Block 1: Essential news
North Korea becomes one of the world's largest holders of bitcoins
Thanks to cyberattacks by the Lazarus group, North Korea is now one of the world's largest holders of bitcoins (BTC), surpassing countries such as Bhutan and El Salvador. This rise in power is linked to the historic hacking of the Bybit platform on February 21, 2025, where $1.4bn was stolen. This record theft adds to Lazarus's previous hicks:
$308m stolen from DMM Bitcoin in 2024, $615m stolen from Ronin in 2022, $1.34bn stolen in cryptocurrencies in 2024, or 61% of the funds hacked that year
The US government estimates that half of North Korean weapons funding comes from cyberattacks and cryptocurrency theft.
Solana lands on the CME futures market
The Chicago Mercantile Exchange (CME) officially launched trading in Solana (SOL) futures contracts on Monday, marking a major step forward for its integration into traditional finance. These contracts, available in 25 and 500 SOL formats, enable investors to better manage their exposure to this asset. According to Giovanni Vicioso, CME's head of crypto, this expansion meets strong institutional demand. At the same time, several asset managers are preparing to launch spot ETFs on SOL.
Pavel Durov leaves France for Dubai, TON jumps 18%
After his arrest last August and several months under judicial supervision, Telegram founder Pavel Durov was granted permission to leave France for Dubai. This announcement led to an 18% surge in the price of The Open Network's TON. Accused of failing to cooperate with the authorities, Durov paid bail of €5m and had to report a police station twice a week. His temporary departure marks a turning point in the case, but TON remains below its pre-arrest price. For the time being, Telegram's founder has not commented publicly on the situation.
Toulouse becomes the first European city to accept cryptocurrencies for the metro
Since March 17, 2025, Toulouse has been innovating by allowing users of its transport network, Tisséo, to pay for their journeys in BTC, ETH, XRP or USDT. This experiment, unprecedented in Europe, aims to modernize public services and diversify payment methods. Transactions are carried out via Tisséo's mobile application and are instantly converted into euros thanks to the fintech Lyzi. However, in France, these payments are subject to the 30% flat-tax, which complicates their use for French residents. Nevertheless, this initiative could benefit tourists and encourage wider adoption of cryptos in public services.
Block 2: This week's Crypto Analysis
2024: Bitcoin's big gap with mining stocks
In 2023, shares in Bitcoin mining companies followed a simple rule: they amplified every move in BTC. When bitcoin soared, they climbed even higher. When it fell, they collapsed more sharply. However, in 2024, this correlation broke down. Despite all-time highs for BTC, miners' shares never recovered their past peaks. Why not? Because Bitcoin mining has entered a new era, with several trends reshaping the industry landscape.
Institutional adoption: spot ETFs take over
January 2024 marked a turning point with the arrival of bitcoin spot ETFs. In just a few months, these products accumulated over 1.3 million BTC and exceeded $100bn in assets under management. The result? Institutional investors, who once used miners' shares as a proxy for exposure to BTC, now have direct, liquid access to the asset. Before ETFs, funds would buy Riot Platforms or MARA to capture bitcoin's rise. Today, they prefer to buy BTC directly. A massive reallocation of capital that has profoundly altered market dynamics.
Halving and its consequences: profitability under pressure
Bitcoin's fourth halving in April 2024 halved miners' rewards, from 6.25 BTC to 3.125 BTC per block. Until now, halvings were often accompanied by a rise in the price of bitcoin, compensating for the loss of revenue. Not so this time.
Why not this time?
Record network difficulty: Network computing power has exploded, making rewards even more competitive. Lower transaction fees: Less network congestion means lower fees for miners. Collapse of hashprice: Despite bitcoin's 120% rise, miners' gross profitability (revenue per unit of computation) collapsed by 75%.
Luxor
Faced with this pressure, the mining industry had to adapt. Consolidation, restructuring and new strategies marked the year 2024.
The rise of hashrate derivatives: a revolution for miners
A discreet but fundamental phenomenon has emerged: the hashrate derivatives market. Simply put, miners can now hedge against bitcoin's volatility by locking in their income in advance via derivative contracts. Previously, miners' income depended on the daily fluctuations of BTC. It was impossible to predict cash flow, and difficult to obtain financing. In 2024, things changed:
Tthe OTC market exploded: the volume of contracts on Luxor jumped by 500% in one year. Arrival of regulated markets: Bitnomial launched the first regulated hashrate futures contracts.
The impact is major: miners can now sell their computing power in advance, just as electricity producers sell their production via futures contracts. A breakthrough that offers them greater financial stability and broader access to institutional financing.
Under financial pressure, some miners are exploring a new growth driver: artificial intelligence and high-performance computing (HPC). Why? Because the infrastructure required for mining and AI is similar: massive server farms, colossal energy consumption and advanced cooling requirements.
However, the transition is not straightforward. Unlike mining, AI data centers require a much heavier investment. A megawatt dedicated to Bitcoin costs hundreds of thousands of dollars, compared with several million for an HPC center. Yet some companies are already taking the hybrid route:
HIVE Digital Technologies and Hut 8 are now allocating part of their capacity to AI. Core Scientific and Bit Digital have secured contracts to diversify their revenues.
The idea? Transform mining infrastructures into data centers capable of hosting intensive computing. A pivot that could change the game for players in the sector.
Mining in 2025 is no longer just about the price of bitcoin. The sector is being transformed by institutional flows, new financial tools and diversification into AI. Faced with rising costs and post-halving pressure, only the most innovative will survive. For investors, mining stocks are no longer a simple bet on BTC. They are evolving in a far more complex ecosystem, where efficiency, risk management and adaptability will be the keys to success. It remains to be seen who will take advantage of this new situation... and who will be swept away by the storm.
Block 3: Gainers & Losers
Crypto chart
(Click to enlarge)
Block 4: Readings of the week
U.S. intelligence veterans helped a crypto company thrive, unaware of a nefarious hacker behind it (The Washington Post)
Under Trump, AI scientists urged to eliminate "ideological bias" from powerful models (Wired)
