The US government has officially launched the release of GDP data on public blockchains. According to Bloomberg, a Commerce Department announcement on Thursday will bring blockchain to the core of the US economic report, making GDP available to nine networks including Bitcoin, Ethereum and Solana.

According to Bloomberg, Commerce officials emphasized that blockchain deployment is not a replacement for traditional economic data releases, but a “another path” for distribution. However, the move brings considerable symbolic weight as it effectively approves the seal of government approval in deep skepticism in Washington.

“The whole administration has accepted this,” said Mike Cahill, CEO of Douro Labs. “With today’s announcement, we are in a world where government data lives on blockchain and market participants can participate in real time.”

The blockchain initiative includes posting cryptographic hashs of GDP data, which serves as a digital fingerprint to verify the integrity of the information. Although the scope was initially limited, Commerce Department officials confirmed that President Donald Trump’s administration intends to expand the program further, Bloomberg reported.

Commerce Secretary Howard Lutnick spearheaded the project and told Trump earlier this week that statistics will be issued via the blockchain, “Because you’re a crypto president.” Lutnick has previously proposed to restructure its reporting of GDP by removing the impact of government spending.

This initiative reflects a sharp departure from previous administrations. Under former President Joe Biden, regulators adopted a cautious attitude towards crypto, often clashing with exchanges and imposing restrictions on digital assets. In contrast, Trump moved quickly to integrate Bitcoin into government policies. Since taking office he has appointed a US Bitcoin Reserve, creating stockpiled coins such as ether and solana, signing laws regulating standard practices, and appointed a crypto-friendly regulator that has ended enforcement action against Coinbase.

Trump’s family has also grown its presence in the digital assets sector supporting ventures such as Liberty Financial around the world. The growing political influence of the industry is clear. The crypto company made large donations to Trump’s reelection campaign, and in 2024 donated more than $133 million to Super PACs supporting Procrypt candidates.

By leveraging public blockchain, the Ministry of Commerce will join other institutions experimenting with cryptographic technology. According to Bloomberg, the Department of Homeland Security is considering a blockchain for passenger screening at airports, while California’s DMV is digitizing cryptographic car titles.

As Trump positions himself as a “crypto president,” the adoption of a blockchain with a GDP distribution marks a deep shift in US economic policies and further strengthens Bitcoin as a powerful political and financial force in Washington.

REX Osprey Solana (SOL) exchange-traded fund (ETF) recorded zero trading activity on four of six trading days through August 8, according to Farside Investors data. 

Trading under ticker SSK, the fund posted no flows on Aug. 1, Aug. 4, Aug. 5, and Aug. 7, with minimal $6.4 million in activity on Aug. 8 and $2.7 million outflows on Aug. 6.

REX Osprey’s fund is the first US-listed Solana ETF to integrate native staking mechanisms. The product operates outside standard SEC-registered spot ETF frameworks, delivering SOL exposure through indirect vehicles rather than direct crypto holdings.

Institutional hesitation

CoinShares flow data showed Solana products attracted $874 million in year-to-date inflows, staying behind Ethereum (ETH) and XRP among major cap altcoins despite its position as the fourth-largest cryptocurrency by market capitalization.

The trading pattern could reflect broader institutional hesitation toward Solana-focused investment products compared to Bitcoin (BTC) and Ethereum alternatives. 

Nansen senior research analyst Jake Kennis attributed the disparity to institutional portfolio allocation strategies. He explained in a note:

“ETH is seeing a lot of new activity as institutions were likely underweight ETH relative to BTC. Solana has been mostly in the backseat for this new wave of attention, but SOL ETFs would likely pick up if institutions are looking to also diversify away from BTC and ETH.”

Structural complexity creates adoption barriers

The REX Osprey fund’s design incorporates staking mechanisms and offshore ETF allocations that differentiate it from traditional spot cryptocurrency products. 

Stabolut founder and CEO Eneko Knörr identified these features as adoption obstacles rather than demand deficiencies. 

Knörr said:

“SSK’s quiet tape looks more like a brand and distribution issue than a pure demand problem. Its design isn’t a simple ‘spot SOL in a wrapper’—the fund stakes SOL and can allocate a portion into other SOL ETFs/ETPs, many offshore, which adds complexity that some buyers shy away from.”

The fund charges a 0.75% management fee, positioning it at the higher end of cryptocurrency ETF expense ratios. Traditional spot Bitcoin and Ethereum ETFs from major issuers typically carry fees between 0.15% and 0.25%.

Kennis, from Nansen, noted that the fee structure creates a cost-benefit analysis for institutional investors weighing direct cryptocurrency exposure against ETF convenience. 

He referenced Solana’s approximately 7% annual staking rewards:

“The staking component seems like a major feature given the ‘passive’ yield being left on the table.”

Market positioning and future outlook

The absence of major financial institutions like BlackRock and Fidelity in the Solana ETF space contributes to limited market penetration. 

REX Shares operates as a smaller ETF issuer without the distribution networks and brand recognition of Wall Street’s largest asset managers.

Knörr argued:

“Early trading will likely remain lumpy until bigger brands enter the space. Structure, complexity, and limited shelf space are holding it back—interest in Solana exposure itself doesn’t appear to be the issue.”

As of Aug. 11, the US Securities and Exchange Commission (SEC) is still considering the approval of Solana ETFs under the more tax-friendly 1933 Act.

Mentioned in this article

NEAR Protocol climbed 5% from $2.47 to $2.60 in the 24-hour period ending 7 August at 14:00 UTC, exhibiting strong resilience amid broader market turbulence. Institutional accumulation helped fuel a recovery rally after early-session lows, with price action coalescing between $2.48 and $2.52 before a sharp upside break around 10:00 UTC, supported by 3.36 million in trading volume. The asset’s advance, partially influenced by global risk-off sentiment, reflected investors’ pivot to alternative assets during heightened geopolitical and macroeconomic uncertainty.

Late-Session Sell-Off Caps Bullish Momentum

Despite its earlier strength, NEAR’s final hour of trading—from 13:06 to 14:05 UTC—witnessed a surge in volatility that erased most intraday gains. After briefly testing resistance at $2.61, a spike in volume between 13:39 and 13:42 coincided with profit-taking behavior. Selling pressure shaped a descending channel, with price retreating to close at $2.60, slightly above fresh support near $2.598. The move signals possible short-term exhaustion, as institutional distribution may be limiting further upside despite earlier accumulation.

Macro Conditions Continue to Shape Market Dynamics

The backdrop of NEAR’s performance remains heavily influenced by shifting macroeconomic forces. As major economies recalibrate monetary policy in response to inflationary effects from ongoing trade disputes, institutional flows into digital assets like NEAR have intensified. The cryptocurrency’s intraday pullback mirrors broader market hesitation, as participants digest global policy shifts and their implications for crypto-market structure and risk appetite.

Technical Indicators Analysis

• NEAR Protocol demonstrated considerable resilience during the preceding 24-hour period from 6 August 15:00 to 7 August 14:00, recovering from early session nadirs of $2.47 to close at $2.60, representing a compelling 5% gain.
• The cryptocurrency exhibited a classic accumulation pattern throughout the initial 18 hours, consolidating between $2.47-$2.52 before surging dramatically at 10:00 on 7 August with exceptional volume of 3.36 million units—approaching threefold the 24-hour average of 1.20 million.
• This breakout established robust support at $2.51 and resistance proximate to $2.61, with the pronounced price expansion suggesting institutional accumulation followed by momentum-driven purchasing that could extend towards $2.65-$2.70 based upon measured move projections.

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.

The app is designed to enable users to chat, trade, pay, and interact with other apps on the Base blockchain network.

The company shared a video during its “A New Day One” event in Los Angeles to show how people can easily post, send money, and trade without switching apps.

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Non-custodial Wallet: Why Do You Need It Right NOW

Coinbase said in a blog post:

Coinbase Wallet is now the Base app, evolving from a wallet into an everything app that brings together social, apps, chat, payments, and trading.

John Granata, who leads the product team, stated on X that the goal was to create more freedom and new ways for people to be creative and innovative.

Currently in beta with a waitlist, the app focuses on four main features. It offers an open social feed powered by Farcaster, where creators keep ownership of their posts and can earn money without needing big followings or sponsorships.

A discovery section lets users explore and use mini-apps, including games, yield tools, and prediction markets, directly in the app. It also includes private, encrypted chat with optional AI helpers that assist with trades and other tasks.

Finally, it features a built-in wallet that allows users to trade and make payments within the social feed. Payments use Circle’s USDC
USDC


$0.9958

There is also a sign-in option called “Sign in with Base”, which allows people to use the same login details across different apps without creating new accounts each time.

Recently, the cryptocurrency exchange Kraken launched a new app called Krak. What is it? Read the full story.

On June 11, PayPal announced plans to launch its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), on the Stellar blockchain network, pending regulatory approval from the New York State Department of Financial Services. If approved, the move would mark the expansion of PYUSD beyond its current availability on Ethereum and Solana.

PayPal described Stellar as a blockchain tailored for low-cost, high-speed payments with strong real-world utility. By adding support for Stellar, the company aims to improve the accessibility and usability of PYUSD for payments, cross-border transfers, and financial services. The integration is expected to enhance daily payment options and provide users with expanded access to financing tools such as working capital and small business loans—areas where Stellar is already active.

The press release emphasized Stellar’s existing global infrastructure, including a broad network of on- and off-ramps, local payment systems, and digital wallets, which could help bring PYUSD to users in over 170 countries. PayPal also highlighted potential benefits for liquidity and settlement through PayFi, an emerging digital financing mechanism that would allow businesses to access real-time capital disbursed in PYUSD on Stellar.

May Zabaneh, PayPal’s vice president for digital currencies, said the partnership would help advance the use of blockchain in cross-border payments. Denelle Dixon, CEO of the Stellar Development Foundation, said the collaboration could help bring practical stablecoin use to emerging markets and small businesses globally.

PYUSD is issued by Paxos Trust Company and is fully backed by cash and cash-equivalent reserves, with a fixed redemption value of $1.00 per token.

Earlier this in a short video released by Stellar Foundation, Ian Burrill, a Senior Director at PayPal who manages the crypto engineering team, explained why his firm was excited about the launch of PYUSD on Stellar. Burrill said that Stellar is a fast, low-cost network and it extends PYUSD’s reach to 180 plus countries. He went on to say that enabling merchants to use PYUSD on Stellar lets them send money in real-time, which makes for more efficient capital management.

Technical Analysis

• Stellar’s XLM token recorded significant price appreciation during a 24-hour trading period from July 11 at 17:00 UTC to July 12 at 16:00 UTC, with shares moving within a $0.071 range representing approximately 20.59% volatility between a session low of $0.345 and high of $0.416, according to CoinDesk Research’s technical analysis model.
• The most notable trading activity occurred during early morning hours on July 12 at 01:00, UTC when XLM shares advanced from $0.354 to $0.393 on substantial volume of 551.38 million units, significantly exceeding the 24-hour average of 234.19 million and establishing technical support near the $0.354 price level.
• The upward momentum persisted through July 12 at 11:00 UTC, reaching a session high of $0.416, before encountering resistance in the $0.400-$0.403 range where institutional profit-taking appeared to limit further advances.
• In the final hour of trading from July 12 at 15:47 UTC to 16:46 UTC, XLM demonstrated renewed strength with a 3.89% advance from $0.37 to $0.39, extending the session’s positive momentum.
• The most significant price movement occurred between 16:03-16:08 UTC when shares climbed from $0.374 to $0.385 on elevated volume of 13.16 million and 17.14 million respectively, well above the hourly average of 3.2 million units.
• This activity established technical support around $0.385-$0.387 where shares consolidated through the session’s final 30 minutes, with market participants eyeing potential continuation toward the $0.39-$0.40 resistance levels identified in broader technical analysis.

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.

Bitcoin mining company Core Scientific Inc. reported a first-quarter net profit of $580 million for 2025, a sharp increase from $210 million a year earlier.

However, the firm missed revenue expectations, as income dropped amid declining mining yields and a shift in business strategy.

According to the company’s May 7 earnings release, total revenue for Q1 reached $79.5 million, falling short of Zacks analyst estimates by over 8%.

This marked a significant decline from the $179.3 million Core Scientific posted during the same period last year.

Core Scientific’s Q1 Revenue Dominated by Self-Mining at $67.2M

The bulk of its earnings came from $67.2 million in self-mining revenue, while hosted mining and colocation contributed $3.8 million and $8.6 million, respectively.

The revenue shortfall follows the April 2024 Bitcoin halving, which cut block rewards from 6.25 BTC to 3.125 BTC, effectively reducing mining income.

Core Scientific also cited its ongoing operational transition toward high-performance computing (HPC) hosting—especially for artificial intelligence applications—as a contributing factor to the revenue dip.

Still, some losses were mitigated by favorable market conditions. Bitcoin’s average price rose 74% during the quarter, and the firm benefited from a 33% reduction in power costs due to lower energy rates and improved efficiency.

A key part of Core Scientific’s future growth strategy is its pivot to AI-focused infrastructure.

In February, the company secured a $1.2 billion agreement with AI firm CoreWeave to expand data center capacity. This move is expected to significantly bolster colocation revenue, with projections pointing to an annualized figure of $360 million by 2026.

CEO Adam Sullivan called Q1 an “inflection point” for the company, emphasizing its strategic positioning within the rapidly growing demand for high-performance data services.

“We’re at the center of one of the most important shifts in modern computing,” Sullivan said in a statement.

Shares in Core Scientific (CORZ) closed down 1% at $8.90 on May 7 but rose to $9.24 in after-hours trading.

The shift to HPC is gaining momentum across the crypto mining sector. Companies like Hive Digital, Hut 8, Iris Energy, and TeraWulf have all begun reallocating mining resources toward AI infrastructure, signaling a broader trend reshaping the future of digital asset operations.

Bitcoin Mining’s Sustainable Energy Usage Rises to 52%

A recent study from Cambridge University shows that sustainable energy now powers 52.4% of Bitcoin mining, a significant increase from 37.6% reported in 2022.

According to the report, 42.6% of Bitcoin mining’s sustainable energy comes from renewables like wind and hydropower, while 9.8% is sourced from nuclear energy.

Natural gas has now overtaken coal as the largest energy contributor to Bitcoin mining, with usage rising to 38.2%, compared to 25% in 2022.

Coal’s share, meanwhile, has fallen sharply to 8.9% from 36.6%.

The United States became a global leader in Bitcoin mining following China’s 2021 crackdown on the crypto industry.

With cheap electricity and strong capital markets, American mining firms quickly gained dominance, and the election of pro-crypto President Donald Trump initially fueled optimism for continued growth.

The post Core Scientific Posts $580M Q1 Profit, Misses Revenue Estimates appeared first on Cryptonews.

Nasdaq-listed Bitcoin mining firm Core Scientific Inc. posted a net profit of $580 million with its first quarter results, but missed analyst revenue estimates after a drop in its mining profits.

Core Scientific’s Q1 2025 results, shared on May 7, saw it more than double its $210 million net income from the year-ago quarter, while its total revenue reached $79.5 million, missing Zacks analysts’ estimates by 8.11%, and falling from its $179.3 million in revenues for Q1 2024. 

The firm’s primary source of revenue came from $67.2 million in self-mining revenue, $3.8 million in hosted mining revenue, and $8.6 million in colocation, formerly listed as high-performance computing (HPC) hosting.

Core Scientific said its drop in Bitcoin (BTC) mined and revenue was due to the halving on April 20, 2024, when mining rewards were cut from 6.25 BTC to 3.125 BTC, and its operational shift to HPC hosting, primarily used for artificial intelligence.

However, the losses were partially offset by a 74% increase in the average price of Bitcoin and a 33% decrease in power costs due to lower rates and usage. 

As part of its HPC hosting shift, Core Scientific inked a deal in February with AI startup CoreWeave for a $1.2 billion data center expansion. As a result, Core Scientific anticipates entering 2026 with annualized colocation revenue of $360 million.

Inflection point for miners in AI shift

Core Scientific CEO Adam Sullivan said in a statement that its first quarter was an “inflection point,” as the firm positioned itself at the “center of one of the most important shifts in modern computing,” as the demand for high-performance data infrastructure has accelerated.

Related: Robinhood beats Q1 estimates despite revenue, crypto trading dip

Shares in Core Scientific (CORZ) closed May 7 trading down 1%, falling to $8.90, according to Google Finance. However, they jumped over 3% to trade at $9.24 after the bell.

In an August report, asset manager VanEck estimated that if publicly traded Bitcoin mining companies shifted 20% of their energy capacity to AI and HPC by 2027, they could increase additional yearly profits by $13.9 billion over 13 years.

Riot Platforms appointed three new directors to its board in February, one of whom has experience converting Bitcoin mining assets toward HPC.

Hive Digital, Hut 8 and Iris Energy converted part of their operations to HPC and AI last year, and TeraWulf sold its stake in a Bitcoin mining facility for $92 million in October, with the proceeds marked for hosting AI and building HPC data centers. 

Magazine: Adam Back says Bitcoin price cycle is ’10x bigger’, has ’empathy’ for ETF buyers

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