Crypto Currents: Thiel backs ethereum as bitcoin preps for quantum threat

As billionaire Peter Thiel makes a landmark bet on ethereum and developers move to make bitcoin quantum-resistant, the digital asset landscape is undergoing a foundational shift. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us for your essential daily recap, every day at 2 PM ET on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Currents Fly By weekly recap.

INSTITUTIONAL MOVES: A wave of sophisticated institutional activity is reshaping the market. In a regulatory filing, it was revealed that entities linked to billionaire investor Peter Thiel have acquired a 9.1% stake in Bitmine Immersion (BMNR), a public company that recently pivoted its treasury to focus exclusively on holding ethereum (ETH). In the infrastructure space, trading technology firm Talos acquired leading blockchain data provider Coin Metrics for over $100M, creating an end-to-end service for institutional clients.

FUTURE-PROOFING THE INDUSTRY: In Washington, the path toward comprehensive crypto regulation took a decisive step forward. President Donald Trump personally intervened to break a procedural stalemate among conservative members of the U.S. House, clearing the way for floor debate and votes during the designated “Crypto Week.” The legislation now set to be considered includes several landmark bills, most notably a market structure bill aimed at providing clear jurisdictional lines between the SEC and CFTC, and a separate bill to create a federal framework for stablecoins. The intervention is seen as a major political victory for the industry, significantly boosting the chances of establishing the clear, predictable regulatory environment that market participants have long called for. At the protocol level, developers are also looking to the future, introducing a major Bitcoin Improvement Proposal, or BIP, aimed at making the network resistant to the threat of quantum computing. The plan is a critical, long-term security upgrade for the original blockchain.

GLOBAL GROWTH AND GROWING PAINS: Crypto adoption continues to expand globally, though not without risks. In Australia, fintech firm Block Earner launched the country’s first home loan program that allows borrowers to use bitcoin as collateral. In Russia, the Moscow Exchange announced plans to launch a fund based on BlackRock’s (BLK) U.S.-based iShares Ethereum Trust, citing high demand. These growth stories were tempered by a security breach at the BigONE exchange, where a sophisticated supply chain attack resulted in the theft of over $27M in digital assets, highlighting the industry’s persistent security challenges.

PRICE ACTION: As of time of writing, bitcoin (BTC) was trading around $118,745.88, while ethereum (ETH) was trading near $3,246.47.