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As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the "Crypto Currents" weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.CRYPTO EARNINGS:On Wednesday, Circle Internetreported, which compared to analyst estimates of an EPS of 25c on revenue of $744.95M. The company also reported USDC in circulation grew 72% year-over-year to $75.3B. "The fourth quarter marked another step forward in Circle's mission to build the infrastructure for an open, programmable internet financial system," said Jeremy Allaire, CEO. "USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows. We saw strong engagement across our platform, meaningful progress toward launching Arc mainnet, continued growth in CPN TPV, and growing momentum for EURC and USYC. With increasing collaboration across traditional finance, fintech, and the public sector, Circle is helping build the infrastructure for a more open and resilient global financial system."Following the report, Wells Fargo lowered the firm's price target on Circle to $111 from $128 and kept an Overweight rating on the shares. Amid tempered expectations and recent underperformance in shares, Circle's underlying Q4 results were solid, driving shares up, the firm noted. Q4 top-line beat was better-than-expected, while 2026 guide is in line, Wells added.Canaccord lowered the firm's price target on Circle to $160 from $247 and kept a Buy rating on the shares. The firm updated its model following Q4 results as the company continues to build an impressive competitive moat. The firm is encouraged by resiliency in USDC in circulation. While crypto spot prices have retrenched materially since last October, USDC in circulation is flat/slightly up over that time period, underscoring both share creation/gains versus M2 and other stablecoins, while at the same time demonstrating that USDC growth is increasingly being driven by broader blockchain development versus the price of bitcoin, the firm said.Meanwhile, Mizuho raised the firm's price target on Circle to $90 from $77 and kept a Neutral rating on the shares. The company reported solid Q4 results, marked by better than expected revenue and profits, the analyst said. The firm updated Circle's model to reflect the "strong" Q4 report and 2026 outlook.Additionally on Wednesday, Hut 8reportedwhich compared to analyst estimates of $95.56M. Asher Genoot, CEO, said, "Over the past two years, we have rebuilt Hut 8 around a power-first strategy centered on high-velocity origination, disciplined greenfield development, first-principles infrastructure design, and capital-efficient execution. In 2025, this work translated into tangible growth and commercial progress across our platform."Following the report, Northland raised the firm's price target on Hut 8 to $70 from $58 and kept an Outperform rating on the shares, citing the firm's revised sum-of-the-parts valuation of 445 MW of HPC, ownership of American Bitcoin, the company's bitcoin treasury holdings and liqudity, and its development pipeline.Meanwhile, Canaccord raised the firm's price target on Hut 8 to $70 from $62 and kept a Buy rating on the shares. The firm said favorable lease terms on its recent River Bend co-location deal are only accruing more value to the broader power infrastructure portfolio. At a macro level, demand for AI data center power continues to grow, based on increasingly favorable lease terms on recent deal announcements.On Thursday, American Bitcoin reportedwhich compared to revenue of $64.2M in the previous quarter. Eric Trump, CSO, said, "We launched American Bitcoin in March 2025 with a clear mandate to accumulate Bitcoin at scale. Six months later, we were trading on the Nasdaq. By year-end, we held 5,401 Bitcoin on the balance sheet, and that figure has since grown to more than 6,000 Bitcoin. That kind of progress does not happen by accident. It reflects decisive execution and a team operating with conviction. Our model combines scaled mining production with at-the-market purchases for rapid accumulation of our strategic reserve."MORE CRYPTO EARNINGS:On Wednesday, DMG Blockchain Solutionsreportedwhich compared to a loss per share of (C$0.02) on a revenue of C$11.6M last year. The company reported 69 bitcoin mined in the quarter, down from 97 bitcoin mined in 1Q25. DMG's CEO, Sheldon Bennett, commented, "In Q1 2026, we continued to execute on our two strategic pillars: our Core data center operations and our Core+ Digital Asset Financial Services. We are highly focused on converting our Christina Lake facility into an AI data center capable of providing at least 50 megawatts of critical IT load to fill an industry gap in available capacity. Simultaneously, we are building out our Digital Asset Financial Services, with Systemic Trust serving as the cornerstone for future revenue growth. We are actively pursuing AI off-takers and potential government partnerships, as we believe these strategic initiatives will deliver lasting value to our shareholders."H.C. Wainwright downgraded DMG Blockchain to Neutral from Buy without a price target. While the company's Q1 results show sales resilience due to a one-time recognized energy incentive of $1.5M, the company's underlying mining economics are under pressure, the analyst said. The firm now sees an unattractive risk/reward for DMG shares.On Thursday, Mara Holdingsreportedwhich compared to analyst estimates of a loss per share of ($1.17) on revenue of $251.3M. As of December 31, the company held a total of 53,822 bitcoin. Additionally on Thursday, MARA announced it had entered into a strategic agreement with Starwood Capital Group and their dedicated data center development platform Starwood Digital Ventures. The partnership will enable the conversion and expansion of select MARA sites into next generation digital infrastructure capable of meeting the growing demand from enterprise, hyperscale and AI customers. Together, MARA and Starwood will jointly develop, finance, and operate digital infrastructure projects across MARA's existing, power-rich portfolio. CEO Fred Thiel said, "MARA has evolved far beyond the asset-light, hosted model of its past. Today, we operate a vertically integrated portfolio spanning power and compute at scale. Power ownership guides every decision we make, from capital allocation and partnerships to organizational design. Bitcoin mining remains the backbone of our enterprise, distinctly capable of monetizing energy at scale, while AI and advanced compute extend the durability and flexibility of the platform. We view 2026 as an inflection point. With infrastructure in place, upgrades underway, the Starwood partnership advancing select assets toward hyperscale tenancy, and Exaion expanding our enterprise AI capabilities, we are positioned to execute on our strategy."On Thursday, TeraWulfreportedwhich compared to a loss per share of (21c) on revenue of $140.1M for FY24. The company said, "Fiscal year 2025 marked a fundamental inflection point for TeraWulf as the company executed long-term data center lease agreements totaling 522 critical IT MW, providing multi-year revenue visibility, stable cash-flow characteristics, and scalable development capacity extending through the end of the decade. TeraWulf delivered a transformational fourth quarter, achieving major commercial, operational, and financial milestones that position the company as a leader in sustainable HPC infrastructure."COINBASE REPORTS STOCK TRADING AVAILABLE TO ALL U.S. USERS:Coinbaseannounced Tuesday that"You can now buy, sell, and manage stocks and ETFs right alongside your crypto holdings - 24/5, with zero commission...You can fund your trades instantly using both USD and USDC, with Coinbase One members earning uncapped rewards on their USDC trading balance. And with fractional shares, start trading stocks with as little as $1," the company said in a blog post. "We're starting with the market's leading equities and plan to expand 24/5 trading to thousands more stocks over the coming months. This spring, Coinbase also plans to broaden stock perpetuals, enabling traders outside the U.S. to get 24/7, capital-efficient exposure to U.S. equities," it added.  "As part of this milestone, Coinbase and Yahoo Finance are partnering to enable users to move from researching an asset on Yahoo Finance to executing a trade on Coinbase with one simple click. Yahoo Finance will also offer traders seamless asset discovery and tracking within the Yahoo Finance interface. This marks a major step in bridging traditional markets with the digital asset economy," the company said.Also on Tuesday, Apex Fintech Solutions announced its collaboration with Coinbase, through Coinbase Capital Markets Corp., to power the stock trading capabilities of their "Everything Exchange" platform. Through Apex's clearing, custody, and execution services for equities, Coinbase users can now trade stocks and ETFs alongside their cryptocurrency holdings, all in a single, unified experience.Meanwhile, BofA lowered the firm's price target on Coinbase to $288 from $340 and kept a Buy rating on the shares. The firm is revising EPS estimates for several of its covered brokers, asset managers and exchanges that recently reported earnings.Additionally, Monness Crespi attributed the selloff in shares of Coinbase to President Trump's tariff moves, continued exchange traded fund outflows, and "signs of whales moving HODLs onto exchanges." Monness also believes the probability assigned to the CLARITY Act passing "remains too high in certain corners." Clarity on the stablecoin loophole remaining open in the next draft of CLARITY Act "is far too optimistically priced in," the analyst said. The firm would add to Coinbase shorts at current share levels. It reiterated a Sell rating on the stock with a $120 price target.CANAAN ACQUIRES CIPHER'S INTEREST IN TEXAS PROJECTS:Canaanannounced Monday that it has acquired Cipher Mining's49%Following the acquisition, the company now owns a 49% stake in the ABC projects, while WindHQ maintains its 51% stake in the ABC projects. The sites currently operate a total of 120 MW of power capacity and support approximately 4.4 EH/s of total operating hashrate. Fleet efficiency currently stands at approximately 25.7 J/TH with the potential for hardware and infrastructure upgrades. As part of the transaction, the company also purchased an additional 6,840 Canaan Avalon A15Pro-AVG-221T mining rigs from Cipher. The total consideration for the transaction is approximately $39.75M.On Tuesday, Cipher reportedwhich compared to adjusted EPS of 33c on a revenue of $151.27M for FY24."Building on a transformative 2025, the fourth quarter reflected continued momentum as we advanced our evolution into a leading HPC data center development company," said Tyler Page, CEO. "During the quarter, we upsized our initial lease with Fluidstack and Google and signed our first HPC lease with Amazon. In addition, we successfully executed multiple high yield bond offerings to finance two of our existing HPC projects at Barber Lake and Black Pearl. In recognition of this successful shift in our business model and strategic priorities going forward, we are proud to now officially operate as Cipher Digital."Following the news, Clear Street lowered the firm's price target on Cipher to $32 from $34 and kept a Buy rating on the shares. The firm remains bullish on the stock coming out of Q4 earnings as it sees a clear step-change in Cipher's earnings profile beginning in Q4 as lease revenue from Amazon and Fluidstack begins contributing in earnest, the analyst said. This inflection is underappreciated, particularly given the quality of counterparties and long-duration nature of the leases, the firm added.Meanwhile, B. Riley lowered the firm's price target on Canaan to $2 from $2.50 and kept a Buy rating on the shares. The revised price target reflects the company's Q4 results and the acquisition of Cipher's 49% stake in three West Texas sites, the analyst said.META LOOKS TO ENTER STABLECOIN SPACE:Metais planning topending integration with a third-party company to enable payments using the dollar-pegged token technology, Coindesk's Ian Allison reported Tuesday, citing three people familiar with the plans. The tech giant is aiming to begin stablecoin integration early in 2H26 and expects to integrate a vendor to assist in administering stablecoin-backed payments and implementing a new wallet. A source said Meta has issued a request for product to third-party firms and noted Stripe as a possible candidate for piloting the stablecoin, according to the report.OTHER CRYPTO NEWS:StrategyacquiresBitmine ImmersionreportsB. Riley lowers price target on Bitmine to $30 from $47, on FG Nexustoon Nakamototoon SharpLink GamingtoDDC EnterprisepurchasesPayoneer GlobalfilesBitcoin Depotintroducesprice target adjusted to $6 at Noble Capital after reverse splitHyperscale DatareportsIP StrategylaunchesSolana Companyplans forDeFi DevelopmentannouncesiPowerentersAlphaTON CapitalinitiatedBNB Plus Corp.reportsSharps Technology, The Tie announceCiti starts Galaxy DigitalatCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin dropped roughly 3% this week to $66,046 in U.S. dollars, according to CoinDesk.

Strategy has emerged as the largest short target among U.S. large-capsas Circle Internet Group delivered a blowout earnings report that sent shares soaring 17% in premarket trading. The contrasting fortunes underscore the sector's bifurcation between profitable stablecoin infrastructure and leveraged Bitcoin treasury models under pressure. Meanwhile, multiple companies reporting major AI-related developments Tuesday and Wednesday. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.CIRCLE CRUSHES Q4 ESTIMATES AS USDC CIRCULATION HITS $75.3B:Circle Internet GroupQ4 results Wednesday morning that exceeded Wall Street expectations across every metric, delivering $770M in total revenue and reserve income, up 77% year-over-year and topping the analyst consensus of $745M. Adjusted earnings came in at 43c per share versus the consensus estimate of 35c, with adjusted EBITDA surging 412% to $167M. The stablecoin issuer's USDCcirculation grew 72% to $75.3B at year-end, with onchain transaction volume jumping 247% to $11.9T in Q4 alone.that USDC grew even as bitcoinand other digital assets crashed in late 2025, underscoring stablecoins' resilience relative to the broader crypto market. For FY25, Circle posted $2.7B in revenue, up 64%, though it recorded a $70M net loss driven by $424M in IPO-related stock-based compensation. The company projected a 40% compound annual growth rate in USDC circulation and reserve liability deposit cost margins of 38%–40% for FY26, providing a bullish outlook for the stablecoin infrastructure layer even as crypto-native assets remain volatile.STRATEGY BECOMES MOST SHORTED STOCK WITH $7B UNREALIZED BITCOIN LOSSES:Strategyholds approximately 717,722 BTC worth $47B, purchased at an average cost of $76,020 per token, leaving the company sitting on approximately $7B in unrealized losses as of current market levels., short bets now equal 14% of Strategy's $34B market cap, making it the most heavily shorted U.S. stock among companies over $25B in market capitalization, with Coinbaseranking fourth at 11%. Analysts attribute much of the short interest to basis trades where traders short MSTR shares while buying bitcoin spot ETFs like BlackRock'sIBIT to profit from narrowing premiums, rather than outright bearish conviction on the company. Bitmine Immersion'sTom Leea contrarian bullish signal, arguing that when a short trade becomes consensus, bad news gets priced in and upside squeezes become more likely. Strategy shares have plunged 63% over the past six months and roughly 73% from the $475 peak in July 2025, though the company recently purchased an additional 2,500 BTC for $168M funded by selling 297,940 Class A shares under its at-the-market offering program.HUT 8 REPORTS $302M LOSS DRIVEN BY UNREALIZED DIGITAL ASSET WRITEDOWNS:Hut 8Q4 revenue of $88.5M, missing the Wall Street consensus of $97.5M but delivering adjusted earnings per share of 36c that beat the consensus estimate of (12c). The company posted a net loss of $301.8M, or ($2.63) per share, driven by $401.9M in primarily unrealized losses on digital assets as bitcoin's price decline hammered balance sheets across the mining sector. For FY25, Hut 8 generated $235.1M in revenue, up 45% year-over-year, though the net loss of $248M contrasted sharply with 2024's net income of $331.4M. Compute revenue of $81.9M in Q4 is rapidly becoming the dominant segment as Hut 8 transitions from bitcoin mining to AI infrastructure, anchored by a $7B, 15-year AI data center lease agreement with Fluidstack and Anthropic secured in December 2025 and financially backstopped by Alphabet's Google.BITCOIN MINERS ACCELERATE AI PIVOT AS 70% PURSUE HPC INITIATIVES:Tuesday that bitcoin's tumble is widening a stock market schism among mining companies, with investors picking winners and losers based on their AI pivot progress rather than mining hash rate alone. Cipher Miningjumped 12.48% Tuesday after reporting plans to liquidate its entire 1,166 BTC treasury to fund its AI transition, while also selling its mining joint venture interests to Canaan. TeraWulfrose 12% on developments around its own separate multi-billion-dollar Fluidstack AI data center collaboration, with Q4 earnings due February 26. Bitfarmsgained 7.84% as the company winds down BTC mining and pivots fully to AI and high-performance computing,with a shareholder vote scheduled for March 20. Core Scientificagreed to appoint up to three independent directors with Two Seas Capital after its failed CoreWeavesale, while MARA Holdingscompleted acquisition of a controlling interest in Exa, a data center subsidiary of French energy company EDF.COINBASE EXPANDS EVERYTHING EXCHANGE WITH FULL U.S. STOCK TRADING LAUNCH:Coinbase rolled out stock and ETF trading to all U.S. users Tuesday, expanding from its limited December pilot with more than 8,000 equities available for 24/5 trading alongside crypto assets. The company simultaneously announced a partnership with Yahoo Finance that integrates a "Trade [Asset] on Coinbase" button directly into Yahoo Finance's stock and crypto pages, providing real-time Coinbase data and offering a one-month free Coinbase One Basic trial for Yahoo Finance users. Fractional shares are available from as little as $1, with trades fundable via USD or USDC stablecoin, and Coinbase plans to launch tokenized stocks and global access to U.S. equities for international traders later this spring. COIN shares traded around $164.99 Wednesday, down nearly 63% from the 52-week high of $444.65, yet 62% of analysts maintain Buy ratings as the company continues diversifying beyond pure crypto exchange revenue under the "Everything Exchange" strategy.CRYPTO.COM RECEIVES CONDITIONAL OCC APPROVAL FOR NATIONAL TRUST BANK CHARTER:thatCrypto.comreceived conditional approval from the Office of the Comptroller of the Currency to charter Foris Dax National Trust Bank, d/b/aCrypto.comNational Trust Bank, permitting custody, staking of digital assets, and trade settlement as a federally regulated institution. The charter does not allow cash deposits or loan issuance and was submitted in October 2025 with OCC approval granted within about four months.Crypto.com, who also holds a large treasury of cronos tokens,was one of 18 firms that applied for OCC charters in 2025, joining Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, which received OCC trust bank charter approvals in December 2025, with Stripe's Bridge subsidiary following in February 2026.META PLANS STABLECOIN COMEBACK VIA STRIPE FOR H2 2026 CREATOR PAYOUTS:Meta Platformsis preparing to re-enter the stablecoin market in the second half of 2026, integrating third-party stablecoin payments across Facebook, Instagram, and WhatsApp.that Meta has issued requests for proposals to external infrastructure firms, with Stripe emerging as the likely partner after CEO Patrick Collison joined Meta's board in April 2025 and Bridge secured its OCC trust bank charter. Meta will not mint its own stablecoin but will act as a distribution channel for third-party stablecoins, likely USDC, with the use case centered on creator payouts, particularly approximately $100 cross-border transfers that currently incur high wire and foreign exchange fees. This follows the failure of Meta's 2019 Libra and Diem projects, though the regulatory landscape has shifted dramatically with the GENIUS Act signed in 2025.SPOT BITCOIN ETF FLOWS TURN POSITIVE WITH $257.7M INFLOWS:U.S.-listed spot bitcoin exchange-traded funds recorded $257.7M in net inflows Tuesday, the largest daily total since early February and reversing Monday's $203.8M in outflows., Fidelity's FBTC led with $82.81M in inflows, followed by BlackRock's IBIT with $78.52M and Ark Invest's ARKB with $71.14M. Cumulative net flows remain above $54B despite the 2026 drawdown, with total ETF assets under management near $85B, roughly 6.3% of bitcoin's market cap, though bitcoin ETFs have bled approximately $4.5B year-to-date overall as institutional investors continue risk-off positioning.TRUIST WEALTH OPENS SPOT BITCOIN ETF ACCESS THROUGH FIDELITY AND BLACKROCK PRODUCTS:Truist Wealththat its financial advisors will now offer clients two SEC-registered spot bitcoin ETFs sponsored by Fidelity and BlackRock, with the products also available for self-directed trading through Truist Trade. The move by the wealth management arm of Truist Financialreflects growing institutional adoption of regulated crypto exposure through ETF wrappers even as bitcoin's price remains volatile, with traditional banks and wealth managers increasingly treating spot bitcoin ETFs as acceptable client allocations within diversified portfolios.PRICE ACTION:As of time of writing, bitcoin was trading at $67,496.28, while etherwas trading at $2,014.50,.

Canaan (CAN) has acquired Cipher Mining's (CIFR) 49% equity interest in the joint venture comprising Alborz LLC, Bear LLC, and Chief Mountain LLC - collectively, the ABC Projects. Following the acquisition, the company now owns a 49% stake in the ABC Projects, while WindHQ LLC maintains its 51% stake in the ABC Projects. The sites currently operate a total of 120 MW of power capacity and support ~4.4 EH/s of total operating hashrate. Fleet efficiency currently stands at ~25.7 J/TH with the potential for hardware and infrastructure upgrades. As part of the transaction, the company also purchased an additional 6,840 Canaan Avalon A15Pro-AVG-221T mining rigs from Cipher. The total consideration for the transaction is approximately $39.75M. The transaction was funded through the issuance of 806,439,900 Canaan Inc. Class A ordinary shares to Cipher, equivalent to 53,762,660 ADSs, priced at $0.7394 per ADS and subject to a lock-up period of six months.