Crypto Currents: Upbit plans IPO, Revolut hits $75B valuation

South Korean exchange Upbit is eyeing a U.S. listing, while JPMorgan sees major upside for bitcoin miners pivoting to AI. Meanwhile, Strategy pauses its buying spree, and Enlivex Therapeutics launches a unique digital asset treasury. 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.

UPBIT EYES NASDAQ IPO; REVOLUT HITS $75B VALUATION: South Korean cryptocurrency exchange Upbit is targeting an initial public offering on the Nasdaq, according to BeInCrypto. The platform is finalizing a merger with internet giant Naver, a deal that would bring Upbit’s parent, Dunamu, under Naver’s financial arm via a stock swap. This potential listing follows a year of high-profile market debuts from Circle Internet (CRCL), Bullish (BLSH), and Gemini (GEMI).

In the private markets, fintech firm Revolut has secured a $75B valuation following a secondary share sale backed by Nvidia (NVDA), Coatue, and Fidelity. CoinDesk reports the company is aggressively expanding its crypto offerings, recently partnering with Polygon Labs to enable cross-border payments for its 65M users.

JPMORGAN CLOSES ACCOUNTS, WARNS ON STRATEGY INCLUSION: Tensions between traditional banking and crypto persist. JPMorgan (JPM) has drawn criticism for closing the accounts of Strike CEO Jack Mallers and issuing a research note warning that Strategy (MSTR) could face forced outflows if excluded from MSCI indices.

JPMORGAN UPGRADES MINERS AS SECTOR SHIFTS TO AI: Despite the account controversies, JPMorgan sees opportunity in the mining sector. The bank upgraded bitcoin miners (BTC-USD) Cipher Mining (CIFR) and CleanSpark (CLSK) to Overweight from Neutral, citing the sector’s accelerating shift toward high-performance computing. The bank raised its price target for Cipher to $18 and CleanSpark to $18, pointing to over $19B in contracted revenue across the industry. The bank also raised its price target for Iris Energy (IREN) but cut targets for MARA Holdings (MARA) and Riot Platforms (RIOT) due to bitcoin price weakness.

STRATEGY PAUSES BUYS; ENLIVEX PLANS CRYPTO TREASURY: Strategy appeared to break its six-week streak of bitcoin accumulation last week. CoinDesk notes the pause comes as the company trades roughly 70% below its all-time high. Despite the slump, Strategy shares have still outperformed Apple (AAPL) and Microsoft (MSFT) over a five-year window, and chairman Michael Saylor has vowed he “won’t back down.”

Meanwhile, biopharma company Enlivex Therapeutics (ENLV) is pivoting to a digital asset treasury. The firm plans to raise $212M to build a treasury around Rain, a prediction-markets token, and appointed former Italian Prime Minister Matteo Renzi to its board.

MONNESS CRESPI SEES BUYING OPPORTUNITY IN COINBASE, CIRCLE: In a note on the crypto industry, Monness Crespi analyst Gus Galá argued that the recent market turmoil has created a buying opportunity, highlighting increasingly compelling entry points in Coinbase (COIN) and Circle, both of which he rates a Buy. The analyst believes the ingredients are in place for future “crypto winters” to be milder, that the market may be misreading SEC commentary on enforcement priorities, and that real-world volumes from tokenization and payments utility are expected to hit the crypto rails in calendar 2026.

Separately, the analyst commented on Strategy, which he rates Neutral, noting the “downright dour” sentiment surrounding digital asset trusts as Strategy’s mNAV premium has turned to a discount and it faces potential removal from MSCI index products. Despite this, the firm believes that at a discount to NAV, DATs like Strategy could still be a good way to express views on the vagaries of the crypto cycle.

SPACS AND CRYPTO TREASURIES FORM ‘FINANCIAL TURDUCKEN’: A risky trend is emerging where SPACs merge with digital asset treasuries. Bloomberg describes the structure as a “financial turducken,” noting that SPACs like Churchill Capital Corp X and Cantor Equity Partners are targeting speculative tech, while Trump Media (DJT) signed a deal to focus on cronos tokens (CRO-USD).

GRAYSCALE LAUNCHES DOGE ETF: Grayscale has debuted the Grayscale Dogecoin Trust ETF on the NYSE Arca. The Block reports this is the second dogecoin (DOGE-USD) ETF to list in the U.S.

FLOWS REMAIN VOLATILE AS BANKS WARN ON STABILITY: Investment flows remain volatile. CoinShares reported nearly $1.9B in outflows from crypto products last week, though late-week inflows suggest a potential turnaround. XRP-related funds (XRP-USD) bucked the trend with inflows. Citigroup (C) warned that crypto is stuck in a “post-halving slump” with ETF outflows nearing $4B, according to CoinDesk. Separately, the European Central Bank warned that stablecoins like those from Circle pose a risk to global financial stability. Despite this, William Blair urged investors to buy the dip in Coinbase and Circle, calling the recent slump an “air pocket.”

PRICE ACTION: As of time of writing, bitcoin was trading at $87,224.30, while ether (ETH-USD) was trading at $2,852.94, according to price data from CoinDesk.