The first U.S. Solana staking ETF by REX-Osprey launches soon, sparking market interest. Continue Reading: First-Ever Solana ETF Debuts: How It Impacts the Market The post First-Ever Solana ETF Debuts: How It Impacts the Market appeared first on COINTURK NEWS .
Summary Coinbase's profitability surge is underpinned by secular crypto tailwinds and a shift to high-margin, recurring revenue streams beyond trading. Dominance in ETF custody, rapid Base adoption, and USDC/derivatives growth anchor predictable, diversified revenue, reducing reliance on volatile retail trading. Financials are robust: a fortress balance sheet, expanding margins, and recurring revenues now cover fixed costs regardless of crypto market cycles. Despite regulatory and competitive risks, COIN is undervalued; I project 73% upside over 12 months as durable cash flow flywheels accelerate. Introduction Coinbase Global's ( COIN ) break back into profitability in the March quarter arrived just as a constellation of secular growth catalysts finally aligned: Bitcoin pierced six figures, the U-S approved spot crypto ETFs , and Congress moved the first comprehensive stable-coin bill out of committee. Against that backdrop, the exchange delivered $2.0 billion in revenue , $66 million in net income and a muscular $930 million of adjusted EBITDA, its best operating print since 2021. The share price responded by vaulting 106% year-to-date , the single best return in the S&P 500 through the second quarter. Yet, a closer read of the numbers suggests the rally has only started: the company is no longer merely a cyclical trading venue but is fast becoming the default operating system for on-chain finance. Visual from Coinbase's investor hub summarizing its multi-product crypto platform (Coinbase) Thesis Coinbase is methodically layering high-margin, recurring businesses on top of its core spot exchange. Custody now safeguards 81% of the $140 billion parked in U-S crypto ETFs, while Base (its Ethereum Layer-2) already sits near the top of L2 throughput tables and underpins a USDC payment rail that Shopify is rolling out to millions of merchants. USDC reserve interest and a 6 200% year-to-date surge in international derivatives volume are broadening the revenue mix. With the SEC lawsuit dismissed and legislative momentum turning constructive, Coinbase is positioned to monetize every major growth vector in digital assets. The flywheels are spinning together: more on-chain activity feeds Base, which deepens custody relationships, which in turn channels institutional flow back to the exchange. Custody Dominance Anchors Institutional Trust Institutional managers embraced Coinbase as the backbone of their ETF plumbing as soon as the first spot Bitcoin and Ether products launched. By mid-2025 those funds held roughly $140 billion in assets, and Coinbase's custody arm controlled 81% of that trove, dwarfing the next closest competitor. This concentration of trust has practical consequences: incremental ETF inflows translate almost directly into predictable fee revenue, insulating earnings from the volatility of retail trading. The custody franchise also creates formidable switching costs; an issuer who has already completed operational due diligence, SOC2 audits and wallet integrations is unlikely to migrate assets elsewhere. The balance-sheet impact is equally powerful. Average assets under custody climbed to $212 billion in Q1, up $25 billion sequentially. While pure custody fees are now reported inside "Other subscription and services," those fees flow with negligible expense drag, lifting consolidated gross margin above 80% for that revenue bucket. Because custodial users tend to adopt Prime brokerage and derivatives products, the custody moat is seeding future cross-sell opportunities that should continue to widen Coinbase's lifetime value per institutional client. Portfolio overview inside Coinbase Custody showing vault balances (Coinbase) Base Turns Coinbase Into an On-Chain Tollbooth Launched only last year, Base has leap-frogged older rollups to capture the lion's share of L2 activity fees in 2025 (roughly 67% according to Messari). Daily transactions spiked past 9 million, a record for any Ethereum scaler to date. Crucially, Base is not just a throughput story; it is the substrate for Coinbase's push into payments and commerce. That strategy crystallised in June when Shopify enabled merchants to accept USDC on Base directly through Shopify Payments, with no extra gateways or blockchain setup required. The integration drops settlement costs to roughly 0.1% and offers sub-second finality, an order-of-magnitude improvement over card rails. Coinbase captures fees every time a transaction hits the rollup, collects a share of the float on USDC held in wallets, and deepens the network effects of its developer stack. As more commerce moves on-chain, the company earns a structural "toll" that is uncorrelated with trading volumes. Coinbase research chart showing surging on-chain protocol usage over 2024-25 (Coinbase) Recurring Revenue Flywheels: USDC Yield and Derivatives Subscription and services revenue reached $698 million in Q1, 36% of net revenue and up 9% sequentially. The single biggest contributor was the interest Coinbase earns on USDC reserves. Under its revised agreement with Circle, the exchange keeps 100% of the interest on USDC that sits on its own platform and 50% of the residual reserve income on external balances. With circulating USDC topping $60 billion and Coinbase-controlled balances up 49% quarter-over-quarter to $12.3 billion, this annuity stream is scaling quickly even in a moderating rate environment. On the trading side, derivatives are the fastest-growing wedge. Coinbase International Exchange expanded perpetual listings from 15 to 106 within a year, driving a 6200% jump in average daily volume. Q1 global derivatives turnover hit $804 billion, compared with $393 billion of spot volume. Derivatives carry structurally lower unit economics than spot but are far less volatile, and management's decision to sacrifice fee rate through maker rebates is a rational land-grab that will pay dividends once incentives normalize. The pending $2.9 billion purchase of options powerhouse Deribit promises to add yet another high-margin leg to this wheel. Financials Revenue of $2.034 billion fell 10% sequentially but remains up 25% from the year-earlier quarter. Transaction revenue accounted for $1.262 billion and subscriptions $698 million, the latter delivering an 86% gross margin. Adjusted EBITDA margin expanded to 47% versus 43% in Q4 as operating expenses were held flat on a constant-currency basis. The balance sheet is fortress-like: $9.9 billion of USD resources plus $1.3 billion of investment crypto assets give Coinbase $11.8 billion in total liquidity. Net cash stands at roughly $5.8 billion after backing out the $4.1 billion of senior notes, implying ample capacity to fund the Deribit acquisition without equity dilution. Free cash flow was positive for the fourth consecutive quarter and exceeded GAAP net income by a factor of six, reflecting heavy non-cash charges and working-capital inflows tied to USDC growth. Management's Q2 guide calls for subscription revenue of $600-$680 million and OPEX of $700-$750 million, implying another profitable quarter even if spot volumes retrace to April's run-rate. The key takeaway is that the firm no longer needs bull-market trading activity to cover its fixed cost base; recurring lines already shoulder that burden. Coinbase Quarterly Financials (Coinbase) Risks Regulatory overhang has abated but not disappeared. While the SEC lawsuit's dismissal removes an existential threat, stable-coin and staking rules remain in flux and could constrain two of Coinbase's fastest-growing businesses. Political winds can shift after the U-S election, and any reversal of the draft stable-coin framework could pressure USDC economics. Competition is intensifying. Binance regained partial access to U-S users through a partnership with MoonPay, and traditional exchanges such as CME are preparing to list their own crypto perpetuals. Fee compression is inevitable as these incumbents chase volume with maker rebates similar to Coinbase's. Finally, crypto markets remain cyclical; a prolonged risk-off spell would still dent spot and derivative volumes, testing management's discipline on expense growth. Conclusion At $369 a share, Coinbase commands a market capitalization of roughly $90 billion and an enterprise value of $84 billion. Using the trailing twelve-month adjusted EBITDA of $4.28 billion, the stock trades at 20× EV/EBITDA, 61× forward earnings and 13.9× sales. Robinhood commands 56× forward earnings and an even richer 23× sales multiple, despite far lower margins and no custody franchise. CME Group, by contrast, trades at 25× forward earnings and 15.7× sales but delivers mid-30% EBITDA margins versus Coinbase's mid-40s. On a growth-adjusted basis, the crypto exchange is cheaper: consensus models call for 45% compound EPS growth through 2027, placing Coinbase's PEG near 1.3 versus Robinhood's unquantifiable multiple and CME's 2.4. The market is still valuing Coinbase mostly as a high-beta proxy for Bitcoin. That overlooks a maturing business that now collects predictable rent from custody, stable-coin float, expanding derivatives complex and the Base application economy. As those flywheels accelerate, EBITDA should compound faster than reported revenue, compressing today's 20× multiple into the low-teens by 2027 even without heroic top-line assumptions. My twelve-month base case assigns a 25× forward EBITDA multiple to a conservatively modeled $6.0 billion of 2026 EBITDA, yielding a $150 billion enterprise value and a $640 share price (73% upside from current levels). In short, the stock remains undervalued relative to the durability and diversity of its cash flows, and I remain firmly bullish.
OppiWallet today highlighted how its dual virtual and physical cards eliminate the barriers between crypto
Michael Saylor’s investment strategy delivered a 7.8% return on Bitcoin during the second quarter, translating to a substantial profit of around $4.4 billion. This performance underscores the efficacy of a
The crypto market is down today. 90 of the top 100 coins per market cap have dropped over the past 24 hours. Also, the cryptocurrency market capitalization has decreased by 3.2% to $3.41 trillion. The total crypto trading volume is at $90.9 billion. TLDR: The crypto market has recorded another decrease, with 90 of the top 100 coins down today; BTC and ETH fell less than 1% each to $106,974 and $2,460, respectively; The market is consolidating amid the general geopolitical calm, while institutions continue buying crypto; US spot Bitcoin ETFs recorded 15 consecutive days of positive flows; BTC is now in a waiting game but is entering the historically weakest quarter without strong catalysts; Analysts are cautiously optimistic about Q3. Crypto Winners & Losers Of the top 10 coins per market cap, only three are green today, and only one of the three saw a significant increase. Bitcoin (BTC) has fallen 0.9% since this time yesterday to the price of $106,974. Moreover, it recorded the highest monthly close at $107,171 in June. Similarly, Ethereum (ETH) has decreased by 0.8% in that same period, changing hands at $2,460. Dogecon (DOGE) recorded the highest drop in this category. It dropped 1.7% to the price of $0.1629. XRP (XRP) increased the most. It’s up 1.6% to $2.22. Also, Solana (SOL) and Tron (TRX) appreciated by 0.5% and 0.4%, respectively. Additionally, ten of the top 100 coins saw their prices increase over the past day. Five of these saw increases over 1% and two are up more than 3%. Bitcoin Cash (BCH) and Algorand (ALGO) appreciated by 5.1% and 3.8% to $523 and $0.1865, respectively. On the other hand, two coins recorded double-digit drops. Tokenize Xchange (TKX) is down 10.4% to $25.22, while SPX6900 (SPX) fell 10.3% to $1.17. While the prices are in their consolidation phase, institutions are still pushing forward. Robinhood expanded into the European market using Arbitrum , allowing users to trade tokenized US stocks and crypto futures with up to 3x leverage. Moreover, Strategy (formerly MicroStrategy ) bought an additional 4,980 BTC, while Metaplanet added 1,005 BTC to their stash. Metaplanet has surpassed mining company Cleanspark in becoming the 5-largest corporate holder of $BTC after buying another 1,005 BTC for $108M. The firm now holds 13,350 BTC acquired for around $1.31 billion at around $97,832 per Bitcoin. The treasury is worth $1.45 billion. pic.twitter.com/ivdkctdvvA — Satoshi Club (@esatoshiclub) June 30, 2025 Also, major news came from South Korea, as it ended the 14-year ban on kimchi bonds , that is local institutions investing in foreign currency-denominated bonds issued for domestic use. Stablecoins are expected to see a significant benefit from this move. Speaking of which, two major neobanks, Kakao Bank and Toss Bank , are set to expand their range of crypto and stablecoin-related operations . ‘BTC Entering Historically Weakest Quarter Without Strong Catalysts’ Bitcoin recorded the highest monthly close at $107,171 in June. James Toledano, Chief Operating Officer at Unity Wallet, commented that this record monthly close and the 30% Q2 gain “highlight remarkable resilience amid macro uncertainty.” He argues that the coin holding above $104,000 “signals institutional confidence and strengthens its role as a maturing store of value — something Bitcoin maximalists have known for some time.” Bitcoin records highest monthly close at $107,171 in June Bitcoin $BTC closed June at $107,171, marking its highest monthly closing price on record, according to a chart from TradingView. — CoinNess Global (@CoinnessGL) July 1, 2025 Strong second-quarter closes typically set the tone for bull cycles, Toledano adds. This reflects a shift from long-term holders to institutional or short-term hands, not exhaustion, he notes. However, “on-chain data flags concerns: a ‘critical demand deficit’ and negative apparent demand suggest that buyer appetite may not be keeping pace with supply.” Also, rate cut expectations, political tensions, and a declining apparent demand signal short-term caution. Nonetheless, the team is “quietly optimistic about momentum into Q3. If BTC sustains levels above $104,000, the psychological and technical breakout could attract sidelined capital — and there is good reason to believe that there is an abundance given the recent flight from U.S. equities.” Meanwhile, analysts at the Bitfinex exchange argue that the coin is entering the historically weakest quarter without strong catalysts. “For now, Bitcoin is in a waiting game. Structural positioning remains intact, and there’s no major breakdown risk as long as $94-99,000 holds. But for new all-time highs to be reclaimed, a catalyst, either in the form of macro relief, strong ETF flow momentum, or a breakout in global liquidity, will be necessary.” Moreover, Q3 has been the weakest quarter for Bitcoin historically, the analysts say. Average volatility is subdued here as well, “adding to our bias of range-bound price action continuing for longer.” Additionally, the market environment is “highly reactive,” “conviction is fragile, and volatility is amplified by leverage.” That said, open interest is now rebalanced, and the derivatives landscape is cleaner, they add. This sets “the stage for more structurally driven positioning going forward. However, as new positioning enters the market, we expect deviations above and below the $100-110,000 range, albeit we expect these to be short-lived in the near term as we approach the end of Q2. The Q2 close is particularly important because there is usually a significant seasonality change in market conditions between Q2 and Q3,” the analysts conclude. Crypto is Down: Levels & Events to Watch Next At the time of writing, BTC trades at $106,974. At one point, it fell from the intraday high of $107,938 to the daily low of $106,831. The coin made an attempt to surpass the $108,000 level yet again, but failed at that point. After it manages to break and hold that level, its next target will be $108,980, before it moves to breaking the all-time high. The support level currently stands at $106,450. Bitcoin Price Chart. Source: TradingView At the same time, Ethereum is currently trading at $2,460. It surged from its intraday low of $2,443 to the daily high of $2,518, before retreating to the current price. The coin also increased 1.2% over the past week. Additionally, the crypto market sentiment continues moving within a narrow range in neutral territory: between 47 and 52 over the past few days. The Fear and Greed Index stands at 50 today . This indicates persistent cautiousness in the market. Investors are awaiting further signals to react. Source: CoinMarketCap Furthermore, on 30 June, US BTC spot exchange-traded funds (ETFs) recorded the 15 th consecutive day of positive flows, adding $102.14 million . Only BlackRock and Ark & 21 Shares saw flows: the former took in $112.32 million, while the latter lost $10.18 million. At the same time, US ETH ETFs also recorded inflows of $31.76 million . Fidelity saw positive flows of $25.7 million, while BlackRock saw $6.07 million in the same period. Also, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised their expectations for US approval of spot exchange-traded funds tracking Solana , Litecoin , and XRP to 95%. In April, Balchunas revealed that more than 70 crypto ETFs were awaiting review by the US Securities and Exchange Commission (SEC). Trying to figure out what could go into an SEC framework aside from CFTC approved futures we looked at a few potential data points. The entire note and our midyear outlook can be seen at this link for Bloomberg Terminal clients: https://t.co/7C0bO3oEI3 pic.twitter.com/Y9CcCdNAGF — James Seyffart (@JSeyff) June 30, 2025 Meanwhile, USDC issuer Circle filed an application to become a national trust bank in the United States, following a public listing that valued the company at nearly $18 billion. This would allow it to directly manage USDC reserves. Quick FAQ Why did crypto move against stocks today? The crypto market has decreased over the past 24 hours, while the US stock market went up by the Monday closing time. For example, the S&P 500 went up by 0.52%, the Nasdaq-100 increased by 0.64%, and the Dow Jones Industrial Average rose by 0.63%. The stocks reacted to a quieter geopolitical scene, a possibility of trade agreements that would lead to lower tariffs, and optimism that the Federal Reserve may cut interest rates this year. Is this dip sustainable? The market is in its consolidation phase. Additional decreases are possible, especially when pulled down by macro factors, but analysts expect to see prices rise further in the coming months. The post Why Is Crypto Down Today? – July 1, 2025 appeared first on Cryptonews .
Elon Musk’s AI company xAI secures a massive $10 billion funding round, intensifying competition in the artificial intelligence sector. This capital injection will accelerate the development of xAI’s Colossus supercomputer
This content is provided by a sponsor. PRESS RELEASE. Geneva, Switzerland, July 1, 2025 – TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps), today announced that Kraken, one of the world’s longest-standing and most secure crypto platforms, has been elected as a Super
Ripple vs Ethereum: Funding rates rise, ratio rebounds at support.
Crypto analyst Crypto Michael, known for his accurate market predictions, has issued a fresh warning to XRP traders. Taking to X, he reminded followers that he had publicly urged investors to buy XRP at $0.30, a level many dismissed at the time. Now that XRP is trading at $2.20, he believes the opportunity to buy before a massive rally is rapidly disappearing . From $0.30 to $2.20: A Bullish Journey When Michael first called for accumulation at $0.30, XRP was weighed down by regulatory uncertainty and weak market sentiment. The SEC lawsuit against Ripple had cast a long shadow , and many investors had turned away, but Michael remained bullish, citing strong fundamentals and long-term potential. That conviction has paid off. XRP has since surged more than 630%, fueled by increased legal clarity, Ripple’s continued ecosystem expansion, and critical developments like the XRPL EVM Sidechain, which bridges XRP with Ethereum-compatible smart contracts . The token is now hovering at levels not seen since its historic bull runs. I told you to buy XRP at $0.30 This might be your last chance to buy before the next parabolic rally. I’ve publicly called every major XRP move. Doubt me at your own risk. https://t.co/bse4JGzMnQ — Crypto Michael (@MichaelXBT) June 30, 2025 A Final Warning Before Liftoff Michael’s latest post strikes an urgent tone. “This might be your last chance to buy before the next parabolic rally,” he warned, suggesting XRP is on the verge of a major breakout. While he didn’t offer a specific price target, the message was clear: a powerful move may be near, and those still on the sidelines could be left behind. Technical analysts point to XRP’s structure as increasingly bullish. The price has held above the crucial $2.00 support, signaling strength. If momentum continues and resistance levels give way, many believe XRP could quickly move toward $3.50 and beyond. Past market cycles show that XRP often moves explosively once it clears consolidation zones, a pattern that seems to be repeating. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 “Doubt Me at Your Own Risk” Michael’s track record adds weight to his warning. “I’ve publicly called every major XRP move,” he declared, addressing skeptics directly: “Doubt me at your own risk.” It’s a bold statement, but not without merit. His consistent calls over the years have earned him credibility in the crypto space, particularly among XRP investors. His latest remarks aren’t just another bullish prediction; they’re a signal that the market may be approaching a defining moment. With XRP trading firmly at $2.20 and sentiment steadily improving, traders are once again paying close attention. For those still waiting, Michael’s warning may be the final nudge. If XRP’s momentum carries forward, this moment could mark the beginning of another explosive chapter in the asset’s history, and possibly, the last opportunity to buy before it does. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Analyst Who Begged Traders to Buy XRP at $0.3 Is Ringing Another Notable Warning appeared first on Times Tabloid .
Circle (CRCL), issuer of the market’s second largest stablecoin, USDC, is applying to establish a national trust bank in the United States. This announcement follows Circle’s recent Initital Public Offering (IPO), which valued the company at nearly $18 billion. Circle Seeks OCC Approval If approved by the US Office of the Comptroller of the Currency (OCC), the new entity, named First National Digital Currency Bank, N.A., will allow Circle to serve as a custodian for its reserves and manage crypto assets on behalf of institutional clients. Circle’s CEO, Jeremy Allaire, emphasized the company’s commitment to trust, transparency, and compliance during an interview with Reuters. He stated, “Becoming a publicly traded company is a significant part of that, and becoming a national trust company is again a continuation of that.” Unlike traditional banks, this new charter will not permit the stablecoin issuer to accept cash deposits or issue loans, marking a distinct approach to banking within the digital asset space. Currently, Circle’s reserves are managed at BNY Mellon and BlackRock, backed by a mix of short-term Treasury bills, cash, and other liquid assets . The proposed national trust bank would primarily focus on custody services for tokenized assets, such as stocks and bonds, rather than traditional cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). Upcoming Stablecoin Legislation This initiative comes at a crucial time as Congress moves closer to enacting a federal regulatory framework for stablecoins. The recently passed stablecoin bill, the GENIUS Act , mandates that stablecoins be backed by liquid assets and requires issuers to disclose their reserve compositions monthly. With the House of Representatives poised to vote on the legislation soon, and US President Donald Trump expected to sign it into law, the regulatory environment for stablecoins is on the verge of significant change. Allaire remarked on the transformative potential of this regulatory shift, stating, “We’re going from the early-adopter phase of this technology into the mainstream.” He expressed optimism that securing approval for the national trust charter would provide a solid foundation for institutions to build upon, further legitimizing the role of stablecoins in the financial ecosystem. CRCL Closes At $180 Per the report, Wall Street’s initial response to Circle’s growth has been largely positive, with several major brokerages, including Barclays and Bernstein, issuing “buy” ratings and setting price targets above $200 for the company’s stock. However, some analysts have expressed caution regarding the stock’s valuation, which has more than doubled since its market debut . As of press time, CRCL closed Monday’s trading session at $180, representing a nearly 40% drop from its $299 record achieved last week. Allaire concluded by highlighting Circle’s approach in aligning with emerging US regulations. He noted that the establishment of a national digital currency trust bank represents a significant milestone in the quest to create a transparent, efficient, and accessible internet financial system. Featured image from DALL-E, chart from TradingView.com