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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,.

WisdomTree announced the pricing of its offering of $525M aggregate principal amount of convertible senior notes due 2031 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. WisdomTree also has granted the initial purchasers of the notes an option to purchase up to an additional $78.75M aggregate principal amount of the notes, which the initial purchasers exercised in full. The sale of the full $603.75M aggregate principal amount of notes to the initial purchasers is expected to settle on March 30, subject to customary closing conditions, and to result in approximately $591.2M in net proceeds to WisdomTree after deducting the initial purchasers' discount and estimated offering expenses payable by WisdomTree. WisdomTree intends to use approximately $200M of the net proceeds from the offering to pay the closing consideration for its previously announced acquisition of Atlantic House Holdings; approximately $302.7M of the net proceeds from the offering to pay the cash consideration to exchange its 3.25% convertible senior notes due 2029 in the notes exchange transactions, as described below; and the remainder of the net proceeds from the offering, if any, for working capital and other general corporate purposes, which may include the repayment of indebtedness, including under its 3.25% convertible senior notes due 2026, the remainder of its 2029 notes and its 4.625% convertible senior notes due 2030. If the Acquisition is not consummated, WisdomTree intends to use the proceeds it would have otherwise used to finance the Acquisition for general corporate purposes.

WisdomTree announced its intention to offer, subject to market conditions and other factors, $525M aggregate principal amount of convertible senior notes due 2031 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was down 1.0%, the Nasdaq Composite was down 1.0%, the Russell 2000 index was up 0.2%, the Russell 2000 Growth ETFwas down 0.6%, and the Russell 2000 Value ETFwas flat in the five-day trading session range through March 19.SHORT INTEREST GAINERSOrtex-reported short interest on Frontier Group Holdingshad previously reached a multi-month high above 50% in the first week of December as the stock price had rallied. Short positioning had then retreated to track in a 35%-42% range over the second half of December and through January-February, though bears have been far more active over the past three weeks, coinciding with the start of the Iran campaign by U.S.-Israel forces. This week, short interest as a percentage of free float jumped from 44.4% to 51.8%, a 10-month high. Similarly, days-to-cover rose sharply from 7.2 to 8.3 despite the increase in trading volume. Shares of Frontier Group were down 6% in the five-day period ended Thursday, though the stock is now down 27% from the start of the Middle East tension as traders react to the double-whammy of higher oil price and heightened travel alertness impacting airline and cruise stocks.Ortex-reported short interest on WisdomTreehad receded from mid-February high levels around 26.5% toward 22% in the first two weeks of March, though this week, shorts as a percentage of free float nudged higher and back above 24% while days-to-cover on the stock rose from 7.8 to 8.6. The stock had been one of the best performing names among its small-cap peers in the asset management space and remains impressively higher double-digits year-to-date in spite of the headwinds encountered by private credit, though it was also down 8.5% in in the five-day period covered through Thursday and has now fallen 24% relative to its 2026 peak just two weeks ago.Ortex-reported short interest in Core Scientifichad tracked in a very narrow 25%-26% range from February 10 through March 10, though this week, traders have turned increasingly willing to underwrite a more bearish case for digital crypto mining names. Short interest as a percentage of free float climbed from 26.5% to 28.3% in the five-day period covered through Thursday even as the stock rose 1.5% against a decidedly negative broader market sentiment. Short positioning is now within two percentage points of its 2026 highs even though the stock is still up about 9% on the year.SHORT INTEREST DECLINERSThe oil shock related to the Middle East conflict has made energy the only market sector to generate gains this week, and this theme is also playing out across our short-interest screen, where every stock in the energy arena has seen its short positioning drastically reduced. Specifically, bearish exposure as a percentage of free float for Fluence Energyfell 10 percentage points to a two-month low of 19.5%, short interest on Northern Oil & Gasfell from 18.4% to a one-year low of 16.1%, while that of HighPeak Energyslipped from 28.4% to a one-month low of 25.3%. Shorts are heading for the exits as the path to an off-ramp from escalation around the Strait of Hormuz - sending oil prices up by about 50% in just three weeks - remains murky, and the performance of those stocks reflect the sharp supply-risk premium: Northern Oil has gained 3% and HighPeak soared by 20%, even though Fluence Energy slipped about 2% in the five-day period covered through Thursday.