According to CoinDesk, Ethereum treasury company Bit Digital (BTBT) purchased 8,568 ETH on May 11 at an average price of approximately $2,334, investing about $20 million, marking its first increase in holdings since October of last year. Subsequently, the price of ETH fell below $2,000, a pullback of about 15% from the purchase price, and the position is currently showing a paper loss of about $3 million. In recent years, Bit Digital has transformed from a Bitcoin mining company into a "strategic asset company" focusing on ETH reserves, AI infrastructure, and mergers and acquisitions. This latest move has increased its ETH treasury size to approximately 158,462 ETH (approximately $313 million at current prices), some of which has been generated through staking and liquidity staking products.
JUST IN: Claude AI developer Anthropic raises $65 billion at $965,000,000,000 valuation.
JUST IN: 🇺🇸 Vivek Ramaswamy's 'Strive' buys 1,109 Bitcoin worth $85 million.
According to Cointelegraph, nine Democratic members of the U.S. House of Representatives have called on the Federal Trade Commission (FTC) to investigate prediction markets and examine whether their advertising and statements to regulators are consistent. Representatives Kevin Mullin and Gabe Vasquez stated that prediction market platforms claim to regulators that they are financial instruments offering investment products, while advertising to the public as gambling platforms—a contradictory message that could mislead consumers.
Regarding the recent price movement of Bitcoin, Rafael, co-founder of Glassnode, pointed out on the X platform on June 5 that the current price of Bitcoin is in the $62,000 range, which has fallen by nearly 50% from its all-time high. The price has dropped by 24% in the past month, and has broken through the upper range of its pricing framework, entering the valuation cluster area where the bottom of the historical cycle has occurred.
JUST IN: 🇺🇸 US federal banking regulator OCC says it will establish "regulatory framework" for crypto stablecoin issuers.