MIGI News & Events

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.

Mawson Infrastructure announced the reconstitution of its board of directors following its previously announced cooperation agreement with the Endeavor Investor Group and its affiliates. In connection with the board reconstitution, the company also announced the following executive leadership appointments: Joshua Kilgore as executive chairman, Phil Stanley as CEO, and Cody Smith as COO. Additionally, Kaliste Saloom, Mawson's current Interim CEO, will remain with the company as general counsel to ensure continuity. All new board and executive leadership appointments are effective immediately. Kilgore is the founder and managing member of Endeavor Blockchain and majority owner of Big Digital Energy. Stanley has served as CEO and managing member of PM Squared since 2019. Smith has served as partner at Big Digital Energy since August 2025.

Tuesday's crypto-equity tape is driven by regulatory wins and institutional product launches, all unfolding as bitcoinholds gains near $69,000 following Monday's ceasefire-driven short squeeze that forced $273M–$325M in futures liquidations in a single session. Traditional finance is accelerating its digital asset ambitions across the board: a federal trust charter, a major brokerage's spot trading debut, and a futures exchange adding two new altcoin products all hit on the same morning. 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.COINBASE WINS CONDITIONAL FEDERAL TRUST CHARTER AS SCHWAB AND SOFI PREPARE CRYPTO LAUNCHES:Coinbasereceived conditional approval from the Office of the Comptroller of the Currency to establish a national trust charter, a development H.C. Wainwright analyst Mike Colonnese described as a bullish structural catalyst that upgrades the exchange's institutional custody credibility from a state-level patchwork to a single federal framework. The conditional approval positions Coinbase as a federally regulated custodian, a designation that could open doors to pension funds, endowments, and sovereign wealth managers currently restricted to federally chartered counterparties. H.C. Wainwright reiterated its Buy rating and $350 price target on Coinbase in its weekly roundup.Charles Schwabin the first half of 2026 through a new dedicated "Schwab Crypto" account.The move brings one of the largest U.S. retail brokerages directly into spot crypto markets, representing a significant new distribution channel for bitcoin and ether liquidity that bypasses dedicated crypto exchanges. SoFi Technologies, an enterprise platform built to unify fiat deposits, payments, and digital assets under its nationally chartered bank structure, an integration play that positions the fintech as a single-rail solution for companies managing both traditional and digital treasury operations.CME GROUP EXPANDS REGULATED CRYPTO DERIVATIVES WITH AVALANCHE AND SUI FUTURES:CME Groupto launch cash-settled avalancheand suifutures on May 4, pending regulatory review, in both standard and micro contract sizes. The exchange noted its regulated crypto suite already covers more than 75% of total crypto market capitalization. CME separately confirmed that 24/7 crypto futures trading will begin May 29, a structural change that aligns crypto derivatives settlement hours with the underlying spot markets and removes the weekend gap risk that has historically created Monday-open price dislocations for equities with crypto treasury exposure.BLACKROCK ROUTES $82M IN BITCOIN TO COINBASE PRIME AS SHORT SQUEEZE CLEARS BEARS:According to on-chain data tracked by Arkham Intelligence and reported by Coinness, BlackRockdeposited 1,178 BTC, approximately $82.25M, into Coinbase Prime on April 6, consistent with routine custody and rebalancing operations for its bitcoin exchange-traded fund. The deposit is part of a documented pattern, BlackRock routed $121M on April 2, $206.5M on March 29, and $260M on March 4 through the same channel, providing a steady, recurring institutional revenue signal for Coinbase's prime brokerage segment. Monday's session also cleared a significant derivatives overhang:that $273.8M in total futures liquidations swept through markets across 81,819 traders, with shorts accounting for $196.7M of that total at a roughly 3:1 ratio versus longs, and the single largest liquidation being a $10.17M ether short on Binance. A dormant bitcoin wallet that had accumulated 513 BTC at an average of $97,542 between January and March 2025, adding incremental sell-side supply even as spot prices held near $69,000.DEFI TECHNOLOGIES POSTS RECORD RESULTS; PAYSAFE LAUNCHES CRYPTO GAMING PAYMENTS:DeFi Technologies, reporting record revenue of $99.1M, a 215% increase year-over-year, and record net income of $62.7M, reversing a $27.6M net loss in 2024. Total cash, treasury holdings, and venture portfolio stood at $178.7M. Paysafe(PSFE)launched "Pay with Crypto," a MoonPay-powered product that enables U.S. iGaming and daily fantasy sports players to deposit using stablecoins or major cryptocurrencies with instant conversion to U.S. dollars,. The integration opens a new recurring revenue stream for Paysafe in one of the fastest-growing segments of regulated online gaming, with crypto deposits offering a friction-free alternative for players blocked by traditional card networks at gambling merchants.TREASURY DISCLOSURES SHOW DIVERSE DIGITAL ASSET ACCUMULATION ACROSS SMALL-CAPS:Bit Digital, valued around $327M as of March 31, with roughly 89% of that supply actively staked and generating approximately 291.3 ETH per month in rewards at a 2.9% annualized yield. The company also holds approximately 27M WhiteFibershares valued at roughly $322M, making the combined crypto and equity portfolio one of the more diversified among listed digital asset companies. Hyperscale Datadisclosedthat its combined bitcoin treasury, valued near $44.1M, comprising 639.2 BTC, plus cash and restricted cash of $57.9M totals approximately $102M, representing 189.92% of its current market capitalization as of the week ended April 5, a deep discount to net asset value that equity value investors may find notable. Eightco Holdingsdisclosed a treasury of approximately 277M worldcointokens, 11,068 ether, an indirect $90M OpenAI stake, and $109M in cash and stablecoins, approximately $326M in total,.PRICE ACTION:As of time of writing, bitcoin was trading at$68,117.46, while ether was trading at$2,079.46,according to price data from TipRanks.

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.MASTERCARD TO ACQUIRE BVNK FOR UP TO $1.8B:Mastercardannounced Tuesday a definitive agreementincluding $300M in contingent payments. The deal further expands Mastercard's end-to-end support of digital assets and value movement across currencies, rails and regions. The acquisition adds to the company's recent commitments, such as the Mastercard Crypto Partner Program, to foster more collaboration and innovation to maximize the opportunity in the next phase of on-chain payments for all involved. Since its founding in 2021, BVNK has built expertise and infrastructure to bridge fiat and stablecoins. Currently, the BVNK platform enables sending and receiving payments for its customers on all major blockchain networks across more than 130 countries. The combined activities of Mastercard and BVNK would deliver a digital asset- and chain-agnostic approach, allowing customers to access the solutions best suited to their needs, without being locked into closed ecosystems. The transaction, which is anticipated to close before the end of the year, is subject to regulatory review and other customary closing conditions."We expect that most financial institutions and fintechs will in time provide digital currency services, be it with stablecoins or tokenized deposits. We want to support them and their customers with a best in class, highly compliant, interoperable offering that brings the benefits of tokenized money to the real world," said Jorn Lambert, Chief Product Officer. "This acquisition reinforces what we have always done, using innovation and technology to power economies and empower people. Adding on-chain rails to our network will support speed and programmability for virtually every type of transaction."Following the report, Evercore ISI noted that while widely speculated with a few different suitors, Mastercard is buying BVNK, which not only bolsters its near-term capabilities in this ecosystem but also offers longer-term optionality to drive interoperability between traditional rails and next generation blockchain settlement capabilities. The firm views this as both an offensive and defensive acquisition, and one that should mitigate some of investors' concerns around the legacy rails being disintermediated. While more time will be needed to fully disprove that negative thesis, the announcement bridges that gap materially, Evercore added. The firm has an In Line rating on Mastercard with a price target of $610 on the shares.KRAKEN FREEZES MULTIBILLION-DOLLAR IPO:Krakenafter confidentially filing with the Securities and Exchange Commission in November, with sources saying it may revisit a listing when market conditions improve, CoinDesk's Will Canny and Helene Braun reported Wednesday. The delay comes after a banner year for crypto IPOs. Firms like Circle, Bullishand Geminiwent public and raised $14.6B collectively in 2025, the authors noted. Kraken's $800M raise at a $20B valuation, and broader industry trends, suggest this year's IPO candidates will emphasize financial infrastructure, compliance, and steady revenue over trading-driven models, the publication added.BOFA SEES CLARITY ACT AS 'BIG POTENTIAL POSITIVE CATALYST':BofA seesof both Coinbaseand Robinhood, in part due to the potential passage of the CLARITY Act, adding that the firm places a probability of 50% on passage before the November mid-terms. While stronger near-term volumes will benefit the stocks and EPS estimates, the firm is "more positive" on what CLARITY will do for long-term adoption in the U.S. among both individuals and institutions, added the analyst, who expects cryptocurrency prices to appreciate significantly if the Act passes and anticipates a significant acceleration in crypto volumes at the crypto exchanges and brokers which could increase significantly from current levels. The firm has Buy ratings on Coinbase and Robinhood.Baird raised the firm's price target on Coinbase to $215 from $165 and kept a Neutral rating on the shares. The firm cited ramping stablecoin activity and improving crypto sentiment for the target boost. Recent crypto price appreciation and stablecoin tailwinds for Coinbase are "mildly offset" by weak year-over-year exchange trading volumes quarter-to-date through early March, the analyst said.Additionally on Wednesday, The Information's Yueqi Yang reported Coinbase is moving fast to build infrastructure that allows AI agents to make payments, seeking a lead in the nascent market that could become a battleground for payments companies. Coinbase and Zerohash, a crypto infrastructure startup, are among the companies vying to issue a new stablecoin for Cloudflarethat is set to launch this year, according to people familiar with the matter. The deal could put the winner's stablecoin at the center of agent-based traffic because of Cloudflare's critical role in managing web traffic and cybersecurity, the author noted.CIRCLE UPGRADED TO BUY:Clear Street upgraded Circle Internetup from $92. The firm cited five catalysts driving USDC market cap and adoption despite a roughly 44% drawdown in broader crypto markets since October of last year, namely tokenization; prediction markets; conflicts in the Middle East; the convergence of agentic AI and programmable stablecoins that creates a structural demand driver; and regulatory clarity given President Trump's public support for the CLARITY Act.Baird raised the firm's price target on Circle to $138 from $110 and kept an Outperform rating on the shares. The firm cited ramping stablecoin activity and improving crypto sentiment for the target boost. USDC outstanding is averaging $75.2B through March 15, a 6% rise since Circle reported a few weeks ago, which is positive for the company's yield, the analyst said. Baird also sees a "real path" to new revenue sources for Circle through Circle Payments Network and Arc Blockchain.Clear Street raised the firm's price target on Circle to $152 from $136 and kept a Buy rating on the shares. The firm believes Mastercard's $1.8B acquisition of BVNK is a "defensive move by an incumbent to protect its core territory," which has increasingly been captured by blockchain. The deal is also validation of blockchain technology "as a faster, cheaper, global, and 24x7 next-generation rail," the analyst said. Clear Street is "incrementally more confident" in Circle as a "trusted, regulatory-compliant infrastructure layer."CRYPTO EARNINGS:On Friday, BitFuFureported awhich compared to earnings per share of 33c for the same period last year and revenue consensus of $479.36M. Bitcoin owned by the company increased by 3.4% to 1,778 bitcoin as of December 31, compared to 1,720 bitcoin as of December 31, 2024."In 2025, we continued to scale our cloud-mining platform, growing Cloud Mining Solutions revenue to $350.6M and expanding total mining capacity under management to 26.1 EH/s," said Leo Lu, CEO. "We also focused on our strategy with efficiency and resilience, and maintained rigorous operational discipline throughout 2025. While GAAP results were impacted by unrealized fair value movements in Bitcoin and digital-asset-related receivables, we ended the year with $177.1M of combined cash and digital assets and built a solid foundation to navigate the current weaker market conditions."On Thursday, Gemini reported awhich compared to analyst estimates of a loss per share of (96c) on revenue of $51.81M. The company also reported Q4 trading volume of $11.5B. Gemini also said in Q1, the company is observing trading volume of approximately $5.3B as of February 28, down from Q4 levels as broader trading activity has continued to soften from 2H25 averages. Gemini said approximately 15,000 users have traded on the prediction markets offering, across more than 12,000 listed contracts, as of February 27 and the company saw credit card payment volume of over $330M and over 150K open card accounts, as of February 28.The company said, "2025 was a remarkable year for Gemini. We crossed the threshold into the public markets and became a public company on September 12th after being a private company for over a decade. On that day, the price of bitcoin was $115k. Since then, bitcoin has traveled down to $60k and then back up above $70K, where it hovers today. A reminder that one of the biggest challenges for crypto builders and investors is its cyclical nature."Prior to earnings, Citi downgraded Gemini to Sell from Neutral with a price target of $5.50, down from $13. The firm says legislative momentum for the CLARITY Act is "stalled" as key items continued to be debated. Citi cited profitability concerns, cyclical challenges and Gemini's "significant" restructuring for the downgrade to Sell. The company will be challenged to ramp profitability in the current crypto environments, the analyst said.On Tuesday, Fold Holdingsreportedwhich compared to FY24 loss per share of ($11.15) on a revenue of $23.7M. The company reported 1,527 bitcoin holdings. Fold said in 2026, growth drivers are expected to include the broader rollout of the Fold Credit Card, continued expansion of consumer products, and the growth of the newly launched enterprise business."We closed our first full year as a public company with strong execution against the goals we set coming into 2025," said CEO Will Reeves. "In the fourth quarter, revenue was $9.1M, up 8.2% year-over-year, and for full year 2025 revenue was $31.8M, up 34% year-over-year. We continued to add customers and expand our platform while building the foundation to scale a Bitcoin-native financial services ecosystem across multiple interconnected product lines."Following the report, Cantor Fitzgerald lowered the firm's price target on Fold to $2 from $4.50 and kept an Overweight rating on the shares. Fold's Q4 revenue was below the firm's expectations, as transaction volume declined by 8.5% quarter over quarter, driven by the weaker overall crypto environment, the analyst said. The company is still several quarters away from profitability, barring a significant inflection in the business, Cantor said.Northland lowered the firm's price target on Fold to $4 from $10 and kept an Outperform rating on the shares.Additionally, H.C. Wainwright lowered the firm's price target on Fold to $3 from $7 and kept a Buy rating on the shares. The company's holiday seasonality and the new bitcoin gift card contribution were offset by the sharp pullback in bitcoin prices during the quarter, the analyst said. The firm cited a "rational acknowledgment of current trading patterns" for the target cut.On Monday, Bitcoin Depotreported awhich compares to a loss per share of ($2.24) for the same period last year and estimates of $113.93M. The company expects revenue for the core business in 2026 to be down in the range of 30% to 40%, reflecting the uncertainty presented by the dynamic regulatory environment and enhanced compliance standards."2025 was a strong year for Bitcoin Depot, with growth across the majority of our key operating and financial metrics," said Scott Buchanan, CEO. "While fourth-quarter results declined year-over-year, this was primarily driven by recently enacted state regulations that introduced transaction size caps and, to a lesser extent, enhancements to our compliance standards that modestly affected near-term transaction activity. Importantly, we view both developments as constructive for the long-term health, credibility, and sustainability of the industry."Following the report, B. Riley raised the firm's price target on Bitcoin Depot to $4.20 from $2.30 and kept a Neutral rating on the shares. Regulatory changes are seen as constructive for long-term industry credibility, and Bitcoin Depot's scale, compliance infrastructure, and market leadership should help navigate them better than smaller competitors, the analyst said. However, near-term revenue pressure is significant, with kiosk counts expected to remain flat or decline in 2026, and new initiatives like Kutt P2P and ReadyBucks unlikely to materially offset core ATM revenue headwinds, the firm said.Noble Capital lowered the firm's price target on Bitcoin Depot to $13 from $40 and kept an Outperform rating on the shares to reflect a reduced near-term earnings outlook and regulatory reset expected during 2026. Despite near-term pressure, the firm thinks the company's scale and compliance infrastructure position it well for longer-term recovery, the analyst said.Also on Monday, Bakktreported awhich compared to a loss per share from continuing operations of ($7.27) on revenue of $3.4B last year.CEO Akshay Naheta said, "Our financial results for 2025 reflect a company in transition. They include the effects of restructuring and the exit of businesses that historically defined Bakkt but no longer represent its future. These actions impacted near-term results but were necessary to rebuild the company around a focused infrastructure platform. During the second half of the year we began to see early contributions from the rebuilt business and the first signs of our international strategy taking shape. As we move through 2026, our financial profile should increasingly reflect the underlying economics of this new platform. Looking ahead to 2026 and beyond, each component of the platform is positioned to scale alongside the structural shifts taking place in global finance."Benchmark lowered the firm's price target on Bakkt to $22 from $40 and kept a Buy rating on the shares. After a turbulent period, Bakkt now "presents itself as a well-capitalized digital asset infrastructure platform positioned to serve as the connective tissue between crypto, stablecoins, and traditional financial systems," the analyst said.Clear Street lowered the firm's price target on Bakkt to $21 from $39 and kept a Buy rating on the shares. Bakkt's investor day sharpened the company's transformation story from a legacy crypto-linked platform into a more focused digital asset and programmable finance infrastructure play, though the firm is reducing its price target due to lower crypto trading volumes, the analyst said.OTHER CRYPTO NEWS:Citi lowers Bullish price targetBitGotoRiot Platformstoraises rice target on Galaxy DigitaltoPayPalmakesworldwideHyperscale DatareportsStrategyacquiresprice target lowered to $260 from $325 at Citi, initiated with a Buy at Texas CapitalBitmine Immersionsays totalMawson InfrastructuresaysAbra Financialthrough New Providence Acquisition IIIJiuzi Holdings, AetheriumXBitdeermineslaunches SEALMINER DL1 AirBTCSrevises 2026Avax OneengagesBlockchAInsignsEightco HoldingsinvestsSRx HealthhedgesDDC EnterprisepurchasesCRYPTO 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 dropped roughly 3% this week to $70,013 in U.S. dollars, according to CoinDesk.