Crypto Currents: Corporate bitcoin buying outpaces new supply by 62%

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Tuesday’s crypto-equity tape is driven by regulatory wins and institutional product launches, all unfolding as bitcoin (BTC-USD) holds gains near $69,000 following Monday’s ceasefire-driven short squeeze that forced $273M–$325M in futures liquidations in a single session. Traditional finance is accelerating its digital asset ambitions across the board: a federal trust charter, a major brokerage’s spot trading debut, and a futures exchange adding two new altcoin products all hit on the same morning. 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.

COINBASE WINS CONDITIONAL FEDERAL TRUST CHARTER AS SCHWAB AND SOFI PREPARE CRYPTO LAUNCHES: Coinbase (COIN) received conditional approval from the Office of the Comptroller of the Currency to establish a national trust charter, a development H.C. Wainwright analyst Mike Colonnese described as a bullish structural catalyst that upgrades the exchange’s institutional custody credibility from a state-level patchwork to a single federal framework. The conditional approval positions Coinbase as a federally regulated custodian, a designation that could open doors to pension funds, endowments, and sovereign wealth managers currently restricted to federally chartered counterparties. H.C. Wainwright reiterated its Buy rating and $350 price target on Coinbase in its weekly roundup.

Charles Schwab (SCHW) announced plans to launch spot trading for bitcoin and ether  (ETH-USD) in the first half of 2026 through a new dedicated “Schwab Crypto” account. The move brings one of the largest U.S. retail brokerages directly into spot crypto markets, representing a significant new distribution channel for bitcoin and ether liquidity that bypasses dedicated crypto exchanges. SoFi Technologies (SOFI) separately launched “Big Business Banking,” last week, an enterprise platform built to unify fiat deposits, payments, and digital assets under its nationally chartered bank structure, an integration play that positions the fintech as a single-rail solution for companies managing both traditional and digital treasury operations.

CME GROUP EXPANDS REGULATED CRYPTO DERIVATIVES WITH AVALANCHE AND SUI FUTURES: CME Group  announced plans to launch cash-settled avalanche (AVAX-USD) and sui (SUI-USD) futures on May 4, pending regulatory review, in both standard and micro contract sizes. The exchange noted its regulated crypto suite already covers more than 75% of total crypto market capitalization. CME separately confirmed that 24/7 crypto futures trading will begin May 29, a structural change that aligns crypto derivatives settlement hours with the underlying spot markets and removes the weekend gap risk that has historically created Monday-open price dislocations for equities with crypto treasury exposure.

BLACKROCK ROUTES $82M IN BITCOIN TO COINBASE PRIME AS SHORT SQUEEZE CLEARS BEARS: According to on-chain data tracked by Arkham Intelligence and reported by Coinness, BlackRock (BLK) deposited 1,178 BTC, approximately $82.25M, into Coinbase Prime on April 6, consistent with routine custody and rebalancing operations for its bitcoin exchange-traded fund. The deposit is part of a documented pattern, BlackRock routed $121M on April 2, $206.5M on March 29, and $260M on March 4 through the same channel, providing a steady, recurring institutional revenue signal for Coinbase’s prime brokerage segment. Monday’s session also cleared a significant derivatives overhang: Blockhead reports that $273.8M in total futures liquidations swept through markets across 81,819 traders, with shorts accounting for $196.7M of that total at a roughly 3:1 ratio versus longs, and the single largest liquidation being a $10.17M ether short on Binance. A dormant bitcoin wallet that had accumulated 513 BTC at an average of $97,542 between January and March 2025 offloaded 300 BTC, worth approximately $20.6M, to Binance on April 7 at a $14.76M realized loss, adding incremental sell-side supply even as spot prices held near $69,000.

DEFI TECHNOLOGIES POSTS RECORD RESULTS; PAYSAFE LAUNCHES CRYPTO GAMING PAYMENTS: DeFi Technologies (DEFT) held its shareholder call Tuesday to discuss audited full-year 2025 results, reporting record revenue of $99.1M, a 215% increase year-over-year, and record net income of $62.7M, reversing a $27.6M net loss in 2024. Total cash, treasury holdings, and venture portfolio stood at $178.7M. Paysafe  according to a company announcement. The integration opens a new recurring revenue stream for Paysafe in one of the fastest-growing segments of regulated online gaming, with crypto deposits offering a friction-free alternative for players blocked by traditional card networks at gambling merchants.

TREASURY DISCLOSURES SHOW DIVERSE DIGITAL ASSET ACCUMULATION ACROSS SMALL-CAPS: Bit Digital  reported holding approximately 155,444 ether tokens, valued around $327M as of March 31, with roughly 89% of that supply actively staked and generating approximately 291.3 ETH per month in rewards at a 2.9% annualized yield. The company also holds approximately 27M WhiteFiberGPUS” style=””>(GPUS) disclosed in a press release that its combined bitcoin treasury, valued near $44.1M, comprising 639.2 BTC, plus cash and restricted cash of $57.9M totals approximately $102M, representing 189.92% of its current market capitalization as of the week ended April 5, a deep discount to net asset value that equity value investors may find notable. Eightco Holdings (ORBS) disclosed a treasury of approximately 277M worldcoin (WLD-USD) tokens, 11,068 ether, an indirect $90M OpenAI stake, and $109M in cash and stablecoins, approximately $326M in total, according to the filing.

PRICE ACTION: As of time of writing, bitcoin was trading at $68,117.46, while ether was trading at $2,079.46, according to price data from TipRanks.