AVX 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.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.

AVAX One Technology has engaged Treehouse to expand the Company's yield-generating capabilities on its AVAX holdings. To date, AVAX One has deployed more than 800,000 AVAX into tAVAX, which is Treehouse's DeFi-ready liquid staking primitive for Avalanche. Powered by BENQI, tAVAX functions as a gateway to enhanced yield, DeFi utility, and onchain fixed income. It is designed to capture yield through interest rate arbitrage, while remaining composable across DeFi. Based on current market dynamics and estimates from Treehouse, the Company currently anticipates generating approximately 6% yield on its assets deposited with Treehouse. Based on the results of this initial deployment, the Company may expand its deployments with Treehouse's onchain infrastructure capabilities.

Oil's spike and the Iran shock are not just a macro headline, they are now the central driver of how capital is moving across bitcoin, ether, tokenized gold, and spot ETF wrappers tied to U.S.-listed names.For equity investors who traffic in Coinbase, Strategy, miners, and the new class of treasury and RWA plays, today's flows are a live stress test of whether the "digital gold" and "on-chain macro" narratives actually hold up when war, energy, and Washington collide in real time.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 HOLDS NEAR $66,000 AS BRENT CRUDE TOPS $119 ON IRAN WAR:reports that bitcoinrose even as Brent crude jumped above $100 and toward $119 per barrel, while stock futures and bonds retreated on fears of a prolonged conflict around the Strait of Hormuz. SeparateBloombergcoverage notes S&P 500 and Nasdaq 100 futures down about 1.1%, and strategist Ed Yardeniraisedhis odds of a U.S. market "meltdown" to 35%, putting bitcoin's resilience under a fresh macro lens. The total crypto market value sits near $2.33T and the broader digital-asset complex is down roughly 21% year-to-date and bitcoin has logged its weakest 50-day start on record with a 23% drawdown, yet real-world-asset tokens have expanded their sector footprint by more than a quarter to about $26.9B,suggesting institutional capital continues flowing into crypto-adjacent infrastructure even during the drawdown.NASDAQ TAPS KRAKEN FOR TOKENIZED STOCKS WHILE COINBASE LAUNCHES EU FUTURES:Nasdaqis advancing its issuer-centric equity tokenization blueprint through a partnership with Kraken parent Payward, according toBloomberg, with tokenized shares set to settle through DTCC while preserving traditional voting and dividend mechanics.Kraken's blogdescribes xStocks as already handling more than $25B in tokenized equity volume with 80,000 on-chain holders, forming the bridge that should allow one-to-one tokens tracking names like Nvidia and Tesla to move between on-chain venues and Nasdaq's regulated markets by 2027.Coinbaseis pushing in parallel on regulated derivatives in Europe, withCryptoNinjasreporting that the company's MiFID-licensed entity has launched futures across 26 countries, including Germany and France, on Coinbase Advanced. The newly available lineup spans perpetual-style contracts with hourly funding and daily settlement plus monthly and quarterly expiries, offering up to 10x leverage on select bitcoin, ether, and equity-index products with lower leverage on other pairs. Coinbase shares trade around $197 with 21 Buy ratings and a consensus target near $251.Broadridge Financial Solutionsalso announced the, marking NYFIX's first cryptocurrency integration in Asia and extending institutional FIX-protocol crypto order routing to Broadridge's network of over 2,200 buy- and sell-side participants.STRATEGY BUYS $1.28B IN BITCOIN IN LARGEST SINGLE-WEEK 2026 PURCHASE:Strategydisclosedthat it acquired 17,994 bitcoin between March 2 and March 8 for $1.28B at an average price of $70,946 per BTC, a 527% increase over the prior week's purchase. Total holdings now stand at 738,731 BTC with a cumulative cost basis of $56.04B and an average purchase price of $75,862. The company funded the buy by selling 3,776,205 shares of STRC preferred stock for $377.1M in net proceeds and 6,327,541 shares of MSTR common stock for $899.5M in net proceeds. Strategy also amended its Omnibus Sales Agreement to allow multiple agents to sell securities outside regular market hours, expanding its capital-raising flexibility.Bitmine Immersion Technologiesis taking an ETH-heavy approach, with its8-K filingreporting 4,534,563 ETH held at about $1,965 per coin, 3,040,483 ETH staked, 195 BTC, $1.2B in cash, and a $200M Beast Industries stake for a combined crypto, cash, and "moonshot" portfolio around $10.3B. Chairman Tom Lee told investors in the accompanyingpress releasethat Bitmine stepped up purchases to 60,976 ETH over the past week and cited DeMark Analytics work comparing current ETH behavior to S&P 500 paths in 2011 and 1987, suggesting a potential bottoming window in early-to-mid March.Sharplink, another ether treasury name, used itsto lay out 2025 results showing revenue of $28.1M vs. $3.7M last year, but a GAAP net loss of ($734.6M), driven primarily by unrealized ETH marks and an LsETH impairment while ETH per share doubled from 2.0 to 4.01 and institutional ownership climbed to 46%. The companion8-Knotes that Sharplink raised roughly $3.2B in capital during 2025 and is now the second-largest public ETH holder, with management emphasizing a focus on growing ETH per share and generating yield above native staking rates.AVAX Oneis running a treasury strategy around Avalanche, according to apress release. The company points to a $40M repurchase program with more than 2.4M shares bought back through early March, roughly $600K in AVAX staking rewards, and 2026 revenue guidance of $11M-$44M, and will present its policy agenda in Washington at the Digital Chamber's DC Blockchain Summit in a fireside chat featuring its CEO and Ava Labs' general counsel.STABLECOINS, LEGISLATION, AND THE BANK YIELD FIGHT:describes how dollar-pegged stablecoins have evolved into major buyers of U.S. Treasury bills as issuers invest reserve assets in short-dated government paper.Circle Internet Group(CRCL)filed its10-K annual report, reporting USDCin circulation of $75.3B, up 72% year-over-year, total revenue and reserve income of $2.7B, up 64%, and Q4 2025 revenue of $770M, up 77%. USDC accounted for approximately 70% of all stablecoin transfer activity, with a record $1.8  in transaction volume in February. Circle shares have rallied roughly 60% since the Q4 earnings beat.The CLARITY Act remains stalled after the American Bankers Association formally rejected a White House-brokered compromise on stablecoin yield offerings on March 5, according toReuters.Banks argue that stablecoin rewards programs offered by exchanges could siphon deposits from traditional banking accounts, while crypto firms call the proposed restrictions anti-competitive. President Trump criticized banks on Truth Social, saying they need to "make a good deal" with the crypto sector. Standard Charteredprojects that stablecoins could attract approximately $500B in deposits from U.S. banks by 2028 if yields remain competitive. The Senate Banking Committee is eyeing a mid-to-late March markup window.Separately, stablecoin payments firm KAST raised $80M at a $600M valuation, co-led by QED Investors and Left Lane Capital, with an annual revenue run rate expected to reach $100M this year,, reflecting continued VC appetite for stablecoin infrastructure despite the broader downturn.GOLD WHALES DUMP $40M IN TOKENIZED BULLION WHILE OIL SHORTS PILE INTO HYPERLIQUID:data highlight that two gold whales sold a combined nearly $40M of tokenized gold, Tether Gold and PAX Gold, over 48 hours as spot prices hovered near $5,080 per ounce equivalents, locking in more than $7M in aggregate profit. On-chain analyst coverage fromBlockchain.newsshows one whale cutting a $54.63M portfolio that paired WBTC and XAUT to roughly flat overall, with losses of around $5.15M on 264.8 WBTC offset by about $5.18M of gains on 5,809.8 XAUT, illustrating how tokenized bullion has become a direct hedge against bitcoin drawdowns during risk shocks.Oil-linked on-chain positioning has also spiked, with reports that a new address put on a 5x, $10.2M short in Hyperliquid's WTI crude perpetual just as benchmarks pushed through $108, while MakerDAO co-founder Rune Christensen's wallet shows a 7x leveraged long worth roughly $7.8M with more than $1.3M in unrealized gains and offsetting shorts in ETH and an equity-index contract, effectively implementing a long-oil/short-risk macro book using DeFi tools.adds that a well-known trader known as CBB was nearly liquidated on a separate Hyperliquid oil short that went more than 50% against him before emergency margin and partial liquidation raised his liquidation threshold, underscoring the speed with which on-chain commodity venues can move.FARAGE BACKS LONDON BTC TREASURY AS SPOT ETFs PULL $568M IN WEEKLY INFLOWS:reports that Reform UK leader Nigel Farage has acquired a 6.31% stake in Stack BTC Plc, a London-listed bitcoin treasury company run by former U.K. chancellor Kwasi Kwarteng that buys profitable U.K. businesses and deploys surplus cash into BTC.Bloombergnotes that Blockchain.com joined the 26M GBp equity raise, whilebitcointreasuries.netshows Stack BTC holding 21 BTC, turning what is a relatively small balance sheet into a politically charged signal of support for the treasury model.U.S. spot bitcoin ETFs took in about $568.45M of net inflows in the first week of March, ending a four-month streak of monthly outflows as BlackRock'sIBIT led with more than $300M on a single day and total spot ETF assets rose to roughly $87.07B, according toAInvest. Spot products now hold a low-teens percentage share of BTC supply depending on methodology, with inflows returning even as price volatility and macro uncertainty stay elevated, a dynamic that matters for U.S.-listed miners, brokers, and treasury names that trade as leveraged proxies on that flow.MINERS AND INFRASTRUCTURE:Sphere 3D(ANY)reported FY25 results showing 111.6 BTC mined and announced a definitive agreement tomerge with Cathedra Bitcoinin an all-stock deal, with the combined entity aiming to expand into AI services alongside bitcoin mining.DeFi Technologies(DEFT)received aNasdaq bid-price deficiency noticeafter shares traded below $1 for 30 consecutive business days, triggering a 180-day compliance window until September 1. Managementannouncedit will present at the Canaccord 6th Annual Digital Assets Virtual Symposium on March 11 at 2:30 PM. ET.Signing Day Sports(SGN)that its special meeting to vote on the proposed business combination with BlockchAIn Digital Infrastructure is scheduled for March 13. If approved, the merged entity trades on NYSE American under ticker AIB. BlockchAIn's 40 MW South Carolina data center generated $22.9M in revenue and $5.7M in net income in 2024.PRICE ACTION:As of time of writing, bitcoin was trading at$69,023.77, while ether was trading at$2,026.46,according to price data from TipRanks.

AVAX One Technology has repurchased an aggregate of 2,423,383 shares of its common stock under its previously authorized $40M share repurchase program.