GEMI 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.COINBASE, GEMINI SUED BY NY AG FOR 'ILLEGAL' GAMBLING PLATFORMS:New York Attorney General Letitia James announced Tuesday that she has sued Coinbase Financial Marketsand Gemini, Titanforthrough their so-called "prediction market" platforms. Both Coinbase and Gemini offer users the ability to bet on events, including sports, entertainment, and elections, in violation of New York laws. An investigation by the Office of the Attorney General found that Coinbase and Gemini are running prediction markets that constitute illegal, unlicensed gambling operations. These illegal operations expose New Yorkers, including those under the legal gambling age of 21, to serious financial and personal risk. James is seeking court orders requiring Coinbase and Gemini to pay fines, forfeit illegal profits, and pay restitution to customers."Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution," said James. "Gemini and Coinbase's so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails. My office is taking action to protect New Yorkers and stop these platforms from violating the law."James' lawsuits also allege that Gemini and Coinbase are violating New York laws that forbid anyIn her lawsuits, James is asking the court to require Coinbase and Gemini to forfeit illegal profits, distribute restitution to consumers who were harmed, and pay fines equal to three times the profits the companies made through their illegal actions.Additionally on Wednesday, The Information's Yueqi Yang reported Kalshi plans to offer crypto trading in the U.S. with perpetual futures, putting it in competition with exchanges like Coinbase.On Tuesday, ProCap Financialannounced ato create a new category of investment research focused entirely on real-time prediction market data.Coinbase also announced in a Monday blog post thatand ethereum holdings. This unlocks more liquidity for users without having to sell their crypto holdings with users being able to send USDC globally for free or convert to fiat to cover any of life's expenses. Coinbase One members also earn up to 3.5% APY in USDC rewards.The company also announced Wednesday that it is listing a new fiat-backed stablecoin, tGBP.  The company said, "Expanding access to local currency stablecoins is crucial to positioning the UK as a true global hub for crypto innovation and supports our mission to build a more open, accessible and efficient financial system."ROBINHOOD PRICE TARGET CHANGES:JPMorgan lowered the firm's price target on Robinhoodtoon the shares after chatting with management ahead of Q1 results due next week. A headline decline in Q1 estimates was mostly driven by lower net interest revenue and higher expenses, the analyst said. The firm also lowered its target valuation multiple given recent softer net deposit growth and "the limited outlook on retail engagement going forward," the analyst added.Cantor Fitzgerald raised the firm's price target on Robinhood to $110 from $95 and kept an Overweight rating on the shares. Despite concerns about a broader macro slowdown, recent bank results and company commentary suggest consumer spending remains relatively stable, the analyst said. While thematic headwinds have pressured the sector, these risks appear overstated, and Q1 estimates look largely achievable, with forward guidance and Middle East developments likely acting as the main catalysts, the firm said.Cantor Fitzgerald also raised the firm's price target on Coinbase toon the shares.Meanwhile, KeyBanc lowered the firm's price target on Robinhood to $110 from $120 on lower estimates, while keeping an Overweight rating on the shares ahead of quarterly results. The firm is less constructive on digital asset-exposed names as the trading backdrop remains challenged and the related model impact challenging to overcome.Additionally, Mizuho raised the firm's price target on Robinhood to $115 from $105 and kept an Outperform rating on the shares. The SEC ended the long-standing $25,000 minimum tied to the pattern day trader rule, replacing it with broker-determined intraday margin requirements, the analyst said. The firm views the move as "structurally positive" for Robinhood, but added its proprietary survey of 160 traders with less than $25,000 suggests the near-term impact is modest. However, with over 80% reporting being constrained by the old rule, trading activity could increase by 3%, Mizuho estimated. The firm said Robinhood is "over-indexed to smaller balances." Mizuho estimated 25% of its funded accounts are affected, translating to 1%-2% upside to fiscal 2027 sales estimates.Robinhood Ventures Fund Ialso announced Wednesday it hadOn April 17, RVI purchased approximately $75M of common stock of OpenAI.OKX TO INTEGRATE WITH BITGO BANK AND TRUST:OKX announced its, an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, bringing automated off-exchange settlement infrastructure to institutional clients trading on OKX in the United States.The company said, "The integration will enable institutional clients to trade on OKX while keeping assets in segregated, regulated custody at BitGo. Assets are not transferred or held on exchange, reducing or eliminating pre-funding requirements across venues, improving capital efficiency, reducing counterparty exposure. The entire workflow, from custody to execution to settlement, operates within a single consolidated institutional framework."Additionally on Wednesday, BitGo announced that The Better Money Company has selected BitGo's Crypto-as-a-Service to support its stablecoin clearinghouse. Through this partnership, BitGo will provide compliant issuer onboarding and qualified custody wallet infrastructure purpose-built to support TBMC's multi-issuer, multi-stablecoin clearing offering.BitGo also announced Tuesday an expansion of its Prime Services platform, continuing to further support protocols, foundations, DAOs, and early-stage token investors with new risk management solutions, structured products, financing, and treasury management capabilities. The expanded offering is designed to support organizations managing token treasuries, unlock schedules, and ecosystem capital. From a single platform anchored by regulated qualified custody, clients can access tools to hedge market exposure, manage liquidity, support treasury diversification, and execute strategic transactions.CIRCLE INITIATED WITH HOLD:Freedom Capital initiated coverage of Circle InternetwithCircle is a key player in the broader digital assets ecosystem as the leading global issuer of compliant stablecoins, primarily USDC, which has about $79B in circulating supply, or about 25% of total stablecoin market, the analyst siad. The firm sees strong potential for stablecoin adoption, specifically USDC, but is cautious on Circle shares given uncertainty around several potential outcomes, including the trajectory of interest rates, commercial adoption of stablecoins, regulatory changes, and rising competitive dynamics, the analyst added.Morgan Stanley kept an Equal Weight rating on Circle with an $80 price target following reports last week that hackers with suspected ties to North Korea drained $285M in user funds from perpetual futures trading platform Drift Protocol in 12 minutes and bridged the funds to USDC stablecoin. Morgan Stanley said the hackers used Circle's cross-chain transfer protocol to move funds from Solana to Ethereum. The attack could raise questions about Circle's know your customer and anti-money laundering practices, the analyst said. Circle has received public criticism within the blockchain community, the firm added.DDC REPORTS FY25 EARNINGS:On Tuesday, DDC Enterprisereportedwhich compared to revenue of $37.4M and an adjusted EBITDA loss of ($3.5M) for FY24. As of April 21, bitcoin holdings increased to 2,383."2025 was an important step forward for DDC," said Norma Chu, CEO. "We delivered record revenue and achieved positive Adjusted EBITDA, reflecting continued improvement in the operating efficiency and margin profile of our core consumer food business. This advancement is supported by expansion in our offline distribution channels and deeper penetration into lower-tier cities. At the same time, we made a deliberate decision to invest in building our bitcoin treasury strategy, and today, we rank among the top 30 publicly traded corporate holders of Bitcoin globally, representing approximately $182M value based on current market prices. While these investments impacted reported profitability in the second half, they reflect our focus on building a disciplined capital allocation framework designed to create value over time. As we move into 2026, we remain focused on growing our core business while maintaining discipline around our cost structure and continuing to execute our bitcoin strategy in a measured and strategic manner. We are also investing in the AI infrastructure that supports how we manage our treasury, with the goal of improving consistency, transparency, and long-term capital allocation."Additionally on Tuesday, DDC announced the launch of the DDC Treasury Intelligence Platform, a purpose‑built, AI‑driven operating system for managing the company's bitcoin treasury with greater discipline, transparency, and a bold, long‑term focus on shareholder value.OTHER CRYPTO NEWS:Hyperscale Datareportsaccelerates Michigan operations for AI data center, robotics hubStrategyacquiresprice target raised to $212 from $192 at Cantor FitzgeraldBitmine ImmersionannouncesEightco HoldingsreportsTeraWulfprice target raisedat OppenheimerStriveinitiated withEmpery DigitalsellsDeFi Technologies'ValourSoluna HoldingsannouncesPiper Sandler raises Riot Platformsprice target to, Hut 8to, lowers Galaxy Digitalprice target toBNB Plus Corp.announcesreceives non-compliance notice from NasdaqC1 FundannouncesAvax Oneannouncesreports preliminary Q1 revenue $2.4MVystar, R3alm launchDeFi Developmentto makeHyperliquid StrategiesinitiatedOlenoxenters non-binding LOI forB. Riley initiates Forward IndustrieswithSolana CompanywithMorgan Stanley Investment ManagementlaunchesCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Strategy, Riot Platforms and TeraWulf.PRICE ACTION:As of time of writing, bitcoin was roughly flat this week at $78,198 in U.S. dollars, according to CoinDesk.

New York Attorney General Letitia James sued Coinbase Financial Markets, Inc. (COIN) and Gemini, Titan LLC (GEMI) for "illegally" running gambling operations in New York through their so-called "prediction market" platforms. Both Coinbase and Gemini offer users the ability to bet on events, including sports, entertainment, and elections, in violation of New York laws. An investigation by the Office of the Attorney General found that Coinbase and Gemini are running prediction markets that constitute illegal, unlicensed gambling operations. These illegal operations expose New Yorkers - including those under the legal gambling age of 21 - to serious financial and personal risk. Attorney General James is seeking court orders requiring Coinbase and Gemini to pay fines, forfeit illegal profits, and pay restitution to customers. "Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution," said Attorney General James. "Gemini and Coinbase's so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails. My office is taking action to protect New Yorkers and stop these platforms from violating the law." Attorney General James' lawsuits also allege that Gemini and Coinbase are violating New York laws that forbid any betting on games in which New York college teams participate. In her lawsuits filed today, Attorney General James is asking the court to require Coinbase and Gemini to forfeit illegal profits, distribute restitution to consumers who were harmed, and pay fines equal to three times the profits the companies made through their illegal actions.

The line separating traditional finance from digital assets grows harder to find by the day, as banks, brokers, and treasury desks deepen their crypto commitments even as miners reckon with the real economics of an AI pivot. On-chain, sovereign funds are selling, dormant whales are stirring, and leveraged traders are flipping direction. It is a market in motion in every direction at once. 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.BITCOIN TREASURY UPDATES AND PREFERRED EQUITY:In a regulatory filing, Strive(ASST)revealed that it raised the dividend on its SATA variable rate perpetual preferred stock by 25 basis points to 13% effective April 15, declared a $1.0833 per share dividend payable May 15, and disclosed the purchase of approximately 27 additional bitcoin(BTC-USD), bringing its total treasury holdings to roughly 13,768 bitcoin. The SATA yield has now climbed from 12.5% at inception, a mirror in miniature, of the Strategy(MSTR)preferred-issuance-to-bitcoin flywheel. Separately,CoinDesk reportedthat firms and DeFi protocols are accumulating Strategy's STRC preferred stock, which carries an approximately 11.5% yield, seeding a new class of crypto treasury entities that use the preferred instrument as their core holding.TERAWULF PRELIMINARY Q1 RESULTS:, TeraWulf(WULF)disclosed preliminary Q1 revenue of $30M–$35M and adjusted EBITDA of $0–$3M, while reporting $3.1B in cash and $5.8B in total debt as of March 31 alongside allocations received under a $250M revolving credit facility. The near-zero EBITDA margin signals that TeraWulf's pivot from bitcoin mining to HPC and AI hosting is still consuming capital despite the large balance sheet.MINERS AND LENDING PLATFORMS:Bitdeer Technologiesprovided an update on its operations, reporting they self-mined 661 BTC in March, a roughly 480% increase year-over-year, reached approximately 70 EH/s of self-mining hashrate, and reported its AI Cloud annualized run-rate revenue surging 105% month-over-month to approximately $43M, with colocation tenant negotiations underway at its Tydal, Norway data center. Canaan(CAN)revealed its March 2026 bitcoin production, hashrate, treasury holdings, and power cost metrics in itsregular operating update. Antalpha Platform Holding(ANTA), the bitcoin-collateralized institutional lender,reported Q1 financial resultsagainst its prior guidance of $20M–$23M in revenue.MORGAN STANLEY BITCOIN TRUST AND ETF FLOWS:Morgan Stanley's(MS)Q1earnings releasewas accompanied by a disclosure that the firm's Morgan Stanley Bitcoin Trust, ticker MSBT, the first U.S. bank-affiliated spot bitcoin ETF at a 0.14% sponsor fee with Coinbase(COIN)and BNY(BK)as custodians, is now live. U.S. spot bitcoin ETFs attracted $411M in net inflows on Tuesday, the second-highest single-day inflow of April, led by BlackRock's(BLK)IBIT at $214M and ARK/21Shares ARKB at $113M, with total ETF NAV standing at approximately $96.6B.ETORO ACQUIRES ZENGO:eToro Group(ETOR)entered a definitive agreement to acquire Zengo, a multi-party computation-based self-custodial crypto wallet with more than 2M users, for approximately $70M, deepening eToro's on-chain infrastructure and enabling support for tokenized assets, prediction markets, and perpetual contracts,according to a company press release.OKX EUROPEAN DERIVATIVES LAUNCH:OKXlaunchedMiFID-regulated perpetual-style crypto derivatives, branded X-Perps, for retail and institutional traders across the European Economic Area through its Malta-regulated subsidiary, offering up to 10x leverage on bitcoin, ether, solana, XRP, and seven additional pairs.CRYPTO TAX COMPLIANCE:With the first year of mandatory Form 1099-DA broker reporting in effect, a survey finds 52% of crypto investors fear IRS penalties on the April 15 tax deadline, placing Coinbase and Kraken at the center of compliance scrutiny,The Street reported.ON-CHAIN FLOWS AND DERIVATIVES:shows the Royal Government of Bhutan's sovereign fund, Druk Holding & Investments, transferred another 250 BTC, approximately $18.46M, explicitly flagged for sale on April 15, continuing a systematic 2026 liquidation program in which total outflows now exceed $233M year-to-date, with holdings having fallen roughly 70% from a peak of approximately 13,000 BTC in October 2024 to approximately 3,774 BTC remaining.Separately, a wallet dormant for approximately 14.5 years, holding 3,000 BTC originally acquired at roughly 37c each, transferred 500 BTC, worth approximately $37M, to a new address, leaving 2,359 BTC in the wallet in what may represent a staged liquidation. On Hyperliquid, a tracked whale address, which flipped 20x short for roughly $80M notional on April 8, reversed course and opened new 20x leveraged long positions on 269 bitcoin and 8,586 ether at approximately $19.92M each, a directional pivot by an address with a 63.83% win rate and $5.17M in cumulative profits across 47 trades over two months. Total network liquidations in the prior 24 hours reached approximately $435M, with shorts liquidated at $223M slightly outpacing longs at $212M, including $91.2M in bitcoin short liquidations, a pattern consistent with a short squeeze in progress.Movement was spotted in Geminiwallets. Winklevoss Capital transferred 572 BTC, valued at approximately $42.8M,from a Gemini hot wallet into cold custody after the wallet balance hit its lowest recorded level, signaling a repositioning of reserves.PRICE ACTION:As of time of writing, bitcoin was trading at $73,675.32, while ether was trading at $2,324.97,according to price data from TipRanks.