Today in crypto, Bitcoin mining stocks rallied on Tuesday as more miners pivot toward AI and high-performance computing workloads, the tokenized real-world asset (RWA) market has grown to $51 billion, marking a 42% year-to-date increase, according to Bernstein, and Kelp DAO says its rsETH token is fully restored.
Bitcoin mining stocks jump as AI infrastructure boom boosts sector outlook
Bitcoin mining stocks rallied Tuesday, reflecting a broader equity surge driven by optimism around artificial intelligence productivity gains as more miners pivot toward AI and high-performance computing workloads.
In addition to TeraWulf (WULF), which rallied by as much as 17% on news of a Kentucky data center acquisition site, Hut 8 (HUT), IREN (IREN) and Riot Platforms (RIOT) closed more than 5% higher on the day.
The rally underscores growing investor enthusiasm for Bitcoin miners that are repurposing parts of their energy infrastructure and data center capacity to support AI and high-performance computing applications — businesses viewed as potentially more stable and lucrative than crypto mining alone.
The gains came as the S&P 500 index hit fresh record highs above 7,500, led by a sharp rally in information technology and semiconductor stocks.
11 public Bitcoin miners have a planned power portfolio of roughly 27 gigawatts. Source: Bernstein
RWA market hits $51 billion as tokenized private credits surges: Bernstein
The tokenized RWA market has grown to $51 billion, up 42% this year, as private credit becomes the largest segment of the market, according to a Bernstein Research report seen by Cointelegraph.
Private credit accounted for roughly 44% of total RWA value, Bernstein said, reflecting growing use of blockchain-based infrastructure for lending and fund structures.
The $51 billion valuation sits well above other industry estimates, such as RWA.xyz’s $34 billion figure, highlighting how different analytics providers count tokenized assets.
Institutional players are increasingly entering the market through tokenized lending and fund structures, including BlackRock’s tokenized money market fund BUIDL, which has surpassed $2.5 billion in assets, Bernstein said.
Tokenized RWA market cap. Source: Bernstein Research
Tokenized private credit has emerged as a major RWA segment, providing a way to record loans on blockchain networks instead of traditional banking systems. These loans are issued outside banks, with investors funding them directly in exchange for interest payments.
According to Bernstein, much of the growth in onchain private credit assets has been driven by Figure Technology Solutions (FIGR), a financial technology company that uses blockchain infrastructure for loan origination and settlement.
Figure ranked first among tokenized RWA platforms with $18 billion in assets, largely tied to private credit, according to Bernstein.
Kelp DAO says rsETH restored after $293 million protocol hack
Ethereum liquid staking protocol Kelp DAO said on Monday that its restaked Ether token has been restored after a recovery effort, coming five weeks after the protocol suffered a $293 million exploit by North Korea’s Lazarus Group on April 18.
Kelp DAO said the final tranche of 20,373.7 Kelp DAO restaked ETH (rsETH) tokens had been sent to the LayerZero smart contract responsible for locking, minting, burning and releasing rsETH during cross-chain transfers.
“This closes the operational part of the rsETH recovery plan,” Kelp said. Several crypto protocols contributed funds to help restore rsETH’s backing under the DeFi United initiative.
Source: Stani Kulechov
The Kelp DAO hack in April caused a ripple effect throughout the crypto lending market that disrupted billions of dollars in liquidity and resurfaced concerns about the interconnectedness of decentralized finance protocols.
The first tranche of 25,000 rsETH was transferred on May 13, allowing rsETH bridging between the Ethereum mainnet and the blockchain’s layer 2 networks to reopen. Kelp reopened withdrawals for rsETH the following day and said on Tuesday that rsETH mints, redemptions and rewards operations “have been running normally.”
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