Crypto Currents: Strategy unveils credit gauge, Robinhood eyes new markets

With bitcoin holding near $87,000, institutional strategies are shifting from pure accumulation to sophisticated financial engineering and infrastructure plays. From banking giants testing stablecoins to miners pivoting toward AI, the intersection of traditional finance and digital assets continues to deepen. 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, Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

STRATEGY DEFENDS BALANCE SHEET: Strategy (MSTR) has introduced a new credit rating dashboard to reassure investors regarding its debt servicing capabilities amid recent market volatility. The company claims to have a dividend payment runway of over 70 years to service its debt, even if the price of bitcoin (BTC-USD) remains flat. This move comes as the company attempts to calm fears that falling crypto prices could trigger liquidations for digital asset treasury companies.

Public companies continue to adjust their digital asset treasuries. Reliance Global Group (RELI) has converted its entire crypto portfolio into zcash (ZEC-USD), citing the privacy token’s regulatory alignment and potential.

PREDICTION MARKETS HEATING UP: The race to dominate the prediction market sector is intensifying among major fintech players. The Block reports that analysts at Bernstein believe Robinhood (HOOD) is well-positioned to capture significant market share as it prepares to launch a CFTC-regulated derivatives exchange. Concurrently, Coinbase (COIN) is expected to unveil its own prediction market product in December, signaling a broadening competitive landscape for event-based contracts.

MINERS DIVERSIFY: Bitcoin miners continue to diversify revenue streams by leveraging their power infrastructure for high-performance computing. CleanSpark (CLSK) reported a 102% increase in revenue to $766.3M for FY25 The company is actively positioning its portfolio for AI-driven data center growth, marking a strategic shift toward becoming a comprehensive compute platform.

WAINWRIGHT SEES BITCOIN BOTTOM: In a  research note, H.C. Wainwright analyst Mike Colonnese stated that bitcoin likely reached a bottom near $80,500, citing technical oversold conditions despite recent ETF outflows. The firm maintains a bullish outlook for December, driven by the potential end of quantitative tightening and an anticipated Federal Reserve rate cut. The report highlighted favorable regulatory developments, such as new OCC guidance for banks and CBOE‘s (CBOE) launch of perpetual-style futures, while also noting Amazon’s (AMZN) $50B AI infrastructure investment. 

The analyst issued price targets and ratings updates across the cryptocurrency sector, mostly reiterating their ratings, while changing some price targets:

• CleanSpark (CLSK): Buy rating and price target lowered to $27 from $30.
• Cipher Mining (CIFR): Buy rating and $30 price target. The firm highlighted Cipher’s expanded 10-year AI colocation agreement with Fluidstack for an additional 39 MW at Barber Lake, which is expected to generate $830M in incremental revenue.
• Bitcoin Depot (BTM): Buy rating reiterated, no price target. The firm highlighted the company’s CEO transition, with current President and COO Scott Buchanan set to take over as CEO on January 1, 2026.
• Applied Digital (APLD): Buy rating and $40 price target.
• Bitfarms (BITF): Buy rating and $4 price target.
• Bit Digital (BTBT): Buy rating and $7 price target.
• Bitdeer Technologies (BTDR): Buy rating and $30 price target.
• Cango (CANG): Buy rating and $8 price target.
• Core Scientific (CORZ): Buy rating and $25 price target.
• CoreWeave (CRWV): Buy rating and $180 price target.
• BitFuFu (FUFU): Buy rating and $7 price target.
• HIVE Digital (HIVE): Buy rating and $10 price target.
• Hut 8 (HUT): Buy rating and $27 price target.
• MARA Holdings (MARA): Buy rating and $28 price target.
• Riot Platforms (RIOT): Buy rating and $26 price target.
• WhiteFiber (WYFI): Buy rating and $34 price target.
• Mawson Infrastructure (MIGI): reiterated a Neutral rating.
• Soluna Holdings (SLNH): reiterated a Neutral rating.
• IREN Ltd. (IREN): Sell rating and $56 price target.

BANKING ON BLOCKCHAIN: Wall Street is creating more complex products to offer exposure to cryptocurrency cycles. According to CoinDesk, JPMorgan (JPM) has filed for a structured note linked to BlackRock’s (BLK) spot bitcoin ETF. The product is designed to align with bitcoin’s four-year halving cycle, offering potential upside if the asset rallies by 2028. Elsewhere in the ETF space, Franklin Templeton (BEN) has filed Form 8-A for a spot solana (SOL-USD) ETF, signaling an imminent listing on the NYSE Arca.

PRICE ACTION: As of the time of writing, bitcoin is trading around $87,847.15, while ether (ETH-USD) is trading hands at $2,948.69, according to price data from CoinDesk.