House Gears Up for Pivotal “Crypto Week”
The U.S. House Financial Services Committee has officially announced that the week of July 14 will be designated “Crypto Week,” signaling a concentrated effort to address various cryptocurrency-related legislation. This dedicated focus underscores the growing recognition within Congress of the digital asset industry’s increasing importance and the urgent need for clear regulatory frameworks.
During this pivotal week, the House is set to consider a range of bills designed to shape the future of crypto in the United States, indicating a serious commitment to moving beyond fragmented policies towards comprehensive legislation. This legislative push comes amidst significant market activity and strategic shifts within the crypto mining and investment sectors.
Core Scientific Acquired in $9 Billion Deal
In a major development within the Bitcoin mining sector, AI hyperscaler CoreWeave (CRWV) announced on Monday that it has reached a definitive agreement to acquire Bitcoin miner Core Scientific (CORZ) for a staggering $9 billion in an all-stock transaction. Under the terms of the deal, Core Scientific shareholders will receive 0.1235 shares of newly issued Class A CoreWeave stock for each CORZ share they hold, valuing the acquisition at $20.40 per share—a substantial 66% premium to Core Scientific’s June 25 closing price of $12.30.
This acquisition follows a significant rally in Core Scientific’s stock, which surged over 60% in June on reports of the impending deal. Both company boards have approved the transaction, which is expected to close in the fourth quarter, pending customary conditions and approvals. This marks a strategic consolidation, as CoreWeave had previously attempted to acquire Core Scientific for a lower valuation last year, which was rejected in favor of existing partnerships.
Bit Digital’s Strategic Pivot to Ethereum
In another significant industry shift, Bit Digital (BTBT), a New York-based crypto outfit, confirmed a series of recent overhauls to its business strategy. The former Bitcoin miner announced on Monday that it has completed its transition to an Ethereum-focused strategy, effectively ditching Bitcoin. As part of this strategic pivot, Bit Digital has completed its transition to an Ethereum treasury and has sold off a substantial portion of its Bitcoin holdings.
The company had initially announced this shift on June 25, outlining its plan to become a pure-play Ethereum staking and treasury company. This involves gradually converting its remaining Bitcoin holdings to Ethereum and selling or winding down its Bitcoin mining operations to redeploy proceeds into ETH. Bit Digital has already sold approximately 280 Bitcoin and used the proceeds to purchase additional Ethereum. Furthermore, the company raised $172 million in gross proceeds from a recent underwritten public offering, with the capital also being used to acquire ETH.
As a result, Bit Digital has accumulated an impressive 100,603 ETH, a significant increase from the 24,434 ETH held on March 31, when it also held 417.6 Bitcoin worth about $34.5 million. BTBT stock soared over 18% on Monday, adding to its 46% rally from the previous week following the initial strategy announcement.
IREN’s Mining Performance and AI Revenue
Bitcoin miner IREN (IREN) also released its monthly update for June, with shares recovering from early losses to gain ground on Monday. The report indicated that IREN mined slightly fewer Bitcoin in June (620 BTC) compared to May (627 BTC). However, despite the marginal decrease in mined Bitcoin, June’s Bitcoin revenue actually increased to $65.5 million from $64.7 million in May, primarily due to higher prices for the cryptocurrency during the month.
The company’s AI cloud services revenue remained flat month-over-month at $2.2 million, indicating a steady but not growing contribution from this segment. Overall, the company’s total hardware profit saw a slight increase to $51.3 million from $49.9 million in May. Co-CEO Daniel Roberts noted that June marked “another month of record revenues,” highlighting the company’s continued profitability. IREN shares had rallied 54% over the two weeks prior to Monday’s update and are up more than 72% year-to-date, reflecting strong investor confidence in its operations.
Key Legislation on the “Crypto Week” Agenda
The “Crypto Week” agenda in the House Financial Services Committee is packed with crucial cryptocurrency-related bills. Among the key pieces of legislation set for consideration is the Clarity Act, which aims to establish a comprehensive framework for digital assets, providing much-needed regulatory certainty. Also on the agenda is the GENIUS stablecoin bill, a significant piece of legislation that already passed the Senate in June, indicating bipartisan support for stablecoin regulation.
Furthermore, the committee will consider the Anti-CBDC Surveillance State Act, a bill designed to prohibit Federal Reserve banks from issuing central bank digital currencies (CBDCs), reflecting concerns about privacy and government overreach. The consideration of these diverse bills underscores Congress’s attempt to address multiple facets of the crypto industry, from market structure to monetary policy, during this focused legislative period.
Bitcoin and Ethereum Market Performance
Amidst these corporate and legislative developments, the broader cryptocurrency market displayed mixed performance. Bitcoin traded above $108,000 on Monday, showing a modest rise of less than 1% over the past week. Despite this recent subdued movement, Bitcoin’s price is up almost 16% in 2025, demonstrating a healthy year-to-date gain.
However, the flagship cryptocurrency is still trading below its May 22 record high of $111,970, suggesting room for further upward movement. Ethereum (ETH) has pared its gains over the past week to around 1%, trading near $2,540. In contrast to Bitcoin’s positive yearly performance, ETH is down nearly 24% so far this year, indicating different market dynamics and investor sentiment for the two largest cryptocurrencies.
Broader Crypto Stock Dynamics
The performance of individual crypto stocks on Monday reflected the varied news and strategic shifts within the sector. Shares of crypto exchange Coinbase (COIN) rose slightly, adding to their impressive 43% gain this year, indicating strong investor confidence in centralized exchange platforms. Strategy (MSTR), Michael Saylor’s company known for its significant Bitcoin holdings, eased 2%.
Despite this slight dip, MSTR stock is trading in a cup base with a 430.35 buy point, and it has advanced more than 36% in 2025, highlighting the continued bullish sentiment around companies with direct Bitcoin exposure. The overall activity in crypto stocks underscores the dynamic nature of the digital asset market, where corporate strategies, legislative actions, and market performance are intricately linked, creating a complex but exciting investment landscape.
