Bitcoin news

Lombard Finance is moving its cross-chain infrastructure from LayerZero to Chainlink's CCIP, impacting over $1 billion in Bitcoin-backed assets. The decision follows a security review after the Kelp DAO exploit, which led to a $292 million loss. Lombard will also adopt Chainlink's Cross-Chain Token standard for minting and burning tokens. The migration affects Lombard's assets on Solana, Ethereum, Berachain, and other networks. LayerZero technology will be discontinued on Morph and Swell. Lombard cited Chainlink's secure-by-default foundation and additional security layers as key reasons for the switch. The move comes amid a broader trend of crypto projects leaving LayerZero after the Kelp DAO incident, including Solv Protocol, Re, and Kelp DAO itself.

Bitcoin fell back below $80,000 as surging US Treasury yields tightened liquidity, overshadowing a policy milestone for crypto. The 10-year yield rose above 4.5% for the first time since June 2025, making risk-free assets more attractive relative to Bitcoin. Spot Bitcoin ETFs saw over $700 million in weekly outflows, the largest since late January, while on-chain volume delta weakened. Analysts noted that rising yields compress risk premiums, with the cost of holding zero-yield assets rising as alternatives offer 4.5% risk-free. Despite the short-term pressure, some analysts argue that higher yields highlight Bitcoin's fixed supply as a hedge against sovereign debt risks. For now, Bitcoin is dependent on a retreat in yields or a recovery in ETF inflows to break out of its $77,000-$82,000 range.

Abu Dhabi's sovereign wealth fund Mubadala Investment Company increased its stake in BlackRock's iShares Bitcoin Trust (IBIT) by 16% in Q1 2026, reporting ownership of 14.7 million shares valued at $566 million as of March 31, according to a 13F filing. This marks the third consecutive quarter the fund has held over $500 million in the Bitcoin ETF, extending an accumulation streak that began in Q4 2024 when it first disclosed a $436 million position. Mubadala manages over $330 billion in assets and began investing in bitcoin through the regulated IBIT structure as part of its strategy to diversify from oil revenues. The fund's IBIT position is its second-largest holding after Arm Holdings. Separately, Al Warda Investments, tied to the Abu Dhabi Investment Council, held $408 million in IBIT at year-end 2025, bringing Abu Dhabi's combined exposure above $1 billion. The disclosure comes amid growing institutional and sovereign interest in bitcoin, including Goldman Sachs' $2.36 billion crypto exposure and Texas becoming the first U.S. state to purchase bitcoin for a strategic reserve. The Trump family trust also disclosed investments in bitcoin-linked companies during Q1 2026.

Bitcoin Depot, the world's largest crypto ATM operator, issued a 'going concern' warning on Tuesday, raising substantial doubt about its ability to survive the next 12 months. The company cited mounting legal costs and regulatory hurdles amid a wave of lawsuits from state regulators over consumer protection issues. Preliminary Q1 results showed a 49% year-over-year revenue drop to $83.5 million and a net loss of $9.5 million, compared to a $12.2 million profit a year ago. Bitcoin Depot attributed the decline to regulatory shifts and enhanced compliance controls, as well as increased litigation expenses. The company is fighting lawsuits from Massachusetts and Iowa attorneys general alleging misleading pricing and facilitation of crypto scams. Bitcoin Depot also disclosed a $21.6 million cash drawdown in Q1, leaving it with $44 million. Its stock has fallen 80% over the past year amid intensifying regulatory scrutiny. The company recently reported a security breach in which hackers stole 50.9 BTC worth nearly $4 million.

Gemini (NASDAQ: GEMI) shares surged over 20% in after-hours trading after the Winklevoss twins announced a $100 million Bitcoin-denominated investment in the company and the exchange reported 42% revenue growth year-over-year to $50.3 million. Services and interest income jumped 122%, net loss narrowed to $109 million from $141 million, and shares closed up over 30% on Friday. Winklevoss Capital purchased 7.1 million shares at $14 each, tripling the recent market price. The investment signals confidence in Gemini and Bitcoin amid recovery from a 40% BTC crash earlier this year. The exchange had cut 25% of staff, exited several markets, and faced class action lawsuits but recently secured a CFTC license to offer futures and options.

Bitcoin miner IREN Limited has closed a $3 billion convertible senior notes offering, netting $2.96 billion to fund its pivot from cryptocurrency mining to AI infrastructure. The notes carry a 1% coupon and mature in 2033, with a 32.5% conversion premium. IREN allocated $201.3 million for capped call transactions to reduce dilution. The capital raise follows major AI deals: a $9.7 billion AI cloud hosting agreement with Microsoft in November 2025 and a partnership with Nvidia in early May to deploy up to 5 gigawatts of AI data-center capacity. The Nvidia deal includes a $3.4 billion five-year AI cloud contract and a warrant for up to 30 million IREN shares. IREN stock fell over 8% on Friday amid broader crypto sector declines, trading at $53.55. The company also recently completed a $625 million all-stock acquisition of Mirantis. Analysts expect IREN to fully exit Bitcoin mining by 2030, focusing entirely on AI and high-performance computing.

Kraken is moving its wrapped Bitcoin (kBTC) to Chainlink's Cross-Chain Interoperability Protocol (CCIP) amid growing bridge-security concerns in DeFi. The exchange will deprecate its existing cross-chain provider, making CCIP the exclusive infrastructure for kBTC and future wrapped assets. The migration follows the KelpDAO exploit and places exchange-issued Bitcoin wrappers into the broader debate over cross-chain security. kBTC is Kraken's 1:1 Bitcoin-backed token, with reserves held at Kraken Financial. The move aims to enhance distribution across networks like Ink, Unichain, Ethereum, and OP Mainnet. Kraken's decision aligns with a trend of DeFi projects shifting to Chainlink after the exploit, which intensified scrutiny of alternatives like LayerZero. While CCIP reduces certain cross-chain risks, users must still consider Kraken custody, smart contract vulnerabilities, and destination-chain exposure. The success will hinge on migration execution and kBTC liquidity growth.

Bitcoin trades near $81,000, caught between support at $76,900 and resistance at $86,900, as a record $177 billion surge in leveraged ETF assets underlines speculative demand while hotter inflation and fading Fed rate-cut expectations threaten liquidity. Technology-linked funds dominate leveraged ETF AUM, with 69% in tech, semiconductors, and Magnificent 7, spilling risk appetite into high-beta assets like Bitcoin. April CPI rose 3.8% year-over-year, up from 3.3% in March, while core CPI stayed sticky at 2.8%. The Fed held rates at 3.50%-3.75% and markets now price a 71.5% probability of no cuts through 2026. Higher Treasury yields near 4.484% raise the opportunity cost of holding non-yielding Bitcoin, historically compressing its risk premium. Glassnode notes capital inflows are weaker than prior bull expansions, requiring monetary easing to sustain a breakout. A decisive push above $86,900 would signal risk appetite outweighs Fed headwinds, while losing $76,900 would expose Bitcoin to deeper losses and turn leveraged ETF flows into a risk amplifier.

Bitcoin fell below $79,000 on May 15, dropping 3% as US bond yields rose above 4.55%, triggering a risk-asset rout. The move erased earlier gains, with analysts warning that the bond market situation is 'unsustainable' and that the Fed may hike rates by March 2027. Traders now eye further downside toward the mid-$70,000 range, with Bitcoin's support levels weakening. The selloff mirrors April 2025 conditions that led to a US tariff pause on China, as rising yields and inflation concerns weigh on risk appetite.

Strategy, the largest corporate holder of Bitcoin, has agreed to repurchase $1.5 billion of its 2029 convertible notes for an estimated $1.38 billion, marking a key step in reducing its $8.2 billion debt stack. The firm listed the sale of Bitcoin as a potential funding source, sparking a shift from its long-standing 'never sell' stance. Chairman Michael Saylor previously indicated plans to 'equitize' convertible notes over three to six years. The company may sell some Bitcoin to fund dividends on its preferred stock, STRC. Traders on Myriad now see a 90% chance of a Bitcoin sale by year-end, up from 12% a month ago. The move aligns with a broader deleveraging trend among Bitcoin treasury firms, following Strive's recent debt elimination. Strategy's stock traded around $178 on Friday, up 18% year-to-date but well below its 2025 high of $457.