TheStreet Roundtable

Ami Ben David says real opportunity for crypto is infrastructure (4:51)

As tokenized markets inch closer to mainstream adoption, one of the biggest hurdles invisible to most users is infrastructure.

According to Ami Ben David, founder and CEO of Ownera, the real opportunity isn’t just building new crypto applications; it’s helping banks and financial institutions connect to them at scale.

Ownera is a technology company that provides global interoperability network for tokenized assets. 

Related: What is blockchain? Explained

Why can’t banks just plug in?

Though banks could, in theory, connect directly to blockchains, Ben David argues that’s not practical.

“We’re just basically building a way for the banks and financial institutions, exchanges, FMIs to connect to all of these platforms,” Ben David said.

Speaking to TheStreet Roundtable, he explained that the blockchain ecosystem is constantly evolving. New chains launch weekly, protocols upgrade frequently, and liquidity shifts rapidly.

For financial institutions, that instability is a problem.

“When you’re building an application for your users, you can’t do something that moves all the time,” he explained.

Banks need stable custody frameworks, clear regulatory boundaries, defined counterparties and strict controls over which assets can be traded on which chains.

Managing that across dozens of networks and applications is complex and resource-intensive.

His company’s role is to provide a managed platform that handles that complexity,  creating a scalable, compliant bridge between traditional finance and blockchain-based systems.

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Crypto 'greenfield' 

According to Ben David, crypto innovation has largely been “greenfield,” meaning entirely new products such as prediction markets and decentralized exchanges were built from scratch.

Institutional finance, by contrast, is “brownfield.”

Banks already run massive legacy systems that cannot simply be replaced overnight. New blockchain infrastructure must run in parallel and integrate with existing operations.

“The institutional market is more than 100 times bigger than crypto,” Ben David noted.

That scale requires interoperability across chains, applications and partners, without compromising regulatory clarity or operational security.

Rise of super apps

Ben David describes the next phase as a “critical buildup” toward tokenized markets reaching scale.

His platform connects to dozens of blockchains, in part through a partnership with LayerZero, and supports multiple applications that are already processing billions of dollars in trading volume.

He refers to these applications as “super apps,” capable of handling multiple asset types across multiple chains.

In his view, blockchain is simply the infrastructure layer. What matters is enabling banks to offer clients seamless access to crypto, tokenized securities, bonds and other digital assets, all within clearly defined regulatory boundaries.

The result is not a replacement of traditional finance, but a gradual integration.

And for institutions looking to move beyond experimentation, Ben David says the goal is to make blockchain connectivity easier and scalable.

Related: How blockchain interoperability can transform the digital landscape

Bitget CEO Gracy Chen says Oct. 10 hurt altcoins (3:39)

As Bitcoin (BTC) continues sliding, Bitget CEO Gracy Chen thinks the recent weakness has less to do with deteriorating fundamentals and more to do with a structural liquidity shock that hit the crypto market on Oct. 10 last year.

Speaking with TheStreet Roundtable host Jackson Hinkle, Chen argued that crypto’s macro backdrop remains constructive despite the ongoing price slump.

“The fundamentals still look pretty good for crypto or for Bitcoin in general to go up,” Chen said.

Interest rates are going down, the new U.S. administration has been crypto-friendly, and there is global blockchain adoption around real-world assets such as stablecoins, she underlined.

Major asset managers have also embraced the space, with firms like BlackRock (NYSE: BLK) increasingly incorporating crypto into portfolios and business strategies, she added.

Oct. 10 event a structural change

Bitcoin hit the record high price of $126,080 on Oct. 6. But the Oct. 10 crash wiped out over $19 billion from the market and the digital assets market is yet to recover from the stock. Bitcoin is trading a little above $69,000 at the moment.

According to Chen, Oct. 10 was the ultimate turning point when a major liquidity event triggered a sharp contraction in trading activity.

For the past four months, that’s "probably" been a structural change for Bitcoin price due to low liquidity, she said.

Within a week of the Oct. 10 event, exchange trading volumes dropped 20%-40% across cryptocurrencies, she noted. The decline has been particularly devastating for altcoins, she added.

“I feel the October 10th liquidation has been quite harmful to the industry, especially to altcoins,” she said.

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How Bitget is navigating volatility

Chen said Bitget is positioning itself to weather the crypto market volatility by expanding product offerings beyond simple buy-and-hold strategies.

The crypto trading exchange is focusing on what she called “universal asset coverage,” allowing users to diversify into other asset classes and explore wealth management strategies using the USDT stablecoin, rather than concentrating solely on Bitcoin exposure.

Chen highlighted high liquidity, 24/7 trading, and user experience as key priorities for Bitget.

Chen still a Bitcoin maximalist

Though Chen admitted that conditions have been “quite hard” across the industry, she still described herself as a “Bitcoin maxi” and added she has "faith."

At current Bitcoin price levels, she suggested Bitcoin may present an opportunity for investors with multi-year time horizons.

“For my friends or family who ask me if they should buy some Bitcoin, I would say if you have very few positions, it’s probably a good time to buy Bitcoin,” Chen said.

For the upcoming 5-10 years time horizon, if you’re a long-term holder, Bitcoin's price right now is still "very, very cheap,” she added.

Last year, Chen said that Bitcoin hitting $200,000 in 2025 "is not crazy." But the highest it could hit was north of $126,000 just before the Oct. 10 event.

At the time of writing, Bitcoin was trading at $69,170.64.

Related: Bitget CEO: Bitcoin hitting $200K in 2025 ‘is not crazy’

What are meme coins? Explained (5:50)

Bitcoin (BTC) has been struggling to gain a foothold on its price for the past couple of months. At the time of writing, it was hovering near $69,000, a drop of nearly 44% since its peak of $124,000 in October 2025.

But according to popular investor and CEO of Gerber Kawasaki Wealth & Investment Management, Ross Gerber, the reason for this struggle may not be macro forces alone. 

Instead, he points to the explosion of celebrity-backed meme coins as a key driver of fading confidence.

Related: Memecoin mania cools, as Trump token invites greater scrutiny of the sector

Meme coin fatigue sets in

Gerber argues that the launch of Donald Trump and Melania Trump-themed meme coins around his second term's inauguration in January 2025, followed by a wave of celebrity-endorsed coins, has left retail investors burned and skeptical, Business Insider reported on Feb. 13.

For him, meme coins either resemble rug pulls or collapse so quickly that investors are left with nothing but losses. 

TRUMP meme coin's price collapse ever since its launch (Source: CoinGecko)

Gerber cited the sharp declines in World Liberty Financial Coin (WLFI) and the Melania token (MELANIA), along with the Trump meme coin (TRUMP).

“People dive in and buy this stuff because they buy into the fraud, basically, and then they get burned, and that money doesn’t come back,” Gerber said.

Ever since their launch, as per CoinGecko, TRUMP coin has fallen by 88.3% while MELANIA coin has dropped by 98.4%. Meanwhile, WLFI, 

MELANIA meme coin has seen over 98% drop compared to its launch price (Source: CoinGecko)

He also pointed to other celebrity-linked tokens, including one launched by former New York City Mayor Eric Adams and the HAWK coin from internet personality Haliey Welch, as examples of short-lived hype followed by steep declines.

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Meme coins scare traders away

For Gerber, the damage goes beyond individual tokens.

Bitcoin’s rallies have historically depended on new participants entering the market. But when retail investors lose money on meme coins, Gerber explained that many lose confidence in crypto altogether and make their exit.  

“It’s extremely difficult for Bitcoin to rally when investors are being scared away from crypto,” he argued. 

Gerber also believes the administration’s looser approach to crypto regulation may be contributing to the perception of a less disciplined market environment. This potentially scares away more conservative investors.

Related: 136-year-old investment firm predicts next Bitcoin crash

The quiet revolution to bring Wall Street to the blockchain (5:06)

Shares of Figure Technology Solutions (Nasdaq: FIGR) jumped more than 7% on Feb. 13 after the blockchain-based lending and capital markets company shared preliminary financial results for the fourth quarter of 2025 and announced plans for a secondary stock offering.

The company said it expects fourth-quarter revenue of between $158 million and $162 million. It also expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $80 million to $83 million. Both figures are higher than what Wall Street analysts have estimated.

Figure also said its consumer loan marketplace handled $2.7 billion in loans during the fourth quarter. That’s up 131% compared to the same period last year, showing strong growth in loan activity on its platform.

CEO Michael Tannenbaum said, 

“We are closing the year with strong fourth quarter results, reflecting growing momentum for Figure. We achieved triple-digit year-over-year growth in Consumer Loan Marketplace volume, increased adoption of Figure Connect, and saw expanding activity within our blockchain ecosystem, reinforcing the diversity and scalability of our model.”

He added, “Looking ahead, we remain focused on expanding our partner network, deepening our marketplace liquidity, and advancing our blockchain-native infrastructure.”

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Secondary stock offering and share repurchase

In addition to the earnings update, Figure announced plans for a secondary public offering of up to 4,230,000 shares of its Series A Blockchain Common Stock. 

In simple terms, existing shareholders would sell some of their shares to new investors if the offering moves forward.

Major investment banks, Goldman Sachs, Morgan Stanley, and Cantor Fitzgerald, will manage the stock sale.

Post the offering, Figure plans to buy back up to $30 million worth of shares from the underwriters using cash it already has. 

Stock repurchases can reduce the number of shares in the market, which may support the share price.

Following the news, Figure’s stock rose more than 7% to $36.53.

The company will release its full 2025 fourth quarter financial results after the closing bell on Feb. 26.

Related: Bitget sees record 4,468% surge in tokenized U.S. stock futures volume

What is a stablecoin? Explained (3:33)

As crypto markets struggle to regain momentum, one strategist is watching an unusual signal: the steady rise of stablecoins.

A stablecoin is a cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the U.S. dollar.

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, argues that the most durable trend in crypto is not speculative tokens but Tether’s growing dominance.

His thesis is blunt,

"Tether will eventually flippen Bitcoin."

Related: Why stablecoins are becoming essential for payment systems worldwide

Tether makes a steady climb

“Flippening” refers to one cryptocurrency surpassing another in market capitalization.

According to McGlone, Tether's USDT stablecoin has already overtaken most altcoins. Only Ethereum (ETH) and Bitcoin (BTC) remain ahead.

At press time on Feb. 13, USDT market cap stands at $184.6 billion. 

Just to put things into perspective, the total stablecoin market cap is $307.1 billion, and the stablecoin that comes second to USDT is Circle's USDC at $73.2 billion

The significance is not about price appreciation, but about supply growth and capital positioning. When stablecoin market caps expand while risk assets weaken, it often signals defensive behavior.

McGlone ties this directly to Ether’s recent technical breakdown. After losing a long-standing $2,500 pivot that had held since 2024, ETH is now eyeing $1,500 as its next key support level.

If Ether declines toward $1,500 while USDT supply continues to expand, Tether could surpass Ethereum in market cap, becoming the second-largest crypto asset.

Such a shift would be symbolic. A stablecoin overtaking Ethereum would underscore capital preservation over risk-taking.

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The Bitcoin threshold

McGlone goes further.

He suggests that if Bitcoin were to fall toward $10,000 while Tether’s supply keeps growing, USDT could eventually surpass Bitcoin in market cap as well.

Bitcoin has been witnessing frequent sell-offs since October 2025. From a peak of $124,000, it is now hovering near $68,741, a more than 44% decline.

McGlone's scenario would mean a deep bear market marked by sustained risk-off sentiment, persistent demand for dollar-backed liquidity, and investors favoring stability over volatility. 

Related: Analyst says Bitcoin will meet or beat gold's market cap

HIVE VEGAS (4:10)

HIVE announced on Feb. 13 that BUZZ High Performance Computing, the Canadian Tier-III high-performance computing (HPC) data center platform of HIVE Digital Technologies (Nasdaq: HIVE), has signed customer agreements representing around $30 million in total contract value over two-year fixed terms.

Building on four years of experience running GPU infrastructure, BUZZ is accelerating its growth as HIVE’s AI engine. 

It complements the company’s established Tier-I hashrate services business and strengthens HIVE’s position as a dual-engine leader in next-generation digital infrastructure. 

Related: HIVE continues to expand production even as Bitcoin dumps

The new contracts support the initial phase of AI-optimized GPU deployment at BUZZ's Canada West site in Manitoba. The computing capacity is expected to come online in the quarter ending March 31, 2026.

HIVE executive chairman Frank Holmes said, 

“We are entering 2026 with strong momentum in our HPC and GPU cloud business... Now, with BUZZ, we are leveraging that foundation to build a high-growth AI cloud platform spanning Canada, Sweden, and Paraguay."

HIVE President and CEO Aydin Kilic said, 

“Our vision is to scale our HPC GPU AI cloud business toward approximately $140 million in ARR over the next year, subject to market conditions and successful infrastructure deployment."

BUZZ HPC President and CEO Craig Tavares said, “Launching this cluster in Canada West marks a significant milestone. It expands BUZZ’s national footprint and advances our vision of coast-to-coast AI infrastructure, with commercial-grade clusters operating at scale to serve both sovereign workloads and international demand." 

He added, "Under HIVE’s dual-engine model, BUZZ is positioned to be a powerful growth catalyst as we accelerate into the global AI supercycle.”

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Total annualized revenue from HIVE’s HPC to surge to $35M

Based on executed contracts, current pricing, and rollout timelines, management expects this first phase to generate around $15 million in annual recurring revenue (ARR) for BUZZ’s cloud business once it is fully operational.

With full deployment, management anticipates that total annualized revenue from HIVE’s HPC segment, driven by BUZZ, will increase from about $20 million now to around $35 million, reflecting strong contracted demand for BUZZ’s AI cloud platform.

HIVE expects to invest capital in GPU purchases, electrical and cooling infrastructure, and working capital. 

Operating expenses will include power, hosting, maintenance, staffing, and network costs. BUZZ continues to expand capacity at its Canada West site in line with signed customer agreements. 

Related: Hive Digital targets 2% of global Bitcoin mining with renewable energy

Oxbridge Re CEO Jay Madhu chooses Solana for token issuance (3:44)

As more corners of traditional finance experiment with tokenization, the reinsurance market may not be far behind.

Oxbridge Re Holdings (NASDAQ: OXBR) founder, chairman and CEO Jay Madhu said the majority of reinsurance business moving onchain is closer than many might expect.

“It’s not very far,” Madhu said in a conversation with TheStreet Roundtable host Jackson Hinkle. 

“Most things are moving onchain. It’s much more efficient and it levels the playing field.”

Related: What is tokenization? Explained

Tokenization could ease capital constraints

Madhu argues that access to capital is the central force shaping reinsurance pricing, and, therefore, the cost of home insurance for everyday consumers.

“Constraint to capital is what drives prices,” he said, pointing to Florida as a prime example. Insurers in the state currently pay about 45 cents on the dollar for reinsurance coverage, a cost that ultimately flows through to homeowners in the form of higher premiums.

If access to reinsurance capital were broadened through tokenization, Madhu believes pricing could fall.

“If access to capital was a little easier, it'll bring down that 45 cents to some number lower than 45, right?,” he said.

Two things will happen, he said. The investors who are investing in reinsurance will make a good return, and the general public will also benefit, he added.

By opening the asset class to a global pool of investors, Madhu contends that blockchain rails could “even the playing field,” reducing friction and expanding participation beyond traditional institutional players.

Still, he emphasized that compliance and transparency remain non-negotiable. 

“AML and KYC are paramount,” he said.

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Opening reinsurance to retail users

Oxbridge Re is already putting the concept into practice through its tokenized offerings.

The company has launched its latest reinsurance season contracts via a Web3 real-world asset subsidiary called AssurancePlus, allowing investors to participate directly in excess-of-loss reinsurance. The reinsurance season runs from June 1 through May 31 of the following year, and capital is currently being raised for the next cycle.

Investors who complete AML and KYC verification can purchase one of two security tokens tied to reinsurance performance, Madhu said.

One token targets a 20% annualized return, while another offering targets 42%. The higher-yielding token carries more risk but has historically delivered outsized returns, Madhu added.

Last year’s 42% target token paid out 49%, he said, while this year’s 42% target is expected to come in “a little bit north of 42%.” The 20% token, issued for the first time last year, is expected to return roughly 25%, he added.

“These are the type of returns that reinsurance pays out,” Madhu said.

Assurance 3.0 on Solana

The next iteration, dubbed “Assurance 3.0," will see Oxbridge Re issue its security tokens on Solana (SOL), Madhu saod.

The firm is working with AlphaLedger and is already a partner with Securitize, positioning the offering within established digital securities infrastructure, he added.

For Madhu, the combination of blockchain efficiency, regulatory compliance and global investor access could fundamentally reshape how reinsurance capital is sourced.

Related: What are tokenized stocks? Explained

Michael Saylor's Strategy hits back at MSCI (2:17)

The debate over whether crypto-heavy companies belong in major stock indices is barely settled, and already another crypto player is stepping in.

Just a few months ago, the index provider was contemplating removing digital asset treasury (DAT) companies that have more than 50% of their balance sheets allocated to crypto.

A DAT company holds cryptocurrencies on its corporate balance sheet in the same way traditional firms hold cash reserves.

Related: JPMorgan warns of MicroStrategy delisting risk from major equity indices

On the receiving end of this proposal was Michael Saylor’s MicroStrategy, now known as Strategy (NASDAQ: MSTR).

In December 2025, Strategy pushed back, calling MSCI’s proposal “discriminatory, arbitrary, and unworkable." Saylor argued that his company is an operating business, not an investment fund.

MSCI ultimately opted not to exclude DAT firms and Strategy remained in its place.

Now, another Bitcoin-focused company is joining the ranks.

Related: Michael Saylor responds to JPMorgan’s MSCI delisting warning

Another crypto-linked firm steps in

The MSCI USA Index tracks large- and mid-cap segments of the U.S. equity market and represents approximately 85% of the free float-adjusted market capitalization.

Inclusion can drive automatic flows from passive funds and boost visibility among institutional investors.

IREN Limited (NASDAQ: IREN) announced on Feb. 13 that it will be added to the MSCI USA Index after the closing bell on Feb. 27.

IREN’s co-founder and co-CEO Daniel Roberts said the addition reflects the scale and liquidity the company has built and will broaden institutional access as it advances its AI Cloud strategy.

The timing is notable because of its strategic pivot away from Bitcoin mining.

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IREN makes steady progress on AI ambitions

IREN began as a renewable-powered Bitcoin miner but is increasingly positioning itself as an AI cloud infrastructure provider.

On Oct. 3, the company signed a $9.7 billion GPU cloud services contract with Microsoft (NASDAQ: MSFT). This marked a major step in its expansion into AI computing. 

Still, Bitcoin mining is central to its operations and financial volatility.

In the second quarter of 2025, IREN reported revenue of $184.7 million, missing forecasts by nearly 20%, largely due to weaker Bitcoin mining revenue. The stock dropped 11.45% in after-hours trading following the earnings release.

As of Feb. 13, shares had closed more than 6% lower and were trading at $40.10 in pre-market hours on Feb. 14. Yet the stock remains up more than 206% year over year.

With $2.8 billion in cash and $9.2 billion secured in funding, IREN maintains a strong balance sheet even as it navigates the complex transition from Bitcoin mining toward AI cloud services.

Related: What is Bitcoin mining? Explained

Elk Capital Markets believes innovation will drive crypto adoption (5:20)

Institutional adoption in crypto is no longer just about chasing returns.

That’s the view of Neel Patel, founder and CEO of Elk Capital Markets, who argues that the current wave of institutional participation feels fundamentally different from previous bull cycles. 

It is not because prices are soaring, but because the market is finally catching up.

Related: Hyperlocalizing crypto access for broader adoption

Liquidity changes everything

Patel noted that earlier waves of institutional growth were largely price-driven. When crypto rallied, institutions followed. But this cycle, he said, shows deeper structural maturation.

“It feels very, very different than three years ago, five years ago,” Patel said. “The actual liquidity and size we see will be meaningful. It’s not going to be a sideshow.”

He pointed to recent moves by Nasdaq and the New York Stock Exchange to accelerate plans for 24/7 trading. The developments mirror crypto’s 24/7, 365-day markets. 

According to Patel, traditional finance is now "playing catch-up."

Perpetual futures, automated market makers and 24/7 trading are examples of crypto-native innovations that traditional markets are beginning to emulate.

“If you tell someone, if you wanted to sell your Tesla stock on Saturday night at 5 p.m., you can now, that’s going to make sense,” Patel said.

Payment rails and stablecoins, he added, are tangible use cases that resonate beyond speculative trading.

In prior cycles, institutions hesitated because liquidity was thin. A large fund cannot meaningfully deploy capital into markets where only small amounts are available at the touch. 

That constraint, he said, is fading.

Operational clarity is also improving. Regulatory pathways are becoming clearer, technology stacks are maturing and trading interfaces increasingly resemble traditional finance tools rather than experimental websites. For integration teams inside large firms, that familiarity matters.

While Bitcoin’s store-of-value narrative remains popular, Patel said innovation, not price appreciation, is the more compelling driver for long-term adoption.

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What defines 2026?

Looking ahead, Patel expects prediction markets and binary options to have a moment, noting that even traditional exchanges are revisiting those products.

But the bigger shift may come from artificial intelligence.

"I imagine as AI agents are taking off, they're going to need ways of transacting with the world. And I think that's where a really big technical driver can come in here," he said.

He also highlighted the emerging need to distribute and underwrite risk tied to GPU infrastructure and AI development.

In his view, the real story of crypto in 2026 will not hinge on whether prices dip or rally, but on whether innovation continues to reshape how markets operate.

And this time, institutions appear ready to participate at scale.

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David Duong Coinbase best video (3:40)

Coinbase Global (Nasdaq: COIN), the largest cryptocurrency trading exchange in the United States, reported the financial results for the fourth quarter of 2025 on Feb. 12.

It was during early October last year that Bitcoin (BTC) hit the record high price of $126,080 but has since only plummeted during Q4 and onwards. BTC is trading above $65,000 currently.

The COIN stock has crashed 65% since early October and fell around 8% at close at $141.09 today.

Only recently, JPMorgan Chase analyst Kenneth Worthington lowered the stock's price target from $399 to $290 and reiterated an "Overweight" rating.

FactSet expects Coinbase to report earnings share of $1 per for Q4, down from $4.66 per share a year earlier. Analysts predict revenue will fall 20% to $1.8 billion.

The earnings couldn't come at a worse time for Coinbase which suffered a trading disruption for more than an hour today.

Related: JPMorgan cuts Coinbase's price target ahead of earnings

Coinbase aims to become 'Everything Exchange'

Brian Armstrong and Fred Ehrsam founded Coinbase in 2012 and took it public in 2021. In May last year, the company's stock earned a spot on the S&P 500 index.

It also acquired the world's largest crypto derivatives trading exchange, Deribit the last year.

The acquisition was part of the broader goal to turn Coinbase into an "Everything Exchange" where every assets, including stocks, cryptocurrencies, tokenized assets, and prediction markets, are available to traders on a single exchange.

Coinbase has also emerged as a major player in the political circles in Washington, D.C. It first supported the Clarity Act but then withdrew support from the Senate draft over the restriction on stablecoin rewards.

Tyler Winklevoss, co-founder and chief executive officer of Gemini Trust Co., from left, Cameron Winklevoss, co-founder and president of Gemini Trust Co., Brian Armstrong, chief executive officer of Coinbase Global Inc., and Paolo Ardoino, chief executive officer of Tether Holdings Ltd., speak with Howard Lutnick, US commerce secretary, during a signing ceremony for the GENIUS Act in the East Room of the White House in Washington, DC, US, on Friday, July 18, 2025.

"We’d rather have no bill than a bad bill," Armstrong remarked. The remark was met with sharp criticism from top figures of the Donald Trump administration such as Treasury Secretary Scott Bessent.

Coinbase is still engaged in negotiations regarding the legislation.

Meanwhile, Armstrong has sold about $545.7 million worth of company stock over the past nine months.

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Coinbase reports Q4 2025 financial results

Coinbase reported a net loss of $666.7 million in Q4 2025. The company posted $1.78 billion in total revenue, down 5% from the previous quarter.

The loss was largely driven by non-cash investment impacts, including a $718 million hit on its crypto investment portfolio and a $395 million loss tied to strategic investments such as its stake in Circle.

Despite the headline loss, core operations remained profitable. 

Coinbase generated $983 million in transaction revenue, down 6% quarter over quarter, with $734 million from retail trading and $185 million from institutional activity. Subscription and services revenue came in at $727 million, including $364 million from stablecoins and $152 million from blockchain rewards.

Key financial highlights:

Adjusted net income: $178 million

Adjusted EBITDA: $566 million

Operating expenses: $1.5 billion, up 9% quarter over quarter

Cash and cash equivalents: $11.3 billion at year-end

Paid Coinbase One subscribers: Nearly 1 million

Full-year 2025 net income: $1.26 billion

Coinbase had a strong Q3 2025

Coinbase posted strong results in the third quarter of 2025, even as broader crypto volatility returned later in the year.

The exchange reported $1.87 billion in revenue, up 25% from the previous quarter, with net income of $433 million and adjusted EBITDA of $801 million. Transaction revenue rose 37% to $1 billion as trading volumes reached $295 billion. Assets on the platform climbed to $516 billion, including a record $300 billion under custody.

Siddarth Bharwani - Bitcoin cycle (3:00)

February has been a difficult month for Bitcoin (BTC). 

In the past 30 days, it has dropped by 29.9%. At press time, it was trading at $65,189.77, well below its October 2025 peak of $124,000. 

Meanwhile, the Crypto Fear & Greed Index stood at just 5 as of Feb. 13, signaling “Extreme Fear.”

But investment bank Standard Chartered says crypto markets may not be done correcting just yet, according to CoinDesk.

The firm has lowered its short-term and full-year price forecasts for major cryptocurrencies.

Related: Standard Chartered apologises on bullish Bitcoin prediction

ETF investors under pressure

Geoff Kendrick, the bank’s head of digital assets research, said in a research note that ETF dynamics are a key driver of the ongoing weakness.

According to Kendrick, ETF holders, many of whom bought at higher levels, are more likely to reduce exposure than “buy the dip.”

Holdings of Bitcoin ETFs have declined by nearly 100,000 BTC from their October 2025 peak. The average ETF purchase price sits around $90,000, leaving many investors with unrealized losses of roughly 25%.

That positioning creates what Kendrick sees as additional downside risk if redemptions accelerate.

The crypto market has already weakened sharply in early 2026. Bitcoin has dropped almost 23% since the start of the year, and the total market capitalization has contracted significantly amid large liquidations and heightened volatility.

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Macro headwinds intensify

Crypto is also moving in closer correlation with equity markets as risk appetite fades.

Concerns over global growth and uncertainty around the interest-rate outlook have pushed capital toward traditional safe havens like gold. 

Markets are not expecting rate cuts before Kevin Warsh’s first Federal Open Market Committee meeting as Federal Reserve chair in mid-June, limiting near-term support for risk assets.

At the same time, stalled regulatory clarity in the United States and liquidity strains at certain institutions have weighed on confidence and trading volumes.

A painful but milder cycle

Despite the bearish near-term outlook, Standard Chartered does not view the current drawdown as catastrophic.

At its worst in early February, Bitcoin was down about 50% from its October 2025 high, with roughly half of the circulating supply still in profit. That decline is sharp, but less severe than previous cycles.

Crucially, this downturn has not been accompanied by the collapse of major crypto platforms, unlike 2022’s failures of Terra/Luna and FTX.

Kendrick argues this signals a maturing asset class with stronger structural underpinnings. 

Standard Chartered now expects Bitcoin to fall toward $50,000 in the coming months, with Ether potentially bottoming near $1,400.

Kendrick has also reduced his year-end 2026 targets from $150,000 to $100,000 for Bitcoin, $4,000 for Ether (ETH) from $7,500, and $135 from $250 for Solana (SOL).

The bank left its long-term targets unchanged, maintaining end-2030 projections of $500,000 for Bitcoin and $40,000 for Ether.

Related: BlackRock shares 2026 shocking crypto outlook

Inside U.S. Treasury Secretary Bessant's plan to tackle soaring debt (1:48)

When I dialed up a longtime financial adviser in New York this week and asked whether the latest household debt numbers worried him, he paused.

“Back in 2015, nobody was worried,” he said. “Delinquencies were low. Housing felt stable. Credit was expanding, but it didn’t feel dangerous.”

The Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit shows US household debt climbing to $18.8 trillion in the fourth quarter of 2025, up $191 billion from the previous quarter and $740 billion over the full year.

Since the end of 2019, total household debt has increased by $4.6 trillion.

Mortgage balances rose to approximately $13.17 trillion. 

Credit card balances climbed to $1.3 trillion. Auto loans reached $1.7 trillion, while student loans also stood at $1.7 trillion.

Related: Treasury Secretary Bessent reveals plan to tackle soaring $38T debt

What rising delinquencies mean

A loan becomes “delinquent” when a borrower misses a scheduled payment. 

Loans that are 90 days or more overdue are considered “seriously delinquent,” a key measure of financial stress because they signal deeper repayment trouble.

In the fourth quarter of 2025, the share of total household debt in some stage of delinquency rose to 4.8%, up from 4.5% in the prior quarter, the highest level since 2017.

Mortgage performance remains stable at the national level, but stress is beginning to build in certain areas.

“Overall, mortgages continue to perform well by historical standards and have risen recently only after having reached artificially low levels during the (COVID-19) pandemic,” economists at the regional Fed bank said in a blog post accompanying the report.

On average, 1.3% of mortgages became seriously troubled last year, a level comparable to pre-pandemic norms. 

However, the share of mortgages newly entering serious delinquency rose to 1.4% in Q4, up from 1.09% in the previous quarter.

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The deterioration is concentrated.

“In lower-income areas and in areas experiencing worsening labor markets or housing market conditions, we are seeing mortgage delinquencies grow at a fast pace,” the economists wrote.

Multifamily housing is also showing strain. Seriously delinquent multifamily loans at Freddie Mac have climbed to 0.48%, the highest in at least 21 years. Fannie Mae’s comparable rate has reached 0.75%, approaching levels seen during the 2008 financial crisis.

Student loans remain the most pressured segment

Student debt continues to represent the weakest part of household credit.

The New York Fed reported that 9.6% of student loans are at least 90 days delinquent, “reflecting continued effects from the resumption of payment reporting following the extended pandemic forbearance period.” 

The share of student loans flowing into serious delinquency surged to 16.2%, up sharply from 0.7% in the previous quarter.

Credit card and auto loan balances also increased during the quarter. While non-mortgage delinquency rates remain elevated, Fed researchers suggested they may be stabilizing.

“We would characterize overall that delinquency rates have, especially for non-mortgage debt, that they've really stabilized or leveled off,” a New York Fed researcher said during a conference call.

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What it means for crypto

Rising delinquencies mean that tightening financial conditions.

When more households fall behind on payments, it often reflects thinner savings cushions and reduced flexibility in spending.

That matters for risk assets.

Crypto markets are closely tied to retail liquidity and speculative participation. 

Higher debt burdens combined with slower labor momentum can reduce disposable income, limiting trading activity. Exchanges have already reported softer transaction volumes in recent months, reflecting weaker retail engagement.

Related: Gold, silver, S&P 500, crypto crash again amid extreme fear

Gold vs Bitcoin: Which one is a better store of value? (2:59)

The markets are witnessing another day of bloodbath as precious metals, leading U.S. market benchmarks, and cryptocurrencies crashed on Feb. 12.

Gold's price fell 2.77% today to drop below $4,900 per ounce. The precious metal had surpassed the price mark of $5,000 per oz a few weeks ago to hit a new all-time high (ATH).

Silver crashed worse, dropping more than 9% today to trade around $75 per oz. The metal had also surpassed the price mark of $100 per oz a few weeks ago to hit a new ATH.

Related: Coinbase trading disrupts on earnings day

The S&P 500, a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the U.S., fell 1% to 6,870 points. The benchmark reached above 7,000 points in late January to reach a record high.

The Nasdaq Composite, a stock market index that includes almost all stocks listed on the Nasdaq stock exchange, fell 1.5% to around 22,700 points. This index also surpassed 24,000 points in late October last year to reach a record high.

The Dow Jones Industrial Average (DJIA), a stock market index of 30 prominent companies listed on stock exchanges in the U.S., also fell 1% to 49,500 points. The DJIA reached above 50,000 points on Feb. 10 to hit its new ATH.

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Crypto continues to bleed

Bitcoin (BTC) fell more than 2.5% over the last 24 hours to trade around $65,250 today. It was trading at $65,848.94 at the time of writing.

Like other assets, even BTC had been hitting record high prices and even surpassed the $126,000 mark in early October last year. But after the devastating crypto market crash on Oct. 10, it has failed to recover.

In fact, it has been struggling to stay afloat the $70,000 mark for the past few days.

As per the onchain analytics platform CoinGlass, the Crypto Fear & Greed Index is sitting at 6 points right now, indicating "extreme fear" among traders in the crypto markets.

Source: Crypto Fear & Greed Index, CoinGlass

The total crypto market cap fell 1.5% over the last 24 hours to $2.33 trillion.

24-01-08 - David Duong Coinbase -- PULLOUT 3 (4:15)

Trading on Coinbase Global (Nasdaq: COIN), the largest crypto trading exchange in the U.S., has disrupted at the moment.

"We are aware that customers may be unable to buy, sell, transfer on Coinbase.com at this time. Our team is investigating this issue and will provide an update. Your funds are safe," Coinbase informed the users on Feb. 12, 10:07 PST.

The crypto exchange will report its earnings for the fourth quarter of 2025 after the closing bell today.

This is a breaking story. Please keep refreshing for latest updates.

Tether CEO Paolo Ardoino says CBDCs could turn money into a surveillance tool (3:11)

Bo Hines, the former White House crypto advisor now leading the crypto giant Tether's U.S. subsidiary, has revealed a new plan regarding the purchases of U.S. Treasury Bills.

Tether is a major crypto company that is best known for its flagship USDT stablecoin.

Last month, Tether also launched USAT, the federally regulated, USD-backed stablecoin developed specifically to operate within the U.S.'s new federal stablecoin framework established under the GENIUS Act.

Related: Explained: What is a stablecoin?

A stablecoin is a type of cryptocurrency that tries to stabilize its value by being pegged to a "stable" asset like a fiat currency or a commodity.

Both USDT and USAT are stablecoins pegged 1:1 to the U.S. dollar and backed by reserves like U.S. Treasury Bills.

Tether could be among top 10 U.S. Treasury Bill buyers this year, Hines says

Hines thinks that increasing demand for both USDT and USAT stablecoins could drive Tether to ramp up its U.S. Treasury Bill purchases in 2026.

“This year, I think we'll end up being a top 10 purchaser of T-bills.”

The Tether USAT CEO made the remark while speaking at the Bitcoin Investor Week conference in New York on Feb. 11.

In fact, 83.11% of Tether’s reserves are in T-bills, with $122.32 billion worth of the U.S. government debt securities as of Dec. 31, 2025, according to the attestation.

Tether is already among the largest 20 T-bill holders, “including all sovereign states,” Hines added.

Tether, with over $122 billion worth of T-bills, is far ahead of countries like Germany ($109.8 billion) and Israel ($107.7 billion) when it comes to holdings of U.S. Treasuries.

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“We're obviously increasing the amount of T-bills we have in our reserves as we move towards this GENIUS compliance standard,” Hines said.

Notably, he is said to have played a major role in the progress on the GENIUS Act as the former executive director of the White House Crypto Council under President Donald Trump.

President Donald Trump signs the GENIUS Act at the White House in Washington, DC, on July 18, 2025.

Trump signed the GENIUS Act into law in July last year, and Hines stepped down from the role a month later.

The GENIUS Act mandates that every regulated USD-pegged stablecoin should be backed 1:1 by dollar holdings like short-term U.S. Treasury Bills. This is why Hines sounds certain about Tether becoming among the top 10 purchasers of T-bills.

As far as USDT and USAT are concerned, Hines said there will be “reciprocity” between the two.

“It's just Tether at the end of the day,” he added.

As per the onchain analytics platform DeFiLlama, the total stablecoin market cap is $307.456b at press time.

Source: Total Stablecoins Market Cap, DeFiLlama

With a market cap of $183.94 billion, USDT is the world's largest stablecoin and accounts for 59.83% of the total stablecoin market.

Related: Tether appoints former White House crypto director Bo Hines as strategic advisor

‘People are putting money behind the outcome’ — Polygon CEO on Polymarket (4:35)

A prediction market platform best known for letting users wager on world events is making an unexpected foray into New York City’s grocery business.

Polymarket has opened what it describes as the city’s first-ever “free grocery store,” a fully stocked pop-up in Lower Manhattan offering food staples at no cost.

Related: NYSE owner acquires major stake in Polymarket

Prediction market now has pantry shelves

Polymarket is a decentralized prediction market platform that allows users to bet on real-world outcomes using cryptocurrency, with odds set by market demand.

Founded in 2020 by Shayne Coplan, the blockchain-based platform gained prominence during major political and macroeconomic events.

Now, it is applying a similar attention-grabbing strategy in the physical world.

The grocery store opened on Feb. 12 at 12 pm. 

No purchase is required, and shoppers can walk in and pick up items while supplies last.

However, it is not forever. The grocery store is scheduled to remain open through Feb. 16, according to NYC for Free listings. 

Photos circulating on social media show shelves stocked with everyday essentials like milk, eggs, and bread, alongside brand-name snacks such as Pringles, Sour Patch Kids, and Oreo cookies.

While temporary, the pop-up has generated significant buzz, both online and offline.

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A growing marketing trend

Just days ago, rival prediction market Kalshi also staged a similar publicity event. Kalshi owner George Zoitas reportedly gave hundreds of shoppers at Westside Market in Manhattan’s East Village $50 each toward their grocery purchases.

These stunts arrive amid heightened political debate over food affordability in New York City.

Mayor Zohran Mamdani previously pledged to open government-run grocery stores as part of his campaign platform, proposing a model that could involve partnerships with local grocery and bodega owners. 

His plan includes launching five city-run stores.

Related: Polymarket now accepts Solana for wallet deposits

Mark Cuban has a one-word reaction to Elon Musk and Donald Trump’s explosive feud (2:46)

After taking over Twitter, Elon Musk has turned the social media platform into a different beast. First, he rebranded it to X, and then, algorithm updates every few weeks became a constant.

Musk argues the goal of these algorithm updates is to offer the best experience to X users. But not everyone seems happy.

Billy Markus, the software engineer who co-created Dogecoin (DOGE), expressed his displeasure that he really hates the current X algorithm.

Musk acknowledged that he also doesn't like it and is working to improve it.

Markus responded that any social app should show your content to your followers and you see the content from accounts you follow. Any algorithm that fails this norm is a failure, he added.

in general, any algorithm that disrespects the implicit contract of a social app - you mostly see the content of the accounts you follow, your content is mostly shown to your followers - is a failure

imo metrics should track what percent of people’s posts are shown to followers

— Shibetoshi Nakamoto (@BillyM2k) February 12, 2026

Launched in December 2013, Dogecoin is the first meme coin. In short, it is a type of cryptocurrency that originates from an internet meme or a prank.

The meme coin found support from Musk earlier, who once used to talk or share posts about DOGE quite often.

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X and crypto community

It's not the first time that the crypto community has found the X algorithm to be troubling.

Last month, X product head Nikita Bier announced a revision of its developer API policies to not allow apps like information finance (InfoFi) that reward users for posting on X.

InfoFi is a crypto concept that involves turning financial information and user engagement into monetary value. Kaito, a popular InfoFi project, saw its native token tanking immediately after the announcement.

While a lot of crypto users found the development to be positive as it aims to remove "AI slop" and spam, some users complained that since X doesn't pay creators enough, they have to rely on other means like InfoFi to earn.

However, not every development on X has been ill-fated for crypto users.

Bier announced last month that X is going to launch Smart Cashtags, a feature designed to let users tag exact assets, including crypto assets, directly in posts.

The same month, he announced the launch of a new tool called "Starterpacks" to help new users find the best X accounts as per their interests. There are several crypto-focused super packs on X, such as Crypto Founders, Bitcoin Maximalists, etc.

Related: Elon Musk reveals surprising SpaceX moon mission for Dogecoin

‘Banks are quietly warming up to crypto again,’ says Bison Digital exec (2:29)

America’s top banking trade group is urging regulators to slow crypto’s march into federally supervised finance, even as approvals move forward.

In a letter submitted Feb. 12 to the Office of the Comptroller of the Currency (OCC), the American Bankers Association (ABA) asked the agency to delay additional crypto trust bank charter approvals until Congress finalizes stablecoin and broader digital asset rules. 

The ABA is the largest U.S. banking trade group, representing banks of all sizes before Congress and federal regulators. 

Its members include major institutions such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley, among thousands of regional and community banks.

Related: Ripple receives surprising news to operate as national trust bank

OCC conditionally approves five trust banks

On Dec. 12, the OCC announced it had conditionally approved five national trust bank charter applications following what it described as a rigorous review process.

Among those receiving approval were Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos.

If regulatory conditions are met, the firms will join roughly 60 national trust banks already supervised by the federal regulator.

OCC Comptroller Jonathan V. Gould said welcoming new entrants into the federal banking system promotes competition, innovation and consumer access to financial services.

Unlike traditional banks, national trust banks do not take deposits or make loans. Instead, they safeguard assets and provide custody, settlement and fiduciary services, functions that align closely with crypto infrastructure and tokenized assets.

For firms such as Ripple and Circle, trust bank status offers federal oversight and credibility without the balance sheet risks of operating a full-service consumer bank.

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Banks warn of unresolved risks

The ABA, however, urged caution.

The group criticized the OCC’s practice of conditioning approvals on compliance with the GENIUS Act, noting that full implementation of the law could take years and requires rulemaking from multiple federal agencies.

The banking lobby asked regulators to “be patient” and not measure charter decisions against traditional timelines, arguing that each applicant’s regulatory responsibilities should be fully clarified before approvals advance.

It also flagged resolution risks, citing the collapses of FTX and Celsius in 2022 as examples of how novel business models can unravel in ways regulators may struggle to manage.

Additionally, the ABA called for restrictions on non-bank trust companies using the word “bank,” arguing that such branding could mislead consumers about the nature of services offered.

TheStreet Roundtable reached out to Ripple, Circle and others for a comment and had not received a response by the time of publication.

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Over $19 billion liquidated in worst crypto crash since COVID (2:06)

The World Uncertainty Index (WUI) hit a new all-time high (ATH) and surpassed levels previously seen during the Sep. 11 attacks in 2001, the Iraq War in 2003, the global financial crisis in 2008, and the coronavirus pandemic in 2020.

The WUI is an indicator that measures how much uncertainty is discussed in a country’s reports by counting the frequency of the word “uncertainty” and its variants in country reports published by the Economist Intelligence Unit (EIU).

The more often the word "uncertainty" is mentioned in EIU country reports, the higher the country’s uncertainty index.

Source: FRED

Higher uncertainty generally translates into lower investment, slower economic growth, and increased financial volatility.

Last year, the WTI hit its ATH of 106,862.2 during Q3 and remained only slightly below 100,000 during Q4.

The global tariff tensions, geopolitical conflicts in Eastern Europe, West Asia, and Latin America, the weakening dollar, and the threat to the Federal Reserve's independence during the Donald Trump administration are the primary factors behind the uncertainty.

Related: Treasury Secretary Bessent reveals new plan to finance U.S. government

U.S. market rallying amid record 'uncertainty'

But it might seem strange why a metric indicating uncertainty has been hitting record highs while nearly all the major market indicators are performing exceedingly well on the charts.

Whether it's the NASDAQ Composite (above 24,000 points), the Nasdaq 100 (above 26,000 points), or the S&P 500 (above 7,000 points), nearly every market benchmark has been hitting new record highs.

Meanwhile, the U.S. dollar index—an index of the value of the USD relative to a basket of foreign currencies—is at its lowest point at around 95.

So, the U.S. market is rallying higher while the general public is losing faith in the fiat currency.

The dollar debasement has driven traders to flock to precious metals like gold and silver. Gold surpassed $5,500 per ounce and silver surpassed $100 per ounce to hit new record prices recently.

But unlike precious metals, Bitcoin (BTC) has failed to leverage the dollar debasement trade of late.

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Is Bitcoin trading in line with 'uncertainty' index?

Bitcoin maximalists argue the cryptocurrency is "digital gold," as, like the bullion, it is also scarce and acts as a hedge against inflation and dollar debasement.

The argument stood until early October last year when Bitcoin surpassed the $126,000 price mark to reach its ATH. But the Oct. 10 crash sent the crypto market plummeting, and Bitcoin is yet to recover from the shock.

While the U.S. dollar index kept tanking, Bitcoin couldn't take advantage of it, reflecting thinner demand from both institutional and retail investors.

While many commentators would read it as "uncertainty" around Bitcoin, senior analysts have diverging views on its future.

Geoffrey Kendrick, Standard Chartered’s head of digital assets research, recently warned BTC could fall to $50,000 before rebounding to $100,000 by the end of the year. The $100,000 target is a downgrade from the earlier target of $150,000, though.

JPMorgan analysts led by managing director Nikolaos Panigirtzoglou are, however, bullish on Bitcoin, believing it could eventually hit $266,000.

At the time of writing, Bitcoin was trading at $67,826.43.

Related: Cathie Wood just made her biggest stock purchase of 2026

How Cathie Wood became one of crypto’s earliest believers (3:41)

Cathie Wood’s ARK Invest loaded up on the biggest bag of 2026.

Wood has been accumulating crypto-related stocks for several years, but her 2026 buying activity only began toward the end of January.

Oddly enough, her largest single-day purchase of 2026 is Robinhood Markets (NASDAQ: HOOD), a stock that has fallen roughly 31% year-to-date. 

Much of the decline has been attributed to investor disappointment following its latest earnings report. HOOD closed at $78.07 on Feb. 11, sliding 8.69% in a single session.

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Wood scooped up HOOD shares in early February, buying roughly $50 million worth of shares across multiple sessions

Trade disclosures from ARK’s flagship ARK Innovation ETF (ARKK) show the fund purchased $23.8 million in HOOD shares on Feb. 11, its single largest transaction of 2026. 

The buy followed additional acquisitions of $21.7 million on Feb. 2 and $5.2 million on Feb. 3, bringing ARKK’s total February allocation to approximately $50.7 million.

Robinhood ranks among top 10 Cathie’s trades

The Feb. 11 purchase represented 10.63% of ARKK’s position in HOOD added in a single day, according to ARK’s trade breakdown.

Robinhood now ranks among the top 10 holdings across ARK funds and sits as the No. 9 holding in ARKK, with a portfolio weight of roughly 3%.

The buying was not limited to ARKK. Other ARK funds, including ARKW and ARKF, also added HOOD shares during the same period, reinforcing the view that Wood sees the pullback as an opportunity rather than a warning sign.

ARK’s aggressive positioning contrasts with its recent trimming of other crypto-exposed names. In the same week, ARK reduced holdings in Coinbase (NASDAQ: COIN) across multiple ETFs, selling more than $20 million worth of shares.

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Earnings beat, crypto revenue cools

Robinhood’s fourth-quarter results were stronger than the stock’s recent performance might suggest.

The company reported diluted earnings per share of $0.66 for the fourth quarter of 2025, beating analyst expectations, while total net revenue climbed 27% year-over-year to $1.28 billion.

Transaction-based revenue increased 15% to $776 million. However, the crypto segment showed clear signs of cooling. 

Crypto transaction revenue fell 38% to $221 million, as digital asset trading activity slowed sharply.

Total crypto notional volumes came in at $82 billion, including $48 billion from Bitstamp and $34 billion from the Robinhood app, representing a 52% year-over-year decline.

Net income for the quarter reached $605 million, compared with $916 million in Q4 2024, while adjusted EBITDA rose 24% year-over-year to $761 million, indicating operational resilience despite weaker crypto flows.

On a full-year basis, Robinhood generated $4.5 billion in revenue in 2025, with $1.9 billion in net income and diluted EPS of $2.05, underscoring that the business remains profitable even in a softer trading environment.

Importantly, subscription revenue continued to strengthen. Robinhood Gold subscribers increased 58% year-over-year to 4.2 million.

Robinhood co-founders Baiju Bhatt and Vlad Tenev attend Robinhood Markets IPO Listing Day on July 29, 2021 in New York City. (Photo by Cindy Ord/Getty Images for Robinhood)

Analyst sentiment remains constructive

Wall Street analysts remain broadly constructive on HOOD.

The consensus price target stands at $122.81 based on 28 analysts, implying significant upside from current levels. The most bullish forecast is $180, while the lowest sits at $47.

Recent updates from Cantor Fitzgerald, KeyBanc and Truist Securities placed average targets around $130. 

Truist lowered its price target from $155 to $130 while maintaining an Overweight rating, and KeyBanc cut its target from $160 to $130 while reiterating a Buy rating. Wolfe Research upgraded the stock to Outperform with a $125 target.

FactSet estimates ahead of the earnings release projected a 38% year-over-year decline in EPS to $0.63, while revenue was expected to increase nearly 34% to $1.36 billion. Analysts had anticipated crypto revenue to fall roughly 28% to $259 million.

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ARK Invest: Top 5 combined holdings

Across ARK’s ETFs, the portfolio remains heavily concentrated in high-conviction innovation names:

Tesla (TSLA) — $1.1B (10.11%)

AMD (AMD) — $461.8M (4.26%)

CRISPR Therapeutics (CRSP) — $453.8M (4.19%)

Tempus (TEM) — $438.3M (4.04%)

Teradyne (TER) — $430.0M (3.97%)

Robinhood now ranks #9 overall, with a $328.5M position and a 3.03% portfolio weight.

Where crypto stands inside ARK

Direct crypto and crypto-linked exposure includes:

• Coinbase (COIN): $280.6M (2.59%)
• Circle (CRCL): $206.9M (1.91%)
• Bullish (BLSH): $168.4M (1.55%)
• Bitmine (BMNR): $156.6M (1.44%)
• ARK Bitcoin Holding (ARKB): $99.2M (0.92%)

For comparison, Tesla alone outweighs ARK’s entire direct crypto allocation.

Related: Cathie Wood predicts 2026 revised outlook