FRMM News & Events

Robinhood's weak crypto quarter is colliding with a louder pro‑bitcoin message from Washington, leaving traders to decide whether U.S. exchanges are in a temporary lull or the early stages of a policy driven pivot. At the same time, Visa's stablecoin buildout, fresh bitcoin treasury disclosures, and new mining and AI infrastructure deals are shifting how listed companies earn, hold, and service digital assets around the core bitcoin(BTC-USD)and ether(ETH-USD)trade. 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.ROBINHOOD CRYPTO HIT:Robinhood(HOOD)reported Q1 crypto transaction revenue of $134M, down 47% vs. last year, helping pull total revenue to about $1.07B, compared to the roughly $1.14B expected. The stock fell around 10% in early trading as investors reassessed how much of Robinhood's earnings power still rides on episodic crypto volatility rather than steadier brokerage lines.WHITE HOUSE CLARITY PUSH:White House crypto adviser Patrick Witt told the Bitcoin 2026 conference that digital assets will "take off like a rocket ship" once the CLARITY Act passes and hinted at a "big announcement" on a Strategic Bitcoin Reserve, according toBSC News in a post made to X..VISA STABLECOIN BUILD:Visa(V)said in a company press release that it has expanded its stablecoin settlement pilot to nine blockchains, adding Arc, Base, Canton, Polygon, and Tempo and citing a $7B annualized settlement run rate, up 50% quarter over quarter. The release highlights Base, Coinbase's layer two network, as one of the additions, underscoring how incumbent card networks are leaning on exchange infrastructure as they push tokenized settlement into mainstream flows.BITCOIN TREASURY MOVES:Next Technology Holding(NXTT)disclosed that it holds 5,833 bitcoin as part of a combined bitcoin treasury and AI software model. GD Culture Group(GDC)filed a prospectus supplement describing a 7,500 bitcoin reserve and board approval to sell tokens to help fund a $100M share repurchase program, effectively turning part of its digital asset stack into a buyback war chest.iPower(IPW)confirmed that collateral exceeds the roughly $3.69M balance on its convertible note and detailed an active bitcoin and ether treasury strategy with BitGo(BTGO)custody. Forum Markets(FRMM), formerly ETHZilla, repurchased and cancelled about 5.65M shares at an average price near $4.26, spending roughly $24.1M and cutting shares outstanding to around 14.65M as of April 28.MINER TO AI PIVOT:Z Squared(ZSQR)signed a binding letter of intent to acquire three North Carolina sites from Skycore Digital totaling 24 megawatts of energized capacity with a path to 42 megawatts, in an all stock deal with up to 22M of Series B preferred consideration and no cash. Separately, Riot Platforms(RIOT)disclosed in a regulatory filing, that it converted a $200M variable rate secured term loan from Coinbase Credit to a fixed rate and extended maturity by 364 days with an additional one year option, while keeping bitcoin, USD coin, and cash collateral at Coinbase Custody unchanged.ON CHAIN ETHER FLOWS:On-chain data shows Bitmine Immersion Technologies(BMNR)bought about 45,000 ether, roughly $103.5M, via over the counter trades through FalconX and BitGo over the past 48 hours, lifting its holdings to 5,078,386 ether, more than 5% of circulating supply.PRICE ACTION:As of time of writing, bitcoin was trading at $76,214.50, while ether was trading at$2,288.72,according to price data from TipRanks.

Forum Markets announced a series of Board-authorized actions to maximize value for all shareholders. The Board and management team remain highly confident in Forum's business model, the long-term opportunity in tokenized real-world assets, and the company's ability to generate revenue and cash flow as a standalone enterprise. At the same time, the Board believes it's in the best interest of shareholders to evaluate all opportunities to close the current gap between the company's market capitalization and its intrinsic value and has taken the following concrete steps to do so. The Board unanimously authorized the reinitiation of the company's share repurchase program, effective April 15, including authorization for repurchases in volumes that may exceed the limitations of the Rule 10b-18 safe harbor under the Securities Exchange Act of 1934, as amended. The Board views share repurchases at current price levels as a direct and immediate expression of its conviction in Forum's intrinsic value. The Board has established a Special Committee comprised entirely of independent directors - Angela Dalton, Michael Edwards, and Jason New - to evaluate proposals aimed at narrowing the gap between the company's current market value and the intrinsic value of its business, and to identify the optimal outcome for shareholders. The Special Committee will engage with parties who have approached the company to date and evaluate proposals therefrom.

Wednesday's session is shaped by two converging forces: a geopolitical surprise that rewired overnight risk appetite, and an institutional landmark in digital asset access. The Trump-brokered U.S.-Iran ceasefire and the debut of the first bank-affiliated spot bitcoinETF in the U.S. arrived on the same morning, creating an unusually dense convergence of catalysts for crypto-linked equities. 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.MORGAN STANLEY LAUNCHES SPOT BITCOIN ETF AT INDUSTRY-LOW 0.14% FEE:Morgan Stanley(MS)crossed an institutional threshold Wednesday, becoming the first U.S. bank-affiliated asset manager to offer a spot bitcoin ETF.According to a press release, the Morgan Stanley Bitcoin Trust, or MSBT, began trading today at a unitary fee of 0.14%, undercutting BlackRock'sIBIT at 0.25% and every other incumbent in the category. Coinbaseis named as bitcoin custodian and BNY(BK)handles cash, making both firms primary beneficiaries of AUM growth as Morgan Stanley's roughly 16,000-advisor distribution network channels client capital into the vehicle. Commentary in today's source material notes that Strategy's(MSTR)CEO projected up to $160B in potential flows through Morgan Stanley's $8T AUM network, a figure that, even partially realized, would represent a durable demand floor beneath the bitcoin price.The competitive fee dynamic carries clear equity implications: MSBT's debut intensifies pressure on existing ETF issuers' revenue per AUM dollar while expanding the addressable institutional pipeline. Strong first-session inflows could force fee compression responses from BlackRock, Fidelity, and other incumbents, with implications for Coinbase's custody revenue mix and the competitive structure of the bitcoin ETF market.CEASEFIRE DRIVES CRYPTO EQUITY SURGE AS INSIDER-TRADING FLAGS CLOUD THE RALLY:that bitcoin surged to an intraday peak of $72,738, a 4.9% gain, after President Trump announced a two-week ceasefire with Iran.Investopedia notedthat shares of Strategy, Coinbase, MARA Holdings, and Robinhoodall jumped in premarket trading alongside the move. Bitcoin opened Wednesday at $71,926, up 4.5% from Tuesday and crossing $70,000 for the first time since March 26, while etheradvanced 6.3%.The rally did not arrive without integrity questions.Bitcoin.com News reportedthat on-chain analysts flagged a cluster of newly created wallets with zero prior transaction history that turned approximately $10,000 into $154,000 or more bybetting on the ceasefire outcomeat 3–10% odds on Polymarket, with four suspected insider wallets netting a combined estimated $663,000 in profits. A separate whale on Hyperliquid placed a $60M 5x short on oil and a $16M 10x long on bitcoin hours before Trump's announcement, in tandem, earning roughly $5M in under two hours. No formal investigation has been announced and the allegations remain unconfirmed, but the short-covering cascade that followed cleared mechanical overhead: total cross-asset liquidations hit an estimated $403M to $427M in 24 hours, including a single-hour spike of $209M, leaving crypto-linked equity technicals in a more constructive posture.ETF INFLOWS ABSORB WHALE DISTRIBUTION AS BITCOIN FLOAT TIGHTENS:The ceasefire-driven advance is unfolding against a backdrop of significant large-holder supply movement. Source data indicates wallets holding 1,000 or more BTC sent approximately 42,000 BTC to exchanges in the first week of April, the highest seven-day whale exchange inflow since January 2026, concentrated in addresses that acquired bitcoin at $15,000–$35,000 in 2022–23 and are now booking multi-year gains. That distribution wave is being partially absorbed by institutional buying:Yahoo Finance reportedthat U.S. spot bitcoin ETFs recorded $471M in net inflows on April 6, their largest single-day haul since late February, with BlackRock's IBIT adding $181.9M on April 7. The net result is a tug-of-war between long-term holder profit-taking and fresh institutional demand arriving via ETF wrappers, a dynamic in which MSBT's debut opens a new absorption channel.BULLISH POSTS $60.4B IN MARCH VOLUME; MAWSON RECONSTITUTES BOARD UNDER ACTIVIST PRESSURE:Bullish(BLSH)disclosed two sets of March operating data Wednesday.According to a company press release, pure spot trading volume for March reached $52.9B, with BTC monthly average volatility at 48% and ETH at 46%. Aseparate SEC filingreported the regulatory aggregate, spot plus derivatives, at $60.4B, with BTC spot at $29.1B and ETH spot at $8.0B.In a separate governance development, Mawson Infrastructure Group(MIGI)disclosed a full governance overhaul Wednesday.According to an SEC filing, the company announced the complete reconstitution of its board of directors and the appointment of new executive leadership, including a new executive chairman, CEO, and COO, effective immediately following a cooperation agreement with the Endeavor Investor Group. The Endeavor-backed reconstitution signals an activist-driven push to sharpen capital deployment at a time when compressed mining margins are intensifying institutional pressure on operational efficiency across the sector.FORUM MARKETS PIVOTS TO NVIDIA GPU BRIDGE LOANS TOKENIZED ON ETHEREUM:Forum Markets(FRMM)filed multiple disclosures Wednesday revealing an operational pivot.According to an SEC filing, the company entered an arrangement to deploy capital into short-term NVIDIAGPU chip infrastructure bridge loans targeting annualized mid-teens returns, with a plan to tokenize a portion of each loan on Ethereum. The company also updated its at-the-market equity offering program through a Second Amended and Restated Sales Agreement with Clear Street and Texas Capital Securities,as disclosed in a separate SEC filing, with anaccompanying prospectus supplementamending its $500M ATM common stock program to reflect the updated agents.The GPU bridge loan strategy merges two dominant infrastructure themes, AI compute demand and on-chain issuance, into a single financing product. For equity investors, using Ethereum as a tokenization rail for each loan converts what would otherwise be a niche private credit strategy into a live proof-of-concept for real-world asset issuance on a public blockchain, squarely relevant to broader narratives around Coinbaseas a key Ethereum ecosystem gateway.EXODUS TREASURY REACHES 628 BTC WHILE SECURITIZE PUTS NASDAQ EQUITY ON-CHAIN:, Exodus Movement(EXOD)reported that its digital asset treasury held 628 bitcoin, 1,857 ether, and 17,541 solanaas of March 31, while monthly active users reached 1.5M despite an industry-wide decline in crypto trading volumes. The continued accumulation of BTC, ETH, and SOL during a period of market stress mirrors, at smaller scale, the approach taken by Strategy, positioning Exodus as a mid-tier multi-asset digital treasury proxy.In a separate on-chain securities development,according to a company press release, Securitize placed the ordinary shares of Currenc Grouponto a blockchain, enabling 24/7 trading, lower-cost transactions, and fractional ownership for the first time on a publicly listed equity, a working demonstration of the broader NYSE-Securitize tokenized securities platform under development. Separately,according to a company press release, Virtune AB listed the Virtune Coinbase 50 Index ETP on the Warsaw Stock Exchange, marking the first-ever crypto index ETP in Poland and extending the Coinbase brand's reach into Eastern European retail markets via a benchmark covering up to 50 crypto assets.EMPERY DIGITAL DISCLOSES $142M IN BUYBACKS, NYT NAMES BLOCKSTREAM'S ADAM BACK AS PROBABLE SATOSHI:, Empery Digital(EMPD)announced its 2026 Annual Meeting will be held on July 29, and disclosed it has repurchased 24.6M shares at an average of $5.77 under its $200M buyback program, implying approximately $142M deployed to date. The share repurchase disclosure stands in contrast to the ATM offering activity seen across much of the sector, signaling balance-sheet discipline at a firm whose core asset, bitcoin, is in the middle of a geopolitically charged repricing.On the speculative side,the New York Times published an investigative reportconcluding that Adam Back, CEO of Blockstream and the figure behind a pending Nasdaq de-SPAC vehicle called Bitcoin Standard Treasury Company, or BSTR, completing a merger with Cantor Equity Partners I, is the most probable identity behind Satoshi Nakamoto.BBC News reportedthat Back categorically denied the identification. The story carries limited near-term equity impact given the denial and the speculative nature of the claim, but sentiment around the pending BSTR public vehicle could be affected as the story circulates.PRICE ACTION:As of time of writing, bitcoin was trading at $71,121.37, while ether was trading at $2,204.10,according to price data from TipRanks.