Crypto

Stocks · key Fib levels

• #1

  COINCoinbase Global, Inc.

  $173.16last

  - fib

  Coinbase: the largest US-regulated crypto exchange; earns trading fees, custody fees and interest on USDC reserves shared with Circle.

  anchored by BlackRock (IBIT custody) · Fidelity (FBTC custody) · ARK Invest (ARKB custody) · Circle ($CRCL USDC JV) · undisclosed institutional Prime clients
  • ▸2024-01: Custodian for 8 of 11 SEC-approved spot BTC ETFs at launch (BlackRock IBIT, Fidelity FBTC, ARK ARKB, others)
  • ▸2024-07: Custodian for majority of spot ETH ETF launches
  • ▸2023-08: Base L2 mainnet launch - Ethereum L2 built on OP Stack
  • ▸Circle USDC JV: shares reserve interest income; restructured 2023 when Coinbase took equity stake in $CRCL
  • ▸BlackRock partnership (2022): Aladdin integration for institutional crypto access
  • ▸Coinbase Prime: institutional custody + trading platform, undisclosed asset base
  • ▸2025: S&P 500 inclusion (May 2025) - first crypto-native name added
• #2

  HOODRobinhood Markets, Inc.

  $98.87last

  - fib

  Robinhood: retail broker for stocks, options and crypto; crypto trading is one of its largest transaction revenue lines.

  anchored by Retail self-directed traders (US) · Gold subscribers · RIAs via TradePMR custody
  • ▸2024-06: Announced acquisition of Bitstamp (~$200M) to extend crypto rails into EU/UK retail + institutional
  • ▸2024-10: Acquired TradePMR (~$300M cash+stock) to enter RIA custody and bridge advised-wealth flows
  • ▸2025: Launched Robinhood Banking (debit + savings sweep) + Robinhood Strategies (managed portfolios) for Gold subscribers
  • ▸2025-2026: Robinhood Legend (active-trader desktop) + prediction markets (event contracts via Kalshi partnership) expand product surface
  • ▸2026: WonderFi acquisition (~C$250M) adds Canadian regulated crypto exchange footprint
• #3

  CRCLCircle Internet Group

  $82.22last

  - fib

  Circle: issuer of USDC, the second-largest dollar stablecoin; earns the interest on the Treasuries that back it.

  anchored by Coinbase ($COIN) · BlackRock ($BLK) · BNY Mellon ($BK) · Visa ($V) · Mastercard ($MA) · Standard Chartered · Deutsche Bank ($DB)
  • ▸**2025-06**: NYSE IPO at $31/sh, priced above $27-28 range; opened $69, ATH ~$298 in July 2025 squeeze
  • ▸**2025-07**: GENIUS Act signed into US law - federal regulatory framework for payment stablecoins, USDC compliant Day 1
  • ▸**2025-09**: Circle Payments Network (CPN) GA with Standard Chartered, Deutsche Bank, Société Générale as launch partners
  • ▸**2025-Q4**: USDC integrated into $V Visa Direct + $MA Mastercard Multi-Token Network as settlement asset
  • ▸**2026-Q1**: Tokenized USYC money-market fund crosses $2B AUM; EURC supply doubles YoY on MiCA tailwind
  • ▸**2026-Q2**: Reserve custody split: BlackRock-managed Circle Reserve Fund (USDXX) + BNY Mellon cash leg
• #4

  MSTRMicroStrategy Incorporated

  $136.83last

  - fib

  Strategy (ex-MicroStrategy): the largest corporate holder of bitcoin, funded by stock and debt issuance; its value tracks its bitcoin per share.

  anchored by US Federal agencies (legacy BI) · Fortune 500 enterprises (analytics) · Self (BTC treasury is the core business)
  • ▸~500k+ BTC held on balance sheet (largest corporate holder globally, ~2.4% of total supply)
  • ▸Funded via ATM equity programs, convertible senior notes (multiple tranches through 2030+), and STRK/STRF preferred series
  • ▸2026 Q1: continued accumulation cadence via "21/21 Plan" framework ($21B equity + $21B fixed-income capital raise)
  • ▸MicroStrategy ONE BI platform, HyperIntelligence, Cloud analytics
  • ▸Customers include US federal agencies, F500 enterprises
  • ▸Declining license revenue, transitioning to cloud subscription
• #5

  SBETSharplink, Inc.

  $7.57last

  - fib

  SharpLink Gaming: a treasury company holding ether as its main asset and staking it.

  anchored by DraftKings · FanDuel · BetMGM · Caesars Sportsbook · Sports media publishers
  • ▸**DraftKings ($DKNG) affiliate partnership** - SharpLink operates as an affiliate marketing partner for DraftKings, driving player acquisition via odds widgets and betting links embedded in sports media sites.
  • ▸**FanDuel / Flutter ($FLUT) affiliate** - registered affiliate partner for FanDuel sportsbook; CPA and revenue-share arrangements across US and UK regulated markets.
  • ▸**BetMGM affiliate** - affiliate relationship with BetMGM ($MGM / $ENT joint venture) covering multiple US states.
  • ▸**Sports media publisher integrations** - odds and affiliate widgets deployed across regional sports media and content publisher networks; specific publisher names undisclosed.
  • ▸**European sportsbook affiliates** - legacy affiliate revenue from UK and European regulated markets predating US expansion focus.
• #6

  GLXYGalaxy Digital

  $16.14last

  - fib

  Galaxy Digital: crypto trading, lending and asset management, plus a data-centre business.

  anchored by CoreWeave · Invesco · Institutional crypto counterparties
  • ▸**2024-06** - Helios campus 15-yr lease to $CRWV for ~133MW Phase I AI/HPC colocation (option to expand toward ~800MW campus capacity)
  • ▸**2025** - Invesco-Galaxy spot BTC ETP ($BTCO) and spot ETH ETP ($QETH) - Galaxy is sub-advisor / index provider
  • ▸**2026-Q1** - TSX→NASDAQ uplisting completed; ticker GLXY consolidated to single US listing
  • ▸**Ongoing** - Galaxy Asset Management runs structured products + venture funds; AUM disclosed quarterly
  • ▸**Ongoing** - Galaxy Lending desk provides BTC/ETH collateralized credit to institutions post-FTX/Genesis vacuum
• #7

  MARAMARA Holdings, Inc.

  $7.53last

  - fib

  MARA Holdings: one of the largest listed bitcoin miners; revenue moves with the bitcoin price and the network hashrate.

  anchored by Bitcoin Network (self-mining) · Applied Digital (hosting) · ERCOT (demand response)
  • ▸**2026 Q1**: 25 EH/s milestone reached; Texas + ND sites fully energized
  • ▸**2026**: Acquired 114 MW wind-curtailment site (Texas) for sub-3c/kWh power
  • ▸**2025**: Garden City, TX 280 MW site online; gas-flare pilot scaled to 25 MW
  • ▸**2025**: BTC treasury crossed 40k BTC via mined + open-market purchases
  • ▸**2024**: Rebranded Marathon Digital → MARA Holdings; signaled HPC/AI pivot
  • ▸**2024**: Halving event - block reward 6.25 → 3.125 BTC; difficulty +35% YoY
  • ▸**Hosting partners**: Applied Digital, Compute North (legacy), Hut 8 swaps
• #8

  RIOTRiot Platforms, Inc.

  $13.72last

  - fib

  Riot Platforms: Texas bitcoin miner with its own power sites, also marketing capacity to data-centre tenants.

  anchored by ERCOT (power-credit counterparty) · Self-mined BTC (primary revenue) · Third-party hosted miners (Rockdale E&I services)
  • ▸**2026 Q1**: 36.7 EH/s deployed hash rate; ~579 BTC mined in March 2026 alone.
  • ▸**2025 FY**: $376M total revenue; $71M power/demand-response credits from ERCOT.
  • ▸**2025**: Corsicana Phase 1 (400 MW) fully energized; Phase 2 build underway toward 1 GW total site capacity.
  • ▸**2024**: Acquired Block Mining for ~$92M, adding Kentucky operations (~400 MW pipeline).
  • ▸**2024**: Signed E&I services contracts with third-party miners at Rockdale campus.
  • ▸**Strategic**: Actively marketing 600 MW+ of Corsicana capacity for AI/HPC tenant co-location; no anchor signed yet.
• #9

  CLSKCleanSpark, Inc.

  $8.40last

  - fib

  CleanSpark: US bitcoin miner growing its hashrate through owned sites in Georgia, Tennessee and Wyoming.

  anchored by Bitcoin network (self-mining) · Bitmain (ASIC supplier) · Georgia Power / TVA / regional utilities
  • ▸**2026-Q1**: ~50 EH/s installed hashrate milestone; ~10k BTC treasury reported
  • ▸**2026**: Wyoming site expansion (Cheyenne) brings additional ~100MW online
  • ▸**2025-H2**: Tennessee acquisitions add diversified grid exposure outside GA
  • ▸**2025**: Mississippi sites (Vicksburg) operational, ~150MW capacity
  • ▸**Ongoing**: S21/S21 Pro fleet upgrades - efficiency targeting sub-17 J/TH
  • ▸**Power**: Blended all-in power cost guided sub-$0.035/kWh, among lowest in listed-miner cohort

Co-movement matrix (252d)