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Mastercard and BVNK Launch Global Money Platform
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, BVNK LAUNCH MASTERCARD GLOBAL MONEY PLATFORM:Mastercardand BVNK announced Thursdaybringing together Mastercard's global payments capabilities with BVNK's stablecoin infrastructure through a single API. The launch marks the first major integration of Mastercard and BVNK capabilities since the acquisition of BVNK in August. Global Money Platform provides a full-stack, modular infrastructure layer for modern finance. Banks, fintechs and enterprises can now embed multi-currency accounts, including fiat and stablecoins, real-time conversion, stablecoin-linked cards and local bank payouts through Mastercard Move into their own products and under their own brand. They can also use the platform to manage their own treasury, payments and settlement activity directly.Raj Dhamodharan, EVP, Blockchain and Digital Assets at Mastercard, said, "We believe the future of commerce will be built on interoperability across multiple forms of money. Global Money Platform brings together Mastercard's trusted payment infrastructure and reach with BVNK's stablecoin capabilities, giving businesses a single foundation to move value across traditional and digital ecosystems. This is an important step in bringing our multi-money strategy to life and enabling the next generation of programmable and agentic commerce."VISA DIRECT LAUNCHES STABLECOIN-POWERED MONEY MOVEMENT:Visaannounced Thursdayas Visa Direct stablecoin capabilities advance from pilot stage to commercial deployment. In the initial rollout, Inyo Global, a Visa Direct processor, is the first enabler of this new offering, powering it for eligible Visa Direct clients and partners. Over the past year, Visa Direct has worked with clients and partners to explore how stablecoins can help improve the way businesses fund and move money across borders. As interest in faster, more flexible just-in-time funding solutions continues to grow, Visa is now seeing those efforts move beyond experimentation and into day-to-day business operations. As part of this next phase, Visa is working with Inyo Global to bring Visa Direct's stablecoin-enabled prefunding to market. Inyo has integrated the capability into its platform, giving the businesses it serves the option to prefund cross-border payouts through Visa Direct with USDC in near real time, rather than relying solely on traditional funding windows. Through a single connection, Inyo's platform lets businesses onboard users, manage fraud and compliance, accept payments and send domestic and international payouts across more than 180 countries, powered by Visa Direct."The next chapter for stablecoins is adoption," said Vira Platonova, Global Head of Visa Direct. "Over the last several years, we've worked with several partners and clients to explore how these technologies can improve money movement. We're now seeing those efforts translate into live implementations, helping businesses access more flexible and efficient ways to fund and move money globally through Visa Direct, starting with Inyo Global as our first enabler."CIRCLE TO REPORTEDLY ENTER 40 NEW MARKETS:Circleis enteringas blockchain adoption is set to scale significantly, Selena Li of Reuters reported Friday, citing comments made by CEO Jeremy Allaire. "We're kind of going through an inflection point...a transition right now, and that transition is essentially moving from the early adopter phase of blockchain technology into the mainstream scaling phase," Allaire told Reuters. Regions such as Southeast Asia, Latin America, Africa, and the Middle East have markers of rising organic demand for stablecoins and digital utility, Allaire added.TD Cowen noted that MasterCard's launch of the BVNK-integrated Global Money Platform and Visa Direct's move from pilot to commercial deployment reinforces the firm's view that stablecoin adoption is occurring as a complement to existing network infrastructure. Notably, Circle Internet's USD Coin was the only stablecoin referenced in Visa's commercial deployment announcement, and the firm would expect it to broaden, though it reinforces the view that institutional adoption will concentrate around the most established, regulated, and liquid stablecoins, the analyst said. The firm added that MasterCard and Visa announcements have positive read-through for Circle and USDC utility, though infrastructure remains multi-asset.MARQETA, COINBASE COLLABORATE FOR STABLECOIN-BACKED CARDS:Marqetaannounced Friday a collaboration with Coinbaseto bringLeveraging Coinbase's crypto infrastructure, Marqeta will enable businesses to offer a payment card solution that allows users to tap into the benefits of stablecoins by turning their stablecoin balances into everyday card spend. The collaboration will expand Marqeta's relationship with Coinbase, for whom Marqeta already issues crypto-backed cards. The expanded relationship will bring together capabilities suited to the stablecoin-backed card needs of Marqeta's enterprise customers. Coinbase will handle custody of stablecoin balances and manage the conversion between digital assets and fiat, while Base, Coinbase's blockchain, will provide the on-chain infrastructure for fast, secure, low-cost settlement. Marqeta will provide the card issuance and payment processing, and manage the bank and network relationships. Through the collaboration, businesses will be able to issue stablecoin-backed cards and fund their programs 24/7, while cardholders will be able to spend from a stablecoin balance at millions of merchants that accept cards globally."Coinbase is enabling businesses to move money with the speed and efficiency they require," said Alec Lovett, Head of Infrastructure Products, Coinbase. "Our collaboration with Marqeta will combine our stablecoin payment rails with their powerful issuing and processing capabilities to deliver real-time global transactions that meet the needs of modern consumers and businesses."Citi raised the firm's price target on Coinbase to $230 from $210 and kept a Buy rating on the shares. The firm adjusted ratings and targets in the digital asset group as part of a Q3 earnings preview. The sector is entering earnings season with a "considerably stronger backdrop" relative to a few months ago, the analyst said. Citi favors companies positioned around tokenization and market infrastructure, with a preference for "AI-enabled infrastructure stories."BITDEER AI EXPANDS MALAYSIA CAMPUS:Bitdeer AI, part of Bitdeer Technologies Group, announced Monday that it has entered intofor A103, a 60MW AI Cloud data center facility on the same Cyberjaya, Malaysia campus as its A101 and A102 facilities. A103 is designed for liquid-cooled, rack-scale NVIDIA systems, including the next-generation NVIDIA Vera Rubin platform, with energization expected in 1Q28. A103 is located on the existing Cyberjaya campus allowing Bitdeer AI to leverage established power, liquid cooling and networking to shorten the path to energization. Together with the A101 and A102 facilities, the Cyberjaya campus will represent approximately 71.5MW of AI Cloud data center capacity. With the addition of the A103 facility, Bitdeer AI's secured AI Cloud data center capacity totals approximately 333.5MW across facilities in Malaysia, Norway and the United States, representing approximately 95% of its target of up to 350MW to be delivered by 1Q28."We have secured approximately 95% of our up-to-350MW target with the addition of the A103 facility," said Michael Potter, CFO. "Adding 60MW alongside the A101 and A102 facilities means we benefit from the power, the cooling and the network infrastructure already in place, improving our time-to-market. A103 is also built for the Vera Rubin generation, which is the capacity customers are asking us about for 2028."OTHER CRYPTO NEWS:Strategyacquiresreports USD reserve of $4.88B as of October 11, price target raised to $208 from $186 at Cantor FitzgeraldSecuritizeprice targetat StoneX, downgraded to Neutral from Buy at CitiBitmine ImmersionreportsDeFi DevelopmentaddsStrivepurchases 3,311 bitcoin, reportsprice target raised to $37 from $21 at MaximTeraWulfinitiated with a Buy at TD Cowen,at Cantor Fitzgerald, Morgan Stanley says pullback 'at odds with underlying contract value'Hyperscale Datareportscompletes tokenization of 5,000 troy ounces of physical silverGeminiupgradedat CitiFigure Technologyinitiatedat Freedom CapitalGalaxy Digitalupgradedat CitiCoinShareslaunchesthrough Safe partnershipAmerican Bitcoinassumed with a Buy at H.C. Wainwright, price targetat MaximDigital Currency XtoCanaanminesBitFuFuproduceslaunches Hashrate Token with FinloopBakktselectsInteractive Brokersexpands digital asset offering withPerpetuals.comannounces plans to offeron its platformCantor Fitzgerald lowers Hut 8price targetCore Scientificto, Cipher MiningtoCleanSparktoKeel Infrastructuretoand Riot PlatformstoCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Mara Holdings, Strategy, Riot Platforms and TeraWulf.PRICE ACTION:As of time of writing, bitcoin dropped roughly 1% this week to $81,807 in U.S. dollars, according to CoinDesk.
Binance Invests $100M in Circle to Boost USDC Development
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.BINANCE INVESTS $100M IN CIRCLE:Circle Internet Groupand Binance announced Tuesday anThe companies have entered into a new, five-year commercial agreement focused on expanding USDC access across emerging markets. Further, Binance has made a $100M strategic equity investment in Circle. Under the new agreement, Binance will accelerate the promotion, awareness, and integration of USDC on its platform, especially across emerging markets, and Circle will provide the infrastructure services that support holding and using USDC. Binance's equity investment in Circle was made through a private placement of Class A common stock at a purchase price reflecting a five percent discount to the market price of CRCL prior to closing. Binance has agreed not to transfer the shares for a period of up to two years from the closing date, subject to customary exceptions."Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet's largest financial super app, and becoming the most widely used wallet in the world for dollar stablecoins," said Jeremy Allaire, CEO. "Together, we see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets."Following the news, Clear Street reiterated a Buy rating and $107 price target on Circle. The firm views the development as an incremental positive for relationship optimization and supply visibility, as it secures USDC promotion to Binance's 300M+ users, deepens the emerging-markets dollar-access push, and lands ahead of OUSD's expected launch later this year. The equity stake aligns Binance with USDC's success, echoing Coinbase'sdistributor-shareholder model, the analyst said.FED PROPOSES FRAMEWORK FOR STABLECOIN ISSUERS:On Thursday, The Federal Reserve Board has requested public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act. "The first proposal would require that Board-supervised payment stablecoin issuers fully back their stablecoins with certain permissible reserve assets, such as short-term Treasury bills and certain other high-quality, liquid assets. The proposal would also establish standardized capital requirements to address certain credit and operational risks of payment stablecoin activities, as well as risk management standards, in accordance with the law. Separately, the proposal would introduce rules for Board-supervised firms that safekeep the assets backing payment stablecoins. It would also clarify the permissibility of stablecoin and related activities for Board-supervised banks. The second proposal would establish a tailored application process for Board-supervised banks applying to issue payment stablecoins. These applicants would be required to submit a business plan and financial information, among other documents. The proposal would also create a process governing appeals, hearings, and final determinations for applications. The comment period will close 60 days after publication in the Federal Register," the Fed stated.COINBASE OFFERS ACCESS TO IPO ALLOCATIONS:Coinbase announced Monday that it nowfor retail traders in the U.S. "Coinbase is expanding access to primary financial markets by bringing initial public offering allocations to U.S. retail traders. Beginning with Oura's IPO this week, eligible customers can request shares at the offer price before open-market trading starts. This new feature is yet another step toward growing the Everything Exchange, as our US customers now gain early exposure to high-interest companies before they hit public exchanges," the company announced.Clear Street raised the firm's price target on Coinbase to $224 from $204 and kept a Buy rating on the shares. The company on Friday filed with the Commodity Futures Trading Commission to list cash-settled, perpetual-style futures on individual U.S. stocks, covering roughly 50-60 names including Apple, Microsoft, Nvidia and Tesla, the analyst said. Clear believes the filing can drive additional product launches at Coinbase and "challenge the status quo within the existing market structure." Perpetual futures on single stocks in the U.S. could arrive earlier than expected, added the firm.NYSE, BLOCKCHAIN.COM PARTNER FOR TOKENIZED SECURITIES TRADING:Blockchain.com and the NYSE Groupannounced Wednesday the signing of athat will provide Blockchain.com's user base access to tokenized U.S. exchange-listed equities and ETFs on the NYSE's previously announced digital ATS, subject to any required regulatory approvals. The collaboration seeks to broaden the NYSE's access to crypto-native investors through Blockchain.com's global customer base. Additionally, the MOU includes bidirectional market data distribution across the companies' respective platforms. NYSE's affiliated business, ICE Data Services, plans to distribute Blockchain.com's crypto market data and analytics to its subscribing clients, providing traditional investors with more intelligence about digital asset investment opportunities. Blockchain.com plans to incorporate certain ICE and NYSE exchange data feeds into its app, equipping more than 44 million confirmed accounts with access to real-time stock information."The future of capital markets belongs to institutions that unite the trust of traditional finance with the innovation and accessibility of digital assets," said Lynn Martin, President, NYSE Group. "Blockchain.com's international footprint and digital asset expertise make it a natural complement to our tokenized securities platform upon launch. We look forward to furthering their efforts to bring customers' trading activity onto the blockchain and giving them more data and choice in how they participate in the digital financial ecosystem."BITGET REPORTS $352M STOLEN IN HACK:Gracy Chen, CEO of crypto exchange Bitget, said in a Thursday X post that the company's security systems detected unauthorized transfers from some of its hot wallets, adding its security team activated emergency response protocols immediately. She said, "What we have confirmed: Estimated funds affected: approximately $351.6M; Cold wallets remain fully secure. Bitget operates a three-tier wallet architecture — the breach contained only a portion of the hot wallet and warm wallet layers; User funds are safe. The full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over $464M. Actions we have taken: Emergency response team activated within minutes of detection; Abnormal transfer addresses identified, flagged, and reported; Withdrawals temporarily suspended as a precautionary measure, pending security review; Law enforcement and on-chain security firms have been formally notified and are engaged. What this means for you: Your account balances are accurate and your assets are protected; Deposits and trading remain fully operational; Withdrawals are temporarily paused and will be restored as soon as the security review is complete. What comes next: We will provide updates on an hourly basis across this channel and all official platforms. A full incident report — including root cause analysis and corrective actions — will be published within 24 hours. We will not speculate on the attack vector until the investigation is complete."OTHER CRYPTO NEWS:Forward Industries'SOL holdings, price target raised to $11 from $9 at B. RileySecuritizeinitiated with anRosenblatt ups target on 'significant positive' from SECBitmine Immersionreportsprice target raised to $34 from $30 at B. RileyDeFi DevelopmentaddsStrategypurchasesreports USD reserve of $5.04B as of September 20, price target raised to $195 from $175 at B. RileyStrivepurchases 1,355 bitcoin, reportsprice target raised to $44 from $32 at TD Cowen, to $33 from $26 at B. RileyBitGolaunchesappoints Greg Cipolaro as headIreninitiated with aTeraWulfinitiated with a, with a Buy at UBSCore Scientificinitiated with, with a Buy at UBSHut 8initiated with awith a Buy at UBSCipher Miningexpandsinitiated with a Neutral at Rothschild & Co Redburn, with a Buy at UBSHyperscale Datato formBullishprice target raisedLion GroupreaffirmsCME Groupto launchon October 19, pending reviewSoFi Technologies, MasterCardannounceB. Riley raises price target on Solana Companytoon Nakamototoon SharpLink GamingtoGalaxy Digital, Sky Protocol announceStreamexannouncesCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin rose roughly 4% this week to $83,856 in U.S. dollars, according to CoinDesk.
Galaxy Digital Partners with Sky Protocol to Expand $100M Lending
Sky Protocol and Galaxy Digital announced a collaboration spanning lending and capital markets, and deepening Galaxy's use of Sky Protocol's savings token while expanding the onchain credit available to Galaxy's institutional platform, which serves more than 1,600 total trading counterparties. As part of the collaboration, Galaxy has added $100M of sUSDS, the native savings token accessible through Sky Protocol, to its corporate treasury and approved sUSDS as eligible collateral across its institutional trading business, which carries a $1.4B average loan book. Clients who post sUSDS against a loan continue accruing the Sky Savings Rate on the full position for as long as the loan runs. For Galaxy, the partnership is also a strategic entry point into the largest pool of capital onchain. Sky Protocol is the largest source of onchain stablecoin liquidity by a wide margin, with $5.41B entering Q3 being supplied through independent allocators and into institutional tokenized funds, where it holds anchor positions in BlackRock's BUIDL and Janus Henderson's JTRSY. The partnership connects Galaxy's offerings directly to that ecosystem.
Nasdaq to Invest $100M in Payward
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.NASDAQ TO INVEST $100M IN PAYWARD:Nasdaqannounced Thursdaythe parent company of Kraken, including an agreement by Nasdaq Ventures to invest $100M, the continued advancement of the companies' work on the Nasdaq Equity Token framework, and a new market surveillance agreement. Nasdaq is partnering with Payward to support the continued evolution of tokenized market infrastructure while maintaining an issuer-centric approach grounded in strong governance, regulatory compliance, and market integrity. Nasdaq and Payward will continue to advance the operational and commercial infrastructure supporting Nasdaq Equity Tokens with an expectation to launch NETs in 2Q27. Earlier this year, Nasdaq announced plans to develop NETs and introduced an accompanying framework designed to connect them with Payward's xStocks ecosystem. The next phase of the collaboration will advance the global distribution, trading and post-trade capabilities needed to support the broader adoption of tokenized equities. As part of the expanded relationship, Payward will also adopt Nasdaq's surveillance technology across its portfolio of trading venues, including crypto, equities, tokenized equities, futures and options."The next era of market evolution will be defined by how efficiently and seamlessly capital and assets move across the financial system with durable liquidity," said Tal Cohen, President of Nasdaq. "Expanding our relationship with Payward reflects our conviction that the company can play an important role in building the infrastructure that supports this evolution. This partnership advances our work on Nasdaq Equity Tokens and helps build a more connected financial system while preserving the trust, transparency and integrity that underpin capital formation."CIRCLE TO ACQUIRE TAZAPAY:Circle Internet Groupannounced Tuesday it had signeda Singapore-headquartered B2B cross-border payments infrastructure company focused on serving payment service providers and financial institutions. The deal is expected to close in 2027, subject to customary closing conditions and receipt of regulatory approvals, including approval from the Monetary Authority of Singapore. Tazapay brings over $25B of annualized payment volume, more than 60 banking and fintech partners, local payout rails covering over 100 markets, adding scale to Circle's payments infrastructure. Approximately 60% of Tazapay's transaction volume already includes stablecoins."Stablecoin settlement is becoming core infrastructure in the global economy, and combining USDC with Tazapay's world-class banking relationships, local payout rails, and institutional customer base will accelerate worldwide USDC adoption," said Jeremy Allaire, Circle CEO. "Tazapay has been a design partner for Circle Payments Network since 2025 and we share a deep alignment. We are excited to bring the team in-house and work together towards accelerating Circle's mission."Keefe Bruyette initiated coverage of Circle Internet with a Market Perform rating and $105 price target. Circle is well positioned to benefit from continued stablecoin adoption through USDC and its regulatory, ecosystem, and network advantages, while its larger payments and financial infrastructure opportunities offer significant but more speculative upside, the analyst said.Additionally, Clear Street said it views the deal as the "mirror image" of Mastercard's$1.8B BVNK acquisition in March. The deal roughly doubles the volume footprint of Circle's payments business at close, the analyst said. Clear views the $400M in stock deal price as "disciplined." It keeps a Buy rating on Circle Internet with a $107 price target.COINBASE, MOOV PARTNER FOR STABLECOIN PAYMENTS, CUSTODY:On Thursday, Coinbaseannounced it is, settlement, and real-time funding to Moov's growing customer base of more than 1,000 community banks and credit unions, combining Coinbase's regulated digital asset infrastructure with Moov's existing payments platform. Through this partnership, Moov is integrating Coinbase's stablecoin payments infrastructure into its existing payments platform, giving financial institutions a path to add stablecoin capabilities without building a separate crypto technology stack from scratch. Using CDP's Custodial Wallet accounts for fund custody and the Payments API to orchestrate stablecoin movement, Moov can embed crypto rails directly into its existing product."Community banks and credit unions have witnessed their customers use digital assets for years. Through our partnership with Moov, Coinbase is delivering the regulated infrastructure they need to offer these services directly embedded right into their existing systems. Modern tech should meet local institutions where they are, giving them the tools to compete with the largest players while preserving what makes them trusted pillars of their communities," said Ryan VanGrack, Vice Chair and Head of Corporate Affairs.The company also announced Wednesday it is rolling out a new way for customers in Brazil to earn more on the USDC they already hold by integrating Morpho. Users can deposit their USDC and put it to work onchain, where it accrues rewards until withdrawn with no lock-up required.Additionally on Wednesday, ION announced that Coinbase has selected ION's XTP for Event Contracts to support event contract clearing for Kalshi. Event Contracts is ION's latest extension to its flagship XTP solution, offering a fully automated, real-time platform for the creation, resolution, and settlement of event-based contracts.Goldman Sachs raised the firm's price target on Coinbase to $219 from $196 and kept a Buy rating on the shares.Meanwhile, Morgan Stanley initiated coverage of Coinbase with an Equal Weight rating and $250 price target. The company's scale, liquidity, regulatory infrastructure and product breadth position it to remain a central access and infrastructure provider as digital assets move further inside the regulated financial system, the analyst said. Morgan Stanley sees "meaningful strategic value" in Coinbase's positioning and believes the company is positioned to participate as crypto and traditional finance converge. However, the company's earnings profile remains highly cyclical, while incremental growth increasingly comes from businesses that are less proven, added the firm.CANTOR RAISES PRICE TARGETS ON CRYPTO NAMES:Cantor Fitzgerald raised the firm's price target on Bitmine Immersiontoand kept an Overweight rating on the shares. The price target increase reflects recent momentum in the crypto markets, the analyst said. While the firm is "mindful" of potentially choppy price action in the months ahead, the current bear-market drawdown will likely have bottomed by October 2026, Cantor said.The firm also raised its price target on Forward IndustriestoHyperliquid Strategiesto, Cypherpunk Technologiesto, DeFi DevelopmenttoHyperion DeFito, Metaplanetto, SharpLink GamingtoSol Strategiestoand SUI GrouptoThe analyst kept an Overweight rating on the names.Additionally, Bitmine announced Tuesday Bitmine crypto, total cash and marketable securities and "moonshots" holdings totaling $15.7B. As of September 7, the company's crypto holdings are comprised of 5,929,198 ETH at $2,495 per ETH, 211 BTC, $180M stake in Beast Industries, $91M stake in Eightco Holdingsand total cash & marketable securities of $593M.CANAAN REPORTS EARNINGS:On Tuesday, Canaan Inc.reportedwhich compared to analysts' consensus of loss per share of (15c) and revenue of $31.2M. The company also guided to Q3 revenue of $11M-$15M.Nangeng Zhang, CEO, commented, "Q2 2026 presented a difficult period for bitcoin mining, as renewed bitcoin price pressure, weaker mining economics, and seasonal power constraints weighed on equipment demand and profitability. Our team responded by staying close to customers, matching production to demand, and protecting liquidity. We generated $31.9M in total revenue with 2.5 EH/s of computing power sold during the second quarter. Our mining operations produced 243 bitcoins and continued to generate positive cash contribution before depreciation, supported by competitive power economics, while our digital asset treasury reached a record 1,915 BTC and 3,952 ETH at quarter-end. Beyond revenue generation, we kept our inventory lean, tightened spending and cash-flow management, and further streamlined our organization."BTIG lowered the firm's price target on Canaan to $2 from $3 and kept a Buy rating on the shares. The Q2 results were materially weaker than expected as declining BTC prices drove a sharp drop in mining-rig demand, sales volumes, and ASPs, while management's sharply lower Q3 revenue guidance signals continued pressure on the hardware business, the analyst said.Rosenblatt lowered the firm's price target on Canaan to 75c from $1.30 and kept a Buy rating on the shares. The firm said bitcoin market headwinds and ongoing repurposing of industry capacity toward high-performance compute colocation are weighing on demand for bitcoin mining rigs. As a result, Canaan's product revenue declined 70% quarter over quarter, the analyst said. However, Rosenblatt still sees meaningful operating leverage in Canaan's earnings model should bitcoin prices recover.OTHER CRYPTO NEWS:Strategymakesreports USD reserve of $5.1B as of September 7, price target raised to $179 from $175 at CanaccordStrivepurchasesas of September 4BVNK, Marqetapartner toMastercard launchesBitGoconnectsGalaxy Digitalreceiveslarge load interconnection processSecuritizeinitiatedH.C. Wainwright assumes Bit Digital, Mara HoldingswithTeraWulfinitiatedIrenSweetwater HubSoluna HoldingsenergizesAGM Groupentersto develop desktop nodeVisabringsGeminiprice target raisedU.S. BanklaunchesPowerComputeminesBTC Digitalannounceswith TianciCleanSparkreportsBlockapplies toCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin dropped roughly 2% this week to $77,469 in U.S. dollars, according to CoinDesk.
Coinbase Files for U.S. Derivatives Registration
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 CPO REPORTS FILING FOR EQUITY PERPETUALS:In a Thursday X post, Faryar Shirzad, Chief Policy Officer at Coinbase, stated, "This week @coinbase took the first step to offer them in the U.S on our derivatives exchange by filing notice registration documents with the @SECgov. Equity perps have proven demand internationally, and we're excited at the prospect of a regulated pathway for U.S. investors. The next step is product approval with the @CFTC. The coordination between the SEC and CFTC making this possible is long overdue - and it's exactly what needs to happen for the U.S. to stay competitive on products investors already want. This is only the beginning."On Wednesday, the company announced eligible Canadian traders can now access regulated derivatives contracts on Coinbase. The company said, "Offered through Coinbase Financial Markets, Coinbase is the first major crypto native platform to offer direct native crypto futures in Canada. These capital-efficient perpetual and dated contracts allow sophisticated investors to trade, speculate, and hedge on a platform they already trust."On Monday, Coinbase announced Webulliswith Coinbase as its crypto infrastructure partner. Built on Coinbase's Crypto-as-a-Service platform, Webull Canada will leverage Coinbase's institutional-grade custody and trading services. This expansion follows similar launches in the U.S., Brazil and Australia.Additionally, Cantor Fitzgerald raised the firm's price target on Coinbase to $212 from $184 and kept an Overweight rating on the shares. The firm modestly updated its model to better reflect management commentary and Q3 guidance.STRATEGY BUYS MORE BITCOIN:In a Monday regulatory filing, Strategyannounced an update on its bitcoin holdings. The company reportedat an average purchase price of $80,318 between August 24 and August 30. As of August 30, Strategy holds 845,050 bitcoin acquired for an aggregate purchase price of approximately $63.73B.The company also noted that, as part of its capital framework, Strategy maintains a U.S. dollar reserve, which is intended to support the payment of dividends on Strategy's preferred stock and interest on its outstanding indebtedness, and "USD Cash", which management maintains to deploy for broader general Bitcoin Treasury Company purposes, which may include acquiring bitcoin, expanding the USD Reserve, broader capital management uses, and other similar purposes. As of August 30, the balances of the USD Reserve and USD Cash were $5.1B and $1.61B, respectively. These amounts include expected cash proceeds from shares sold under Strategy's ATM that had not yet settled as of such date.Following the filing, Alliance Global initiated coverage of Strategy with a Buy rating and $217 price target. The company's bitcoin holdings total 845,050, making it the largest holder and representing 4% of the entire supply of the cryptocurrency in existence, the analyst said. Alliance expects a "bull run" in bitcoin over the next 6-18 months given "scarcity and increased demand as the regulatory picture becomes clearer." Strategy is creating yield that results in outperformance compared to bitcoin, contended the firm.B. Riley raised the firm's price target on Strategy to $175 from $155 and kept a Buy rating on the shares. The firm increased targets across its digital asset treasury coverage to reflect token appreciation quarter-to-date, accumulation pace, preferred issuance, and at-the-market usage. Digital assets "re-rated sharply over the past two weeks on a macro-driven liquidity impulse," driven by the Treasury's announcement on August 18 of larger long-end buybacks beginning September 9, an SEC token proposal, and a White House crypto summit alongside renewed presidential pressure on the CLARITY Act, the analyst said. Riley adds that $2.7B of shorts were liquidated in the first 24 hours of the move.B. Riley also raised the firm's price target on Bitmine ImmersiontoNakamototoSolana Companyto, Strivetoand Forward IndustriestoThe firm kept a Buy rating on all the names.BITDEER ANNOUNCES SELL-OUT OF MALAYSIA DATA CENTER:Bitdeer AIannounced Monday that it hasfor AI Cloud business ahead of energization in 1Q27. Inclusive of the offtake commitment announced on August 19, Bitdeer AI has now entered into five-year long term offtake commitments with total expected revenue of over $800M at this site. As a general matter, Bitdeer AI seeks to structure its AI cloud contracts so that customer prepayments are expected to cover more than 50% of the associated capital expenditure. These contracts are not expected to have a revenue impact in 2026. Revenue and associated costs are expected to begin in 1Q27, when services commence. Bitdeer AI is targeting 350MW of AI Cloud data center capacity to be delivered by 1Q28.The company also announced on Tuesday the acquisition of 200 acres of land in Milam County, Texas, near the company's existing Rockdale facility. Bitdeer has completed the fee simple acquisition of approximately 200 acres of greenfield property for total consideration of approximately $100M, paid in cash. The Milam County sites, including the New Parcel, currently feature approximately 563 MW of interconnected grid capacity with existing plans expected to scale to 742 MW, and a dedicated water supply. Following this transaction, Bitdeer owns and/or operates approximately 255 acres and 742 MW of existing and pipeline power capacity in Milam County, and approximately 3.0 GW of total power capacity across its global site portfolio."Securing outright ownership of land in Milam County reflects the disciplined approach we're taking to expanding powered land under our control," said Michael Potter, CFO. "Rockdale is one of the best-connected locations in our portfolio, and we believe it is well positioned to receive additional power over the coming years. Owning this land gives us greater long-term certainty over our development plans, eliminates the renewal risk associated with a lease, and provides flexibility to maintain our existing Bitcoin mining operations while we develop the newly acquired property. It's a continuation of the progress we've been making across our platform to put Bitdeer in direct control of the sites that matter most to our growth."Keefe Bruyette said Bitdeer's Rockdale land acquisition is a "positive step for unlocking" the company's AI opportunities. The $100M purchase price is below Keefe's expectation, but it remains unclear whether the Service Line Replacement-controlled interconnection rights were transferred in the transaction, the analyst said. The firm kept a Market Perform rating on Bitdeer with a $10 price target.CIRCLE PRESIDENT TESTIFIES IN FAVOR OF GENIUS ACT:Circle Internetpresident Heath Tarbert testified before the House Financial Services Committee towhich establishes a federal framework for payment stablecoins covering reserve requirements, redemption at par, and disclosures that becomes effective no later than January 27, according to media reports. In his testimony, Tarbert described stablecoins as necessary tools for preserving U.S. dollar dominance in future global payment systems, adding that the U.S. should close offshore loopholes, according to 24/7 Wall Street.INTERNATIONAL FINANCIAL INSTITUTIONS PLAN STABLECOIN ENTERPRISE:Twenty‑one leading international financial institutions announced Tuesday that they have committed to establish a new company in 2H26, subject to closing conditions, toThe new company, whose name will be announced in due course, intends to operate globally, with its initial focus on a USD‑denominated stablecoin offering and a longer‑term ambition of expanding issuance into stablecoins denominated in additional G7 currencies, with a EUR offering as a priority.The companies said, "The initiative will draw on the expertise of the participant institutions to offer a safe, robust and trusted solution that combines bank‑grade compliance, strong governance, distribution and institutional risk management. The product will be utilised in a variety of use cases covering wholesale, institutional and retail markets where client benefits can be achieved by utilizing a trusted form of digital money, including cross-border payments and digital asset settlements."The group aims for its stablecoin solution to go to market in 1H27. The group comprises financial institutions headquartered across major geographies, namely: North America: Bank of America, Capital One, Citi, Fidelity Investments, Goldman Sachs, PNC Financial Services, Scotiabank, TD Bank Group, Wells Fargo, WisdomTree; Europe: Banco Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Coöperatieve Rabobank U.A., UBS; East Asia: MUFG Bank; Middle East: Sirius International Holding; Africa: Standard Bank. The initiative intends to be GENIUS Act and MiCA‑compliant, as applicable. The group will continue to keep appropriate parties updated as the initiative progresses.OTHER CRYPTO NEWS:BitGoopens Singapore office,Strivepurchases 1,800 BTC, reportsHyperscale Dataceases BTC mining operations in Michigan, holdsBitmine ImmersionannouncesGalaxy Digitalprice targetat Morgan StanleyEightco HoldingsreportsSecuritizepartners with Socios.com to, signs MoU with Dubai's VARA to support advancement of tokenizationBitFuFuannouncesSoFi, Payward partner toKeefe views pact as positive developmentCango'sEcoHashat Georgia facilityCurrenc Capital, Mint partner toC1 Fundinitiatedon private market holdingsHyperliquid, Payward reportedlyCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin rose roughly 1% this week to $79,330 in U.S. dollars, according to CoinDesk.
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