Invest ideasNews
8 Jun 2026, 13:25
Chinese court sentences man to nearly 11 years for stealing 107 Bitcoins
A court in Qingdao, China, has sentenced a man surnamed Zhang to 10 years and nine months in prison for stealing 107 Bitcoins from an acquaintance’s wallet after memorizing most of the recovery phrase, China’s Supreme People’s Procuratorate disclosed. The Licang District People’s Court also imposed a fine of 100,000 yuan (roughly $13,800) on Zhang, who sold the stolen cryptocurrency for 660,000 yuan (about $91,000). An appeal to the Qingdao Intermediate People’s Court failed, with judges upholding the original verdict in November 2025. How was Zhang able to steal 107 Bitcoins? Zhang, a Shandong resident, built trust with the victim, Feng, over a period of regular cryptocurrency transactions. Zhang was able to convince Feng to move his holdings to a different digital wallet. Digital cryptocurrency wallets usually generate a recovery phrase from 12 words, which are drawn randomly from a standardized list of 2,048 English terms. That phrase functions as the master key to all assets inside the wallet. While Feng wrote down the new phrase, Zhang watched closely enough to commit 11 of the 12 words to memory and noted the first letter of the remaining word, according to the Supreme People’s Procuratorate’s case disclosure. Later that night, he worked through the possible combinations until he cracked the full sequence, logged in to Feng’s wallet, and transferred all 107 Bitcoins in multiple transactions. Feng discovered the missing coins the next day when he attempted a transaction. At first, he thought he had been hacked and reached out to a blockchain security firm whose analysts concluded the funds had likely been stolen by someone with access to the wallet credentials. Zhang’s claim of “protective takeover” is rejected The police traced the wallet activity to Zhang through IP address analysis, after which he admitted to taking the Bitcoin. However, he claimed that he had done so to prevent hackers from compromising Feng’s funds, a defense he reportedly termed a “protective takeover.” Prosecutors dismantled Zhang’s claim by mapping the money trail. Transaction records showed that Zhang had moved the stolen Bitcoin through multiple exchange platforms. He also converted the proceeds to 660,000 yuan in fiat currency and funneled the cash through third-party bank accounts, the Shandong Legal Daily reported. The stolen coins were worth around 22.54 million yuan ($3.1 million) at market prices on the day of the theft; however, prosecutors pegged the criminal amount to the 660,000 yuan Zhang actually pocketed from selling them. Legal observers are reportedly viewing this valuation method as a potential template for future cryptocurrency theft prosecutions in China. Bitcoin classified as property under criminal law The case turned on whether Bitcoin qualifies as “property” under China’s criminal code. Beijing banned cryptocurrency trading and mining in 2021, and the government does not recognize any digital token as legal tender. Prosecutors in Licang argued that Bitcoin meets the legal definition of property because acquiring it requires expenditure of computing power and capital, it carries measurable economic value, and owners can exercise exclusive control through private keys and seed phrases. The court agreed, convicting Zhang of theft. For Qingdao prosecutors, recognizing Bitcoin as property for criminal-law purposes does not legitimize it as a financial instrument or relax the trading ban. Pattern of seed-phrase theft cases in China The Qingdao case follows another Chinese conviction disclosed in May. Cryptopolitan reported that a court in Fuzhou sentenced a man identified as Lin to 12 years and seven months for stealing four Bitcoins from an acquaintance who had hired him to liquidate the holdings. Lin copied the private keys from the victim’s laptop and hardware wallet, sold the coins for about 900,000 yuan, and went undetected for nearly four years. In both cases, a trusted associate exploited physical or visual access to wallet credentials. Cold storage tends to come up as a more secure alternative for storing Bitcoin as they protect against remote attacks; however, they do not provide any defense when the person standing next to you is the threat. The Supreme People’s Procuratorate flagged the Zhang case as a “new type of virtual currency theft,” signaling that national-level prosecutors view seed-phrase theft as a distinct and growing category of crime. Whether lower courts across China adopt the Qingdao valuation method (actual sale proceeds rather than market price) will shape sentencing in future cases. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
8 Jun 2026, 13:00
Strategy Expands Bitcoin Treasury: $101M Purchase Adds 1,550 BTC
BitcoinWorld Strategy Expands Bitcoin Treasury: $101M Purchase Adds 1,550 BTC Strategy, the business intelligence and software firm formerly known as MicroStrategy, has announced its latest significant acquisition of bitcoin. In a post on X, the company revealed it invested approximately $101 million last week to purchase an additional 1,550 BTC. The acquisition was made at an average price of $65,332 per bitcoin, inclusive of fees and expenses. Consistent Accumulation Strategy This purchase marks another chapter in Strategy’s long-standing and well-documented corporate treasury strategy, which began in August 2020 under the leadership of Executive Chairman Michael Saylor. The company has consistently used cash flows from its software business and proceeds from debt and equity offerings to accumulate bitcoin, positioning itself as the largest publicly traded corporate holder of the digital asset. The latest transaction brings Strategy’s total bitcoin holdings to approximately 226,331 BTC, acquired at an aggregate cost of around $8.33 billion. The average purchase price across all holdings is now roughly $36,819 per bitcoin, indicating a substantial unrealized gain based on current market prices. Market and Industry Context Strategy’s continued purchases occur against a backdrop of growing institutional interest in bitcoin. The launch of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this year has provided a new, regulated avenue for traditional investors to gain exposure to the asset. Strategy’s approach, however, remains distinct: direct, large-scale, and publicly transparent. The company’s strategy has been a bellwether for other corporations considering adding bitcoin to their balance sheets. While few have matched Strategy’s conviction or scale, the move has sparked broader conversations about treasury diversification and the role of digital assets in corporate finance. Why This Matters to Investors For investors and market observers, each Strategy purchase provides a data point on institutional demand. The company’s willingness to buy at prices above $65,000 suggests a long-term bullish outlook, despite bitcoin’s historical volatility. It also reinforces the narrative that bitcoin is increasingly viewed as a store of value and a hedge against inflation, rather than a purely speculative instrument. The timing of the purchase is also noteworthy. It follows a period of relative price consolidation for bitcoin, which has traded in a wide range over the past year. Strategy’s decision to add to its position during this phase may signal confidence that current price levels offer attractive entry points for long-term holders. Conclusion Strategy’s latest $101 million bitcoin acquisition reinforces its position as the most prominent corporate advocate for the digital asset. With total holdings now exceeding 226,000 BTC, the company continues to execute its stated strategy of converting its treasury reserves into bitcoin. Whether this approach will be emulated by other firms remains to be seen, but it has undeniably placed Strategy at the center of the ongoing conversation about bitcoin’s role in the global financial system. FAQs Q1: What is Strategy’s total bitcoin holdings after this purchase? Strategy now holds approximately 226,331 BTC, acquired at a total cost of roughly $8.33 billion. Q2: How does Strategy fund its bitcoin purchases? The company uses a combination of cash from operations, debt issuances, and equity offerings to finance its bitcoin acquisitions. Q3: Why does Strategy buy bitcoin instead of holding cash? Strategy’s leadership views bitcoin as a superior store of value compared to cash, which they believe loses purchasing power over time due to inflation. This post Strategy Expands Bitcoin Treasury: $101M Purchase Adds 1,550 BTC first appeared on BitcoinWorld .
8 Jun 2026, 12:55
Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.54 Million Tokens, and Total Crypto and Total Cash Holdings of $9.6 Billion
Bitmine owns 4.59% of the total ETH coin supply of 120.7 million Bitmine is 92% of the way to the 'Alchemy of 5%' in just 11 months Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains Bitmine has 4,718,677 staked ETH, representing $7.7 billion at $1,630 per ETH MAVAN (Made in America VAlidator Network) is a premier Ethereum staking destination for BMNR and institutional investors, with a focus on security, performance, and resilience Bitmine owns $88 million of Eightco (NASDAQ: ORBS), now one of the only publicly listed equities in the world to provide investors indirect exposure to OpenAI Bitmine Crypto + Total Cash Holdings + "Moonshots" total $9.6 billion, including 5.54 million ETH tokens, total cash of $247 million, and other crypto holdings Bitmine leads crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of BMNR stock Bitmine is the 148th most traded stock in the US, trading $829 million per day (5-day avg) Bitmine remains supported by a premier group of institutional investors including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas "Tom" Lee to support Bitmine's goal of acquiring 5% of ETH NORWALK, Conn., June 8, 2026 /PRNewswire/ -- (NYSE: BMNR) Bitmine Immersion Technologies, Inc. ("Bitmine" or the "Company") a Bitcoin and Ethereum Network company with a focus on the accumulation of crypto for long term investment, today announced Bitmine crypto + total cash + "moonshots" holdings totaling $9.6 billion. As of June 7, 2026 at 3:00pm ET, the Company's crypto holdings are comprised of 5,543,872 ETH at $1,630 per ETH (per Coinbase NASDAQ: COIN), 204 Bitcoin (BTC), $180 million stake in Beast Industries, $88 million stake in Eightco Holdings (NASDAQ: ORBS) ("moonshots") and total cash of $247 million. Bitmine's ETH holdings are 4.59% of the ETH supply (of 120.7 million ETH). On May 11, 2026, Bitmine released the latest Chairman's Message ( link here ) for May 2026. "Last week, Zcash tumbled after it was revealed Zcash hired a security researcher to audit the Orchard circuit and found a flaw, potentially allowing false minting of Zcash. This flaw was patched on June 1. The broad selloff in crypto, in our view, is a superficial take. As AI systems capabilities improve, the demand for de-centralized and hardened solutions will likely increase, particularly to protect users from agentic systems. AI systems are going to find flaws in centralized financial services rails and weak decentralized protocols. We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like ethereum. Thus, we believe ETH prices should not be coming under pressure," stated Thomas "Tom" Lee, Chairman of Bitmine. "Over the past week, we acquired 126,971 ETH. We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026," stated Thomas "Tom" Lee, Chairman of Bitmine. Bitmine recently launched MAVAN (the Made in American VAlidator Network), the institutional grade staking platform. While MAVAN was originally developed to support Bitmine's own Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. A portion of Bitmine's ETH is already staked on the MAVAN platform. As of June 7, 2026, Bitmine total staked ETH stands at 4,718,677 ($7.7 billion at $1,630 per ETH). "Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $270 million on an annualized basis (using 2.99% 7-day BMNR yield)," stated Lee. "Annualized staking revenues are now projected at $230 million. And this 4.7 million ETH is over 85% of the 5.54 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.99% (annualized)," continued Lee. Bitmine's crypto holdings reign as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 843,706 BTC valued at $52 billion. Bitmine remains the largest ETH treasury in the world. Bitmine is one of the most widely traded stocks in the US. According to data from Fundstrat, the stock has traded average daily dollar volume of $829 million (5-day average, as of June 5, 2026), ranking #148 in the US, behind Workday Inc. (rank #147) and ahead of Pfizer Inc. (rank #149) among 5,704 US-listed stocks ( statista.com and Fundstrat research). Bitmine management believes the GENIUS Act and Securities and Exchange Commission's (the "SEC") Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold. The Chairman's message can be found here: https://www.Bitminetech.io/chairmans-message The Fiscal Full Year 2025 Earnings presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/ To stay informed, please sign up at: https://Bitminetech.io/contact-us/ About Bitmine Bitmine (NYSE: BMNR) is a Bitcoin miner with operations in the US. The company is deploying its excess capital to be the leading Ethereum Treasury company in the world, implementing an innovative digital asset strategy for institutional investors and public market participants. Guided by its philosophy of "the alchemy of 5%," the Company is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralized finance mechanisms. The Company launched MAVAN (Made-in America VAlidator Network), a dedicated staking infrastructure for Bitmine assets, in 2026. For additional details, follow on X: https://x.com/bitmnr https://x.com/fundstrat Forward Looking Statements This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. These forward-looking statements can be identified by terms such as "expects," "projects," "projected," "intends," "believes," "anticipates," "estimates," and similar expressions. This document specifically contains forward-looking statements regarding: (i) the Company's goals regarding ETH acquisition, including the 'Alchemy of 5%' initiative and the expectation that Bitmine will reach this goal sometime in 2026; (ii) the Company's beliefs and expectations regarding the cryptocurrency market, including that Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and agentic AI systems increasingly needing public and neutral blockchains; (iii) expectations that demand for decentralized and hardened blockchain solutions will likely increase, particularly as AI systems capabilities improve; (iv) management's belief that AI systems finding flaws in centralized financial services rails and weak decentralized protocols strengthens the use case and product market fit for hardened blockchains like Ethereum; (v) the Company's digital asset accumulation strategy and staking operations, including projected annualized ETH staking rewards of $270 million (when Bitmine's ETH is fully staked) and projected annualized staking revenues of $230 million; (vi) MAVAN's intended expansion to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure; (vii) the Company's characterization of current market conditions as the "early stages of crypto spring" and that ETH price pullbacks do not reflect the strengthening of Ethereum fundamentals; (viii) management's belief that the GENIUS Act and SEC Project Crypto are as transformational to financial services as US action on August 15, 1971 ending Bretton Woods and the USD gold standard; and (ix) continued growth and advancement of the Company's Ethereum treasury strategy. In evaluating these forward-looking statements, you should consider various factors, including: Bitmine's ability to keep pace with new technology and changing market needs; Bitmine's ability to finance its current business, Ethereum treasury operations, and proposed future business; the competitive environment of Bitmine's business; market conditions affecting the trading price of the Company's common stock; regulatory developments affecting digital assets, including the ultimate enactment and implementation of pending legislation and SEC initiatives; the volatility and unpredictability of digital asset prices; the performance, reliability, and security of the Company's staking operations; risks related to AI systems and their impact on cryptocurrency markets; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond Bitmine's control, including those set forth in the Risk Factors section of Bitmine's Form 10-K filed with the SEC on November 21, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of Bitmine's filings with the SEC are available on the SEC's website at www.sec.gov . Bitmine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Bitzo, nor is it intended to be used as legal, tax, investment, or financial advice.
8 Jun 2026, 12:55
Bitmine Expands Crypto Treasury With 126,971 ETH Purchase, Holdings Exceed 5.5 Million
BitcoinWorld Bitmine Expands Crypto Treasury With 126,971 ETH Purchase, Holdings Exceed 5.5 Million Bitmine (BMNR) has significantly expanded its digital asset treasury, announcing the purchase of an additional 126,971 Ether (ETH) last week. The acquisition, disclosed in a recent corporate statement, brings the company’s total Ethereum holdings to 5,543,872 ETH. At current market valuations, this positions Bitmine as one of the largest publicly known corporate holders of the cryptocurrency. Strategic Accumulation Continues This latest purchase represents a continuation of Bitmine’s aggressive accumulation strategy. The company, which primarily operates in the cryptocurrency mining and blockchain infrastructure sector, has been steadily increasing its ETH reserves over the past several quarters. The move signals a strong institutional conviction in Ethereum’s long-term value proposition, particularly as the network transitions toward greater scalability and utility. The timing of the purchase is notable, occurring during a period of relative price consolidation for Ethereum. Bitmine’s decision to add over 126,000 ETH in a single week suggests the company is leveraging its operational cash flow and potentially its mining revenues to build a substantial strategic reserve. Market Implications and Context Corporate treasury accumulation of this magnitude can have observable effects on market dynamics. Large, transparent purchases by publicly traded companies like Bitmine often serve as a confidence signal to other institutional investors. While the immediate price impact of a single week’s accumulation may be diluted across global exchange volumes, the cumulative effect of consistent buying pressure from entities like Bitmine contributes to a tightening of available supply. Bitmine’s total holdings of 5.54 million ETH represent a significant percentage of the total circulating supply, which stands at approximately 120 million ETH. This level of concentration in a single corporate entity raises questions about market liquidity and the potential influence of large holders on price stability. Why This Matters to Investors For retail and institutional investors alike, Bitmine’s ongoing accumulation provides a transparent data point on institutional sentiment. Unlike anonymous whale wallets, Bitmine’s purchases are publicly disclosed, offering a rare window into the strategic thinking of a major corporate player in the crypto space. The move also underscores a broader trend of companies moving beyond simple Bitcoin treasuries to diversify into Ethereum, reflecting its growing role in decentralized finance and smart contract applications. Conclusion Bitmine’s latest 126,971 ETH purchase reinforces its position as a dominant corporate holder of Ethereum. The acquisition, part of a larger trend of institutional accumulation, highlights the growing acceptance of digital assets as a component of corporate treasury management. As Ethereum’s network continues to evolve, the strategic decisions of large holders like Bitmine will remain a key factor for market observers and investors tracking the asset’s long-term trajectory. FAQs Q1: What is Bitmine’s total Ethereum holdings after this purchase? Bitmine now holds 5,543,872 ETH, following the addition of 126,971 ETH last week. Q2: Why is Bitmine buying so much Ethereum? Bitmine’s strategy appears focused on building a large strategic reserve of Ethereum, likely as a long-term investment and as a hedge against fiat currency depreciation. The company may also be leveraging its mining operations to acquire ETH at a lower cost basis. Q3: How does this affect the Ethereum market? Large corporate purchases like this can reduce available supply on exchanges, potentially supporting price stability or upward pressure. They also serve as a positive signal for institutional confidence in Ethereum’s future. This post Bitmine Expands Crypto Treasury With 126,971 ETH Purchase, Holdings Exceed 5.5 Million first appeared on BitcoinWorld .
8 Jun 2026, 12:52
Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.54 Million Tokens, and Total Crypto and Total Cash Holdings of $9.6 Billion
Bitmine owns 4.59% of the total ETH coin supply of 120.7 million Bitmine is 92% of the way to the 'Alchemy of 5%' in just 11 months Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains Bitmine has 4,718,677 staked ETH, representing $7.7 billion at $1,630 per ETH MAVAN (Made in America VAlidator Network) is a premier Ethereum staking destination for BMNR and institutional investors, with a focus on security, performance, and resilience Bitmine owns $88 million of Eightco (NASDAQ: ORBS), now one of the only publicly listed equities in the world to provide investors indirect exposure to OpenAI Bitmine Crypto + Total Cash Holdings + "Moonshots" total $9.6 billion, including 5.54 million ETH tokens, total cash of $247 million, and other crypto holdings Bitmine leads crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of BMNR stock Bitmine is the 148th most traded stock in the US, trading $829 million per day (5-day avg) Bitmine remains supported by a premier group of institutional investors including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas "Tom" Lee to support Bitmine's goal of acquiring 5% of ETH NORWALK, Conn., June 8, 2026 /PRNewswire/ -- (NYSE: BMNR) Bitmine Immersion Technologies, Inc. ("Bitmine" or the "Company") a Bitcoin and Ethereum Network company with a focus on the accumulation of crypto for long term investment, today announced Bitmine crypto + total cash + "moonshots" holdings totaling $9.6 billion. As of June 7, 2026 at 3:00pm ET, the Company's crypto holdings are comprised of 5,543,872 ETH at $1,630 per ETH (per Coinbase NASDAQ: COIN), 204 Bitcoin (BTC), $180 million stake in Beast Industries, $88 million stake in Eightco Holdings (NASDAQ: ORBS) ("moonshots") and total cash of $247 million. Bitmine's ETH holdings are 4.59% of the ETH supply (of 120.7 million ETH). On May 11, 2026, Bitmine released the latest Chairman's Message ( link here ) for May 2026. "Last week, Zcash tumbled after it was revealed Zcash hired a security researcher to audit the Orchard circuit and found a flaw, potentially allowing false minting of Zcash. This flaw was patched on June 1. The broad selloff in crypto, in our view, is a superficial take. As AI systems capabilities improve, the demand for de-centralized and hardened solutions will likely increase, particularly to protect users from agentic systems. AI systems are going to find flaws in centralized financial services rails and weak decentralized protocols. We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like ethereum. Thus, we believe ETH prices should not be coming under pressure," stated Thomas "Tom" Lee, Chairman of Bitmine. "Over the past week, we acquired 126,971 ETH. We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026," stated Thomas "Tom" Lee, Chairman of Bitmine. Bitmine recently launched MAVAN (the Made in American VAlidator Network), the institutional grade staking platform. While MAVAN was originally developed to support Bitmine's own Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. A portion of Bitmine's ETH is already staked on the MAVAN platform. As of June 7, 2026, Bitmine total staked ETH stands at 4,718,677 ($7.7 billion at $1,630 per ETH). "Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $270 million on an annualized basis (using 2.99% 7-day BMNR yield)," stated Lee. "Annualized staking revenues are now projected at $230 million. And this 4.7 million ETH is over 85% of the 5.54 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.99% (annualized)," continued Lee. Bitmine's crypto holdings reign as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 843,706 BTC valued at $52 billion. Bitmine remains the largest ETH treasury in the world. Bitmine is one of the most widely traded stocks in the US. According to data from Fundstrat, the stock has traded average daily dollar volume of $829 million (5-day average, as of June 5, 2026), ranking #148 in the US, behind Workday Inc. (rank #147) and ahead of Pfizer Inc. (rank #149) among 5,704 US-listed stocks ( statista.com and Fundstrat research). Bitmine management believes the GENIUS Act and Securities and Exchange Commission's (the "SEC") Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold. The Chairman's message can be found here: https://www.Bitminetech.io/chairmans-message The Fiscal Full Year 2025 Earnings presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/ To stay informed, please sign up at: https://Bitminetech.io/contact-us/ About Bitmine Bitmine (NYSE: BMNR) is a Bitcoin miner with operations in the US. The company is deploying its excess capital to be the leading Ethereum Treasury company in the world, implementing an innovative digital asset strategy for institutional investors and public market participants. Guided by its philosophy of "the alchemy of 5%," the Company is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralized finance mechanisms. The Company launched MAVAN (Made-in America VAlidator Network), a dedicated staking infrastructure for Bitmine assets, in 2026. For additional details, follow on X: https://x.com/bitmnr https://x.com/fundstrat Forward Looking Statements This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. These forward-looking statements can be identified by terms such as "expects," "projects," "projected," "intends," "believes," "anticipates," "estimates," and similar expressions. This document specifically contains forward-looking statements regarding: (i) the Company's goals regarding ETH acquisition, including the 'Alchemy of 5%' initiative and the expectation that Bitmine will reach this goal sometime in 2026; (ii) the Company's beliefs and expectations regarding the cryptocurrency market, including that Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and agentic AI systems increasingly needing public and neutral blockchains; (iii) expectations that demand for decentralized and hardened blockchain solutions will likely increase, particularly as AI systems capabilities improve; (iv) management's belief that AI systems finding flaws in centralized financial services rails and weak decentralized protocols strengthens the use case and product market fit for hardened blockchains like Ethereum; (v) the Company's digital asset accumulation strategy and staking operations, including projected annualized ETH staking rewards of $270 million (when Bitmine's ETH is fully staked) and projected annualized staking revenues of $230 million; (vi) MAVAN's intended expansion to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure; (vii) the Company's characterization of current market conditions as the "early stages of crypto spring" and that ETH price pullbacks do not reflect the strengthening of Ethereum fundamentals; (viii) management's belief that the GENIUS Act and SEC Project Crypto are as transformational to financial services as US action on August 15, 1971 ending Bretton Woods and the USD gold standard; and (ix) continued growth and advancement of the Company's Ethereum treasury strategy. In evaluating these forward-looking statements, you should consider various factors, including: Bitmine's ability to keep pace with new technology and changing market needs; Bitmine's ability to finance its current business, Ethereum treasury operations, and proposed future business; the competitive environment of Bitmine's business; market conditions affecting the trading price of the Company's common stock; regulatory developments affecting digital assets, including the ultimate enactment and implementation of pending legislation and SEC initiatives; the volatility and unpredictability of digital asset prices; the performance, reliability, and security of the Company's staking operations; risks related to AI systems and their impact on cryptocurrency markets; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond Bitmine's control, including those set forth in the Risk Factors section of Bitmine's Form 10-K filed with the SEC on November 21, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of Bitmine's filings with the SEC are available on the SEC's website at www.sec.gov . Bitmine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
8 Jun 2026, 12:23
China Banned Bitcoin — Then One Of Its Highest Courts Just Ruled It’s Protected Property
China’s Supreme People’s Procuratorate published a landmark case on June 7 in which prosecutors in Qingdao successfully argued that Bitcoin qualifies as legally protected property under the country’s criminal law — sentencing a thief to nearly 11 years in prison for stealing 107 Bitcoin — in a ruling that creates a striking legal contradiction at the heart of Beijing’s five-year-old blanket crypto ban. The case, published on the Supreme People’s Procuratorate’s official website under the headline “107 Bitcoins Disappeared,” centers on a defendant identified only by the surname Zhang. According to the court documents, Zhang obtained the victim’s cryptocurrency wallet recovery phrase and used it to transfer and sell 107 Bitcoin belonging to the victim — an act the Qingdao prosecutors successfully prosecuted as theft of property under Chinese criminal law, per the SPP’s official account of the case. Zhang was sentenced to ten years and nine months in prison and fined 100,000 yuan — approximately $13,800 — per the official ruling. The value of the stolen property was calculated based on the 660,000 yuan, or roughly $91,000, that Zhang received from liquidating the Bitcoin after the theft. The prosecution’s core legal argument was that Bitcoin satisfies the statutory definition of property under Chinese criminal law because it holds demonstrable economic value and can be exclusively controlled by its owner — two criteria that define protectable property interests under the Chinese legal framework. The Contradiction At The Center Of Chinese Crypto Law The Qingdao ruling places Beijing’s legal system in an uncomfortable but increasingly documented position. China’s September 2021 blanket ban — jointly issued by ten regulatory bodies including the People’s Bank of China — declared all cryptocurrency transactions illegal, effectively prohibiting trading, exchanges, and mining across the country. In May 2026, China expanded that crackdown to explicitly cover stablecoins, RWA tokenization, and offshore yuan-pegged digital currencies, with a two-year rectification deadline for all unauthorized cross-border financial channels. Yet Chinese courts have simultaneously and consistently affirmed Bitcoin’s status as protected property in criminal proceedings. A Shanghai court ruled in 2024 that crypto ownership is legal under Chinese law, per the South China Morning Post. The Shanghai Second Intermediate People’s Court previously described Bitcoin as a “unique and non-replicable” asset with clear financial attributes. And now the Supreme People’s Procuratorate — China’s highest prosecutorial authority — has published the Qingdao case as a model ruling, signaling to prosecutors nationwide that this is the correct framework for handling Bitcoin theft cases. Why The SPP Published This Case Publication by the Supreme People’s Procuratorate is not routine reporting. Cases featured on the SPP’s official platform are selected as guidance for lower-level prosecutors and courts handling similar matters across China’s 34 provincial-level jurisdictions. By highlighting the Qingdao case, Beijing’s highest prosecutorial body is effectively issuing an instruction: when Bitcoin is stolen, prosecute it as property theft and value it at market rates. That instruction operates regardless of — and in direct tension with — the trading and transaction ban that nominally makes Bitcoin illegal to hold or transfer in China. The legal architecture this creates is genuinely novel. China simultaneously tells its citizens they cannot buy, sell, or trade Bitcoin — and tells its courts that if someone steals it, the full weight of criminal law will protect the victim’s property rights. The nascent sector has never encountered a major jurisdiction that bans its use and protects its ownership simultaneously at the highest legal level. This development marks a pivotal and legally complex moment for Bitcoin’s global status. A ruling published by China’s Supreme People’s Procuratorate confirming Bitcoin as legally protected criminal property — in a country that officially bans its use — is not a minor jurisdictional footnote. It is a signal that even the world’s most restrictive crypto regime cannot fully escape the legal reality of what Bitcoin is. Cover image from Grok, BTCUSD chart from Tradingview
