Coinbase and JPMorgan have forged a strategic partnership, signaling institutional embrace of crypto infrastructure, the Wall Street broker said.
In the first quarter of this year alone, Coinbase earned roughly $300 million in distribution payments from Circle, and that's just the start.
Corporate treasuries have bought 1% of all ether in circulation since the beginning of June, the report said.
A $1 billion ether treasury could generate as much a $50 million in annual yield, the report said.
The macro and regulatory backdrop has intensified investor interest in the sector and provided a fresh tailwind for mining firms, the report said.
In the bank's most optimistic scenario, bitcoin could reach $199,000 by the end of the year, while a more bearish setup, pulls the forecast down to $64,000.
The bank expects further adoption of tokenized assets and money market mutual funds once the crypto market structure bill, the CLARITY Act, becomes law.
The friendlier regulatory climate in the U.S. has led to an increase in digital asset inflows in recent months, the report said.
Regulatory clarity would allow major financial institutions to fully build in crypto, the report said.
Regulatory clarity, wider adoption, and long-term investment behaviors are stabilizing bitcoin's performance, the report said.
Galaxy Digital, Coinbase are 'exceptionally well positioned' to benefit from increased adoption of digital assets once the act is passed, the report said.
Deal valued at $20.40/share marks second acquisition attempt; KBW sees limited upside for Core Scientific shareholders.
The deal aligns with CoreWeave's post-IPO growth strategy, leveraging its strong equity position to drive large-scale M&A, according to the investment bank.
88% of current stablecoin demand comes from crypto-native activity, with payments accounting for only 6%, the report said.
88% of current stablecoin demand comes from crypto-native activity, with payments accounting for only 6%, the report said.
The crypto exchange is becoming one of USDC's most active advocates across payments and financial services, Bernstein said.
Bullish catalysts include sustained ETF inflows, corporate treasury adoption and U.S. regulatory moves, the report said.
The fall in the monthly average network hashrate was a result of miners curtailing operations in response to the recent heatwave, the report said.
The leading U.S. digital asset exchange is cementing its role as crypto’s universal bank, the Wall Street bank's analyst team said.
The rise in profitability was driven by a 20% increase in the bitcoin price, while the hashrate rose only 3.5%, the report said.
The broker raised its price target for the crypto exchange to $421 from $301 and reiterated its buy rating on the stock.
The next phase of real-world asset tokenization will go beyond stablecoins, targeting private markets and illiquid assets, the report said.
Stablecoins could find uses beyond that of a crypto trading pair after the U.S. Senate passed the GENIUS Act, the report said.
The combined hashrate of the 13 bitcoin miners the bank follows has risen 99% year-on-year versus a 55% y/y increase in the network hashrate, the report said.
The number of crypto IPOs year-to-date matches the pace of offerings seen in the bull market of 2021, the report said.
The bank increased its CleanSpark, Riot Platforms and MARA Holdings price targets.
More than 30% of the circulating bitcoin supply is now held by centralized entities including exchanges, ETFs, companies and sovereigns, the report said.
Ether ETF inflows totaled $815 million over the last 20 days as investors have woken up to the network's value proposition, the broker said.