wealth while keeping some long-term Bitcoin exposure. We have many clients with immense amounts of Bitcoin. Imo- it’s not that they no longer believe in BTC. It’s more timing and peace of mind:They’ve got 100-1000x more wealth. They want to make sure it stays that way. They expect it will go higher but can also have periods of… — Hunter Horsley (@HHorsley) November 2, 2025 Strategies include swapping spot Bitcoin for ETFs to gain custodial peace of mind, or borrowing from private banks without selling. Others write call options for income and set price targets for partial liquidations. These approaches signal smart wealth management and continued potential upside, not pessimism. Bloomberg ETF analyst Eric Balchunas confirmed on X that original holders are selling actual Bitcoin, not just ETF shares. He likened these early risk-takers to “The Big Short” investors, who were first to spot opportunities and are now reaping the rewards. Agree OGs are the ones selling (vs ETF paper btc conspiracy theories) and agree they saw something no one else did a la the Big Short dudes and deserve the rewards. — Eric Balchunas (@EricBalchunas) November 2, 2025 As institutional ownership expands, Bitcoin’s volatility is projected to decrease, thanks to a broader distribution across pension funds and investment advisors. This supports greater market stability and draws additional conservative capital. As a result, Bitcoin continues to shift from a speculative asset to a foundational monetary tool in global finance.
Top Best Performing Crypto Projects of October 2025, $XPIN Leads the Pack
Phoenix Group, a prominent crypto news and analytics platform , has revealed the list of the top-performing crypto projects for the previous month. In this list, $XPIN leads with a clear distinction from other projects. Furthermore, many projects are in this queue one after another: $COAI, $H, $RAIL, $ZEC, $CLANKER, $RIVER, $UB, $WRX, $PIVX, $FIRO, $STO, $ZEN, $DASH, and $TAO. BEST PERFORMING PROJECTS IN THE LAST MONTH$XPIN $COAI $H $RAIL $ZEC $CLANKER $RIVER $UB $WRX $PIVX $FIRO $STO $ZEN $DASH $TAO pic.twitter.com/N5kSwxFLYk — PHOENIX – Crypto News Analytics (@pnxgrp) November 1, 2025 $XPIN is leading the pack with a price change of 747.5% over the past month, holding a market cap of $108.5M on the Gate exchange. In the same way, $COAI is the runner-up with a market cap of $294.1M, on the same Gate exchange, with a price change of 351.2%. In addition, $H is struggling with a market cap of $502.3M and getting a price change of 309.9% on the Gate exchange. Similarly, $RAIL is running at the fourth position with a market cap of $242.1M on Uniswap exchange, after getting a change of 230.5% in price over the last 30 days. $ZEC Tops with 199.2% Growth, $CLANKER and $RIVER Close Behind $ZEC is making an effort on the Binance exchange with a price change of 199.2% over the last month and has a market cap of $6.9B. $CLANKER is also standing in this line, having a market cap of $89.9M, getting a change of 193.2% on the Coinbase exchange. Next one is $RIVER, which is standing almost in the middle position of the whole list. It is holding a market cap of $142.2M, over the Bitget exchange, with a 190.5% change in price. $UB is closely located with $RIVER in change of price change, $UB is holding a market cap of $181.1M on KuCoin exchange with a price change of 185.9%. Moving forward, $WRX is standing with a market cap of $54.6M over the Gate exchange after getting a price change of 170.0%. $FIRO is standing at the last fifth position over the famous exchange Binance, holding a market cap of $28.6M with a change price of 112.8% on MEXC exchange. $STO and $ZEN Lead Binance Mid-Tier Gainers with Strong Monthly Growth $STO and $ZEN are fighting closely like $RIVER and $UB in terms of change in price, so after getting a change of 95.6% and 91.7%, respectively, on the same Binance exchange, and holding a market cap of $39.4M and $347.9M. These figures show the value of certain projects in the previous 30 days. Last but not least, $DASH and $TAO are struggling with a market cap of $8755.2M and $5.1B over the same exchange, Binance, as the previous two projects. $DASH has a clear change in price of 89.4% and $TAO has 65.9% over the past month.
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