Crypto Currents: Trump signs executive order to allow crypto in 401(k) plans

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.

TRUMP SIGNS ORDER TO ALLOW CRYPTO IN 401K PLANS: President Donald Trump signed (CLSK) reported third quarter earnings per share of 90c on a revenue of $198.6M, which compared to a loss per share of ($1.03) last year and analyst revenue consensus of $200.34M. “This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team,” said CEO Zach Bradford. “We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure, while achieving record basic EPS of 90c and nearly $200M in revenue. We also grew our bitcoin treasury to over $1B in value, all without raising capital through equity offerings since November 2024. Having achieved 5.8% of global hashrate under management and over one gigawatt of power contracted, CleanSpark is proving that our vertically integrated model is built not just for growth, but for leadership. We believe the future of Bitcoin will be defined by those who build with purpose, and CleanSpark is setting the standard”.

On Friday, B. Riley raised the firm’s price target on CleanSpark to $17 from $16 and kept a Buy rating on the shares. The firm updated the company’s model post the fiscal Q3 report.

On Tuesday, Galaxy Digital (GLXY) reported Q2 EPS of 8c on a revenue of $9.06M, which compared to analyst estimates of 23c and $19.83M, respectively. The company said, “July marked the strongest monthly financial performance for our Digital Assets operating business in the firm’s history, with record results in Global Markets and steady progress in Asset Management & Infrastructure Solutions.”

Following the report, BTIG raised the firm’s price target on Galaxy Digital to $35 from $26.50 and kept a Buy rating on the shares. Galaxy Digital’s Q2 operating income was significantly higher than Q1 as BTC rallied 40% since the end of Q1, the analyst said. Galaxy’s current BTC balance makes them the eighth largest BTC holder among U.S. public companies and positions the company as a diversified play on the secular growth in digital assets, the firm said.

Meanwhile, Rosenblatt lowered the firm’s price target on Galaxy Digital to $35 from $36 and kept a Buy rating on the shares. The firm said that while the company reported weaker than expected Q2 results, its remains bullish on the shares. clear progress and encouraging trends. Although the company’s trading volumes and blockchain activity fell sharply last quarter, they are off to a record start in Q3, the analyst said.

Benchmark raised the firm’s price target on Galaxy Digital to $40 from $38 and kept a Buy rating on the shares. The Q2 report, Galaxy Digital’s first quarterly print since redomiciling in the U.S. and listing its shares on Nasdaq, “offered a clear signal that the company is entering a new era,” the analyst said. The firm believes the downdraft post-earnings was a “sell-the-news” reaction after shares had almost tripled since early April, but added that the report “reflected the company’s accelerated evolution as a hybrid digital asset/AI data center platform.”

Canaccord also raised the firm’s price target on Galaxy Digital to $34 from $33 and kept a Buy rating on the shares. The firm said Galaxy remains a solid portfolio play across two of the most exciting growth sectors out there, crypto-related financial services combined with what is evolving as one of the best data center portfolios out there, focused on AI hosting.

Additionally on Thursday, DDC Enterprise (DDC) a collaboration with Galaxy. The partnership with Galaxy will provide DDC with seamless trading access and a secure, regulated platform to manage DDC’s corporate bitcoin holdings.

Also on Thursday, Mill City Ventures III (MCVT) announced a strategic partnership with Galaxy. Galaxy Asset Management will serve as the asset manager for the $450M SUI treasury strategy at Mill City.

On Wednesday, Hut 8 (HUT) reported Q2 EPS of $1.18 on revenue of $41.3M, which compared to analyst views of a loss per share of (14c) and revenue of $49.83M. “In Q2, we delivered strong revenue and margin performance while advancing a fundamental shift in our asset commercialization profile,” said CEO Asher Genoot. “Strategic wins across our Power and Digital Infrastructure segments increased the share of energy capacity under management commercialized under executed agreements with terms of one year or longer to nearly 90% at quarter-end, up from less than 30% a year ago, driving a meaningful shift from merchant exposure to long-term, contracted fees. These milestones build on the restructuring of our mining business with the launch of American Bitcoin. In addition to completing an oversubscribed private placement and advancing toward a Nasdaq listing, American Bitcoin is now a dedicated anchor tenant for our Power and Digital Infrastructure segments…As we work to commercialize AI data center opportunities, we continue to apply the power-first, innovation-driven approach that has long defined our strategy and enabled us to build such partnerships. Initially energized during the quarter, Vega is a clear expression of that strategy: designed in-house and increasingly viewed by prospective partners as a prototype for next-generation AI infrastructure.”

Following the report, B. Riley raised the firm’s price target on Hut 8 to $26 from $25 and kept a Buy rating on the shares. The company reported a soft Q2 but has a strong development pipeline, the analyst said. Riley cited Hut’s expanded power pipeline for the target increase.

CORPAY, CIRCLE TO COLLABORATE ON STABLECOIN PAYMENTS: Corpay (CPAY) announced Thursday a new (CRCL), to expand stablecoin access across global payment channels. They will work together to embed USDC across Corpay’s cross-border pay-in and pay-out rails allowing companies to access blockchain’s 24/7 settlement and programmability. Corpay will integrate Circle Mint and related APIs, enabling clients to access and manage USDC directly through Corpay’s platform. Clients will be able to fund Corpay-branded digital wallets, powered by Circle Wallets, instantly, enabling onchain settlement and seamless currency conversion alongside traditional fiat balances.

“Working with Corpay represents the next evolution of how businesses move money globally, faster, more transparently, and with the power of blockchain infrastructure,” said Kash Razzaghi, Chief Business Officer at Circle. “By embedding USDC into Corpay’s robust network, we’re delivering enterprise-grade stablecoin utility across card payments and cross-border FX, all while upholding the compliance and reliability standards that global businesses demand.”

COINBASE DOWNGRADE: Compass Point downgraded Coinbase (COIN) on Sunday to Sell from Neutral with a price target of $248, down from $330. The firm remains constructive on the current crypto cycle but expects a “choppy” Q3 with weak August and September seasonality along with waning retail interest in crypto treasury stocks. In addition, increasing stablecoin competition will weigh on both Coinbase and Circle Internet’s valuations in the second half of 2025, the analyst said, Compass Point believes Coinbase’s Q2 and Q3 trends show weakening earnings despite the ongoing crypto bull market. The firm sees limited valuation support for Coinbase if crypto markets sell off further.

Additionally on Sunday, BofA lowered the firm’s price target on Coinbase to $369 from $383 and kept a Neutral rating on the shares. The firm updated models in the brokers, asset managers and exchanges group to reflect the Q2 reports. It reduced estimates for Coinbase following the earnings miss.

Meanwhile on Monday, Keefe Bruyette lowered the firm’s price target on Coinbase to $335 from $355 and kept a Market Perform rating on the shares.

Coinbase also announced on Tuesday that Canadian users can now select PayPal (PYPL) as a payment option, making it easier to buy and sell cryptocurrencies. The company said, “With nearly 10 million active PayPal accounts across the country, Canadians have long trusted PayPal for their financial needs – whether its shopping, running their business, sending money or managing their funds online.  We’re now adding another layer of convenience for Canadian crypto holders by integrating PayPal with Coinbase, allowing users to buy and sell using PayPal. This collaboration supports our global goal of onboarding one billion people to the cryptoeconomy and marks a meaningful step in our continued expansion across priority markets like Canada. The timing reflects growing momentum, with more than five million Canadians owning crypto.”

MICROSTRATEGY BUYS MORE BITCOIN: In a Monday regulatory filing, Strategy (MSTR) disclosed that the company acquired 21,021 bitcoin for an aggregate purchase price of $2.46B during the period of July 28 to August 3. The company’s aggregate bitcoin holdings amount to 628,791 as of August 3, the filing stated.

Additionally on Monday, Clear Street raised the firm’s price target on Strategy to $537 from $508 and kept a Buy rating on the shares. The firm’s “more constructive view” reflects stronger bitcoin yield expectations as well as expectations for continued “robust” demand for Strategy securities offerings, the analyst said.

OTHER CRYPTO NEWS:

• Riot Platforms (RIOT) initiated with a Neutral at Citi, upgraded to Buy from Hold at JonesResearch
• Bakkt (BKKT) to acquire 30% of MarushoHotta
• Semler Scientific (SMLR) reports Q2 EPS $5.04 vs. $0 last year
• TeraWulf (WULF) reports Q2 EPS (5c), consensus (7c)
• Block (XYZ) reports Q2 bitcoin revenue $2.144B

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

PRICE ACTION: As time of writing, bitcoin rose roughly 1% this week to $116,909 in U.S. dollars, according to CoinDesk.