- Bitcoin, ethereum, and other cryptocurrencies are seeing major legal, institutional, and technological developments, shaping the financial landscape. Stay updated with essential crypto news through the "Crypto Currents" weekly from The Fly.
- Strategy reports a $14.05 billion unrealized gain on digital assets for Q2, resulting in a net gain. The company disclosed this in a regulatory filing, noting a deferred tax expense of $4.04 billion.
- H.C. Wainwright double downgraded Coinbase to Sell from Buy with a $300 price target, citing valuation. Despite being a "Best of Breed" crypto exchange, the stock’s valuation has outpaced near-term fundamentals.
- Bit Digital shifts its entire treasury to Ethereum, becoming one of the largest ETH holders among public companies. Following a recent offering, the company raised $172 million and used it to purchase Ethereum, accumulating around 100,603 ETH.
- Mizuho initiated Circle with an Underperform rating and $85 price target, expecting 25%-30% downside to the fiscal 2027 revenue estimate. Baird initiated Circle with a Neutral rating and $210 price target.
- Benchmark initiated coverage of Semler Scientific with a Buy rating and $101 price target, noting the company’s strategic pivot to bitcoin as its primary treasury reserve asset. Maxim initiated coverage with a Buy rating and $95 price target.
- Publicly traded companies in the crypto space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Riot Platforms, and TeraWulf.
- Bitcoin rose around 9% this week to $117,602 in U.S. dollars, according to CoinDesk. Stay informed with real-time, market-moving financial news on TheFly.
Read more at Yahoo Finance: Strategy reports Q2 $14.05B unrealized gain on digital assets