MRX News & Events

Bitcoinis trading up roughly 3.4% Tuesday morning near $68,000 after whipsawing over the weekend when U.S.–Israeli airstrikes on Iran briefly sent prices near $63,000.Bloombergthe selloff "left almost no lasting trace of fear or safe-haven demand," attributing the muted reaction to already-lightened positioning after months of consolidation.Barron's, a 24/7 settlement layer for macro hedging while traditional markets were closed. Iran's security chiefaWall Street Journal reportclaiming Tehran was reaching out to resume nuclear talks, sending bitcoin briefly near $66,768 as investors rotated into gold, while President Trump confirmed airstrikes would continue for "four to five weeks."Reuters reportedthe dollar strengthened on safe-haven buying while the yen and euro weakened on energy-import vulnerability. The clearer signal came from on-chain gold proxies: tokenized gold market cap surged past $6B,per Blockhead, as physical gold hit $5,394/oz and whales rotated from stablecoins into PAXG and XAUT. Roughly 38% of altcoins are trading near all-time lows. 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.BLACKROCK ACCUMULATES 9,615 BTC IN THREE DAYS AS ETF FLOWS FLASH FIRST BULLISH SIGNAL SINCE OCTOBER:showed BlackRock(BLK)received another 4,082 BTC from Coinbase Primeon Tuesday, its third consecutive day of accumulation, totaling 9,615 BTC in net inflows. The pattern of consistent ETF-related flow through Coinbase Prime signals sustained institutional demand even as bitcoin trades roughly 46% below its October all-time high. Separately,SoSoValue datashowed U.S. spot bitcoin ETFs pulled in $458M on Monday, one of the quarter's strongest inflow days, with BlackRock's iShares Bitcoin Trust accounting for roughly half of three-session inflows totaling $1.1B.RIOT PLATFORMS POSTS RECORD $647M REVENUE BUT NET LOSS BALLOONS TO $663M:Riot Platforms(RIOT)reported FY25. However, the company swung to a net loss of $663M from net income of $109M in 2024, driven by $346.8M in depreciation, a $158.1M contract settlement loss, and other non-cash items, while adjusted EBITDA collapsed to $13M from $463M. Q4 revenue of $152.83M missed consensus of $158.05M, and the Q4 EPS of ($2.03) badly missed the (22c) estimate. On the positive side, Riot's AMDdata center lease is now generating revenue, with expected annual net operating income of approximately $25M. The diverging paths of Core Scientific and Riot Platforms illustrates the broader miner identity crisis: CORZ is selling every last bitcoin for AI, while RIOT tries to straddle both worlds.CORE SCIENTIFIC TO LIQUIDATE ENTIRE BTC TREASURY TO FUND AI PIVOT:In the session's most consequential corporate development, Bitcoin miner Core Scientific(CORZ)disclosed during its Q4 earnings call that it sold over 1,900 BTC in January for approximately $175M at an average of $92,100 and plans to sell the remaining 600 BTC during Q1 26 to fund its AI data center colocation buildout,.. At year-end 2025, CORZ held 2,537 BTC at an average cost basis of $101,639, meaning the company is liquidating at a loss relative to its carry. Q4 revenue came in at $79.8M, with colocation revenue surging 268% year-over-year while self-mining revenue fell 57%, underscoring the speed of the pivot. CEO Adam Sullivan said the company is "building a differentiated data center platform" as it accelerates toward AI infrastructure with CoreWeaveas its primary customer. CORZ is now effectively a pure-play AI colocation stock shedding its last bitcoin exposure.ECB WARNS STABLECOINS THREATEN MONETARY POLICY AS SENATE PASSES CBDC BAN:A European Central Bank working paperwarned that widespread stablecoin adoption, particularly dollar-backed instruments, could trigger reallocation from euro-area bank deposits to digital assets, constraining lenders' intermediation capacity and weakening ECB monetary transmission. The paper adds fuel to a broader transatlantic tension: the U.S. is actively encouraging stablecoin growth while Europe fears deposit flight. On the legislative side, the U.S. Senate advanced the "21st Century ROAD to Housing Act" by a vote of 84-6, which includes a provision temporarily banning the Federal Reserve from issuing a central bank digital currency until December 31, 2030,. The bill carves out an exception for private, permissionless "dollar-denominated" currencies, language widely interpreted as favorable to stablecoins like USDCand USDT, and the White House issued a statement explicitly endorsing the CBDC ban provision. The divergence means Circle(CRCL)and Coinbase face a widening regulatory moat domestically even as European competition intensifies.JPMORGAN FILES 21 BITCOIN-LINKED STRUCTURED NOTES; SLAM CORP GETS CRYPTO-NATIVE LEADERSHIP:JPMorgan(JPM)filed, offering 1.5x upside leverage with barrier protection. The filings continue JPMorgan's aggressive push into bitcoin-structured products. Subversive Bitcoin Acquisition Corp.filed itsthird amendment to a $100M S-1for a first-of-its-kind SPAC that places 10% of IPO proceeds directly into a bitcoin account, with Jefferies, Canaccord Genuity, and Galaxy Digital as underwriters. Canton Strategic Holdings(CNTN), which has a $545M digital asset treasury strategy, announced its CEO was. Massimo Group(MAMO), the powersports manufacturer that adopted a bitcoin treasury strategy in December 2025, filed an8-K appointing a new CFOeffective March 2. Finally, Marex Group(MRX)with revenue up 27% to $2.02B, citing digital asset futures as part of its expanded clearing product offering.PRICE ACTION:As of time of writing, bitcoin was trading at$67,758.83, while etherwas trading at$1,971.13,according to price data from TipRanks.

Reports Q4 revenue $572.1M, consensus $522.9M. Ian Lowitt, Group Chief Executive Officer, stated, "This was a record fourth quarter for Marex, marked by a strong, broad-based performance, supportive market conditions and high levels of client activity. This included growing engagement with larger clients, which reflects our strengthening competitive position. Quarterly revenue increased 38% to $572.1 million, Adjusted Profit Before Tax rose 41% to $114.9 million, and earnings per share advanced by 50% to $1.14. This momentum supported full year Adjusted Profit Before Tax growth of 30% to $418.1 million in 2025, extending our 11-year track record of sequential profit growth. We continued to execute our M&A strategy, integrating recent acquisitions and further enhancing the resilience of our earnings. Prime Services continues to scale and serves as a clear example of how transformational acquisitions can be when successfully integrated and empowered to grow on our platform. Our pipeline of acquisition opportunities remains attractive, complemented by ongoing investment in organic growth initiatives across our four service areas. We believe our diversified and scalable platform is well positioned to deliver sustainable growth across a variety of market conditions. We remain committed to disciplined capital allocation, excellent client service and long-term value creation for our shareholders."

Marex Group announces that it has agreed to acquire European equity derivatives market maker Webb Traders to enhance its market making capabilities. The acquisition is expected to further enhance Marex's established Equity Linked Structured Products platform allowing the Group to internalise hedging, enhance profit margins and provide better pricing for clients. The deal is subject to regulatory approval and is expected to close in the second or third quarter of 2026. Ian Lowitt, Chief Executive Officer of Marex, commented: "We are excited to welcome the team from Webb Traders to Marex. They have built an incredibly talented team supported by excellent technology, which will enhance our equity derivatives capabilities. They have a prudent approach to risk and have been profitable across a range of market environments, which, combined with the ability to internalise some hedging costs, will be beneficial to Marex."