China’s Bitmain Makes Plans to Unveil World’s First 1XJ/T Bitcoin Miner

Pakistan’s newly appointed Minister of State for Crypto and Blockchain, Bilal bin Saqib, has been spending time in the United States recently with a view towards collaborating with the Trump administration and Wall Street on matters related to digital assets and digital asset regulation. Pakistani TV channel 24 News HD reported on June 4 that bin Saqib met with Bo Hines during a visit to the White House in Washington, D.C. Hines was appointed by U.S. President Donald Trump earlier this year as the executive director of the President’s Council of Advisors on Digital Assets. Ways to broaden cooperation between Pakistan and the U.S. with regard to the digital assets sector were a primary topic covered during their meeting. Consideration was given to the potential for future partnerships between the two nations, with a particular emphasis on strategic alignment on digital asset policy.Photo by Kanchanara on UnsplashStrategic Bitcoin ReserveBitcoin was also a topic of conversation during the meeting. Last week, bin Saqib, who also heads up the South Asian nation’s newly formed Pakistan Crypto Council (PCC), appeared at the Bitcoin 2025 conference in Las Vegas to announce that “the Pakistani government is setting up their own government-led Bitcoin Strategic Reserve.” In his keynote address, he stated that Pakistan would hold Bitcoin in a national wallet and would “never ever sell them.” Following his meeting with Hines, bin Saqib took to X, stating:”We’re building strong bridges with the U.S. on Bitcoin reserves, stablecoins, and digital asset frameworks.” Responding to bin Saqib’s X post, Faizan Siddiqi, a Pakistani expat and COO of Canadian advertising services firm, MonetizeMore, underscored the importance of the meeting for an emerging generation in Pakistan inspired “to believe in a brighter, decentralized future.” In addition to meeting with Hines, bin Saqib also met with officials from the White House Counsel’s office, engaging with them on blockchain governance and legal framework matters. New York meetingsFollowing his meeting in Washington, D.C., bin Saqib moved on to New York. A video clip posted by the PCC to the X social media platform on June 6 showed bin Saqib meeting with New York City Mayor Eric Adams. The Pakistani minister thanked Adams for all he is doing for the crypto ecosystem, while inviting him to visit Pakistan and to consider a partnership between New York and the PCC. While in New York, bin Saqib also met with Brandon Lutnick, chairman of global financial services firm Cantor Fitzgerald and son of former Cantor Fitzgerald Chairman Howard Lutnick, who was appointed by U.S. President Donald Trump to the position of secretary of commerce back in February.  While Cantor Fitzgerald is a well-established traditional finance (TradFi) firm founded in 1945, the company has embraced digital assets more recently. Cantor has taken on leading stablecoin issuer Tether as a client, having also invested in the company. Last month, the firm launched its first Bitcoin fund. It’s understood that bin Saqib discussed tokenization, Bitcoin mining, the future of Web3 in Pakistan and potential for collaboration with Lutnick. Last month, Pakistan allocated 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.

HashKey’s New $100M Fund to Prioritize AltcoinsHashKey Capital, the investment arm of Hong Kong-based crypto firm HashKey Group, is embarking on a new investment journey with the launch of a fund that predominantly targets major altcoins.Photo by Kanchanara on Unsplash50% altcoin allocationIn a recent interview with Reuters, Jupiter Zheng, the Portfolio Manager of the fund, revealed that less than 50% of the fund’s allocation will be directed towards Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies.The fund has already garnered attention from potential clients, primarily high-net-worth individuals and investment firms catering to affluent, high-net-worth Asian families. Zheng underscored the fund’s commitment to diversifying investment strategies, which he believes is necessary as a consequence of the Hong Kong stock market’s recent weakness.“We see untapped demand from professional investors who wish to chase above-market returns in crypto,” Zheng noted, suggesting that the allure of crypto assets is becoming increasingly appealing to traditional investors.$1 billion assets under managementHashKey Capital has $1 billion in assets under management, and the firm has set an ambitious target of raising $100 million for the newly launched fund within the next 12 months. This allocation strategy also includes a portion of the fund’s holdings in cash, allowing for flexibility in navigating the dynamic and volatile cryptocurrency market.In addition to forging ahead with crypto investments, the company is actively establishing distribution channels with offshore Chinese financial institutions, expanding its reach and influence in the digital asset space.Positive market outlookZheng remains optimistic about the crypto market’s future, expressing confidence that cryptocurrency prices are finding stability as industry liquidity improves. He cited several factors contributing to this stabilization, including the plateauing of US interest rates and the growing interest of large US asset managers in filing for spot Bitcoin ETFs, indicating a maturing and evolving industry sector.Responding to news of the new fund, Ryan Selkis, CEO and Founder of crypto market intelligence firm Messari, said that he expected other funds to follow suit in 2024 given that “there’s a ton of inefficiency and mispricing in assets 50–500 by market cap.”HashKey’s progression in the crypto investment space can be traced back to its acquisition of a Type 9 asset management license from Hong Kong’s Securities and Futures Commission last year. This license granted HashKey the ability to manage portfolios exclusively composed of virtual assets, laying the groundwork for its latest venture. It has since secured Type 1 and Type 7 licenses and recently started offering its products to retail investors in Hong Kong, being one of the first to do so.Funding roundEarlier in the year, the company successfully closed a $500 million investment round for a fund dedicated to infrastructure, tooling, and applications that drive the widespread adoption of blockchain and crypto technologies. In April, it launched a wealth management service in response to demand from investors who were looking to gain exposure to digital assets.Hong Kong’s welcoming stance towards cryptocurrencies and its proactive approach to addressing market demand for alternative assets have played a pivotal role in attracting digital asset firms. The city’s Securities and Futures Commission (SFC) has been granting licenses to crypto exchanges in alignment with its new licensing framework, opening up opportunities for retail investors to trade “large-cap tokens” on licensed platforms while implementing safeguards like knowledge tests, risk profiles, and reasonable exposure limits.

A settlement agreement between failed crypto lender BlockFi and bankrupt Singaporean crypto hedge fund Three Arrows Capital (3AC) has received approval from a U.S. judge. However, the specifics of the settlement remain sealed, citing concerns raised by yet another failed crypto platform, FTX. Dispute resolvedDuring a hearing on Feb. 6, New Jersey Bankruptcy Court Judge Michael Kaplan resolved the dispute, which saw BlockFi claiming $129 million owed by 3AC, while the Singapore-based firm contended that BlockFi owed it $280 million. Judge Kaplan's decision to keep the settlement agreement sealed stemmed from a perspective that unsealing it would be counterintuitive. BlockFi had filed a motion to seal the settlement terms last month. The U.S. Trustee objected to the seal, asserting that the debtors hadn't provided sufficient justification for sealing the agreement.Photo by mk. s on UnsplashSensitive settlement termsBlockFi justified the need for confidentiality, citing the sensitive commercial nature of the terms, which could potentially impact ongoing litigation involving FTX. The approval of the settlement now paves the way for BlockFi to proceed with distributions from the lending estate to its 100,000 creditors, with the firm owing up to $10 billion. Central to the dispute were preferential payments, transactions made just before bankruptcy that could have given the recipient more than they would have received through court proceedings. The resolution of counterclaims between BlockFi and 3AC follows mediation ordered by Judge Kaplan in October, likely culminating from a two-day hearing starting on Jan. 5 aimed at resolving the matter conclusively. This settlement follows another agreement between 3AC and Genesis, settling $1 billion in claims by 3AC. The company filed for bankruptcy in July 2022, attributing the extreme fluctuations in cryptocurrency markets as the reason for its collapse. Projected 46% 3AC creditor recoveryAccording to a December report to creditors by Teneo, it's estimated that 3AC creditors will receive approximately 45.74% of their claims from the bankrupt estate. As of Dec. 18, 2023, 3AC's assets were valued at $1.16 billion, while recognized claims for distribution stood at $2.7 billion. In an ongoing effort to secure 3AC's assets, a British Virgin Islands (BVI) court froze $1 billion in assets belonging to 3AC's founders, amid the liquidation process. This move is part of a broader strategy to seek recoveries from the founders and Kelly Chen, wife of one of the co-founders. 154 claims totaling $3.4 billion were filed against the 3AC estate, with $200 million not admitted for distribution and $322 million rejected or expected to be rejected. Additionally, claims worth $76 million are currently under dispute. BlockFi, along with eight affiliates, filed for Chapter 11 bankruptcy in November 2022. The firm cited significant exposure, including obligations owed to BlockFi by FTX-linked hedge fund Alameda Research, assets on the FTX platform and an undrawn credit line from FTX. 3AC’s collapse in June 2022, followed by FTX's downfall, led to BlockFi's bankruptcy filing in late November 2022. In a separate development, OPNX, a crypto bankruptcy claims platform launched by 3AC co-founders Su Zhu and Kyle Davies, announced its cessation of operations, with plans to shut down by Feb. 14.