Crypto Currents: Bitdeer tops MARA in hashrate as Bitpanda eyes public listing

Bitdeer Technologies has surpassed MARA Holdings in mining capacity as the race for AI infrastructure heats up, while European exchange Bitpanda prepares for a major IPO backed by Wall Street giants. Meanwhile, analysts at Daiwa see significant upside for Coinbase, and Franklin Templeton is modernizing money market funds for the blockchain era. 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

BITDEER OVERTAKES MARA IN MINING CAPACITY: The landscape of bitcoin mining is shifting as Singapore-based Bitdeer Technologies (BTDR) has reportedly overtaken long-time leader MARA Holdings (MARA) in total mining capacity. Bitdeer reported a total hashrate under management of 71 exahashes per second, or EH/s, at the end of December, surpassing MARA’s reported capacity of 61.7 EH/s. Bitdeer is aggressively expanding its self-mining capabilities with its proprietary SEALMINER chips while simultaneously pivoting toward artificial intelligence and high-performance computing. This diversification strategy is becoming a key differentiator in the sector, as companies leverage their power infrastructure for AI workloads.

BITPANDA EYES BILLION DOLLAR IPO WITH BANKING GIANTS: The pipeline for crypto-related public listings is growing, with European trading platform Bitpanda reportedly gearing up for an initial public offering in Frankfurt. Bloomberg reports that the company could seek a valuation between EUR 4B-EUR 5B and has hired major financial institutions including Goldman Sachs (GS), Citigroup (C), and Deutsche Bank (DB) to arrange the potential listing for the first half of 2026. The move would mark a significant boost for Europe’s equity capital markets and highlights the growing integration of traditional finance with digital asset platforms.

FIGURE LAUNCHES BLOCKCHAIN EQUITY LENDING: Blockchain lender Figure Technology is aiming to modernize the equity lending market with a new platform called OPEN. Bloomberg reports that the platform allows companies to issue equity directly on the blockchain, enabling investors to borrow against shares without traditional intermediaries. Figure’s co-founder Mike Cagney told the outlet that the system is seeing interest from digital asset treasury firms, such as Strategy (MSTR), as a way to potentially alleviate discounts to net asset value by allowing share purchases using cryptocurrencies.

DAIWA SEES BULL RUN AS SENATE SETS CLARITY ACT TIMELINE: Daiwa Securities has reaffirmed its positive stance on the global blockchain sector, driven by new legislative momentum in the U.S. Senate. In a research note published on Jan. 14, the firm highlighted that the Senate has established a formal timeline for the Digital Asset Market Clarity Act, or CLARITY Act, with a final text release set for Jan. 21 and a committee markup on Jan. 27. Daiwa analysts believe this legislation will kick off a “fundamentals-driven bull run” in 2026 and maintained a Buy rating on Coinbase (COIN). The note also pointed to the recent listing of HashKey Group as a positive sentiment driver, while warning that a delay in the bill’s passage remains a key downside risk.

FRANKLIN TEMPLETON MODERNIZES FUNDS: Traditional asset managers are increasingly adapting their products for the digital age. Franklin Templeton (BEN) has updated two of its institutional money market funds to be compatible with blockchain settlement systems. The changes allow shares to be transferred using blockchain infrastructure, facilitating 24/7 settlement and integration with digital collateral systems. This move aligns with a broader trend of “tokenizing” traditional financial assets to increase efficiency for institutional investors.

PRICE ACTION: As of the time of writing, bitcoin (BTC-USD) is trading around $97,180.01, while ether (ETH-USD) is changing hands at approximately $3,366.64, according to price data from TipRanks.