Key facts
- Bolivia is considering recognizing Tether's USDT as a payment currency.
- The move aims to address a significant shortage of US dollars in the country.
- Several Bitcoin mining companies are facing investor scrutiny over insider stock sales as they pivot to AI infrastructure.
- CleanSpark secured a large data center lease, potentially generating billions in revenue.
- Bitmine reported substantial revenue from Ethereum staking.
Bolivia is exploring the recognition of Tether's USDt (USDT) as a payment currency, a move driven by a persistent shortage of US dollars. The proposal, currently under review, aims to integrate USDT into the country's financial system alongside the boliviano and the US dollar, incorporating anti-money laundering safeguards. This initiative follows Bolivia's 2024 crypto ban lift and reflects a growing trend in emerging markets where economic instability spurs demand for dollar-denominated digital assets.
Meanwhile, Bitcoin miners are facing increased investor scrutiny regarding their strategic shifts towards AI infrastructure. Companies like TeraWulf, Cipher Digital, Riot Platforms, and Core Scientific have seen executives disclose stock sales, often under prearranged trading plans. Strategic investors, including Tether, have also reduced holdings in some mining firms. This scrutiny comes as enthusiasm for the AI sector cools and investors look beyond growth narratives to assess the actual benefits for public shareholders. The TEM AI Infrastructure Growth Index has seen a notable decline over the past month.
In a separate development, CleanSpark's shares surged following a 20-year data center lease agreement in Georgia, potentially worth up to $6.6 billion. This deal highlights the company's aggressive push into AI and high-performance computing, seeking new revenue streams amid challenging post-halving Bitcoin mining economics. Separately, Bitmine Immersion Technologies reported generating $45.7 million in revenue from Ethereum staking in the last quarter, with Ethereum staking accounting for 98% of its total revenue, demonstrating the strength of its staking operations.