COIN News & Events

As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the "Crypto Currents" weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.BETTER, COINBASE LAUNCH TOKEN-BACKED MORTGAGE:Better Home & Finance Holding Companyand Coinbaseannounced Thursdayof Americans. Token-backed mortgages are originated and serviced by Better and benefit from the same backing of Fannie Maeas other conforming mortgages. Bitcoin and USDC pledges are powered by Coinbase. Americans who qualify for a mortgage with Better will now be able to pledge Bitcoin or USDC as collateral to fund their cash down payment, securing a standard conforming mortgage without liquidating tokenized assets or potentially triggering a taxable event. "The ability to transform digital wealth into housing access is an exciting milestone in our mission to increase economic freedom," said Max Branzburg, Head of Consumer and Business Products at Coinbase. "Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional downpayment."On Wednesday, Chainlink announced that Coinbase has integrated Chainlink to bring its premium exchange data underpinning billions in trading activity onchain for the first time via DataLink, an institutional-grade data publishing service powered by the Chainlink data standard. By making Coinbase's exchange data securely available onchain through Chainlink's oracle platform, DeFi markets have direct access to important market information, driving more accurate pricing, stronger risk management, and entirely new onchain markets.CIRCLE DROPS ON STABLECOIN REGULATION FEARS:The crypto industry got a first look at new legislative language on stablecoin yield in the Clarity Act and early reactions suggest the text may be more restrictive than expected. According to an internal stakeholder email shared with Eleanor Terrett, journalist and host of Crypto in America, the proposal would prohibit platforms from offering yield "directly or indirectly" on stablecoin balances or in any manner resembling a bank deposit. The restriction would apply broadly to digital asset service providers and their affiliates to limit workarounds, and would bar anything "economically or functionally equivalent" to interest, she reported on X. The draft would still permit activity-based rewards tied to user activity, including loyalty, promotional, or subscription programs, provided they are not deemed economically or functionally equivalent to interest. Circle Internettradedon what appears to be worries that the "economic equivalence" test and tighter restrictions on rewards could constrain stablecoin related business lines.Following the report, Clear Street argued that Circle's roughly 20% decline on Tuesday looked like a "shoot first, ask questions later" reaction, driven by headlines about "banning stablecoin yield" in the revised CLARITY Act and Tether hiring a Big Four firm for its first full audit, sparking speculations of potential U.S. expansion. However, the move is overdone, and the firm's core thesis on stablecoin adoption including tokenization, prediction markets, agentic AI payments, 24/7 market structure, collateral mobility, and cross-border payments remains intact, added the analyst, who kept a Buy rating and $152 price target on Circle shares.Meanwhile, Morgan Stanley attributed the roughly 20% pullback in shares to reports from various sources suggesting that the current circulating version of the CLARITY Act does not allow for payment of yield nor rewards to stablecoin holders for simply holding a stablecoin after a meeting between Senate Banking and crypto industry leaders on Monday. The firm attributed the negative reaction in shares to previously-building expectations that the White House would push a compromise more favorable to the crypto industry that would permit holding-based interest/rewards payments, noted the analyst, who believes the core potential of Circle lies in future use cases which are "nascent in monetization." The firm kept an Equal Weight rating and $80 price target on Circle shares.Additionally on Tuesday, Circle announced a collaboration between one of its affiliates and Sasai Fintech, a business of Cassava Technologies, to accelerate USDC adoption and expand internet-native financial infrastructure across Africa. Stablecoin use in Africa is growing rapidly, driven by mobile-first consumers, cross-border commerce, and a rapidly expanding digital economy. Together, Circle and Sasai Fintech will explore practical applications for USDC and how Circle's full stack platform can support reducing costs, frictions and settlement time for Sasai's enterprise and consumer customers.On Wednesday, Triple-A announced that it has integrated with Circle Payments Network. As a participating Beneficiary Financial Institution on CPN, Triple-A supports stablecoin-to-local currency settlement across key global corridors. With this integration, Triple-A brings its cross-border payout capabilities into CPN to support use cases including remittances, payroll, supplier payments, and global treasury management across major financial markets.GEMINI PRICE TARGETS LOWERED:Mizuho lowered the firm's price target on Geminitoon the shares. The firm said a softer outlook for trading activity offsets continued strength in Gemini's card and services businesses. The company's near-term revenue growth could be constrained by a softer outlook for asset prices and lower transaction volumes across its core exchange, the analyst said.Meanwhile, Needham lowered the firm's price target on Gemini to $8 from $10 and kept a Buy rating on the shares.Goldman Sachs lowered the firm's price target on Gemini to $6.50 from $7.50 and kept a Neutral rating on the shares. Crypto stocks have declined 46% since their October 2025 peak and have shown volatile but mostly flat performance recently, reflecting investor uncertainty about the sector's outlook, the analyst said. Despite this, select digital-asset-sensitive names present increasingly attractive entry points, Goldman added. The analyst also lowered the firm's price target on Coinbase to $235 from $270 and on RobinhoodtoThe firm kept a Buy rating on the shares. Additionally, Goldman Sachs lowered the firm's price target on eTorotoon the shares.Truist lowered the firm's price target on Gemini to $5 from $7 and kept a Hold rating on the shares. The firm is updating its Q4 estimates based on the continued pullback across crypto markets, though this is partially offset by continued growth in the card business, the analyst said.CRYPTO EARNINGS:On Thursday, BitGoreported awhich compared to analyst estimates of a loss per share of (42c) on revenue of $6.08B. "In January, BitGo became the first public, federally chartered digital asset infrastructure company," said Mike Belshe, CEO. "This milestone, in combination with our strong fourth quarter and full year 2025 results and continued market share expansion, serves to strengthen our value proposition while supporting investments in our strategy as we enhance and broaden our suite of institutional-grade infrastructure solutions…The year has started with some macro volatility, but we are confident that our ability to capture near-term opportunities and grow our client pipeline position us well to mitigate these headwinds."Following the report, Clear Street lowered the firm's price target on BitGo to $16 from $18 and kept a Buy rating on the shares. The company is shifting towards higher-quality, recurring revenue and improving operating leverage, the analyst said. The firm remains positive on the shares but cut BitGo's estimates to reflect near-term macro headwinds.Additionally, Goldman Sachs lowered the firm's price target on BitGo to $10.50 from $12 and kept a Neutral rating on the shares. BitGo reported a largely in-line Q4, highlighting continued momentum, despite a challenging crypto market backdrop, the analyst said.Cantor Fitzgerald lowered the firm's price target on BitGo to $17 from $18 and kept an Overweight rating on the shares. BitGo reported largely in-line Q4 results in its first earnings call post-IPO, capping a record year with 104% client growth, 513% trading volume growth, and $2.8B in Q4 stablecoin-as-a-service assets under management, the analyst said. Despite a weaker crypto market year-to-date, the company remains well-positioned given regulatory tailwinds, international expansion plans, profitability, and a debt-free balance sheet, with shares near post-IPO lows seen as an attractive entry point, Cantor said.Rosenblatt lowered the firm's price target on BitGo to $15 from $17 and kept a Buy rating on the shares. Although Q4 results were just inline and the core business will be under market-related pressure in Q1, BitGo's first quarterly earnings report "strongly supports our case that the stock represents a defensive way to gain exposure to crypto equities," the analyst said.On Monday, BitGo announced the launch of the BitGo Model Context Protocol Server, a new capability that integrates BitGo into AI-native development workflows by enabling AI-powered tools to search, read, and interact with BitGo's developer resources using natural language.On Tuesday, BitGo Prime and Susquehanna Crypto announced a partnership to provide eligible institutional clients with access to prediction market liquidity through BitGo's OTC desk and platform. The offering is designed to enable hedge funds, family offices, and ultra-high-net-worth individuals the ability to trade listed prediction markets on an OTC basis using cryptocurrency or stablecoin-denominated collateral already held within BitGo's platform. Liquidity for offering will be supported by Susquehanna Crypto.Meanwhile on Wednesday, BitGo announced support for CIP-56 token standard assets on the Canton Network, including USDCx and cBTC. The launch expands BitGo's Canton infrastructure from custody of the network's native token, Canton Coin, to the broader ecosystem of institutional financial assets built on the CIP-56 token standard.On Thursday, Hyperion DeFireported awhich compared to EPS of 5c on revenue of $302,506 in Q3. Gross HYPE Tokens increased from 1.72M as of Q3 to 1.88M as of Q4."Against a backdrop of significant market volatility, we are pleased to report rapid growth in our DeFi operating businesses which exceeded our guidance in the fourth quarter," said Hyunsu Jung, CEO. "Today, we are reporting detail on each business we have built in our first six months under our new DeFi strategy. We continue to make progress on our Company's corporate transformation as a premier institutional gateway to DeFi innovation, and we expect each business to continue to scale through 2026 and beyond. Hyperion DeFi is building for the future of on-chain finance. This is more than just HYPE."Hyperion DeFi also announced Tuesday that it has entered a HYPE Asset Use Service agreement with Silhouette, a newly launched shielded trading platform built for Hyperliquid. The company will provide the use of staked HYPE to Silhouette, enabling the exchange's global users to access substantially reduced transaction fees when submitting trades to Hyperliquid via its platform. Silhouette is expected to initiate a growth campaign shortly, which will further incentivize trading activity on its platform.On Wednesday, CIMG Inc.reportedwhich compared to revenue of $22,853 last year.  As of December 31, the company held 730 Bitcoins with a carrying value of $63,978,821. Alice Wang, CEO of CIMG, stated, "The company will continue to focus on the Asia market and deepen the dual-track layout of health consumer goods and computing power technology products. On the one hand, we will seek to expand the online and offline sales channels for maca series and homology of medicine and food series products, optimize product pricing and cost control, and improve the gross profit margin of core categories over time, although there can be no assurance that these efforts will be successful. On the other hand, we will increase R&D investment in computing power products, improve the industry-specific customized development of artificial intelligence data processing modules, further expand the enterprise customer base, and raise the revenue share of the computing power business."CIMG Inc. also announced Tuesday that it entered into a non-binding memorandum of understanding with Bedrock to explore a strategic collaboration aimed at advancing compliant institutional decentralized finance solutions. The primary objective of the proposed collaboration is to bridge the gap between traditional finance and the decentralized ecosystem by offering a secure and scalable pathway designed to align with regulatory requirements for institutional engagement with on-chain finance, with an immediate focus on Bitcoin liquid staking.NYSE, SECURITIZE PARTNER FOR TOKENIZED SECURITIES SUPPORT:The New York Stock Exchange, part of Intercontinental Exchange, and Securitize announced Tuesday, with Securitize named as the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on the upcoming NYSE-affiliated tokenized securities platform. As part of the collaboration formalized in their Memorandum of Understanding, NYSE plans to partner with Securitize as a premier design partner in the development of a digital transfer agent program intended to support on-chain settlement of tokenized security transactions. The companies plan to collaborate on the development of standards for digital transfer agents and tokenization agents participating in the digital ecosystem, with a focus on establishing regulatory, operational, and technology requirements for institutional-grade tokenized securities infrastructure."The NYSE continues to lead the industry in responsible innovation," said Lynn Martin, President, NYSE Group. "As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect. Securitize brings deep experience in digital asset infrastructure and transfer agency, making them a strong partner in helping design this next generation of market structure."OTHER CRYPTO NEWS:BitFuFuprice targetat H.C. WainwrightBitcoin DepotCEOAlex Holmes succeeds, H.C. Wainwright raises price target to $4 from $3.50Hyperscale DatareportsStrategyacquiresBitmine Immersionreportslaunches MAVAN Ethereum staking platform, B. Riley raises price target to $33 from $30SRx Healthhedges DeFi portfolio withMara HoldingssellsTeraWulfinitiatedat AreteHut 8initiatedat AreteStriveprice target loweredat MaximEmpery Digitalsellsrejects nomination notices from ATG Capital, Tice BrownNovaBayto change nameBMOintroduceswith CME, Google CloudQ2 HoldingsentersCleanSparkpreferredsays NorthlandCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin dropped roughly 5% this week to $66,269 in U.S. dollars, according to CoinDesk.

The major averages closed broadly lower amid a sharp increase in oil prices and bond yields following the latest developments out of the Middle East. Brent crude pushed back above $105 per barrel after Iran rejected ceasefire proposals, with tensions around the Strait of Hormuz intensifying.In response to Iran's rejection, President Donald Trump took to social media to say that Iran "better get serious soon." Meanwhile, Gulf countries issued a joint statement condemning Iran's "criminal" strikes on their energy infrastructure.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Corebridgeand Equitable Holdingsin an all-stock mergerMemory stocks, including Micronand Sandisk,amid concerns about Google'scompression techniqueJefferiesreported first quarter results that were, but marred by losses on loans to collapsed companies First Brands and MFSNetflixis raising itsin the U.S. to $19.99 per monthAppleis working with Cirrusand GlobalFoundrieson a2. WALL STREET CALLS:NeedhamArmto Buy with "high-stake bets" paying offAdobewith Market Perform from Outperform at William BlairQualcommto Market Perform from Outperform at BernsteinRobinhoodwith a Buy at JefferiesDaiwa sees Spotifymaintaining high growth,at Outperform3. AROUND THE WEB:OccidentalCEO Vicki Hollub is preparing to retire, Reuters reportsStrykerhas restored most of its manufacturing following a cyberattack, Bloomberg saysPresident Trump has named MetaCEO Mark Zuckerberg, OracleExecutive Chairman Larry Ellison, NvidiaCEO Jensen Huang, and others to the Council of Advisors on Science and Technology, co-chaired by David Sacks, WSJ saysWorsening supply constraints of Inteland AMDCPUs are adding a fresh blow to PC and server makers already hammered by an unprecedented memory chip shortage, Nikkei Asia saysFannie Maewill soon accept crypto-backed mortgages, a new product from Better Home & Financeand Coinbasethat allows home buyers to pledge crypto when making a down payment, WSJ says4. MOVERS:Olaplexincreased after announcing itby Henkelfor $2.06 per share in cashKodiak Sciencesgained after announcements its GLOW2 study of ZenkudaBrown-Formanclosed higher after Bloombergthat Pernod Ricardis exploring an acquisition of the companyWave Life Sciencesdeclined after announcing new dataPony AIfell after, with revenue lower year-over-year5. EARNINGS/GUIDANCE:Lovesacand provided guidance for Q1 and FY27Commercial Metals, with CEO Peter Matt commenting, "The CMC team delivered another strong quarter"Designer Brands, with EPS beating consensusShoe Carnivaland provided guidance for FY26, with interim CEO Cliff Sifford commenting, "Q4 results exceeded consensus expectations"H.B. Fullerand raised its guidance for FY26INDEXES:The Dow fell 469.38, or 1.01%, to 45,960.11, the Nasdaq lost 521.75, or 2.38%, to 21,408.08, and the S&P 500 declined 114.74, or 1.74%, to 6,477.16.

As part of a historic funding round, OpenAI said it is raising an additional $10B. Meanwhile, Nvidia-backed Reflection is reportedly in talks to secure $2.5B in funds at a $25B valuation.This week's private company news:Nvidiabacked startup Reflection is in discussions to raise $2.5B at a valuation of $25B, Berber Jin and Kate Clark of The Wall Street Journal, citing people familiar with the matter. The company is looking to build a network of "open source" AI models, which can be used and repurposed by businesses, labs, and universities as needed. JPMorgan Chaseis in talks to participate in the round, the sources added.AMD-backed Vultr, one of the oldest independent cloud providers, is seeking to raise at least $1B in new capital so it can compete with a growing list of startups scrambling for cash to meet the surging demand for AI computing power, The Information's Miles Kruppa, Anissa Gardizy and Valida Pau.Some of the biggest capital raises by private companies this week include:OpenAI– The company said it is raising $10B from investors as part of its historic funding round. Publicly traded companies in the space include Nvidia, Microsoft, and Alphabet.Shield AI– The company announced it is raising $1.5B in Series G funding at a $12.7B post-money valuation and $500M in fixed-return preferred equity financing. The Series G is led by Advent International and co-led by the Strategic Investment Group of JPMorganChase'sSecurity and Resiliency Initiative, with participation from existing investors Snowpoint Ventures, Innovation X Advisors, Riot Ventures, Disruptive, Apandion, and others. A portion of the proceeds will help fund the company's planned acquisition of Aechelon Technology, a Sagewind Capital portfolio company. Publicly traded companies in the space include AeroVironment, Kratos Defense, and Lockheed Martin.Convene Hospitality Group– The global hospitality platform at the intersection of corporate conferences, meetings and experiential events announced it secured $230M in strategic growth capital. The latest funding is provided by new lender, TPG, as well as an additional equity investment from current shareholders, including Ares funds. Publicly traded companies in the space include CBRE Groupand Airbnb.Halter– The global agtech company said it raised $220M in Series E funding at a $2B valuation. Publicly traded companies in the space include Deere, Trimble, and AGCO.Oasis Security– The company announced it raised $120M in a Series B round led by Craft Ventures. Publicly traded companies in the space include CyberArk, Okta, and Zscaler.Unicorns to watch this week:Positron– The AI semiconductor startup, now valued at $1B after a $230M Series B, is riding the AI‑hardware wave with custom chips. Publicly traded companies in the space include Nvidia, AMD, and Intel.Skyryse– The semi‑automated flight operating systems, valued at $1.1B after a $300M Series C, is major player in autonomous aviation infrastructure. Publicly traded companies in the space include Garmin, Honeywell, and Textron.TRM Labs– The blockchain intelligence and analytics platform used by crypto firms and regulators to investigate fraud and financial crime is valued at approximately $1B. Publicly traded companies in the space include Coinbase, Block, and Marathon Digital.Midi Health– Valued at about $1B, the virtual care platform focused on menopausal and midlife women's health has recently raised a $100M Series D. Publicly traded companies in the space include Teladoc Health, Hims & Hers, and CVS Health.Lunar Energy– The maker of home battery systems enabling residential energy storage and grid independence closed a $102M Series D at a valuation of $1B. Publicly traded companies in the space include Tesla, Enphase Energy, and SolarEdge.IPOs to watch:Pershing Square USA, or PSUS- The closed end investment company managed by Pershing Square Capital Management, L.P., announced that it has publicly filed with the U.S. Securities and Exchange Commission a registration statement on Form N-2 relating to a proposed initial public offering of its common shares of beneficial interest. Concurrently with the filing of the N-2 Registration Statement, Pershing Square Inc., the prospective parent company of PSCM, publicly filed a registration statement on Form S-1 with the SEC relating to a proposed initial public offering of its common stock.Student Living EduVation– The company filed with the SEC for an initial public offering by the company of 3.75M ordinary shares. The company stated, "We are offering 3,750,000 Ordinary Shares on a firm commitment basis. We anticipate that Offering price of the Ordinary Shares will be between $4.00 and $6.00 per Ordinary Share. The Resale Shareholders are also offering 5,880,000 Ordinary Shares to be sold pursuant to the Resale Prospectus."Liftoff Mobile– The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.Cerebras Systems– The AI chipmaker Systems has picked Morgan Stanley to lead its initial public offering, which could raise about $2B in a listing as soon as April, people familiar with the matter told Bloomberg's Ryan Gould, Bailey Lipschultz and Anthony Hughes. Cerebras, which withdrew its previous IPO registration in October, has filed fresh paperwork for an IPO and is set to meet with analysts and prospective investors this month, the report added.OpenAI– The company is accelerating its plans for a public listing as rivalry with Anthropic intensifies, now planning on listing in Q4 of this year, Berber Jin, Corrie Driebusch, and Kate Clark of The Wall Street Journal. OpenAI is holding discussions with Wall Street banks about a potential initial public offering and has hired several executives to oversee its finance team, sources told the Journal.SpaceX- Elon Musk's SpaceX is said to be weighing a confidential IPO filing as soon as March and could seek a valuation over $1.75 trillion in the offering, sources told Bloomberg. The company is moving forward with plans for the biggest-ever listing and expects to submit its draft IPO registration to the Securities and Exchange Commission in March, which would keep it on track for a June listing, the sources are reported to have said. SpaceX could seek a valuation in the IPO of more than $1.75 trillion, some of the sources are said to have added."Private Markets" is The Fly's recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.

The bitcoin treasury model is maturing from passive accumulation into active balance-sheet management. MARA converts bitcoin directly into debt reduction while GameStop pivots its year-old bitcoin position into a yield overlay, and a new crypto-backed mortgage product signals that digital asset collateral is entering mainstream housing finance. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.MARA SELLS 15,133 BTC TO RETIRE CONVERTIBLE NOTES AT A DISCOUNT:MARA Holdingsdisclosing it sold 15,133 BTC, valued at approximately $1.1B, between March 4–25 to fund a private repurchase of about $1B face value of its 0% convertible senior notes due 2030 and 2031, bought back at a combined $88M discount to par. This is the largest single-miner bitcoin sale on record. MARA shares are up 5% today even as bitcoin slides 3.4%, a divergence the market is reading as balance-sheet discipline. The $88M discount capture retires dilutive debt below face value, improving book value and reducing future dilution risk.BETTER AND COINBASE LAUNCH FIRST CRYPTO-BACKED CONFORMING MORTGAGE:Better Home & Financeand Coinbase, Fannie Mae–conforming mortgage in the U.S., allowing homebuyers to pledge bitcoinor USDCas collateral without liquidating crypto holdings. Coinbase One members are eligible for up to $10,000 in origination rebates. Fannie Mae's implicit acceptance of crypto-linked collateral is a structurally significant development for mortgage finance and signals new custody fee revenue for Coinbase.GAMESTOP PLEDGES 4,709 BTC TO COINBASE CREDIT AS COVERED CALL COLLATERAL:Exactly one year after adopting bitcoin as a treasury reserve asset, GameStopretaining just one bitcoin in unrestricted custody, per Sherwood News. The company simultaneously disclosed a $131.6M unrealized loss on its digital asset holdings and its lowest holiday-quarter revenue in 20 years. For equity analysts, the shift from a simple buy-and-hold treasury posture to an active yield-overlay structure introduces counterparty risk and options assignment risk, and Coinbase is the direct beneficiary, receiving the collateral and earning fees through its Credit product.PRICE ACTION:As of time of writing, bitcoin was trading at $69,012.82, while ether was trading at $2,066.19,.