DFDV News & Events

Charles Schwab opens spot bitcoin and ether trading to retail clients today for the first time in the firm's history, as JPMorgan quietly files for its second ethereum-based tokenized money market fund and the Senate prepares to mark up the most sweeping crypto market structure legislation since the GENIUS Act. BitGo Holdings and DeFi Development Corp. both report Q1 earnings after the close, and Strategy's Michael Saylor takes the stage at 5 PM ET for a live retail Q&A that traders will be parsing for any signal on the pace of future bitcoin accumulation. 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.SCHWAB CRYPTO GOES LIVE TODAY:Charles Schwabofficially opened Schwab Crypto to its first wave of eligible U.S. retail clients this morning,via its dedicated crypto-trading webpage. The service offers direct bitcoinand ethertrading at a 75-basis-point flat fee via Schwab.com and its trading platform thinkorswim, with Charles Schwab Premier Bank as custodian and Paxos handling sub-custody and execution. The launch covers all U.S. states except New York and Louisiana, targeting approximately 38M-39M brokerage accounts and approximately $11.8T in client assets.Schwab is the single largest traditional finance on-ramp to spot bitcoin and ether for retail by account count, a structural shift that puts direct competitive pressure on Coinbase, Robinhood Markets, and PayPalacross the retail crypto distribution landscape.BITCOIN RECLAIMS $81K:Bitcoin bounced to approximately $81,200 Wednesday morning as traders positioned ahead of President Trump's arrival in Beijing for talks with President Xi covering trade and AI. Nvidia'sJensen Huang joined the delegation alongside Elon Musk of Tesla, Tim Cook of Apple, and Larry Fink of BlackRockas a last-minute addition. Bitcoin's 200-day exponential moving average at approximately $82,037 and the 61.8% Fibonacci retracement at $83,437 remain the confirmed breakout triggers for the next leg higher.that Strategy'sSTRC perpetual preferred stock structure unlocks capacity to purchase approximately 3,127 bitcoin, approximately $253M at $81K, within this two-day window. Saylor and CEO Phong Leat 5:00 PM ET today on X and YouTube. any forward guidance on additional purchases will be a direct price catalyst for Strategy's preferred instruments.BITGO AND DEFI DEVELOPMENT:BitGo Holdingsreports Q1 results after the close today with an earnings call at 5:00 PM ET,via a press release. BitGo is the first publicly listed pure-play institutional crypto infrastructure company offering custody, wallets, staking, trading, financing, and stablecoin services from regulated cold storage via its federally chartered BitGo Bank & Trust, NA. Revenue and custody AUM growth will set the tone for the broader institutional crypto services sector.DeFi Development Corp.also reports Q1 results after the close at approximately 4:15 PM ET with a video update from CEO Joseph Onorati and CFO John Han,. DeFi Development Corp. is the first U.S. public company with a treasury strategy built to accumulate and compound solana. Any new solana purchases disclosed are the key metric alongside NAV versus share price spread.JPMORGAN TOKENIZED MMF AND INFRASTRUCTURE:JPMorganAsset Management filed with the SEC for the JPMorgan OnChain Liquidity-Token Money Market Fund, which issues ethereum-based tokens representing a portfolio of U.S. Treasuries and repo agreements structured to comply with the GENIUS Act,. The filing follows JPMorgan's MONY fund and coincides with a Bloomberg feature on the firm's $13T repo market blockchain integration, underscoring ethereum's growing role as institutional settlement infrastructure.Eightco Holdingsof approximately $340M, including 277M+ Worldcointokens representing about 9% of circulating supply, 11,000+ ether, a $90M OpenAI equity stake, and $25M in Beast Industries equity.PRICE ACTION:As of time of writing, bitcoin was trading at $78,806.03, while ether was trading at $2,233.17,.

Bitcoin climbed to a 12-week high of $79,488 Monday on optimism surrounding the U.S.-Iran nuclear talks,according to Bloomberg, lifting the broader crypto-equity complex as institutional treasury accumulation accelerated across multiple public companies.SoSoValue datashows that CoinShares saw $1.2B in global digital asset product inflows last week, with bitcoin capturing $933M through the U.S.-listed ETF vehicles led by BlackRock(BLK)and Fidelity, suggesting the price move is supported by genuine institutional demand rather than a purely derivatives-driven squeeze. 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.CORPORATE TREASURIES EXPAND ACROSS THREE TOKENS:The day's dominant theme was corporate digital asset accumulation at scale across bitcoin(BTC-USD), ether(ETH-USD), and solana(SOL-USD). Bitmine Immersion Technologies(BMNR)disclosed ina regulatory filingthat it holds 5,078,386 ETH, representing 4.21% of total ether supply, with total crypto and cash holdings of $13.3B. Within those holdings, 3,701,589 ETH is actively staked, generating on-chain yield while tightening the effective liquid float. Strategy(MSTR)disclosed ina filingthat it sold 1.451M shares via its at-the-market offering for $255M in net proceeds during the week of April 20-26 and acquired 3,273 BTC at an average of $77,906, bringing aggregate holdings to 818,334 BTC at a total cost basis of $61.81B. Strive(ASST)disclosed ina company press releasethat it purchased approximately 789 additional BTC, lifting its total treasury to roughly 14,557 BTC alongside $90.5M in cash and $50.3M in Strategy preferred stock, and announced a May 21 "True North: Bitcoin for Business" summit in Oregon targeting CFOs and corporate treasury executives.On the solana front, Solana Company(HSDT)entered a definitive agreement to sell 3,076,922 shares at $2.60 per share in a registered direct offering for approximately $8M in gross proceeds, with net proceeds earmarked for solana treasury accumulation and the investor syndicate led by Mirae Asset and Hashkey Capital. DeFi Development(DFDV)separately confirmed ina company press releasethe completion of its April 24 Reddit "Ask Me Anything" with CEO Joseph Onorati engaging institutional and community investors on its solana treasury strategy. Taken together, the HSDT equity raise and DFDV investor outreach suggest the solana treasury model is entering a second wave of institutional onboarding, following the capital-structure template that bitcoin-focused treasury companies established.INFRASTRUCTURE BUILD-OUT AT CORE SCIENTIFIC:Core Scientific(CORZ)announced ina company press releasea multi-tiered strategy to scale its Pecos, Texas campus to approximately 1.5 gigawatts of gross capacity, roughly 1.0 GW leasable, by converting existing bitcoin mining infrastructure into high-density AI and HPC data center space, with initial capacity targeted for early 2027. The plan is a direct substitution trade, with megawatts previously dedicated to proof-of-work mining being retooled for the longer-duration, higher-margin contracts that hyperscale and AI compute tenants command, a strategic pivot that management has telegraphed since CORZ's emergence from bankruptcy and that today's announcement quantifies for the first time at the Pecos site specifically.CLARITY ACT COULD REACH TRUMP'S DESK BY JUNE:Galaxy Digital(GLXY)CEO Mike Novogratz stated that the CLARITY Act will "get done" in May and reach President Trump's desk in June,according to Cryptopolitan, a timeline that would represent the most consequential U.S. crypto market-structure legislation to date and would expand the addressable operating environment for exchanges, custodians, and token issuers across the listed crypto-equity universe.PRICE ACTION:As of time of writing, bitcoin(BTC-USD)was trading at $77,475.96, while ether(ETH-USD)was trading at $2,296.80,.

Latest data shows the largest indicative borrow rate increases among liquid option names include: DEFIANCE DAILY TARGET 2X LONG SMCI ETF (SMCX) 53.86% +15.11, SoundHound AI (SOUN) 23.01% +2.50, Skillz (SKLZ) 16.92% +2.22, Defiance Daily Target 2X Long RGTI ETF (RGTX) 30.76% +1.80, T-REX 2X Long BMNR Daily Target ETF (BMNU) 29.71% +1.00, Astex Pharmaceuticals Inc (ASTX) 11.78% +0.77, PureCycle Technologies (PCT) 15.92% +0.68, Innovatum Global N.V. (NKLR) 29.91% +0.54, DeFi Development Corp (DFDV) 19.56% +0.37, and Defiance 1.75x MSTR ETF (MSTX) 25.22% +0.32.

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.