Clarity Act Odds Briefly Spike; Bitcoin Miner Tumbles On AI Funding Plan

Another round of cryptocurrency market structure bill negotiations is underway at the White House between a small group of banking and digital asset representatives. Odds that the Clarity Act passes before June briefly shot up to 85% on the prediction markets platform Kalshi early Thursday, as industry leaders say a deal is close. Elsewhere, bitcoin miner Bitdeer Technologies tumbled after launching a $300 million offering to help fund its data center and artificial intelligence expansion.

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Legal executives for Coinbase (COIN), Ripple and a16z Crypto, as well as banking and cryptocurrency trade representatives, met at the White House early Thursday for another discussion on stablecoin yields, Crypto In America’s Eleanor Terrett reported.

President Donald Trump and the White House have corralled industry leaders throughout the month to negotiate a compromise regarding stablecoin yields, which are essentially the interest payments charged for parked funds.

Participants in the discussions say that progress has been made. Coinbase CEO Brian Armstrong in an interview with CNBC said that, “now there’s a path forward where we can get a win-win-win outcome here. A win for the crypto industry, a win for the banks and a win for the American consumer to get President Trump’s crypto agenda through to the finish line.”

Clarity Act Odds Soar

The White House previously called for the two sides to reach a compromise by the end of February. With that deadline fast approaching, Treasury Secretary Scott Bessent last week urged Congress to pass the bill this spring.

Meanwhile, Ripple CEO Brad Garlinghouse during a Tuesday interview estimated about an 80% chance of the bill being signed by the end of April, TheStreet reported. On Kalshi, odds that the Clarity Act legislation becomes law before June briefly spiked to 85% Thursday morning, from around 39% Wednesday evening. Odds that the bill passes before June slid back to 46% after the surge.

Odds that the legislation passes before 2027 hovered around 71% early Thursday, sliding from its overnight high of 87%.

Bitdeer Unravels On Fundraising Efforts

Meanwhile, Bitdeer Technologies on Thursday announced plans to raise $300 million in convertible senior notes, as well as an offering of class A ordinary shares to certain convertible senior note holders in a direct placement. The bitcoin mining firm said it plans to use a portion of the proceeds to pay the cost of capped call transactions and the registered direct offering.

Bitdeer said it would determine the price and number of shares sold at the time of the registered direct offering.

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The company plans to use the remaining proceeds to fund its data center, AI and high-performance computing expansions.

BTDR stock carved 17.4% lower Thursday following the news. Shares are down 29% so far this year.

The price of bitcoin traded around $67,000 Thursday, rising 1% over the past 24 hours. Bitcoin has fallen about 47% from its October record high near $126,200.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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