TLDR
- US paid $8.9B for a 10% stake in Intel to boost semiconductor capacity.
- Tuur Demeester suggests Bitcoin firms could face similar government stakes.
- Adamant Research warns of custody risks and urges investor caution.
- Intel deal funded by CHIPs Act and Defense Department programs.
The United States has taken a 10% stake in Intel, sparking debate on whether Bitcoin firms could face similar government ownership pressures. Early Bitcoin investor Tuur Demeester suggested that regulators might consider moves in the crypto sector modeled after the Intel deal.
Intel Deal and Government Investment
On Friday, President Donald Trump announced that the US government had secured 433.3 million Intel shares valued at $8.9 billion. The stake represents about 10% of the chipmaker and was acquired at $20.47 per share.
The equity purchase will be funded by $5.7 billion from the CHIPs and Science Act and $3.2 billion from the Department of Defense under the Secure Enclave program. According to Intel, the government’s role will remain passive with no board representation or voting rights.
Trump praised the deal, calling it a “great deal for America and Intel,” and noted that he intended to pursue similar arrangements with other companies. Intel CEO Lip-Bu Tan said the agreement would help strengthen domestic chip production, adding,
“Intel is deeply committed to ensuring the world’s most advanced technologies are American made.”
Concerns for Bitcoin Companies
Following the announcement, Adamant Research issued a report warning that custodied Bitcoin remains vulnerable to regulatory actions. The report stated, “History shows that measures once thought extreme can quickly become popular under the right pressures.”
Demeester argued that the Intel example demonstrates how the government could use similar strategies in the cryptocurrency industry. Large reserves of Bitcoin held in regulated companies could be at risk of confiscation or forced participation in government-led programs.
The report added that investors face additional layers of risk when dealing with companies exposed to custody requirements and recommended exercising caution. It emphasized that “thorough due diligence” should be a priority for investors in the digital asset sector.
Investor Guidance and Market Risks
Adamant Research advised that investors should focus on companies operating across multiple jurisdictions to reduce concentration risks. It also encouraged prioritizing exposure to the actual digital asset over firms that only hold Bitcoin.
“The cryptocurrency treasury race will eventually result in an unsustainable bubble,” the report warned, adding that perseverance and integrity matter more than first-mover advantage. It cautioned that strategic advantages in crypto markets can disappear quickly.
The warning comes as US regulators increase their focus on crypto markets, where adoption milestones have grown alongside new oversight frameworks. The connection drawn between the Intel deal and Bitcoin companies highlights growing concerns about how future government actions could affect digital asset firms.
Broader Policy Context
The Intel agreement forms part of the administration’s strategy to expand domestic manufacturing capacity and reinforce control over critical industries. Trump also announced plans to impose 100% tariffs on imported semiconductors, except for firms committed to US production.
The White House is considering similar ownership models in other industries viewed as essential to national security. While Intel shares rose 7% following the announcement, analysts are assessing whether the same approach could eventually extend to companies in the cryptocurrency sector.
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