Here’s What You Missed in Crypto This Week

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

COINBASE BEGINS CAMPAIGN TO DRIVE CRYPTO LEGISLATION: Coinbase (COIN) announced Monday it is ramping up its grassroots advocacy campaign to advance legislation for the cryptocurrency industry. The company said, “We’re asking more than 52 million crypto owners and advocates to use their voices to stand with crypto. The Stand with Crypto Alliance is doing this through a 14 month long campaign that will have three elements:  Leveraging the Coinbase platform to mobilize crypto owners into single issue crypto advocates. Since Stand with Crypto formed just a few weeks ago, more than 100,000 people have already taken action via Stand with Crypto’s decentralized app. A comprehensive paid media campaign across all platforms, including the launch today of digital and outdoor advertisements in Washington, DC to showcase what will be distributed nationally. The campaign will have a specific focus on nine key states that also over-index when it comes to the number of crypto owners, including on the ground organizing with full time field organizers, in key states. Over the last several weeks, Stand with Crypto has hosted successful events in Ohio, Nevada, Georgia and Montana, that have road tested the capacity to organize crypto advocates. The overall mobilization effort of the 52 million Americans who own crypto will include an intense focus on the following states: AZ, CA, GA, IL, NH, NV, OH, PA, and WI. While we will share more on the individual states, in Georgia we will seek to build a club of crypto of at least 11,779 members. Today we kick off this effort by rallying the collective energy of the community, and taking the fight off X and on to the phones. The campaign will encourage crypto owners and supporters to take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation.” (read more)

BITCOIN DEPOT INITIATED WITH BUY: On Monday, B. Riley initiated coverage of Bitcoin Depot (BTM) with a Buy rating and $6 price target. Bitcoin Depot operates the largest network of ATMs that allow consumers to buy bitcoin for cash at over 3,500 locations, the analyst said. The analyst believes the company is a way to express an investment view for the broad consumer adoption of bitcoin without being highly correlated to price swings of the cryptocurrency market. Riley said Bitcoin Depot is “highly profitable and produces returns on operating assets far in excess of its cost of capital.” It believes the company is well positioned to consolidate the market over time and to grow by offering other services through its network. (read more)

COINSHARES LAUNCHES U.S. HEDGE FUND DIVISION: On Friday, CoinShares International (CNSRF) announced the launch of its hedge fund division, CoinShares Hedge Fund Solutions. For the first time, CoinShares will be making its offerings accessible to qualified U.S. investors through a range of private investment products, marking CoinShares’ expansion beyond its established European base. The company said, “CoinShares is committed to becoming the premier destination for institutions in the digital assets realm. By offering a diverse range of products, across the spectrum of beta and alpha strategies with hybrids in between, CoinShares aims to cater to the unique needs of each institution, facilitating the creation of a well-rounded and optimised crypto portfolio. The company’s vision is to deliver a seamless, holistic experience, ensuring that its institutional clients have all the tools and insights they need to navigate the dynamic world of digital asset investments.” CoinShares Capital, a wholly-owned subsidiary of CoinShares and a broker-dealer registered with the Financial Industry Regulatory Authority, will be conducting marketing activities to qualified investors in the United States in support of CoinShares Hedge Fund Solutions’ strategies and products. (read more)

NY REGULATOR GIVES GUIDANCE ON GREENLISTED COINS: Adrienne Harris, Superintendent of Financial Services, said in a Monday release: “Unless otherwise informed by the New York State Department of Financial Services, virtual currency business entities that are either licensed under 23 NYCRR Part 200 or chartered as a limited purpose trust company under the New York Banking Law , do not need the Department’s prior approval to list coins included on the Greenlist. VC Entities that choose to list Greenlisted coins must, however: provide advance notification to DFS prior to beginning support; and have a DFS-approved coin-delisting policy. The Greenlist is wholly separate and independent from any individual VC Entities’ coin-listing policies and resulting self-certifications. In general, DFS will consider adding a coin to the Greenlist if: the coin or coin issuer has a demonstrated, historic record consistent with safety and soundness and the protection of customers, including broad marketplace adoption, or the coin is a stablecoin approved by DFS for issuance in New York by a VC Entity. DFS may, at any time and in its sole discretion, add any coin to the Greenlist; remove any coin from the Greenlist; refrain from placing any coin on the Greenlist; discontinue the Greenlist process entirely; prohibit or otherwise limit a coin’s use before or after a VC Entity begins using a coin; or require that any VC Entity delist, halt, or otherwise limit or curtail activity with respect to any coin.” (read more)

CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital (BTBT), Coinbase, Core Scientific (CORZ), Greenidge Generation (GREE), Marathon Digital (MARA), MicroStrategy (MSTR), Riot Platforms (RIOT), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).

PRICE ACTION: As of time of writing, bitcoin was roughly flat this week at $26,598 in U.S. dollars, according to CoinDesk.