transformation

The Ethereum Layer 2 project Movement, which fell into controversy shortly after its launch last year, is seeking transformation. Move Industries' new CEO Torab Torabi stated that Movement has been repositioned as an independent Layer 1 blockchain, aiming to become the settlement infrastructure for stablecoins in emerging markets.Move Industries announced on Tuesday that over the past few months, the company has gained access to a compliant payment network covering the United States, Canada, and the European Union by collaborating with regulated remittance institutions and electronic money institutions, laying the foundation for stablecoin payments and cross-border settlement operations. According to the announcement, the company has currently established partnerships with stablecoin issuer Circle, wallet project KAST, and Sorted, as well as tokenization projects Oro, Yuzu Money, and Zoth.In addition, Avant Protocol has chosen Movement Network as the infrastructure platform for its revenue and fund management products, further expanding Movement's application scenarios in the fields of stablecoins and real-world assets (RWA).

According to Globenewswire, the publicly listed Bitcoin mining company DMG Blockchain announced its financial report for the second quarter of fiscal year 2026, revealing plans to advance its AI data center transformation, currently focusing on two strategic directions: core data center business and digital asset financial services. In the future, its AI and computing power platform will provide relevant infrastructure and services to Canadian government agencies, enterprises, and research institutions.In addition, DMG Blockchain reported that it mined a total of 69 Bitcoins in the second quarter, which is basically flat compared to the previous quarter but represents a 25% decrease compared to the same period last year.

a16z crypto general partner Guy Wuollet pointed out that the financial industry is undergoing a "digital migration" similar to the era of cloud computing, with blockchain becoming the core infrastructure driving this transformation. Wall Street's adoption of blockchain is not driven by the idea of "decentralization," but rather by the practical needs for counterparty risk management, settlement efficiency, and fair ordering mechanisms.The so-called "digital assets" essentially represent the process of migrating the underlying architecture of the financial system onto the blockchain, similar to the transition of enterprise IT systems from on-premises deployment to cloud services. When financial assets operate on programmable shared infrastructure, it brings the core advantage of "composability," allowing assets to be freely combined and expanded like software, significantly reducing development costs and enhancing the overall innovation efficiency of the financial system. This trend will drive traditional finance from a "closed reconciliation system" to an "on-chain coordination network," and blockchain technology will gradually become a standard component of the financial infrastructure layer in this process.

According to Globenewswire, NASDAQ-listed company IREN announced its latest financial report and disclosed that it has signed an AI cloud contract with NVIDIA worth $3.4 billion. IREN will deploy air-cooled Blackwell GPU infrastructure for NVIDIA, with a contract duration of 5 years.The financial report also showed that IREN is accelerating its transition from Bitcoin mining to AI cloud business, with the construction of data centers related to the $9.7 billion contract with Microsoft progressing. As of April 30, IREN held $2.6 billion in cash, and its revenue for the third quarter of fiscal year 2026 was $144.8 million, down from $184.7 million in the previous quarter, with a net loss of $247.8 million impacted by non-cash impairment related to the elimination of mining machines.

According to The Block, Bitcoin mining company IREN Limited has agreed to acquire cloud infrastructure software company Mirantis for approximately $625 million in an all-stock transaction to enhance its AI cloud business layout.This acquisition will bring critical software and "orchestration" capabilities to IREN, helping it better monetize its expanding GPU and data center resources. Mirantis focuses on Kubernetes-based cloud infrastructure tools that enable automated deployment, scaling, and management of containerized applications.Analysts point out that the transaction values Mirantis at about 4 to 5 times its revenue, aimed at helping IREN catch up with AI cloud competitors like CoreWeave and build a complete "full-stack new cloud" capability.This merger is also an important step for IREN in its transformation from a Bitcoin mining company to an AI infrastructure platform. Previously, the company had raised approximately $3.6 billion through equity and convertible bond financing to expand its GPU and data center capacity, with total construction investments expected to exceed $9 billion. After the transaction is completed, Mirantis is expected to operate as an independent subsidiary.

Nasdaq-listed company Intchains Group Limited announced its latest business developments, disclosing its Ethereum (ETH) staking scale and AI-driven operational transformation plan. The company stated that as of now, it has staked a total of 8,040 ETH, of which 1,000 ETH were completed through the FalconX platform, and 7,040 ETH were deployed on its own Goldshell Stake platform; additionally, third parties have staked 1,363 ETH on this platform. The company claims to achieve maximized returns and risk diversification through a multi-platform strategy.On a strategic level, Intchains is advancing its AI-enabled operational model transformation, focusing on chip and product research and development, market sales, and overall business operations, restructuring processes and enhancing decision-making efficiency through automation and intelligent tools. In terms of cost control, the company has reduced its workforce by about 20% based on early 2026 levels and plans to further compress it to a total of about 35%, which is expected to bring annual savings of approximately 20 million RMB in labor costs. This adjustment mainly stems from organizational streamlining and replacing repetitive manual processes with technology. The company's management stated that it will focus on core mining machine technology and Ethereum asset strategy, combining AI to enhance research and development and operational efficiency, and plans to launch a new generation of mining machine products in the second half of 2026 (depending on market conditions).

Due to the current pressure of approximately $19,000 loss per mined Bitcoin, mining companies are accelerating their transformation towards artificial intelligence and high-performance computing, and are funding related infrastructure investments by selling part of their BTC reserves.Data from CoinShares shows that publicly listed mining companies have collectively announced AI and HPC collaboration projects worth over $70 billion, and the industry as a whole is transforming towards computing power services.

According to a report by Coinshares, Bitcoin mining profit margins are at a historical low. In the first quarter of 2026, the hash price fell to about $28-30 per PH/s/day, reaching a new low after the halving. The weighted average cash cost in the fourth quarter of 2025 reached about $80,000 per coin, with approximately 15-20% of mining machines globally operating at a loss.The transition of mining companies to AI is no longer an option. Publicly listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of the revenue for listed mining companies may come from AI. Some mining companies are taking on huge debts for AI construction, fundamentally changing the risk landscape of the industry. There is a significant divergence in the valuation of mining companies; those obtaining HPC contracts have an EV/NTM revenue multiple of 12.3 times, while pure mining companies have a multiple of 5.9 times. The industry has differentiated into infrastructure companies and mining companies, with vastly different prospects for both.

According to BBX data, yesterday global listed companies showed strong momentum in "revenue monetization" and "mainstream financial institutions entering directly" in cryptocurrency asset allocation:$50 million strategic increase: Nomura's digital asset subsidiary Laser Digital announced yesterday that it has completed a $50 million increase in Bitcoin treasury on behalf of its parent company. This marks the first time a major Japanese financial giant has clearly decoupled its proprietary positions from institutional brokerage business, indicating that Japanese financial institutions are beginning to view BTC as core Tier 1 capital.Direct conversion of advertising revenue: Reddit disclosed in its quarterly supplemental filing submitted to the SEC yesterday that it has begun converting part of its excess cash reserves and advertising revenue into BTC and ETH. Reddit stated that the allocation of its on-chain native assets aims to provide underlying liquidity for the future "contributor economy."$25 million hedging initial position: Zillow Group's board approved a $25 million allocation for Bitcoin yesterday. As a real estate technology giant, Zillow plans to use BTC as a cross-border liquidity buffer for its global home purchase settlement business to combat fluctuations in multiple fiat currency exchange rates.15% net profit allocation: WonderFi officially established financial guidelines yesterday, announcing that it will convert 15% of its net profit each quarter into Bitcoin reserves over the next three years. It executed its first purchase of $2.4 million yesterday, with total holdings steadily increasing.$10 million debt transformation: Stronghold Digital disclosed yesterday that the $10 million in cash freed up through a debt-to-equity agreement has all been converted into Bitcoin, establishing a financial restructuring goal of "low debt, high holdings."