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Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi’s Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter.

The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan.

PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate.

District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure.

The potential acquisition aligns with Tabreed’s strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed’s portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro.

CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region’s push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors.

Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year.

Following reports of the exclusive talks, Tabreed’s shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company’s growth prospects and the strategic value of the potential acquisition.

Sberbank, Russia’s largest lender, has introduced structured bonds tied to Bitcoin’s performance, offering investors exposure to cryptocurrency price movements without direct ownership. These bonds, denominated in rubles and compliant with Russian law, are currently available to qualified investors through over-the-counter markets, with plans for future listings on the Moscow Exchange.

The initiative follows the Bank of Russia’s recent decision to permit financial institutions to offer crypto-linked financial instruments to accredited investors. Under the new guidelines, banks can provide derivatives, securities, and digital financial assets whose returns are linked to cryptocurrency prices, provided there is no actual delivery of the underlying crypto assets. This move aims to offer regulated exposure to digital assets while mitigating associated risks.

Sberbank’s Deputy Chairman of the Executive Board, Anatoly Popov, stated that the bank’s new product provides a convenient and secure way for investors to gain exposure to cryptocurrency assets without direct ownership, ensuring full compliance with regulatory requirements on Russian infrastructure. The structured bonds are designed to cater to investors seeking returns linked to cryptocurrency dynamics within a regulated framework.

In addition to Sberbank’s offerings, the Moscow Exchange has announced plans to launch a cash-settled Bitcoin futures contract on its derivatives market in June. The SPB Exchange has also outlined intentions to introduce cryptocurrency-linked futures trading, signaling a broader acceptance of crypto-related financial products within Russia’s regulated financial markets.

The Bank of Russia’s decision to allow crypto-linked financial instruments comes amid increasing interest in digital assets among Russian investors. The central bank reported a 51% increase in crypto asset inflows by Russian residents in the first quarter of 2025, totaling 7.3 trillion rubles . To manage potential risks, the central bank has mandated that banks and credit institutions fully back these products with capital, apply conservative risk assessments, and set individual exposure limits.

Sberbank’s move to offer structured bonds tied to cryptocurrency price movements represents a significant step in bridging traditional finance with digital assets in Russia. By providing regulated investment products linked to cryptocurrencies, the bank aims to meet growing investor demand while adhering to the country’s cautious regulatory stance on digital assets.

Abu Dhabi’s Department of Municipalities and Transport is on track to issue the main construction tender for the second phase of the Mid Island Parkway Project by the end of 2025. This phase encompasses approximately 11 kilometres of highway development, featuring a combination of three-lane, four-lane, and five-lane roads. The project aims to enhance connectivity between key islands—Um Yifeenah, Al-Jubail, Al-Sammaliyyah, and Sas Al-Nakhl—and mainland areas such as Khalifa City and the E10 highway.

Integral to this phase are the construction of three significant interchanges: the E20, E10, and a dumbbell interchange on Al-Sammaliyyah Island. These interchanges are designed to facilitate smoother traffic flow and reduce congestion, aligning with Abu Dhabi’s broader urban development goals under the Plan Capital Urban Evolution programme.

The Mid Island Parkway Project, spanning a total of 25 kilometres, is a cornerstone of Abu Dhabi’s strategic infrastructure initiatives. It is designed to bolster the city’s transportation network, improve accessibility, and support the emirate’s economic growth by connecting emerging urban centres.

Phase one of the MIPP included the construction of the Umm Yifeenah Bridge, a 3.8-kilometre overwater structure that links Al Reem Island, Umm Yifeenah Island, and Sheikh Zayed bin Sultan Street. This bridge, which accommodates up to 12,000 vehicles per hour, also features pedestrian and cycling paths, promoting sustainable modes of transport.

The upcoming tender for phase two reflects the DMT’s commitment to advancing Abu Dhabi’s infrastructure in line with its urban planning vision. By enhancing connectivity between islands and the mainland, the project is expected to alleviate traffic congestion and support the city’s expansion.

The U.S. Securities and Exchange Commission has clarified that certain staking activities on proof-of-stake blockchains do not constitute securities transactions under federal law. This development marks a significant shift in the regulatory landscape for the cryptocurrency industry.

The SEC’s Division of Corporation Finance issued a statement indicating that self-staking, self-custodial staking with third parties, and custodial staking services are not subject to securities regulations, provided that the staking activities are conducted in accordance with the underlying blockchain protocols. The guidance emphasizes that staking rewards are considered compensation for services rendered in maintaining the network, rather than profits derived from the efforts of others.

This clarification comes after the SEC’s previous enforcement actions against staking-as-a-service providers, which had created uncertainty within the industry. The new guidance provides a clearer framework for participants engaging in staking activities, potentially encouraging broader adoption and innovation in the sector.

However, the SEC’s statement does not extend to all forms of staking. Activities such as liquid staking and restaking, where providers have control over staking decisions, may still fall under securities laws. The Commission advises that each staking program should be evaluated on a case-by-case basis to determine its regulatory status.

The SEC’s updated position has been met with mixed reactions. While many in the crypto industry view it as a positive step towards regulatory clarity, some SEC commissioners have expressed concerns. Commissioner Caroline Crenshaw criticized the guidance, arguing that it conflicts with existing legal precedents and may undermine investor protections.

The clarification also has implications for the development of cryptocurrency exchange-traded funds . Asset managers seeking to include staking rewards in Ethereum-based ETFs may find the path forward less obstructed, potentially leading to new investment products that offer staking benefits to investors.

Despite the regulatory clarity, market reactions have been subdued. Ethereum’s price experienced a slight decline, reflecting cautious investor sentiment. Nonetheless, the SEC’s stance is expected to have long-term positive effects on the growth and maturation of the cryptocurrency industry.

Stock market information for Ethereum

* Ethereum is a crypto in the CRYPTO market.
* The price is 2611.78 USD currently with a change of -118.73 USD from the previous close.
* The intraday high is 2730.79 USD and the intraday low is 2591.12 USD.

James Wynn, a prominent figure in the cryptocurrency trading community, has suffered a staggering loss of approximately $99.3 million following the liquidation of his leveraged Bitcoin positions on the Hyperliquid platform. The liquidation was triggered as Bitcoin’s price fell below the critical $105,000 threshold, leading to the forced closure of Wynn’s positions totaling 949 BTC.

The sequence of events unfolded rapidly. On May 29, Wynn’s position of 94 BTC, valued at around $10 million, was liquidated when Bitcoin’s price dipped to $106,330. The following day, two larger positions were closed: one comprising 527.29 BTC at $104,950, and another of 421.8 BTC at $104,150, amounting to losses of $55.3 million and $43.9 million respectively. These liquidations collectively accounted for the 949 BTC loss, as confirmed by on-chain analytics platforms.

Wynn’s aggressive trading strategy involved a 40x leveraged long position, a high-risk approach that amplifies both potential gains and losses. He had reportedly increased his leveraged position to $1.25 billion on May 24, banking on a bullish trajectory for Bitcoin. However, the market’s downturn, influenced by macroeconomic factors including discussions on tariffs by the US administration, led to a sharp decline in Bitcoin’s value, undermining Wynn’s position.

Despite the significant losses, Wynn continues to hold a substantial position in the market. He currently maintains a 40x leveraged long position in a perpetual contract, which was initiated when Bitcoin was priced at $107,993. This position is presently at an unrealized loss of approximately $3.4 million, with the liquidation price hovering around $104,607. Wynn’s margin usage is nearing 100%, indicating a precarious situation where any further decline in Bitcoin’s price could trigger additional liquidations.

The incident has sparked discussions within the trading community about the risks associated with high-leverage trading strategies. While such approaches can yield substantial profits, they also expose traders to significant losses, particularly in volatile markets. Wynn’s experience serves as a cautionary tale, highlighting the importance of risk management and the potential consequences of aggressive trading tactics.

In a related development, another trader reportedly capitalized on Wynn’s misfortune by adopting a contrarian strategy—shorting when Wynn went long and vice versa—resulting in a profit of $17 million. This underscores the zero-sum nature of leveraged trading, where one trader’s loss can translate into another’s gain.

The broader cryptocurrency market has also felt the impact of the downturn. Within an hour of Bitcoin’s price dropping below $105,000, approximately $345 million was liquidated from the market, reflecting the high volatility and the cascading effect of large-scale liquidations. Analysts note that such events can lead to heightened caution among traders, elevated funding rates, and potential ripple effects on Bitcoin’s price action and overall market sentiment.

Tether’s USDT stablecoin has experienced significant expansion over the past year, with its market capitalisation rising by 37% to surpass $150 billion. Daily transfer volumes have increased by 90%, and the estimated user base has grown by 51%, according to CEO Paolo Ardoino.

These figures underscore USDT’s dominant position in the $238 billion stablecoin market, where it accounts for over 60% of the total market share. The surge in daily transfer volumes, now exceeding $90 billion, reflects heightened activity across both decentralised finance platforms and centralised exchanges.

The user base has expanded notably, with an estimated 46 million new wallets added in the first quarter of 2025 alone. This growth is attributed to increased adoption among retail and institutional investors seeking stable, dollar-pegged assets for trading and cross-border transactions.

Tether’s strategic initiatives have played a role in this expansion. The company’s acquisition of a 70% stake in Latin American agriculture and energy firm Adecoagro aims to integrate stablecoins into commodity trading, extending USDT’s utility beyond digital assets. This move aligns with Tether’s broader strategy to embed stablecoins into real-world financial ecosystems.

In terms of reserves, Tether has reported holding over $120 billion in U.S. Treasuries, positioning it among the largest holders globally. The company also holds more than 100,000 bitcoins and over 50 tons of gold, reinforcing its commitment to backing USDT with substantial assets.

Regulatory developments have also influenced Tether’s operations. The U.S. Senate’s advancement of the GENIUS Act, which introduces stricter oversight for stablecoin issuers, has prompted Tether to enhance its compliance measures. The act includes provisions for audits, prohibitions on yield offerings, and strengthened anti-money-laundering protocols.

Abu Dhabi National Energy Company has unveiled plans to invest more than AED37 billion to meet the escalating power demands of the emirate’s expanding data centre and artificial intelligence infrastructure. The announcement was made by Group CEO and Managing Director Jasim Husain Thabet during the World Utilities Congress 2025.

This substantial investment is integral to TAQA’s strategy to deliver clean, certified, and reliable energy to critical infrastructure. The company aims to support Abu Dhabi’s ambition to become a global hub for digital innovation and AI development.

TAQA’s market capitalisation stands at approximately AED360 billion, positioning it among the top five companies in electricity generation, transmission, and water desalination across Europe, Africa, and the Middle East. Operating in 25 countries, TAQA has doubled its electricity production capacity to 56 gigawatts over the past four years, surpassing the total electricity consumption of the United Kingdom.

The company’s growth strategy includes significant international acquisitions. TAQA recently partnered with Mubadala to acquire an 875-megawatt gas-powered electricity station in Uzbekistan, aiding the country’s energy transition and opening new markets in Central Asia. Additionally, TAQA has acquired Transmission Investment, a leading UK-based energy and utility investment platform, enhancing its capabilities in offshore transmission services and infrastructure development.

In collaboration with Masdar, where TAQA holds a major stake, the company is developing 5 gigawatts of solar energy supported by 19 gigawatt-hours of battery storage. This integrated solar and battery system is designed to deliver a continuous supply of 1 gigawatt for 24 hours, marking it as the largest project of its kind globally.

TAQA plans to invest AED75 billion by 2030 to triple its electricity generation capacity to 150 gigawatts. Part of this strategy includes developing water desalination plants with a combined capacity of 1.3 billion gallons per day, with two-thirds utilising highly efficient reverse osmosis technology.

The company is also exploring acquisition opportunities in the United States, identifying it as a key market for expansion. TAQA aims to spend around $20 billion between 2023 and 2030 on organic and inorganic growth, targeting 150 gigawatts of capacity by the end of that period, up from around 56 gigawatts currently.