... operational expenses (for instance, in March it sold approximately 61 BTC out of 88 mined). Nevertheless, the majority (~70%) of production continued to go into the treasury. By March 2025, Hut 8 significantly increased its hashrate to 9.3 EH/s (thanks to a merger of capacities with a partner), which boosted BTC output. It is likely that by the end of April, the company mined around 150 BTC, and although Hut 8’s official reports are now released quarterly, we can expect it to retain a substantial portion ...

... increasingly recognized by the traditional financial system. Raising capital through the IPO will bolster Circle's financial base and allow it to expand services for institutional clients. Back in 2021, Circle attempted to enter the stock market through a SPAC merger, but the deal fell through in 2022 due to a tougher regulatory stance (SEC led by Gary Gensler). Now, with a more favorable regulatory climate in the US, Circle has renewed its listing plans. The new administration in Washington in 2025 demonstrates ...

... are diverted to HPC) or, conversely, the risks associated with the capital-intensive transition into a new domain. Aside from Riot and Marathon, other public miners are also actively adapting. For example, Hut 8 Mining and US Bitcoin Corp announced a merger, aiming to synergize resources and reduce mining costs. Hive Digital Technologies (formerly Hive Blockchain) previously redirected its GPU farms to cloud computing, mining other PoW coins, and providing data center services for AI after Ethereum ...

... Exchange Group (LSEG) made strategic investments in a digital asset trading platform. The owner of the London Stock Exchange acquired a stake in a crypto exchange, planning to integrate trading in tokenized financial instruments into its ecosystem. This merger of the traditional stock market with the cryptocurrency industry emphasizes the blurring of boundaries between them and indicates the readiness of the largest exchanges to adapt to the changing financial landscape. Such steps by media corporations,...

... divisions of corporations, and sometimes more conservative investors (for example, private equity funds or banks) participate in late rounds - if the business is mature enough. Investments at this stage are used to capture an even larger market share, mergers and acquisitions, and preparation for an IPO. Exit is the final goal of venture investment, which occurs when the company reaches such a stage of development that early investors can sell their stake and secure a profit. The exit can occur through ...