Crypto Currents: Twenty One Capital debuts on NYSE

Twenty One Capital debuts on the NYSE today, instantly becoming a major corporate bitcoin holder, while PNC Bank and BMW announce significant blockchain integrations. Meanwhile, analysts at Clear Street and H.C. Wainwright have issued a flurry of new ratings for the sector. 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.

TWENTY ONE CAPITAL DEBUTS ON NYSE AS THIRD-LARGEST CORPORATE BITCOIN HOLDER: The public equity market for digital assets grew significantly Tuesday as Twenty One Capital (XXI) began trading on the NYSE. The firm holds approximately $3.9B in bitcoin (BTC-USD), positioning it as the third-largest corporate holder of the asset behind Strategy (MSTR) and MARA Holdings (MARA). Backed by Cantor Fitzgerald and SoftBank Group (SFTBY), the company aims to build financial products on top of its holdings. However, Bloomberg reports that shares of the newly merged entity fell 25% on their first day of trading.

PNC OFFERS SPOT BITCOIN ACCESS WHILE BMW AUTOMATES FOREX WITH JPMORGAN: Major traditional institutions are operationalizing blockchain technology this week. CoinDesk reports that PNC Financial Services Group (PNC) has launched spot bitcoin trading for private clients, utilizing a partnership with Coinbase Global (COIN) for custody and execution. In the industrial sector, CoinDesk notes that BMW Group (BMWYY) completed a programmable foreign exchange transaction using JPMorgan Chase’s (JPM) Kinexys network, marking a first for the automotive giant in automating cross-border settlements between euros and the US dollar.

BANK CEOS LOBBY SENATE ON STABLECOINS WHILE STRIPE OPENS TEMPO NETWORK: Executives from major financial institutions are engaging directly with lawmakers. Bloomberg reports that CEOs from Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) are set to meet with senators to discuss stablecoin regulation and market structure. In the payments arena, Cointelegraph reports that Securitize appointed a former PayPal Holdings (PYPL) executive as general counsel to navigate the tokenized securities market.

CLEAR STREET NAMES TOP MINER PICKS FOR 2026: WClear Street analyst Justin Dopierala reiterated Buy ratings on the following crypto-related stocks, citing power portfolios and scale as key competitive advantages as miners pivot toward high-performance computing:

• CleanSpark (CLSK): Buy rating and $27 price target.
• Riot Platforms (RIOT): Buy rating and $29 price target.
• Cipher Mining (CIFR): Buy rating and $34 price target.
• TeraWulf (WULF): Buy rating and $20 price target.
• WhiteFiber (WYFI): Buy rating and $45 price target.

Meanwhile, J.P. Morgan highlighted Coinbase Global’s acquisition of Vector, noting it strengthens the company’s “everything exchange” mission.

On the market front, K33 Research noted that CME Group (CME) bitcoin activity has “fully dried up” ahead of a potential major move and highlighted BlackRock’s (BLK) recent filing for a staked Ethereum ETF.

H.C. WAINWRIGHT ANALYST INDUSTRY NOTES: H.C. Wainwright reiterated its ratings and price targets on the following crypto-related stocks:

• Applied Digital (APLD): Buy rating and $40 price target.
• Bit Digital (BTBT): Buy rating and $7 price target.
• Bitdeer Technologies (BTDR): Buy rating and $30 price target.
• Bitfarms (BITF): Buy rating and $4 price target.
• BitFuFu (FUFU): Buy rating and $7 price target.
• Cango (CANG): Buy rating and $3 price target (lowered from $8).
• Cipher Mining (CIFR): Buy rating and $30 price target.
• CleanSpark (CLSK): Buy rating and $27 price target.
• Coinbase (COIN): Buy rating and $425 price target.
• Core Scientific (CORZ): Buy rating and $25 price target.
• CoreWeave (CRWV): Buy rating and $180 price target.
• HIVE Digital (HIVE): Buy rating and $10 price target.
• Hut 8 (HUT): Buy rating and $27 price target.
• IREN (IREN): Sell rating and $56 price target.
• MARA Holdings (MARA): Buy rating and $28 price target.
• Mawson Infrastructure (MIGI): Neutral rating.
• Riot Platforms (RIOT): Buy rating and $26 price target.
• Soluna Holdings (SLNH): Neutral rating.
• Strategy (MSTR): Buy rating and $475 price target.
• WhiteFiber (WYFI): Buy rating and $34 price target.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $94,155.60, while ether (ETH-USD) was $3,346.32, according to price data from CoinDesk.