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Under Coinbase's previously announced MiCA compliance measures, retail users in the European Economic Area (EEA) must withdraw 14 restricted crypto assets, including USDT, PYUSD, USD1, DAI, and PAXG, before October 30. On that date, Coinbase will automatically convert remaining balances into USDC or other supported assets or currencies at prevailing market rates.
Trading and conversions of these assets have already been restricted. Coinbase warned that deposits received after the deadline will not be credited to user accounts or included in the automatic conversion process, and recovery cannot be guaranteed. The restrictions affect assets issued by Tether, PayPal, and Trump-linked World Liberty Financial, among others.

Onchain trading platform Genius has launched its mobile app on Apple's App Store and Google Play. Built on BNB Chain, it combines token trading, social features, and token creation. Users can trade cryptocurrencies, follow other traders, explore market activity, and share insights from their phones. Integrated Genius fun lets users create tokens, select trading pairs, and launch new tokens. Genius fun launched on BNB Chain in September, and the new app brings these existing features to mobile.

According to Arkham, wallets it has labeled or tentatively attributed to Justin Sun collectively hold approximately $51.25 million in PEPE, representing 2.82% of the token's total supply, potentially making him the largest individual PEPE holder. Arkham tracked two transfers from Poloniex to the associated wallets on October 17 and 26, worth approximately $28.44 million and $20.32 million, respectively, totaling $48.76 million. Between October 15 and 25, wallets already labeled as belonging to Sun also transferred approximately $77 million in stablecoins to Poloniex. Some of the PEPE had previously moved between Binance, HTX and Poloniex.

Edited by | Wu Blockchain and ChatGPT
TL;DR
CoreWeave’s shares and bonds fell together, while computing infrastructure and chip stocks also came under pressure. In mid-October 2026, yields on some of the company’s unsecured bonds rose to around 15%, with one bond maturing in 2031 briefly yielding more than 16%. Its shares fell nearly 25% in the week ended October 16. Peers including Nebius also declined, while the Philadelphia Semiconductor Index lost more than 11% that week.
The company began as an Ethereum miner and now supplies AI computing capacity to technology companies. Founded in 2017, CoreWeave launched its cloud platform in 2020 and listed on Nasdaq in 2025. It now provides GPU clusters and supporting cloud services to customers including Microsoft, OpenAI, Meta, and Anthropic. Microsoft accounted for approximately 67% of its revenue in 2025.
Its long-term contracted backlog exceeds $100 billion, but revenue recognition still depends on delivery. As of the end of June 2026, CoreWeave had $103.7 billion in remaining performance obligations, approximately 41% of which it expected to recognize as revenue over the following 24 months. Its separately disclosed “revenue backlog” stood at approximately $104 billion. This broader measure remains subject to conditions including delivery and service availability before the relevant revenue can be recognized.
Second-quarter revenue more than doubled, but losses and financing expenses remained substantial. In the second quarter of 2026, CoreWeave generated $2.575 billion in revenue, up approximately 112% year over year, while recording a net loss of $626 million and net interest expense of $640 million. At the end of June, it reported $35.6 billion in total debt, alongside approximately $16.3 billion in operating lease liabilities.
The company emphasizes improving finances, while outside assessments of its funding outlook differ. Jensen Huang said CoreWeave’s financial strength was improving and its cost of capital was declining. Goldman Sachs upgraded the stock to Buy on October 19, expecting the company to retain access to financing for expansion. Gartner, meanwhile, forecast that cost pressures and limited differentiation would leave more than 80% of neocloud providers no longer operating independently by 2030.
In mid-October 2026, CoreWeave (Nasdaq: CRWV) experienced simultaneous declines in its shares and bonds. Yields on some of its unsecured bonds rose to around 15%, with one bond maturing in 2031 briefly yielding more than 16%. Its shares fell approximately 15.5% on October 14 and nearly 25% over the week ended October 16.
Shares of computing infrastructure and data center companies including Nebius, Applied Digital, and IREN also declined during the same period. The Philadelphia Semiconductor Index fell more than 11% that week. CoreWeave and Nebius belong to a category commonly called “neoclouds,” newer cloud providers offering GPU cloud services for AI and other high-performance computing workloads.
1.From Ethereum Mining to GPU Cloud Services
CoreWeave began as Atlantic Crypto, founded in 2017 by Michael Intrator, Brian Venturo, and Brannin McBee. The three previously worked in commodities and energy trading, and the company initially used GPUs to mine Ethereum.
According to a company history published in 2021, the team acquired inexpensive GPU equipment during the 2018–2019 market downturn and gradually expanded into computing services beyond mining. In 2019, it acquired the rendering platform Leonardo Render. That December, it changed its name to CoreWeave.
CoreWeave launched its cloud platform in 2020, providing computing services to customers in visual effects, rendering, and machine learning. In September 2022, Ethereum completed “the Merge,” transitioning from proof of work to proof of stake. CoreWeave stated in its IPO filings that it had discontinued its mining operations.
Today, CoreWeave provides GPU clusters, networking, storage, and supporting software services for customers training and running AI models. It deploys computing capacity by purchasing equipment, leasing data centers, and entering into power and other supporting agreements, then delivers cloud services under customer contracts.
In 2023, Nvidia participated in CoreWeave’s Series B funding round. On March 28, 2025, CoreWeave listed on Nasdaq, offering 37.5 million shares at $40 each for a total offering size of approximately $1.5 billion. Its revenue grew from approximately $229 million in 2023 to $1.9 billion in 2024 and $5.1 billion in 2025.
2.Tech Giants’ Orders Push the Backlog Above $100 Billion
CoreWeave’s annual reports show that Microsoft was its largest customer, accounting for approximately 62% of revenue in 2024 and 67% in 2025. The company has also signed computing services agreements with OpenAI, Meta, and Anthropic.
In March 2025, CoreWeave signed an initial agreement with OpenAI worth up to $11.9 billion. The companies expanded their partnership in May and September that year. According to a September 25, 2025 announcement, the combined value of their contracts at that time was up to approximately $22.4 billion, covering computing workloads including model training.
On April 9, 2026, CoreWeave announced an expanded agreement with Meta worth approximately $21 billion to provide AI cloud computing capacity through December 2032. The announcement said the capacity would be deployed across multiple locations and include early deployments of Nvidia’s Vera Rubin platform.
On April 10, the company announced a multiyear agreement with Claude developer Anthropic to support model development and deployment. The announcement said the capacity was expected to begin coming online later in 2026, starting with a phased rollout.
Nvidia is both an investor in CoreWeave and a purchaser of its computing capacity. In September 2025, CoreWeave disclosed an order from Nvidia with an initial value of $6.3 billion. Subject to delivery, service availability, and other contractual conditions, Nvidia is obligated to purchase the relevant remaining unsold capacity through April 2032.
CoreWeave’s first-quarter 2026 earnings announcement also disclosed that Nvidia had completed a $2 billion investment in its Class A common stock.
3. Revenue Doubles, but Debt and Interest Costs Rise
CoreWeave’s financial results released on August 11 showed second-quarter 2026 revenue of $2.575 billion, up approximately 112% year over year. Its net loss widened to $626 million from $290 million a year earlier. Net interest expense rose from $267 million to $640 million.
The cash flow statement showed $679 million in net cash provided by operating activities during the quarter, compared with $6.422 billion in cash spending on purchases of property and equipment. In August, the company guided for full-year 2026 capital expenditures of $35 billion to $39 billion and third-quarter interest expense of $860 million to $940 million.
CoreWeave primarily raises funds through equity financing, loans, bonds, and convertible notes. In August 2023, it secured a $2.3 billion debt financing facility led by Magnetar and Blackstone, using Nvidia chips as collateral.
In March 2026, the company announced the closing of a delayed-draw term loan facility of up to $8.5 billion, known as DDTL 4.0. Backed by project equipment and customer contracts, the financing received investment-grade ratings of A3 from Moody’s and A (low) from DBRS. The announcement disclosed a floating-rate portion priced at SOFR plus 2.25% and a fixed-rate portion carrying an interest rate of approximately 5.9% at the initial draw.
As of the end of June 2026, CoreWeave reported $35.6 billion in total debt, alongside approximately $16.3 billion in operating lease liabilities. Some project loans are backed by GPU equipment and customer contracts, with financing raised through project subsidiaries.
The company reported $103.7 billion in remaining performance obligations, or RPO, representing contracted amounts for obligations not yet fulfilled. It expected to recognize approximately 41% of that amount as revenue during the 24 months ending in June 2028.
CoreWeave separately reported approximately $104 billion in “revenue backlog.” Under its definition, this measure includes RPO and other revenue it expects to recognize in the future from committed customer contracts. Recognition of the relevant revenue remains subject to conditions including delivery and service availability.
4. Falling Shares and Bonds Spread Concern Across AI Stocks
According to Bloomberg, on October 14, the price of one of CoreWeave’s unsecured bonds, carrying a 9.625% coupon and maturing in 2032, fell below 80% of face value, pushing its yield above 15%. Reuters, citing trading data, reported that the yield on a bond maturing in 2031 briefly exceeded 16% on October 15. These figures refer to the bonds’ market trading yields.
Investor Chamath Palihapitiya posted a chart of CoreWeave’s bond yields on X, prompting Elon Musk to reply, “Yikes.” That same week, the cost of insuring CoreWeave’s debt against default rose above 1,000 basis points, according to S&P Global Market Intelligence.
On October 14, CoreWeave shares fell approximately 15.5% to close at around $65.78. The stock lost nearly 25% over the week ended October 16. During intraday trading on October 16, Nebius fell approximately 10%, while Applied Digital and IREN each declined around 9%.
Reuters reported that U.S. inflation data released that week increased market expectations of further interest rate hikes. Axel Rudolph, chief technical analyst at IG Group, said persistently rising capital costs could put pressure on highly leveraged companies, even if demand for AI computing remained strong.
On October 19, CoreWeave shares briefly rebounded during trading following a Goldman Sachs upgrade, but still closed approximately 0.44% lower. According to Tradeweb data, the yield on one of its bonds maturing in 2031 fell to 15.13%, down 19.5 basis points from the previous trading day.
On October 22, CoreWeave fell another approximately 10%, while Nebius declined around 7%. Nvidia, Meta, and other stocks also fell. Meta reported negative third-quarter free cash flow of $2.12 billion.
5. Beyond Demand, Financing and Returns Take Center Stage
In a memo to employees, CoreWeave CEO Michael Intrator said the market sometimes misunderstood the company and reacted irrationally, while emphasizing customer demand and its contracted backlog.
Speaking to reporters at an event in Stockholm on October 15, Nvidia CEO Jensen Huang said CoreWeave’s financial strength was improving and its cost of capital was actually declining. He said he did not believe Nvidia needed to provide a financial backstop for CoreWeave.
On October 14, Gartner published research warning that more than $3.5 trillion in AI infrastructure spending could be at risk of impairment by the end of 2030 if AI service providers maintained their current pace of capital expenditure. It forecast that cost pressures and limited business differentiation would leave more than 80% of neocloud providers no longer operating independently by 2030.
Gartner analyst Will Sommer said AI data center owners would need approximately $8.5 trillion in cumulative revenue by 2030 to cover announced capital expenditures and financing costs while achieving the firm’s assumed 12% return on invested capital. Gartner forecast that enterprise and consumer AI revenue attributable to AI data centers would total no more than $3.6 trillion over the same period.
On October 19, Goldman Sachs upgraded CoreWeave from Neutral to Buy. Analysts led by Gabriela Borges described CoreWeave as one of the higher-quality neocloud companies and expected it to retain access to financing for future expansion, with debt costs rising only moderately from existing levels. According to an October 14 Financial Times report, CoreWeave was seeking investment-grade ratings for more loans backed by chips and customer contracts to attract funding from insurers. Co-founder Brannin McBee said the company itself could also obtain an investment-grade rating within the next few years.
Bloomberg reported on October 15 that CoreWeave’s three co-founders had sold approximately $3.3 billion in company shares since its March 2025 IPO, including around $2.4 billion in 2026. A company spokesperson said the sales had all been prearranged and fully disclosed. At the time of the report, the three still held a combined stake of approximately 20%.
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Binance said on October 27 that its security team had successfully identified and blocked multiple North Korea-linked cyberattacks over the past week, with no damage to company systems or loss of assets. Binance noted that North Korea-linked hacking groups have continued to conduct social engineering attacks under the “Contagious Interview” campaign, using fake job interviews, coding tests, and software installation requests to trick targets into running malicious programs. The exchange advised users to avoid installing unauthorized software or executing code from untrusted sources, adding that it will continue strengthening security monitoring, threat detection, and internal security controls.

Binance filed an application with Brazil’s central bank on October 23 through its local entity BBrasil to operate as a virtual asset service provider (SPSAV), ahead of the October 30 regulatory deadline, according to Blocknews. To comply with local rules, Binance began restricting eight services for Brazilian users on October 27, including crypto loans, margin trading, mining pools and cloud mining, while delisting 22 tokens, including USDE, USTC, DCR and XVG. Existing positions in affected products are generally limited to reductions or closures, with new positions prohibited. Binance also plans to complete the migration of Brazilian users to its local payment-account structure by October 29.

According to SoSoValue, U.S. spot Bitcoin ETFs recorded $110 million in net inflows on October 26, entirely driven by BlackRock's IBIT, bringing its cumulative net inflows to $66.24 billion. Spot Ethereum ETFs saw $88.58 million in net outflows, although Fidelity's FETH led individual fund inflows with $16.13 million. BlackRock is the world's largest asset manager, while Fidelity is one of the largest U.S. investment firms.

Zcash co-founder and protocol developer Sean Bowe has submitted a draft Zcash Improvement Proposal (ZIP) to end the 8% block subsidy allocation to Zcash Community Grants (ZCG) and redirect it to the Network Sustainability Mechanism (NSM), withholding the funds from immediate circulation.
The proposal argues that ZCG's existing reserves are sufficient to sustain its grant-making activities. It would leave ZCG's existing treasury, the separate 12% Coinholder-Controlled Fund allocation, miners' subsidy share, and ZEC's maximum supply unchanged.

Grayscale, a leading digital asset manager, highlighted Zcash's (ZEC) continued innovation ahead of its 10th anniversary on October 28, attributing part of its progress to the allocation of 20% of block rewards to developer funding. The privacy-focused cryptocurrency has evolved through multiple shielded pools, from Sprout and Sapling to Orchard and the 2026 Ironwood upgrade, which introduced quantum-recoverable addresses and formal verification to address security vulnerabilities.

Chris Dixon: Why Expand a16z Crypto into a16z Frontier?
On October 23, 2026, a16z Managing Partner Chris Dixon said the expansion of a16z Crypto into a16z Frontier reflects the increasingly blurred boundaries between crypto, fintech, Wall Street, and mainstream technology. Stablecoins have become a standard tool for fintech companies, while asset tokenization is growing rapidly. The team will explore frontier areas that remain underserved by existing investment efforts, continuing its approach of identifying investment opportunities in the second-order effects of technological advances.

Sixpence, an onchain money market for tokenized U.S. stocks, will run a points campaign on Robinhood Chain from October 26 at 00:00 to November 23 at 00:00 (UTC), with a total reward pool of 10,000 USDG, split into two periods of 5,000 USDG each. Sixpence allows users to borrow stablecoins against tokenized U.S. stocks such as AAPL, TSLA, and NVDA, or deposit stock tokens into a Vault to earn interest. The project raised $5 million in seed funding from investors including a16z CSX.

Passport hardware wallet maker Foundation said it has identified more than 23,000 phishing email attempts, including 19,057 messages delivered through Mailgun and 1,503 sent via Google Workspace. The number of affected users remains unknown.
The investigation found that personal information from historical WooCommerce orders remained in legacy database tables despite appearing redacted in the admin dashboard. Customer data from orders placed through Shopify since May may also have been exposed. Foundation said it has revoked affected email credentials and taken compromised legacy services offline. There is no evidence that Passport devices or their private keys were compromised. The phishing emails attempted to trick users into revealing their wallet recovery phrases.

Hyperliquid announced that Kraken parent Payward plans to become the first CFTC-regulated HIP-3* deployer, using Hyperliquid infrastructure to offer perpetual futures markets to U.S. clients. Subject to regulatory approval, Payward's CFTC-regulated DCM and DCO, Bitnomial, would serve as the deployer, managing the markets and clearing and settling contracts, while its CFTC-registered FCM, NinjaTrader Clearing, would carry client accounts. HIP-3* will introduce optional onchain allowlists for permissioned markets without affecting existing HIP-3 markets. The initial version is available on testnet, with specifications subject to change.

Ethereum researcher Toni Wahrstätter said the planned Glamsterdam fork on the Hoodi testnet has been delayed after ChainSecurity identified compatibility risks in EIP-8037 and EIP-8038. The gas changes could break contracts that assume gas usage only decreases or cause failed sub-calls to behave unexpectedly. ChainSecurity has found 13 real-world cases, and developers are reviewing whether the upgrade specification needs changes.

Jack Dorsey's decentralized messaging app Bitchat topped France's App Store Social Networking chart following nationwide protests and an Orange network outage on October 21. The app enables offline messaging via Bluetooth mesh networks, supports Nostr-based communication, and integrates Bitcoin-backed Cashu eCash payments.

Nasdaq-listed BNB Standard Corporation (NASDAQ: BNC) rang the opening bell at Nasdaq's MarketSite in Times Square, New York, to mark its rebranding and the appointment of Alex Odagiu as CEO. Formerly known as CEA Industries, the company officially changed its name on September 29. Its business includes managing a corporate BNB treasury, and it plans to operate a validator node on BNB Chain. The company claims to hold the world's largest corporate BNB treasury.

Akash Network said it has selected Solana as the destination for its planned blockchain migration. The decentralized GPU and AI compute network currently runs its own Cosmos SDK-based chain, but previously said it intends to move to a shared-security architecture to reduce network maintenance costs and the capital burden associated with AKT staking. Solana and Ethereum had both been under consideration before Akash made its final choice.

Keystone said its latest investigation found that attackers obtained a WebAuth device-authentication key through the website breach, potentially allowing counterfeit hardware wallets to pass official authenticity checks. The company will destroy 18,835 unsold devices using the old key, pause unshipped orders and switch new production to a replacement key. The incident also affected 25,964 purchase records and 12,873 incomplete checkout records, while Keystone said seed phrases, private keys and transaction signing were not compromised.

Galaxy Research said Bitcoin’s bear market ended in June 2026 and the asset is now in an accumulation phase, with BTC closing above its 50-week moving average for five consecutive weeks. Monthly transfers from coins held for more than five years have fallen to about 34,000 BTC from 67,000 in 2024, suggesting reduced selling pressure from long-term holders. Galaxy said the bullish view would weaken if Bitcoin falls below its roughly $76,540 50-week moving average and fails to reclaim it within a month.

S&P Global has completed its acquisition of blockchain security firm OpenZeppelin for an undisclosed amount. The deal is intended to strengthen S&P Global’s digital asset and smart contract risk capabilities. OpenZeppelin will continue to operate independently under founder Demian Brener, while its open-source smart contract libraries will remain freely available.