Crypto Currents: Coinbase acquires Echo as whales move to ETFs

Coinbase continues its acquisition spree, buying on-chain fundraising platform Echo for $375M, while SharpLink Gaming adds another $75M in ether to its treasury. Meanwhile, a major regulatory shift is allowing bitcoin whales to move billions in assets into traditional ETFs from managers like BlackRock, and SpaceX is spotted moving $257M in bitcoin. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio, and subscribe to our YouTube channel for the “Crypto Fly By” weekly recap.

COINBASE BUYS FUNDRAISING PLATFORM ECHO: Coinbase (COIN) announced its acquisition of on-chain fundraising platform Echo for approximately $375M, The deal integrates Echo’s community fundraising tools and its public token sale product, Sonar, into Coinbase’s ecosystem. This follows Coinbase’s July purchase of token management platform LiquiFi and its reported $2.9B acquisition of derivatives exchange Deribit in August. The company also recently invested in Indian exchange CoinDCX and is reportedly in talks to acquire U.K. stablecoin firm BVNK.

BITCOIN WHALES MOVE ASSETS TO WALL STREET ETFS: Large bitcoin (BTC-USD) holders are increasingly moving their assets from private digital wallets onto Wall Street’s balance sheets, according to Bloomberg. A regulatory change in July approved “in-kind” transactions, allowing investors to exchange their bitcoin directly for ETF shares in a tax-neutral process. BlackRock (BLK) has already facilitated over $3B in these conversions, with its head of digital assets noting that investors are seeking the convenience and legitimacy of holding the asset within their traditional advisory relationships. Liquidity provider Galaxy Digital (GLXY) and Bitwise Asset Management are also reportedly processing daily inquiries for such conversions. In another sign of crypto’s integration into traditional assets, Bloomberg also reports that crypto firm Ripple is in talks to lease 90,000 square feet in a London skyscraper owned by Brookfield Corp (BN).

SPACEX MOVES BTC; SHARPLINK BUYS ETH; ARGO RESTRUCTURES: On-chain data provided by Arkham Intelligence shows Tesla (TSLA) CEO Elon Musk’s SpaceX transferred $257M worth of bitcoin in two large transactions on Tuesday. This is the company’s second major transfer in three months, following a $153M move in July. The activity comes as SpaceX faces potential competition for its NASA moon lander contract from firms like Lockheed Martin (LMT), Cointelegraph reports. Tesla famously purchased $1.5B in bitcoin in 2021. In other treasury news, SharpLink Gaming (SBET) announced it purchased an additional 19,271 ether (ETH-USD) for $75M, using proceeds from a recent $76.5M direct stock offering. The company now holds approximately $3.5B in ether. Elsewhere, struggling miner Argo Blockchain (ARBK) is undergoing a major restructuring, Cointelegraph notes. Its largest lender, Growler Mining, will convert $7.5M in debt for an 87.5% equity stake, leaving current shareholders with just 2.5% of the company. Argo, which previously sold its Helios facility to Galaxy Digital, will delist from the London Stock Exchange but aims to maintain its Nasdaq listing.

HACKING THREATS AND REGULATORY OUTLOOK: A new report from Google’s (GOOGL) Threat Intelligence Group warns that North Korean hackers are using “EtherHiding” malware, which hides malicious code in smart contracts on blockchains like Ethereum and BNB Chain, home of the native BNB token (BNB-USD). The group has reportedly stolen over $2B in 2025. This security threat comes amid a surge in U.S. crypto activity, with a TRM Labs report noting transaction volumes jumped 50% to over $1T in the first half of the year, driven by a more favorable regulatory climate. Speaking at an American Bankers Association convention, OCC Chief Jonathan Gould downplayed fears of a stablecoin-induced “bank run,” even as issuers like Coinbase and Circle (CRCL) seek federal banking charters. Despite the long-term institutional interest, markets faced short-term pressure. CoinDesk reported that bitcoin dropped to $107,800 and ether to $3,867, erasing weekend gains. Analysts at Glassnode note that last week’s drop to $104,000 was seen as a healthy “flush” of leverage.

ANALYST RESEARCH: According to a research note from H.C. Wainwright, bitcoin mining stocks are “rerating higher alongside robust HPC/AI opportunities,” despite recent weakness in bitcoin’s price. The firm noted that mining stocks were up 10.6% last week, while bitcoin fell 5.6% amid over $1.2B in net outflows from U.S. spot ETFs. The note highlights CleanSpark (CLSK) hiring a new senior VP of AI Data Centers as its “first major step” into the HPC/AI space. Bitdeer (BTDR) also provided a comprehensive update on its AI roadmap, targeting over 200 MW of critical IT load by the end of 2026, which H.C. Wainwright estimates could “potentially support over $2B in annualized run-rate revenue.” The note also summarized September production, where nine miners saw a collective 3.8% monthly increase in hash rates, but only a 0.2% increase in bitcoin production due to rising network difficulty. H.C. Wainwright also reiterated the following ratings and price targets:

• Bitdeer Technologies (BTDR): Buy rating, $19 price target.
• CleanSpark (CLSK): Buy rating, $25 price target.
• Bitfarms (BITF): Buy rating, $4 price target.
• Bit Digital (BTBT): Buy rating, $7 price target.
• Cango (CANG): Buy rating, $8 price target.
• Cipher Mining (CIFR): Buy rating, $17 price target.
• Core Scientific (CORZ): Neutral rating.
• CoreWeave (CRWV): Buy rating, $180 price target.
• BitFuFu (FUFU): Buy rating, $7 price target.
• Gryphon Digital Mining (GRYP): Neutral rating.
• HIVE Digital (HIVE): Buy rating, $6 price target.
• Iris Energy (IREN): Buy rating, $36 price target.
• MARA Holdings (MARA): Buy rating, $28 price target.
• Mawson Infrastructure (MIGI): Neutral rating.
• Riot Platforms (RIOT): Buy rating, $18 price target.
• Soluna Holdings (SLNH): Neutral rating.

PRICE ACTION: As of time of writing, bitcoin was trading at $112,744.80, while ether was trading at $4,060.93, according to price data from CoinDesk.