The bank reiterated its buy rating on CORZ and raised its price target for the bitcoin miner to $22 from $16 to reflect the CoreWeave acquisition.
The combined hashrate of the 13 U.S.-listed miners the bank tracks now accounts for a record high 33.6% of the global network.
A rising bitcoin price is seen as most favorable for Galaxy's digital assets business, while miners fight a rising network hashrate, the report said.
Ether outperformed last month as volumes, ETF flows hit records, the report said.
Analyst Geoff Kendrick cited surging institutional demand, favorable regulation and network upgrades.
The broker has an outperform rating on MARA stock with a $28 price target.
The broker has an outperform rating on Coinbase shares with a $510 price target.
Total value locked (TVL) in DeFi remains below 2021 highs, the report noted.
Helmed by CEO Mike Novogratz, the firm secured the entire 800MW of HPC capacity at Helios after CoreWeave exercised its final option.
Investors are giving no credit for the company's deliberate approach to adding additional bitcoin, said analyst Mark Palmer.
Weakness in Coinbase stock is a buying opportunity, according to the broker.
Ten of the thirteen U.S.-listed miners that the bank tracks outperformed bitcoin last month, the report said.
Discussions with investors show a growing focus on the tokenization of real world assets, including stocks, bonds, and real estate.
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.