Mastercard to Acquire BVNK for Up to $1.8B
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.
