GLXY 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.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.

The collapse of U.S.-Iran ceasefire talks pushed oil prices back up and has been keeping bitcoin(BTC-USD)pinned near the $70,500 support level. Meanwhile, a Polkadot(DOT-USD)bridge exploit added further headwinds for cross-chain infrastructure investors. Stay current 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.STRATEGY EXTENDS BITCOIN ACCUMULATION WITH $1B BUY, BITMINE REACHES ETHER HOLDINGS OVER 4% OF CIRCULATING SUPPLY:Strategy(MSTR)disclosed in afiling this morningthat it acquired 13,927 bitcoin for roughly $1B during the week of April 6-12, at an average price of $71,902 per coin, lifting its total treasury to 780,897 bitcoin at an aggregate cost of approximately $59.02B, or $75,577 average. The purchase was funded entirely by selling 10.03M shares of its STRC preferred stock for net proceeds of about $1.001B, with no dilution to MSTR common shares this cycle. Founder Michael Saylor, noting a 5.6% bitcoin yield year-to-date in 2026 and a breakeven annual return rate of about 2.05%.On the ether(ETH-USD)side, treasury giant Bitmine Immersion Technologies(BMNR)disclosed in aregulatory filingthat its total ether holdings stand at 4.875M ether, roughly 4.04% of total circulating supply, valued near $10.75B at $2,206 per token. 3.33M of their owned ether valued at $7.4B is actively staked. The company also holds 198 bitcoin, $719M in cash, and $85M in Eightco Holdings(ORBS)shares, and announced that its NYSE uplisting from NYSE American became effective April 9, a development that broadens its index-eligibility and institutional accessibility. The scale of Bitmine's staking position makes it one of the largest single publicly traded concentrations of staked ether on U.S. exchanges, a defining concentration for any portfolio with Ethereum infrastructure exposure.CANGO LAUNCHES HPC/AI SUBSIDIARY AS MINERS PIVOT FROM PURE PROOF-OF-WORK:Cango(CANG)announcedthat EcoHash, its high-performance computing and AI inference subsidiary, has begun commercial operations at its owned 50-megawatt facility in Georgia, deploying plug-and-play compute modules via its proprietary EcoLink Orchestration Platform. LM Funding America(LMFA)disclosed in an8-Ka more constrained operational picture for March 2026. The company mined 9.6 bitcoin at a record hashrate of 0.79 EH/s but sold 23.1 bitcoin, leaving a 341.2 bitcoin treasury valued at nearly $22.9M. It also extended an $11M Galaxy Digital credit facility to June 26, 2026, signaling continued reliance on debt financing amid compressed mining economics. Meanwhile, BGIN Blockchain(BGIN)resolved a prolonged hosting dispute,the company said, recovering all 5,325 seized mining machines from Mawson Hosting and Krypton Technologies under a confidential settlement, an event that removes a material operational drag from BGIN's U.S. subsidiary, BGIN Infrastructure.BROADRIDGE AND MARTI EXPAND DIGITAL ASSET INFRASTRUCTURE FOOTPRINTS:Broadridge Financial Solutions(BR)launched a unified digital asset platform for Canadian wealth managers,per the firm's announcement, covering crypto trading, tokenized real-world assets, integrated custody via Galaxy Digitaland Anchorage/Tetra, and on-chain proxy voting, building on infrastructure that already tokenizes more than $8T in assets monthly. The launch is a telling signal that institutional-grade digital asset tooling is moving into mainstream North American wealth management, with custody integration through regulated counterparties rather than self-managed wallets. Marti Technologies(MRT)reported FY25 results, posting revenue of $39.2M, up 110% year over year and 15% above guidance, with gross margin swinging from -15% to +61%. The Turkey-based mobility platform maintains a policy of holding 20–50% of cash reserves in bitcoin and guided for FY26 revenue of $70M with positive adjusted EBITDA.CLARITY ACT AND SEC ROUNDTABLE SET THE WEEK'S REGULATORY TONE:The U.S. Senate returned from Easter recess Monday, reopening the window for a potential CLARITY Act markup vote this week, with an SEC digital assets roundtable scheduled for April 16 as the immediate near-term catalyst. CoinbaseCEO Brian Armstrong publicly endorsed the CLARITY Act on April 9 following White House pressure, and passage of the bill would be a significant positive for Coinbase's regulatory standing and product roadmap. The legislative outcome also carries direct implications for miner and exchange-adjacent equities whose compliance overhead and product offerings are sensitive to jurisdictional clarity on digital asset classification.On the corporate side, BitGo(BTGO)that BitGo Prime has added tradias, a regulated European crypto-asset services provider currently merging with Boerse Stuttgart Digital, to its institutional liquidity network, expanding execution quality and market access for its institutional client base. Bitcoin Depot(BTM), the largest North American bitcoin ATM operator with over 9,000 kiosk locations, named Tony Gagliardi as its new chief compliance officer effective April 8,the company disclosed. Gagliardi previously held global compliance roles at Coinbase, OKX, and Paxos, a résumé that reflects the rising anti-money laundering and know-your-customer regulatory bar across the digital asset kiosk sector.PRICE ACTION:As of time of writing, bitcoin(BTC-USD)was trading near $71,797.97, and ether(ETH-USD)was trading near $2,206.60,according to price data from TipRanks.