Noted economist and gold advocate Peter Schiff deemed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) a "digital tech stock" with no earnings potential on Wednesday.



What happened: In an X post, Schiff argued that Bitcoin&#8217;s price movements are highly correlated with those of technology stocks, despite it not being an &#8220;operating business&#8221; with revenue and earnings.



"It&#8217;s also amazing how negatively correlated it is to gold, even though it&#8217;s hyped as digital gold," Schiff said, questioning the long-touted narrative by Bitcoiners.&nbsp;



He called the apex cryptocurrency a "digital tech stock without even the potential of earnings."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It amazing how correlated Bitcoin is to tech stocks, even though it&#39;s not an actual operating business. It&#39;s also amazing how negatively correlated it is to gold, even though it&#39;s hyped as digital gold. It reality, it&#39;s a digital tech stock without even the potential of earnings.&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1950705060834332986?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46744815/bitcoin-ethereum-move-sideways-dogecoin-falls-amid-jerome-powells-hawkish-tone-on-rate-cuts-analyst-says-dip-temporary-before-btc-highs">Bitcoin, Ethereum Move Sideways, Dogecoin Falls Amid Jerome Powell&#8217;s Hawkish Tone On Rate Cuts: Analyst Says Dip Temporary Before BTC Highs</a>



Why It Matters: Bitcoin's correlation with the Nasdaq Composite, the stock index weighted toward the technology sector, increased from 0.62 at the beginning of the year to 0.88 as of this writing, <a href="https://www.theblock.co/data/crypto-markets/prices/btc-pearson-correlation-30d">according </a>to The Block. The correlation sharply rose in July.



Interestingly, Bitcoin's correlation with gold also flipped from negative to positive in the last month, although year-to-date, the correlation has dropped from 0.32 to 0.15.



Moreover, a <a href="https://franklintempletonprod.widen.net/s/2j96ztr5gs/btc-to-gold-correlation">report </a>by Franklin Templeton found that Bitcoin&#8217;s price correlation with the Nasdaq stock index has increased dramatically over the past three years, while ruling out a &#8220;statistically significant&#8221; association between Bitcoin and gold.



Schiff&#8217;s remarks come as technology titans Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) announce earnings for the second and <a href="https://www.benzinga.com/markets/earnings/25/07/46738585/microsoft-q4-earnings-highlights-double-beat-ceo-says-cloud-and-ai-is-the-driving-force">fourth</a> quarters, respectively. 



Visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a> to find out how the two stocks fare on key parameters like Growth, Momentum and Value.



Price Action: At the time of writing, BTC was exchanging hands at $118,452, up 0.25% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;&nbsp;Year-to-date, the coin has gained 26.83%.



Spot gold traded at $3,295.10 per ounce as of this writing, up 24% since the beginning of the year. The Nasdaq Composite closed at 21,129.67 on Wednesday, up 9.42% year-to-date.



Read Next:&nbsp;



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Photo Courtesy: Rido on Shutterstock.com

Peter Schiff Says Bitcoin Is Like Tech Stocks But Without 'Potential Of Earnings' As Investors Digest Meta, Microsoft Numbers

Robinhood Markets Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) CEO Vlad Tenev expressed a positive outlook towards the future of equity tokenization in the U.S. on Wednesday, despite the potential regulatory hurdles that may arise.



What Happened: During the company&#8217;s second-quarter earnings call, Tenev said that the &#8220;real opportunity&#8221; in the U.S. lies in tokenizing assets that were previously inaccessible, such as&nbsp;private markets and related real-world assets.



&#8220;We&#8217;re&nbsp;working with regulators to make&nbsp;that possible,&#8221; he stated. &#8220;We need to look at accreditation laws. &#8220;We also are on a good path with securities tokenization, but that has to continue, and we think we can unlock that opportunity.&#8221;



See Also:&nbsp;<a href="https://www.benzinga.com/partner/cryptocurrency/25/07/46599005/tokenization-of-gold-how-blue-gold-and-triplebolt-are-taking-it-to-the-next-level">Tokenization Of Gold: How Blue Gold And TripleBolt Are Taking It To The Next Level</a>



Tenev viewed that as more infrastructure moves&nbsp;from centralized legacy counterparties to&nbsp;blockchain,&nbsp;the cost of operating the&nbsp;business would decrease, eventually benefiting customers.



When asked if tokenized securities would have any effect on spot cryptocurrency prices, Tenev said, &#8220;I don't think that we're likely to see any impact. We just don't feel like there's much of a connection between how customers are even thinking about pricing in these various asset classes.&#8221;



Why It Matters: Robinhood&nbsp;<a href="https://www.benzinga.com/crypto/25/06/46174854/robinhood-just-made-crypto-simpler-and-way-more-powerful" target="_blank" rel="noreferrer noopener">unveiled a suite of products</a>&nbsp;during its event in France for its European customers, the highlight of which was blockchain-powered tokenized equities of companies like OpenAI and SpaceX. The offerings, however, ran into a controversy after OpenAI denied involvement with Robinhood regarding them.



Robinhood has been building a case to tokenize private stocks, encouraging policymakers to explore the untapped potential of blockchains in the U.S. capital markets. In May, it&nbsp;<a href="https://www.benzinga.com/25/05/45537142/robinhoods-push-to-bring-wall-street-on-blockchainbrokerage-firm-submits-proposal-to-sec-to-regulate-tokenized-assets" target="_blank" rel="noreferrer noopener">proposed a federal framework</a>&nbsp;to the SEC for bringing real-world assets on-chain.



The company reported its second-quarter financials after the market close, <a href="https://www.benzinga.com/markets/earnings/25/07/46739502/robinhood-q2-double-beat-crypto-revenue-nearly-doubles">with crypto revenue nearly doubling</a>. The overall revenue rose 45% year-over-year, beating analysts&#8217; expectations.



Price Action:&nbsp; Shares of Robinhood dipped 0.64% in after-hours trading after closing 2.77% higher at $106.18&nbsp;during Wednesday's regular trading session, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Year-to-date, the stock has gained 184.76%.



HOOD demonstrated high Momentum and Growth scores as of this writing. Want to know how it compares to your favorite stock in your portfolio? Go to&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Benzinga Edge Stock Rankings</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="430" height="205" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/30225144/image-492.png" alt="" class="wp-image-1008176" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/30225144/image-492.png 430w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/30225144/image-492-300x143.png 300w" sizes="(max-width: 430px) 100vw, 430px" /></a></figure>



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Photo Courtesy: Sergei Elagin on Shutterstock.com



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Vlad Tenev Says Robinhood Working With US Regulators To Unlock 'Real Opportunity' In Tokenized Stocks, Downplays Impact On Crypto Prices

Leading cryptocurrencies felt the pinch on Wednesday after Federal Reserve Chair Jerome Powell said &#8220;no decision&#8221; has been made on a September rate cut.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:30 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.02%</td><td>$117,946.09</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.61%</td><td>$3,811.10</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.85%</td><td>$0.2195</td></tr></tbody></table></figure>



What Happened: Bitcoin dipped below $116,000 late afternoon but recouped the gains overnight. Ethereum extended its gains overnight following the afternoon pullback, even as trading volume cooled off.



A White House advisory group formed under President Donald Trump <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46723859/trumps-advisors-just-laid-out-a-crypto-blueprint-heres-whats-in-it">released a cryptocurrency blueprint</a> urging federal agencies to clarify rules concerning digital assets.



Meanwhile, cryptocurrency liquidations hit $432 million in the last 24 hours, with Ethereum alone accounting for $101 million.&nbsp;



Interestingly, Bitcoin's rise to $120,000 could liquidate $430 million worth of BTC short positions on Binance.



Bitcoin's open interest rose by 1.23% in the last 24 hours. When the spot price is sideways and open interest is increasing, it typically precedes a breakout in either direction.



Despite the weakness, "greed" sentiment persisted in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:30 p.m. ET)</th></tr></thead><tbody><tr><td>Ethena (ENA)&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+10.29%</td><td>$0.6258</td></tr><tr><td>Conflux (CFX)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+8.22%</td><td>$0.2215</td></tr><tr><td>Curve DAO Token (CRV)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+8.18%</td><td>$1.04 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.86 trillion, contracting 0.24% in the last 24 hours.



Major stock averages closed lower on Wednesday. The Dow Jones Industrial Average slid 171.71 points, or 0.38%, to close at 44,461.28. The S&amp;P 500 dipped 0.12% to end at 6,362.90. The tech-heavy Nasdaq Composite was the silver lining, gaining 0.15% to end at 21,129.67.



The Federal Reserve held interest rates steady at 4.25%-4.50%, as expected, followed by hawkish comments from Powell.



Powell said that <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46736975/powell-holds-rates-copper-crashes-after-tariff-change-trump">"no decisions" have been made</a> about a rate cut in September, pouring cold water on investors' hopes. The odds of a 25 basis point cut fell to 43% from 63% the day before, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.&nbsp;



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst and trader Michaël van de Poppe suggested that the cryptocurrency market dip following no change in rate cuts is temporary.



"I think it&#8217;s a great chance to accumulate. Could be that we fall deeper, but not for long. August/September new ATHs," the analyst predicted.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This has been the biggest FOMC meeting ever! Haha, not. Anyways, markets are moving down as there&#39;s still no rate cut and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> lost the range. I think it&#39;s a great chance to accumulate. Could be that we fall deeper, but not for long. August/September new ATHs. <a href="https://t.co/TDUbqlBsJY">pic.twitter.com/TDUbqlBsJY</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1950643093554008135?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another cryptocurrency-focused trader, Tom Tucker, spotted Bitcoin forming a bullish pennant on its daily chart.



A bullish pennant is a continuation chart pattern, indicating resumption of an uptrend after a pause or consolidation period.



"With the Crypto Fear &amp; Greed Index still in the greed zone at 63, and Bollinger Bands tightening, a breakout could be near. Target on breakout? $143,550," Tucker projected.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is trading in a tight range, forming a bullish pennant on the daily chart. With the Crypto Fear &amp; Greed Index still in the greed zone at 63, and Bollinger Bands tightening, a breakout could be near. Target on breakout? $143,550 <a href="https://t.co/i5Z4CUFO0b">pic.twitter.com/i5Z4CUFO0b</a>&mdash; Tom Tucker (@WhatzTheTicker) <a href="https://twitter.com/WhatzTheTicker/status/1950631755268141396?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Yalcin Sonat On Shutterstock.com



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Bitcoin, Ethereum Move Sideways, Dogecoin Falls Amid Jerome Powell's Hawkish Tone On Rate Cuts: Analyst Says Dip Temporary Before BTC Highs

Cryptocurrency trading company Coinbase Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) reports second-quarter financial results<a href="https://www.benzinga.com/earnings"> after market close Thursday.</a>



COIN shares are trending up modestly. <a href="https://www.benzinga.com/quote/COIN" target="_blank" rel="noreferrer noopener">See real-time price here.</a>



Here are the earnings estimates and key items to watch.



Earnings Estimates: Analysts expect Coinbase to report second-quarter revenue of $1.69 billion, up from $1.45 billion in last year's second quarter according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0730"> from Benzinga Pro.</a>



The company missed analyst estimates in the first quarter but has beaten estimates in nine of the last 10 quarters overall.



Analysts expect Coinbase to report second quarter earnings per share of $1.35, up from $1.07 in last year's second quarter. The company missed analyst estimates in the first quarter, but has beaten analyst estimates in eight of the past 10 quarters.



Read Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46721901/jpmorgan-partners-with-coinbase-to-expand-crypto-access-for-80m-customers">JPMorgan Partners With Coinbase To Expand Crypto Access For 80M Customers</a>



Key Items to Watch: Analysts have been raising their<a href="https://www.benzinga.com/quote/COIN/analyst-ratings"> price targets on Coinbase </a>stock with optimism for the cryptocurrency sector as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hit all-time highs and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) gained momentum in recent weeks.



Bills in Congress as part of "Crypto Week" are likely to be a key topic as the cryptocurrency sector moves forward and Coinbase has been pushing for regulation in the sector.



Another key area to watch is stablecoin USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), which is part of a partnership between Coinbase and Circle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>).



JPMorgan analyst Kenneth B. Worthington<a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46690257/forget-bitcoin-coinbases-secret-weapon-fuels-growth-for-free"> recently said</a> that the USDC unit of Coinbase could be underestimated by investors.



&#8220;We see USDC economics as particularly attractive,&#8221; Worthington said, pointing to high margins and future growth.



Stablecoins have become a key talking point of bills in Congress for cryptocurrency.



Partnerships signed by Coinbase with major banks like JPMorgan and PNC could also be a talking point in the company's earnings results and guidance. The company continues to sign partnerships with key names in the financial world as companies explore more use cases for cryptocurrency.



Cryptocurrencies outside of Bitcoin and Ethereum could also be worth watching in Coinbase's report. In <a href="https://www.benzinga.com/news/earnings/25/05/45302422/coinbase-q1-earnings-highlights-revenue-eps-miss-2025">the first quarter, </a>the company highlighted Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and XRP Token (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) as seeing increased trading volume.



Subscription and services revenue will be a key area to watch as this high-margin revenue has helped offset quarters with lower crypto trading revenue. The company is guiding for this revenue to be in a range of $600 million to $680 million, versus a total of $698.1 million in the first quarter.



After growing quarter-over-quarter, Coinbase's guidance forecasts a drop in the second quarter.



Coinbase's report comes a day after Robinhood Markets, which highlighted crypto trading growth in <a href="https://www.benzinga.com/markets/earnings/25/07/46739502/robinhood-q2-double-beat-crypto-revenue-nearly-doubles">its recent quarter</a> results. Robinhood saw its cryptocurrency trading revenue up 98% year-over-year and its cryptocurrency trading volume up 32% year-over-year in its fourth fiscal quarter.



While Robinhood and Coinbase don't offer all of the same products, both have high usage among retail traders and likely see similar growth in the crypto sector during bull markets like parts of 2025 have been.



COIN Price Action: Coinbase stock closed Wednesday up 1.63% to $377.48 versus a 52-week trading range of $142.58 to $444.65. Coinbase stock is up 50% year-to-date in 2025.



Read Next: 



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Photo: Shutterstock

Coinbase Q2 Preview: Can White House Momentum, Bitcoin All-Time Highs Help?

MARA Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Wednesday.</a>



The crypto-firm&nbsp;reported Tuesday second-quarter revenue of $238.5 million, beating<a target="_blank" href="https://www.benzinga.com/markets/earnings/25/07/46706807/mara-holdings-stock-moves-higher-on-better-than-expected-q2-earnings" rel="noreferrer noopener"> analyst estimates of $218.45 million</a>.



The Bitcoin mining company reported second-quarter earnings of $1.84 per share, beating analyst estimates of 69 cents per share.



Also Read: <a target="_blank" href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46718331/bitcoin-to-hit-150k-by-year-end-says-terahash-mstr-mara-riot-coin-and-other-btc-linked-stocks-are-poised-to-soar" rel="noreferrer noopener">Bitcoin To Hit $150K By Year End, Says TeraHash: MSTR, MARA, RIOT, COIN And Other BTC-Linked Stocks Are Poised To Soar</a>



<h2 class="wp-block-heading">Analyst Reaction To Earnings</h2>



H.C. Wainwright: Analyst Kevin Dede reiterated the Buy rating, with a price forecast of $28.



According to Dede, Bitcoin's lower pricing on March 31 versus December 31 resulted in a non-cash fair value adjustment of roughly $510 million, which severely impacted MARA's earnings per share.



Dede emphasizes that, philosophically, MARA has not altered its core strategy.



The analyst notes that recent commentary reaffirms the company's continued focus on power conversion technology—whether through bitcoin mining or heat generation—with a consistent push to drive energy costs toward zero.



This is a theme the analyst has reiterated many times in prior coverage.



The analyst notes that revisiting this strategy is useful for contrasting MARA's approach with that of peers who are slowly or rapidly shifting their mining focus toward high-performance computing (HPC).



Dede also highlights progress on MARA's two-phase immersion cooling (2PIC) initiative, which is now in a 30MW pilot phase aimed at refining the design. The analyst notes that a cold-plate variant of the system is under development.



While this version is still based on two-phase cooling, it follows the cold-plate format, which Dede sees as aligning with what's emerging as the industry standard for HPC systems.



The analyst adds that MARA's shift in this direction may involve collaborations with large compute OEMs, potentially including firms like Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) or NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).



Dede indicates that the FY25 sales estimate for MARA has been revised downward to $822.5 million, a reduction from the earlier projection of $895.9 million.



Rosenblatt: Analyst Chris Brendler reiterated the Buy rating with a price forecast of $20.



Brendler notes that while some of the recent upside from bitcoin was partially offset by increased hash costs, mining expenses are expected to improve in the second half of FY25.



The analyst points to the addition of new low-cost sites and better fleet efficiency as key drivers behind this anticipated cost reduction.



Brendler adds that the company's ongoing focus on global expansion is likely to contribute to further margin gains.



In his view, these efforts place MARA in a strong position to maintain its leadership in the sector, particularly as several competitors begin shifting their attention toward high-performance computing (HPC).



Price Action: MARA shares are trading higher by 1.81% to $16.94 at last check Wednesday.



Photo via Shutterstock

MARA's Power Efficiency and Global Expansion Keep It Ahead Of Peers: Analyst

Cryptocurrency markets are trading down after the Federal Reserve decided to keep the Federal Funds rate unchanged.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$116,074</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,690</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$172.30</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$3.02</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2109</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001241</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 9.6% and 20.8%, respectively. Daily active addresses moved higher by 2.5% and 12.7%, respectively.</li>



<li>Coinglass data shows 108,863 traders were liquidated in the past 24 hours for $216.32 million.</li>



<li>The top losers in the past 24 hours include SPX6900, Bonk and Conflux.</li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46721901/jpmorgan-partners-with-coinbase-to-expand-crypto-access-for-80m-customers">JPMorgan Partners With Coinbase To Expand Crypto Access For 80M Customers</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46720657/turkeys-uber-joins-strategy-tesla-as-bitcoin-treasury-company">&#8216;Turkey&#8217;s Uber&#8217; Joins Strategy, Tesla As Bitcoin Treasury Company</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46729976/300-growth-in-high-inflation-nations-why-stablecoins-are-booming-where-fiat-is-failing">300% Growth In High-Inflation Nations: Why Stablecoins Are Booming Where Fiat Is Failing</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46714238/ethereum-foundation-faces-backlash-for-dumping-100-million-eth-after-saying-believe-in-something">Ethereum Foundation Faces Backlash For &#8216;Dumping&#8217; $100 Million ETH After Saying &#8216;Believe In somETHing&#8217;</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46714603/fis-circle-team-up-to-enable-stablecoin-transactions-for-financial-institutions">FIS, Circle Team Up To Enable Stablecoin Transactions For Financial Institutions</a></li>
</ul>



Trader Notes: Crypto trader CrediBULL Crypto suggests Bitcoin may be mirroring a prior consolidation pattern, referencing his signature "GREEN squiggles." He expects few days of tight, sideways chop before a potential breakout or expansion move.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Think we may be seeing something similar to the GREEN squiggles that we saw in the quoted tweet below. Maybe a few days of tight chop before expansion&#8230;<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/IwT9yhxi3m">https://t.co/IwT9yhxi3m</a> <a href="https://t.co/bb4kihn6zM">pic.twitter.com/bb4kihn6zM</a>&mdash; CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1950610174688788590?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ted Pillows <a href="https://x.com/TedPillows/status/1950593480079941684">highlights</a> that Bitcoin has remained range-bound for weeks, even as global liquidity steadily rises. 



He says the lag is temporary, reminiscent of Q2 behavior, and predicts BTC will soon catch up with macro tailwinds, targeting above $135,000 in Q3.



Henry aka LordOfAlts <a href="https://x.com/LordOfAlts/status/1950429488661352960">remains</a> undeterred by short-term volatility, calling the current pullbacks &#8220;noise within a larger bullish structure.&#8221; 



He notes whales are taking profits and Bitcoin is forming a bullish pennant, with recent downside pressure likely meant to trigger liquidations.



He sees a fourth touch near $114,000 as a key long entry, aligning with his long-term "buy the fear, sell the greed" thesis. Henry expects one final &#8220;Oops moment&#8221; before Bitcoin's next parabolic breakout.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46720222/ethereums-rally-driven-by-fresh-inflows-not-a-rotation-out-of-bitcoin-report">Ethereum&#8217;s Rally Driven By Fresh Inflows, Not A Rotation Out Of Bitcoin: Report</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, XRP, Dogecoin Decline After Federal Reserve Holds Rates

XRP's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) has rallied 44% over the past month, but traders suggest a short-term dip may be on the cards before <a href="https://www.benzinga.com/money/ripple-xrp-price-prediction">another move upward</a>.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td><td>Market Cap</td><td>7-Day Trend</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$3.13</td><td>$185.8 billion</td><td>-3.5%</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$117,765.57</td><td>$2.3 trillion</td><td>-0.02%</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,793.48</td><td>$457.8 billion</td><td>-5.9%</td></tr></tbody></table></figure>



Trader Notes: Crypto analyst Crypto Bully <a href="https://x.com/BullyDCrypto/status/1950530738354573805">pointed</a> out that XRP was the only major altcoin to hit new all-time highs alongside Bitcoin in the recent rally.



Despite ongoing founder wallet sell-offs—with over $10 million in XRP still held—retail investors appear undeterred, maintaining strong conviction in spot positions.



The trader anticipates a sweep of local lows, with a potential dip below $3 serving as a high-reward entry point. 



A close beneath this demand zone would shift focus to deeper support levels, but the setup offers easy invalidation for risk management.



More Crypto Online echoed this sentiment, noting that XRP is approaching the lower range of its support zone, with $2.75 as the next key level to watch. 



A reversal here could confirm a local bottom before resumption of the uptrend.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a>: Price is approaching the lower half of support. $2.75 is next in line before a potential reversal. Still watching for signs of a local low to form. <a href="https://t.co/MkKclxBkin">pic.twitter.com/MkKclxBkin</a>&mdash; More Crypto Online (@Morecryptoonl) <a href="https://twitter.com/Morecryptoonl/status/1949919588801794465?ref_src=twsrc%5Etfw">July 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Statistics: Santiment <a href="https://x.com/santimentfeed/status/1949960980173103298">data </a>shows XRP is still up 46% for the month, currently consolidating around $3.15. 



Dormant coins are re-entering circulation, with the average investment age of XRP coins having dropped by 91 days, signaling older wallets are reactivating.



Coinglass data shows liquidations in the past 24 hours stand at $13 million, with $10.8 million in long liquidations. In the options market, XRP options volume and open interest jumped by 99.2% and 32.3% respectively.



Community News: Coinbase International is <a href="https://x.com/CoinbaseInsto/status/1950301465131765865">set</a> to expand its derivatives offering with nano XRP and nano Solana (SOL) perpetual futures starting Aug. 18. These contracts will offer up to 10x leverage with smaller contract sizes, aiming to broaden access for retail and institutional U.S. investors alike.



This move signals growing confidence in XRP as a viable instrument for leveraged trading and broader utility, potentially supporting long-term bullish momentum.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46602627/xrp-drops-below-3-20-are-sellers-on-korean-exchanges-the-reason">XRP Drops Below $3.20: Are Sellers On Korean Exchanges The Reason?</a></li>
</ul>



Image: Shutterstock

XRP Surges 44% In One Month — But Is A Pullback On The Way?

Experts see exponential growth in on-chain payment volumes, rising institutional engagement, and shifting regulatory frameworks as proof of stablecoins as connector between <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46619087/gold-backed-stablecoin-debuts-as-payment-method-for-african-content-creators">traditional finance and blockchains</a>.



What Happened: According to Messari's "State of Stablecoins" report, transfer volumes for stablecoins now rival legacy payment networks such as ACH, and in some cases surpass volumes seen on Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) and PayPal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>).



Speaking with Benzinga, Andrew Dyer, analyst at Messari and lead author of the report, points to this rapid growth as a clear marker of change. 



He pointed to integrations by fintechs, neobanks, and major payments providers as enabling seamless cross-border B2B payments by routing local fiat through stablecoins and back, reducing reliance on correspondent banks and slashing fees.



This "stablecoin sandwich" model has quietly scaled to billions in monthly volumes.



"We're constantly seeing new integrations with incumbents like Visa (stablecoin-linked cards), Stripe (Stablecoin Financial Accounts in 100+ countries), and Mastercard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) (enabling stablecoin payments at 150M merchants)," Dyer added.



The regulatory backdrop is equally pivotal. 



Dyer notes that although jurisdictions like the EU and Singapore have launched clear frameworks, "U.S. legislation has and will continue to set the standard globally."



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46723859/trumps-advisors-just-laid-out-a-crypto-blueprint-heres-whats-in-it">Trump&#8217;s Advisors Just Laid Out A Crypto Blueprint—Here&#8217;s What&#8217;s In It</a>



Why It Matters: With 99% of circulating stablecoins denominated in U.S. dollars and backed primarily by U.S. Treasuries, compliance infrastructure rooted in the U.S. has global spillover effects.



Addressable&#8216;s stablecoin data for the Messari report highlights geographic disparities in stablecoin usage. 



"USDT controls over 60% of the global stablecoin market, and its dominance is even more pronounced in emerging markets, where it has roughly 4.5× more users than USDC," said Dr. Asaf Nadler, COO and co-founder of Addressable, speaking with Benzinga.



He attributes this skew to early Tether partnerships with local exchanges in countries like Nigeria, Turkey, and Argentina, contrasting with USDC's more institutional U.S.-focused approach.



"Stablecoin adoption in high-inflation nations like Iran and Bangladesh has grown ~300% YoY," Nadler added. 



Addressable's data model links onchain wallets to offchain identifiers, including geolocation, allowing it to surface correlations between inflation and user growth using third-party rankings like DataPandas.



The war in Ukraine further validated this model. 



"Escape velocity" wallet growth was observed after the conflict began, tracked through Addressable's identity graph mapping 1.5 billion wallets to over 400 million social profiles, with 23 million matched to real identities and locations.



Dyer further said he expects stablecoin strategies to focus more on banking integrations and user incentives rather than DeFi primitives. 



"Brokerages, fintechs, and neobanks may use stablecoins as a user acquisition lever," he said, noting how platforms might share yield from reserve assets with end-users. 



He also emphasized that banks may prioritize tokenized deposits and custody over DeFi strategies.



Read Next: 



<ul class="wp-block-list">
<li><a style="font-weight: bold;" href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46721901/jpmorgan-partners-with-coinbase-to-expand-crypto-access-for-80m-customers">JPMorgan Partners With Coinbase To Expand Crypto Access For 80M Customers</a></li>
</ul>



Image: Shutterstock

300% Growth In High-Inflation Nations: Why Stablecoins Are Booming Where Fiat Is Failing

Bitwise Chief Investment Officer Matt Hougan has laid out a compelling bullish thesis for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), citing a powerful demand shock as the catalyst for explosive upside over <a href="https://www.benzinga.com/money/bitcoin-price-prediction">the next 18 months</a>.



What Happened: In a <a href="https://www.youtube.com/live/1fS2jPMIfdI">podcast</a> with Scott Melker, Hougan predicts Bitcoin will reach $200,000 by the end of 2025, driven by institutional demand growing 5 to 10 times faster than supply. 



He called this surge "a math problem," emphasizing: "When demand is 5x to 10x supply, the price tends to go up. And I think that's the story in crypto right now."



He pointed to rising corporate adoption, such as Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and other treasury allocators, as a key piece of the demand puzzle.



The imbalance is even more pronounced in Ethereum, Hougan noted. 



Since mid-May, companies and ETFs have purchased 32x more ETH than has been issued, sparking what he describes as a &#8220;demand shock.&#8221; 



Inflows into ETH ETFs have soared to $4.4 billion this month alone, suggesting the early stages of a major institutional reallocation.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46717525/bitcoin-ethereum-xrp-dogecoin-under-pressure-as-retail-traders-short-ahead-of-fomc">Bitcoin, Ethereum, XRP, Dogecoin Under Pressure As Retail Traders Short Ahead Of FOMC</a>



Why It Matters: Hougan says the next major catalyst could be the integration of crypto into retirement accounts, highlighting Donald Trump's proposal to allow 401(k)s and IRAs to invest in Bitcoin.



"That's $8 trillion in retirement accounts potentially gaining exposure to Bitcoin," Hougan said. "It's like a government-mandated DCA, 20 million Americans putting 2.5% of their wealth into BTC regularly."



This growing infrastructure is also triggering what Hougan calls an "altcoin season in TradFi", where investors rotate profits from Bitcoin ETFs into Ethereum, crypto-treasury firms, and other digital assets. 



ARK Invest recently showcased this trend, selling off Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) stock to buy shares in Tom Lee's Bitcoin treasury company.



Bitwise also sees yield generation on Bitcoin holdings as the most in-demand service among its institutional clients, further evidence of maturing market dynamics.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46720222/ethereums-rally-driven-by-fresh-inflows-not-a-rotation-out-of-bitcoin-report">Ethereum&#8217;s Rally Driven By Fresh Inflows, Not A Rotation Out Of Bitcoin: Report</a></li>
</ul>



Image: Shutterstock

Bitcoin To Hit $200,000 By Year-End, Bitwise's Matt Hougan Maintains

A White House advisory group formed under President Donald Trump has released a comprehensive report urging federal agencies to clarify rules governing digital assets and accelerate the rollout of <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46510518/trump-family-crypto-business-nabs-26-million-profit-from-quarter-billion-ethereum-stake">innovative crypto products</a>.



What Happened: The Working Group on Digital Asset Markets, established by executive order earlier this year, is <a href="https://www.bloomberg.com/news/articles/2025-07-30/trump-crypto-group-unveils-proposals-to-boost-digital-finance?embedded-checkout=true">calling</a> on Congress and regulators to modernize oversight frameworks to better accommodate the evolving crypto ecosystem.



The report encourages the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to use existing legal authority to streamline federal rules for digital asset trading. 



It emphasizes immediate action on key areas such as trading, custody, and registration to eliminate uncertainty and reduce regulatory friction.



One of the central recommendations is for lawmakers to pass the Digital Asset Market Clarity Act, a bill that would authorize the CFTC to oversee spot markets for digital assets that are not classified as securities. 



The report also highlights the need for safe harbor provisions that would allow new crypto products to reach users without lengthy delays.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46721901/jpmorgan-partners-with-coinbase-to-expand-crypto-access-for-80m-customers">JPMorgan Partners With Coinbase To Expand Crypto Access For 80M Customers</a>



Why It Matters: The working group proposes further clarity on how banks can issue stablecoins and use blockchain infrastructure, and urges transparency around the process of acquiring federal bank charters.



It also recommends that bank capital requirements be updated to reflect the distinct risk profile of digital assets.



This report follows Trump's recent signing of the first federal law regulating dollar-backed stablecoins, a major step toward integrating digital currencies into the broader financial system. 



Previously known for his skepticism, Trump has emerged as a pro-crypto figure, appointing venture capitalist David Sacks to lead AI and digital asset policy efforts, and ordering the creation of a Strategic Bitcoin Reserve.



In addition to regulatory reform, the report calls for updated tax rules for digital assets, including their classification as a new asset class for federal tax purposes and inclusion in wash sale rules to curb tax avoidance. 



It also requests further guidance from the IRS and Treasury on how these assets interact with corporate tax regulations.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46720657/turkeys-uber-joins-strategy-tesla-as-bitcoin-treasury-company">&#8216;Turkey&#8217;s Uber&#8217; Joins Strategy, Tesla As Bitcoin Treasury Company</a></li>
</ul>



Image: Shutterstock

Trump's Advisors Just Laid Out A Crypto Blueprint—Here's What's In It

JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46677711/anthony-scaramucci-says-itll-be-a-big-deal-if-jamie-dimon-led-jpmorgan-allows-lending-against-bitcoin">the largest U.S. bank with over $4 trillion in assets</a>, has partnered with Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) to roll out a suite of crypto access features for its 80 million-plus customers, the companies announced on July 30.



What Happened: Under the partnership, JPMorgan customers will soon be able to:



<ul class="wp-block-list">
<li>Use Chase credit cards to fund Coinbase purchases,</li>



<li>Redeem Chase Ultimate Rewards points for USDC, a U.S. dollar-pegged stablecoin, and</li>



<li>Link Chase bank accounts directly to Coinbase for streamlined crypto transactions.</li>
</ul>



Coinbase <a href="https://www.coinbase.com/en-gb/blog/Coinbase-and-JPMorgan-Chase-join-forces-to-make-it-even-easier-to-access-crypto">says</a> the rollout will begin in fall 2025, with points-to-USDC redemption and bank integration scheduled for 2026.



This collaboration signals growing comfort among major financial institutions in offering regulated access to crypto services. 



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46718377/could-the-short-dollar-trade-tank-bitcoin-analysts-say-it-might-under-one-condition">Could The &#8216;Short Dollar&#8217; Trade Tank Bitcoin? Analysts Say It Might—Under One Condition</a>



Why It Matters: JPMorgan has previously maintained a cautious but steadily evolving approach to the crypto sector.



CEO Jamie Dimon has publicly criticized Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in the past, but under his leadership, the firm has gradually integrated blockchain solutions and participated in digital asset pilots via Onyx, its blockchain division. 



In 2020, JPMorgan began providing banking services to Coinbase and Gemini, signaling an early move into the crypto sector. 



In May 2025, the bank settled its first transaction on a public blockchain, partnering with Chainlink (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/link/usd">LINK</a>) and Ondo Finance (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ONDO</a>). 



In June 2025, JPMorgan launched JPMD, a deposit token on Coinbase's Base blockchain, designed for institutional clients to facilitate 24/7 settlements and cross-border payments.



The partnership with Coinbase, the largest publicly traded U.S. crypto exchange, brings JPMorgan's retail clients into direct contact with crypto markets through stablecoins, credit integration, and loyalty rewards.



The new program will allow users to convert Chase Ultimate Rewards into USDC on Coinbase's Layer 2 network, Base, marking the first time a major U.S. rewards program has enabled point-to-crypto conversion.



Coinbase described the collaboration as part of its broader effort to bridge traditional finance with crypto, offering seamless onramps for millions of users.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46717789/10-million-for-a-synthetic-dollar-whats-behind-trump-backed-world-liberty-financials-stablecoin-plans">$10 Million For A Synthetic Dollar: What&#8217;s Behind Trump-Backed World Liberty Financial&#8217;s Stablecoin Plans?</a></li>
</ul>



Image: Shutterstock

JPMorgan Partners With Coinbase To Expand Crypto Access For 80M Customers

Martı, Turkey's leading ride-hailing platform, has committed 20% of its <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46681312/trumps-bitcoin-reserve-just-legitimized-it-coinbase-ceo-brian-armstrong-says-g20-nations-now-rushing-to-build-their-own-btc-stockpiles">cash reserves to crypto assets</a>, starting with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), CEO Oğuz Alper Öktem announced on Wedjesday.



The move positions Martı among a growing list of global companies incorporating digital assets into their treasury management strategies.



"We view digital assets as a long-term store of value," Öktem <a href="https://x.com/OguzAlperOktem/status/1950169167409119303">said</a>. "Our aim is to preserve the purchasing power of cash that is not allocated to operational spending." He also emphasized that Martı&#8217;s core transportation operations and growth plans remain fully funded and unaffected by the crypto allocation.



Martı becomes the first prominent Turkish mobility company to publicly announce Bitcoin holdings as part of its treasury policy. 



The decision reflects broader institutional interest in Bitcoin as a hedge against inflation and currency debasement.



Martı's decision mirrors actions taken by several high-profile companies globally. 



Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has been the most aggressive corporate Bitcoin buyer, holding over 628,000 BTC as of July 2025, acquired through a <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46706233/strategy-closes-2-52b-strc-ipo-acquires-21021-bitcoin-at-117k-each">mix of equity and debt raises.</a>



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46683578/chinese-bitcoin-mining-tech-producer-bitmain-is-betting-big-on-america-but-why">Chinese Bitcoin Mining Tech Producer Bitmain Is Betting Big On America—But Why?</a>



Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) also purchased $1.5 billion worth of Bitcoin in 2021 and held portions on its balance sheet through subsequent years.



Other firms like Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) and Coinbase Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) have included Bitcoin in their reserves, citing similar long-term value arguments. 



More recently, companies such as Sharplink Gaming (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBET#NASDAQ">SBET</a>) and BTCS Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCS#NASDAQ">BTCS</a>) have added Bitcoin to their treasuries and publicly reported these holdings in regulatory filings.



The trend has gained momentum as Bitcoin ETF approvals, institutional custody solutions, and favorable accounting standards reduce perceived risks around crypto treasury exposure.



Founded in 2018, Martı operates Turkey's largest app-based mobility platform, offering shared scooters, e-mopeds, and ride-hailing services in urban areas. 



As a publicly listed company on the New York Stock Exchange, Martı's Bitcoin allocation adds transparency and weight to its treasury policy shift.



The firm has not disclosed the total value of its cash reserves or the exact volume of Bitcoin purchased, but the 20% figure signals a strategic pivot in how Martı manages idle liquidity under varied macroeconomic conditions.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46669857/meme-coins-reflect-crypto-market-maturation-says-drift-protocols-cindy-leow">Meme Coins Reflect Crypto Market Maturation, Says Drift Protocol&#8217;s Cindy Leow</a></li>
</ul>



Image: Shutterstock

'Turkey's Uber' Joins Strategy, Tesla As Bitcoin Treasury Company

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) has outperformed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in July, rallying over 53% from $2,398 to $3,850. While some attributed this surge to capital rotating out of Bitcoin, on-chain data <a href="https://www.benzinga.com/money/ethereum-eth-price-predictions#:~:text=Analysts%20predict%20that%20Ethereum%20could,competition%20could%20impact%20price%20performance.">tells a different story.</a>



What Happened: CryptoQuant <a href="https://x.com/cryptoquant_com/status/1950261793412231672">data</a> shows that Bitcoin's Realized Cap reached an all-time high of $1.018 trillion on July 25. 



This key metric, reflecting the total capital invested in Bitcoin based on the price of coins when they last moved, confirms that capital is continuing to flow into BTC, not exiting.



The findings debunk the Bitcoin-to-Ethereum rotation narrative. 



Instead, it suggests both assets are seeing parallel accumulation, with Ethereum's rally fueled by new inflows rather than Bitcoin sell-offs, an insight aligned with the Genesis Law of capital inflows during bull markets.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46668408/ethereum-sees-surging-institutional-flows-is-eth-going-to-4000">Ethereum Sees Surging Institutional Flows: Is ETH Going To $4,000?</a>



Why It Matters: Furthermore, the U.S. SEC <a href="https://x.com/SECPaulSAtkins/status/1950292054409457936">approved</a> in-kind creations and redemptions for spot Bitcoin and Ethereum ETFs. This upgrade brings crypto exchange-traded products closer to traditional ETFs, enabling lower operational costs and greater efficiency. The agency also approved new filings for mixed spot BTC-ETH ETPs and options on spot Bitcoin ETFs, reflecting growing institutional demand.



According to Crypto Rand, Ethereum open interest is at its highest in over two years, <a href="https://x.com/crypto_rand/status/1950342575753482405">comprising</a> nearly 40% of the market, another sign of rising attention. 



Ted Pillows <a href="https://x.com/TedPillows/status/1950510431858217043">pointed</a> out that BlackRock added $1.2 billion in ETH last week, compared to just $267 million in BTC.



IntoTheBlock data shows Ethereum's daily active addresses jumped 12.7%, while 91% of ETH holders are now in profit.



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46696965/another-ethereum-treasury-play-180-life-sciences-raises-425-million-to-buy-eth">Another Ethereum Treasury Play: 180 Life Sciences Raises $425 Million To Buy ETH</a></li>
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Image: Shutterstock

Ethereum's Rally Driven By Fresh Inflows, Not A Rotation Out Of Bitcoin: Report

Analysts are flagging growing near-term risks from overcrowded short positions in the U.S. dollar, raising the possibility of a sharp reversal that could ripple across risk assets, <a href="https://www.benzinga.com/money/bitcoin-price-prediction">including cryptocurrencies</a>.



What Happened: According to market commentary from QCP Capital, the consensus bearish narrative on the dollar, fueled by the ongoing tariff war and expected monetary easing, may be approaching exhaustion.



"With the dollar already down 10% year-to-date and CFTC data showing extreme short positioning in USDJPY, the market appears vulnerable to a short squeeze," the firm noted. 



Such a reversal, they argue, could trigger risk-off positioning across equities, emerging markets, and crypto assets.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46699147/kuvi-ai-raises-700000-seed-round-to-launch-private-beta-of-agentic-finance-operating-system">Kuvi.ai Raises $700,000 Seed Round To Launch Private Beta Of Agentic Finance Operating System</a>



Iliya Kalchev, analyst at Nexo Dispatch, echoed the cautious tone, highlighting that the market enters midweek in a "holding pattern," with the dollar at the center of macro uncertainty ahead of major data releases and the Federal Reserve's rate decision. 



While Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) consolidates near $118,000 and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) hovers around $3,800, investors are watching for shifts in capital flows that could result from a dollar rebound.



Why It Matters: Despite supportive crypto headlines, such as record inflows into Ethereum ETFs and Strategy's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) recent $2.5 billion Bitcoin purchase, analysts emphasize that markets have failed to respond meaningfully to bullish catalysts, a typical sign of near-term exhaustion.



The dollar's trajectory could be further complicated by tariff tensions, with a looming Aug. 1 deadline for new reciprocal levies announced by President Donald Trump.



Although the U.S. and EU have reached a temporary truce, trade tensions with China and other regions remain unresolved.



Macro data this week, including U.S. Q2 GDP, employment figures, and inflation indicators, will be pivotal in shaping Fed policy and market sentiment heading into the third quarter.



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46697213/how-bitcoin-treasury-companies-are-beating-bitcoins-returns">How Bitcoin Treasury Companies Are Beating Bitcoin&#8217;s Returns</a></li>
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Image: Shutterstock

Could The 'Short Dollar' Trade Tank Bitcoin? Analysts Say It Might—Under One Condition

<a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46107720/trump-family-backed-world-liberty-financial-plans-to-launch-a-new-app-that-will-make-it-easy-for-lay-investors-to-use-crypto">World Liberty Financial</a>, a decentralized finance platform associated with President Donald Trump, has invested $10 million in Falcon Finance to advance its USDf stablecoin, a synthetic dollar protocol aimed at enhancing onchain liquidity.



What Happened: The investment, announced today, will support Falcon's technical integrations, including shared liquidity provisioning, multi-chain compatibility, and smart contract modules for seamless conversions between USDf and World Liberty's USD1 stablecoin.



Falcon Finance, based in Dubai, recently surpassed a $1 billion circulating supply for USDf, reflecting strong market demand for its innovative digital dollar approach. 



The platform operates a synthetic dollar protocol with a dynamic, risk-adjusted overcollateralization model, accepting various collateral types. 



Andrei Grachev, Managing Partner at Falcon Finance, stated, "This investment validates our approach to creating more efficient on-chain dollar instruments for institutional users, and WLFI's distribution network will help accelerate adoption of our technology.&#8221;



World Liberty Financial's USD1, launched in March 2025, is a dollar-pegged stablecoin backed by U.S. treasuries, dollar deposits, and cash equivalents. 



The integration of USD1 as collateral on Falcon's platform strengthens the partnership, aiming to create a robust digital dollar infrastructure for retail and institutional users. 



Zak Folkman, co-founder of World Liberty Financial, emphasized, "This strategic partnership with Falcon Finance represents a significant step forward in our mission to build a comprehensive DeFi ecosystem."



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46706233/strategy-closes-2-52b-strc-ipo-acquires-21021-bitcoin-at-117k-each">Strategy Closes $2.52B STRC IPO, Acquires 21,021 Bitcoin At $117K Each</a>



Why It Matters: World Liberty Financial has made significant investments in the cryptocurrency sector.



In April 2025, DWF Labs invested $25 million in World Liberty Financial, providing liquidity for USD1. 



In May 2025, Abu Dhabi-based MGX utilized USD1 for a $2 billion investment in crypto exchange Binance, highlighting the stablecoin's growing influence. 



Additionally, a United Arab Emirates-based fund, Aqua 1 Foundation, purchased $100 million worth of World Liberty's WLFI tokens in June 2025, marking it as the largest publicly known investor in the project.



Chinese billionaire Justin Sun also invested $75 million in WLFI tokens, further solidifying World Liberty's financial backing.



The company, closely tied to the Trump family, has drawn attention for its rapid growth and controversial connections. 



A Trump business entity owns 60% of World Liberty Financial, with Eric Trump and Donald Trump Jr. serving as Web3 ambassadors, and the family holding 22.5 billion WLFI units.



Despite its financial success, the firm has faced criticism from government ethics experts over potential conflicts of interest, particularly following the Binance deal and the Securities and Exchange Commission's decision to pause an investigation into Sun's companies in February 2025.



Read Next: 



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46699508/ethereum-treasuries-could-soon-own-10-of-all-eth-standard-chartered">Ethereum Treasuries Could Soon Own 10% Of All ETH: Standard Chartered</a></li>
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Image: Shutterstock

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