Coindesk

Dogecoin shed 3% while bitcoin (BTC) and ether (ETH) remained flat in the past 24 hours as tariff concerns gradually subsided among traders, though fears of a U.S. recession increased in betting markets.

“Prominent financial figures have started to warn that the US is heading into an imminent recession, with betting markets placing 40% to 60% odds of one happening in 2025,” Augustine Fan, head of insights at SignalPlus, told CoinDesk in a Telegram message. “Our view is that it probably doesn’t matter, as sentiment often frames reality, not the other way around.”

“As such, crypto has benefited from the recent shake-out, as equities have been realizing higher volatility than Bitcoin through the risk-off move. A beggar-thy-neighbour policy with tariffs has pushed spot gold to ATHs, with BTC finally regaining some of its long-lost ‘store of value’ narrative,” Fan added.

Crypto majors tracked by the broad-based CoinDesk 20 (CD20) slid nearly 2%, data shows, with DOGE leading losses. Solana’s SOL, tron (TRX) and Cardano’s ADA lost as much as 2.5%, BNB Chain’s BNB and xrp (XRP) were little changed as bitcoin clung to the $85,000 level.

Mantra’s OM token showed a 20% rise over the past 24 hours to trade at 63 cents in Asian morning hours Tuesday, following a bizarre sell-off that saw it lose 90% within an hour late Sunday. A recovery plan is in the works, its CEO said in an interview following the plunge, though market watchers remain sceptical of any promises.

Elsewhere, Story Protocol’s IP dumped 20%, then jumped more than 30% within hours late Monday, with early fears of an OM-like sell-off among crypto circles.

Meanwhile, VeThor’s VTHO zoomed 37% as UFC CEO Dana White joined the protocol as a strategic advisor, boosting hopes for mainstream adoption — and recognition — of the RWA-focused token.-

https://x.com/vechainofficial/status/1911817066887197012

Meanwhile, Singapore-based QCP Capital said in a Telegram broadcast that BTC risk reversals remained skewed in favour of puts until June, suggesting that markets are still mildly cautious in the near term.

“That said, the tone further out is turning more constructive. On Saturday, we observed aggressive buying of 800x BTC-27MAR26-100k-C. BTC continues to consolidate within the $80k-$90k range and could continue trading sideways, adopting a “wait and see” approach to the tariff situation,” QCP said.

However, the $100,000 call option has become the most favored bet among traders in the mid-term, as CoinDesk noted Monday, with a notional open interest of nearly $1.2 billion.

Meanwhile, some traders say that sell-offs related to tariffs may be well behind and hope for improved sentiment in the days ahead.

“The current upward trend was further bolstered by the Federal Reserve’s assurance that it stands ready to intervene and stabilize markets in the event of a crisis triggered by the tariffs,” Jupiter Zheng, partner of liquid fund and research at HashKey Capital, told CoinDesk.

“As the US engages in trade negotiations with other nations, we remain hopeful that the most turbulent period may be behind us,” Zheng ended.

Bitcoin (BTC) drifted ever so gently upwards Monday as the broader market adjusts favorably to trade-related news.

The largest cryptocurrency was up 1.6% in the last 24 hours and is now trading just shy of $85,000. Ether (ETH), meanwhile, rose 2.7% in the same period of time to $1,630. The broad-market CoinDesk 20 Index — consisted of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins and exchange coins — advanced 1.2%, led by gains in SOL and AVAX.

After a couple of wild weeks, the stock market also edged higher today, the Nasdaq closing with a 0.6% gain and the S&P 500 rising 0.8%. Strategy (MSTR) and MARA Holdings (MARA), led among crypto stocks with roughly 3% gains.

The modest rally came as Federal Reserve Governor Christopher Waller signalling that a return of the original punitive Trump tariffs would trigger the need for sizable “bad news” rate cuts.

“[Tariff] effects on output and employment could be longer-lasting and an important factor in determining the appropriate stance of monetary policy,” said Waller in a speech. “If the slowdown is significant and even threatens a recession, then I would expect to favor cutting the FOMC’s policy rate sooner, and to a greater extent than I had previously thought.”

Further easing concerns was the European Commission, the executive arm of the EU, confirming to hold off on retaliatory tariffs on U.S. goods worth €21 billion until July 14 to “allow space for negotiations.”

Odds that the U.S. and EU will reach a trade agreement to avoid tariffs rose to 65% on blockchain-based prediction market Polymarket after U.S. President Donald Trump reportedly stated that a deal was in the works.

Bitcoin fundamentals recovering

Bitcoin’s relief rally from last week’s tariff turmoil stalled out around the $85,000 resistance level, but the network’s improving fundamentals spur hopes for a breakout, crypto analytics firm SwissBlock Technologies noted.

“Since March, we’ve seen a consistent inflow of new participants,” Swissblock analysts wrote in a Telegram broadcast. “Liquidity is stabilizing, no more erratic swings from early 2025.”

“Once the liquidity gauge holds above the 50 line, short-term price action tends to follow with strength,” Swissblock analysts said. “With network growth aligning, key levels aren’t just being revisited, they’re being accumulated.”

“This is the kind of structural support that underpins sustainable rallies,” they concluded.

The Securities and Exchange Commission (SEC) is not yet ready to make a decision on two critical features that issuers of the spot crypto exchange-traded funds (ETFs) are hoping to add to their products.

The regulator delayed a decision on whether it will allow in-kind redemptions for WisdomTree’s Bitcoin Fund (BTCW) and VanEck’s Bitcoin Fund (BITB) and Ethereum Fund (ETHW) on Monday. It also moved its deadline for a decision in regards to a proposal by Grayscale to allow staking its Ethereum Trust (ETHE) and Mini Ethereum Trust (ETH), which the asset manager’s exchange, NYSE Arca had requested in February.

Cboe, the exchange that is associated with five of the other issuers of an ether ETF, including Fidelity, Franklin Templeton, VanEck and Invesco/Galaxy, submitted its amended filing in March for the Fidelity Ethereum Fund (FETH) and the Franklin Ethereum ETF (EZET).

The SEC has not previously allowed staking in spot ether ETFs. But with the appointment of new SEC Chair Paul Atkins, who was confirmed by the Senate last week, things could change quickly.

Several other jurisdictions, including Hong Kong, Canada and Europe, have already green-lighted staking for ETFs, but that doesn’t put much pressure on the SEC, said one expert.

“The SEC will take their time and move as fast or as slow as they want,” said James Seyffart, ETF analyst at Bloomberg Intelligence. “They don’t care what other regulators are doing in my experience, they might learn from them but I don’t think a regulator approving something is going to make the SEC jump through hoops and catch up. They’ll go at their own pace.”

The regulator now has until June 3rd to make a decision on in-kind redemptions on Bitwise’s and WisdomTree’s products and June 1st to decide on Grayscale’s staking proposal.

Circle’s euro-backed stablecoin, EURC, surged to a record supply as mounting U.S. trade tensions and a weakening dollar likely fuel demand for euro-denominated digital assets.

EURC’s supply grew 43% over the past month to 217 million tokens worth $246 million, ranking above Paxos’ Global Dollar (USDG) and below Ripple’s RLUSD by market capitalization, RWA.xyz data shows. Most of the EURC tokens circulate on the Ethereum network, up 35% in a month to 112 million, while Solana saw the fastest, 75% expansion to 70 million tokens. Base, Coinbase’s Ethereum layer-2, also saw a 30% growth to 30 million in EURC supply.

The token also experienced an uptick in on-chain activity, with active addresses rising 66% to 22,000 and the monthly transfer volume surpassing $2.5 billion, up 47% in a month, per RWA.xyz.

EURC is currently the largest euro stablecoin on the market, but it lags far behind its dollar-denominated counterparts. Dollar-pegged stablecoins make up 99% of the rapidly growing stablecoin market, led by Circle’s $58 billion USDC and rival Tether’s $143 billion USDT token.

The accelerating growth of EURC could be a sign of growing demand for diversification to euro-denominated digital assets, particularly as global investors navigate increasing economic uncertainties in the U.S. with the Trump administration wide-scale tariff rollout. The greenback weakened 9% against the euro since the start of the year.

Xapo Bank, a Gibraltar-based Bitcoin-focused financial services firm, reported Monday a 50% increase in euro deposit volumes during the first quarter, outpacing the 20% rise in USDC stablecoin deposits. Meanwhile, deposits in USDT declined by over 13%.

“This rapid increase in volume came amidst mounting concern about the future of U.S. dollar primacy and the threat of a U.S. recession as markets braced for Trump’s planned ‘Liberation Day’ in April,” the firm said in the report.

Stablecoin swap volumes between foreign currency pairs on Ethereum-based decentralized exchanges also soared to multi-year highs last week, dominated by the EUR-U.S. dollar pair, Blockworks data showed.

EURC also has likely benefited from Tether’s withdrawal of its euro-backed stablecoin (EURT) with E.U.-wide MiCA regulations going into effect this year, while a number of exchanges delisted USDT for E.U. users to comply with regulations, including Binance at the end of March.

South Korean regulators requested 14 apps from Apple — belonging to unreported foreign crypto operators — be blocked domestically, a statement said on Monday.

Crypto exchanges KuCoin and MEXC are among the firms being targeted by the regulator, and domestic access to their apps have been blocked since April 11. CoinDesk reached out to KuCoin and MEXC for a comment.

Foreign virtual asset business operators that want to operate in South Korea need to report to the Financial Intelligence Unit (FIU) in accordance with the Act on Reporting and Use of Specific Financial Transaction Information, the statement said.

“Unreported business activities are subject to criminal punishment, and the FIU has been targeting overseas unreported virtual asset business operators conducting domestic business activities without reporting (16 companies in 2022, 6 companies in 2023), while also blocking domestic access through Internet sites and mobile phone apps,” the regulator said.

South Korea has been moving to block crypto providers that are operating illegally. Last month it requested Google prevent access to 17 apps while reports came out that the regulator planned to block some exchanges sites.

“In the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage, in consultation with relevant organizations,” the Financial Intelligence Unit said.

It’s a big week for those of us tasked with making the case for bitcoin and crypto as an investable asset class. While global markets have been ugly, unpredictable and fragile of late, digital assets held steady with moderate volatility.

Bitcoin was up ~ 5% and the CoinDesk 20 Index was up ~ 6% last week. In a landscape where traditional assets seemed to lose their footing, crypto’s resilience offers an intriguing counternarrative to the skeptics who’ve long questioned its legitimacy during market stress.

A week ago (April 6), I described the market as a bus teetering on a cliff’s edge. It might have been exhilarating for skillful traders, but unhedgeable for managers of traditional asset portfolios. Sure, being long equity puts might have looked (and felt) great as futures tumbled Sunday night (April 13), but monetizing those puts in an extremely choppy and high-velocity market is near impossible – and forces the hedger to “call a bottom.” If you don’t monetize the puts and the market rebounds, your puts decay to zero, locking in a loss. (Or, if your hedge of choice was a retreat to U.S. Treasuries, it was even worse.)

The art of risk management in traditional markets is proving increasingly difficult in this environment. Even professional traders with decades of experience found themselves whipsawed by the market’s violent moves. For those managing pension funds, endowments, or family offices, the challenge of preserving capital while maintaining return targets has rarely been more daunting. The playbook that worked for the past decade seems increasingly irrelevant.

Bitcoin’s Resilience amid Liquidations

Amid the chaos, bitcoin kept a pretty narrow range. The two weakest periods, on April 7 and 9, lined up with perp liquidations (forced sales of leveraged positions that are much more “standard practice” in crypto than in traditional markets). This gave pundits a handy “low” price to challenge bitcoin’s aforementioned resilience, but we should push back here. Temporary liquidation dips are just that — artificial flows that are recoverable. They create a nice lower candle wick, but don’t always represent the whole market fairly; we should discount their relevance accordingly. (This may be a controversial view; fire away if you disagree.)

Store of Value vs. Safe Haven

As usual, pundits and skeptics blurred bitcoin’s “store of value” claim with “flight-to-quality” and “safe haven.” We will keep pounding the drum on the difference between “flight-to-quality”/”safe haven” and “store of value” assets. Bitcoin, still in its adolescence and with limited access to traditional liquidity pools (i.e., banks), shouldn’t be expected to function as a mature flight-to-quality or safe haven asset during extreme volatility episodes. Similarly, there are things I don’t expect or enlist my teenage children to do.

Seeing gold’s outperformance vs. bitcoin this year supports this argument. Gold has better access to traditional finance, is perceived to be limited in supply, and has a mature network. But does it have adoption momentum? Is it an asset of the future? While gold glitters in times of geopolitical and economic uncertainty, bitcoin offers something different – a technological evolution in the concept of money itself, with adoption curves that continue to remind us that we’re still early in its lifecycle.

Michigan Numbers: Uncertain Consumers -> Strong Bitcoin

The week’s crypto-supporting experience was capped by April 11’s University of Michigan Consumer Survey, which delivered two powerful data points supporting bitcoin’s price trajectory: the highest expectations for 1-year inflation since 1981(!) and elevated expectations for unemployment.

Source: University of Michigan

Source: University of Michigan

We favor anchoring bitcoin’s demand to expected real interest rates — the difference between expected nominal rates and inflation expectations. When real rates are expected to rise, bitcoin faces headwinds. Conversely, when real rates are expected to fall due to higher inflation and potential rate cuts (hello, rising unemployment expectations), bitcoin tends to benefit. The Michigan survey numbers provide a surprisingly clear north star for bitcoin accumulation: 1) higher expected inflation and 2) unemployment expectations that could prompt Fed easing. Lower nominal rates, higher inflation.

This framework helps explain bitcoin’s impressive performance during previous easing cycles and suggests we could be entering a similarly favorable environment. The divergence between consumer inflation expectations and the Fed’s more sanguine outlook bears watching closely – historically, the consumer has often proven more prescient than the central bank.

Beyond Bitcoin

With Paul Atkins now cleared to lead the SEC and other supportive regulatory developments, the broader crypto ecosystem shows promising signals. Can we expect the rest of the broad-based CoinDesk 20 Index, which covers about 80% of the market, to participate in a potential bitcoin-lead rally?

Two factors suggest yes.

First, asset correlations rarely break down during broad market rallies in this sector.

Second, the pro-blockchain uptrend dynamics we witnessed last November could reappear and reignite interest across Layer 1 blockchains like Ethereum, Solana, Sui, Cardano, and Avalanche, infrastructure providers like Chainlink and Filecoin, DeFi protocols like Uniswap and Aave, financial services assets like Ripple, and other sectors.

The potential for a broader rally suggests that diversification within the crypto space could once again prove rewarding, particularly if regulatory tailwinds continue to strengthen. The tide that lifts bitcoin rarely leaves other quality projects stranded.

Switzerland-based trading firm Laser Digital, which is part of the Nomura Group, has denied any involvement in the Mantra token flash crash that saw OM lose lose 90% of its value.

“Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm wrote on X.

Laser Digital went on to share its controlled Mantra wallet addresses, none of which show deposits to exchanges or selling activity.

Speculation remains rife over why OM collapsed so violently. The Mantra team insist it was due to wider market pressures and centralized exchanges forcibly closing positions, which led to a liquidation cascade.

OKX stated that the price volatility occurred due to a spike in trading volume coupled with an initial price decline across various exchanges out side of OKX, before spreading to the wider market.

Before the crash, 17 wallets deposited 43.6M OM ($227M) to exchanges, this led to a panicked response from holders as the Mantra team holds 90% of the token’s circulating supply, spurring the initial sell-off.

OM is currently trading at $0.57, down 90% from the day’s high of $6.14 as trading volume has increased by 3,425% to $2.6 billion, according to CoinMarketCap.

Vitalik Buterin, the original creator of the Ethereum blockchain, is one of the most recognizable figures of the cryptocurrency industry. He’s often admired in the ecosystem for being highly technical while also deeply philosophical about technology’s role in society. For those that do not follow crypto closely, Buterin starkly contrasts the stereotypical image of a flashy cryptocurrency billionaire with his minimalism in his personal style as well as his geeky and awkward mannerisms.

The documentary “Vitalik: An Ethereum Story,” which is set for global release April 15, tries to give us a peek into those aspects of Buterin, following his early life and childhood in Russia followed by immigrating with his family to Toronto, Canada, where his love for computers and technology began in his high school years. 

At the core of Buterin’s life was the creation of Ethereum, which came after his early involvement in Toronto’s Bitcoin community, where he saw the potential of the asset in giving people some financial freedom. While thinking how he could apply those concepts to other aspects of life, Buterin set out to write a whitepaper on creating the blockchain version of the internet.

Toronto has strong ties to Ethereum’s early days. It was home to some of the first Ethereum developer hackathons and meetups organized by Ethereum’s Canadian co-founders in the city.

This year, CoinDesk’s Consensus 2025 takes place in Toronto May 14-16, highlighting Canada’s vibrant crypto community.

The film walks through the various stages of Ethereum’s lifetime, including the start of the network and the struggles Buterin faced in his new leadership role, the boom of the blockchain during the NFT era, the importance of the Merge in reducing Ethereum’s energy consumption, and Buterin’s urge to help Ukraine in its war with Russia by deploying crypto for resources.

CoinDesk sat down with the producers of the documentary, Chris Temple and Zach Ingrasci, to hear about their perspectives on creating the film, ahead of its global release.

This interview has been edited for brevity and clarity.

CoinDesk: Why did you want to make a documentary about Ethereum?

Zach Ingrasci [ZI]: So Chris and I have been making documentaries together for 15 years now. We make character driven documentaries. So I really love those human stories that give us insight into the emotions and motivations of people in really interesting places.

We aren’t crypto experts. We both studied economics, so we have a bit of understanding of finance. But when we met Vitalik in 2021 I think he immediately clicked something in our brains like: “oh, here’s a story that kind of breaks the stereotypes that mainstream audiences have of this space.”

Quickly after meeting Vitalik, we did an NFT crowdfund for the film on mirror.xyz, peoplepleaser did the NFT. We raised basically the full budget of the film, and it allowed us to create this independent story and approach to follow Vitalik around the world, as, he lives out of a 40 liter backpack

How did you guys decide what parts of Ethereum’s history to include in Vitalik’s story? One noticeable moment I thought was interesting that you left out was not to include the 2016 DAO hack? Why exclude that key moment in Ethereum’s history but leave in other moments?

ZI: This is the challenge of making these films. We had a very broad mandate, following the community, not just focused on Vitalik. And then after two years of filming, we realized that the kind of narrative structure would only make sense if you were able to follow one person and then get to meet the community through his eyes.

The DAO hack is very confusing to explain, and so there’s an element of just what at its essence is important. And I think, you know, the moment for Vitalik to decide whether the Ethereum Foundation would be nonprofit versus for profit is a very understandable concept for a mainstream audience. They get it.

As you mentioned, there was the premiere a few months ago, and it was only accessible to people on-chain. If the movie is aimed for a mainstream audience, why first decide to release it on-chain, instead of a streaming platform where more of those folks can access it?

ZI: It’s a practical answer. The documentary industry is broken, so to have an independent film premiere on a mainstream platform doesn’t even mean anything, unless you have real marketing. And so actually, the on-chain release, the NFT, the trailer release on Zora, building sponsorship for this mainstream release is critical.

Chris Temple [CT]: People love the film, and have rallied behind it and been interested and been sharing it with their moms, being like: “Hey, this is what I do for a living.”

This isn’t just our film, this film belongs to the community. And I think empowering people with it at that first step, and using the technology that the film was all about felt very right to us.

How did you convince Vitalik to do the film? He’s not very rerceptive to the media so how did you get him to agree to do it?

ZI: I think we got really lucky in some ways. This was before he was on the front page of TIME magazine. I think he was motivated to speak up about what he believed the future of Ethereum should look like, and how to build it, and people should focus on building things that have real world value.

So I think we just happened to meet him at the perfect moment when he and the people around him were looking to have access to broader audiences.

I think ultimately, that’s what makes for us Vitalik the perfect participant of a film, because his reluctance to be in that spotlight, that genuine authenticity. You can tell on the film that he’s not trying to hog the spotlight. This is something that he’s uncomfortable with, and something that’s taken a long journey for him to even find where his voice is and how it should be.

CT: It was a very challenging production, more than any film we’ve ever made, because Vitalik is nomadic, he’s all over the world, and he says, “I’m going to be tomorrow in Montenegro…If you want to come.” We have to immediately try to scramble and get everybody there just to get those moments, even if it’s just a couple of hours with Vitalik.

Recently, there’s been a bunch of leadership changes at the EF, and Vitalik has been at the core of making the decision on those changes. The movie shows how uncomfortable Vitalik can be in stepping into that leadership role and having to make core decisions like whether the EF should be a non-profit vs for-profit organization and going against some co-founders.

Given all the key decisions he’s had to make over the past few months and a key leader in Ethereum, what do you think went through his mind, and has he become more comfortable in his leadership role?

ZI: I really can’t speak for Vitalik, but I do think that’s why this film has never been more relevant. Because if we are looking for insight into how Vitalik thinks and what he cares about, I think the thing he cares most about is that Ethereum will be useful in the world.

There’s an important quote in the film about “if Ethereum is only used for speculation, that’s a huge missed opportunity.” So it’s not surprising that Vitalik didn’t go to the White House [to meet with President Trump]. Vitalik cares about how this tool will be used in the long term for real, positive change in the world. He is uncomfortable with conflict, we know that, we see that in the film. So I can’t imagine this has been an easy process for him.

But you can definitely tell that he’s begun to understand how to use his voice in this ecosystem and use his kind of soft power.

Read more: Ethereum Foundation Picks New Co-Executive Directors, Following Leadership Reshuffle

What was filming in Ukraine during the start of the Russian invasion like? And why does Vitalik feel so connected to that cause?

ZI: We have some experience filming on the borders of war zones. Luckily, at that time Kiev was relatively safe.

It really was Vitalik’s idea, he always wanted to support the hackers there. Vitalik just felt like he could be there to support them, and it’s something he cares so deeply about for two reasons: 1) he actually has Ukrainian ancestry, and 2) coming from Russia, I think he regrets having met with Putin.

Then there’s also just really one of the first concrete examples of real positive impact in the world, of how crypto is being used when the banking system was in chaos, and so quickly got money to the front lines.

There’s a deleted scene where he’s playing chess with Fedorov, the Deputy Prime Minister of Ukraine. But you know, Fedorov was talking about how 1000s of their military were saved because of that $100 million Vitalik raised in crypto was quickly mobilized.

What are you hoping that your audience takes away from this film?

CT: Documentaries are bad at information, but they’re great at provoking questions and getting emotions. If we can inspire an audience to be more savvy and think more critically about technology, not just in these extremes of it’s all bad or it’s all good, but to understand a bit of that spectrum along the middle there, and look at both the positive and negative consequences of technology.

I think that kind of techno optimism is the core of what this film is really about. Helping anybody apply those lessons, whether it’s within crypto, within AI, because technology is just going to continue to shift and impact our lives.

The movie is about Vitalik as a person but also a bit about Ethereum’s history. So is Vitalik = Ethereum?

ZI: I don’t think he is, and I think that’s what he hoped for at this point. I hope that comes across in the film, and that’s why we called it an Ethereum story, because I think it’s one of many that gets told. I think that’s where Vitalik has been successful because he is not Ethereum.

Crypto exchange Kraken has begun offering commission-free trading for U.S.-listed stocks and exchange-traded funds (ETFs), opening access to traditional financial markets from within the same platform it uses for cryptocurrencies and positioning itself to compete more directly with platforms like Robinhood (HOOD).

The move expands Kraken’s business as a growing list of U.S. crypto companies aiming to go public on U.S. exchanges — joining the likes of Coinbase (COIN), Marathon Digital (MARA), and Bitdeer (BTDR), among others.

The Kraken stock trading rollout begins in 10 U.S. jurisdictions including New Jersey, Connecticut and Alabama, with plans to expand access across the country and to international markets such as the U.K., Europe and Australia. Clients in these states can now buy and sell equities directly through their Kraken account using the mobile app, Kraken Pro or web interface.

“Crypto isn’t just evolving, it’s becoming the backbone for trading across asset classes, such as equities, commodities and currencies,” said Kraken’s co-CEO Arjun Sethi in a statement. “As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience.”

“Expanding into equities is a natural step for us, and paves the way for the tokenization of assets,” he continued.

This move makes Kraken one of the few crypto-native companies to offer traditional asset trading alongside digital assets under a single account.

The new product is offered through Kraken Securities, a FINRA-regulated entity focused on equities. By consolidating crypto and traditional finance tools, Kraken is positioning itself to compete more directly with platforms like Robinhood and Public that already cater to multi-asset investors.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Nvidia plans to manufacture its next generation of AI chips and supercomputers entirely in the U.S. for the first time, the company said in a statement on Monday.

The move reflects rising demand for AI infrastructure and a broader push to localize advanced tech manufacturing — one that could also benefit crypto miners repurposing their facilities for AI and high-performance computing (HPC).

Many of these operators already have access to the large-scale power and cooling systems needed for data center operations, making them potential players in the growing AI economy.

Crypto miners, once singularly focused on hashing power, are increasingly looking for ways to fit into the AI and HPC supply chain. Their existing access to power-dense infrastructure and logistical experience in running industrial-scale operations gives them a foothold as demand for AI computation surges.

Recent tariffs by U.S. President Donald Trump, however, is causing anxiety among miners as the policy changes are expected to raise costs on ASIC miners, electrical components, networking hardware and more.

Nvidia has secured over a million square feet of space across Arizona and Texas to build and test Blackwell chips and AI systems, NVIDIA said. Production has already begun at TSMC’s facility in Phoenix.

In Texas, supercomputer factories are being built with Foxconn in Houston and Wistron in Dallas, with full production expected within 12 to 15 months.

This marks a shift for NVIDIA, which has previously relied on overseas facilities. The company will also work with Amkor and SPIL to handle packaging and testing in Arizona.

NVIDIA expects these efforts will support up to half a trillion dollars’ worth of AI infrastructure in the next four years. CEO Jensen Huang called the shift “the first time the engines of the world’s AI infrastructure are being built in the United States.”

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.