The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: Wolfe Research upgraded Inspire Medical (INSP) to Outperform from Peer Perform with an $180 price target. The firm says the "surprise" 50% Medicare reimbursement raise "pumps oxygen" into the stock's bull case.UBS upgraded Cummins (CMI) to Neutral from Sell with a price target of $500, up from $350. The truck cycl ...

The cryptocurrency marketplace posted a profit of $437.1 million in the third quarter, compared with $75.5 million a year earlier. ...

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced it will suspend new user registrations in Japan starting October 31 as the country’s Financial Services Agency (FSA) prepares to roll out tighter oversight of the crypto sector. In a statement on Wednesday, the exchange said the suspension is part of its “proactive approach” to comply with Japan’s evolving regulatory framework for digital assets. Bybit Hits Pause in Japan — Compliance Move or Caution Signal? According ...

Core Insights - Mastercard is reportedly in late-stage discussions to acquire zerohash, a startup focused on crypto and stablecoin infrastructure, with a potential deal valued between $1.5 billion and $2 billion [2][3] Company Developments - Zerohash recently raised $104 million in a Series D-2 funding round to accelerate product expansion and talent acquisition, driven by increased demand for enterprise-grade on-chain infrastructure [3][4] - The company has established partnerships, including one with Morgan Stanley to enable cryptocurrency trading on E-Trade's platform by 2026, initially allowing trades in bitcoin, ether, and solana [4] - Zerohash will also provide cryptocurrency trading and custody services for OnePay, a FinTech company majority-owned by Walmart, enabling access to bitcoin and ether later this year [5] Market Context - The surge in demand for crypto infrastructure is attributed to growing consumer adoption and new regulatory clarity in the United States and Europe [3] - Mastercard is also competing with Coinbase to acquire BVNK, a FinTech company that specializes in stablecoin payment infrastructure [6]

Core Insights - Robinhood Markets (NASDAQ: HOOD) experienced a significant stock price increase of 38% in September, outperforming the S&P 500 index's 3.5% rise, and has seen a year-to-date increase of 263% [1][2] Group 1: Stock Performance and Market Position - The inclusion of Robinhood in the S&P 500 index at the end of the first week of September acted as a catalyst for the stock's rally, replacing Caesars Entertainment [3] - Being part of the S&P 500 index enhances Robinhood's visibility and attractiveness to index funds, contributing to the rise in its share price [4] Group 2: Operational Metrics - Robinhood's monthly operational update showed strong performance metrics, with equity trading volume more than doubling to $199 billion, and cryptocurrency trading volume reaching nearly $14 billion, reflecting a 154% year-over-year increase [5][6] - The number of funded customers increased by 10%, reaching 26.7 million, indicating growth in the client base and higher trading activity [6] Group 3: Market Sentiment and Analyst Reactions - Analysts responded positively to Robinhood's operational developments, leading to bullish adjustments in their outlook on the company, which further supported positive market sentiment [7] - Robinhood is recognized as a highly dynamic and active brokerage, with significant year-over-year growth in various metrics [8]

Core Viewpoint - Banco Santander has announced the merger of Openbank and Santander Consumer Finance into a single legal entity under the Openbank brand, aiming to streamline its European consumer finance operations, starting with Germany [1][5]. Group 1: Merger Details - The merger is intended to simplify operations and provide competitive financing solutions for partners such as auto manufacturers, dealers, and merchants [2]. - Openbank is Santander's flagship brand for digital-first consumer banking, which will carry the endorsement "by Santander" to emphasize its global banking association [2]. - The merger will allow customers of both Openbank and SCF to access a comprehensive range of offerings through a unified digital platform, providing a single entry point for banking, lending, and payment solutions [4]. Group 2: Operational Scope - Santander Consumer Finance operates in 18 countries with a loan volume exceeding €140 billion, supporting around 16,000 new customers daily across Europe [3]. - Openbank currently operates in Spain, Germany, Portugal, the Netherlands, and has expanded to the US and Mexico [2]. - The combined management of Openbank and SCF has established partnerships with major retailers such as Apple, Amazon, and Vodafone [3]. Group 3: Service Offerings - Openbank provides various services, including an automated investment service known as Robo Advisor, which uses AI tools to offer target prices for European and US stocks [4]. - Openbank has recently introduced a cryptocurrency trading service, further diversifying its offerings [5]. Group 4: Strategic Initiatives - Santander is advancing its commitment to a data and AI-centric approach through collaboration with OpenAI, aiming to position itself as an "AI-native" bank [6].

Group 1 - Coinbase Global Inc. announced a new investment in Indian cryptocurrency exchange CoinDCX, setting its post-money valuation at $2.45 billion [1][3] - This investment builds on previous investments made by Coinbase through its venture capital arm, Coinbase Ventures, highlighting CoinDCX as a "high-growth, financially sound" business expanding in the Middle East [2] - CoinDCX's valuation increased from $2.15 billion in April 2022 to $2.45 billion in this latest funding round [3] Group 2 - CoinDCX claims to have over 20 million users and supports more than 500 cryptocurrencies [4] - Earlier this year, CoinDCX experienced a security breach that resulted in a loss of nearly $44 million from one of its internal operational accounts [4] - Following the announcement, Coinbase shares rose by 0.52% in after-hours trading after a 4.33% decline during the regular trading session [4]

Core Insights - Gemini, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is expanding its operations in Australia after securing registration with AUSTRAC, the country's anti-money laundering regulator [1][2] Company Operations - Gemini Intergalactic Australia Pty Ltd is now officially registered with AUSTRAC as a digital currency provider, which is a prerequisite for offering crypto exchange services in Australia [2] - The exchange has recorded a total trading volume of over $126 million in the past 24 hours, positioning it among the top 20 cryptocurrency exchanges by volume [2] Market Context - The entry of Gemini into the Australian market allows local users to trade cryptocurrencies using AUD, one of the G-10 currencies [3] - Australia has become a vibrant crypto market, with a crypto adoption rate of 22%, comparable to that of the United States, according to Gemini's Global State of Crypto Report 2025 [3] Strategic Moves - Gemini is intensifying its Asia-Pacific growth strategy in response to Australia's rapidly growing digital asset market [4] - James Logan has been appointed as Head of Australia to lead local operations, bringing extensive experience from previous roles in the crypto industry [4] - The appointment of Logan emphasizes Gemini's commitment to creating a safe, transparent, and compliant ecosystem for both retail and institutional customers [5]

Core Points - The lawsuit against TaskUs alleges a significant data breach affecting Coinbase customers, with claims of a coordinated criminal campaign involving numerous employees [5][4][2] - Coinbase estimates that customers have lost up to $400 million due to the breach, with many victims suffering substantial financial losses [4][9] - The breach has reportedly affected at least 70,000 individuals, marking it as one of the largest security breaches in the cryptocurrency sector [5][4] Allegations of Negligence - TaskUs is accused of failing to monitor its computer network adequately, which allowed the breach to occur and continue without detection [7][8] - The lawsuit claims that TaskUs had policies in place to protect sensitive data, but these were poorly enforced and ineffective [7][8] - Employees allegedly exploited their access to sensitive information, with some reportedly taking photographs of data to sell to criminals [12][13] Impact on Victims - Victims of the breach have faced ongoing threats, including identity theft and physical attacks, with many receiving harassing communications from criminals [3][9] - The lawsuit highlights that victims were not given timely information to protect themselves, leading to significant financial losses [6][4] - The potential for future fraud and identity theft remains high, as the stolen data can be used for various criminal activities [10][9] Financial Motives - The average salary for TaskUs employees in India is significantly lower than their U.S. counterparts, which may have created financial incentives for involvement in the breach [12] - Allegations suggest that employees could earn substantial sums by selling sensitive information, with claims of bribes amounting to over $500,000 [13][12] Timeline of Events - The conspiracy is believed to have started as early as September 2024, with the breach being discovered in January 2025, but not disclosed to the public until May 2025 [14][18] - TaskUs employee Ashita Mishra was identified as a key figure in the conspiracy, allegedly taking hundreds of pictures of sensitive data [15][14] Company Responses - Coinbase's public statements regarding the breach have been described as misleading, with claims that the company delayed disclosure until threatened with a ransom [18][19] - The lawsuit demands compensation for victims and calls for reforms in TaskUs' operational infrastructure to prevent future breaches [20]

Core Insights - Openbank, a digital bank owned by Santander, has launched a cryptocurrency trading service for its customers in Germany, allowing them to buy, sell, or hold various cryptocurrencies including Bitcoin, Ether, Litecoin, Polygon, and Cardano [2][4] - The service is set to expand to Spain in the coming weeks, and customers can manage their cryptocurrency investments without needing to transfer funds to other platforms [2][4] - Openbank plans to broaden its cryptocurrency offerings and introduce new functionalities, such as the ability to convert between different cryptocurrencies [3] Company Developments - The launch of the cryptocurrency trading service is a response to customer demand and aims to enhance Openbank's product and service range through a user-friendly technology platform [4] - This initiative follows Santander's earlier considerations of offering a stablecoin and providing crypto access to its retail clients, indicating a strategic move towards integrating digital assets into traditional banking services [5] Industry Context - The regulatory environment is shifting, with the Office of the Comptroller of the Currency (OCC) now supporting the integration of crypto activities within banking, which could reshape the competitive landscape for financial institutions [6][7] - The rise of stablecoins poses challenges for regional lenders and credit unions, potentially leading to deposit flight as customers seek better opportunities in digital assets [5]