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The mining firm had to turn off about 8,000 machines in Ontario due to a dispute with its energy provider in mid-November.

Long-term holder wallets are witnessing net accumulation at the fastest pace since October 2021.

The European Banking Authority doesn’t want private crypto initiatives to threaten monetary policy privileges

Circle, the issuer of the USDC stablecoin, is refusing to hold Treasurys that mature beyond early June amid concerns U.S. politicians will fail to agree to raise the debt ceiling, risking a default on U.S. government debt, CEO Jeremy Allaire told Politico in an interview. 

“We don’t want to carry exposure through a potential breach of the ability of the U.S. government to pay its debts,” Allaire said in the interview. Disclosures from the Circle Reserve Fund, which is managed by BlackRock, show it holds no U.S. government debt maturing beyond May 31. 

Democrats and Republicans in Congress are locked in a dispute about raising the government’s $31 trillion borrowing limit, with the Treasury implementing special measures to meet its obligations. These accounting tools — which include things like pausing contributions to government workers’ retirement funds — are currently forecast to tide the U.S. over until June, the so-called X-date after which the government may have to resort to missing payments on its bonds. 

While the U.S. has never defaulted on its a debt and a last-minute deal to salvage the situation is considered likely, Circle isn’t alone in shunning Treasurys that mature after the X-date. The yield on the Treasury bill maturing May 23 has declined to about 4.2% while the yield for the bill maturing June 13 has risen to nearly 5.5%, according to data from Bloomberg. The two notes yielded roughly the same at the end of March. 

Circle stablecoin supply

Circle’s USDC is the second-largest stablecoin, after tether, with about $29 billion worth in circulation, according to data compiled by The Block.  

In a statement accompanying its quarterly results yesterday, Tether said about 85% or its reserves are held in cash, cash equivalents and other short-term deposits.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Blockchain Fund II is a private equity fund and will carry a minimum investment sum of $100,000.

Tokens issued on Bitcoin ran to a cumulative market capitalization of as much as $1.5 billion earlier this week before sharply correcting.

The U.S. regulatory body is probing related-party transactions that may have violated securities laws.

A Coinbase newsletter said meme coins allow investors to make big profits in a short period of time but warned of long-term investing in these tokens.

ALSO: Bitcoin needs a compelling narrative to break from its current range, but that likely will not occur until next year, says the CEO of Web3 bond-market platform Umee.

Marathon Digital, a U.S.-based bitcoin mining firm, said Wednesday that it received a new subpoena from the Securities and Exchange Commission regarding an ongoing investigation tied to a facility in Montana. 

According to its May 10 filing, the SEC “may be investigating whether or not there may have been any violations of the federal securities law,” per the filing. Marathon says it is cooperating with the agency. Bloomberg first reported the news.

Marathon received an initial subpoena from the SEC in November 2021. 

“On October 6, 2020, the Company entered into a series of agreements with multiple parties to design and build a data center for up to 100-megawatts in Hardin, MT. In conjunction therewith, the Company filed a Current Report on Form 8-K on October 13, 2020,” the firm said today. “The 8-K discloses that, pursuant to a Data Facility Services Agreement, the Company issued 6,000,000 shares of restricted Common Stock, in transactions exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.”

The latest subpoena was received on April 10, according to today’s filing.

Marathon’s stock closed at $10.22, an increase of about 9% on the day. The stock is down 0.78% in after-hours trading. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.