Crypto Currents: Grayscale Investments files for IPO

As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the “Crypto Currents” weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.

GRAYSCALE INVESTMENTS FILES FOR IPO: Grayscale Investments announced Thursday it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. Grayscale Investments has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “GRAY.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or other terms of the offering. Morgan Stanley, BofA Securities, Jefferies, and Cantor are acting as lead managing bookrunners. Wells Fargo Securities, Canaccord Genuity, Piper Sandler, Keefe, Bruyette & Woods, A Stifel Company, and Needham & Company are acting as additional book-running managers. The Benchmark Company and Compass Point are acting as co-managers.

“Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products,” the company added.

EXODUS MOVEMENT TO ACQUIRE GRATEFUL: Exodus Movement (EXOD) announced Monday it has agreed to acquire Grateful, a stablecoin payments orchestrator for merchants enabling lower fees, instant access to funds and yields on balances. Founded in Uruguay, Grateful empowers small businesses and independent workers to accept and manage digital payments through stablecoins.

“Grateful is a natural complement for our efforts to expand access to digital payments and cryptocurrency in Latin America. The gig and creator economy is rapidly growing in emerging markets and stablecoin-based payment rails allow for important tools such as invoicing, recurring payments and on-chain settlements,” commented JP Richardson, CEO.

The company also reported third quarter results on Monday, with revenue of $30.3M, which compared to analyst estimates of $30.2M. Exodus reported $314.7M, including 2,123 units of bitcoin, 2,770 units of Ether, and $50.8M in cash and cash equivalents, USD Coin and Treasury bills as of September 30.

“The logical next step in the revolution of stablecoins and digital asset-backed finance is to expand the benefits of stablecoin-based payments to both consumers and merchants, especially in underserved emerging markets,” said Richardson.

Following the report, Benchmark lowered the firm’s price target on Exodus to $42 from $58 and kept a Buy rating on the shares. Q3 results were essentially in line with expectations on both the top and bottom lines, noted the analyst, who calls the Q3 report “the kind of print that doesn’t make for exciting headlines at first glance but could mark the start of an important new chapter for the company.”

COINBASE MOVES STATE OF INCORPORATION TO TEXAS: Coinbase (COIN) Chief Legal Officer Paul Grewal wrote in a Wednesday Wall Street Journal op-ed that the crypto platform is moving its state of incorporation to Texas from Delaware. “Delaware’s legal framework once provided companies with consistency. But no more,” Grawal wrote, pointing to recent “unpredictable outcomes” in the Delaware Chancery Court. “We are reincorporating in Texas, which has become an increasingly attractive hub for innovative companies like ours. It’s a shame that it has come to this, but Delaware has left us with little choice,” Grawal wrote.

On Thursday, the company announced that Kalshi has selected Coinbase Custody to safeguard their USDC. The company said, “Prediction markets let people trade on the outcomes of real-world events – from inflation trends and elections to sports outcomes and government policy decisions. For these markets to work, participants need confidence that the money they use is as steady as the events they’re betting on. Real markets rely on real stability.”

On Tuesday, Fortune’s Ben Weiss reported Coinbase has launching an end-to-end token sales platform to create a more sustainable and transparent way for projects to distribute tokens. The company said, “Coinbase is setting a new standard for how projects go to market, by creating a balanced and transparent token sales platform for both issuers and users. For users, that means equitable access to their favorite tokens with clear disclosures and transparent terms. For issuers, that means distribution to Coinbase’s global retail user base, a sale design optimized for the long term health of the project, and building deep exchange liquidity.  Coinbase is providing access for the retail community across most regions globally at launch, with plans to expand in the future. For the first time since 2018, users in the United States will now be able to widely participate – a huge win for the American cryptoeconomy. We are hosting the first token sale from November 17-22.”

Additionally, Monness Crespi upgraded Coinbase to Buy from Neutral with a $375 price target while keeping estimates unchanged for calendar year 2025 and “slightly pushing up” calendar 2026 estimates. The firm likes the setup in terms of news flow around stablecoin utility in the real world with a “hunch” there is more to come from the December 17 event and the tokenization of equities with an expectation of SEC comments in the near future. The firm added that the recent lows in key crypto assets “pique our interest.”

CRYPTO EARNINGS: On Friday, American Bitcoin (ABTC) reported Q3 revenue of $64.2M, which compared to revenue of $11.6M for the same period last year. The company acquired more than 3,000 bitcoin through bitcoin mining and strategic at-market purchases, increasing total holdings to 3,418 bitcoin held in reserve as of September 30.

“The third quarter validated the thesis behind American Bitcoin,” said Eric Trump, Chief Strategy Officer. “While others paid spot, we generated Bitcoin below market through scalable, asset-light mining operations. Coupled with disciplined at-market purchases, we added more than 3,000 Bitcoin to our reserve. This dual strategy is how we intend to compound value for our shareholders and solidify our position as a capital-efficient platform for long-term Bitcoin accumulation.”

Bit Digital (BTBT) also reported Q3 results on Friday with an EPS of 47c on revenue of $30.5M, which compared to a loss per share of (26c) last year and analyst revenue estimates of $30.31M.  Cash and cash equivalents totaled $179.1M as of September 30, and total digital assets were $423.7M as of September 30.

“This quarter further solidified Bit Digital’s position at the intersection of what we believe are the two most powerful secular trends of our time: Ethereum and artificial intelligence,” said Sam Tabar, CEO. “Our strategy is centered on building one of the largest and most efficient Ethereum treasuries in the public markets while maintaining exposure to the rapidly expanding AI infrastructure economy through our majority stake in WhiteFiber (WYFI). Together, we believe that these two pillars create a durable and diversified foundation for long-term growth.”

On Thursday, Bitcoin Depot (BTM) reported Q3 EPS of 8c on revenue of $162.48M, which compared to a loss per share of (5c) on revenue of $135.27M for the same period last year. The company also guided to Q4 revenue of $112M-$115M and adjusted EBITDA in the low single digit millions.

“Bitcoin Depot delivered another strong quarter, exceeding the preliminary results we announced in October,” said Brandon Mintz, CEO. “Our third-quarter performance once again demonstrates the operating leverage in our business model, supported by continued kiosk expansion, higher transaction volumes, and disciplined cost management. As a result, we achieved meaningful revenue growth, a substantial increase in Adjusted EBITDA, and further improvement in profitability and cash generation.”

Bitcoin Depot also announced Wednesday its entrance into the Asian market with its expansion into Hong Kong. This move highlights Bitcoin Depot’s accelerating global momentum and strategic focus on expanding into markets where cash-to-crypto access is in high demand.

Following the report, B. Riley downgraded Bitcoin Depot to Neutral from Buy with a price target of $2.30, down from $6. The company’s Q3 results were “solid” but came with downside guidance for Q4, the analyst said. The firm said Bitcoin Depot cited seasonality, changes to state regulations that limit transaction sizes, and its own compliance efforts that are expected to impact transaction sizes and volumes for the weaker than expected outlook.

Noble Capital lowered the firm’s price target on Bitcoin Depot to $6 from $9 and kept an Outperform rating on the shares. Q3 results exceed expectations, but the firm is lowering its Q4 estimates and revising 2026 estimates to account for near-term regulatory friction and kiosk redeployments, the analyst said.

Meanwhile, Digi Power (DGXX) reported Q3 EPS 1c on revenue of $8.15M, which compared to a loss per share of (21c) on revenue of $9.2M last year.  Digi Power X holds over $90M in cash, bitcoin, ethereum and cash equivalents as of the reporting date.

Michel Amar, CEO, stated, “Digi Power X is transforming from a traditional compute operator into a next-generation AI infrastructure company. Our ARMS 200 pod, NeoCloudz platform and expanded power portfolio form a unified ecosystem capable of supporting AI customers at every stage, from startups to enterprise-scale deployments. We have never been better positioned to lead in high-density Tier III AI compute.”

Greenidge Generation (GREE) reported Q3 EPS of 75c on revenue of $15.2M, which compared to loss per share of (60c) on a revenue of $12.4M for the same period last year. Greenidge ended Q3 with $7.6M of cash, $6.1M of bitcoin and $45.8M of senior unsecured debt.

Greenidge CEO Jordan Kovler commented, “This was a monumental quarter for Greenidge that culminated in our historic agreement with NYSDEC on a five-year Title V Air Permit that positions us for long-term growth and validates Greenidge as a model datacenter and power generation operation. The landmark outcome not only ensures Greenidge will have the runway to properly scale the business into the future but, importantly, it also provides significant benefits across stakeholder groups – from shareholders and employees to the local electric grid. Going forward, we believe our Dresden facility should serve as a national model for bitcoin mining operations, one which does not pull power from the grid, but rather sends power to it.”

MORE EARNINGS: On Monday, TeraWulf (WULF) reported a Q3 loss per share of ($1.13) on revenue of $50.6M, which compared to analyst estimates of a loss per share of (5c) on revenue of $50.64M. The company ended the quarter with $712.8M of cash, cash equivalents and restricted cash.

“The third quarter into the fourth has been remarkably busy for TeraWulf,” said Paul Prager, CEO. “We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture. These transactions demonstrate the strength of our platform and the trust that world-class technology partners place in our ability to execute.”

Following the report, Roth Capital raised the firm’s price target on TeraWulf to $26 from $24 and kept a Buy rating on the shares. The company’s power pipeline is bigger than assumed, and the firm believes that TeraWulf could have over five “execution-ready” sites, putting it on a path to 250-500MW of contracted CITL per year, the analyst said.

B. Riley raised the firm’s price target on TeraWulf to $23 from $22 and kept a Buy rating on the shares. TeraWulf’s Q3 results beat expectations with adjusted EBITDA of $18.1M, despite a sharp stock decline, reflecting strong progress at Lake Mariner and ongoing builds at WULF Den, CB-1, and CB-2, the analyst said. The company is increasing its annual HPC contract target to 250-500MW and advancing site acquisitions and financing plans, supporting its colocation growth and credit profile.

Bakkt (BKKT) also reported Q3 results on Monday with a loss per share of ($1.15) on revenue of $402.2M, which compared to a loss per share of (45c) on revenue of $316.3M last year. The company ended the quarter with $64.4M in cash and restricted cash.

“The third quarter represents a defining moment in Bakkt’s transformation. We’ve simplified our structure, sharpened our strategy, and delivered positive adjusted EBITDA – clear evidence that our reset is working,” said Akshay Naheta, CEO. “With our transformation nearing completion, Bakkt is now positioned as a focused, capital-disciplined digital-asset infrastructure company built for scale and long-term profitability.”

Clear Street lowered the firm’s price target on Bakkt to $39 from $42 and kept a Buy rating on the shares following the Q3 report. The firm reduced EBITDA estimates but sees the company’s business simplification setting the stage for growth in 2026.

On Thursday, Bitfarms (BITF) reported a Q3 loss per share of (8c) on revenue of $69M, which compared to analyst estimates of (2c) and $84.66M, respectively. As of November 12, the company had total liquidity of approximately $814M comprised of approximately $637M in cash and approximately $177M in unencumbered bitcoin.

“We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company,” stated CEO Ben Gagnon. “We recently announced our successful $588M convertible note offering, alongside our plans to convert our Washington site to HPC/AI workloads where additional monetization strategies for the site, including cloud operations, are being evaluated.”

Following the report, Clear Street lowered the firm’s price target on Bitfarms to $5 from $6 and kept a Buy rating on the shares. The firm cited rising global hash rate in the company’s legacy bitcoin mining business for the target cut.

H.C. Wainwright lowered the firm’s price target on Bitfarms to $4 from $5.50 and kept a Buy rating on the shares. The company reported “lackluster” Q3 results, the analyst said. However, the firm believes the recent rotation out of artificial intelligence-related stocks “has created an attractive buying opportunity.” It views Bitfarms as one of the most underappreciated bitcoin miners.

Alliance Global raised the firm’s price target on Bitfarms to $6 from $2.50 and kept a Buy rating on the shares. The firm believes the shares deserve a “much higher multiple” as the company makes progress on timing risk, capital requirements and the eventual need of tenants. Bitfarms plans to convert the majority of its energy capacity to artificial intelligence sites with a focus on long term recurring revenue and very high margin, the analyst said.

On Wednesday, Coincheck (CNCK) reported Q2 revenue of $900M, which compared to revenue of $475M for the same period last year.

Additionally, Circle (CRCL) reported Q3 EPS of 64c on revenue of $740M, which compared to 0c and $445.76M for the same period last year, respectively. The company also guided to FY25 other revenue of $90M-$100M, which compared to the previous view of $75M-$85M. Circle reported USDC in circulation of $73.7B at Q3 end, up 108% year-over-year.

“Circle continued to see accelerating adoption of USDC and our platform in the third quarter as we build the new Economic OS for the internet,” said Jeremy Allaire, CEO. “The launch of the Arc public testnet met with extraordinary enthusiasm from partners across traditional and digital finance – evidence of the deep and diverse ecosystem forming around open, programmable money. As digital dollars become integrated with the technological utility of the internet, Circle’s infrastructure is helping global finance move with greater trust, transparency and velocity.”

Following the report, Deutsche Bank lowered the firm’s price target on Circle to $90 from $147 and kept a Hold rating on the shares. The firm views the company’s Q3 results as being “very solid overall” relative to expectations. However, it reduced estimates to reflect more conservative USDC growth.

JPMorgan double upgraded Circle Internet to Overweight from Underweight with a price target of $100, up from $94. Circle reported solid Q3 results with key metrics exceeding expectations, the analyst said. The firm said the earnings print indicates that stablecoins are making “their way into mainstream financial services,” with USDC a leading stablecoin and Circle a leading partner. The company is also bringing more USDC on-platform, which will enable it to drive growth and invest in the buildout of its network, contended JPMorgan. The firm sees enough upside following the stock’s recent selloff in advance of a big lockup expiration to double upgrade to Overweight.

Meanwhile, Wells Fargo lowered the firm’s price target on Circle to $128 from $160 and kept an Overweight rating on the shares. The firm thinks shares were down because while underlying Q3 results were solid, Q4 RLDC margin guide implies big deceleration quarter-over-quarter, and 2025 opex is higher.

MORE EARNINGS: On Wednesday, BitFuFu (FUFU) reported Q3 EPS of 7c on revenue of $180.7M, which compared to analyst estimates of 2c and $129.19M, respectively. Bitcoin held by the company increased by 19.8% to 1,962 BTC as of September 30.

“The third quarter marked a clear inflection point for BitFuFu as revenue doubled year-over-year and increased 56.6% sequentially. Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations,” said Leo Lu, CEO.

Northland lowered the firm’s price target on BitFuFu to $5.50 from $6 and kept a Market Perform rating on the shares following a “robust Q3” that was accompanied by “soft October results.”

On Monday, Fold Holdings (FLD) reported Q3 EPS of 1c on revenue of $7.4M, which compared to analyst estimates of a loss per share of (12c) on a revenue of $9.2M.

“We delivered a strong third quarter, with consistent growth across core metrics and clear execution on the priorities we set earlier this year,” said CEO Will Reeves. “Revenue grew 41% year-over-year QTD, and 48% YTD as of September 30, 2025, and Fold continues to scale as we expand the product suite and make bitcoin part of people’s everyday financial experiences.”

Additionally on Monday, Bitdeer (BTDR) reported a Q3 loss per share of ($1.28) on revenue of $169.7M, which compared to a loss per share of (35c) last year and analyst revenue consensus of $155.37M. The company’s crypto balance was $246.2M as of September 30.

“Q3 marked a quarter of strong execution and financial performance,” said Matt Kong, CBO. “Revenue reached $169.7M representing growth of 173.6% year-over-year and 9.1% sequentially. Gross profit rose to $40.8M, while adjusted EBITDA increased to $43M, reflecting operating leverage and efficiency gains driven by our self-mining expansion progress over the past year.”

Rosenblatt raised the firm’s price target on Bitdeer to $30 from $20 and kept a Buy rating on the shares after the company beat Q3 consensus revenue estimates as bitcoin self-mining revenue increased 315% year-over-year and 120% quarter-over-quarter. The firm sees the company as both increasing its power capacity and diversifying its revenue sources through 2026, the analyst tells said.

Additionally on Wednesday, Bitdeer reported a fire incident at its under-construction facility in Massillon, Ohio. There were no personal injuries relating to the incident. Two out of the 26 buildings currently under construction at the site sustained fire damage.

B. Riley lowered the firm’s price target on Bitdeer to $29 from $32 and kept a Buy rating on the shares. B. Riley remains constructive on Bitdeer following the Q3 earnings report, with key catalysts including mass production of the first-generation A4 chip in 1Q26 and any potential HPC/AI contract announcements or GPU procurement updates, the analyst said.

Gemini (GEMI) reported a Q3 loss per share of ($6.67) on revenue of $50.62M, which compared to a loss per share of ($18.33) on revenue of $24.54M last year.

The company said: “While Q3 2025 marked our first quarter as a publicly traded company, our journey is only beginning. The quarter represented a significant step forward as we scaled our ecosystem, expanded our reach, and advanced the mission that began more than a decade ago.”

Cantor Fitzgerald lowered the firm’s price target on Gemini to $25 from $37 and kept an Overweight rating on the shares. Shares have traded lower following the print due to concerns on the expense front, the analyst said. The firm’s long-term view on what Gemini can be remains unchanged despite volatile crypto volumes, and Cantor believes that elevated marketing spend will result in material trading volume growth over the next few years, helping Gemini approach profitability, though near-term losses may be greater than what the firm previously expected.

Goldman Sachs lowered the firm’s price target on Gemini to $22 from $25 and kept a Neutral rating on the shares. Gemini’s adjusted EPS was far below expectations, as higher operating expenses outweighed stronger revenue and gross profit, the analyst said. Guidance for 2025 also pointed to slightly lower services revenue and continued spending, while weaker crypto market conditions may further weigh on asset-related income, the firm argued.

OTHER CRYPTO NEWS: 

• IREN (IREN) price target raised to $70 from $42 at Canaccord
• Strategy (MSTR) acquires 487 bitcoin for $49.9M
• Strategy price target lowered to $484 from $586 at Mizuho, upgraded to Neutral from Sell at Monness Crespi
• Strategy buying ‘quite a lot’ of bitcoin, Chairman Saylor says
• Hive (HIVE) achieves 24 EH/s, produces 289 BTC in October
• Bitmine (BMNR) reports holdings totaling $13.2B, appoints Chi Tsang as CEO
• BNY (BK) launches Stablecoin Reserves Fund
• Bullish (BLSH) upgraded to Buy from Hold at Clear Street
• Visa (V) announces direct stablecoin payouts pilot

CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific (CORZ), Greenidge Generation, Mara Holdings (MARA), Strategy, Riot Platforms (RIOT) and TeraWulf.

PRICE ACTION: As of time of writing, bitcoin dropped roughly 4% this week to $97,228 in U.S. dollars, according to CoinDesk.