Crypto & Blockchain Daily Brief Tuesday, June 10, 2025

A blockchain group called Blockstream has successfully raised $210 million in Series B funding, bringing its total treasury of Bitcoin to $340 million. The funding round was led by investment firms Baillie Gifford and iFinex, with participation from partners such as Khosla Ventures, DST Global, M12, Reid Hoffman, and LinkedIn co-founder Eric Ly. Blockstream plans to utilize the newly acquired funds to further develop its products and services, including its Liquid Network, Greenlight, and mining operations. The Liquid Network is a sidechain solution that aims to facilitate faster and more confidential Bitcoin transactions. Greenlight is a platform designed to connect renewable energy sources with Bitcoin mining operations, promoting sustainability within the industry. The additional funding will also allow Blockstream to expand its team and invest in strategic partnerships to enhance its offerings. Blockstream's CEO, Adam Back, expressed his excitement about the company's progress and growth potential, emphasizing their commitment to advancing the adoption and utility of Bitcoin through innovative solutions. The successful funding round highlights growing investor interest in blockchain technology and Bitcoin-related initiatives. Blockstream's significant treasury of Bitcoin positions the company well for continued expansion and development in the blockchain ecosystem. The funding will enable Blockstream to accelerate its projects and contribute to the evolution of the industry.

In the first week of June, the demand for Bitcoin exchange-traded funds (ETFs) decreased as the price of Bitcoin stalled near its all-time high. Bitcoin ETFs allow investors to gain exposure to Bitcoin without actually owning the cryptocurrency itself. The decline in interest in Bitcoin ETFs coincided with a period of consolidation for Bitcoin's price, which hovered around the $35,000 to $40,000 range. The decrease in demand for Bitcoin ETFs was reflected in the outflows from Bitcoin ETFs worldwide. The largest Bitcoin ETF, Grayscale Bitcoin Trust (GBTC), saw outflows of over $79 million in the first week of June. Similarly, the Purpose Bitcoin ETF in Canada experienced outflows of approximately $11 million during the same period. These outflows suggest that investors were less interested in gaining exposure to Bitcoin through ETFs while the price of the cryptocurrency remained relatively stable. The decline in demand for Bitcoin ETFs could be attributed to various factors, including the lack of significant price movement in Bitcoin, regulatory uncertainties surrounding Bitcoin ETFs in the United States, and the increasing popularity of other investment options in the cryptocurrency market. Despite the decrease in demand for Bitcoin ETFs in the first week of June, the overall interest in Bitcoin and cryptocurrencies remains strong, with many investors continuing to view them as viable investment opportunities. Overall, the retreat of Bitcoin ETFs in the first week of June was likely a temporary phenomenon influenced by market conditions and investor sentiment. As the cryptocurrency market continues to evolve, the demand for Bitcoin ETFs may fluctuate in response to changing factors such as price movements, regulatory developments, and investor preferences.

The Argentine Anti-Corruption Office has cleared President Milei of ethics violation over his promotion of the Libra cryptocurrency. President Milei had faced accusations of using his position to promote the cryptocurrency, which could potentially benefit him financially. However, after an investigation, the Anti-Corruption Office determined that there was no evidence of wrongdoing on his part. The investigation focused on whether President Milei had used his position to promote Libra in a way that would give him a financial advantage. The Anti-Corruption Office found that while President Milei had indeed promoted the cryptocurrency, there was no evidence to suggest that he had done so for personal gain. The Office concluded that President Milei's actions were in line with his duties and responsibilities as president, and that there was no conflict of interest in his promotion of Libra. President Milei's promotion of Libra had sparked controversy in Argentina, with some accusing him of using his position to advance his own interests. However, the Anti-Corruption Office's decision to clear him of ethics violation has put an end to these accusations. President Milei has welcomed the decision, stating that he had always acted in accordance with the law and that he was confident he would be vindicated. Overall, the Anti-Corruption Office's investigation into President Milei's promotion of Libra has concluded that there was no evidence of ethics violation on his part. This decision has cleared President Milei of any wrongdoing and has put to rest the controversy surrounding his promotion of the cryptocurrency.

Tether, the popular stablecoin, has announced a collaboration with a Bitcoin mining firm to support the development of open-source software in the Bitcoin ecosystem. This partnership aims to enhance the transparency and security of the Bitcoin network by funding the development of open-source projects. Tether will provide a grant to the mining firm, which will be used to support the development of software that will benefit the entire Bitcoin community. The collaboration between Tether and the mining firm represents a significant step towards supporting the growth and development of the Bitcoin network. By funding open-source projects, Tether is contributing to the overall security and stability of the Bitcoin ecosystem. This initiative is part of Tether's ongoing efforts to support the broader cryptocurrency community and promote the adoption of digital assets. The partnership between Tether and the mining firm highlights the importance of collaboration and cooperation within the cryptocurrency industry. By working together to support the development of open-source software, Tether and the mining firm are demonstrating their commitment to advancing the technology and infrastructure of the Bitcoin network. This collaboration is expected to have a positive impact on the Bitcoin ecosystem, helping to enhance its security, transparency, and overall functionality. Overall, the collaboration between Tether and the Bitcoin mining firm represents a significant development in the cryptocurrency industry. By supporting the development of open-source software, Tether is contributing to the growth and security of the Bitcoin network, while also promoting innovation and cooperation within the broader cryptocurrency community.

Paraguay's Deputy Minister of Commerce recently announced that the country is considering making Bitcoin legal tender alongside the local currency, the Guarani. This move is seen as a way to attract investment and stimulate economic growth in the country. Paraguay has been exploring the use of cryptocurrencies for some time, with plans to install Bitcoin ATMs across the country and potentially even launch a national cryptocurrency. Paraguay's interest in Bitcoin comes as other countries in the region, such as El Salvador, have already adopted the cryptocurrency as legal tender. However, this move also raises concerns about the potential risks associated with using cryptocurrencies, particularly in terms of security and hacking. There have been several high-profile hacks and scams targeting cryptocurrency exchanges and platforms in recent years, leading to significant financial losses for investors. The Paraguayan government is aware of these risks and is working to establish regulations and protections to safeguard against potential cyber threats. They are also considering the development of a digital wallet that would allow citizens to securely store and transact with Bitcoin. By taking a proactive approach to managing the risks associated with cryptocurrencies, Paraguay aims to position itself as a leader in the adoption and regulation of digital assets. Overall, Paraguay's potential adoption of Bitcoin as legal tender represents a significant step towards embracing the future of finance and technology. However, it is essential for the government to address the security concerns associated with cryptocurrencies to ensure a smooth and successful transition to a digital economy.