In a heated legal battle shaking the cryptocurrency landscape, Proton Management, a prominent Bitcoin mining firm, has fired back against allegations made by Swan Bitcoin. The lawsuit, filed by Swan Bitcoin in the Central District of California, claims that Proton executed a calculated plan to usurp its mining business, an assertion Proton firmly denies, arguing that Swan never possessed a legitimate mining operation to begin with.
Swan Bitcoin’s Allegations
Last week, Swan Bitcoin accused Proton of orchestrating a “rain and hellfire” strategy aimed at stealing its mining operations. The lawsuit targets several former consultants, alleging they misappropriated Swan’s intellectual property to replicate its business model at Proton. According to Swan, these actions not only infringe on its rights but also threaten its standing in the competitive crypto market.
Proton’s Counterclaim
In a written response filed on Monday, Proton management countered Swan’s claims by asserting that Swan does not operate its own mining business. They clarified that what Swan refers to as its mining operations is actually a separate entity called 2040 Energy, which is funded entirely by Tether. “Swan only holds a minority stake in 2040 Energy,” the response states, suggesting that the true control lies elsewhere.
Proton further claims that the former consultants left Swan due to alleged poor management, and their transition to Proton was a natural career move rather than an act of corporate espionage. “Swan has suffered no damage by Proton’s activities,” the response asserts, maintaining that the mining firm’s operations could actually bolster Swan’s value in the 2040 Energy project.
Legal Implications
The implications of this dispute are significant for both companies. If Proton’s claims hold, it could set a precedent that complicates Swan Bitcoin’s legal strategy and raises questions about the legitimacy of its operations. The company’s insistence that no intellectual property has been stolen plays a crucial role in its request to dismiss the case. Moreover, Proton emphasizes that its operations are based entirely overseas, potentially complicating Swan’s ability to pursue legal action effectively.
As the cryptocurrency sector continues to evolve, disputes like this one underscore the importance of intellectual property rights and operational legitimacy in the mining space. The outcome of this lawsuit may have broader ramifications for other firms navigating similar issues in a rapidly changing landscape.
The US dollar fell to its 3-year low against the Euro and British Pound, possibly creating new opportunities for crypto as the global reserve currency hits new difficulties.
The European Central Bank again cut interest rates today, but the US has yet to do so. The dollar’s falling dominance reflects that decade-old fiat warning from Bitcoin’s creator, Satoshi Nakamoto.
Could Dollar Troubles Benefit Crypto?
The US dollar is the world’s most important fiat currency for several reasons: powering a massive consumer economy, the global flow of petroleum, US Treasury bonds, and more.
— The Kobeissi Letter (@KobeissiLetter) June 4, 2025
Nic Puckrin, crypto analyst and founder of The Coin Bureau, discussed these topics and more in an exclusive commentary shared with BeInCrypto. According to Puckrin, however, crypto is immune to some of these concerns in a way that the dollar is not:
“Even if we do experience stagflation, Bitcoin can still protect portfolios as it is increasingly being seen as a fallback option for investors fleeing US assets or losing faith in the US economy, and it is inflation-proof by design. Bitcoin is very different from the rest of the crypto market – there really are no other assets that possess the same safe-haven characteristics,” he said.
Puckrin described a Bitcoin maximalist vision for crypto investment, as Satoshi Nakamoto designed it to resist dollar turmoil.
Bitcoin and the whole crypto ecosystem were born out of the wreckage of the 2008 collapse, hence its strong emphasis on trustless, decentralized governance.
Unfortunately, today’s community can forget the hard experience that forged this ethos.
Questions of Governance
How are US institutions responding to the dollar’s trouble, especially compared to the crypto community? The European Central Bank lowered its interest rates today, which President Trump has repeatedly begged Fed Chair Jerome Powell to do.
However, it may not be that simple. The EU is an important consumer bloc and economic region, but the US is the bedrock of the modern economy.
If the Fed cuts rates now, it might exhaust its ability to respond to future crises. After all, it can’t cut rates below zero, and it only has so many tools to use.
These chaotic trade policies are causing havoc on the dollar, whereas crypto liquidations are at a relative low. All this discord reaffirms the reasons that Satoshi built Bitcoin to be separated from the world’s governments.
Trustless and leaderless, Bitcoin is immune to concerns that highly impact nation-states. Puckrin predicts this to fuel BTC investment:
“We could see the split that already exists between Bitcoin and altcoins intensifying, as investors turn to Bitcoin as a store of value, but shun more speculative, risky assets like altcoins. The only other safe haven options would be real-world assets (RWAs), like gold-backed tokenized assets, for example,” he claimed.
Still, although there are very bearish signs, the crisis hasn’t fully matured yet. If a savvy investor wants to pull assets from dollars into crypto before further devaluation occurs, there’s still time.
Ultimately, there’s no absolute way to predict which way the market will go.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what experts say about Bitcoin’s (BTC) price amid recovery efforts. The status of Bitcoin as a hedge against inflation and economic uncertainty is progressively becoming questionable, with institutional influence adding to the concerns.
Can Strategy’s $555 Million BTC Purchase Send Bitcoin Past $90,000?
Michael Saylor, the chairman of Strategy (formerly MicroStrategy), revealed the firm’s latest Bitcoin purchase, comprising 6,556 BTC tokens worth approximately $555.8 million. With this, the firm has attained a Bitcoin yield of 12.1% year-to-date (YTD) in 2025.
“MSTR has acquired 6,556 BTC for ~$555.8 million at ~$84,785 per bitcoin and has achieved BTC Yield of 12.1% YTD 2025. As of 4/20/2025, Strategy holds 538,200 BTC acquired for ~$36.47 billion at ~$67,766 per bitcoin,” Saylor shared.
Strategy uses the Bitcoin Yield YTD to measure the BTC holdings per share increase. This model has been a key part of their financial strategy firm since their first Bitcoin purchase in August 2020.
This acquisition aligns with a bullish market sentiment for Bitcoin, which is steadily nearing the $90,000 milestone, as the recent US Crypto News indicated.
Despite a mild recovery in Bitcoin prices this week, up by over 3% in the last 24 hours, it is worth noting that Bitcoin is highly sensitive to economic indicators.
Similarly, the global market is highly sensitive to monetary policies set by major economies, particularly the US. BeInCrypto contacted Paybis founder and CEO Innokenty Isers for insights on the current market outlook, particularly for Bitcoin.
“Given the strong concentration of investors in technology stocks, shifts in trade policies and government interventions that influence key indices like the Nasdaq Composite create ripple effects across financial markets,” Isers told BeInCrypto.
“With its relatively higher volatility, risk-averse investors may favor alternative inflation hedges instead of Bitcoin,” he added.
Iners expressed cognizance of the longer stretch of the trade war and the potential inflation that will emerge. Based on this, he noted that capital allocation to Bitcoin as a hedge against economic instability might be reduced.
Strategy’s Stock Premium Narrows as Bitcoin Hype Cools
Meanwhile, Strategy has seen a significant shift in its stock valuation dynamics over the past year. Saylor recently revealed that as of Q1 2025, over 13,000 institutions and 814,000 retail accounts held MSTR directly.
“An estimated 55 million beneficiaries have indirect exposure through ETFs, mutual funds, pensions, and insurance portfolios,” Saylor added.
According to data on Bitcointreasuries.net, the premium investors once paid for exposure to its Bitcoin holdings has notably narrowed.
Specifically, the NAV multiplier, a measure of how much the stock trades above the value of Strategy’s Bitcoin assets, has decreased compared to last year. This indicates that MSTR is now trading closer to the actual value of its Bitcoin reserves.
In 2024, investors were willing to pay a substantial premium for MSTR shares, driven by Bitcoin’s hype and MicroStrategy’s aggressive accumulation strategy.
“I don’t know if buying strategy equity is a good idea for the government. The stock would just pump, and it’s likely trading at a premium over NAV with a higher risk profile. Also, I believe the gov will find it difficult to find institutions that would be willing to sell their BTC in large quantities,” an analyst said recently.
The shrinking NAV multiplier suggests a more cautious market sentiment. Analysts believe this reflects a shift toward valuing MicroStrategy based on its fundamentals rather than speculative Bitcoin enthusiasm.
This suggests a maturing market approach to the company’s unique investment strategy.
This chart shows how Strategy’s stock price (blue) moves with Bitcoin price (orange). When Bitcoin goes up, MicroStrategy usually follows, but it swings even more.
However, the NAV multiplier has narrowed compared to last year, meaning MicroStrategy’s stock is now trading closer to the actual value of its Bitcoin holdings.
Last year, investors paid a bigger premium for exposure to MSTR, but that gap has shrunk. This suggests a more cautious sentiment or a shift toward valuing the company based on fundamentals rather than just Bitcoin hype.
Accumulation signals from whale activity and consolidation at $0.60 indicate a possible rally for Pi Network, despite concerns about the lack of exchange listings and use cases.
