TheStreet Roundtable

Paul Giordano, Marathon, discusses pension funds impact on bitcoin (2:53)

The stock market may have hit record highs in 2025, but for many Americans, it doesn’t feel like prosperity.

A new Q4 2025 Quarterly Market Perceptions Study from the Allianz Center for the Future of Retirement shows a clear disconnect between Wall Street and Main Street.

Even as markets climb, households are pulling back on long-term savings and bracing for turbulence ahead.

Related: U.S. state retirement fund boosts MicroStrategy stake despite stock downgrade

Retirement savings take a hit

More than half of Americans (51%) say they have stopped or reduced their retirement savings in the past six months because of the current economic environment. 

Two in three (66%) say they haven’t been able to contribute as much as they normally would.

Even more concerning? Nearly half (47%) admit they’ve dipped into their retirement savings recently to manage expenses.

The pullback is hitting younger generations hardest. Gen Z and millennials (both 62%) are significantly more likely to have reduced or stopped retirement contributions compared to Gen X (46%) and baby boomers (36%).

The short-term logic is understandable. Inflation remains sticky. Healthcare premiums are expected to rise. Everyday expenses continue to strain budgets.

But there’s a long-term trade-off.

“While it may seem to hurt less in the short term, cutting back on retirement savings now may hold back your ability to achieve your retirement goals in the long run,” says Kelly LaVigne, vice president of consumer insights at Allianz Life.

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Retirement funds ramp up crypto exposure

The data comes at a time when the gap between retirement investing and crypto is narrowing fast.

In one viral example, a crypto trader claimed he converted his entire 401(k) into Bitcoin (BTC) at the height of the COVID-19 pandemic. 

Posting anonymously, he said he bought roughly 30 BTC when prices hovered near $5,000 after being laid off. The move, driven by financial panic and conviction that crypto would outperform traditional assets, has since paid off, though he still works a regular job.

Institutional retirement funds are also increasing exposure, even though it is indirect.

According to BitcoinTreasuries data, the Virginia state retirement fund recently added 7,180 shares of MicroStrategy (MSTR), bringing its total holdings to 31,880 shares valued at approximately $4.1 million.

Virginia is far from alone.

Other public retirement systems holding MSTR shares include:

North Carolina Retirement Systems: 168,688 shares

Texas Teachers’ Retirement System: 80,844 shares

California State Teachers’ Retirement System (CalSTRS): 258,785 shares

California Public Employees’ Retirement System (CalPERS): 470,632 shares

Louisiana State Employees’ Retirement System (LASERS): 17,900 shares

Because MicroStrategy holds significant Bitcoin reserves, these equity positions effectively give pension funds indirect exposure to crypto.

In December, Indiana proposed a new bill that would require several public retirement programs and savings plans in the state to offer cryptocurrency exchange-traded funds (ETFs) as regular investment options.

Union raises red flags over crypto legislation

However, not everyone is comfortable with retirement funds edging closer to digital assets.

The American Federation of Teachers (AFT), which represents 1.8 million members, recently urged the Senate Banking Committee to withdraw the Responsible Financial Innovation Act, calling it “as irresponsible as it is reckless."

AFT President Randi Weingarten warned that the bill could expose working families to unnecessary financial risk and undermine retirement security.

Her primary concern is that the legislation could allow non-crypto companies to tokenize their stock, potentially bypassing existing securities regulations.

If that happens, pension funds purchasing what appears to be standard corporate equity might unknowingly gain exposure to blockchain-issued assets that carry different liquidity, custody and regulatory risks.

Related: Bitcoin in Your IRA? Why Retirement Investors Are Finally Paying Attention

Exclusive: Peter Schiff, top industry executives sound alarm over Trump's Tariffs in Roundtable discussion (8:03)

The U.S. Supreme Court issued its much-awaited ruling on the litigation challenging President Donald Trump's tariff authority today.

Trump began his global tariff war on Apr. 2 last year when he imposed what he called "reciprocal tariffs" of 10% to 50% on both partner and adversary countries.

From China to Canada, nobody got spared. In fact, Trump went on to call Apr. 2 "Liberation Day."

The president could invoke a 1977 law called the International Emergency Economic Powers Act (IEEPA) and not consult with the Congress to pursue his tariff policy because trade deficits constituted a national emergency, the administration argued.

But steep costs compelled many businesses and 12 U.S. states, mostly governed by the Democratic Party, to challenge Trump's tariff authority in the Supreme Court.

Related: Crypto markets violently crash after Trump's latest tariffs

Reversal of Trump's tariff authority could cost administration $133.5 billion

On Feb. 20, the Supreme Court ruled that Trump exceeded his authority when imposing sweeping tariffs using a law reserved for a national emergency.

Chief Justice John Roberts wrote, "The president asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration and scope."

But the Trump administration "points to no statute" in which Congress has previously said that the language in IEEPA could apply to tariffs, he added.

"We hold that IEEPA does not authorize the president to impose tariffs," he wrote in the ruling.

It is a rare setback for the Trump administration at the Supreme Court, which has a 6-3 conservative majority.

While the ruling doesn't affect all tariffs, it upends tariffs in two categories: country-by-country or “reciprocal” tariffs and a 25% tariff on some goods from Canada, China and Mexico for these countries' alleged failure to curb the flow of fentanyl.

The ruling has enormous implications for the global markets, including digital assets.

Now that the court has reversed Trump's tariff authority in the ruling, the U.S. administration could be forced to reimburse as much as $133.5 billion to importers who have already paid the duties on imports from other countries.

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How Trump's tariffs impacted crypto markets

When Trump began his aggressive tariff regime on "Liberation Day" last year, the total crypto market cap declined from $2.74 trillion on Apr. 2 to $2.42 trillion on Apr. 8.

When he rescinded the tariffs on all countries for 90 days except China, the markets began recovering and became rather resilient to such shocking moves over the next months.

In fact, Bitcoin (BTC) hit an all-time high of $126,080 on Oct. 6 last year as the total market cap stood at $4.37 trillion.

But then came Trump's another shocker on Oct. 10 when he threatened to hike tariffs on China by 100% and all hell broke lose. Over $19 billion got wiped out from the market on the day and there is no recovery in sight.

The total crypto market stands at $2.37 trillion right now, with Bitcoin trading at $67,042.37.

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Crypto executives hopeful yet cautious

The crypto industry has been eagerly awaiting the Supreme Court's decision on Trump's tariff authority.

Vincent Chok, CEO of the stablecoin firm First Digital, told TheStreet Roundtable in emailed comments, “A Supreme Court reversal of President Trump’s tariff authority could provide much-needed policy clarity, improving risk sentiment across both equities and digital assets."

Due to the tariff-related uncertainty, investors have reduced exposure to higher-risk digital assets and rotated capital into safer, dollar-backed instruments, he added.

"Greater policy predictability could support renewed institutional participation across digital asset markets," Chok remarked.

Yaroslav Patsira, fractional director at CEX.IO, told TheStreet Roundtable in emailed comments that a court decision overturning Trump’s tariff authority would likely be viewed as positive for crypto, "at least at first."

The market would interpret it as a reduction in macro risk. Lower trade tension could ease inflation expectations, weaken the dollar, and improve overall risk appetite, with capital possibly rotating back into digital assets, he explained.

But Patsira warned that the U.S. administration would be able to pursue its tariff agenda even if it loses in the Supreme Court because it could simply invoke a different statute, as U.S. Treasury Secretary Scott Bessent said in December.

If that happens, which Patsira thinks is a possible scenario, the liquidity and sentiment boost around crypto could be short-lived.

"If tariffs are overturned and quickly replaced, we could see short-term volatility rather than a sustained rally," he said. "If replacements take some time, risk assets could see temporary relief, but it would increase uncertainty, especially if there’s no clear timeline, limiting bullish momentum."

Even a "positive" court ruling could trigger a "sell the news" event, where crypto prices drop as traders lock in profits from previous gains, Patsira warned.

Ami Ben David says real opportunity for crypto is infrastructure (4:51)

Most people are comfortable paying with cash or cards, and are just getting used to tap-to-pay. Now, crypto is entering the mix.

Like credit cards in their early days, crypto payments once felt foreign and complicated. And just as cards faced skepticism decades ago, crypto payments are facing familiar hurdles of fraud concerns, merchant resistance over fees, regulatory uncertainty, and operational friction.

Credit cards didn’t become mainstream overnight. Their mass adoption began only in the 1980s and became a normal payment method in the 1990s. Their breakthrough came when fraud detection improved, electronic authorization systems streamlined approvals, payment networks standardized, and consumer trust strengthened.

Related: Are Crypto and Credit Cards More Alike Than We Think?

Crypto payments are now moving through a similar maturation phase.

Today’s crypto payment platforms are built to address volatility, compliance and usability challenges. They integrate seamlessly into existing checkout systems and allow merchants to instantly convert crypto into fiat or stablecoins, reducing exposure to price swings while keeping the benefits of blockchain-based transactions.

A critical driver of this shift is stablecoins.

A stablecoin is a cryptocurrency designed to maintain a stable value, typically pegged 1:1 to a fiat currency like the U.S. dollar. If a stablecoin is dollar-backed, one token is intended to equal roughly $1.

Unlike volatile cryptocurrencies, stablecoins are not meant to fluctuate wildly. They offer the advantages of blockchain infrastructure such as faster settlement, lower transaction costs, cross-border efficiency and 24/7 availability, without the unpredictability that deters merchants and consumers.

In many ways, stablecoins function as the bridge between traditional finance and crypto-native payments.

As infrastructure improves and user experience becomes frictionless, crypto payments are beginning to feel less experimental and more practical.

Here’s a closer look at five platforms helping push crypto payments into the mainstream.

Related: Explained: What is a stablecoin?

NOWPayments

Crypto works technically. But businesses need it to work operationally. NOWPayments focuses on closing that gap.

NOWPayments positions itself as a crypto payment gateway built for merchants who want optionality. Rather than locking businesses into a single blockchain or token standard, the platform supports over 350 cryptocurrencies and provides automatic coin conversion and fixed-rate options to reduce volatility. This allows customers to pay in one asset while merchants choose how they ultimately receive funds.

Merchants can opt to settle in crypto, stablecoins, or convert into fiat. The blockchain handles the transfer of value; NOWPayments handles pricing logic, routing, and settlement coordination behind the scenes.

NOWPayments highlights its value for businesses that face high fees, chargebacks, or restrictions, such as SaaS platforms, hosting providers, VPN services, gaming platforms, and high-risk merchants. 

Their Head of PR, Alexandr Yarovinski, says,

“Cryptocurrency eliminates chargebacks entirely and allows merchants to receive payments directly, improving both cash flow and operational efficiency.”

For many companies, the hesitation around crypto isn’t philosophical; it’s practical. Managing multiple wallets, handling exchange rate fluctuations, and reconciling on-chain transactions with traditional accounting systems can quickly become burdensome. NOWPayments abstracts much of that complexity away.

Two deterrents for companies using crypto are risk and volatility. NOWPayments has a non-custodial architecture (users maintain full ownership of their funds) to combat this fear of risk. Yarovinski says that this eliminates custodial risk and makes sure that businesses are not exposed to potential third-party asset freezes or restrictions. As mentioned earlier, NOWPayments provides automatic coin conversion to combat volatility too.

NOWPayments is striving to make digital asset payments feel ordinary and become a welcomed checkout experience, not a leap into unfamiliar territory.

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Banxa

Banxa works at the boundary of trading platforms and wallet providers. It builds the rails that allow users to move between bank accounts, cards, and blockchain networks without friction.

“This is about making a new asset class accessible to everyone using interfaces and payment rails people already trust and use.”

In practical terms, that means handling what most users never see, i.e., compliance across jurisdictions, banking partnerships, payment processing, and local currency conversion. 

Crypto may settle on-chain, but it rarely begins or ends there. Banxa’s Chief of Growth, Shaun Heng, notes that the company has spent more than a decade securing licenses across key markets and embedding compliance directly into the payment flow.

Banxa is integrated into crypto apps for seamless crypto and fiat conversion. They do not compete with crypto platforms; they empower them.

“When crypto is embedded properly, it simply becomes invisible technology, allowing customers to engage with the business as they always have. This is why merchants are choosing us today.”

Rather than positioning itself as an alternative to banks, Banxa is building connective tissue between the old system and the new one. That work is less visible than token launches or protocol upgrades, but invisible is good here.

Related: 'Compliance is crucial' for banks to survive in the crypto industry, exec says

Triple-A

In a world where payments are expected to settle instantly, reliably, and invisibly, Triple-A is building the rails that make that possible with digital currencies.

Triple-A enables businesses to send and receive payments and payouts in stablecoins and other digital assets without exposing them to price volatility or operational complexity. The company is a licensed payments institution in the U.S., Europe, and Singapore.

“Beyond access to new users, stablecoin payments offer advantages that traditional payment rails cannot easily match, such as near-instant cross-border settlement and lower transaction costs due to the lack of intermediaries.”

For merchants and marketplaces, the challenge isn’t just accepting crypto, it’s doing so in a way that feels familiar and secure. 

Triple-A focuses on reducing operational risk through clear fund segregation, structured settlement processes, and controlled account management CEO, Eric Barbier notes. 

The platform provides instant payment confirmation, locked-in exchange rates, and integrations with existing checkout and payout systems. The goal isn’t to turn businesses into crypto operators, but to let them tap into a global digital asset user base without added complexity.

Whether a retailer wants to let customers check out with stablecoins, or a global platform needs to send payouts to freelancers and suppliers faster than traditional rails allow, Triple-A’s infrastructure handles the heavy lifting—compliance, settlement, currency conversion, and international routing—behind the scenes.

Triple-A doesn’t just enable crypto payments, but it also helps businesses expand into new markets, reduce costs, and future-proof their payment strategies.

“These benefits are driving adoption among internationally oriented businesses, such as e-commerce, digital services, marketplaces, travel, etc. that want fast, more cost-effective ways to accept and move funds globally.”

CoinGate

Crypto payments promise global reach. Merchants demand predictability. CoinGate sits between those two realities.

Rather than positioning crypto as a separate financial system, CoinGate integrates it directly into existing checkout flows. Merchants can accept digital assets alongside traditional payment methods, with real-time pricing and structured settlements that mirror familiar card processing models.

Volatility remains one of the largest barriers to adoption. CoinGate addresses that directly through optional conversion, allowing businesses to accept crypto while settling in fiat or stable assets. 

Along with optional conversion, CoinGate provides a 20-minute exchange rate lock at checkout, which “ensures that the price a customer sees is exactly what they pay, and more importantly, exactly what the merchant receives,” says Adelė Jansonaitė, head of partnerships.

“By absorbing the ‘volatility gap’ ourselves, we remove the counterparty risk that usually exists during the time it takes for a blockchain transaction to confirm, allowing businesses to operate with the same price predictability they expect from traditional banking.”

This model reframes crypto payments from speculation to infrastructure. The blockchain handles settlement; CoinGate handles coordination. Exchange rates are locked at checkout. Transactions are monitored. Reporting aligns with standard accounting practices.

For e-commerce platforms and global sellers, the value proposition isn’t ideological. It’s operational. Cross-border payments can clear without traditional banking delays, while merchants avoid holding volatile assets on their balance sheets.

CoinGate’s role reflects a broader shift in digital finance. As the industry matures, adoption hinges less on decentralization narratives and more on usability. Jansonaitė says “Until it’s available, there is friction. Once it’s there, adoption follows naturally.” Payments succeed when they feel ordinary.

“There is no real downside to adding crypto as an alternative payment method, and in many cases, it translates into new customers and incremental sales from crypto-native audiences.”

CoinGate’s goal isn’t to reinvent commerce. It’s to make digital assets work within it.

Related: Are cold storage crypto cards the next step in adoption?

BVNK

BVNK is a stablecoin-native payments infrastructure platform built for businesses that need to move money globally with speed and reliability. Rather than focusing on merchant checkout alone, BVNK is designed as a broader financial layer that allows companies to send, receive, convert, and manage funds across both traditional banking rails and blockchain networks.

The platform centers on stablecoins as the bridge between crypto and conventional finance. Businesses can accept payments or hold balances in digital assets while retaining the ability to convert into fiat when needed. This flexibility allows companies to benefit from faster settlement and cross-border efficiency without taking on unwanted currency exposure or operational complexity.

“These companies, which are serving international users, process high transaction volumes, or operate in markets where traditional payment rails are slow, expensive, or unreliable, can use stablecoin payments to significantly reduce settlement times, costs and improve efficiency.”

BVNK handles much of the coordination behind the scenes, including liquidity routing, conversion logic, payment execution, and compliance workflows, so businesses can integrate digital asset payments without needing to manage wallets, blockchain infrastructure, or fragmented providers themselves. Funds can move through familiar interfaces and APIs while settlement occurs on faster, always-on digital rails.

For globally operating companies, the appeal is largely practical. International transfers, supplier payments, and platform payouts often face delays, high intermediary costs, or banking limitations. By combining fiat accounts with stablecoin settlement options in a single system, BVNK aims to reduce these frictions while maintaining enterprise-grade controls and transparency.

BVNK addresses risk through direct fiat or stablecoin settlement. BVNK Co-founder, Chris Harmes, highlights that they “work with regulated custody, banking, and liquidity partners, rather than relying on a single point of failure.” 

“The goal is simple: businesses should be able to benefit from faster, global payments without needing to take on crypto-specific risk themselves. We design the platform so that crypto behaves like reliable payments infrastructure, not a speculative asset class.”

By distributing functions across multiple partners, BVNK reduces the risk that disruptions at any one institution could halt payments or restrict access to funds.

BlockFills halts withdrawals as crypto markets decline (2:22)

Crypto lending’s boom-to-bust cycle is claiming another pair of casualties.

First, ZeroLend, a multi-chain decentralized lending protocol built on zkSync, a Layer-2 scaling network for Ethereum (ETH), announced on Feb. 18 that it will wind down operations. 

The protocol, which emerged during the 2020–2021 bull market lending frenzy, cited sustainability challenges and prolonged operating losses.

Now, on the centralized side of the market, Chicago-based Blockfills is reportedly up for sale. This comes just days after it reported halting withdrawals.

Related: Another crypto lender shuts down, leaves behind a teary note

Bull market darling faces liquidity strain

Crypto lending became popular during the 2020–2021 rally. At that time, borrowing and lending against digital assets promised speed and accessibility that traditional finance could not match. 

Retail and institutional players embraced yield opportunities and flexible credit lines.

Blockfills became one of the more active institutional desks in the space. Backed by trading giant Susquehanna, the firm serves around 2,000 institutional clients, including hedge funds, asset managers and mining companies.

In 2025, it transacted more than $60 billion in trading volume, a 28% increase from 2024.

But last week, the company suspended deposits and withdrawals.

In a Feb. 11 press release, management said it was working with investors and clients to achieve a “swift resolution” and restore liquidity. Clients can still open and close positions in spot and derivatives markets under certain circumstances, suggesting the platform remains partially operational.

However, behind the scenes, the firm is reportedly exploring a potential sale.

The sale comes after the lender incurred roughly $75 million in losses during the recent market downturn, CoinDesk reported, citing two anonymous sources. 

A spokesperson from Blockfills informed TheStreet Roundtable that the suspension of withdrawals was still in place, but refused to comment on the reports of a potential sale.

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Bear market pressure resurfaces

The reported losses come amid a sluggish start to 2026 for digital assets.

Macro uncertainty from Federal Reserve policy shifts to geopolitical tensions has tightened liquidity and dampened risk appetite. 

Institutional lending desks, which depend heavily on collateral values and steady market flows, are particularly exposed during prolonged drawdowns.

Bitcoin (BTC) was trading at $66,940.91 at press time. Its peers Ethereum (ETH), XRP (XRP) and Solana (SOL) also continue to trade far below their all time highs.

At press time, ETH was trading at $1,941.57, XRP was down, changing hands at $1.41, while SOL was trading at $81.98. 

Related: Google searches for 'Bitcoin zero' at record high since 2022

Shutdown vs bankruptcy: Why crypto investors should care (2:49)

It has been more than four months since the mass liquidation event in the crypto market on Oct. 10 last year but digital assets are yet to recover from the shock.

The total crypto market capitalization has declined nearly 50% since then. Bitcoin (BTC), which hit an all-time high of $126,080 on Oct. 6, is trading around 47% lower at $67,020.74.

The Crypto Fear & Greed Index is currently sitting at 8 points, reflecting "extreme fear" in the crypto market.

Meanwhile, Google searches for "Bitcoin zero" have hit a record high, reflecting a deep anxiety among investors.

Related: Google searches for 'Bitcoin zero' at record high since 2022

Shutdowns, bankruptcy filings, and layoffs haunt crypto industry

Several crypto platforms have shut down, fired staff, or filed for bankruptcy protection amid the contraction in the digital assets market.

In October, the blockchain company Kadena shut down its business operations.

Next, a popular decentralized application (dApp) analytics platform called DappRadar decided to wind down operations in November.

In December, Bit.com crypto exchange began a three-step shutdown of its operations.

In January, OKX crypto exchange's institutional business fired a few staff members due to global restructuring.

The same month, Polygon Labs also announced layoffs only a few days after acquiring the crypto payment firm Coinme and wallet infrastructure provider Sequence for $250 million.

MANTRA, a popular blockchain firm focused on real-world asset (RWA) tokenization, also announced layoffs the same month after suffering the collapse of its native token.

January also saw the Web3 social collecting platform Rodeo, the self-custody crypto platform Entropy, and the Nifty Gateway platform shut shop.

Earlier this month, a Bitcoin mining company called NFN8 Group Inc. filed for Chapter 11 bankruptcy after a fire at one of its primary facilities and prolonged financial strain tied to lease obligations and litigation.

Archblock, a major crypto venture, also filed for Chapter 11 bankruptcy protection this month.

Earlier this week, a crypto lending protocol called ZeroLend said it is shutting down. The week just claimed another casualty.

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Onchain analytics platform shuts shop

Parsec, an AI-driven onchain analytics platform, announced on Feb. 19 that it has shut down after five years.

Launched in 2021, Parsec raised capital from top investors like Galaxy Digital, Polychain Capital, Robot Ventures, and Uniswap Ventures.

The Parsec Agent was an LLM-driven research tool that offered valuable details about crypto market activity. Users could also build personalized crypto dashboards on the platform.

It said it is in the process of refunding and cancelling active subscriptions and asked users to join the Discord server for any queries.

Related: Popular crypto exchange denies shutdown rumors

Hedge fund manager predicts Bitcoin will become zero (1:48)

The tremors of Oct. 10 continue to ripple through crypto markets. 

All it took was one post from President Donald Trump threatening to increase taxes on Chinese imports by 100%. Before he reversed his decision, the bloodbath had spread across markets, especially in crypto.

Now, each macro headline appears to be exerting immediate pressure on risk assets, including crypto. 

Related: Cathie Wood links Binance with October flash crash

Even CNBC’s “Mad Money” host Jim Cramer questioned Bitcoin’s hedge narrative, asking,

“What is Bitcoin levered to? I was thinking could be good hedge against Iranian war. NOPE.”

Now, retail anxiety is showing up in search data.

Google searches for terms like “Bitcoin zero” and “Bitcoin going to zero” have surged to their highest levels since 2022, according to Google Trends data. 

The spike comes as Bitcoin (BTC) struggles to regain momentum amid mounting macroeconomic uncertainty and renewed geopolitical tensions.

Over the past three months alone, the asset has fallen 20.8%, amplifying fears of a deeper correction.

Search interest mirrors past market bottoms

In Google Trends, search interest is measured on a relative scale from 0 to 100, where 100 represents peak popularity for the selected period. 

Data shows that the term “Bitcoin Zero” has peaked several times during major downturns: May 2021 (52), June 2022 (66), July 2025 (81), and November 2025 (87). Each spike coincided with sharp price declines.

Google Trends data on term "Bitcoin Zero" (Source: Google Trends)

The term hit 100 on Feb. 6, surpassing all previous peaks, just before Bitcoin dropped to fresh cycle lows.

Related queries tell a similar story. Searches for “is Bitcoin going to zero” have climbed 40% over the past five years, while “Bitcoin will go to zero” has surged 140%. 

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Bitcoin related questions hit new highs (Source: Google Trends)

At press time, BTC was trading at $67,044.10 after slipping to $62,822 in the first week of February, its biggest plunge since it traded at similar levels in October 2024, as per CoinGecko.

Bitcoin miners moving into AI face 10x infrastructure costs, Hive chair warns (7:33)

Cantor Fitzgerald significantly expanded its stake in Bitcoin (BTC) mining and AI cloud firm IREN Ltd (Nasdaq: IREN).

In a Feb. 17 filing with the U.S. Securities and Exchange Commission (SEC), the financial services firm reported purchasing 3,333,423 additional shares of IREN worth nearly $171.96 million based on average quarterly prices.

The move increased the firm’s quarter-end IREN holding by roughly $124.65 million, underscoring Wall Street’s growing interest in AI cloud and virtual asset plays.

Following the transaction, IREN now represents about 1.99% of Cantor Fitzgerald’s reportable assets under management (AUM).

The IREN stock was trading at $42.04 at press time. It has lost 40% of its value since mid-October last year.

However, if we look at the bigger picture, the stock has gained more than 220% over the past year.

Related: New IRS form may trigger inflated tax payments

Strategic shift toward AI infrastructure

IREN is a Bitcoin mining and AI infrastructure firm with data centers across the United States and Canada. It has increasingly pivoted from Bitcoin mining operations into AI cloud services.

The stock’s rapid ascent over the past year reflects the market's faith in its transition from Bitcoin mining to AI infrastructure. The AI market continues to attract institutional capital amid booming demand for GPU-powered cloud services.

Analysts have noted IREN’s multi-year cloud contracts, robust expansion plans, and strategic partnerships as key drivers of long-term growth prospects.

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Mixed signals from analysts

Despite the bullish trade by Cantor Fitzgerald, some market analysts caution that IREN’s reliance on large hyperscaler contracts, including an agreement with Microsoft, could expose the company to concentration risks if such deals falter.

IREN’s relatively small market capitalization of $13.6 billion also contrasts with peers in the AI cloud and crypto infrastructure space, pointing to a potentially higher risk/reward profile for investors.

Besides the IREN trade, Cantor Fitzgerald’s largest positions remain in:

Nvidia (Nasdaq: NVIDIA): $559.5 million

MicroStrategy (Nasdaq: MSTR): $369 million

Oracle (NYSE: ORCL): $141.5 million

Broadcom Inc. (Nasdaq: AVGO): $131 million

As IREN pivots from Bitcoin mining to AI, Cantor Fitzgerald’s stake in the firm reflects Wall Street's growing faith in the latter.

Related: What is Bitcoin mining? Explained

Tokenization of private credit could unlock transparency and growth, says Kadena exec (3:18)

A $1.4 billion asset sale, redemptions halted and software stocks downfall by trillions.

That’s enough to make investors uneasy.

Private credit giant Blue Owl Capital is selling loans across three funds. It’s returning capital to investors and permanently halting redemptions in one vehicle.

Economist Mohamed El-Erian asked the obvious question,

"Is this a 'canary-in-the-coalmine' moment, similar to August 2007?"

Related: World Uncertainty Index hits record high, surpassing 2008 level

What happened in August 2007?

In August 2007, the first visible cracks of the global financial crisis appeared. Two hedge funds run by Bear Stearns collapsed after suffering heavy losses on subprime mortgage-backed securities. 

Soon after, French bank BNP Paribas froze withdrawals in three funds, citing an inability to value US mortgage assets. 

Credit markets tightened almost overnight as banks grew wary of lending to one another. Liquidity dried up. 

While equities initially held up, stress was building beneath the surface. What seemed like an isolated credit issue in summer 2007 ultimately spiraled into the full-blown 2008 global financial crisis.

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Asset manager faces liquidity pressure

Blue Owl Capital is a U.S.-based alternative asset manager specializing in private credit, direct lending, and general partner capital solutions. 

The firm was formed in 2021 through the merger of Owl Rock Capital and Dyal Capital Partners, creating one of the largest publicly traded alternative asset managers focused on credit. Blue Owl primarily lends to middle-market companies and invests in stakes of other asset management firms.

On Feb. 18, the asset manager announced the sale of $1.4 billion in assets from three of its credit funds to repay its debts and return capital to investors. It also announced the permanent halting of redemptions at one of the funds.

The credit funds that would see asset sales are:

Blue Owl Capital Corp II - $600 million

Blue Owl Technology Income Corp - $400 million, and 

Blue Owl Capital Corp - $400 million

The pressure on Blue Owl started in software. The S&P 500 Software & Services index has lost roughly $2 trillion since October. About 13% of the loans Blue Owl is selling are tied to that sector.

But the bigger headline is the redemption halt of its fund, Capital Corp. II. 

Crypto veterans remember 2022. Lenders froze withdrawals and liquidity vanished overnight.

ETF analyst Eric Balchunas that the news would hurt sentiments towards non-Blue Chip stocks.

"Besides what it says about underlying [market] liquidity this is gonna further erode trust in funds [with] five letter tickers. This wouldn’t happen in an ETF, even if everything is illiquid the ETF trades on. You can get in and out. This is the argument FOR allowing privates in ETFs and why investors have shown they want it that way vs interval fund."

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Bitcoin is paying attention

The Blue Owl situation has solidified the case for crypto traders. 

Private credit stress doesn’t automatically mean Bitcoin (BTC) rallies. In fact, in the short term, tighter conditions can hurt risk assets.

But in general, when credit cracks spread, central banks eventually respond in the form of more liquidity, which has historically been strong for Bitcoin.

For instance, during the 2020 pandemic crash, the Fed injected trillions of dollars into the economy while slashing lending rates to zero. Liquidity flooded the markets, and stimulus checks boosted cash flows.

This resulted in Bitcoin jumping from $5,000 in March 2020 to the range of $60,000 by November 2021.

The rise of spot Bitcoin ETFs shows another form of investor demand for tradable exposure instead of locked capital. Bitcoin is now wrapped in a regulated product that trades like a stock. It is simple, liquid and accessible for traditional investors.

Tokenization, or converting real-world assets into digital tokens on blockchain, pushes the same idea further. Take private credit or real estate and put it on blockchain rails. It becomes more transferable and tradable.

Related: Billionaire issues warning on looming credit crisis

Crypto tax expert warns traders ahead of new IRS rule (4:05)

A new tax form related to digital assets is set to change how millions of crypto investors file their taxes and failing to understand it could mean paying more than necessary.

Beginning with crypto transactions in 2025 (filed in 2026), crypto brokers will issue a new tax document known as Form 1099-DA. The form is designed to report digital asset sales and transactions directly to the user and the Internal Revenue Service (IRS), marking a significant expansion in federal oversight of the crypto market.

But there’s a catch.

In its early phase, the form will report gross proceeds only, not the investor’s original purchase price, or cost basis.

That omission could create confusion for taxpayers and potentially inflate their tax bills if they rely solely on the numbers provided in the Form 1099-DA.

Related: US introduces new bill to fix tax loopholes in crypto

Why cost basis matters

Capital gains taxes are calculated by subtracting an asset’s cost basis from its sale proceeds. Without that basis figure, the IRS sees only the top-line amount received from a transaction.

For example, an investor buys XRP for $40,000 and sells it for $70,000. The actual taxable gain is $30,000.

If the investor prepares a tax return using only the $70,000 proceeds figure, without including the $40,000 cost basis, they could appear to have $70,000 in gains instead of $30,000.

It doesn’t mean the IRS automatically “doubles” someone’s tax bill. But it does mean that if taxpayers fail to report accurate cost basis information on their return, they could end up overpaying the IRS significantly.

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Form 1099-DA leaves out cost basis

Traditional brokerage firms issue Form 1099-B, which typically includes both proceeds and cost basis for covered securities. But crypto brokerage firms often don’t have complete visibility into cost basis data when:

Digital assets are transferred between exchanges.

Investors move assets into self-custody digital wallets.

Assets were acquired years ago on platforms that no longer exist.

Because of these data limitations, the IRS is phasing in cost basis reporting. For the first reporting year under 1099-DA, many crypto brokers are expected to provide proceeds only.

Full basis reporting is scheduled to come later in 2027, once systems and transfer-tracking standards are more standardized.

David Zareh, partner at OnChain Accounting, said, 

“Fragmentation of transactions leaves many with a broken trail.”

What this means for crypto investors

The practical burden shifts back to the taxpayer. Crypto investors will still need to:

Track original cost basis prices

Document transfers between wallets and platforms

Reconcile exchange-issued forms with their own transaction histories

Properly report gains and losses to the IRS

If they don’t, mismatches between what exchanges report to the IRS and what appears on a tax return could trigger an inflated tax calculation.

The challenge is particularly acute for high-frequency crypto traders and long-time holders who moved virtual assets across multiple platforms over several years.

“This is a real, legitimate threat… customers [don’t like to] overpay,” warns Coinbase's vice president of tax, Lawrence Zlatkin.

Tax professionals say the main risk isn’t that investors will intentionally underreport. It’s that they’ll misunderstand what the new form represents.

Form 1099-DA is an information return, not a final tax calculation.

If an investor sees a large proceeds number and assumes that’s the taxable amount without adjusting for basis, they could end up paying more than required.

Conversely, failing to reconcile differences between personal records and exchange-issued forms could invite scrutiny.

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IRS increases scrutiny of crypto transactions

The new Form 1099-DA represents part of a broader IRS push to improve compliance in digital assets. In recent years, the agency has added a digital asset question to the top of individual tax returns and stepped up enforcement efforts.

Crypto markets have historically operated with limited third-party reporting compared to stock and bond markets. That gap is narrowing quickly.

The introduction of 1099-DA signals that the IRS now expects digital assets to be treated more like traditional financial instruments from a reporting standpoint.

Taxpayers should consult with accredited consultants before they file their taxes.

Related: Bitcoin think tank’s plan could save U.S. taxpayers $354 billion

Bitget CEO Gracy Chen says Oct. 10 hurt altcoins (3:39)

When volatility hits the crypto markets, the real question isn’t how low prices can go, it’s who is driving the moves.

For years, the debate has been whether digital assets are truly independent or if they’ll eventually look to Washington for a safety net when things get ugly.

That conversation just hit a boiling point.

Sen. Elizabeth Warren is now pressing the Treasury Department and the Federal Reserve to rule out any backdoor rescue for crypto markets.

Related: Goldman Sachs’ Bitcoin holdings reveal 45% unrealized loss

Treasury Secretary Bessent testimony raises questions

Warren raised the issue in a letter to Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell, first reported by CNBC.

In the letter, she pointed to Bessent’s testimony before the House Financial Services Committee.

“Concerningly, at a recent hearing, in an exchange regarding his authority to bail out the cryptocurrency industry, Secretary Bessent was asked whether ‘the money of our taxpayers … is … going to be deployed into crypto assets.’”

She added that, “Rather than giving a simple ‘no,’ he deflected, stating that ‘[w]e are retaining seized bitcoin.’”

BANFF, CANADA MAY 21: United States Secretary of the Treasury Scott Bessent (L) and Chair of the Federal Reserve of the United States Jerome Powell (R).

Warren believes that the lack of a clean denial invites speculation about what comes next.

She wrote, “It’s deeply unclear what, if any, plans the U.S. government currently has to intervene in the current Bitcoin selloff.” 

According to onchain analytics firm Arkham, the U.S. government currently holds approximately 328,372 Bitcoin (BTC) worth about $21.8 billion at current prices. The stash, largely accumulated through seizures tied to cases such as Silk Road and the Bitfinex hack, makes the government one of the largest known Bitcoin holders globally.

At current market levels near $66,400 per BTC, the value of those holdings is down significantly from their peak when Bitcoin traded above $125,000 in October, trimming billions from the portfolio’s paper value amid the broader market downturn.

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Warren blames political ties for crypto crash

In the letter, Warren tied her warning to what she described as politically connected crypto activity unfolding during the downturn.

She said the selloff “has been amplified by cascading liquidations of leveraged positions.” 

For context, more than $2 billion in leveraged crypto positions were liquidated during the early February drawdown, with Bitcoin briefly sliding below $61,000.

As an example of that leverage pressure, Warren pointed to activity at Trump-linked crypto venture World Liberty Financial.

“[World Liberty Financial] has sold around 173 wrapped Bitcoin. This transaction was made to repay $11.75 million in USDC stablecoin debt, thereby avoiding liquidation as Bitcoin’s price dropped below $63,000.”

In other words, she argued that even well-connected crypto firms were forced to shore up positions as prices fell.

Bitcoin has hovered near the mid $60,000 range as volatility cooled from the Feb. 5 capitulation, but liquidity remains fragile and liquidations continue to occur in size

At the time of writing, Bitcoin (BTC) was trading at $65,906 on CoinGecko, down 0.78% on the day, extending its monthly decline to nearly 29%. 

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Warren takes a dig at Michael Saylor

She emphasized that even the largest players are not insulated when Bitcoin drops hard. 

“During this selloff, crypto billionaires have taken massive hits, as Bitcoin’s value continues to plummet,” she wrote.

She added that Michael Saylor’s Strategy Inc. “has reportedly seen its shares fall nearly 20% since the beginning of the year.” Warren also cited reported losses among other headline names in crypto. 

Michael Saylor, CEO of MicroStrategy 

Getty Images

“Other major Bitcoin investors have also seen losses, including Binance founder Changpeng Zhao, who reportedly lost nearly $30 billion, and Coinbase’s Brian Armstrong, who reportedly lost $7 billion.”

Her point was that large paper losses for prominent crypto figures do not, by themselves, justify government intervention.

But turning those losses into a reason for taxpayer support is exactly what she wants regulators to reject.

Related: Tesla bull reveals major reason for crypto crash

Warren’s final warning to U.S. authorities

Warren warned that both Treasury and the Fed have tools that can support markets in a crisis, and she wants a clear commitment those tools will not be used to cushion crypto investors.

Senator Elizabeth Warren, a Democrat from Massachusetts and ranking member of Senate Banking, Housing, and Urban Affairs Committee

GettyImages

She also raised a conflict concern, arguing that any intervention could “directly enrich” President Donald Trump and his family, given their connection to World Liberty Financial.

"Your agencies must refrain from propping up Bitcoin and transferring wealth from taxpayers to crypto billionaires through direct purchases, guarantees, or liquidity facilities."

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Inside Michael Saylor's Bitcoin Strategy (4:18)

It has been a tumultuous cycle for Michael Saylor-led Strategy (Nasdaq: MSTR), formerly MicroStrategy. The company's stock has lost 65% of its value since Oct. 1 last year.

Recently, the leading Bitcoin (BTC) treasury company posted financial results for the fourth quarter of 2025 when it reported a net loss of $12.4 billion.

Worse, a market bank has lowered the firm's price target by 20%. But it hasn't stopped a major state retirement fund from increasing its stake in Strategy.

Related: Charles Schwab quietly boosts stake in MicroStrategy

Investment bank slashes Strategy stock price target  

Founded as a traditional enterprise software company in 1989, MicroStrategy pivoted to building a digital asset treasury (DAT) focused on Bitcoin during the coronavirus pandemic in 2020.

The company rebranded to Strategy last year. It currently holds 717,131 BTC on its balance sheet, making it the world's largest Bitcoin treasury firm.

It's not that it has been a smooth ride so far and the ongoing crypto crash has only made it worse. While Bitcoin has declined 40% since Oct. 1, the MSTR stock has declined 65% since then.

The company has also been battling the declining market Net Asset Value (mNAV). The metric tracks how its market valuation compares with the value of its Bitcoin holdings, currently at 1.19.

The higher the mNAV, the higher the premium the stock offers to investors.

At press time, Bitcoin's current price is $65,844.08. That's about 12% lower than Strategy's average purchase price of $76,027 per coin. This means Strategy’s vast Bitcoin treasury is highly underwater.

Traditional players haven't let the decline in these crucial metrics go unnoticed. Last year, MSCI (formerly Morgan Stanley Capital International) proposed excluding public companies with more than 50% of their balance sheets dedicated to digital assets from its indices.

Though it has delayed the decision for now after strong pushback from Strategy, the MSCI's next move hangs like a dangling sword.

The company has also failed to make it to the much-coveted S&P 500 benchmark.

Recently, Mizuho Securities lowered its price target on Strategy by 20%. The bank has slashed the price target from $403 to $320 but maintained an Outperform rating, attributing the move to Bitcoin weakness.

But state retirement funds have been loading up on MSTR shares.

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Virginia state retirement fund doubles down on MSTR stake

As per BitcoinTreasuries, the Virginia State Retirement Fund has bought 7,180 more MSTR shares. It now holds 31,880 MSTR shares worth $4.1 million.

The Mother of Presidents isn't the only state to disclose ownership of MSTR shares.

Other state retirement funds aren't far behind:

North Carolina Retirement Systems holds 168,688 MSTR shares.

Texas Teachers’ Retirement System holds 80,844 MSTR shares.

California State Teachers’ Retirement System (CalSTRS) holds 258,785 MSTR shares.

California Public Employees’ Retirement System (CalPERS) holds 470,632 MSTR shares.

Louisiana State Employees’ Retirement System (LASERS) holds 17,900 MSTR shares.

The MSTR stock was trading 2.6% lower at $121.93 at press time.

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Explained: Digital Asset Market Clarity Act (2:41)

There is no doubt that the crypto market regulations are the need of the hour. However, the discussions have been hit with an unexpected impasse.

As crypto leaders and banks continue debating the regulatory terms and conditions, lately, the tone has shifted from collaboration to a bit of finger-pointing.

A few days ago, Treasury Secretary Scott Bessent made it clear he thinks the clock is ticking and crypto regulations need to pass at the earliest. 

But he didn’t stop there. Bessent also took an indirect aim at Coinbase, which pulled away its support for the CLARITY Act. 

Bessent claimed that “recalcitrant actors” are resisting compromise, suggesting that most banks and crypto firms are ready to move forward and that only a few holdouts are slowing progress.

Related: Coinbase goes on offense, suing SEC and FDIC for clarity on crypto regulations

What is the CLARITY Act?

At the center of the fight is the Digital Asset Market Clarity Act, commonly known as the CLARITY Act.

The bill seeks to establish a long-awaited federal framework for crypto regulation after years of overlapping enforcement and legal ambiguity. 

It would formally divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), placing most spot market activity for digital commodities like Bitcoin under the CFTC, while leaving the SEC in charge of securities-like tokens and investment contracts.

The legislation also builds on last year’s GENIUS Act by setting rules for stablecoins, custody standards, and compliance obligations for crypto intermediaries.

Momentum behind the CLARITY Act slowed in January after Coinbase withdrew its support for the Senate draft. This prompted lawmakers to delay a planned committee markup.

Coinbase CEO Brian Armstrong objected to provisions that restricted stablecoin rewards. He warned that the bill could give too much authority to the SEC at the expense of the CFTC.

“We’d rather have no bill than a bad bill,” Armstrong wrote at the time.

Now he is pushing back more directly.

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Speaking at the World Liberty Forum at Mar-a-Lago, Armstrong said banking trade groups, and not individual banks, were mainly responsible for stalled negotiations, Coindesk reported.

He argued that some industry associations view crypto through a zero-sum lens, fearing that stablecoin rewards could draw deposits away from traditional institutions.

“For whatever reason, sometimes incumbent industries have trade groups, and they view the world with a zero-sum mindset,” Armstrong said.

Armstrong signaled he still expects compromise, suggesting banks could gain new benefits under a revised draft.

“We now live in this world where we have regulated U.S. stablecoins with rewards,” he said. “You have to accept that as a reality and decide if you want to treat that as an opportunity or as a threat.”

Behind the scenes, White House-hosted meetings between crypto firms and banking representatives have continued, with stablecoin rewards remaining the key sticking point. Another round of talks is reportedly scheduled this week.

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BlackRock’s Bitcoin ETF is driving retail adoption — but is that enough? (2:58)

A couple of months ago, billionaire hedge fund manager Ray Dalio revealed he owns a "little" bit of Bitcoin (BTC). For a veteran who has often shared his pro-gold opinions, the portfolio reveal came as a surprise.

Now, as crypto becomes a part of the Wall Street parlance, another long-time skeptic has revealed their Bitcoin stash.

This time, it is Goldman Sachs CEO David Solomon.

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Goldman’s steady move toward digital assets

Goldman Sachs has been quietly deepening its engagement with crypto infrastructure.

In 2024, Goldman participated in tests on Canton Network, an interoperable blockchain system built for institutional assets. That same year, executives began openly discussing investment opportunities in digital assets, including bankruptcy claims and secondary market plays.

Client demand has also been a catalyst. Following the launch of U.S. spot Bitcoin exchange-traded funds, Goldman confirmed growing interest from hedge funds and large institutional clients exploring crypto exposure.

By mid-2024, reports indicated Goldman planned to roll out three tokenization projects across U.S. and European markets and potentially launch marketplaces for tokenized assets. 

In January 2026, Solomon revealed that Goldman Sachs was devoting time to research on crypto-adjacent technologies, such as tokenization and prediction markets, along with crypto regulations.

However, crypto exposure also comes with risks. Goldman’s recent regulatory filings show the bank holds indirect exposure to approximately 13,741 Bitcoin through spot ETFs. At fourth-quarter 2025 cycle highs, that position was valued at roughly $1.71 billion.

When Bitcoin was trading near $68,700, that same exposure was worth about $944 million, a roughly 45% decline driven largely by price movement rather than active selling.

Now that Bitcoin is down and trading in the $66,000 range at the time of writing, the decline has widened further.

The numbers underscore the reality Solomon once warned about: volatility is a defining feature of the asset class.

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David Solomon reveals personal portfolio

In 2024, Goldman Sachs CEO Solomon made his position on crypto clear.

“I’ve always said I think it’s a speculative investment,” he told CNBC during the Summer Olympics in Paris. “I don’t see a real use case.”

Two years later, the message is more nuanced.

Speaking at the World Liberty Forum at Mar-a-Lago in Florida, Solomon revealed that he owns “very, very limited” amounts of Bitcoin, as reported by Bloomberg on Feb. 18. 

He quickly added that he is not a “great Bitcoin prognosticator,” framing himself more as an observer than a convert. 

Still, for a longtime skeptic, even limited personal exposure marks a notable shift.

Meanwhile, Bitcoin is experiencing another slide. At press time, it was trading at $66,440.71 after falling bt 2% in the past 24 hours. In the past three months, Bitcoin has slid by more than 23%, as per CoinGecko.

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Tokenization is inevitable for every valuable asset, Estate Protocol CEO says (3:53)

The U.S. real estate market is worth roughly $70 trillion and putting just a fraction of it onchain could fundamentally reshape global investing, said Estate Protocol CEO Parv Prabhakar.

“If you take 10% of that and end up making it liquid, that’s going to be a $7 trillion market,” Prabhakar said. "So it's going to be massive. It's also inevitable."

Estate Protocol is a blockchain platform that tokenizes real estate so that it is open, liquid, and accessible for anyone in the world to easily invest. The company has already tokenized 31 properties valued at more than $12 million, as per DeFiLlama.

Related: What is tokenization? Explained

$7 trillion opportunity

Residential and commercial real estate combined make up one of the largest asset classes in the world, but it remains largely illiquid. Homes can take months to buy or sell, and accessing equity often requires refinancing or complex financial maneuvers.

Tokenization aims to change that.

By placing real estate assets on blockchain rails, properties can be fractionally owned and traded more easily, potentially unlocking trillions in trapped capital.

During a conversation with TheStreet Roundtable host Jackson Hinkle, Prabhakar argued that nearly every asset with value will eventually be tokenized, echoing BlackRock CEO Larry Fink's outlook.

However, its structure remains to be figured out, he said. Individual properties tokenized on Estate Protocol have fragmented liquidity pools, he highlighted.

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Built for both crypto natives and Wall Street

While real estate tokenization may sound like a niche crypto experiment, Estate Protocol is targeting both crypto natives and traditional investors.

Prabhakar describes himself as “crypto native,” noting he had a wallet before he had a bank account. But the company’s vision extends well beyond the early adopter crowd.

He underlined that crypto institutions and decentralized autonomous organizations (DAOs) have already begun purchasing tokenized Treasuries onchain. Meanwhile, many crypto founders cash out their gains to buy real estate the traditional way.

“Our pitch to crypto people is: skip the step in between and buy real estate onchain with your crypto earnings."

At the same time, more traditional capital is moving onchain in a hunt for yields and alternative opportunities and Estate Protocol can offer its services, Prabhakar said.

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How home ownership actually works

One of the most common questions surrounding tokenized real estate is how ownership is structured.

Estate Protocol uses a Special Purpose Vehicle (SPV) model. The property’s equity and debt are placed inside an SPV, and token holders legally own shares of that entity, Prabhakar explained.

This mirrors how many traditional real estate deals are structured in conventional finance.

However, direct title tokenization, where the blockchain itself serves as the official ownership registry, is still rare.

Most land registries around the world do not yet recognize blockchain-based titles, except in jurisdictions like Dubai, Prabhakar added. Estate Protocol initially launched with Dubai properties and may expand there again in the future, he said.

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Custodia CEO says Bitcoin is decoupling from Nasdaq (4:32)

Billionaire crypto trader Arthur Hayes is sounding the alarm on Bitcoin’s (BTC) recent divergence from the Nasdaq.

He warned that this could be the first tremor of a larger credit crisis.

In a blog post on Feb. 18, the former BitMEX CEO argues that Bitcoin acts as a “global fiat liquidity fire alarm.” 

When it moves sharply against major equity indexes like the Nasdaq-100, investors should pay attention.

The Nasdaq-100 index tracks the 100 largest non-financial companies listed on the Nasdaq exchange, and is heavily weighted toward technology sector.

Many market participants have treated Bitcoin as a high-beta proxy for U.S. tech stocks. But Hayes says that the relationship may be breaking down and not in a good way.

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Bitcoin’s divergence from Nasdaq raises red flags

Since hitting its all-time high in early October last year, Bitcoin has plunged while the Nasdaq has remained relatively flat. To Hayes, that decoupling signals tightening liquidity and looming credit destruction.

His thesis is blunt. Bitcoin is more sensitive to shifts in fiat credit than tech stocks. If it sells off aggressively while equities remain stable, it suggests the market is pricing in deflationary stress before it becomes obvious in traditional assets.

Hayes believes that artificial intelligence (AI) could be the trigger. He argues that rapid AI adoption may displace a meaningful share of white-collar knowledge workers, impairing their ability to service consumer debt and mortgages.

If even 20% of knowledge workers lose their jobs, Hayes estimates banks could face hundreds of billions of dollars in consumer credit and mortgage losses. That could lead to regional bank failures, deposit flight and a broader contraction in credit.

"This AI financial crisis will restart the money printing machine for real."

In his framework, Bitcoin’s slump toward $60,000 may already reflect early pricing of that risk.

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Deflation first, money printing later

Hayes does not see the story ending with a collapse. In fact, he views deflation as the setup for Bitcoin’s next major rally.

The sequence, as he describes it, is familiar. First comes credit impairment and forced deleveraging. Weak banks wobble, markets panic, and then central banks intervene aggressively.

He points to the 2008 global financial crisis as precedent. Severe credit destruction ultimately forced the Federal Reserve into years of quantitative easing. In Hayes’ view, a similar playbook will unfold if AI-driven job losses trigger widespread defaults.

"I expect a similar thrust higher in Fed monetary shenanigans in 2026 once ‌a wide swath of non-TBTF [Too Big to Fail] banks will go under if they don’t solve their internal political squabbles and print [that] money."

But timing matters. Hayes warns that Bitcoin could fall further if stocks finally “meet their maker” and broader risk assets reprice. He outlines two scenarios,

"Either Bitcoin’s dump from $126,000 to $60,000 was the entire downward move and stonks will catch up, or Bitcoin will dump further as stocks meet their maker."

Stay nimble as liquidity shifts

Despite his long-term bullish stance, Hayes advises caution. He argues that the Federal Reserve typically waits for a visible crisis before unleashing large-scale liquidity support.

Until then, leverage is dangerous.

"I don’t believe Bitcoin traders will see through to the eventual Fed banking bailout until consumer credit-sensitive stocks experience serious pain. I won’t short the market, but long selling to raise cash if one hasn’t done so might be prudent."

His message to traders is raise liquidity, stay flexible and wait for confirmation that central bankers have restarted the money printer. When that signal comes, Hayes believes Bitcoin and select altcoins will be positioned for a powerful rebound.

At press time, the Nasdaq 100 (NDX) was trading 0.95% higher while Nasdaq composite (IXIC) was up 0.94%.

Meanwhile, Bitcoin was down 2.3% in the past 24 hours and was changing hands at $66,356.59.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.

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Why crypto bankruptcies are rising again in 2026 (3:22)

U.S. law firm Lehotsky Keller Cohn filed a lawsuit against a committee of the bankrupt Bitcoin miner Rhodium Enterprises’ board and an investor group on Feb. 13.

The Texas-based law firm sued the miner for allegedly blocking the legal fee of $11 million and attacking its reputation.

Related: Another crypto company files for Chapter 11 bankruptcy

Rhodium filed for bankruptcy protection in August 2024

Rhodium is a Bitcoin mining firm that filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas in August 2024. The filing mentioned six subsidiaries:

Rhodium Encore

Jordan HPC

Rhodium JV

Rhodium 2.0

Rhodium 10MW

Rhodium 30MW

Chapter 11 is a type of bankruptcy that reorganizes a struggling company's debts to allow it to stay open and become solvent. A court-appointed trustee oversees the reorganization.

As Rhodium goes through the bankruptcy process, it faces a lawsuit from its special litigation counsel.

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Lehotsky Keller Cohn sues Rhodium's board committee and investor group

In the lawsuit filed in the U.S. bankruptcy court in Houston, Lehotsky Keller Cohn claimed that a board committee and a group of investors at Rhodium orchestrated a “scorched-earth” effort to not only delay but also lower payment of a legal fee for helping the miner reach a $185 million settlement with Whinstone last year.

Whinstone is a unit of Riot Platforms (Nasdaq: RIOT), a major Bitcoin mining company.

The law firm represented Rhodium before it filed for bankruptcy protection in August 2024. Once the Bitcoin miner filed for Chapter 11 bankruptcy, the law firm offered its services as special litigation counsel.

During the bankruptcy proceeding, a special board committee at Rhodium was supposed to take care of the process. But it refused to negotiate with the law firm over the size of its stake in the Whinstone settlement and actively worked toward delaying the legal fee, Lehotsky Keller Cohn alleged in the lawsuit.

Worse, the special board committee made public accusations that Lehotsky Keller breached its client duties and committed malpractice, the lawsuit claimed.

The law firm claimed to have spent over $1.5 million in fees and expenses to defend itself against Rhodium's "baseless attacks" and recover its success fee.

Though a judge approved the law firm's success fee in December last year, the special committee and investor group at Rhodium have appealed the order, Reuters reported.

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Crypto tax expert warns traders ahead of new IRS rule (4:05)

A wave of larger tax refunds is starting to land in U.S. bank accounts. Some strategists believe that cash could find its way into risk assets at a fragile moment for markets.

Treasury Secretary Scott Bessent said on Feb. 13,

“The average tax refund is 22% higher so far this season.”

The larger refunds follow President Donald Trump signing the “One Big Beautiful Bill” into law in July 2025. 

The legislation extended and expanded several tax cuts, with the White House promoting the 2026 filing season as potentially the largest refund cycle in U.S. history 

U.S. Treasury Secretary Scott Bessent adjusts his glasses during a meeting with U.S. President Donald Trump and President of Argentina Javier Milei in the Cabinet Room at the White House on October 14, 2025

With equities and crypto both coming off sharp swings in early 2026, investors are watching whether that extra liquidity revives retail appetite.

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Market remains volatile

The market has been bleeding lower for weeks.

The S&P 500 fell 0.54% over the last five days to 6,904.37 points at the time of writing. The Dow Jones Industrial Average (DJIA) also fell 0.7% during the same period and was trading at 49,835.72 points at press time.

The Nasdaq Composite slipped nearly 1% over the last five days, trading at 22,874.32 points at press time.

Crypto markets have also been under strain. As reported earlier, the total digital asset market capitalization has fallen from $3.1 trillion a month ago to about $2.3 trillion.

Bitcoin has shed more than 25% over the past month, while Ether has lost over 35% in the same period. Sentiment indicators such as the Crypto Fear and Greed Index have pointed to “extreme fear” in recent weeks.

But Wells Fargo analyst Ohsung Kwon believes the coming cash injection will reverse this trend by reigniting the "YOLO" or "you only live once" mentality.

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Wells Fargo, one of the largest U.S. banks, estimates that as much as $150 billion could flow into markets by the end of March as more than 60% of refunds are distributed.

Post by President Donald Trump on TruthSocial.

In a note cited by CNBC, Wells Fargo strategist Ohsung Kwon wrote:

"Speculation picks up with bigger savings… we expect YOLO to return.” He added, “Additional savings from tax returns, especially for the high-income consumer will flow back into equities and potentially into Bitcoin."

The strategist flagged Bitcoin and retail-favored stocks as potential beneficiaries if the extra cash is deployed into markets instead of being spent or saved.

Deutsche Bank has also pointed to seasonal flows. Its strategists said U.S. stocks could see roughly $11 billion in weekly inflows as refunds are paid out through mid-April, although they cautioned that broader risk sentiment remains fragile.

Related: Goldman Sachs’ Bitcoin holdings reveal 45% unrealized loss

Structural adoption versus short-term speculation

While refund-driven flows could lift prices in the near term, the longer-term direction will likely depend on institutional positioning and regulatory progress.

The passage of the GENIUS Act in June 2025 has formally integrated stablecoins, cryptocurrencies pegged 1:1 to the dollar, into the U.S. financial system, effectively turning the crypto market into a massive buyer of U.S. government debt. 

The Digital Asset Market Clarity Act, which aims to define whether digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), is also moving through the Senate.

Ripple CEO Brad Garlinghouse said on Feb. 17 that there is an “80% chance” the bill will be signed by the end of April.

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For markets, JPMorgan said in a recent report that it remains constructive on crypto for 2026, expecting: 

“Further rise in the digital asset flow but more led by institutional investors.”

The bank argued that clearer U.S. regulation and sustained institutional demand could help consolidate gains, even after the recent market drawdown.

For now, markets remain sensitive to macro data and policy signals. 

Softer January inflation has given the Federal Reserve some breathing room, but strong labor data has reduced expectations for imminent rate cuts.

At the time of writing, Bitcoin was trading at $67,063 on Coingeko, down 0.60% on the day. The asset is off 2.44% over the past week and down 28.31% over the past month.

Related: Bank of America hikes stake in sinking crypto stock by 1,668%

How Federal Reserve rate cuts affect crypto (3:57)

U.S. Treasury yields rose ahead of the Federal Reserve’s meeting minutes on Feb. 18.

The market will be closely watching the January meeting minutes at 2 pm ET today so as to gauge the central bank's next decision on interest rates.

The Fed kept the rates unchanged at the 3.5%-3.75% range in January. Over the past few months, President Donald Trump has sharply criticized Chairman Jerome Powell for not lowering rates, and last month nominated Kevin Warsh as the next chairman.

Related: Treasury Secretary Bessent reveals new plan to finance U.S. government

Ahead of the release of the minutes of the Fed meeting held on Jan. 27-28, U.S. Treasury yields ticked higher.

The 10-year Treasury yield rose more than 2 basis points to 4.075%.

The 2-year Treasury yield rose 2 basis points to 3.462%.

The 1-year Treasury yield rose 1 basis point to 3.491%.

The 6-month Treasury yield rose 0.005% to 3.623%.

The 3-month Treasury yield rose 0.008% to 3.689%.

The 1-month Treasury yield remained unchanged at 3.69%.

In simple terms, investors sold some Treasuries due to the anticipation. As prices fell, yields rose. Here is how it plays out.

A U.S. Treasury yield is a fixed return or interest one gets on whatever is paid for it. It is calculated as the interest divided by its current market price.

Since the interest is fixed, a price decline means the same fixed interest represents a higher percentage return relative to what you paid.

So, the yield goes up if the price falls.

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Why stablecoin issuers are buying Treasury bills

A stablecoin is a type of cryptocurrency that tries to stabilize its value by being pegged to a "stable" asset like a fiat currency, such as the U.S. dollar.

One USD-pegged stablecoin's value is the same as that of the USD. Each such stablecoin is pegged 1:1 to the USD and is backed by dollar reserves like U.S. Treasury Bills (T-bills).

A few examples of such a stablecoin are Tether's USDT and Circle's USDC.

In July last year, President Donald Trump signed the GENIUS Act into law to regulate USD-pegged stablecoins. The law mandates that stablecoin issuers should back their coins with reliable reserves made up of high-quality liquid assets.

A T-bill has emerged as a favorite of stablecoin issuers like Tether and Circle to hold dollar reserves.

It is a short-term, low-risk debt security issued by the U.S. Department of the Treasury to finance government operations. Its term ranges from four weeks to 52 weeks (one year).

U.S. Treasury Secretary Scott Bessent recently suggested that these stablecoins could in fact be “an important feature of financing the U.S. government.”

As per a working paper published by the Bank for International Settlements (BIS), dollar-backed stablecoins held reserve positions in T-bills of $153 billion as of December 2025, surpassing the holdings of some major foreign investors and domestic money funds.

Source: BIS working paper titled "Stablecoins and safe asset prices" by authors Rashad Ahmed and Iñaki Aldasoro

In short, dollar-backed stablecoins' T-bill holdings surpass those of Japan, Ireland, Luxembourg, the United Kingdom, Belgium, China, Switzerland, the United Kingdom, and Bermuda.

As highlighted above, T-bill yields rose on the charts today in anticipation of the Fed's meeting minutes.

Related: Explained: What is a stablecoin?

Inside U.S. Treasury Secretary Bessant's plan to tackle soaring debt (1:48)

Analysts have warned that the federal debt of the United States could reshape global markets in the next decade.

According to new Congressional Budget Office (CBO) projections, the U.S national debt is on track to hit $64 trillion by 2036.

Related: U.S. debt worries sends crypto stocks crashing

$64 trillion becomes the base case

Fresh estimates show federal debt is set to surge by roughly $2.4 trillion per year over the next 10 years.

If current assumptions hold, total debt will double from 2023 levels and triple compared to 2018, before the pandemic-era stimulus wave transformed fiscal policy.

Under the new outlook, annual interest payments alone are expected to more than double to $2.1 trillion over the next decade. That projection assumes no major recession during the period. This is a best-case scenario that leaves little room for economic shocks.

The scale is staggering. Debt growth at this pace would push U.S. fiscal obligations to record highs, while interest costs increasingly crowd out discretionary spending.

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Why crypto investors are paying attention

For Bitcoin (BTC) advocates, the debt forecast feeds directly into the “hard money” thesis.

The hard money thesis argues that assets with fixed or scarce supply, like gold or Bitcoin, better preserve purchasing power over time because they cannot be easily inflated or debased by governments or central banks through excessive money creation.

Bitcoin’s fixed supply of 21 million coins stands in contrast to sovereign fiat currencies like the U.S. dollar that can expand along with deficits. 

Rising federal debt, paired with potentially higher money supply over time, strengthens the argument that scarce digital assets could act as a hedge against long-term fiat debasement.

If debt servicing costs accelerate further, policymakers may face difficult trade-offs: tolerate higher inflation, cut spending or rely on liquidity-support measures.

Historically, risk assets, including crypto, have benefited during periods of abundant liquidity and negative real yields.

Bitcoin price spikes over the years, especially between March 2020 and November 2021 (Source: CoinGecko)

For instance, during 2020 and 2021, the Federal Reserve flooded financial markets with liquidity. It slashed interest rates to near zero and unleashed trillions of dollars in stimulus and quantitative easing.

At the same time, real yields, or Treasury yields adjusted for inflation, turned negative, making traditional safe-haven assets less attractive. 

The impact was seen on crypto's popularity.

Bitcoin surged from around $5,000 in March 2020 to nearly $60,000 in November 2021. Tech stocks and other growth equities hit record highs. Venture funding accelerated, and speculative assets across the board also exploded. 

However, there is also a short-term counterweight. Elevated debt levels may also mean higher rates for a longer period of time, which can pressure speculative assets. If Treasury issuance floods markets and yields remain attractive, capital could rotate away from high-volatility assets like crypto to safer investment assets.

Moreover, Bitcoin has also started behaving more like a high-liquidity-driven speculative financial instrument, as pointed out by Stifel's Barry Bannister. Hence, its narrative as a resistant "digital gold" is no longer holding.   

Related: Ray Dalio issues stark warning on the global order

Gracy Chen believed in Ethereum when no one did (1:56)

It's no longer news that Wall Street is embracing cryptocurrencies. Several major financial institutions have started offering crypto investment products.

Among them is Bank of America, or BofA (NYSE: BAC), which is also advising its wealth management clients to consider a 1%-4% allocation of their portfolio to digital assets.

Recently, the bank also increased its stake in a sinking crypto stock.

Related: Peter Thiel sells off full stake in crypto company

Bank of America increases stake in Bitmine Immersion

BofA's 13F filing with the Securities and Exchange Commission (SEC) shows that it owns 3,162,085 shares of Bitmine Immersion Technologies (NYSE: BMNR), worth $85.8 million, in the fourth quarter of 2025.

The new purchase is a 1,668% hike in its stake in the Ethereum treasury company. The bank earlier owned 178,808 BMNR shares.

Bitmine Immersion is a crypto company that turned from Bitcoin (BTC) mining operations to building an Ethereum (ETH) treasury company last year, coinciding with the appointment of Wall Street's legendary figure, Fundstrat's Tom Lee, as the chairman.

Tom Lee, Co-Founder and Head of Research of Fundstrat, speaks onstage during Ethereum Foundation and BitMine's "NextFin" at NYSE at New York Stock Exchange on November 06, 2025 in New York City.

Bitmine is pursuing the crypto treasury model pioneered by Michael Saylor's Strategy (Nasdaq: MSTR) that built the world's largest corporate BTC treasury.

Strategy aims to acquire 5% of the total BTC supply and Bitmine 5% of the total ETH supply.

Launched in 2015, Ethereum has become a popular blockchain choice for developers building decentralized applications (dApps). With a market cap of $239 billion, ETH is the world's second-largest cryptocurrency after BTC.

As of Feb. 16, Bitmine Immersion holds 4,371,497 ETH, which is 3.62% of the ETH supply. It is the world's largest corporate ETH treasury.

The company said it aims to accumulate 5% of the total ETH supply within seven months.

However, the market is going through a crypto winter in which ETH has lost 35% of its value over the last three months. The BMNR stock has also lost 37% of its value over the same period.

AMERICA AND CANADA ARE BUILDING BITMINE EXPOSURE

New 13F filings confirm Tier-1 bank participation.

BANK OF AMERICA
🔹 3,162,085 shares
🔹 $85.8M disclosed
🔹 +1,668% QoQ

ROYAL BANK OF CANADA
🔹 764,797 shares
🔹 $20.7M disclosed
🔹 +121% QoQ

Filed Feb 17.
Reported as of Dec… https://t.co/yc1FxjMHrb pic.twitter.com/dDjoziunda

— BMNR Bullz (@BMNRBullz) February 17, 2026

Bank of America isn't the only bank to increase its stake in Bitmine Immersion Technologies.

The Royal Bank of Canada, the largest bank in Canada, also increased its stake in Bitmine Immersion by 121% in a quarter. It disclosed ownership of BMNR 764,797 shares worth $20.7 million as of Dec. 31, 2025.

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Peter Thiel sells full stake in ETHZilla

Meanwhile, venture capitalist Peter Thiel has sold all his stake in ETHZilla (Nasdaq: ETZH), another Ether treasury company, as per the Feb. 17 filing.

While he disclosed a 7.5% stake in ETHZilla last August, he now holds zero stake.

At press time, ETH was trading at $1,972.06, down 1.2% over the last 24 hours.

The BMNR stock closed at $20.15 on Feb. 17, down 3.86% in a day.

Related: Tom Lee sees $10,000 Ethereum price target after launching Bitmine treasury play