Here’s what happened in crypto today

Today in crypto, White House adviser Patrick Witt deferred military training to help steer the CLARITY Act through the Senate, AI infrastructure deals fueled a rally in Bitcoin mining stocks, and Grayscale outlined plans to make regular cash distributions from staking rewards on its Ethereum and Solana exchange-traded products.

Patrick Witt defers military training as CLARITY heads to Senate

The White House’s top crypto adviser Patrick Witt said he will no longer take a leave of absence at the end of the month for military training, allowing him to remain at the White House to help advance the CLARITY Act in the Senate.

“Last week, it was reported that I was set to leave for mandatory training as part of my service in the Georgia Army National Guard, right before Clarity hits the Senate floor,” Witt said in an X post on Monday. 

“While I remain committed to fulfilling my service obligation, I am grateful to report that my training has been deferred, and that I will be able to see this effort through to the end,” he added. 

The CLARITY Act, which would create the first comprehensive US regulatory framework for the crypto market, faces a make-or-break deadline to pass the Senate before the Aug. 8 recess. Witt is the White House’s lead negotiator on the legislation.  

AI infrastructure deals send Bitcoin mining stocks soaring

Bitcoin mining stocks rallied Monday after Hut 8 and IREN unveiled multibillion-dollar AI infrastructure agreements, highlighting the industry’s accelerating shift beyond crypto mining into artificial intelligence and cloud computing.

Shares of IREN, Cipher Digital, CleanSpark, Hut 8 and MARA Holdings each climbed at least 9% after Hut 8 announced a 15-year, $9.8 billion lease for its AI data center campus and IREN revealed $2.8 billion in AI cloud services contracts. IREN also said it expects its AI cloud business to generate more than $4 billion in annual recurring revenue by the end of 2026.

The gains extended across the sector, with The Energy Mag’s AI Infrastructure Growth Index rising 1.4% on the day and more than 12% over the past week, alongside a broader recovery in technology stocks.

The rally underscores growing investor confidence that Bitcoin miners can diversify revenue streams through AI infrastructure, even as mining economics remain under pressure. However, analysts at Blocksbridge Consulting have cautioned that the transition will require significant capital, estimating the sector still needs about $50 billion to fund its AI ambitions. The firm also noted that insider stock sales at several miners have drawn increased scrutiny despite being conducted under prearranged trading plans.

Grayscale plans regular cash payouts from ETH, SOL staking rewards

Asset manager Grayscale plans to establish regular cash distributions from rewards generated by its ETH and SOL staking exchange-traded products (ETPs), giving holders recurring access to yield generated by underlying assets. 

In Form 8-K filings submitted to the US Securities and Exchange Commission (SEC), Grayscale said it intends to amend the trust agreements governing the Grayscale Solana Staking ETF (GSOL) and the Grayscale Ethereum Staking ETF (ETHE) around Aug. 7. The amendments would require each trust to convert staking rewards into cash no less often than quarterly and distribute net proceeds to shareholders. 

The framework could make staking returns more accessible to traditional investors by delivering cash rewards through broker-held products, eliminating the need for shareholders to hold crypto, pick validators and manage staking operations. However, Grayscale said distribution amounts cannot be predicted as they will depend on the staking rewards during each period and expenses deducted by the trusts. 

Grayscale made its first ETHE staking distribution on Jan. 5, paying shareholders about $0.08 per share from the sale of rewards. The asset manager enabled staking for its ETH and SOL products on Oct. 6, 2025, becoming the first US crypto fund issuer to add staking to spot crypto ETPs. 

ETHE ended the week with $1.22 billion in net assets, while GSOL had $101.13 million, Yahoo Finance data showed. The Ethereum fund’s gross staking rewards were 2.67%, as of July 17, while the Solana fund’s gross staking rewards were 6.10%, according to the fund’s home pages.