The current wave of interest in Ethereum and related assets follows an announcement by Robinhood that it will enable trading of tokenized U.S. stocks and ETFs across Europe, and a groundswell of interest in stablecoins throughout June following Circle’s wildly successful IPO and ongoing progress in Congress on the Senate’s proposed stablecoin bill, the GENIUS Act.

The price of ether itself also continued its rally, up more than 4% Wednesday. The coin has doubled in price in the past three months.

Thiel is a venture capitalist and hedge fund manager best known as a cofounder of both PayPal and Palantir and an early investor in Facebook. Founders Fund was an investor in Tagomi, the crypto brokerage acquired by Coinbase in 2020, and Polymarket, the prediction market built on Ethereum.

Nvidia is looking to ship more advanced chips to China than its current generation, CEO Jensen Huang said on Wednesday, as he looks to revitalize sales in the world’s second-largest economy.

The comments come after Nvidia said on Monday that it will resume sales of its H20 artificial intelligence chip to China, reversing a previous ban. The H20 is a less-advanced semiconductor designed for AI workloads that comply with U.S. export restrictions to China.

“I hope to get more advanced chips into China than the H20,” Huang said during a press conference in Beijing, China, in response to a CNBC question.

“And the reason for that is because technology is always moving on … today Hopper’s terrific but some years from now we will have more and more and better and better technology, and I think it’s sensible that whatever we’re allowed to sell in China will continue to get better and better over time as well,” he said referencing Hopper, Nvidia’s chip architecture that the H20 is built on.

Nvidia has been caught in the crosshairs of U.S.-China tensions over trade and technology. The tech giant has faced several rounds of restrictions that have forced it to restrict access of its most advanced chips to China. In response, Nvidia has developed semiconductors that comply with export restrictions, such as the H20.

Nvidia took a $4.5 billion writedown on the unsold H20 inventory in May and said sales in its last financial quarter would have been $2.5 billion higher without any export curbs.

Huang has trod a fine line between praising U.S. President Donald Trump’s policies regarding reshoring chip manufacturing to America while also lobbying for change on curbs to China.

The Nvidia boss has argued the Chinese AI market could be worth $50 billion in the next two-to-three years and that it would be a “tremendous loss” for American firms not to be part of that. Huang also told CNBC this year that Nvidia’s Chinese rival Huawei has “got China covered” if U.S. firms can’t participate in the market.

“Export control are things that are outside of our control and they can be quite disruptive to our business. It is our job only to inform the governments of the nature and the unintended consequences of the policies that they make,” Huang said during his visit to Beijing.

Nvidia has also laid out a roadmap to release more advanced chips, though it remains unclear if the U.S. government would allow Nvidia to sell more advanced products to Chinese companies. However, U.S. Commerce Secretary Howard Lutnick suggested on Tuesday that the government would continue to allow chip sales to China so that companies in the market rely on American technology.

“The idea is the Chinese are more than capable of building their own,” Lutnick told CNBC. “You want to keep one step ahead of what they can build, so they keep buying our chips.”

Cryptocurrencies and several stocks tied to the ecosystem rose Wednesday as investors dismissed a snag in what was expected to be a winning week for crypto regulation.

Bitcoin was last higher by 2% at $119,114.79, according to Coin Metrics, while ether rose 3% to $3,156.  

Shares of stablecoin issuer Circle added more than 1% premarket and crypto services firm Coinbase gained about 0.5%, after both closed lower in the previous session. Ether treasury stocks continued their rally: BitMine surged 24%, while SharpLink jumped 14% and Bit Digital gained 5%.

On Tuesday, prices dipped briefly after the House failed to advance two key pieces of legislation for the crypto industry: the stablecoin bill known as the GENUIS Act, which has already passed the Senate, and the broader and far more complex market structure bill known as the CLARITY Act. Industry players including Coinbase hoped to see these bills move forward together, despite the latter one still awaiting a vote in the House.

Oppenheimer analyst Owen Lau told CNBC the stock reaction was overblown and framed the passage of the bills as a matter of “when” rather than an “if.”

“It’s not such bad news which is why the stocks [Coinbase and Circle] recovered in late trading,” he said. “Both stocks may be under pressure until we get the vote but these bills will eventually get passed after these negotiations.”

It doesn’t ultimately matter how they get passed – separately or bundled – “in terms of the terminal value … but the stock could react more positively if all three bills get combined,” and the market “would lose three or four months of uncertainty,” Lau added.

President Donald Trump said in a social media post Tuesday night that several of the House Republicans who kept the bills from advancing had changed their minds following a White House meeting and will now vote to move the legislation forward.

In its current form, the GENIUS Act would restrict stablecoin issuers from paying users interest, which would reinforcing the importance of Ethereum – a network favored by institutions that supports a significant amount of activity and applications, including stablecoins – in the ecosystem.

However, ether’s recent rally, driven by momentum and speculative positioning among the boom in stablecoin interest and ether treasuries, has not been supported by fundamentals.

“Active addresses remain flat, network revenue is unchanged, and gas [transaction] fees have only ticked up slightly,” according to 10x Research’s Markus Thielen. Ether has doubled in price in the last three months.

Bitcoin, whose price slipped this week due to more than $360 million in long liquidations Monday, also dropped after the crypto bills were halted, but recovered soon after. On Monday, the flagship cryptocurrency reached an all-time high above $120,000.

Bitcoin ETFs saw $402.99 million in inflows from institutions on Tuesday, while ether funds raked in $192.3 million, according to SoSoValue.

—With reporting from CNBC’s Emily Wilkins, Erin Doherty and Greta Reich