Crypto Currents: Bitcoin treasury trade loses investor favor

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The corporate bitcoin accumulation trade is drawing fresh skepticism from investors even as U.S. spot fund flows stage a meaningful rebound, creating a split tape for equity holders with digital asset exposure. Robinhood scored an international regulatory approval that expands its addressable market well beyond U.S. retail trading, while institutional custody and exchange infrastructure continued to build. 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.

TREASURY TRADE FACES MOUNTING PUSHBACK: Bloomberg reports that shareholders including Pantera Capital are pushing a London-listed bitcoin accumulator to wind down its holdings, with the outlet framing the corporate bitcoin-hoarding model popularized by Strategy TSLA“>(TSLA) disclosed in its Q1 earnings report a $173M after-tax digital asset impairment loss on its unchanged 11,509 bitcoin position, now carrying at $786M, as bitcoin slid from roughly $90K to roughly $68K during the quarter, illustrating the drag that balance-sheet accumulation strategies impose on corporate earnings. A pending filing for the SPAC merger between ReserveOne Holdings and M3-Brigade Acquisition V ETF FLOWS REBOUND: According to Bitbo flow data, U.S.-listed spot bitcoin funds recorded $322.5M in net inflows on April 22, the largest single-day haul in the current run. BlackRock COIN” style=””>(COIN) as custodian. Fidelity’s FBTC added $49M and Morgan Stanley INSTITUTIONAL INFRASTRUCTURE AND EXCHANGE DEVELOPMENTS: OKX announced that will integrate with BitGo Holdings BLSH” style=””>(BLSH) confirmed via a press release that it will report Q1 earnings results on May 14 with an earnings call at 8:30 AM ET. Nasdaq quarterly earnings filing. Its digital asset infrastructure segment spans crypto surveillance, indexing, and marketplace services, providing leveraged exposure to institutional adoption. Applied Digital a new lease at its Delta Forge 1 Campus, a purpose-built AI and blockchain high-performance computing facility currently under construction. Small-cap miner T-REX Acquisition Corp. (TRXA) disclosed an agreement to acquire a 3MW crypto mining data center in Roberta, Georgia, expandable to 4.5MW and projected to boost mining capacity by up to 450%.

ROBINHOOD WINS SINGAPORE APPROVAL: Bloomberg reports that Singapore’s Monetary Authority granted Robinhood (BTC-USD) was trading at $78,150.00, while ether (ETH-USD) was trading at $2,332.53, according to price data from TipRanks.