Crypto
crypto
Yaël Bizouati-Kennedy

Crypto giant Grayscale confidentially files for IPO

Grayscale Investments is preparing to go public.

The firm confidentially submitted a draft registration statement on Form S-1 to the SEC. It’s the latest crypto firm filing for an IPO, coming on the heels of Circle’s mammoth offering last month and amid a massive bitcoin rally.

Grayscale didn’t include details of the submission, and a spokesperson declined to comment further due to the SEC’s quiet period.

Grayscale’s Bitcoin Trust was the first publicly traded bitcoin fund in the US back in 2015, and converted to an ETF last year. The firm holds 183,748 bitcoin. It offers both bitcoinand Ethereum ETFs, and has a slew of altcoin/meme coin ETF filings with the SEC, including for Solana, polkadot, dogecoin, and litecoin ETFs.

Earlier this month, the SEC halted the conversion of Grayscale’s Digital Large Cap Fund, a multi-asset fund including bitcoin, ethereum, solana, XRP, and cardano, into an ETF after having initially approved it.

“While this development was unexpected, it reflects the dynamic and evolving nature of the regulatory landscape surrounding a first-of-its-kind digital asset product like GDLC. Grayscale remains committed to pursuing the listing of GDLC as an ETP, and we are working closely with key stakeholders to meet all necessary requirements,” a spokesperson told Sherwood News.

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Yaël Bizouati-Kennedy
17h
Bitcoin oscillates around $80,000 as it fights to extend rally

The market is trapped in a pronounced tug-of-war between bullish and bearish positioning in the short term, one analyst said.

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crypto
Sage D. Young

TeraWulf rises after reporting Q1 earnings

TeraWulf, the bitcoin mining company transitioning into data center development, posted Q1 results that were essentially on par with expectations, but investors seemed to like the future transition from volatile bitcoin mining to a “more stable, contracted revenue model” revenue stream driven by “higher-value HPC workloads.”

TeraWulf reported:

  • Revenue of $34 million, just missing analyst expectations of $34.7 million.

  • An adjusted loss per share of $0.09, exactly meeting the consensus estimate from analysts polled by FactSet.

Around 62% of the firm’s Q1 revenue stemmed from high-performance computing lease revenue, “representing the initial ramp of long-term customer agreements,” TeraWulf CFO Patrick Fleury said.

“As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining,” Fleury continued.

Fleury noted TeraWulf had $3.1 billion of cash to support its continued transition.

crypto
Sage D. Young

Coinbase sinks after missing on Q1 earnings, revenue

Shares of Coinbase, the largest cryptocurrency exchange in the US, slid in after-hours trading after it missed analysts’ expectations for Q1 earnings.

The company reported:

  • Total revenue of $1.4 billion, below the nearly $1.5 billion analysts polled by FactSet were expecting.

  • Transaction revenue of $755.8 million, well below the consensus estimate of $808.1 million and a 40% decline from nearly $1.3 billion in last year’s period.

  • A surprise loss of $394 million, a $1.47 loss per share for the quarter, compared to net income of $65.6 million in last year’s period.

The firm has 12 products generating over $100 million on an annualized basis, with prediction markets being one of its “fastest growing products ever, on track on become the 13th product,” according to Coinbase’s presentation.

The earnings report comes in the same week CEO Brian Armstrong announced the firm is cutting 14% of its workforce, or about 700 employees, citing artificial intelligence and the need to adjust its cost structure amid a down market.

Yaël Bizouati-Kennedy
5/7/26
Strategy’s STRC “at the center” of one of the “biggest bitcoin buying” months

STRC broke ATM records and saw record daily, weekly, and monthly trading volumes in the billions of dollars.

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crypto
Sage D. Young

Crypto blossoming with green shoots as ethereum and altcoins surge

Crypto markets are warming into a spring rebound as green shoots emerge in the sector.

Ethereum broke above $2,400 Wednesday morning, its highest mark since the end of January, with open interest across Binance, Bybit, OKX, Deribit, and Hyperliquid jumping to almost $12 billion from $10.7 billion on Wednesday morning, a sign new traders are opening positions, data from blockchain analytics firm Velo.xyz shows. 

Coinciding with the price action, institutional flows are positive, with ETFs seeing three straight days of inflows, totaling $260 million in the period, according to SoSoValue. 

“Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” BitMine Chairman Tom Lee said Monday, while announcing the firm added 101,745 ethereum tokens to its stockpile last week. 

Meanwhile, privacy and meme tokens are rallying, too:

  • Dogecoin, adored by billionaire Elon Musk, has climbed as high as 11.7 cents, a level not seen since January. 

  • DASH has increased 22.8% in the last 24 hours.

  • Zcash, a privacy coin, rallied to a five-month high, breaking past $600 before settling at $574 as of 10:45 a.m. ET, a 33.3% surge in the same period.

Zcash’s upswing comes after Tushar Jain, cofounder and managing partner at investment firm Multicoin Capital, announced that it “built a significant position in $ZEC since February.” 

“We believe that truly private, censorship and seizure resistant assets have clear product-market fit and demand is accelerating… $ZEC is the cleanest way to express this thesis in public markets,” Jain said on X.

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