These companies grew their share of the Bitcoin network to about 29% in January from around 20% a year ago, the report said.
The Federal Reserve could issue debt or sell some of its gold reserves to fund purchases of BTC, the report said.
The broker raised its Coinbase price target to $475 from $400 while maintaining its market outperform rating on the stock.
Company data suggests that Tether's reserves are 66% compliant under the STABLE Act and 83% under the GENIUS Act, the report said.
Robinhoood shares jumped 13% in early trading Thursday after fourth-quarter earnings beat estimates.
Total crypto market cap increased 8% to about $3.4 trillion last month, the report said.
Ether has dropped over 20% this year, but fundamentals are improving, the report said.
The blockchain's native token ether has underperformed bitcoin and other altcoins in recent months, the report noted.
The correlation between bitcoin and the stock market is expected to weaken as the adoption of digital assets grows, the report said.
Mining difficulty fell 2% from the previous month, which is relatively uncommon, the report said.
Digital asset projects are increasingly turning to community-driven platforms to raise money, the report said.
Ongoing presidential backing for digital assets is a key determinant for the continuation of 'crypto's golden era,' the report said.
Mining fundamentals are strong with the cost to mine around $27,000 per bitcoin for larger participants, the report said.
Multi-asset investment portfolios with allocations to bitcoin are consistently outperforming those that don't hold the cryptocurrency, the report said.
The token introduction is a big positive for crypto builders in the U.S. following the Biden administration's crackdown on digital assets, the report said.
VC activity has been subdued for the last two years despite the rally in digital assets, the report said.
The combined hashrate of miners tracked by the bank has doubled in the last year to roughly 30% of the global network, the report said.
There is a danger that forced or panic selling could lead to further bitcoin weakness and a break below $90K could lead to a 10% retracement, the report said.
More than 12 new digital asset ETFs could be launched in the U.S. this year, if approved by the SEC, the report said.
Under the new regulations only compliant stablecoins can be used as trading pairs in regulated markets, the report said.
Mining profitability increased last month as the rally in bitcoin outpaced the increase in the network hashrate, the report said.
Rising inflation, currency debasement and growing fiscal deficits will push countries to make strategic bitcoin allocations, the report said.
The network hashrate rose 54% in 2024, slower than 2023's 103% gain, the report said.
Ether could more than double in price next year and reach at least $8,000, the report said.
November was a strong month for the miners as the rally in bitcoin outpaced the rise in the network hashrate, the report said.
The worst regulatory environment for crypto markets is behind us, the report said.
Leading marketplaces such as OpenSea, Blur and Magic Eden have seen increased activity since November, the report said.
The hashprice, a measure of daily mining profitability, rose 5% from the end of November, the report said.
The strategic shift to a bitcoin accumulation model is due to pressure on profitability following the reward halving, the report said.
Total crypto market cap jumped 45% in November, in the best monthly return to-date, the report said.