Circle stock climbs after stablecoin issuer applies for a national bank charter: CNBC Crypto World
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SEC clarifies liquid staking tokens aren't securities in win for DeFi: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin reclaims the $115,000 dollar level. Plus, Wintermute CEO Evgeny Gaevoy weighs in on a new statement from the SEC that says certain liquid staking activities do not constitute the offer or sale of securities.
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7 hours ago
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Coinbase's Grip on Crypto Faces Test in a Market That Won't Slow Down
(Bloomberg) -- Coinbase is the closest thing crypto has to a blue-chip name: a booming exchange that joined the S&P 500 this year and at one point surged 69% to a $106 billion market value. Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds All Hail the Humble Speed Hump PATH Train Service Resumes After Fire at Jersey City Station Major Istanbul Projects Are Stalling as City Leaders Sit in Jail What England's New National Cycling Network Needs to Get Rolling That streak just hit a wall. The stock plunged 17% last week after disappointing results, in its second-worst post-earnings drop. Analysts question whether Coinbase can keep using its pricing power to defend margins, without ceding ground to lower-cost rivals. The firm has long defied warnings that competition would force it to slash fees — even raising them on a set of stablecoin trades in March. But competitors like Kraken and Robinhood are chasing market share. And Gemini and Bullish are preparing for potential public listings. 'We still see long-term risks to their growth due to above-average retail transaction fees and increasing competition from platforms like Robinhood,' said Alex Woodard, an analyst at Arca. 'Coinbase needs to implement cheaper trading fees and continue to expand its product offering through M&A in order to avoid losing market share.' Robinhood, known for zero-commission stock trading, has an average take rate roughly 50% lower than Coinbase's, according to Mizuho, while Kraken has added stocks and exchange-traded funds to keep users engaged. Bitcoin, which drives much of the industry's mood and trading activity, has also steadied. Brian Armstrong co-founded Coinbase in 2012 and made it the first major crypto exchange to list publicly in 2021. That head start helped cement its role as the industry's default platform for retail traders and institutions in the US. Coinbase's revenue grew 3% last quarter, its slowest in two years. Kraken's sales rose 18%, while Robinhood's crypto business nearly doubled to $160 million. Coinbase's global market share edged lower from 5.65% to 4.56% before a small rebound in July, according to analyst estimates. For now, it still commands more than half of the US spot market, a reminder of its scale. The broader backdrop remains bullish. Most analysts remain positive on the stock, as Bitcoin ETFs pull in billions and stablecoins hit record volumes. That rising tide means Coinbase could keep growing its revenue even if its market share — always volatile — slips. The question for investors is whether that growth is already priced in, and whether rivals like Robinhood or Kraken could chip away enough business to test its premium. The firm attributed part of the trading slowdown to a deliberate pricing decision to charge for some stablecoin pairs, historically largely a zero-fee product. 'This was in our control,' said Alesia Haas, Coinbase's chief financial officer on last week's earnings call. 'When you exclude the impact of lower stable-pair volume, our total trading volume was more similar to the overall spot markets,' she told analysts. In other words, it was a bet on margins over market share — one that rivals may soon test. 'As more players enter crypto, it's a sign the space is going mainstream,' a Coinbase representative said in an email. 'That's good for the ecosystem, but we're here to win.' That trade-off highlights Coinbase's bind: cut prices and hurt margins, or hold firm and risk losing traders. Still, the company has often managed to keep fees steady or even increase them over the years, despite warnings from naysayers. Coinbase is planning to offer stock trading to expand its grip with clients. 'Exchanges have to become one-stop shops,' said John Todaro, an analyst at Needham & Co. 'But every competitor is chasing that same strategy, which makes the fight even tougher.' For investors, this is bigger than a single earnings miss: The stock has long been a favorite of large money managers — pensions, financial advisers, and cautious funds — because it offered a 'safer' way to get crypto exposure through a regulated, publicly listed company. While he believes Coinbase can continue to do business without dropping fees, 'either way, being so fully dependent on crypto trading is risky,' said Dan Dolev, an analyst at Mizuho. That dependence has led to what Todaro calls 'lumpy revenue growth, with some years of big gains and others of modest or even negative results.' The company has plenty of firepower, with more than $9 billion in cash and revenue from its partnership with stablecoin issuer Circle Internet Group. The firm runs a custody business — crypto safekeeping for investors such as Bitcoin ETFs — that ties it directly into Wall Street's flows. And it's trying to become an 'everything exchange,' recently adding perpetual-style futures contracts in the US, buying the crypto options platform Deribit, and planning to list stocks and even prediction markets. Rivals aren't slowing down either. Aside from Kraken and Robinhood, OKX has re-entered the US. And Binance, despite its past legal troubles, had explored doing business with World Liberty Financial Inc., one of the Trump family's crypto ventures, Bloomberg has reported. 'Binance and HTX have been the primary beneficiaries of spot market share growth this year globally,' said Saksham Diwan, research analyst at CoinDesk Data. 'In the US, Kraken has recorded the most significant gain in spot market share, although Coinbase still retains the vast majority of the spot market, with over 50% share in the US.' Coinbase trades at about 44 times forward earnings — richer than traditional exchanges, but still lower than Robinhood at 65, and nowhere near Circle's lofty multiple. H.C. Wainwright, which downgraded Coinbase in July, cautioned that competition could pressure its premium. Oppenheimer's Owen Lau expects a 46% revenue rebound in the third quarter, and sees the recent stock drop as a buying opportunity. 'I don't think COIN's valuation is out of reach,' Lau said. 'It is trading at a big discount compared to HOOD and CRCL. I think if they can continue to grow both top and bottom line, it will help.' But that optimism rests on Coinbase's ability to hold its margins in a market where trading is becoming a commodity, and rivals look all set to cut costs anew. --With assistance from Lu Wang. Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity The GOP Is Choosing Pesticides Over the MAHA Moms What Happens to AI Startups When Their Founders Jump Ship for Big Tech ©2025 Bloomberg L.P.
Business Insider
7 hours ago
- Business Insider
Stocktwits & FINTECH.TV Partner Bringing Real-Time Market Sentiment And Institutional Crypto From The NYSE Floor
New York, New York, August 6th, 2025, FinanceWire Collaboration combines Stocktwits' over 10 million-strong investor community and real-time sentiment data with institutional media platform to launch 'Treasuries Unchained' series. Stocktwits, the leading social platform for investors and traders, and today announced a strategic partnership transforming how financial media integrates real-time market sentiment with institutional-grade programming. The collaboration combines Stocktwits' proprietary ticker and coin data with NYSE studio presence delivering dynamic, sentiment-driven content that fuses retail insight with institutional perspective for a more complete view of the markets. The partnership comes at a pivotal moment as corporate crypto adoption continues to accelerate with companies like Strategy becoming de facto Bitcoin holding vehicles and SharpLink rebuilding entire business strategies around Ethereum. By recognizing modern financial markets require both institutional analysis and retail intelligence, the partnership will create content that serves all major market participant needs and bring real market intelligence into the digital age. 'Retail investors deserve access to the same conversations that shape markets,' said Anne Marie Gianutsos, Chief Commercial Officer at Stocktwits. 'Broadcasting from the NYSE floor with highlights the growing convergence between TradFi and DeFi and gives our community a front-row seat to the conversations previously reserved for institutional circles.' Stocktwits' live market sentiment data will be directly integrated into NYSE studio as well as its roster of shows, providing viewers with real-time insights into how retail investors are reacting to market developments and earnings announcements as they happen. In addition to co-producing programming that highlights the events and announcements moving the needle where retail and institutional markets intersect, the partnership will feature coverage of a broad range of public companies — not just those with crypto components — spanning industries from transportation to tech and beyond. The first in-depth executive interview to be filmed and released in August is with Surf Air Mobility Inc. (NYSE: SRFM) Co-Founder Sudhin Shahani. Surf Air Mobility is a leading regional air mobility platform transforming air travel through software and electrification. The partnership's flagship initiative is 'Treasuries Unchained,' a new series that addresses the growing need for dedicated coverage of corporate cryptocurrency treasury strategies and aims to become the definitive destination for major crypto treasury news, announcements, and insights. This transformative series will feature in-depth interviews with the top executives who are driving this corporate transformation, leading off with Zac Townsend, CEO of Meanwhile, the first fully regulated BTC-denominated life insurer. Meanwhile is the only company in the world to have externally audited financials denominated in BTC. Hosted by Stocktwits' Katie Perry and filmed from NYSE studio, the series will provide a firsthand look into the corporate crypto decisions, market analysis, regulatory considerations, and risk management perspectives from the leaders implementing these shifts. 'Stocktwits has built one of the most influential investor communities in the world, and we're proud to bring their real-time market sentiment into our institutional programming from the NYSE,' said Vince Molinari, Founder and CEO of 'Together, we're demystifying the corporate crypto evolution—giving investors at every level access to the insights, executive perspectives, and market signals shaping this new era of digital treasury strategy. 'Treasuries Unchained' is just the beginning of what happens when distribution, data, and dialogue come together to move markets.' As the modern financial market continues to converge across TradFi and DeFi initiatives, this transformative partnership provides retail investors with the enhanced context and analysis needed to navigate the evolving financial landscape; services institutions real-time sentiment data where they're already accessing institutional-quality programming; and creates new platforms for market leaders to reach both retail and institutional audiences simultaneously. About Stocktwits Stocktwits is the leading social platform for active investors and traders, where millions of market participants connect to discuss markets in real-time. Built on the foundation of social conversation, Stocktwits has grown into a dynamic financial media company where social sentiment uniquely powers original news, video, and editorial coverage spanning equities, crypto, and macro trends. With over 10 million users, Stocktwits empowers investors to track traditional and digital asset sentiment, discover trends, and make informed decisions. Stocktwits' mission is to help investors improve returns through community, data, content, and the latest tools. is a global media network covering the intersection of finance, technology, and innovation. Broadcasting from the New York Stock Exchange, Abu Dhabi Global Market, and other major financial centers, delivers trusted content through live programming, original series, and on-the-ground event coverage. Its media ecosystem includes Bull Street, a high-engagement, newsletter-driven financial brand built for today's investors, and Coin Street, a destination for digital assets, blockchain, and Web3 innovation. Through its global reach and strategic partnerships, is shaping the conversation around the future of finance and the economy. is owned and operated by FINTECH Media Group, PBC.
