GPUS 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.BETTER, COINBASE LAUNCH TOKEN-BACKED MORTGAGE:Better Home & Finance Holding Companyand Coinbaseannounced Thursdayof Americans. Token-backed mortgages are originated and serviced by Better and benefit from the same backing of Fannie Maeas other conforming mortgages. Bitcoin and USDC pledges are powered by Coinbase. Americans who qualify for a mortgage with Better will now be able to pledge Bitcoin or USDC as collateral to fund their cash down payment, securing a standard conforming mortgage without liquidating tokenized assets or potentially triggering a taxable event. "The ability to transform digital wealth into housing access is an exciting milestone in our mission to increase economic freedom," said Max Branzburg, Head of Consumer and Business Products at Coinbase. "Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional downpayment."On Wednesday, Chainlink announced that Coinbase has integrated Chainlink to bring its premium exchange data underpinning billions in trading activity onchain for the first time via DataLink, an institutional-grade data publishing service powered by the Chainlink data standard. By making Coinbase's exchange data securely available onchain through Chainlink's oracle platform, DeFi markets have direct access to important market information, driving more accurate pricing, stronger risk management, and entirely new onchain markets.CIRCLE DROPS ON STABLECOIN REGULATION FEARS:The crypto industry got a first look at new legislative language on stablecoin yield in the Clarity Act and early reactions suggest the text may be more restrictive than expected. According to an internal stakeholder email shared with Eleanor Terrett, journalist and host of Crypto in America, the proposal would prohibit platforms from offering yield "directly or indirectly" on stablecoin balances or in any manner resembling a bank deposit. The restriction would apply broadly to digital asset service providers and their affiliates to limit workarounds, and would bar anything "economically or functionally equivalent" to interest, she reported on X. The draft would still permit activity-based rewards tied to user activity, including loyalty, promotional, or subscription programs, provided they are not deemed economically or functionally equivalent to interest. Circle Internettradedon what appears to be worries that the "economic equivalence" test and tighter restrictions on rewards could constrain stablecoin related business lines.Following the report, Clear Street argued that Circle's roughly 20% decline on Tuesday looked like a "shoot first, ask questions later" reaction, driven by headlines about "banning stablecoin yield" in the revised CLARITY Act and Tether hiring a Big Four firm for its first full audit, sparking speculations of potential U.S. expansion. However, the move is overdone, and the firm's core thesis on stablecoin adoption including tokenization, prediction markets, agentic AI payments, 24/7 market structure, collateral mobility, and cross-border payments remains intact, added the analyst, who kept a Buy rating and $152 price target on Circle shares.Meanwhile, Morgan Stanley attributed the roughly 20% pullback in shares to reports from various sources suggesting that the current circulating version of the CLARITY Act does not allow for payment of yield nor rewards to stablecoin holders for simply holding a stablecoin after a meeting between Senate Banking and crypto industry leaders on Monday. The firm attributed the negative reaction in shares to previously-building expectations that the White House would push a compromise more favorable to the crypto industry that would permit holding-based interest/rewards payments, noted the analyst, who believes the core potential of Circle lies in future use cases which are "nascent in monetization." The firm kept an Equal Weight rating and $80 price target on Circle shares.Additionally on Tuesday, Circle announced a collaboration between one of its affiliates and Sasai Fintech, a business of Cassava Technologies, to accelerate USDC adoption and expand internet-native financial infrastructure across Africa. Stablecoin use in Africa is growing rapidly, driven by mobile-first consumers, cross-border commerce, and a rapidly expanding digital economy. Together, Circle and Sasai Fintech will explore practical applications for USDC and how Circle's full stack platform can support reducing costs, frictions and settlement time for Sasai's enterprise and consumer customers.On Wednesday, Triple-A announced that it has integrated with Circle Payments Network. As a participating Beneficiary Financial Institution on CPN, Triple-A supports stablecoin-to-local currency settlement across key global corridors. With this integration, Triple-A brings its cross-border payout capabilities into CPN to support use cases including remittances, payroll, supplier payments, and global treasury management across major financial markets.GEMINI PRICE TARGETS LOWERED:Mizuho lowered the firm's price target on Geminitoon the shares. The firm said a softer outlook for trading activity offsets continued strength in Gemini's card and services businesses. The company's near-term revenue growth could be constrained by a softer outlook for asset prices and lower transaction volumes across its core exchange, the analyst said.Meanwhile, Needham lowered the firm's price target on Gemini to $8 from $10 and kept a Buy rating on the shares.Goldman Sachs lowered the firm's price target on Gemini to $6.50 from $7.50 and kept a Neutral rating on the shares. Crypto stocks have declined 46% since their October 2025 peak and have shown volatile but mostly flat performance recently, reflecting investor uncertainty about the sector's outlook, the analyst said. Despite this, select digital-asset-sensitive names present increasingly attractive entry points, Goldman added. The analyst also lowered the firm's price target on Coinbase to $235 from $270 and on RobinhoodtoThe firm kept a Buy rating on the shares. Additionally, Goldman Sachs lowered the firm's price target on eTorotoon the shares.Truist lowered the firm's price target on Gemini to $5 from $7 and kept a Hold rating on the shares. The firm is updating its Q4 estimates based on the continued pullback across crypto markets, though this is partially offset by continued growth in the card business, the analyst said.CRYPTO EARNINGS:On Thursday, BitGoreported awhich compared to analyst estimates of a loss per share of (42c) on revenue of $6.08B. "In January, BitGo became the first public, federally chartered digital asset infrastructure company," said Mike Belshe, CEO. "This milestone, in combination with our strong fourth quarter and full year 2025 results and continued market share expansion, serves to strengthen our value proposition while supporting investments in our strategy as we enhance and broaden our suite of institutional-grade infrastructure solutions…The year has started with some macro volatility, but we are confident that our ability to capture near-term opportunities and grow our client pipeline position us well to mitigate these headwinds."Following the report, Clear Street lowered the firm's price target on BitGo to $16 from $18 and kept a Buy rating on the shares. The company is shifting towards higher-quality, recurring revenue and improving operating leverage, the analyst said. The firm remains positive on the shares but cut BitGo's estimates to reflect near-term macro headwinds.Additionally, Goldman Sachs lowered the firm's price target on BitGo to $10.50 from $12 and kept a Neutral rating on the shares. BitGo reported a largely in-line Q4, highlighting continued momentum, despite a challenging crypto market backdrop, the analyst said.Cantor Fitzgerald lowered the firm's price target on BitGo to $17 from $18 and kept an Overweight rating on the shares. BitGo reported largely in-line Q4 results in its first earnings call post-IPO, capping a record year with 104% client growth, 513% trading volume growth, and $2.8B in Q4 stablecoin-as-a-service assets under management, the analyst said. Despite a weaker crypto market year-to-date, the company remains well-positioned given regulatory tailwinds, international expansion plans, profitability, and a debt-free balance sheet, with shares near post-IPO lows seen as an attractive entry point, Cantor said.Rosenblatt lowered the firm's price target on BitGo to $15 from $17 and kept a Buy rating on the shares. Although Q4 results were just inline and the core business will be under market-related pressure in Q1, BitGo's first quarterly earnings report "strongly supports our case that the stock represents a defensive way to gain exposure to crypto equities," the analyst said.On Monday, BitGo announced the launch of the BitGo Model Context Protocol Server, a new capability that integrates BitGo into AI-native development workflows by enabling AI-powered tools to search, read, and interact with BitGo's developer resources using natural language.On Tuesday, BitGo Prime and Susquehanna Crypto announced a partnership to provide eligible institutional clients with access to prediction market liquidity through BitGo's OTC desk and platform. The offering is designed to enable hedge funds, family offices, and ultra-high-net-worth individuals the ability to trade listed prediction markets on an OTC basis using cryptocurrency or stablecoin-denominated collateral already held within BitGo's platform. Liquidity for offering will be supported by Susquehanna Crypto.Meanwhile on Wednesday, BitGo announced support for CIP-56 token standard assets on the Canton Network, including USDCx and cBTC. The launch expands BitGo's Canton infrastructure from custody of the network's native token, Canton Coin, to the broader ecosystem of institutional financial assets built on the CIP-56 token standard.On Thursday, Hyperion DeFireported awhich compared to EPS of 5c on revenue of $302,506 in Q3. Gross HYPE Tokens increased from 1.72M as of Q3 to 1.88M as of Q4."Against a backdrop of significant market volatility, we are pleased to report rapid growth in our DeFi operating businesses which exceeded our guidance in the fourth quarter," said Hyunsu Jung, CEO. "Today, we are reporting detail on each business we have built in our first six months under our new DeFi strategy. We continue to make progress on our Company's corporate transformation as a premier institutional gateway to DeFi innovation, and we expect each business to continue to scale through 2026 and beyond. Hyperion DeFi is building for the future of on-chain finance. This is more than just HYPE."Hyperion DeFi also announced Tuesday that it has entered a HYPE Asset Use Service agreement with Silhouette, a newly launched shielded trading platform built for Hyperliquid. The company will provide the use of staked HYPE to Silhouette, enabling the exchange's global users to access substantially reduced transaction fees when submitting trades to Hyperliquid via its platform. Silhouette is expected to initiate a growth campaign shortly, which will further incentivize trading activity on its platform.On Wednesday, CIMG Inc.reportedwhich compared to revenue of $22,853 last year.  As of December 31, the company held 730 Bitcoins with a carrying value of $63,978,821. Alice Wang, CEO of CIMG, stated, "The company will continue to focus on the Asia market and deepen the dual-track layout of health consumer goods and computing power technology products. On the one hand, we will seek to expand the online and offline sales channels for maca series and homology of medicine and food series products, optimize product pricing and cost control, and improve the gross profit margin of core categories over time, although there can be no assurance that these efforts will be successful. On the other hand, we will increase R&D investment in computing power products, improve the industry-specific customized development of artificial intelligence data processing modules, further expand the enterprise customer base, and raise the revenue share of the computing power business."CIMG Inc. also announced Tuesday that it entered into a non-binding memorandum of understanding with Bedrock to explore a strategic collaboration aimed at advancing compliant institutional decentralized finance solutions. The primary objective of the proposed collaboration is to bridge the gap between traditional finance and the decentralized ecosystem by offering a secure and scalable pathway designed to align with regulatory requirements for institutional engagement with on-chain finance, with an immediate focus on Bitcoin liquid staking.NYSE, SECURITIZE PARTNER FOR TOKENIZED SECURITIES SUPPORT:The New York Stock Exchange, part of Intercontinental Exchange, and Securitize announced Tuesday, with Securitize named as the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on the upcoming NYSE-affiliated tokenized securities platform. As part of the collaboration formalized in their Memorandum of Understanding, NYSE plans to partner with Securitize as a premier design partner in the development of a digital transfer agent program intended to support on-chain settlement of tokenized security transactions. The companies plan to collaborate on the development of standards for digital transfer agents and tokenization agents participating in the digital ecosystem, with a focus on establishing regulatory, operational, and technology requirements for institutional-grade tokenized securities infrastructure."The NYSE continues to lead the industry in responsible innovation," said Lynn Martin, President, NYSE Group. "As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect. Securitize brings deep experience in digital asset infrastructure and transfer agency, making them a strong partner in helping design this next generation of market structure."OTHER CRYPTO NEWS:BitFuFuprice targetat H.C. WainwrightBitcoin DepotCEOAlex Holmes succeeds, H.C. Wainwright raises price target to $4 from $3.50Hyperscale DatareportsStrategyacquiresBitmine Immersionreportslaunches MAVAN Ethereum staking platform, B. Riley raises price target to $33 from $30SRx Healthhedges DeFi portfolio withMara HoldingssellsTeraWulfinitiatedat AreteHut 8initiatedat AreteStriveprice target loweredat MaximEmpery Digitalsellsrejects nomination notices from ATG Capital, Tice BrownNovaBayto change nameBMOintroduceswith CME, Google CloudQ2 HoldingsentersCleanSparkpreferredsays NorthlandCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin dropped roughly 5% this week to $66,269 in U.S. dollars, according to CoinDesk.

Today's institutional crypto tape is about hardwiring, not hype, as exchanges, corporates, and regulators move crypto deeper into core U.S. market plumbing. Bitcoin, ether, and tokenization rails are now showing up inside treasury, trading, and infrastructure plans at listed companies, not just on the fringes. 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.STRATEGY SUPERCHARGES BITCOIN TREASURY PLAY:Strategyfiled new at-the-market equity programs that could raise more than $40B to continue purchasing bitcoin, materially extending its capacity to lever equity markets into crypto exposure., the company outlined plans to raise up to $44.1B across common and preferred securities while disclosing that its bitcoin holdings now exceed 762,000 BTC, reinforcing its role as the largest corporate holder and a high-beta proxy for bitcoin price moves. The key takeaway is that Strategy's share price will increasingly trade as a geared instrument on bitcoin, with equity dilution risk on one side and leverage to upside bitcoin moves on the other.BITCOIN TREASURIES MOVE CAPITAL AROUND THE BALANCE SHEET:Empery Digitalclosed a $25M registered direct offering, explicitly linking the raise to its bitcoin-backed funding structure., the company said it holds 3,439 BTC and plans to use proceeds from the equity sale to repay a bitcoin-backed repurchase agreement facility, effectively swapping token-linked leverage for fresh equity capital. Hyperscale Datadisclosedthat it holds about 627.8970 BTC alongside roughly equal cash balances, noting that combined cash and bitcoin represent about 147.07% of its market capitalization, which effectively turns GPUS into an asset-value arbitrage story for traders.TOKENIZATION GOES MAINSTREAM AT THE NYSE:Intercontinental Exchange'sNew York Stock Exchange signed a memorandum of understanding with Securitize that sets up the crypto-native firm as the first digital transfer agent for tokenized securities on the NYSE's planned Digital Trading Platform., NYSE said Securitize will help mint blockchain-native securities and maintain holder records, positioning the tokenization stack directly inside the U.S. flagship listings venue rather than at the periphery. The ICE move suggests that tokenized equity, credit, or fund interests could increasingly trade with the same regulatory wrapper as traditional securities but with blockchain-based rails, potentially compressing settlement frictions and widening access. AIxCrypto Holdings, which combines real estate and digital-asset infrastructure,that it is repositioning around tokenized securities and AI/blockchain infrastructure, with management emphasizing alignmentFaraday Future Intelligent Electric, a reminder that tokenization strategies still sit under active regulatory scrutiny.WISDOMTREE AND BAKKT TREAT DIGITAL ASSETS AS CORE BUSINESS:Bakkt'sThat means WisdomTreeand Bakkt function as picks-and-shovels plays on institutional adoption, with WisdomTree from the product and distribution side and Bakkt from the clearing, custody, and merchant-acceptance angle.ALT-CREDIT, BLOCKCHAIN HEALTHCARE, AND SPAC-TO-CRYPTO ASSET MANAGEMENT:Enlivex Therapeuticsfiled a prospectus supplement describing a capital-raising program that is partly framed around a crypto and blockchain initiative on the Arbitrum network., Enlivex referenced a digital asset called the RAIN token, illustrating how even non-crypto-native sectors like biotech and cell therapy are experimenting with token-based funding and ecosystem incentives.MINERS AND INFRASTRUCTURE PIVOT WHILE TREASURIES BUILD:CNBC interviewed TeraWulfCEO Paul Prager on the company's pivot from pure bitcoin mining toward AI and high-performance computing data center leasing, including a 522 MW capacity deal backed by Google. In the, Prager emphasized that AI demand for power and compute can provide more stable, contracted revenue than mining, which reshapes how investors should model TeraWulf as an energy and infrastructure operator rather than just a proxy for bitcoin price and hashprice cycles.PRICE ACTION:As of time of writing, bitcoin was trading at $70,008.02, while ether was trading at $2,138.18,.

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.