Live updates: BlackRock's IBIT sheds $300 million as bitcoin demand dwindles
IBIT alone shed $300 million while smaller funds absorbed some of the outflow. The selloff lands as the same AI trade that crashed Korea a week ago now powers a record quarterly rally there.
Ionic Digital raises $400m, files to go public as it pivots from bitcoin mining to AI
Ionic Digital is the latest bitcoin miner to pivot aggressively into AI infrastructure, underscoring a broader industry trend as AI workloads become more profitable than bitcoin mining. According to the Energy Mag, ahead of its planned Nasdaq listing, the company raised $400 million after reporting that AI and HPC infrastructure leasing generated $44 million of first quarter revenue, far exceeding the $7.4 million from bitcoin mining. The company still held 2,815 BTC on its balance sheet as of March 31, while selling 1,009 BTC in 2025 for $101.5 million at an average price of $100,547 per coin. Ionic has repurposed its flagship Texas site for AI, highlighting how bitcoin miners are increasingly monetizing power infrastructure for AI.
BlackRock's IBIT sheds $300 million as bitcoin demand dwindles
U.S. spot bitcoin ETFs lost a net $231 million on Monday, with BlackRock's IBIT accounting for $300 million of outflows that other funds partly offset, including $50 million into ARKB and $35 million into GBTC, per SoSoValue data.
The outflow lands as risk appetite elsewhere is surging. Wall Street's technology rally spread into Asia on Tuesday, with the MSCI Asia Pacific index up 1% on the year's final trading day after a semiconductor rebound helped the S&P 500 snap a five-session losing streak. The Asian benchmark is on track for its biggest quarterly gain in almost 17 years.
South Korea's Kospi, which crashed 10% in a single session earlier this month, climbed 2.1% to extend its lead as the world's best-performing major benchmark this year. Samsung is up more than 100% this quarter, and SK Hynix has gained almost 240% since April. The yen slid to its weakest level against the dollar since 1986, a sign investors are funding the AI trade by borrowing in yen.
Bitcoin ETFs are not participating in that capital rotation, however. The same AI infrastructure spending fueling record quarters in Seoul and Tokyo is the trade competing for the dollars that might otherwise flow into bitcoin, a dynamic that has run through the month's coverage of SpaceX, Anthropic and the chip sector.
Summary
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters :
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Private keys, not smart contracts, caused 40% of crypto's $16 billion hack losses. Here's whats being done.
Automated crypto news ingestion from CoinDesk.