Core Viewpoint - Rosenblatt Securities maintains a buy rating on Bullish (NYSE: BLSH) but has reduced its price target from $55 to $52, attributing the stock's recent underperformance to an upcoming IPO lock-up expiration rather than underlying business fundamentals [1] Group 1: Stock Performance - The stock has lost its post-IPO premium and is currently trading at a slight discount compared to peers, with a year-to-date increase of 5% in 2026, which lags behind the 11% rise in bitcoin and over 20% gains in most crypto equities [2] - The impending IPO lock-up expiration on February 9, 2026, will introduce approximately 115 million shares into the market, significantly increasing the float from the current 40 million shares [1] Group 2: Business Fundamentals - The institutional-only trading model of Bullish helps mitigate extreme volatility associated with retail trading, as evidenced by a 22% month-over-month decline in trading volumes in December, compared to a 40% decrease for Coinbase [3] - The firm's adjusted EBITDA for 2025 has been revised down to $94.8 million from $106.0 million, with the new price target reflecting a 20x multiple on projected 2028 adjusted EBITDA [3] Group 3: Future Growth Drivers - The upcoming launch of Bullish in the US is expected to be a significant revenue driver, alongside anticipated crypto market structure legislation expected in the first half of 2026 [4]

Core Insights - Argentinian cryptocurrency exchange Lemon has launched a Bitcoin-collateralized Visa credit card, allowing users to access financing in pesos without selling their BTC holdings [1][2] Group 1: Product Overview - The Bitcoin-backed Visa credit card allows users to deposit 0.01 Bitcoin (valued at over $900) as collateral to receive a credit card with a limit of $1,000,000 pesos [3] - The card is designed to hold Bitcoin as collateral without selling or converting it, emphasizing Bitcoin's value as a store of wealth [3][6] Group 2: Future Developments - In the next phase, users will have the ability to configure their own backup and credit limits, and Lemon is working on enabling dollar-denominated purchases using stablecoins like USDT and USDC [4] Group 3: User Benefits - Users will enjoy commission-free purchases of various cryptocurrencies and exclusive benefits such as early access to new features and market information [5] - The initial three months of card maintenance will be waived, with a subsequent fee waiver for users purchasing over $150 worth of cryptocurrency monthly [5] Group 4: Market Position - Bitcoin is the most held asset among Lemon users, surpassing the crypto dollar and the peso, indicating a strong preference for Bitcoin as a savings tool [6]

Core Insights - Toobit, a global cryptocurrency exchange, has launched the Elite Championship in collaboration with LALIGA, featuring an 800,000 USDT prize pool for traders [2][3] Group 1: Campaign Details - The Elite Championship runs from January 15 to February 28, 2026, and includes three core activities designed to reward traders of all levels [2] - Traders can earn chances to open mystery boxes containing premium rewards by completing tasks such as making deposits or participating in daily trading challenges [5] - A dynamic prize pool can grow up to 500,000 USDT, with the top 200 traders based on P&L percentage eligible to claim their share [5] - Social engagement tasks on platforms like X and Telegram can unlock rewards of up to 200 USDT and exclusive LALIGA memorabilia [5] Group 2: Partnership and Industry Context - As the Official Regional Partner of LALIGA, Toobit connects elite sports with the digital economy, enhancing the trading experience with localized educational resources and exclusive experiences [3] - The sports-crypto investment synergy has reached new heights, with soccer accounting for 43% of all crypto sponsorship deals, and a record 48 crypto-related partnerships in the 2025/26 UEFA Champions League, marking a nearly 30% year-over-year increase [4]

Core Insights - Binance's spot trading dominance has significantly declined to 25% in December, marking its lowest level since January 2021, as competitors like Bybit, HTX, and Gate.io capture market share [1][2] - The decline in Binance's market share reflects a structural shift in the crypto trading landscape, with the overall market valued at $3.2 trillion [2][4] Spot Trading - Binance's share of spot crypto trades peaked at nearly 60% in 2023 after the FTX collapse but fell to 25% in December, down from 28.5% in November [2][10] - Spot trading typically constitutes about 25% of all crypto transactions, with the majority occurring in derivatives [3] Derivatives Trading - Binance's derivatives market share has decreased from a peak of around 70% to approximately 35% [4] - The shift in trading volume is not benefiting U.S. exchanges like Coinbase, which have seen only modest gains [5] Competitive Landscape - Offshore exchanges are gaining volume, while on-chain platforms like Hyperliquid are changing the competitive dynamics by allowing traders to access perpetual futures without centralized custody [6][9] - The migration of traders to platforms offering better token listings and higher leverage limits poses a threat to Binance's business model [7][10] Leadership and Regulatory Developments - Binance has appointed co-founder Yi He as co-CEO, marking a significant leadership change [11] - The company has secured licenses from Abu Dhabi's financial regulator, indicating a strategy to expand into regulated markets [11]

Core Insights - Bankinter, Spain's fifth-largest bank, has made a strategic investment in Bit2Me by participating in a €30 million funding round led by Tether, indicating increasing institutional interest in regulated digital asset platforms in Europe [1][2] - The investment allows Bankinter to join other major financial institutions like BBVA, Unicaja, and Cecabank as shareholders in Bit2Me, strengthening the exchange's capital base for its expansion plans in Europe and Latin America [3] Company Developments - Bankinter's entry into Bit2Me's shareholding structure provides indirect exposure to the crypto market through a regulated intermediary, enhancing its position in the financial services sector [5] - The funds raised from the €30 million investment will be utilized to drive Bit2Me's expansion by launching new services and entering additional EU markets [6] Industry Context - Bit2Me has already garnered support from notable entities such as Telefónica, Investcorp, and several Spanish banks, showcasing a growing trend of traditional financial institutions backing crypto exchanges [2] - The CFO of Bit2Me emphasized that regulated platforms enable banks to gain crypto exposure without the need to develop in-house capabilities, highlighting the favorable regulatory environment in Spain and Europe for such partnerships [4]

Core Insights - Bybit Pay has reached an agreement to enable crypto payments through Yape and Plin, which are the most widely used digital wallets in Peru, serving approximately 28 million users and handling nearly 90% of in-person digital wallet transactions in the country in 2024 [1] Group 1: Bybit's Expansion in Latin America - The partnership with Yape and Plin is part of Bybit's broader strategy to expand its presence in Latin America, following previous collaborations in Brazil and Argentina [2] - Bybit's payment services already support Brazil's instant payment system, PIX, and other major exchanges like Binance and Opera's MiniPay are also targeting the region [2] Group 2: Payment Integration and Functionality - Bybit Pay's integration allows users to spend stablecoins such as USDT and USDC, as well as major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), with transactions settling in Peruvian soles for the recipient [3] - Other platforms facilitating similar payments include KuCoin Pay, Bitget Wallet, and Ramp, indicating a growing trend of crypto neobanks gaining adoption due to local payment mechanisms and crypto-backed debit and credit cards [4] Group 3: Future Developments - Bybit's other payment product, Bybit Card, is set to launch in Peru in the first half of the year, with plans for expansion to other countries in the region later on [5]

Company Overview - Bitpanda is one of Europe's leading retail crypto platforms, founded in 2014, with over seven million users [2] - The company accounts for 59.6% of Austria's domestic crypto trading market, according to consultancy firm EY [2] IPO Plans - Bitpanda is reportedly planning an initial public offering (IPO) in the first half of 2026, with a potential valuation between €4 billion ($4.7 billion) and €5 billion ($5.83 billion) [1] - The IPO is planned for Frankfurt's stock exchange, following the decision to rule out a London listing due to lower liquidity [4] Financial Partnerships - The exchange has engaged Goldman Sachs, Citigroup, and Deutsche Bank to assist with the IPO process [3] Market Context - 2025 was noted as a significant year for crypto IPOs, with major debuts from firms like Circle, Bullish, and eToro [5] - Competitors such as Kraken, FalconX, Grayscale, and Blockchain.com are also preparing for public offerings, indicating a trend in the crypto industry towards IPOs [6]

Core Insights - LBank Exchange has listed the PEACE (Peacetime) token, with trading for the PEACE/USDT pair now open [1] - PEACE is a meme coin based on the Solana blockchain, characterized by its lack of utility, governance, or a roadmap [3][4] Token Overview - Token Name: PEACE - Token Type: Meme - Blockchain: Solana - Allocation Breakdown: 85% for liquidity and 7% for the team [5] Philosophy and Purpose - PEACE serves as a parody of the noise and conflict prevalent in the crypto market, intentionally choosing silence and inaction as its core philosophy [4] - The token's existence is meant to highlight the absurdity of constant debate and opinions in the crypto space [4] Exchange Information - LBank, founded in 2015, is a leading global cryptocurrency exchange with over 20 million registered users and a daily trading volume exceeding $10.5 billion [6] - The platform has a history of zero security incidents and offers innovative trading solutions, achieving average returns of over 130% on newly listed assets [6] Market Position - LBank is recognized as the ultimate hub for 100x gems, having listed over 300 mainstream coins and more than 50 high-potential gems [7] - The exchange is ranked No. 1 in categories such as 100x Gems, Highest Gains, and Meme Share, making it a preferred platform for crypto investors [7]

Coinbase Global, Inc. ( COIN ) is often looked at as one of the most useful, practical platforms for investors to use to become involved in theThis account is managed by Noah's Arc Capital Management. Our goal is provide Wall Street level insights to main street investors. Our research focus is mainly on 20th century stocks (old economy) undergoing a 21st century transformation, but occasionally we'll write on companies that help transform 20th century firms as well. We look for innovations in a business mo ...

Core Viewpoint - Coinbase's stock performance closely mirrors the cryptocurrency market cycle, experiencing significant fluctuations in response to Bitcoin's price movements and regulatory developments [1][4]. Company Overview - Founded in 2012, Coinbase has a market capitalization of $64.9 billion and is one of the largest cryptocurrency exchanges globally, catering to both retail and institutional investors [2]. - The company is diversifying its offerings beyond trading, including stablecoin payments, crypto cards, and subscriptions, aiming to become a comprehensive digital finance platform [2][14]. Recent Stock Performance - Coinbase's stock peaked at $444.64 in July but has since declined nearly 45%, with a 37% drop over the past six months and close to 9% in the last month [1][4]. - Analysts from Bank of America upgraded COIN to "Buy" with a target price of $340, viewing the recent pullback as a buying opportunity [3][15]. Financial Performance - In Q3 2025, Coinbase reported total revenue of $1.87 billion, a 55% increase year-over-year and a 25% increase from the previous quarter, exceeding market expectations [8]. - Transaction revenue rose to $1 billion, up 37% sequentially, while subscription and services revenue increased by 14% to $747 million, indicating a successful diversification strategy [8][9]. Profitability Metrics - Adjusted net income surged 151% year-over-year to $421 million, with adjusted EBITDA increasing 78% to $801 million, and adjusted EPS reached $1.44, more than doubling from the previous year [9]. - The balance sheet showed strong liquidity of $11.9 billion, supported by a $3 billion convertible debt issuance, providing the company with flexibility for investments and acquisitions [10]. Market Trends and Future Outlook - Analysts expect subscription and services revenue to range between $710 million and $790 million, driven by growth in USDC and an expanding subscriber base [12]. - Analysts project adjusted EPS for Q4 to be around $0.83, down 75% year-over-year, but anticipate a rebound in fiscal 2026 with a 25% annual growth [13]. Analyst Sentiment - Wall Street maintains a "Moderate Buy" consensus on COIN, with a mean price target of $362.98, suggesting a potential rebound of 48% [16]. - Bank of America sees long-term value in Coinbase's initiatives and maintains a price target of $340, indicating a 39% upside potential [15].