Crypto
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BitMine acquires an additional $820 million of ethereum

Meanwhile, investment management firm VanEck filed for a staked ethereum ETF with decentralized finance giant Lido.

Sage D. Young

BitMine announced purchasing around $820 million worth of ethereum last week, according to a press release, bringing its collective holdings to over 3.2 million tokens or $13 billion at current prices. BitMine’s stash of ethereum now makes up roughly 2.7% of the cryptocurrency’s total supply. 

Shares of BitMine Immersion Technologies rose on the news, as ethereum struggles to stay near the $4,000 mark after dipping under $3,800 over the weekend. 

BitMine Chairman Tom Lee said ethereum is facing downward pressure as a result of the October 10 deleveraging event, which triggered over $19 billion in liquidations. “This price dislocation represents an attractive risk/reward,” Lee argued. 

Meanwhile, investment management firm VanEck filed for an ETF that would give investors exposure to ethereum staking through Lido, a decentralized finance heavyweight with a total value locked of $34.2 billion. 

Last week was rough for US spot ethereum ETFs, which saw nearly $232.3 in outflows on Friday alone, bringing last week’s outflows to $311.8 million in outflows in total, data from SoSoValue shows. 

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The rate of outflows puts the funds on track to far surpass May’s losses.

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Sage D. Young

US Attorney David Metcalf announced Thursday the arrests of Ruslan Igorevich Tkachuk and Alexander Vladimirovich Ledenev, alleged senior members of AudiA6, a cryptocurrency money-laundering service believed to be responsible for laundering over $389 million.

The arrests coincided with a coordinated international takedown of AudiA6 and its infrastructure, involving the search of three properties, the seizure of servers and domains connected to the organization, as well as freezing cryptocurrency assets, according to a Department of Justice press release.

Tkachuk and Ledenev were “charged by criminal complaint with one count of conspiracy to launder monetary instruments and one count of sting money laundering,” the DOJ said. If convicted, they face a maximum possible sentence of 20 years of incarceration.

Per the criminal complaint, AudiA6 offered services to conceal the origin of cryptocurrency linked to criminal activity, charging fees of up to 5% of the amount laundered.

The two defendants are in custody of Republic of Georgia authorities, and the US Attorney’s Office aims to seek their extradition to the Eastern District of Pennsylvania.

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Sage D. Young

Solana shoves all in on poker with new partnership

If you’ve got money locked up on-chain and an itch to gamble with it in a new way, has the World Series of Poker got good news for you. The WSOP announced it will integrate solana’s blockchain technology into the tournament through crypto payments firm MoonPay.

At its big summer event, players will have the option to buy into tournaments using crypto directly for the first time. In the WSOP’s Bahamas event in December, winners will be able to receive settlements in stablecoins on solana, reducing friction with international settlements.

“Solana’s ecosystem, like the WSOP, constantly challenges conventions and remains laser-focused on the consumer experience,” WSOP CEO Ty Stewart said in a statement. “Solana’s speed and efficiency mirror the fast-paced energy of our tournaments, and we are excited to showcase their technology to our global audience.”

The price of solana dipped slightly today, but has dropped more than 48% in 2026, data from CoinMarketCap shows.

Solana has been a popular network, in part from meme coin trading over the past two years, involving viral animal sensations as well as political figures such as President Donald Trump and first lady Melania Trump as well as Argentine President Javier Milei.

Yaël Bizouati-Kennedy
6/10/26
Half of the bitcoin supply in circulation is underwater for the first time since 2022

A silver lining to the statistic may be that it’s a level that has historically aligned with cycle bottoms, and that some now view the asset as cheap.

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