As Bitcoin, Ethereum and other cryptocurrencies grow in attention from investors, Wall Street and its traditional banks continue to adapt to the shift. We’ll catch up with this week’s top story highlighting the intersection of these old security guards and the financial area of the new school.
Binance founders deny reports about Trump’s speech: On Thursday, Wall Street Journal’s Rebecca Balhouse, Patricia Kousman, Angus Berwick, Josh Dorsey and Caitlin Ostroff reported that presidential representatives had reported. Crypto I’ll exchange Binance by quoting people who are familiar with this issue. Changpeng Zhao, founder of Binance’s billionaire, serves four months in prison after pleading guilty to violating money laundering requirements, asking the Trump administration to grant him pardon.
Following the report, Binance founder Changpeng Zhao and his Ex-CEO said in a post to X. The WSJ article was incorrect. Over 20 people say they’ve been asked by the WSJ (and another media). “Can you confirm that CZ made some kind of deal for pardon?” They asked perhaps hundreds of people to 20 people to reach out to me. Essentially, they tried so hard to create a story to report. Fact: We don’t discuss what we trade… well, anyone. Criminals don’t worry about forgiveness, especially as the only person in US history to be sentenced to prison for a single BSA charge. This article feels motivated as an attack on the president and the cryptocurrency, and the rest of the “cryptocurrency war” from the last administration is still at work. We are always happy to make codes great everywhere, whether we or anywhere in the world. It’s good to see even the WSJ think I should be forgiven. ”
Coinbase Secures Registration in India: Coinbase (Coin) announced on Tuesday that it has registered with the Indian Financial Information Unit. The company is expected to launch its early retail service later this year, with additional investments and products expected to be added to India later. “We’re committed to working with people who are looking for a way to help us,” said John O’Loghlen, Regional Managing Director, APAC at Coinbase. “India is one of the most exciting market opportunities in the world today and we are proud to fully adhere to local regulations for investments here.”
Additionally, on Tuesday, Mizuho lowered Coinbase’s company’s price target from $280 to $217, maintaining its equity neutral rating. The company said Bitcoin price has fallen from $98,000 to $79,000, with Coinbase stocks down 30% since the last model update on February 20th. The low multiples of the overall technology guarantee some multiple compression, but the Coinbase share move is overkill, analysts said. Mizuho believes the stock should trade nearly $217. There are some advantages here, but they remain neutral given the long-term risks of pricing pressures due to increased competition across the crypto trading sector. Mizuho cited a low market multiple of target cuts.
Bit Digital Report FY24 Results: On Friday, BIT Digital (BTBT) reported earnings per share per 19C with revenue of $100 million compared to loss per share loss of (16C) last year with revenue of $44.9 million. The company won 949.9 Bitcoin in 2024, a 37% decrease from the previous year, with BTC and ETH’s Treasury ministries at 741.9 and 27,623.2, respectively, with fair market values of around $69.3 million and $92.1 million, respectively, on December 31st.
The company said: Our business has historically been driven by digital asset mining, but the success and rapid expansion of the HPC business has essentially rebuilt the company. This evolution has achieved revenue growth of over 140%, and these new business lines have contributed almost half of total revenue. The decisive milestone of this transformation was the acquisition of Enovum Data Center in October. Enovum has provided us with a proven team, operational expertise and a scalable platform for developing and operating our data centers. We have also introduced colocation services as a new business line, further diversifying revenue streams and enhancing AI calculation capabilities. Bitcoin mining remains a major revenue contributor, generating $58.6 million, an increase of 32% year-on-year. However, as the HPC business expanded, the mining share of total revenue fell to 54% in 2024, down to 40% compared to 98% in 2023.
Analysts Update Bitcoin Miner Model: On Thursday, JPMorgan downgraded Crypto Mining (CIFR) from Overweight without a Price Target. The company has updated its Bitcoin price targets and models, reflecting Q4 results and changes in Bitcoin prices and network hashrates. The company currently believes it is less likely to rise compared to its crypto mining share peers. Cipher can sign high-performance calculation contracts on the Barber Lake site, which can be driven upside down, but the transaction could take up to nine months to negotiate and finalize, analysts said.
JPMorgan also reduced the price target for the Mara Holdings (Mara) company from $23 to $18, maintained a neutral rating of $17 to $12 on CleanSpark (CLSK), and an overweight rating of $16 to $16 on the Stocks and Riot Platform (Riol) and maintained an overrated rating.
Additionally, the company has upgraded Iren (Airen) Gets neutral to overweight with a price target of $15 to $12. JPMorgan has appointed Iren a top pick, citing the company’s “strong” mining operations and high-performance computing “options.” Analysts say the stock has been “over-punished” since the start of the year, offering 70% upside at its current level.
Hive price target drops: Canter Fitzgerald lowers company price target Hive Tuesday’s Digital (Hive) went from $11 to $8, maintaining the stock’s overweight rating. The Hive mined 89 Bitcoins, or 3.1 Bitcoins per day in February, down from 102 Bitcoins mined in January, with the overall Bitcoin network share dropping from 0.73% on a peak hashrate basis to 0.69%, analysts said. Cantor continues to believe that current levels represent attractive risk/reward. This represents 300% hashrate growth and $100 million annual operating revenue in 2025, as companies are confident in Hive’s ability to run Bitcoin Mining and AI cloud targets.
Crypto Stock Plays: Companies published in this space include Bit Digital, Coinbase, Core Scientific (Corz), Greenidge Generation (Gree), Mara Holdings (MSTR), Riot Platforms, Stronghold Digital Mining (SDIG), and Terawulf (WULF).
According to Coindesk, Price Action: At the time of writing, Bitcoin has dropped by around 6% this week.
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