Block 1: Essential news
BlackRock is betting big on tokenization: "We are only at the beginning," according to Larry Fink
For Larry Fink, CEO of BlackRock, the tokenization of traditional assets (RWA) is still in its infancy. He predicts that all types of assets—bonds, stocks, real estate—will one day be represented on blockchain, enabling more liquid, 24-hour, global markets. Already very active through its BUIDL fund—which holds 34% of the tokenized Treasury bond market—BlackRock captures 8% of a market estimated at $34bn. Fink now wants to go further: tokenizing ETFs to attract crypto investors to long-term investments. For him, this new wave represents the "next big opportunity" for BlackRock.
Euro stablecoins: the Governor of the Bank of France encourages... but regulates
At the Fintech 2025 Forum, François Villeroy de Galhau welcomed European initiatives around euro stablecoins. He called on banks to develop a local alternative to the dollar, citing a recently launched consortium of nine European banks. However, behind this apparent support, the governor is calling for a tightening of the MiCA framework: increased control of non-EU issuances, European supervision by ESMA, etc. As a result, euro stablecoins are struggling to emerge, with only a 0.18% market share—far behind the dollar giants. Binance's BNB has surpassed USDT and XRP, climbing onto the cryptocurrency podium.
IBIT: BlackRock's Bitcoin ETF becomes its most profitable product
Launched less than two years ago, the IBIT spot Bitcoin ETF has established itself as BlackRock's crown jewel: nearly $100bn under management, $245 million in annual revenue... and a faster rise than any of the firm's other ETFs. It has already surpassed giants IWF and EFA, and is approaching the very exclusive $100bn club in record time (435 days). Institutional adoption is accelerating—Harvard has invested $116m—and BlackRock is already working on the next step: a premium Bitcoin ETF based on covered calls. But it's worth remembering that IBIT provides exposure to the price, not full ownership. When it comes to sovereignty, nothing can replace self-custody.
Bitcoin: a whale triggers a crash... and pockets $150m in profits
An anonymous investor heavily shorted bitcoin just before the announcement of new US tariff measures, causing the market to plummet 15%. The result: more than $20bn in liquidations, $400bn wiped out, and a persistent rumor: stroke of genius or insider trading? The address reportedly repeated the move on ETH and SOL, potentially raking in an additional $160m. Traders are talking about a classic macroeconomic bet, but the precision of the timing raises questions. Meanwhile, platforms slowed down and thousands of investors were caught off guard. A reminder of the risks of leverage in an ultra-volatile market... where whales are still the best equipped.
Block 2: Crypto Analysis of the Week
Megawatts are in short supply, interconnection queues are growing, and artificial intelligence is gobbling up every available kilowatt. In this bottleneck, one player is emerging as an infrastructure partner: Bitcoin miners. Farms designed to swallow high-density megawatts, cool frenetic racks, and run 24/7—exactly what AI data centers demand. Bernstein puts it in black and white: these crypto operators are becoming "strategic enablers" of AI.
The diagnosis is stark: network congestion is delaying the expansion of data centers in the United States, with interconnection delays climbing to seven years in some areas. Meanwhile, Bitcoin miners control more than 14 GW of "secured" electricity—contracts, sites, transformers already in place. Operational translation: a shortcut to scale. Rather than starting from scratch ("greenfield"), hyperscalers can plug their AI loads into existing sites and save years. Bernstein cites IREN and Riot Platforms: converting these campuses would reduce deployment time by up to 75%.
The hunger for computing power shows no sign of abating. Microsoft anticipates a capacity shortage until 2026; elsewhere, deals are being made to reserve chips and racks: Nebius signs $17.4bn worth of GPUs for Microsoft; CoreWeave commits $6.3bn to Nvidia to block its unused server space. In this sprint, Bitcoin mines resemble pre-wired refueling stations.
On the crypto side, the economic equation is driving change. As halvings occur, the break-even point rises; in a prolonged bear market, operators find themselves on a tightrope. Diversifying into AI means smoothing out cycles and monetizing physical assets (land, lines, substations) that have already been amortized.
The movement is attracting heavy capital. A consortium formed by BlackRock, Nvidia, xAI, and Microsoft has just announced the acquisition of Aligned Data Centers for $40 billion—the first step in an Artificial Intelligence Infrastructure Partnership (AIP) that plans to invest up to $100 billion (including $30 billion in equity). Aligned has 50 campuses in the Americas and more than 5 GW in operation or planned. The subliminal message is that data infrastructure is becoming the raw material for the next phase of AI, and the strongest balance sheets are getting on board.
On the stock market, the story is spreading. The shares of miners pivoting towards AI (Hut 8, IREN, Bitfarms, CleanSpark) are rising, buoyed by their new status: no longer just "Bitcoin games," but pure infrastructure players. When BTC flirts with $110,000, cash flow breathes a sigh of relief; when it settles down, AI contracts anchor the flow.
Zonebourse
There remains a knock-on effect that will need to be monitored. Each megawatt shifted from mining to AI reduces competitive pressure on the mining side—and, symmetrically, intensifies the battle for capacity on the data center side. Where will the balance stabilize? At the intersection of electricity prices, BTC cycles, the AI learning curve, and local incentives (permits, taxation, networks).
Beyond the short term, one reality is clear: these crypto sites, created to absorb elastic and controllable electrical loads, tick all the boxes for the new logistics of computing. They are flexible for the network, quick to reconfigure, already financed, and connected. Yesterday, they were "bitcoin farms." Tomorrow, they will be versatile nodes in the computing economy.
(Click to enlarge)
Block 3: Readings of the week
Federal authorities seize a record $15 billion in bitcoins from an alleged fraud empire (Wired)
