Key facts
- White House crypto adviser Patrick Witt will remain in his post to help advance the CLARITY Act through the Senate.
- The CLARITY Act, a comprehensive US regulatory framework for crypto, must pass the Senate before the Aug. 8 recess.
- Bitcoin mining stocks, including IREN and Hut 8, saw significant gains following AI infrastructure deal announcements.
- Grayscale intends to make regular cash distributions from staking rewards for its Ethereum and Solana ETPs.
- The proposed changes to Grayscale's ETPs aim to provide traditional investors with accessible yield from crypto assets.
White House crypto adviser Patrick Witt has deferred his military training to remain in his role and help advance the CLARITY Act, a comprehensive US regulatory framework for the crypto market, through the Senate before an August 8 recess.
In the Bitcoin mining sector, stocks rallied significantly as companies like Hut 8 and IREN announced substantial AI infrastructure deals. Hut 8 unveiled a 15-year, $9.8 billion lease for its AI data center campus, while IREN revealed $2.8 billion in AI cloud services contracts and projected over $4 billion in annual recurring revenue from its AI business by the end of 2026. This shift highlights the industry's diversification beyond crypto mining into AI and cloud computing, despite ongoing pressures on mining economics and analyst concerns about the capital required for this transition.
Meanwhile, asset manager Grayscale is planning to implement regular cash distributions from staking rewards generated by its Ethereum and Solana exchange-traded products (ETPs). The company intends to amend the trust agreements for its Grayscale Ethereum Staking ETF (ETHE) and Grayscale Solana Staking ETF (GSOL) around August 7. These changes would require the trusts to convert staking rewards into cash at least quarterly and distribute the net proceeds to shareholders, potentially making staking yields more accessible to traditional investors.