Tether Aims to Become World’s Largest Bitcoin Miner by Year-End
Tether’s Bitcoin Mining Push, SEC’s ETF Policy Shift, and Invesco’s Solana ETF Filing
Because Bitcoin
June 25, 2025
Tether Aims to Become World’s Largest Bitcoin Miner by Year-End, Says CEO Paolo Ardoino
Tether CEO Paolo Ardoino revealed on The Block’s Big Brain podcast that the stablecoin issuer could become the largest bitcoin miner by the end of 2025. The firm, which made $13 billion in profit in 2024, has invested over $2 billion into mining and energy infrastructure across Latin America. Ardoino said Tether’s mining push isn’t purely for profit, but a strategic move to secure its massive bitcoin holdings, now over 100,000 BTC. He emphasized the importance of contributing to network security, aligning with Tether’s broader vision of “stable energy” as part of its long-term societal strategy.
SEC’s Hester Peirce Signals In-Kind Redemptions for Bitcoin ETFs Could Be Coming
SEC Commissioner Hester Peirce indicated that in-kind creations and redemptions for crypto ETFs, long requested by firms like BlackRock, are likely on the horizon. Speaking at a Bitcoin Policy Institute panel, Peirce said related filings are under review, highlighting growing industry interest. In-kind redemptions would allow ETFs to exchange bitcoin directly instead of converting to cash—a method analysts say would improve efficiency. The SEC had previously favored a cash model, but changing sentiment and high approval odds for upcoming crypto ETF filings suggest a shift may be underway.
Invesco and Galaxy File for Solana ETF as SEC Signals Possible Approvals
Invesco Ltd and Galaxy Digital have filed with the SEC to launch the “Invesco Galaxy Solana ETF,” which would trade on Cboe BZX under the ticker “QSOL.” Invesco would sponsor the fund, Galaxy would handle token acquisition, and Coinbase Custody would serve as custodian. The filing joins a growing list of Solana ETF proposals from firms like VanEck and 21Shares, as anticipation builds following SEC requests for updated filings. On the same day, Cboe BZX also filed for a unique NFT-backed fund, the Canary PENGU ETF.
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