Ether rises 2% and bitcoin inches back above $119,000: CNBC Crypto World
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USA Today
14 minutes ago
- USA Today
Bitcoin and crypto are on an upswing. How long can it continue?
July was good to Bitcoin, and some analysts think this may just be the warmup. Although Bitcoin was last down 0.35% at $115,396.40, below its record peak of around $123,000, some analysts aren't worried. Tom Lee, managing partner and head of research at Fundstrat Global Advisors who predicted Bitcoin's peak in 2024, has said he thinks Bitcoin willl reach $250,000 before the end of the year. Bitcoin climbed to a record high on July 14 as weekly cryptocurrency investment products saw record weekly inflows, pushing the total crypto market to top $4 trillion for the first time ever. With new legislation signed into law last month and skyrocketing institutional buying, there's little doubt digital assets are becoming more mainstream, they say. Earlier in the year, crypto exchange Coinbase also became the first crypto exchange to join the S&P 500, marking a major milestone for the digital asset industry. "Bitcoin pulling back after reaching a new all-time high is not unusual," said Samer Hasn, Senior Market Analyst at global broker Often, rallies are followed by dips, so people can take some profits around key technical levels. The drops also allow people who are sidelined and don't want to buy at the highs a lower entry point. Regulations give institutions green light The GENIUS Act, signed into law on July 18, creates a regulatory framework for stablecoins, a popular type of cryptocurrency tied to the value of stable assets like the U.S. dollar. The Act "marks a turning point in federal crypto oversight," said Frank Walbaum Market Analyst at socal investing platform Naga. "Regulatory clarity could support institutional adoption and long-term market maturation." Crypto has already seen a flood of new interest, with money flooding into crypto exchange traded funds, or ETFs that trade like stocks on an exchange but have holdings that track an index or other underlying asset. iShares Bitcoin Trust ETF, which seeks to reflect generally the performance of the price of bitcoin, became the fastest growing ETF ever in terms of assets. "The crypto ETF pie is growing fast because of broader adoptions after executive orders by President Donald Trump that are in the process of breaking down regulatory barriers that previously stood in the way of broader crypto adoption," said Bryan Armour, Morningstar's director of ETF and passive strategies. Who's buying crypto? Buyers are mostly young American males, according to a Deutsche Bank survey of U.S., UK and EU residents in June. In the United States, 23% of men versus 13% of women use cryptocurrency as a form of payment or personally invest in crypto, the survey showed. That's up from 20% and 12%, respectively, in January. Individual investors also tend to be young in the U.S. Among 18–34-year-olds, the share of investors increased to 29% in June from 24% in January, due to "excitement over Trump's pro-crypto administration," said Marion Laboure, senior economist at Deutsche Bank. Adoption rates have been on an upwards trend since Trump's election in November. U.S. investors also tend to have more money. U.S. crypto adopters tend to have income above $100,000 annually (34%). It was a 32% adoption rate for those earning between $50,000 and $100,000. More companies also are building Bitcoin treasuries. For example, MicroStrategy, which began buying Bitcoin in 2020, has since sold equity, issued various types of debt and layered stacks of preferred shares on top to raise money to buy more. In its latest earnings regulatory filing, it said it would do so again, selling $4.2 billion more in preferred stock to buy more of the digital coin. Its Bitcoin holdings helped the company's results top second-quarter estimates with a surprising profit. Metaplanet also said in a regulatory filing it plans to potentially issue up to $3.7 billion worth of perpetual preferred shares and use proceeds to buy more Bitcoin. It has said it wants to accumulate 210,000 Bitcoin by the end of 2027. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
Business Wire
4 hours ago
- Business Wire
DevvStream Deploys Crypto Treasury with Initial Bitcoin and Solana Purchases; Intends to Expand Credit Facility to $300M
CALGARY, Alberta--(BUSINESS WIRE)--DevvStream Corp. (Nasdaq: DEVS) ('DevvStream' or the 'Company'), a leading carbon management firm specializing in the development, investment, and sale of environmental assets, today announced the initial deployment of its crypto treasury strategy with purchases of Bitcoin ($BTC) and Solana ($SOL), funded by a portion of the first (US)$10 million tranche of its (US)$300 million senior secured convertible notes facility with Helena Global Investment Opportunities 1 Ltd. These acquisitions represent the operational launch of DevvStream's digital treasury strategy, designed to combine institutional-grade liquidity with blockchain infrastructure. The Company believes Bitcoin provides a liquid, non-correlated store of value and that Solana's high-throughput network supports the Company's long-term objectives in, and the industry's move towards, sustainability-linked tokenization. In parallel, DevvStream announced its intention to increase its existing Equity Line of Credit (ELOC) to (US)$300 million, subject to Board approval and the approval of Helena. This expansion would provide additional flexibility to scale the Company's operational and treasury strategy and accelerate investment in digital and environmental infrastructure. 'Deploying our treasury strategy with Bitcoin and Solana marks a critical step in connecting carbon markets to the digital economy,' said Sunny Trinh, CEO of DevvStream. 'Combined with the planned expansion of our credit facility, we believe we are strengthening our balance sheet and positioning DevvStream to execute on tokenizing high-value environmental assets at scale.' About DevvStream Founded in 2021, DevvStream is a leading carbon management firm specializing in the development, investment, and sale of environmental assets, energy transition, and innovative carbon management solutions. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health. With a diverse approach to energy transition and carbon markets, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging or renewable energy generation in exchange for a percentage of generated credits or I-RECs. For more information, please visit Cautionary Note Regarding Forward-Looking Statements Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expect', 'intend', 'will', 'estimate', 'anticipate', 'believe', 'predict', 'potential' or 'continue', or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include statements regarding DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, its crypto treasury strategy and its ability to further draw down on its senior secured convertible notes facility (of which there can be no assurances), all of which are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to the risks set forth in the Company's most recent Form 10-K, 10-Q, 8-K and other SEC filings which are available through EDGAR at These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management are inherently uncertain and subject to material change. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in filings made by, or to be made by, DevvStream from time to time with the SEC and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream and this news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Yahoo
4 hours ago
- Yahoo
Coinbase's $1.5bn revenue shows thinning volume as the ‘crypto superapp war' wages on
Coinbase took a haircut in revenue last quarter just as competition in crypto is mounting. On Thursday, the biggest crypto exchange in the US reported income of $1.5 billion, a 25% drop from last quarter, and about 6% below expectations. Shares for the company plunged 9% in after hours trading. All of this comes at a time of impressive competition for Coinbase — pushing the company to expand its product line well beyond retail trading. 'Coinbase must win the crypto superapp war,' Robert Le, head of research at Kiln, told DL News. 'This goes beyond dominating exchange volumes, it means owning the user interface for consumer and developer activity in crypto.' To be sure, Coinbase competitors also showed less-than-ideal numbers in their quarter earnings. Kraken's revenue slumped, while Robinhood declined in crypto revenue for the second consecutive quarter. Mounting competition Even so, Coinbase's competitors are circling. Kraken launched stock trading for its 15 million customers, while planning to acquire trading giant NinjaTrader for $1.5 billion. It is also reportedly on the verge of raising $500 million at a $15 billion valuation and is said to be planning an initial public offering in the first quarter of next year. Kraken has not confirmed the reports. Meanwhile, fintech giants Robinhood, Revolut, and eToro have been encroaching on Coinbase by expanding their businesses to include crypto products. Binance could be preparing a return to the US. And that's just the freshmen. Incumbents aren't staying put either. Executives at Bank of America, BNY Mellon, and Morgan Stanley have been touting the promises of blockchain and cryptocurrencies — while eyeing up what they can offer their clients. Coinbase steps up But Coinbase hasn't been resting on its laurels. On Wednesday, it inked a watershed deal with JPMorgan Chase, the No.1 US bank, to allow bank customers directly link their bank accounts with the crypto exchange. In May, the company acquired derivatives giant Deribit for $2.9 billion. It's a deal, market watchers said, that indicates a bet on the next wave of crypto investors. Last month, the firm signed a partnership with Shopify to bring stablecoin payments to the e-commerce giant. Those are all signs of Coinbase building a platform 'where financial services, identity, rewards, gaming, and media converge,' Le said. Structural advantage Coinbase also has a structural advantage: regulation. On July 18, US President Donald Trump signed into law the Genius Act, which lays the foundation for crypto companies to launch their own stablecoins. Now, the crypto industry awaits for the Senate to start deliberations on the next big crypto bill, the Clarity Act. Clearer regulatory waters mean wind in Coinbase's sails. 'The bigger tailwind is regulatory clarity,' Le told DL News. 'Coinbase's proactive stance in engaging with lawmakers, fighting back in court, and getting listed in ETF filings has made it the default trusted US crypto brand.' 'That structural advantage will matter more than quarterly volatility,' he said. Base's place Regulators are one thing, the other is DeFi. Coinbase has spent a lot of time, and money, into Base, its Ethereum layer 2 chain. Base is now the second largest layer 2, with $14 billion in total value locked, according to L2Beat. The layer 2 has been swallowing up market share in the DeFi ecosystem, elbowing out competing blockchains who once commanded the space. For Le, Base is key to the company's long-term edge. 'The more activity Coinbase drives through Base — whether that's transactions, apps, or games — the more network effects it captures,' he said. 'It becomes harder to compete with.' Core infrastructure Still, Le reckons that Coinbase has a lot more room to run. 'This is no longer just a crypto exchange,' Le said. 'It's becoming infrastructure for the internet of money.' That means embedded wallets. Payment rails. Onchain apps. It means Base becoming the go-to chain for developers. And it means Coinbase positioning itself as the default trusted brand in a post-regulatory-crackdown world. What is keeping Coinbase ahead could also be its downfall, however. If Coinbase neglects the shift toward wallets and onchain activity, it could fall behind. Others — including MetaMask, Phantom, or even fintech players — are staring down the same opportunity, Le said. Ultimately, the race will be won by the platform that combines regulatory trust, user experience, and ecosystem depth, Le said. 'Coinbase is well positioned but has to keep expanding the scope of what users do onchain.' Still, with Coinbase's earnings came at lower than expected, it wasn't a disaster. What matters more to investors is traction, Le said. 'Is Base growing? Are user deposits increasing? Is institutional custody share expanding post-ETF approvals?' Pedro Solimano is DL News' Buenos Aires-based markets correspondent. Got at a tip? Email him at psolimano@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
