Today in crypto, former White House Crypto Council Executive Director Bo Hines has joined Tether as a strategic adviser, Bitcoin bull and billionaire Chamath Palihapitiya has filed for a $250 million SPAC focused on decentralized finance and AI, and BitMine’s Ether holdings surged to $6.6 billion despite its stock dropping 14%.
Ex-White House crypto director Bo Hines takes Tether advisory role
Stablecoin giant Tether hired former White House Crypto Council Executive Director Bo Hines as its new strategic adviser for digital assets and US strategy, signaling a push to expand in the world’s biggest economy.
Tether, the issuer of the USDt (USDT) stablecoin, appointed Hines to directly engage and coordinate the company’s US strategy and expansion as part of its core focus with immediate effect, according to a Tuesday announcement shared with Cointelegraph.
Hines previously served in President Donald Trump’s administration, where he worked on initiatives to foster digital asset innovation, set guardrails for stablecoin issuers and develop collaboration between government and the blockchain industry.
In his new role, Hines will collaborate with Tether’s leadership team to execute its US market entry and cultivate “constructive relationships” with policymakers and industry stakeholders.
Hines’ “deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” said Paolo Ardoino, CEO of Tether, adding:
“Bo’s appointment demonstrates our commitment to building a strong U.S.-based presence that spans across multiple sectors, starting with digital assets and expanding to new opportunities, including a deep focus on potential further investments in domestic infrastructure.”
Tether Investments has already reinvested almost $5 billion in the US economy. Hines’ addition aims to “reinforce” this commitment and alignment to the US market, the announcement said.
Bitcoin bull and billionaire files for $250 million SPAC targeting DeFi, AI
Early Bitcoin investor and billionaire Chamath Palihapitiya has filed to raise $250 million in blank-check company “American Exceptionalism Acquisition Corp A,” targeting the decentralized finance, AI, energy and defense sectors.
The special purpose acquisition company (SPAC) would be led by Social Capital managing partner Steven Trieu as CEO and Palihapitiya as chairman, according to the registration statement filed with the US Securities and Exchange Commission on Monday.
The $250 million raise seeks to offer 25 million shares at $10 each under the ticker AEXA on the New York Stock Exchange.
The pair is betting on decentralized finance, not Bitcoin, to lead the next wave of financial innovation, focusing on solutions that bridge traditional markets with blockchain tech.
However, SPACs face inherent risks, and Palihapitiya has a mixed record leading SPACs in the past, with three past endeavors resulting in liquidations.
BitMine stock struggles as ETH holdings surge
BitMine Immersion Technologies’ strong pivot into Ether hasn’t boosted its stock, with shares tumbling 14% over the past week, per Google Finance data. Now the world’s largest corporate holder of Ether, BitMine’s slump highlights that crypto bets don’t always yield quick wins for public companies.
Still, the firm is doubling down. Chairman Tom Lee said the strategy is driven partly by institutional demand, and last week BitMine unveiled plans to raise $24.5 billion to expand its Ether holdings.
Ether exchange-traded funds have drawn strong demand, with inflows hitting $2.8 billion last week and pushing year-to-date totals above $11 billion.
Corporate and institutional demand has propelled Ether more than 50% higher over the past month. Last week, ETH came within striking distance of its November 2021 all-time high of around $4,870 before pulling back.