The Bitcoin mining industry is squarely in the crosshairs of the US-led trade war, with publicly traded miners receiving hefty invoices from US Customs and Border Protection (CBP). Yet, in a twist, a mining venture backed by US President Donald Trump’s family secured more than 16,000 rigs from China’s Bitmain without incurring additional duties.
Beyond mining headwinds, the broader blockchain sector is intensifying efforts to court Wall Street as institutional adoption accelerates across exchange-traded funds, corporate treasuries and tokenized real-world assets. Ether (ETH) treasury firms are also ramping up accumulation, while reports suggest China may be preparing to greenlight yuan-backed stablecoins.
This week’s Crypto Biz newsletter explores these developments, highlighting The Miner Mag’s latest findings, Polkadot’s new capital markets division, SharpLink’s major ETH purchase and Beijing’s potential stablecoin pivot.
US Bitcoin miners face $100M+ tariff hit
The US Bitcoin mining industry has been swept into President Donald Trump’s trade war, with public miners CleanSpark and IREN warning of potential tariff liabilities of $185 million and $100 million, respectively, according to The Miner Mag.
Both companies said they received invoices from US Customs and Border Protection, which alleged that certain mining rigs were of Chinese origin. Under the White House’s revised tariff schedule, equipment sourced from China is now subject to an effective duty of 57.6%.
Beyond tariffs, The Miner Mag noted that mining revenues “remain under pressure,” with transaction fees slipping below 1% of block rewards.
Production data for July showed IREN and Mara Holdings each mined more than 700 BTC, while CleanSpark and Cango generated over 600 BTC apiece.
Polkadot establishes capital markets division
Polkadot has launched a new capital markets division aimed at attracting institutional investors to its blockchain — a move that underscores the industry’s growing effort to court Wall Street.
The new entity, Polkadot Capital Group, is based in the Cayman Islands and was established in response to rising institutional demand for digital assets, the company said. It also pointed to recent positive regulatory signals in the United States as a catalyst for the launch.
Polkadot Capital Group will focus on showcasing blockchain use cases across decentralized finance, staking and real-world assets, while helping traditional finance players explore crypto opportunities in areas such as asset management and banking.
Polkadot is the 24th largest blockchain by market capitalization with a total value of around $6 billion.
China reportedly weighs yuan-backed stablecoins
Despite its sweeping restrictions on digital assets, China is reportedly considering allowing the development of yuan-backed stablecoins — a potential policy shift that would mark a major reversal for the world’s second-largest economy.
Citing sources familiar with the matter, Reuters said authorities in Beijing are open to approving yuan-backed stablecoins as part of a broader strategy to expand the currency’s role in global trade. Such a move would represent a sharp departure from the country’s stance nearly four years ago, when it effectively banned crypto trading and mining.
The reports come as stablecoin adoption surges elsewhere, particularly in the United States, which recently passed the GENIUS stablecoin bill. The total value of stablecoins in circulation has now surpassed $288 billion, with US dollar–backed tokens accounting for the overwhelming majority.
SharpLink bags another $667M ETH
SharpLink, a sports betting firm that has adopted Ether as a treasury asset, added 143,595 ETH as the token approached all-time highs, according to regulatory filings.
The purchase, valued at $667.4 million, brings SharpLink’s total holdings to 740,760 ETH — worth roughly $3 billion at current market prices.
Even with the massive haul, SharpLink is not the largest Ether treasury holder. That title belongs to BitMine, which acquired 373,000 ETH on Monday, lifting its total holdings to 1.52 million ETH, valued at about $6.5 billion.
While ETH has corrected lower this week, the asset remains one of crypto’s top performers, having gained nearly 200% since its April low.
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