Bitcoin miners are increasingly pivoting to AI infrastructure, exemplified by IREN’s $9.7 billion deal with Microsoft, while Binance founder CZ moves to distance Giggle Academy from the volatile GIGGLE token.
Meanwhile, Swiss Bitcoin treasury startup Future raised $34.5 million to expand institutional services, and the European Union is considering centralizing crypto oversight under ESMA, a move that could reshape regulation across the continent.
Top gainers and losers
- Internet Computer (ICP) - significant rise of 164.95% to the price of $7.81
- Dash (DASH) - not far away with its 130.76% rise this week and a price of $106.72
- ZKsync (ZK) - 110.26% rise for this week and total price of $0.06266
- SPX6900 (SPX) - loss of 30.70% after a week to a total price of $0.6277
- Pudgy Penguins (PENGU) - 22.33% drop to a total price of $0.01453
- Ethena (ENA) - closing up three with a 21.05% drop and total price of $0.3136
Giggle academy distances itself from GIGGLE Token amid extreme market volatility
Giggle Academy, the crypto education initiative founded by Binance co-founder Changpeng “CZ” Zhao, has clarified that it is not behind the GIGGLE token, as extreme price swings and community confusion continue.
In a post on X, CZ stated, “I don’t know who launched it,” emphasizing that the memecoin is a community-initiated project, not an official product of Giggle Academy.
The GIGGLE token, launched in September 2025 on Binance’s BNB Smart Chain, is a charity-oriented memecoin that automatically donates 5% of every trade to fund Giggle Academy’s educational projects. Managed by a decentralized team that transitioned from anonymous origins. On October 25, the token’s market cap surged 222%, climbing from $86 million to a peak of $277 million, before crashing back to around $60 million by the following Monday.
On Tuesday, it jumped again to roughly $90 million, fueling confusion among community members.
“They really pumped that GIGGLE up and used y’all for exit liquidity,” market observer The Alchemist commented on X.
The surge followed Binance’s announcement that it would start donating 50% of GIGGLE spot and margin trading fees to charitable initiatives connected to Giggle Fund beginning in December. While this move drew attention, Giggle Academy stressed it has no direct involvement with the token or its issuance.
IREN lands $9.7B Microsoft deal as Bitcoin miners pivot to AI infrastructure
Bitcoin mining company IREN has signed a five-year, $9.7 billion contract with Microsoft to supply Nvidia GB300 GPUs hosted within its data centers, underscoring the growing convergence of cryptocurrency mining and AI computing infrastructure. The deal is part of IREN’s strategic pivot from traditional Bitcoin mining toward AI cloud services, a shift it began in early 2024 amid tightening mining margins.
In addition, IREN secured a $5.8 billion agreement with Dell Technologies for GPUs and related equipment to support its AI expansion. Funding for these initiatives will come from cash reserves, customer prepayments, operational cash flow, and additional financing. IREN remains one of the largest Bitcoin miners by realized hashrate, and its shares jumped sharply after the Microsoft announcement, reflecting investor enthusiasm for its dual role in crypto and AI markets.
The IREN-Microsoft partnership highlights a broader industry trend of miners diversifying into AI and high-performance computing. HIVE Digital started its transition in mid-2023 and now generates meaningful revenue from AI services. MARA Holdings introduced immersion cooling systems in 2024 to support dense compute workloads, while Riot Platforms has been laying the foundation for AI-focused expansion. In one of the sector’s largest deals, TeraWulf announced a $3.7 billion, 10-year colocation agreement with AI cloud platform Fluidstack, backed by Google-parent Alphabet.
IREN’s deals also signal growing collaboration between traditional tech giants and crypto infrastructure providers, with Microsoft and other Big Tech companies seeking flexible GPU capacity for AI training and inference workloads.
Future raises $34.5M to advance Switzerland’s institutional Bitcoin services
Future Holdings, a Switzerland-based Bitcoin treasury and custody startup co-founded by Adam Back, has raised 28 million Swiss francs (around $34.5 million) in a strategic funding round led by Fulgur Ventures, Nakamoto, and Tobam. The company positions itself as “Switzerland’s premier Bitcoin treasury company,” combining treasury operations, research, and wallet infrastructure to help corporate clients manage and account for Bitcoin within traditional corporate and accounting frameworks.
CEO Sebastien Hess said the funding reflects investor confidence in both the team and the company’s vision to become a leading European Bitcoin treasury provider.
"This round brings together leading venture investors who share our conviction in Bitcoin and in the strength of the team we have built at FUTURE," added Sebastien Hess, CEO of FUTURE
Future’s leadership blends traditional finance and Bitcoin-native expertise. Co-founders include Hess, Marc Syz (CEO of Syz Capital), Julian Liniger (CEO of Bitcoin-only investment app Relai), and Adam Back, the inventor of Hashcash and CEO of Blockstream.
Its chairman, Richard Byworth, brings extensive institutional finance experience, while Fulgur Ventures and Tobam, known for their investments in early-stage Bitcoin infrastructure and corporate treasury products, add credibility and industry connections.
"Switzerland has a long tradition of financial innovation and trust," said Marc Syz, Vice-Chairman of FUTURE
The Swiss market for institutional Bitcoin services is growing rapidly. Firms such as Bitcoin Suisse and Sygnum Bank are offering tailored solutions for asset managers, foundations, and Web3 enterprises. Future’s launch coincides with a wave of regulatory clarity across Europe, as Switzerland-based companies secure Markets in Crypto-Assets (MiCA) licenses to operate legally across the EU.
EU eyes centralized crypto oversight under ESMA, sparking industry debate
The European Commission is reportedly planning to expand the European Securities and Markets Authority’s (ESMA) powers to directly supervise cryptocurrency and capital markets, a move that could centralize regulation across the 27-nation bloc.
The draft proposal is expected in December and would extend ESMA’s authority over stock exchanges and crypto service providers, creating a framework similar to the U.S. Securities and Exchange Commission (SEC). Currently, under the Markets in Crypto-Assets Regulation (MiCA), crypto firms authorized in one EU member state can “passport” their licenses across the EU.
Critics warn that shifting supervision entirely to ESMA could slow innovation and decision-making, particularly for fintech and newer crypto firms.
Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho, said the move “would likely slow down decision-making and innovation, particularly for newer players in crypto and fintech who rely on close collaboration with domestic regulators.”
She suggested giving ESMA stronger oversight powers such as the ability to suspend or revoke licenses, without centralizing all decision-making in Brussels. Fleuret noted that the EU passport is “the cornerstone of EU financial regulations, including MiCA,” and weakening it could undermine Europe’s competitive advantage in crypto.
Concerns over EU-wide enforcement have already emerged. In September, France’s securities regulator threatened to block passporting under MiCA, highlighting potential gaps in the current framework.
“Expanding Esma’s supervisory responsibilities would mean higher fees paid by the industry,” said Marin Capelle, policy adviser at Efama, the fund industry lobby.
Germany has historically resisted centralized financial supervision in the EU, but Chancellor Friedrich Merz’s government has recently softened its stance, signaling a willingness to explore the idea in coordination with France, a key proponent of deeper capital markets integration.
Some policy experts, however, see benefits in centralization.
Dea Markova, director of policy at digital asset custody platform Fireblocks, said unified supervision could strengthen licensing, cybersecurity, and custodial oversight, particularly under MiCA and the Digital Operational Resilience Act (DORA).
“More standard-setting and guidance is needed to address risks stemming from operational resilience of the custody function,” Markova said, emphasizing that success will depend on how the plan is implemented and resourced.
The idea of a single EU supervisory body has also received support from European Central Bank President Christine Lagarde, who endorsed a centralized model similar to the SEC during the 2023 European Banking Congress.
Oleksii Shumak
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