US Publishes Economic Data on the Blockchain, Hut 8 Increases Bitcoin Mining Capacity, and Bitwise Files for Chainlink ETF

Takeaways

• The US Department of Commerce published key economic statistics on a blockchain platform for the first time this week: US GDP jumped 3.3% year-over-year in July, higher than previous advanced estimates. The positive economic data sent crypto and tradfi markets higher.
• Hut 8 will reportedly double its power capacity by building four new US sites, bringing total capacity above 2.5 GW: The announcement had a positive effect on the firm’s stock, bringing it to a seven-month high on Tuesday.
• Bitwise has filed an S-1 to create a spot Chainlink ETF: The filing said the purpose of the ETF would be to accurately reflect the value of LINK, the native token of the Chainlink network.
• Pantera Capital announced it is seeking up to $1.25 billion to create a publicly-listed company to accumulate SOL tokens: The plan would commence with a $500 million raise and follow with an additional $750 million.
• French chipmaker Sequans has filed for an offering to raise up to $200 million to fund additional bitcoin purchases: The firm already holds more than 3000 BTC and has set an ambitious goal of 100,00 BTC by 2030.

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US Publishes Economic Data on Blockchain, Starting With GDP

In conjunction with the announcement, the government said US GDP jumped 3.3% year-over-year in July, sending tradfi markets and crypto higher following the news.

The Department of Commerce posted an official hash of its quarterly GDP release–and the topline GDP number–on Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism. It also disseminated the data on Pyth and Chainlink.

Crypto exchanges Gemini, Coinbase, and Kraken helped the government push the information live by facilitating bitcoin purchases used to post the transactions on the blockchains. It marked the first time the government has used the blockchain to publish major economic data.

“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said US Secretary of Commerce Howard Lutnick. “We are making America’s economic truth immutable and globally accessible like never before, cementing our role as the blockchain capital of the world. And everybody has to admit that 3.3% GDP growth is impressive.”

Hut 8 Plans 1.5GW US Expansion, Shares Push Higher

Leadership has described the buildout as a pivot to capture demand for large-scale computing, for bitcoin mining, and other purposes including AI computing.

To fund the expansion, the firm has outlined a liquidity plan that includes borrowing against its roughly 10,000 BTC reserve, proceeds from a newly launched $1 billion at-the-market equity program, and other sources. The bitcoin mining firm framed the package as providing flexible capital that would not cause disruption to operations and its existing facilities. The move also comes as big tech makes moves into the bitcoin mining space, with Google taking a minority stake in BTC miner TeraWulf earlier this month.

Investors have reacted to the news positively, viewing it as a step that could substantially benefit the company’s bottom line. On Tuesday the firm’s stock price, under the ticker HUT on the Nasdaq, shot up by more than 10% as shareholders anticipated increased revenues.

Bitwise Files to Launch Spot Chainlink ETF

The trust will reportedly aim for share prices to move with LINK’s spot market value and would support both in-kind and cash redemption. The filing does not name a specific exchange on which it would be listed.

The S-1 does not contain any provisions for staking LINK or accumulating staking rewards, despite SEC guidance clarifying that certain staking activity does not automatically constitute a securities offering. Some analysts have suggested that this signals that Bitwise intends to offer plain spot exposure rather than a yield-enhanced product. The move follows other issuers pursuing spot products for other popular layer-1 tokens such as AVAX, the native token of Avalanche.

Chainlink’s token has notably dropped in price from its 2021 high, however it has roughly doubled YoY. The DeFi-focused network is intended to supply data to platforms, and functions as something known as an oracle network. If the offering is approved, Bitwise’s Chainlink ETF will continue the trend of groups moving to bring DeFi to Wall Street.

Pantera Capital Eyes $1.25B Raise to Build SOL Treasury

The purpose of the company would be to amass SOL, and it could be the largest corporate Solana treasury if the deal is completed. Currently, public companies collectively hold around $650 million worth of SOL. The fundraising effort would be structured in two parts, an initial $500 million raise and another $750 million through warrants.

The initiative comes as other large firms and investor groups are exploring similar plays. Bloomberg recently reported a separate effort by Galaxy Digital, Jump Crypto, and Multicoin Capital to raise $1 billion for a joint Solana treasury. Pantera has also reportedly backed multiple digital-asset-treasury projects, including taking part in a large private placement for Sharps Technology. As Pantera’s most recent push demonstrates, the bitcoin treasury strategy is now advancing transactions for other networks as well.

French Chipmaker Sequans Plans $200M Equity Program For Bitcoin Buys

The company said the latest raise is the first phase of a long term bitcoin treasury plan.

Sequans' bitcoin balance currently stands at 3,000 BTC, ranking it among Europe’s larger corporate holders of bitcoin, behind only a few firms including Germany’s Bitcoin Group SE. The company has made clear its ambition to accumulate 100,000 BTC by 2030.

-Team Gemini