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  • US Treasury Sanctions Iranian Crypto Exchanges for Terrorist Financing

    US Treasury Sanctions Iranian Crypto Exchanges for Terrorist Financing

    Treasury Sanctions Iranian Crypto Exchanges for Terrorist Financing and Sanctions Evasion

    The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has designated Nobitex, Iran’s largest digital asset exchange, along with three other Iranian cryptocurrency platforms, alleging they facilitated terrorist financing and sanctions evasion.

    According to the Treasury Department, Nobitex processed over half of all digital asset inflows into Iran in 2025 and was instrumental in payments linked to Iran’s terrorist activities, efforts to circumvent sanctions, and transactions involving entities affiliated with the Islamic Revolutionary Guard Corps (IRGC), including IRGC-linked ransomware operators. The exchange also allegedly assisted the Central Bank of Iran in accessing hundreds of millions of dollars in stablecoins, which were used to support the depreciating value of the Iranian rial, the Treasury stated in its sanctions announcement.

    Wallex, identified as Iran’s second-largest digital asset exchange by volume, handled 12% of Iranian digital asset inflows in 2025. Bitpin, responsible for 10% of these inflows, was sanctioned due to investors reportedly connected to Iranian sanctions evasion schemes. Ramzinex, a Tehran-based digital asset exchange established in 2018, reportedly processed more than $2.45 billion in transactions.

    In addition to the exchanges, the Treasury Department also sanctioned four individuals associated with Nobitex. These include chairman and co-founder Amir Hossein Rad, who was involved in re-establishing operations after a significant hack in June 2025 that resulted in a $90 million loss. Two co-founders, Seyed Mohammad Ali Aghamir and Seyed Mohammad Aghamir Mohammad Ali, are reportedly members of the Kharrazi family, a group with close ties to Supreme Leader Khamenei’s inner circle. The current CEO of Nobitex, Seyed Ali Khoee, who previously held the position of director of product and marketing, was also designated.

    These sanctions, announced on Monday, represent the latest action in the Treasury’s ongoing campaign targeting Iranian cryptocurrency assets. Treasury Secretary Scott Bessent stated last week that his department has seized approximately $1 billion in cryptocurrency from Iranian exchanges and wallets since the commencement of its enforcement efforts against Iran. In April, Tether froze $344.2 million in stablecoins held in two wallets attributed to the Central Bank of Iran.

    “As promised, Treasury will continue to follow the money in support of Economic Fury, whether it is through the banking system or through digital assets, to prevent the regime from developing a nuclear weapon,” Bessent said in the Treasury statement.

  • Microsoft AI Models Surpass Claude, Google’s Nano Banana

    Microsoft AI Models Surpass Claude, Google’s Nano Banana

    Microsoft Unveils Seven New AI Models, Challenging Rivals

    REDMOND, Wash. – Microsoft kicked off its annual Build developer conference Tuesday by announcing seven new artificial intelligence models, asserting that they surpass key benchmarks set by competitors like Anthropic and Google. The move signals Microsoft’s ambition to be recognized as a leading AI innovator, not just a major investor and infrastructure provider for OpenAI.

    “Super excited to announce seven new world-class MAI models today,” Microsoft AI CEO Mustafa Suleyman posted on X. “They represent what we consider a new era in AI designed to keep you in control and on the frontier.”

    At the forefront of this release is MAI-Thinking-1, a reasoning model that Microsoft is positioning as its flagship text foundation model.

    According to Suleyman, independent evaluators found MAI-Thinking-1 to be preferred over Anthropic’s Claude Sonnet 4.6 in blind tests. He also stated that the model achieved a 97% score on AIME 2025, a benchmark designed to assess advanced problem-solving and reasoning capabilities.

    Suleyman further noted that the model’s performance on the SWE Bench Pro places it “right alongside Opus 4.6 on one of the toughest coding benchmarks.”

    The company also introduced MAI-Code-1-Flash, a streamlined coding model developed for integration with GitHub Copilot and Visual Studio Code. Additionally, MAI-Image-2.5 and its “Flash” variant are claimed to outperform Google’s Nano Banana Pro in image-editing tasks. Rounding out the new offerings are MAI Transcribe-1.5, a transcription model supporting 43 languages, and MAI-Voice-2, a speech-generation model capable of producing natural-sounding voices in 15 languages and adapting to a speaker’s voice from brief audio samples.

    “This is an extraordinary time in technology. The compute used to train frontier models has increased by a factor of one trillion,” Suleyman stated in a separate blog post detailing the new models. “Now we expect another thousand-fold increase over the next three years, which in turn means more advanced capabilities, and the continued rollout of ever more effective AI.”

    This announcement arrives amidst escalating competition among major AI developers. Last week, Anthropic revealed its latest flagship model, Opus 4.8, which the company reported as being faster and more capable on benchmark tests, along with a suite of new features. On Tuesday, Anthropic also announced an expansion of its Project Glasswing, granting 150 companies access to its new cybersecurity-focused Mythos model.

    Meanwhile, at its Google I/O event in May, Google unveiled Gemini Omni, a multimodal AI model that integrates Gemini with the company’s Veo, Nano Banana, and Genie media-generation models. Google also introduced Gemini Spark, a cloud-based AI agent designed to manage tasks across applications and workflows on behalf of users.

    Microsoft’s introduction of its own proprietary AI models suggests a strategic shift to build in-house capabilities, moving beyond its established reliance on OpenAI’s technology. The company indicated that its MAI models “delivered the highest win rate, outperforming GPT-5.5 on quality, while being 10x lower on cost.”

    “Developers and businesses have been crying out for AI that delivers on their terms and under their say,” Suleyman wrote. “We see this as a major step towards delivering that.”

  • Robinhood Launches in Canada Following WonderFi Deal

    Robinhood Launches in Canada Following WonderFi Deal

    Robinhood Markets has officially entered the Canadian market, finalizing its $180 million acquisition of WonderFi, a Toronto-based digital asset firm. The deal positions Robinhood to leverage WonderFi’s established, regulated cryptocurrency exchanges.

    Canadian Market Entry

    With this acquisition, Robinhood gains control of WonderFi’s two regulated crypto trading platforms, Bitbuy and Coinsquare. Canadian users will soon have access to the Robinhood app, which features a flat 0.5% fee on CAD trades, alongside the company’s familiar interface, user experience, and global infrastructure.

    Robinhood stated in a press release that it intends to continue supporting WonderFi’s existing institutional relationships in Canada. This move complements the institutional business already developed through Bitstamp and aligns with Robinhood’s broader strategy to create an integrated global financial ecosystem.

    Growth and Expansion

    The acquisition significantly boosts Robinhood’s international customer base, bringing its total to over 1 million funded international customers. Approximately 300,000 of these new customers were acquired through WonderFi. WonderFi employees will be integrated into Robinhood’s existing Canadian workforce, which already comprises over 240 individuals. Robinhood established its Canadian headquarters in Toronto in 2024, designating it as an engineering hub, citing the country’s robust technology talent pool.

    Johann Kerbrat, SVP and General Manager of Robinhood Crypto & International, commented on the acquisition: “WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada. We’re pleased to have closed our acquisition and look forward to delivering innovative, user-centric investing products to Canadian customers.”

    Market Context

    The acquisition follows a period of declining crypto trading activity for Robinhood in the first quarter. Crypto transaction revenue saw a 47% year-over-year decrease, falling to $134 million, while crypto trading volume dropped 48% to $24 billion. Despite this, the company reported a 3% increase in net income to $346 million, though it missed analyst expectations for earnings and revenue.

    In February, Robinhood launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network developed using Arbitrum technology. This testnet provides developers with early access to the network, allowing them to build and test applications using standard Ethereum tools ahead of a planned mainnet launch later this year. Several infrastructure providers, including Alchemy, Chainlink, LayerZero, and TRM, have reportedly begun integrating with the network.

  • Hyperliquid Surges: Bulls Eye Triple-Digit Prices

    Hyperliquid Surges: Bulls Eye Triple-Digit Prices

    Hyperliquid’s HYPE Token Surges to Record High Amidst Growing Trader Optimism

    Hyperliquid’s native token, HYPE, recently reached a new all-time high, surpassing $73, as investor interest and optimism surrounding the project continue to escalate.

    Data from analytics firm Santiment indicates a significant surge in social activity and positive sentiment for HYPE across platforms including X, Reddit, and Telegram. The firm reported that HYPE’s social dominance has climbed to its highest level of 2026, with positive commentary increasing in tandem with the token’s price. This trend reflects growing confidence among traders, positioning Hyperliquid as one of the market’s top-performing projects.

    Several factors are fueling this momentum. The project has seen a rise in perpetual futures trading volume, alongside the ongoing expansion of its decentralized trading infrastructure. Hyperliquid is increasingly being recognized as a formidable competitor to centralized derivatives exchanges.

    Additional initiatives contributing to investor confidence include the introduction of new trading products, an increase in protocol revenues, and speculation about future ecosystem growth. These developments have captured market attention, accelerating discussions around HYPE and making it one of the most talked-about crypto assets.

    From a technical standpoint, crypto analyst Ali Martinez suggests that HYPE’s rally may have further room to grow. He noted that previous sell signals have been invalidated and identified potential upside targets of $97 and $163, should the current momentum persist.

    Echoing this bullish outlook, Bitwise Chief Investment Officer Matt Hougan recently lauded Hyperliquid as one of the most significant crypto projects to emerge in recent years. Hougan described the platform as a financial “super-app” that provides access to a diverse range of asset classes beyond just cryptocurrencies.

    He further highlighted Hyperliquid’s innovative tokenomics, particularly its buyback-driven model, which he believes is designed to accrue value from inception. Based on these factors, Hougan asserted that HYPE remains substantially undervalued despite its robust performance.

    Investor demand for HYPE is also evident in the exchange-traded fund (ETF) market. Following the launch of the first U.S. spot Hyperliquid ETF by 21Shares under the ticker THYP, Bitwise introduced its own ETF, BHYP. According to data from SoSoValue, these two funds have collectively attracted over $57 million and nearly $80 million in inflows since their respective launches.

  • Strategy Shares Drop Again as Bitcoin Giant Sells $56 Billion

    Strategy Shares Drop Again as Bitcoin Giant Sells $56 Billion

    Shares of Bitcoin-focused software company MicroStrategy (MSTR) tumbled more than 9% on Tuesday, extending a recent decline following the firm’s disclosure of a $2.5 million Bitcoin sale on Monday.

    The company’s stock closed at $136.08, marking a nearly 15% drop over the past five trading days and a more than 23% fall for the month.

    This sharp downturn in MicroStrategy’s stock price coincides with a significant slump in Bitcoin’s value. The cryptocurrency has fallen approximately 5.8% in the last 24 hours, recently trading around $67,288. This represents a more than 46% decrease from its all-time high of $126,080.

    Although MicroStrategy CEO Michael Saylor had previously signaled the company’s intention to sell Bitcoin, the amount—32 BTC, valued at roughly $2.5 million—represented a small fraction of its extensive Bitcoin holdings, which exceed $56 billion. Despite this, shareholders have reacted negatively to the sale.

    Analysts at TD Cowen, however, remain optimistic, maintaining a $400 price target for MSTR shares. This target suggests a potential gain of nearly 200% from the current trading level. MicroStrategy’s stock has not reached such heights since August of last year, shortly before Bitcoin’s most recent all-time high.

    Currently, MicroStrategy’s stock is trading more than 70% below its 52-week high of $457.22.

    The pressure on MicroStrategy’s stock is not an isolated incident within the crypto-related equities market as major digital assets experience a downturn.

    Shares of leading U.S. cryptocurrency exchange Coinbase (COIN) also declined, falling more than 4.5% on Tuesday to close at $173.99. Coinbase’s stock has faced challenges this year, mirroring the broader crypto market’s struggles and dropping over 23% year-to-date.

    Coinbase is now trading nearly 61% below its 52-week high. Analysts at Compass Point have set an even lower price target, reiterating a forecast of $140 this week, which implies a further 19% drop from its current trading price.

    Other publicly traded companies with significant exposure to the cryptocurrency market have also seen their stock prices fall in recent trading sessions. Bitmine Immersion Technologies (BMNR) and Sharplink (SBET), firms involved with Ethereum treasuries, saw their shares drop 4.62% and 6.14% respectively on Tuesday. BMNR closed at $17.98, while SBET finished the day at $5.81.

    Additional notable decliners among crypto-related stocks on Tuesday included Bitcoin miner CleanSpark (CLSK) and BTC services firm Fold (FLD). CleanSpark lost 6.5% to close at $17.58, while Fold dropped 8.4% to end the day at $0.87.

  • NY Crypto Regulator Partners with EU on Stablecoin Oversight

    NY Crypto Regulator Partners with EU on Stablecoin Oversight

    New York and EU Forge Transatlantic Stablecoin Oversight Pact

    New York’s leading cryptocurrency regulator has established a transatlantic framework for comprehensive stablecoin rules, aligning its supervisory efforts with those of the European Union.

    A 22-page memorandum of understanding, signed Tuesday by the New York Department of Financial Services (NYDFS) and the European Banking Authority (EBA), outlines procedures designed to facilitate the exchange of supervisory and confidential information concerning the $314 billion stablecoin sector.

    The NYDFS stated that the agreement aims to enhance oversight, identify market trends and risks, and promote market integrity. The regulator, known for its stringent standards under the BitLicense regime, emphasized that the initiative’s scope is confined to actions undertaken by companies under its direct supervision.

    This accord underscores not only the increasing ease with which stablecoins facilitate cross-border capital flows but also the blurring lines between regulatory agencies in different jurisdictions. It also addresses how these regulators will coordinate their responses in the event of a crisis.

    In emergency situations, such as “serious operational or financial difficulties of supervised entities,” the NYDFS and EBA will endeavor to promptly alert each other to emerging issues and coordinate their respective responses. This commitment aims to prevent regulators from being caught unaware by problems originating across the Atlantic. Upon request, both authorities are committed to sharing information pertaining to civil or criminal investigations.

    For instance, a stablecoin could experience a “depeg,” trading below the value of the currency it is intended to represent. In 2023, Circle’s dollar-pegged USDC stablecoin briefly fell to 87 cents after the company disclosed its exposure to the collapse of Silicon Valley Bank.

    This coordination arrives as officials at the European Central Bank adopt a cautious stance. Last week, board member Isabel Schnabel warned that stablecoins are “subject to the risk of runs” and pose a threat to Europe’s monetary sovereignty and economic control.

    “Today, virtually all stablecoins in circulation are denominated in dollars,” Schnabel noted at a conference in South Korea. “Other currencies are playing a negligible role.”

    While the agreement between the NYDFS and EBA is not legally binding, NYDFS Acting Superintendent Kaitlin Asrow described international coordination as “essential for the digital asset space” in a statement, highlighting its importance for consumer and market protection.

  • RLUSD’s Impact on XRP Value Explained

    RLUSD’s Impact on XRP Value Explained

    XRP Advocate Argues New Stablecoin Bolsters, Not Undermines, XRP’s Role

    Jake Claver, a prominent proponent of XRP, contends that Ripple’s forthcoming RLUSD stablecoin will not diminish the case for XRP but could, in fact, strengthen it by introducing more institution-friendly dollar liquidity to the XRP Ledger.

    In a recent X thread, Claver articulated that XRP and RLUSD are designed for distinct purposes. RLUSD is envisioned as a compliant digital dollar, while XRP serves as a neutral bridge asset, facilitating value transfer across otherwise disparate markets. This perspective addresses a persistent question within the XRP community: if RLUSD can move funds instantaneously, what is XRP’s continued necessity?

    Claver posits that this framing overlooks the fundamental difference between a settlement asset and a routing asset. “RLUSD is not the finish line. It is the front door,” Claver wrote. “Institutions come for a compliant digital dollar. Once they are on the ledger they start asking bigger questions. Can we tokenize securities here? Settle trades instantly? Drop the 3 day wait.”

    XRP as the Ledger’s “Money Changer”

    To illustrate his point, Claver employed an analogy of a historical trading port. Merchants arrive with various commodities like silk, spices, wool, salt, and gold, but rarely possess precisely what another trader desires. A silk merchant seeking pepper might first need to exchange their silk for wool before acquiring the desired spice. Claver noted that with ten goods, this creates 45 potential trading pairs; with a hundred goods, the number escalates to nearly 5,000.

    His conclusion is that markets require a neutral intermediary asset to reduce friction. On the XRP Ledger, Claver asserts, XRP fulfills this role. “On the surface that looks like one trade. Underneath it is two. He buys your silk and sells you silver, both at once. Remove that money changer and the whole port slows to a crawl. On the XRP Ledger, XRP plays that exact role,” he explained.

    Claver provided an example of an individual swapping a tokenized Treasury bill for a euro stablecoin. In his model, the user might perceive a single transaction—one asset entering and another exiting. However, the underlying routing path can, and often does, involve XRP. “The trader never sees the XRP step. Asset goes in, the one they want comes out. XRP sits quietly in the middle making it work,” he stated.

    Why RLUSD Does Not Replace XRP

    Claver described RLUSD as a digital dollar engineered to maintain a stable value of one dollar, backed by tangible reserves held in a bank. This makes it advantageous when both parties in a transaction seek dollar exposure. However, he argued that numerous future use cases on the XRP Ledger may not conclude in dollars, including the exchange of tokenized Treasuries for euro funds, lending in non-dollar currencies, or other asset-to-asset transactions.

    “RLUSD is perfect anytime both sides of a trade want dollars at the end. Plenty of trades do,” Claver wrote. “But plenty do not. Tokenized Treasuries swapping into euro funds. Lending in other currencies. Any trade where neither side is USD. There, a dollar coin cannot sit in the middle.”

    He then outlined three limitations that, in his view, preclude RLUSD from becoming the ledger’s universal bridge asset. Firstly, RLUSD has an issuer, introducing issuer-specific risk. Should the entity behind it encounter legal, banking, or operational challenges, the stablecoin could be impacted. XRP, in contrast, is not minted by a single issuer and cannot be deactivated by one company, he argued.

    Secondly, Claver contended that a global routing asset must be neutral. Regulated stablecoins are compelled to adhere to sanctions, blacklists, and regional regulations, potentially allowing them to freeze tokens or block specific users. While this may be suitable for a regulated dollar product, Claver suggested it is less appropriate for a foundational bridge asset.

    Thirdly, liquidity pools necessitate two distinct assets. RLUSD can be paired with euro stablecoins, tokenized Treasuries, or other instruments, but it cannot simultaneously represent both sides of a market. Claver concluded that the asset most likely to emerge as the primary routing layer is one that is liquid, neutral, free from issuer risk, and has a proven track record. His assertion is that XRP fits this description.

    At press time, XRP was trading at $1.2628.

  • Hive Reports Revenue Surge on AI Power Bet

    Hive Reports Revenue Surge on AI Power Bet

    Hive Digital Technologies reported a substantial revenue increase for its fiscal year ending March 31, propelled by the surge in Bitcoin prices last year and the rapid expansion of its computing business. The Canadian miner is actively seeking to establish itself as a significant player in artificial intelligence infrastructure.

    For fiscal year 2026, the company announced total revenue of $297.8 million, marking a 158 percent jump from the previous year. This growth was primarily attributed to a significant scaling up of its Bitcoin mining operations.

    During the fiscal year, Hive mined 2,885 Bitcoin, more than doubling the 1,414 mined in fiscal 2025. This achievement was bolstered by an average Bitcoin price of approximately $98,000, a notable increase from the roughly $75,900 average seen the year prior.

    Despite the higher mining rewards realized last year, the company’s Bitcoin holdings actually decreased over the period. Hive reported holding 150 BTC, valued at around $10 million, at the close of the fiscal year. This represents a decline from its holdings of 481 BTC as of December 31.

    However, Hive’s strategic vision extends far beyond cryptocurrency. Its high-performance computing division, operating under the brand BUZZ HPC, generated $19.5 million in revenue, a 94 percent year-over-year increase. Company executives are positioning this division as the primary driver of future growth.

    In May, Hive unveiled plans for a 320-megawatt AI data center in the Greater Toronto Area. Upon full completion, this facility is slated to accommodate over 100,000 Nvidia GPUs, making it what the company describes as Canada’s largest planned AI infrastructure facility under private ownership. Hive has set an ambitious target of achieving $660 million in annualized recurring revenue from its computing business by the end of 2028.

    The company’s financial results were not without challenges. Hive reported a GAAP net loss of $148.4 million for the fiscal year. However, the company clarified that approximately $221 million of these losses were non-cash items, including depreciation charges.

    Hive maintains operations in Canada, Sweden, and Paraguay, all powered by renewable energy sources. The company’s total installed hash rate stands at 25.1 exahashes per second.

    Hive (HIVE) shares experienced a slight decline of about 2.6 percent on the day, trading recently at $4.63 according to Yahoo Finance data. Earlier in the session, the stock had reached its highest point for the year at $4.97.

  • DOGE Dips Below $0.10, Buy Signal Flashes

    DOGE Dips Below $0.10, Buy Signal Flashes

    Dogecoin Dips Below $0.10 Amidst Broader Crypto Slump, But Analysts See Upside

    Despite a recent downturn mirroring the broader cryptocurrency market, Dogecoin, the largest meme coin by market capitalization, is attracting bullish price predictions from analysts. Several technical indicators suggest that bearish pressure may soon abate, potentially paving the way for a rebound.

    As of this writing, DOGE is trading around $0.096, marking a 6% decline over the past week. While this dip might appear significant, Dogecoin has demonstrated resilience compared to major cryptocurrencies like Bitcoin (down 10% in the same period) and prominent altcoins such as Bitcoin Cash and Sui, which have experienced drops of nearly 20%.

    The digital asset has become a focal point for price forecasts, with prominent commentator Ali Martinez highlighting a buy signal from the TD Sequential indicator. Martinez suggested that if the $0.096 support level holds, DOGE could ascend to $0.11. Similarly, X user CryptoBoss views the current price levels as a buying opportunity, anticipating a rise to approximately $0.108 in the coming days.

    More optimistic outlooks have come from CoinForge and MikybullCrypto. CoinForge believes the meme coin is on the verge of a significant upward move, drawing parallels to a descending triangle pattern Dogecoin formed in 2024 before a substantial breakout. The analyst predicts a similar breakout phase for DOGE in 2026.

    MikybullCrypto, meanwhile, posits that the original meme coin is positioned at a level that could ignite a massive rally, potentially reaching a new all-time high. This analyst has set a target of $2.50. However, it is crucial to note that such a surge would require Dogecoin’s market capitalization to exceed $385 billion, a level currently surpassed only by Bitcoin. Ethereum, the second-largest cryptocurrency, has a market cap below $240 billion.

    Supporting the optimistic sentiment, Dogecoin’s Relative Strength Index (RSI) has fallen below 30, a level typically indicating that an asset is oversold and poised for a potential price increase. The RSI ranges from 0 to 100, with readings above 70 generally signaling an impending pullback.

    Further bolstering the bullish case are Dogecoin’s exchange netflows. Data from CoinGlass indicates that outflows have consistently exceeded inflows in recent days. This trend suggests that investors are moving their holdings off centralized exchanges into self-custody, which can reduce immediate selling pressure on the market.

  • Yang’s Noble Launches Crypto-Powered Helium Mobile

    Yang’s Noble Launches Crypto-Powered Helium Mobile

    Helium Mobile Acquired by Andrew Yang’s Noble Mobile

    Helium Mobile, the mobile service provider operating on the decentralized, crypto-powered Helium network, has been acquired by Noble Mobile, a telecommunications company founded by former presidential candidate Andrew Yang with a focus on affordability.

    The acquisition brings together two companies that share a commitment to providing customers with low-cost service plans, aiming to challenge the dominance of major mobile industry players. Helium Mobile, which previously offered a free mobile plan before discontinuing it, stated that the combined entity will continue this mission.

    “We were drawn to Noble Mobile because of a deep alignment in values, vision, and the people leading the organization,” said Frank Mong, COO of Helium Mobile, in a statement to Decrypt. “Our subscribers deserve a home that shares our conviction that connectivity should be affordable and accessible to everyone. Noble Mobile embodies that, and it gave us confidence that our subscribers would be in the right hands long-term.”

    Subscribers to Helium Mobile’s current plans can anticipate a seamless transition, according to Mong. Users will retain their phone numbers and continue to access the same 5G network, which is powered by T-Mobile. Helium Mobile’s service is also supported by the Helium network, a Solana-based decentralized network comprising a global deployment of hotspots. Noble Mobile has agreed to utilize this network as part of the acquisition.

    The Helium network, described as “crowd-built,” consists of nearly 139,000 mobile hotspots that function as miniature cell towers, according to data from the Helium website. This infrastructure has been leveraged by providers such as AT&T and Telefónica to expand or supplement their existing coverage networks.

    This network infrastructure represents a significant opportunity for Nova Labs, the company that founded the Helium network and launched Helium Mobile. “Our network business is the largest opportunity in front of us,” Mong explained. “We’ve recently onboarded major U.S. carriers to offload traffic at scale, and the Helium network now serves millions of users daily. To capture this momentum, we needed to find Helium Mobile the right steward while our team focuses on accelerating network expansion.”

    The acquisition does not alter the fundamental model of the Helium network. This model rewards hotspot operators with Solana-based HNT tokens for providing coverage utilized by carriers and subscribers. The mobile network currently boasts over 2.6 million daily users and generates more than $47,000 in daily revenue, according to Helium World’s dashboard.

    The HNT token has seen a decline, trading down nearly 7% over the past day at a recent price of $0.64, marking a roughly 28% drop over the last 30 days.