Crypto Currents: Corporate bitcoin holdings top $100B

BlackRock and Visa are building the foundational infrastructure for onchain finance, launching new reserve funds and payment rails for the digital asset economy. As corporate bitcoin treasuries surpass the $100B mark, miners are pivoting their valuable power assets to capitalize on the AI boom, earning major analyst upgrades. Meanwhile, crypto exchange Kraken is preparing for a potential IPO after acquiring a U.S. derivatives license. 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.

BLACKROCK LAUNCHES STABLECOIN RESERVE FUND: BlackRock (BLK) is expanding into the stablecoin market by redesigning one of its money market funds to serve as a secure reserve vehicle for stablecoin issuers. As reported by CNBC, the move is compliant with the new GENIUS Act, which created the first regulatory framework for stablecoins in the U.S. The revamped fund will invest in short-term U.S. Treasury securities and repurchase agreements to offer a safe, liquid option for companies that issue dollar-pegged tokens.

KRAKEN ACQUIRES DERIVATIVES PLATFORM AHEAD OF IPO: Cryptocurrency exchange Kraken acquired the U.S.-licensed derivatives platform Small Exchange from IG Group (IGGHY) for $100M. CoinDesk notes that the deal gives Kraken a Designated Contract Market license from the CFTC, allowing it to offer derivatives trading in the U.S. as it prepares for a potential 2026 IPO.

VISA AND BLOCK BUILD OUT CRYPTO PAYMENT RAILS: Visa (V) has published a new report outlining its ambitions to build the infrastructure for what it is rebranding as “onchain finance.” Visa sees an opportunity to provide the data, compliance, and settlement rails connecting traditional financial institutions to a stablecoin credit market that has already facilitated over $670B in loans since 2020. The company’s strategy is not to issue tokens or fund loans directly but to own the underlying technology that connects programmable credit to the traditional financial system.

CORPORATE BITCOIN TREASURIES EXCEED $100B: The total value of bitcoin held on public company balance sheets has reached a new record, surpassing $117B. According to a report from Decrypt, 172 public companies now hold approximately 1.04M BTC. Strategy (MSTR) continues to lead the pack with over 640,000 BTC, followed by MARA Holdings (MARA). Other notable holders include Tesla (TSLA), Trump Media & Technology Group (DJT), and Block (XYZ). The trend extends to smaller firms, with purchases made this week, including DDC Enterprise (DDC) recently purchasing an additional 25 bitcoin to bring its total to 1,083 BTC, and Zooz Power (ZOOZ) acquiring 88 bitcoin for $10M. However, this strategy is not without controversy. A shareholder has filed a lawsuit to block the proposed merger between two bitcoin treasury companies, Semler Scientific (SMLR) and Strive (ASST), alleging that the registration statement filed for the deal was materially incomplete and misleading, reports Cointelegraph.

ANALYST RESEARCH: An analyst research report from Rosenblatt Securities highlights a strategic shift of bitcoin miners utilizing their existing infrastructure and pivoting to use it to power artificial intelligence. This shift has sent crypto mining stocks soaring, with the sector up 90% in just seven weeks. Investors are now valuing miners for their power assets, which have become “incredibly valuable” in an AI-driven market. The firm notes that this pivot to high-performance computing, or HPC, is happenings as bitcoin mining profitability gets squeezed by rising network competition. Rosenblatt kept a Buy rating and raised their price targets on the following bitcoin miners:

• MARA Holdings (MARA): Price target raised to $25 from $20.
• Cipher Mining (CIFR): Price target raised to $25 from $14.
• Hut 8 (HUT): Price target raised to $65 from $30.
• TeraWulf (WULF): Price target raised to $20 from $14.50.
• HIVE Digital (HIVE): Price target raised to $10 from $5.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $110,076.80, while ether (ETH-USD) was trading at $3,981.79, according to price data from CoinDesk.