In this articleVCICBTC.CM=Nurphoto | Getty ImagesCrypto investment firm CoinShares said it will begin trading on Nasdaq Wednesday through a merger with a special purpose acquisition company, or SPAC.The company is merging with Vine Hill Capital to form the holding company CoinShares PLC. The deal closed late Tuesday, CNBC has learned. It was first announced in September, and it values the business at about $1.2 billion, including a $50 million investment from institutional investors. Shares will trade under ...

Large cap cryptocurrencies were mostly flat over a seven-day period on Saturday, but one coin stood out: Hyperliquid’s native coin, HYPE. HYPE, the 14th largest coin by market value, was up nearly 6% over a weekly period, and was priced at a little over $40, according to CoinGecko. Its rise came after crypto asset manager Grayscale on Friday filed for a new product, a “Grayscale HYPE ETF”, that would trade on the Nasdaq if approved. Bitcoin, meanwhile, hadn’t budged over a seven-day timeframe. The lead ...

Core Viewpoint - U.S. President Donald Trump is pressuring the Federal Reserve to lower interest rates, while Bank of America economists suggest a potential shift towards tighter monetary policy due to rising energy costs and ongoing Middle East conflicts [1][2]. Group 1: Federal Reserve Policy Outlook - Economists at Bank of America still consider rate cuts more likely than hikes but outline conditions that could lead to a tighter monetary policy [2]. - The likelihood of an interest rate hike could increase if Fed Chair Jerome Powell's tenure extends, the unemployment rate stays below 4.5%, and inflationary pressures from energy costs spread [3]. Group 2: Cryptocurrency Market Reaction - Bitcoin's price fluctuated below $70,000 after reaching a 45-day high of $75,600, indicating volatility linked to geopolitical events [4]. - Risk assets, including stocks and cryptocurrencies, may face short-term pressure if the Fed raises interest rates after previous cuts, according to James Butterfill from CoinShares [5]. - Following Powell's comments on the economic impact of the war, crypto-related exchange-traded funds experienced outflows, suggesting potential market reactions to a rate hike [6]. Group 3: Institutional Investment Sentiment - Despite macroeconomic challenges, institutional investors are likely to continue adopting Bitcoin, viewing it as an opportunity for client exposure [7]. - Investment advisors are conducting due diligence and recognizing the potential of cryptocurrencies as part of their clients' portfolios [7].

Core Insights - BitMine Immersion Technologies (BMNR) has significantly increased its Ethereum (ETH) purchases, acquiring 60,999 ETH worth approximately $138 million in the last week as ETH prices reached a six-week high [1] - The firm’s total ETH holdings now exceed 4.5 million ETH, valued at over $10.5 billion, with ETH recently trading around $2,288 [1] - BitMine's Chairman, Tom Lee, indicated that the firm is optimistic about ETH's performance, suggesting it is in the final stages of a 'mini-crypto winter' [2] Group 1: Recent Purchases and Performance - BitMine has accelerated its ETH acquisitions, increasing from an average of 45,000-50,000 ETH weekly to around 61,000 ETH in the last two weeks [2] - Since the onset of the Iran war, Ethereum has outperformed the S&P 500 by 2,450 basis points (24.5%) in just two weeks [3] - The firm has employed various acquisition methods, including a direct purchase of 5,000 ETH worth about $10.2 million from the Ethereum Foundation [3] Group 2: Staking and Revenue - BitMine is staking 3,040,515 ETH, valued at approximately $6.9 billion, which constitutes 66% of its total supply, generating an annualized staking revenue of around $180 million [4] - The firm anticipates that when its entire ETH stack is staked, it could yield rewards of about $272 million annually based on a 7-day yield rate of 2.81% [4] Group 3: Strategic Investments - In addition to its ETH activities, BitMine's Chairman joined the board of directors at Eightco, an AI and blockchain firm, and the company invested an additional $75 million in Eightco, raising its total stake to $83 million [5] - BitMine currently holds $1.2 billion in cash, indicating a strong liquidity position [5]

Core Argument - B. Riley views the current valuation compression of Strategy shares as an opportunity rather than a structural issue, especially with potential improvements in the regulatory environment for cryptocurrency [1][3] Company Overview - Strategy is the largest corporate holder of bitcoin, possessing 738,731 bitcoins, and has developed a diversified digital credit platform with six separate securities [2] - Strive, a newly public company, combines bitcoin accumulation with asset management and holds approximately 13,132 BTC [5][9] Financial Performance - Strategy raised $25.3 billion in FY2025, making it the largest equity issuer among U.S. public companies for the second consecutive year, with a 62.1% year-over-year growth in subscription services revenue in Q4 2025 [4] - Strive raised $762.6 million through PIPE financing and completed an all-stock acquisition of Semler Scientific [5] Market Context - Bitcoin has experienced significant price fluctuations, trading between $65,008 and $74,100 in March 2026, down from a peak of approximately $125,226 in October 2025, leading to compressed NAV multiples for bitcoin treasury stocks [6] - The current share prices of both companies reflect a valuation discount relative to their underlying business strength [1][3] Analyst Ratings and Targets - B. Riley initiated coverage on Strategy with a price target of $175 and on Strive with a target of $12, indicating potential upside from current prices [3][7] - The broader analyst consensus for Strategy is bullish, with a consensus target of $394.38, while Strive's market has not fully priced in its asset management business [7] Sensitivity to Bitcoin Prices - Each $1,000 change in bitcoin price affects Strategy's treasury value by approximately $739 million and Strive's by about $13.1 million, highlighting their sensitivity to bitcoin price movements [9]

Core Insights - Bitwise donated $233,000 to three Bitcoin developer organizations to support the Bitcoin network, marking its second annual contribution funded by profits from its Bitcoin ETF, BITB, which has over $2.7 billion in assets under management [1][2]. Group 1: Donations and Contributions - The donation was made to Brink, OpenSats, and the Human Rights Foundation's Bitcoin Development Fund, which also received $150,000 from Bitwise in 2025 [2]. - Bitwise co-founder and CTO Hong Kim emphasized the importance of open-source developers in maintaining the Bitcoin network and stated that the firm has a responsibility to invest in independent developers [2][3]. Group 2: Market Conditions and Predictions - Bitcoin's price increased by over 7.5% in the last 24 hours, trading around $73,210, although it has fallen approximately 42% from its all-time high of $126,080 [3]. - Bitwise predicts that Bitcoin will reach a new all-time high in 2026, suggesting that historical cyclical drivers will have a diminishing effect on its price [4]. Group 3: Company Overview - Bitwise had $15 billion in assets under management at the beginning of the year and offers more than 40 investment products, including altcoin ETFs for XRP, Solana, and Dogecoin, in addition to Bitcoin and Ethereum [5].

Core Insights - Big money is increasingly betting against crypto equities, particularly Bitcoin treasury firm Strategy (MSTR) and American crypto exchange Coinbase (COIN), with MSTR and COIN ranked first and fourth in short interest as a percentage of market cap at 14% and 10% respectively among companies valued at $25 billion or greater [1] Group 1: Company Performance - MSTR shares have seen a significant decline of around 60% over the last six months, with a recent price of $135, while Bitcoin has fallen from its all-time high of $126,080 to $68,614, over 45% below that peak [3] - The decline in Bitcoin's value has resulted in unrealized losses for MSTR, amounting to approximately $5.3 billion [4] Group 2: Market Sentiment and Trading Strategies - The sentiment around MSTR and COIN reflects a divided view on crypto, with some investors actively shorting MSTR, which has been a popular trade for the past couple of years [2][6] - Some traders are engaging in arbitrage strategies, such as going long on Bitcoin while shorting MSTR, indicating a complex relationship between the two assets [6] - There is a perception among some traders that MSTR could face bankruptcy if Bitcoin's value falls below their purchase price, although this view may stem from a misunderstanding of MSTR's balance sheet [7]

Core Insights - Virtune has launched Poland's first-ever spot crypto exchange-traded products (ETPs) on the Warsaw Stock Exchange, marking a significant milestone for Polish investors [1][8] - The introduction of these ETPs expands Poland's capital markets and provides a regulated framework for investing in crypto assets [2][7] Industry Development - The listing of crypto ETPs represents a structural development in Poland's capital markets, enhancing the existing ETP ecosystem [2] - The number of brokerage accounts in Poland has reached approximately 2.5 million by the end of 2025, with ETF trading turnover on the Warsaw Stock Exchange increasing by over 100% year-on-year [6] Product Details - Four ETPs have been listed on the Warsaw Stock Exchange, including Virtune Bitcoin Prime ETP, Virtune Staked Ethereum ETP, Virtune XRP ETP, and Virtune Staked Solana ETP [4][10] - These products are available through established Polish and international brokerage platforms, allowing easy access for investors [3] Market Context - There is a growing interest in crypto assets among retail investors in Europe, but access to regulated products in Poland has been limited until now [7] - The introduction of physically backed crypto ETPs provides a transparent and secure investment option within Poland's established regulatory framework [12] Strategic Importance - Virtune's entry into Poland has been a strategic priority for over two years, reflecting a commitment to the long-term development of the Polish capital market [8][15] - The company aims to support broader participation and education in the market, contributing to sustainable growth [16] Custody and Security - All Virtune ETPs are 100% physically backed by the underlying crypto assets, with assets held in segregated custody with Coinbase [18] - The use of Chainlink Proof of Reserves technology ensures transparent verification of the underlying crypto asset holdings [18] Market Maker Role - Raiffeisen Bank International AG has been appointed as the market maker for Virtune's crypto ETP listings, providing continuous liquidity by quoting buy and sell prices [13]

Group 1 - Virtune, a regulated Swedish crypto asset manager, has announced the listing of Virtune BNB ETP on Deutsche Börse Xetra, marking its tenth listed product [1][5] - The Virtune BNB ETP is a physically backed exchange-traded product that provides investors with a secure and cost-effective way to gain exposure to BNB, featuring a transparent structure and institutional-grade security [2][9] - BNB is the native crypto asset of the BNB Chain ecosystem, utilized for transaction fees and participation in decentralized applications, making it integral to the broader blockchain network [4] Group 2 - Virtune's product portfolio includes 22 ETPs with a total of USD 260 million in assets under management, serving over 160,000 investors [6] - The company emphasizes regulatory compliance and strategic collaborations to empower global investors with innovative investment products aligned with the evolving crypto market [7] - The Virtune BNB ETP offers 1:1 exposure to BNB, is 100% physically backed by BNB held in cold-storage with Coinbase, and has an annual management fee of 1.95% [9]

Core Insights - BitMine Immersion stock is experiencing downward pressure, with shares currently trading lower than their moving averages, indicating a bearish trend in the short to medium term [5][6]. Group 1: Company Financials - BitMine holds 4.326 million ETH, approximately 3.6% of the total supply, along with small Bitcoin and venture stakes, and $595 million in cash, totaling around $10 billion in crypto and cash [2]. - A 10% movement in ETH can shift BitMine's position value by over $900 million, directly impacting its net asset value and investor interest [3]. - The company has staked about 2.9 million ETH and anticipates annualized rewards exceeding $370 million, with the dollar value of these rewards dependent on Ethereum's market price [4]. Group 2: Stock Performance - BitMine shares are currently trading 24.9% below their 20-day simple moving average (SMA) and 47.6% below their 100-day SMA, indicating a bearish trend [5]. - Over the past 12 months, shares have increased by 201.88%, but are closer to their 52-week lows than highs [5]. - The current price action shows BitMine shares were marginally higher by 1.81% at $20.85, with key resistance at $30.00 and support at $15.00 [7].