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SoFi Technologies Launches SoFiUSD Stablecoin for 15M Users
SoFi Technologies made history as the first U.S. national bank to put a chartered stablecoin directly into consumers' hands, opening SoFiUSD to nearly 15M app users for buy, sell, hold, and convert, a structural milestone that redraws the competitive map for fintechs, traditional banks, and stablecoin issuers alike. On the treasury front, DDC Enterprise and Genius Group both added to or expanded their bitcoin strategies. In infrastructure, TeraWulf closed a 1 GW-capable Kentucky data campus acquisition and IREN committed approximately $1.6B to Dell Technologies for Blackwell GPU hardware to power a $3.4B AI cloud contract. Streamex and Orca went live with 24/7 on-chain secondary market trading for a tokenized gold security on Solana, an early proof-of-concept for always-on real world asset liquidity. 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.SOFI'S STABLECOIN GOES LIVE:SoFi Technologiesmade SoFiUSD available to its nearly 15M app members for buy, sell, hold, and convert functions inside the SoFi app, with full rollout expected by early June,confirmed. The stablecoin is issued under SoFi's national bank charter, giving it a regulatory distinction no other consumer stablecoin currently holds. The bank-charter backing separates SoFiUSD from non-bank stablecoin issuers such as Circle'sUSD Coinand Tether, placing SoFi Technologies at the intersection of the pending GENIUS Act stablecoin framework and the chartered-bank regulatory channel.framed the key investor question as whether mass retail adoption will materialize for a bank-digital-dollar product competing against embedded fintech wallets already in users' daily flows.BITCOIN TREASURY MOVES:DDC Enterprisedisclosed its second bitcoin purchase in seven days, adding 131 bitcoin to bring its corporate treasury to 2,714 bitcoin, with no new common shares issued in connection with the buy,revealed. The sequential non-dilutive accumulation lifted bitcoin per 1,000 DDC Enterprise shares by 5.1% to 0.057053, a per-share bitcoin yield metric DDC Enterprise has adopted directly from the Strategyplaybook.Genius Groupalso moved, with its board approving a dual bitcoin and AI treasury model targeting an initial $100M deployment into a pre-IPO portfolio it calls the AGI Infinity Portfolio, with a five-year target of $800M,announced, naming SpaceX, OpenAI, Anthropic, Figure AI, Replit, Anduril, and Databricks as target exposures.MINER AND INFRASTRUCTURE EXPANSION:TeraWulfclosed the acquisition of the Muskie Data Campus in eastern Kentucky from Industrial Equity Partners effective May 22, adding a 285-acre site capable of supporting more than 1 GW of AI/HPC data center capacity,disclosed. Kentucky Power, a unit of American Electric Power, is constructing a 345 kV substation connected to the 765 kV transmission backbone, with the first 500 MW tranche targeted for the second half of 2028 and the next 500 MW for the second half of 2030.IRENentered into an approximately $1.6B purchase agreement with Dell Technologiesfor air-cooled NvidiaBlackwell GPU systems to service its previously announced $3.4B five-year managed services AI cloud contract,revealed. The systems will deploy at IREN's Childress, Texas campus with commissioning targeted for early 2027, at which point the company expects its AI cloud annualized recurring revenue to rise from $3.7B to $4.4B.TOKENIZED ASSETS GO 24/7:Streamexand Solana-based automated market maker Orca launched continuous decentralized secondary market trading for GLDY, a gold-backed, yield-bearing tokenized security,. The structure provides institutional on-chain liquidity around the clock through a real-world asset tokenization model that bypasses traditional exchange hours. The deployment represents an early live example of the tokenized-security infrastructure that large custodians and broker-dealers have been positioning toward, with continuous pricing and settlement removing the settlement-cycle friction that has been a practical barrier for institutional RWA adoption. Solanaserves as the underlying settlement layer.PRICE ACTION:As of time of writing, bitcoinwas trading at $74,894.59, while etherwas trading at $2,059.21,.
DDC Enterprise Acquires 200 Bitcoins, Total Holdings Reach 2,583
DDC Enterprise announced the acquisition of 200 Bitcoin, BTC, bringing total holdings to 2,583 BTC. Bitcoin per 1,000 DDC shares increased by 8.4% to 0.0543. "An accretive financing only creates value when it is followed by an accretive deployment," said Norma Chu, Founder, Chairwoman, and Chief Executive Officer of DDC Enterprise. "Today's purchase closes that loop: capital previously raised above our Bitcoin net asset value, deployed today into more Bitcoin, with no new shares issued. The result is more Bitcoin backing every DDC share than yesterday."
NY AG Sues Coinbase and Gemini for Illegal Gambling
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.
Bitcoin Rises to $79,004.25 on Geopolitical Relief
Bitcoin advances on geopolitical relief, United States trading platforms aggressively pursue perpetual futures, and corporate treasuries continue accumulating digital assets. De-escalating tensions are propelling the broader crypto sector higher today, pulling mining and exchange equities up with it. Simultaneously, infrastructure providers are raising capital to accelerate data center developments. 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.GEOPOLITICAL TAILWINDS LIFT EQUITIES:Easing tensions in the Middle East gave bitcoina lift on Wednesday after President Trump extended the U.S.-Iran ceasefire., traders interpreted the geopolitical move as a risk-on catalyst, with the relief bid flowing directly into crypto-adjacent equities including Strategy, Coinbase, and MARA Holdings. The rally arrives against a tense on-chain backdrop asshows that a drop below $73,721 would trigger $1.676B in cumulative long liquidations on major centralized exchanges, while a push through $80,768 would squeeze $883M in short positions, an asymmetric liquidation map that underscores just how technically significant the current price zone is for leveraged market participants.EXCHANGES PREPARE FOR PERPETUAL CONTRACTS: U.S.:crypto exchanges are accelerating their derivatives buildout ahead of an anticipated regulatory shift.that Coinbase has self-certified long-dated perpetual-style futures contracts with the CFTC, and Robinhoodhas signaled intent to follow, as both platforms race to capture high-leverage derivatives volume before a formal rule change domestically permits perpetual futures. The ability to offer perpetual futures, the dominant instrument in global crypto trading, represents a material expansion of the addressable revenue pool for both publicly traded exchanges, and a potential catalyst for fee income growth at each platform.INFRASTRUCTURE AND CAPITAL ALLOCATION:HIVE Digital Technologiesdisclosed the closing of $115M in aggregate principal of 0% Exchangeable Senior Notes due 2031, issued through its subsidiary HIVE Bermuda 2026., the notes carry an initial exchange price of approximately $2.57 per share, a 17.5% premium, with a cap price of roughly $4.92, and HIVE separately transacted $19.8M in capped call agreements to manage dilution risk. Proceeds are earmarked for graphics processing unit purchases and data center development, cementing HIVE's pivot toward artificial intelligence and high-performance computing infrastructure as the company moves capital away from pure bitcoin mining economics.Keel Infrastructure, the company formerly known as Bitfarms, has completed the sale of its 70-megawatt Paraguay bitcoin mining site for approximately $13M,. The divestiture finalizes Keel's exit from Latin American operations and frees capital for redeployment into its North American high-performance computing and artificial intelligence infrastructure pipeline. The strategic pivot mirrors a broader sector-wide trend of former pure-play bitcoin miners repositioning toward data center and cloud compute revenue models with higher and more stable margins.DIGITAL ASSET TREASURY DISCLOSURES:DDC Enterpriseissued aclarifying that core sales and marketing expenses fell 54% and general and administrative costs dropped 44.4% in FY25, while the company's treasury stands at 2,383 BTC, approximately $182M at current prices, alongside the launch of an artificial intelligence-driven Bitcoin Treasury Intelligence Platform. Separately, DeFi Developmentredesigned itsto consolidate modified NAV and SOL per share disclosures into a single standardized format, as the solanatreasury company works to improve shareholder transparency for a model that remains relatively new to equity markets.INSTITUTIONAL CUSTODY AND FUND FLOWS:shows total net inflows into U.S. ether spot exchange-traded funds reached $43.36M on April 21, extending a nine-consecutive-day inflow streak. BlackRock'sETHA led the session with $37M in single-day inflows, bringing ETHA's historical cumulative net inflow to $11.943B. The sustained inflow streak signals that institutional allocators are adding ether exposure even as the broader crypto market navigates geopolitical uncertainty and leveraged liquidation risk, a bifurcation that could support ether price outperformance relative to bitcoin if the streak extends into the week's final sessions.PRICE ACTION:As of time of writing, bitcoinwas trading at $79,004.25, while etherwas trading at $2,399.39,.
Strategic Surpasses BlackRock with $2.54B Bitcoin Purchase
Bitcoinis trading above $76,000 Tuesday, lifted by U.S.-Iran peace-talk optimism and a fresh $2.54B purchase from Strategythat pushed the firm's total holdings past BlackRock'sspot-product accumulation for the first time. Meanwhile, eight crypto-adjacent companies filed fresh disclosures with the SEC in the same session. 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 OVERTAKES BLACKROCK IN BITCOIN:Strategypurchased 34,164 bitcoin for $2.54B, bringing its total treasury to 815,061 bitcoin, roughly 4% of total circulating supply, and surpassing BlackRock'sIBIT accumulation total for the first time in the spot-ETF era,. The purchase fueled a broad risk-on bid across crypto-linked equities, with bitcoin climbing above $76,000 amid concurrent U.S.-Iran peace-talk optimism. Shares of Strategy have surged roughly 37% from their low of $120 in April. The firm carried $14.5B in Q1 unrealized losses and a compressed mNAV premium, factors that could limit the equity's upside leverage to bitcoin even as the underlying asset advances.COINBASE - QUANTUM RISK AND RETAIL BUYBACK:Coinbasepublished a position paper from its newly formed Quantum Advisory Council concluding that while no existing quantum computer can break current cryptographic standards, the likelihood of one eventually doing so is high, potentially within a decade or sooner, and that a multi-year migration to quantum-resistant cryptography must begin now rather than at the point of crisis,. The paper identifies the primary near-term vulnerability not at the mining or chain-data layer, but at the wallet level: quantum machines could eventually break current digital signature schemes used to prove on-chain ownership, with approximately 6.9M bitcoin sitting in more-exposed address types. Proof-of-stake chains face added exposure through validator signature schemes, though ether has a published migration roadmap that the paper notes could simultaneously improve scalability. The deployment bottleneck is coordination: post-quantum signatures standardized by NIST are significantly larger than current schemes, creating friction in transaction speed, fees, and storage, while migrating wallets across a decentralized ecosystem presents an industry-wide governance challenge that Coinbase says it is actively working to help resolve through hardware and infrastructure partnerships.CORE SCIENTIFIC LAUNCHES $3.3B DEBT OFFERING BACKED BY COREWEAVE REVENUE:Core Scientificdisclosing a proposed $3.3B senior secured notes offering due 2031 through subsidiary Core Scientific Finance I LLC, aimed at refinancing a 364-day bridge credit facility. Supplemental materials included with the filing show approximately $7.8B in illustrative revenue across six AI data center projects totaling roughly 590 MW, all licensed to CoreWeave. The size of the debt raise and its explicit linkage to contracted CoreWeave capacity makes this one of the largest infrastructure-backed bond offerings from a former bitcoin miner, reflecting how deeply the sector has pivoted toward high-performance compute as a primary revenue driver.CORPORATE BITCOIN TREASURY DISCLOSURES:Several publicly traded firms provided crypto-asset treasury updates on Tuesday. Hyperscale Data, 663.3130 bitcoin at $75,872 per coin, crossing the halfway mark toward its stated $100M bitcoin treasury goal after purchasing approximately 13.2 bitcoin in the week ended April 19. DDC Enterprisedisclosing record FY25 revenue, positive adjusted EBITDA, and a bitcoin treasury that grew to 2,383 bitcoin as of April 21. Eightco Holdingscomprising $90M in OpenAI equity, $25M in Beast Industries equity, 283.5M worldcointokens, 11,068 ether, and $118M in cash and stablecoins.INFRASTRUCTURE UPDATES:Rumble, a GPU and high-performance compute infrastructure firm majority-owned by stablecoin-issuer giant Tether, at a ratio of 2.0281 Rumble Class A shares per Northern Data share, with the offer period running April 13 through May 9. Completion would add a significant Tether-backed high-performance computing infrastructure layer to Rumble's business. On the mining infrastructure side, Soluna Holdings, adding 3.3 MW at Project Dorothy 1B, a wind-powered 25 MW data center, and bringing Blockware's total deployed capacity across Soluna facilities to over 17 MW.PRICE ACTION:As of time of writing, bitcoin was trading at $75,781.97 while ether was trading at $2,309.50,.
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