The Bitcoin mining sector is significantly impacted by the US-led trade conflict, with publicly traded miners facing substantial bills from US Customs and Border Protection (CBP). Interestingly, a mining venture associated with the family of US President Donald Trump acquired over 16,000 rigs from China’s Bitmain without facing extra duties.
In addition to mining challenges, the larger blockchain industry is ramping up initiatives to attract Wall Street as institutional adoption grows across exchange-traded funds, corporate treasuries, and tokenized real-world assets. Ether (ETH) treasury firms are also increasing their accumulation, and reports indicate that China might be preparing to approve yuan-backed stablecoins.
This week’s Crypto Biz newsletter delves into these trends, spotlighting The Miner Mag’s recent findings, Polkadot’s newly formed capital markets division, SharpLink’s significant ETH acquisition, and Beijing’s potential shift toward stablecoins.
US Bitcoin miners confront over $100M in tariffs
The US Bitcoin mining sector finds itself caught in President Donald Trump’s trade war, as public miners CleanSpark and IREN indicate possible tariff liabilities of $185 million and $100 million, respectively, according to The Miner Mag.
Both firms reported receiving invoices from US Customs and Border Protection, which claimed some mining rigs were of Chinese origin. Following the White House’s updated tariff schedule, equipment sourced from China now incurs an effective duty of 57.6%.
Apart from tariffs, The Miner Mag noted that mining revenues “remain under pressure,” with transaction fees dropping below 1% of block rewards.
July production data revealed that both IREN and Mara Holdings mined over 700 BTC, while CleanSpark and Cango each produced more than 600 BTC.
Source: The Miner Mag
Polkadot forms capital markets division
Polkadot has introduced a new capital markets division aimed at luring institutional investors to its blockchain — a strategic move that highlights the industry’s increasing efforts to engage Wall Street.
The new entity, Polkadot Capital Group, based in the Cayman Islands, was created in response to rising institutional interest in digital assets, according to the company. They also referenced recent favorable regulatory signals in the United States as a motivator for the launch.
Polkadot Capital Group will focus on demonstrating blockchain applications in decentralized finance, staking, and real-world assets, while assisting traditional financial institutions in exploring crypto prospects in areas like asset management and banking.
Polkadot ranks as the 24th largest blockchain by market capitalization, valued at around $6 billion.
China reportedly considers yuan-backed stablecoins
In spite of its extensive restrictions on digital assets, China is reportedly evaluating the facilitation of yuan-backed stablecoins — a potential policy shift that would signify a major turnaround for the world’s second-largest economy.
According to sources familiar with the situation, Reuters reported that Beijing authorities are amenable to approving yuan-backed stablecoins as part of a broader strategy to enhance the currency’s role in global trade. This would represent a stark contrast to the country’s position nearly four years ago, when it effectively outlawed crypto trading and mining.
The reports emerge as stablecoin adoption accelerates globally, especially in the United States, where the GENIUS stablecoin bill has recently been passed. The total value of stablecoins in circulation has now exceeded $288 billion, with US dollar–backed tokens making up the vast majority.
SharpLink acquires an additional $667M in ETH
SharpLink, a sports betting organization that has adopted Ether as a treasury asset, has purchased 143,595 ETH as the token approaches record highs, according to regulatory filings.
This acquisition, valued at $667.4 million, elevates SharpLink’s total holdings to 740,760 ETH — approximately $3 billion based on current market valuations.
Despite this significant addition, SharpLink does not hold the title of the largest Ether treasury holder. That distinction belongs to BitMine, which acquired 373,000 ETH on Monday, raising its total holdings to 1.52 million ETH, valued at around $6.5 billion.
While ETH experienced a correction this week, it continues to be among the top performers in crypto, having appreciated nearly 200% since its low in April.
Source: SharpLink
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