Arizona Governor Vetoes Bitcoin Reserve Bill Amid Institutional Skepticism
Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which proposed allocating 10% of the state''s treasury reserves into Bitcoin and other digital assets. The decision highlights growing institutional hesitation toward cryptocurrency adoption in public finance. Governor Hobbs cited Bitcoin as an "untested investment vehicle" in her May 2 veto letter, reflecting concerns over the volatility and regulatory uncertainty surrounding digital assets. This move underscores the challenges cryptocurrencies face in gaining mainstream acceptance as reserve assets, despite their growing popularity in private investment portfolios.
Arizona Governor Vetoes Bitcoin Reserve Bill Amid Skepticism Over Crypto Investments
Arizona Governor Katie Hobbs has rejected Senate Bill 1025, which sought to allocate 10% of the state''s treasury reserves into Bitcoin and other digital assets. The veto underscores growing institutional hesitation toward cryptocurrency adoption in public finance.
"Bitcoin remains an untested investment vehicle for state reserves," Hobbs stated in her May 2 veto letter. The proposed legislation would have established a Digital Assets Strategic Reserve Fund, including provisions for seized crypto assets from criminal cases.
The decision aligns Arizona with other U.S. states resisting cryptocurrency integration into sovereign portfolios. Market observers note this reflects persistent regulatory uncertainty despite increasing institutional interest in digital assets.
Bitcoin Solaris Disrupts Mining Landscape with Mobile-First Approach
Bitcoin Solaris has redefined cryptocurrency mining by enabling smartphone participation—a stark contrast to Monero''s legacy requirement of desktop rigs. The project''s Solaris Nova App democratizes access, allowing users to mine BTC-S seamlessly without hardware constraints or excessive battery drain.
This shift from CPU-intensive operations to mobile-native solutions marks a pivotal evolution in crypto accessibility. Where Monero''s ASIC-resistant privacy chain demanded dedicated systems, bitcoin Solaris embeds mining into daily smartphone use—lowering barriers for mainstream adoption ahead of 2025''s anticipated growth cycle.
Bitcoin Hits 6-Month High in Active Addresses Amid Push Toward $100K
Bitcoin''s bullish momentum continues as active addresses surge to a six-month peak, signaling renewed network activity. The cryptocurrency briefly touched $97,000 before retracing, leaving traders to assess whether the rally can sustain its push toward the psychologically critical $100,000 level.
On-chain data reveals 925,914 active BTC addresses—the highest since late 2023—as analyzed by Ali Martinez. This metric, coupled with price action breaking through a multi-day consolidation pattern, suggests accumulating institutional interest despite resistance NEAR $95,000.
Market structure now hinges on whether Bitcoin maintains its current valuation gap or faces rejection at key resistance zones. The interplay between spot demand and derivatives positioning will likely determine if this becomes a true breakout or another bull trap.
Bit Digital Seeks $500M in Strategic Pivot from Bitcoin Mining to Cloud Services
Bit Digital, a Nasdaq-listed Bitcoin mining firm, is launching a $500 million at-the-market (ATM) equity offering to fund its expansion into high-performance computing and cloud services. The MOVE comes as tightening profit margins in Bitcoin mining force industry players to diversify revenue streams.
The offering, facilitated by H.C. Wainwright & Co., could dilute existing shareholders as it exceeds the company''s current $429 million market capitalization. Proceeds will fund new equipment acquisitions for both mining and cloud infrastructure, along with general working capital needs.
This strategic shift reflects broader industry trends as public mining companies explore adjacent technologies to maintain growth. The cloud computing sector offers more stable margins compared to the volatile Bitcoin mining business, particularly following the 2024 halving event that reduced block rewards.
Bitcoin Holds Above $95K Despite Weak Blockchain Activity — Analytics Firm Explains Why
Bitcoin''s price resilience above $95,000 defies traditional on-chain activity metrics, signaling a potential decoupling from historical correlations. The cryptocurrency''s ability to maintain momentum despite subdued transaction volume and active addresses suggests evolving market dynamics.
Analytics platform Alphractal highlights structural shifts in Bitcoin''s price discovery mechanism. Institutional participation and derivatives market influence now play a more significant role than raw blockchain metrics in determining valuation.
The $100,000 psychological barrier remains within reach as market structure evolves. This divergence between price action and on-chain data underscores Bitcoin''s maturation as a macro asset rather than a purely transactional network.
South Korean Presidential Hopeful Advocates for State Pension Fund to Invest in Bitcoin
South Korea''s upcoming presidential election is taking a notable turn toward cryptocurrency policy as Kim Moon-soo, the ruling People Power Party''s candidate and former labor minister, pushes for allowing the state pension fund to purchase Bitcoin. This move underscores the growing political focus on digital assets in a nation where an estimated 16.3 million citizens have engaged with cryptocurrencies, according to data from the country''s top five fiat-trading exchanges.
The political landscape is increasingly competitive, with candidates vying to outpace one another in proposing measures to stimulate the crypto market. Kim''s stance reflects a broader trend of institutional acceptance, positioning Bitcoin as a legitimate asset class for major financial entities.
