Core Scientific Secured a $500M Loan Facility from Morgan Stanley

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Market Snapshot: Overnight Moves

Daily Updates:

• As the war in the Middle East shows no signs of resolution in its seventh day, risk-on sentiment has continued to drag. 
• BTC once again reached resistance around the $73-74K region and fell back towards $70K, while ETH is lingering around $2,000. 

• Concerns over Iran-US tensions as well as a selloff in major chipmakers dragged down US equities, with the S&P 500 finishing 0.56% lower. Bloomberg’s semiconductor gauge fell 1.2% after it was reported that the US Commerce Department had written draft regulations that will require US companies to have permits from the government before making artificial intelligence chip sales. 
• The surge in oil prices has continued too — Brent crude oil is above $81 per barrel after Iran launched a barrage of missiles and drones towards at least five countries across the Middle East and Israel carried out another wave of airstrikes on Tehran. 
• Separately, the Chinese government told its top oil refiners to suspend exports of diesel and gasoline amidst the disruption to trade routes in the Persian Gulf.

• The spike in energy has also resulted in a rout in the global bond market driven by fears that higher oil prices will feed into inflationary pressures restricting the Fed’s maneuverability to cut interest rates. The 10-year treasury yield, a key benchmark the Trump administration had targeted to lower during the term of his presidency, has surged more than 20bps over the past five days alone. 

• President of the Fed’s Richmond district, Tom Barkin, told Bloomberg TV that “Gas prices, obviously, if they’re up is inflationary” and that “Textbook monetary policy would be you look through a short-term shock, but you don’t look through a long-term shock, and I think that’s a lot of the assessment people are going to have to make.”
• Traders are beginning to dial back their expectations of cuts from the Fed. Swap markets indicate 41 bps of rate cuts by the end of the year — down 20bps from last week, while the two-year treasury yield has risen 25bps since the conflict began. 

• Publicly listed Bitcoin miner Core Scientific, Inc. (Nasdaq: CORZ) secured an initial $500M loan facility from Morgan Stanley, with the option to expand it to $1B, to fund data center development and AI infrastructure expansion.
• While the company currently earns most of its revenue from digital asset mining, the financing supports Core Scientific’s transition from primarily digital asset mining toward high-density colocation and AI-focused data center services.

• Eric Trump-linked Bitcoin miner American Bitcoin (ABTC) has announced the milestone of its corporate treasury now reaching over 6,500 BTC, adding more than 500 BTC in the past 21 days.
• With this accumulation, ABTC now ranks as the 17th largest publicly listed Bitcoin-holding company globally.

• Crypto exchange OKX announced on Thursday that it is introducing a built-in social layer within its trading app, giving users a way to talk markets, share trading activity, and place trades without leaving the platform.
• Called Orbit, the feature adds a live community element to the OKX app, where users can publish market views, stream discussions, and create groups around trading ideas.
• Posts can also include asset tags such as BTC or ETH that connect directly to the trading interface.

• 21Shares is bringing its Polkadot product, $TDOT, to market today, according to the firm’s announcement on X.
• The prospectus describes $TDOT as an exchange-traded fund designed to track the price of DOT, with the potential to reflect staking rewards, though it is not a direct investment in Polkadot itself. 
• Instead, investors hold shares in a trust that owns DOT on their behalf, giving them market exposure to the token without direct ownership or the rights that come with holding DOT natively.

• A Bitcoin Reserve Offering (BRO) vault on DeFi platform Solv Protocol was exploited, affecting “<10” users and resulting in the loss of 38.0474 SolvBTC.
• The team said all other vaults and user funds remain secure and confirmed it will fully reimburse affected users. The incident is being investigated with security partners, while the exploiter has been offered a 10% white-hat bounty if the funds are returned.

• According to a post on X from Bitwise, the asset manager is donating $100,000 to support Ethereum open-source developers through Protocol Guild and the PBS Foundation.
• The contribution forms part of Bitwise’s earlier commitment to allocate 10% of $ETHW’s gross profits each year back to the Ethereum ecosystem following the launch of its Ethereum ETF in July 2024.
• Bitwise said the donation is intended to support core protocol research, development, and the maintenance of critical open-source infrastructure.

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