Crypto World
William Blair Downgrades Adobe (ADBE) Stock Amid Rising AI Competition
Key Takeaways
- Adobe (ADBE) lost its Outperform rating from William Blair, downgraded to Market Perform this Thursday
- Analyst Arjun Bhatia pointed to “intense competition” pressuring Adobe’s flagship Creative Cloud offerings
- Competitors like Canva (achieving $4B ARR with +30% growth) and Figma (hitting $1.2B ARR with +40% expansion) are encroaching on Adobe’s $19B Digital Media business
- Artificial intelligence has rapidly “democratized” creative capabilities, putting Adobe’s professional user segment at risk
- While not labeling Adobe an “AI loser,” William Blair expects the stock to remain range-bound near term
On Thursday, William Blair stripped Adobe of its Outperform designation, lowering the rating to Market Perform. Analyst Arjun Bhatia’s rationale revolves around a singular anxiety: the protective moat surrounding Adobe’s Creative Cloud franchise appears to be eroding.
Bhatia recognized that Adobe’s valuation appears attractive at merely nine times free cash flow. Yet an inexpensive price tag doesn’t guarantee security. His apprehension isn’t rooted in valuation metrics — it’s about whether Adobe can defend its territory.
The analyst’s report stated it directly: “intense competition” represents the central challenge. And the threats are emerging from every angle.
Artificial intelligence platforms have advanced rapidly. In Bhatia’s assessment, they have “overnight, democratized the highly technical skills creative professionals had built.” This represents a direct assault on Adobe’s primary customer segment — the professionals whose livelihoods depend on mastering its complex software suite.
Canva has reached $4 billion in annual recurring revenue, expanding beyond 30% year-over-year. Figma — Adobe’s failed acquisition target — currently generates $1.2 billion in ARR while posting 40% growth. Adobe’s Digital Media division operates at a $19 billion annual run rate, yet these rivals are narrowing the gap considerably.
Canva has systematically captured market share at the entry level. Figma has dominated the UI/UX design category. Both companies are advancing from the periphery, and those boundaries are dissolving.
New AI-First Competitors Intensify Challenges
The competitive pressure extends further. Midjourney, Runway, Synthesia, and StabilityAI represent a generation of AI-first entrants transforming the creative software landscape. These aren’t traditional software vendors adapting to AI — they were architected around artificial intelligence from inception.
Beyond these startups, Google, OpenAI, and Apple are each advancing into creative tooling through distinct strategies. The competitive environment Adobe confronts today bears little resemblance to what existed just 24 months ago.
Bhatia deliberately avoided hyperbole. “We are not calling Adobe an ‘AI loser,’” his report stated. However, too many uncertainties remain to maintain an Outperform stance at present.
Profitability Metrics Draw Scrutiny
Adobe maintains operating margins in the mid-40 percent range — an exceptional figure that has historically strengthened the investment thesis. William Blair identified this as potentially problematic. Such robust margins may invite additional competition rather than deter it.
The firm emphasized that margin trajectories and Adobe’s success in monetizing emerging AI-driven opportunities deserve intensive monitoring ahead.
Bhatia’s conclusion noted that outstanding questions surrounding pricing authority, competitive differentiation, and sustainable economics “are unlikely to be resolved in the near term,” suggesting the stock will trade sideways until greater certainty emerges.
Adobe’s most recent quarterly results demonstrated ongoing expansion within its Digital Media division, though forward guidance for the current period fell short of certain analyst projections — a disappointment investors hadn’t completely digested before this downgrade arrived.
Tether crypto has engaged an unnamed Big Four accounting firm for a comprehensive financial statement audit of USDT, announced March 24, 2026.
The stablecoin now carries a $184 billion market cap and supports more than 550 million users worldwide, making this the largest-scope inaugural audit in digital asset history.
This is not an incremental compliance step. It is a structural reclassification of how Tether’s reserves are verified.
- Audit Scope: The Big Four engagement covers a full financial statement opinion across digital assets, traditional reserves, and tokenized liabilities — replacing point-in-time attestations from BDO Italia used since 2021.
- Scale: USDT’s $184 billion market cap and 550 million global users make this the largest inaugural Big Four audit ever conducted on a stablecoin.
- Selection Process: CFO Simon McWilliams confirms the firm was chosen through a competitive process, with Tether asserting it already meets Big Four operational standards ahead of engagement.
Discover: The best crypto presales gaining institutional momentum right now
The Mechanics: Attestation vs. Full Financial Audit
Tether’s prior arrangement with BDO Italia produced quarterly attestations, agreed-upon procedures that confirmed asset existence at a specific point in time.
They did not constitute an audit opinion on whether financial statements fairly present Tether’s overall position. That distinction matters enormously to institutional counterparties and regulators.
A full Big Four audit requires the firm to independently examine Tether’s complete reserve structure: U.S. Treasuries, cash equivalents, commercial paper holdings, digital asset positions, and tokenized liabilities.
The auditor issues a formal opinion on whether those financials are presented fairly in accordance with recognized accounting standards. The scope here is wider than any prior stablecoin audit on record.
CEO Paolo Ardoino states: “This audit represents years of work to strengthen our systems so that Tether can meet the highest standards applied in global finance.” CFO Simon McWilliams adds that the firm “was selected through a competitive process because the organisation is already operating at Big Four audit standard.” The firm’s identity has not been disclosed. One of Deloitte, EY, KPMG, or PwC is now inside Tether’s books.
Discover: The best crypto to diversify your portfolio with
The Strategic Signal: Why This Changes Tether Crypto Institutional Profile
Tether has operated under institutional skepticism for five years. A $41 million CFTC fine in October 2021 followed misleading claims about full USD backing.
An $18.5 million settlement with the New York Attorney General in February 2021 centered on reserve transparency failures. Both actions left a credibility gap that quarterly attestations never fully closed.
The Big Four engagement closes that gap structurally, not rhetorically. Dr. Anya Petrova of the Global Digital Finance Institute calls it “the gold standard of financial credibility,” adding it “could significantly lower the perceived risk premium for institutions interacting with the USDT ecosystem.” That risk premium has been the primary barrier to sovereign, pension, and prime brokerage exposure to USDT-denominated instruments.
The timing aligns with a broader regulatory tightening across digital assets. The CFTC’s Innovation Task Force is actively restructuring oversight frameworks for crypto derivatives — and stablecoin reserve transparency is a core compliance variable in that architecture. Tether’s audit positions USDT ahead of any reserve disclosure mandate, rather than behind it.
That is a deliberate strategic posture, not a coincidence. As the Ripple RLUSD pilot with MAS demonstrates, institutional-grade stablecoins now compete on compliance infrastructure as much as liquidity depth.
Discover: The best crypto presales gaining institutional momentum right now
The post Tether Crypto Secures Big Four Auditor for Full USDT Transparency Review appeared first on Cryptonews.
Key Highlights
- Best Buy (BBY) shares climbed 5.3% amid rumors of a potential GameStop (GME) acquisition
- GameStop’s CEO Ryan Cohen announced in January his pursuit of a “very, very, very big” consumer company acquisition
- GameStop’s recent 10-K revealed approximately $0.7 billion pledged as collateral for derivative transactions
- Gordon Haskett’s Don Bilson identified “prime broker action” in BBY during Q4 while questioning the timeline alignment
- GameStop (GME) shares declined 2.3% during the same trading session; the company has remained silent on inquiries
Shares of Best Buy (BBY) experienced a notable 5.3% climb on Wednesday following widespread speculation that GameStop (GME) may be positioning itself to acquire the electronics retail giant.
The acquisition chatter traces back to remarks from GameStop Chairman and CEO Ryan Cohen during late January, where he expressed his ambition to execute a “very, very, very big” acquisition of a substantial consumer-focused company — characterizing it as a potentially transformational move for GameStop.
The speculation intensified following GameStop’s most recent 10-K filing, which revealed the company “posted approximately $0.7 billion of cash into an account that is pledged as collateral for certain existing and potential cash or physically settled derivative transactions.”
According to Gordon Haskett analyst Don Bilson, evidence suggests GameStop has established a swap position and appears to be evaluating potential acquisition candidates. However, he refrained from identifying a specific target company.
Bilson had earlier mentioned Best Buy as a plausible candidate, citing prime broker movements in BBY throughout the fourth quarter. Nevertheless, he acknowledged a potential timing discrepancy — the observed activity doesn’t perfectly align with GameStop’s disclosure indicating capital deployment occurred after its fiscal year conclusion.
Despite these uncertainties, market participants reacted enthusiastically, driving BBY shares significantly higher.
GameStop has not issued any response to media inquiries regarding the speculation. The company’s stock declined 2.3% during the same trading period.
Best Buy’s Current Financial Standing
Best Buy maintains a market capitalization of approximately $13.58 billion. Trailing twelve-month revenue reaches $41.69 billion, although the retailer’s 3-year revenue growth rate registers at -1.4%.
Profit margins remain modest, with operating margins at 4.2% and net margins at 2.56% — both showing declining trends in recent periods. Insider activity has leaned toward selling, with six transactions totaling 77,247 shares executed over the previous three months.
From a valuation perspective, however, the metrics present a more compelling narrative. Best Buy’s price-to-earnings ratio of 12.89 hovers near its 3-year minimum. Similarly, the P/S ratio of 0.34 and P/B ratio of 4.58 are approaching historical lows, suggesting potential undervaluation.
The relative strength index currently stands at 37.79, approaching oversold conditions.
Underlying Financial Resilience
Notwithstanding revenue challenges, Best Buy demonstrates robust financial health indicators. The company’s Altman Z-Score of 4.13 and Piotroski F-Score of 7 both signal strong balance sheet fundamentals.
Wall Street analysts have established an average price target of $73.32, accompanied by a recommendation score of 2.7 — reflecting measured optimism.
Best Buy maintains operations across approximately 1,068 retail locations through its Domestic and International divisions, spanning computing, mobile devices, appliances, consumer electronics, entertainment products, and related services.
The stock’s beta coefficient of 1.69 indicates heightened sensitivity to broader market movements — a relevant consideration given Wednesday’s rapid response to acquisition speculation.
GameStop has not publicly confirmed any specific acquisition target, and no formal proposal or regulatory filing has been disclosed to date.
Opinion by: Abdul Rafay Gadit, co-founder at Zignaly and ZIGChain
Digital asset treasury companies (DATCOs) are facing a classification problem that the market can no longer ignore.
DATCOs were built to hold crypto. Increasingly, they’re being forced to decide whether they want to own assets or operate the systems those assets run on.
Index providers are now openly debating whether these businesses still resemble operating companies or whether they function more like investment vehicles.
Recently, we saw MSCI’s note that it would keep “digital asset treasury companies” in its indexes for now, while launching a broader consultation on how they should be classified going forward.
That hesitation reflects a deeper uncertainty about what these companies have become. The model that once defined these companies’ passive balance sheet exposure to Bitcoin is already starting to fracture.
The cost of moving beyond simplicity
What’s emerging in its place is not a cleaner or safer evolution, but a materially riskier one.
The industry has rebranded this shift as “active treasury management,” a phrase that understates the risks being introduced and obscures what is actually changing. In practice, it means moving beyond passive exposure into operational strategies that introduce new layers of risk, leverage and governance complexity.
Once DATCOs cross that threshold, they are no longer just holders of digital assets. That means we need to have regulators, index providers and investors treat them accordingly, as ultimately, operators are judged by execution, not conviction.
The first phase of DATCOs was straightforward: Hold Bitcoin, communicate long-term conviction and allow balance sheet exposure to do the rest. That simplicity mattered to boards, auditors and index providers, and it kept outcomes tied to broader macro forces rather than execution risk.
The second phase is fundamentally different. As competition increases and simple exposure becomes less compelling, treasury companies are being pushed to manufacture yield. Various reports in 2026 have indicated that a growing number of crypto treasury companies are expanding beyond Bitcoin (BTC) and Ether (ETH) into more volatile tokens to boost returns. That strategy may improve short-term performance optics, but it steepens tail risk dramatically. In stressed conditions, these positions are more likely to unwind quickly and in a correlated fashion precisely when liquidity is most fragile.
Exposure becomes responsibility
There’s a quiet shift happening in how institutions engage with blockchain. Instead of treating networks purely as assets to hold, some are beginning to participate at the infrastructure layer by running validator nodes, adding to network security and taking part in governance.
Any yield that comes from this is incidental; the primary focus is on reliability, control and active involvement in systems that now support real economic activity.
Any yield that comes from this is incidental; the primary focus is on reliability, control and active involvement in systems that now support real economic activity. This represents a fundamental change in what these companies actually do.
Validator operations introduce protocol level obligations that boards cannot treat as ancillary. Slashing risk, uptime guarantees, key management, client concentration and governance participation are not abstract technical issues. These are core business risks, exposing companies to forms of liability and reputational damage that passive asset holding never created.
At that point, a DATCO is no longer merely exposed to market volatility. It is exposed to operational failure, governance decisions and protocol level outcomes. That leaves only two coherent identities: an operating company with formal controls, or a fund with explicit fiduciary obligations. The real danger lies in occupying the space between the two.
Related: Digital asset treasuries that only hodl may fall short
Active treasury strategies blur the line between corporate finance and delegated investment management. When companies pursue yield through staking, token rotation or infrastructure participation, they are making discretionary allocation decisions on behalf of shareholders. Those decisions carry risk profiles that look far closer to fund management than to treasury stewardship.
No governance, no right to be active
If DATCOs want to avoid being treated as unregulated investment vehicles, they need to adopt fund-grade guardrails. That means clear disclosures around strategy and risk. It means segregation of duties between custody, execution and risk oversight.
It means independent controls, audit-ready reporting and stress testing that models correlated drawdowns and protocol-level failures, not just price volatility.
Most importantly, it means boards formally recognizing protocol exposure and governance influence as core risks, not experimental upside.
Without those safeguards, “active treasury” becomes a euphemism for leverage without accountability.
This shift also exposes a second gap: infrastructure. Combining tokenized assets, staking income and compliance obligations inside a single mandate is not something legacy systems were designed to handle. Nor can it be safely managed through ad hoc wallets, spreadsheets or loosely governed smart contracts.
Institutional onchain rails will need to support delegated execution, policy driven controls and auditable workflows if DATCOs are going to operate at scale without amplifying systemic risk. That infrastructure must treat operational risk with the same seriousness as market risk because in active treasury models, the two are inseparable.
The consultation underway at MSCI should not be viewed as a threat to the sector. It is a signal that the easy phase is over. As DATCOs evolve into active operators from passive holders, the market will demand clarity about what these companies are and what risks they are taking.
Those that chase yield without guardrails may discover that classification was the least of their problems, because by the time the market reacts, the risks will already be embedded.
Opinion by: Abdul Rafay Gadit, co-Founder at Zignaly and ZIGChain.
This opinion article presents the author’s expert view, and it may not reflect the views of Cointelegraph.com. This content has undergone editorial review to ensure clarity and relevance. Cointelegraph remains committed to transparent reporting and upholding the highest standards of journalism. Readers are encouraged to conduct their own research before taking any actions related to the company.
As competition in the cryptocurrency space continues to grow, more blockchain and Web3 projects are turning to specialist PR agencies to get their announcements in front of the right audiences. Kooc Media, a crypto PR agency founded in 2017, has positioned itself as a direct solution for projects that need guaranteed media placements without the delays and unpredictability of traditional PR.
The agency operates differently from most PR firms. Rather than relying solely on pitching third-party journalists, Kooc Media owns and runs its own portfolio of established news publications, giving clients immediate access to real editorial placements on sites with built-up traffic and domain authority.
“Crypto doesn’t wait for anyone,” said Michelle De Gouveia, spokesperson for Kooc Media. “If you’ve just closed a funding round or you’re about to list a token, you need that press coverage live now, not in two weeks after a journalist decides whether they’re interested.”
A PR Model Designed Around Crypto’s Pace
Traditional PR works on a pitch-and-hope basis. An agency writes a press release, sends it to a list of reporters, and waits to see who picks it up. For industries that move on slower timescales, this can work fine. For crypto, where a token can launch, spike and settle within a matter of days, it creates a problem.
Kooc Media was built to remove that bottleneck. The agency owns and operates several well-known online publications including Blockonomi, CoinCentral, MoneyCheck, Parameter, Beanstalk and Computing. Clients can view the full list of brands on the agency’s sites page.
Because these are in-house publications, there is no pitch process and no editorial gatekeeping to navigate. When a client books a PR package, their article gets published. It’s a straightforward transaction with a clear outcome, which is exactly what most crypto teams are looking for.
Same-Day Publishing Across Multiple Sites
Speed is one of the main reasons crypto projects choose Kooc Media over other PR options. The agency offers same-day distribution, meaning a press release submitted in the morning can be live on multiple websites by the afternoon.
This matters for time-sensitive announcements like exchange listings, mainnet launches, strategic partnerships and presale openings. In each of these cases, the window for maximum impact is short. Having coverage appear within hours rather than days can make a meaningful difference to how much attention an announcement receives.
Beyond its own network, Kooc Media also distributes press releases through a wide partner network of finance, technology and crypto news sites. Clients who select higher-tier packages can also access major newswire distribution, with placements appearing on outlets including Business Insider, Bloomberg, Benzinga, MarketWatch, USA Today and Dow Jones-connected feeds.
Who Works With Kooc Media
The agency’s client base spans the full range of the crypto industry. This includes new token projects preparing for their first public launch, established blockchain companies announcing product updates, DeFi protocols seeking broader recognition, NFT and gaming platforms building mainstream awareness, and Web3 infrastructure companies raising venture capital.
Kooc Media also serves fintech companies that operate at the crossover between traditional finance and blockchain. As institutional interest in digital assets has increased, press coverage that reaches both crypto-native audiences and mainstream financial readers has become more valuable than ever.
“There’s a big difference between being covered on a crypto blog and being covered on a financial news network,” said De Gouveia. “Both have their place, but when a project shows up on both, it sends a much stronger signal to investors and partners.”
Crypto-specific PR packages and pricing are available at kooc.co.uk/crypto-pr/.
Full-Service PR Without the Overhead
Many crypto startups operate with small teams. They may have strong developers and a clear product vision but no dedicated marketing or communications staff. Hiring a full-time PR manager or building a media outreach strategy from scratch isn’t realistic when a project is focused on shipping code and hitting launch deadlines.
Kooc Media addresses this by offering managed PR creation. The agency’s in-house editorial team writes the press release, handles the formatting, and takes care of publishing and distribution. The client provides the key details about their announcement, and Kooc Media handles the rest.
This means a project with no existing press presence can go from zero coverage to being featured across multiple high-authority publications in a single day. There are no long onboarding processes, no retainer agreements and no minimum commitment periods.
Transparent Reporting and Verifiable Results
Every Kooc Media PR campaign comes with full reporting. After distribution is complete, clients receive a list of live URLs showing exactly where their press release has been published. Each link is clickable and verifiable, so there is no ambiguity about what was delivered.
The agency also provides information on the domain authority of each publication where the article appears. This is particularly relevant for projects that care about SEO, since backlinks from high-authority news websites contribute directly to higher search engine rankings.
For crypto projects, this dual benefit of credibility and search visibility makes PR a practical investment rather than just a branding exercise. A single well-distributed press release can improve a project’s Google rankings while also giving them something concrete to share with potential investors and community members.
Why Crypto PR Has Become Standard Practice
The days when a crypto project could gain traction purely through Discord communities and Twitter threads are fading. As the industry has matured, so have the expectations of investors, users and regulators. Press coverage on recognised publications now functions as a basic credibility signal that most serious projects are expected to have.
At the same time, the sheer number of projects launching every month means that standing out requires more than a good whitepaper. Visibility matters, and earned or placed media coverage remains one of the most effective ways to achieve it.
Kooc Media’s combination of owned media, partner distribution and newswire access gives crypto projects a clear path to that visibility without the guesswork that comes with traditional agency models.
iGaming and Gambling PR
In addition to its crypto and fintech services, Kooc Media runs dedicated PR packages for the iGaming industry, including online casinos, sportsbooks and gambling technology providers. Details on these services are available at kooc.co.uk/gambling-pr/.
About Kooc Media
Kooc Media is a specialist PR distribution agency covering the crypto, fintech, technology and iGaming sectors. The agency operates its own network of news publications and distributes through a broad partner network, offering guaranteed placements with same-day turnaround. Since 2017, the company has provided press coverage for hundreds of projects across the blockchain and financial technology space.
Kooc Media’s Crypto PR packages are available now through the company’s website at https://kooc.co.uk.
WhiteBIT, the largest European crypto exchange by traffic, has introduced two automated trading solutions – Spot Grid Bot and Martingale (DCA) Bot – designed to give retail traders greater control, flexibility, and capital efficiency when navigating volatile and trending crypto markets.
Designed primarily for retail traders, the tools focus on automation that allows users to adjust strategy, manage risk, and intervene when market conditions change.
While grid and dollar-cost averaging (DCA) tools are widely available on the market, WhiteBIT’s approach focuses on improving how these strategies are executed in practice. The new tools offer live strategy editing, adaptive AI parameter recommendations, and multiple reinvestment models, allowing users to adjust their approach without fully restarting trading cycles.
The launch expands WhiteBIT’s spot automation offering, prioritizing practical differentiation over introducing entirely new strategy types.
Key Differentiators
WhiteBIT’s implementation introduces several improvements to standard automation tools :
- Mid-cycle bot editing – users can adjust core parameters without fully exiting the strategy
- Multiple reinvestment modes – profits can be withdrawn, compounded, or converted into asset accumulation (HOLD logic)
- Manual averaging in DCA – allowing traders to intervene strategically when markets move deeper than expected
These features address a most common limitation among automated trading: inability to adapt once a bot is deployed.
Spot Grid Bot: AI-assisted volatility strategy
The bot uses an adaptive AI system that analyzes historical price data and volatility patterns to recommend optimized trading ranges. Instead of relying on static presets, the system applies machine learning methods to forecast probable price behavior and suggest safer grid boundaries.Users can preview performance through a historical replay backtesting model, designed to provide realistic yield expectations.
A core differentiator is ability to adjust strategies in real time. Traders can:
- Expand grid levels
- Adjust spacing
- Add capital
- Modify risk exposure
This allows users to respond to breakouts or shifting volatility without restarting the bot — a common limitation among existing solutions.
Martingale (DCA) Bot: Directional cycle-based automation
The Martingale (DCA) Bot is designed for traders anticipating directional market movement, particularly in bullish conditions.Unlike traditional accumulation-focused DCA strategies, WhiteBIT’s approach:
- Uses increasing order sizing during averaging
- Closes positions by cycle
- Allows profit reinvestment or asset accumulation
- Supports manual averaging intervention
This structure allows traders to manage drawdowns more efficiently, adapt safety orders, and scale capital allocation.
A notable differentiator is the ability to manually average positions if the bot becomes inactive between safety orders.
Automated trading tools have become standard across exchanges, and WhiteBIT focuses on improving flexibility, transparency, and capital management within established grid and DCA strategies rather than introducing new strategy models.
Crypto World
Bhutan Shifts 519.707 BTC Worth $36.8M to External Addresses as Holdings Drop 66% from Peak
Key Takeaways
- Bhutan’s state-owned investment arm, Druk Holding and Investments, transferred 519.707 BTC worth approximately $36.75 million to external addresses.
- Total 2026 outflows from Bhutan’s Bitcoin treasury have now exceeded $152 million, with holdings falling from nearly 13,000 BTC in late 2024 to approximately 4,453 BTC, a 66% reduction.
- Bhutan’s earlier pledge to allocate up to 10,000 BTC toward the Gelephu Mindfulness City project now faces significant headwinds.
The Royal Government of Bhutan moved another batch of Bitcoin from its sovereign treasury, transferring 519.707 BTC worth approximately $36.75 million to external wallets on Wednesday. The transaction spotted by Arkham Intelligence marks Bhutan’s third major Bitcoin movement in March alone and continues a pattern of steady, institutional-grade liquidations that has defined the kingdom’s crypto strategy in 2026.
A Quietly Depleting Holdings
The kingdom’s holdings have fallen roughly 66% from a late-2024 peak of about 13,000 BTC to 4,453 BTC, as larger March transactions replace the smaller $5 million to $15 million clips seen in January and February. Repeated transfers to Singapore-based QCP Capital suggest a structured over-the-counter selling arrangement.
The March activity has been the most intense yet. The latest 519.707 BTC transfer marks the wallet’s third large Bitcoin transaction in March, following $72 million moved in six separate transactions in the 24 hours leading up to March 18, and $11.8 million moved on March 9.
How Bhutan Built Its Treasury
Bhutan accumulated its cryptocurrency portfolio through government-operated hydroelectric mining facilities. Utilizing excess energy from hydropower plants meant mining costs were essentially negligible. Each Bitcoin sold represents nearly pure revenue for the state. The nation’s Bitcoin treasury reached its peak at approximately 13,000 BTC during late 2024.
As of March 12, Bhutan was the fifth-largest country by Bitcoin holdings, behind the US government, the United Kingdom’s government, El Salvador, and the United Arab Emirates Royal Group.
The Gelephu Pledge Under Pressure
In December 2025, Bhutan unveiled a Bitcoin Development Pledge, committing up to 10,000 BTC to fund the Gelephu Mindfulness City, an ambitious special administrative region project. On January 8, 2026, the project announced plans to establish a strategic cryptocurrency reserve including Bitcoin, Ether, and BNB, signalling a diversified approach to digital assets within Bhutan’s long-term economic planning. With current holdings sitting well below 5,000 BTC, that original commitment faces significant headwinds.
Druk Holding and Investments has not issued a public statement about the transfers. That silence is consistent with how the kingdom has handled its entire Bitcoin program. With Bitcoin navigating geopolitical-driven volatility this week and a $3 billion long liquidation risk still active below $65,000, Bhutan’s steady offloading adds another layer of sell-side pressure that the market is quietly absorbing.
Bitcoin slipped below $69,000 on Thursday as a broader pullback in risk assets gathered pace, with early optimism around Iran-U.S. peace and easing Middle East tensions fading.
The largest crypto lost more than 3% from its overnight high above $71,000, while major altcoins ether (ETH), XRP (XRP), Solana’s SOL (SOL) and Cardano’s ADA (ADA) plunged 4%-5% during the same period.
Oil prices remain the barometer for the broader market. Crude oil futures rose about 4%, reversing earlier declines and reinforcing concerns about inflation and supply disruptions tied to the Iran conflict.
U.S. stocks were at session lows just after noon on the East Coast, led by the Nasdaq’s 1.4% decline. Bond yields were sharply higher: the U.S. 10-year Treasury up 7 basis points to 4.40%, and the 10-year German Bund up 10.5 basis points to 3.06%.
Notably, all Magnificent Seven stocks are now all off double digit percentages from their all-time highs, with NVIDIA (NVDA) down 18%, Meta (META) 30%, Amazon (AMZN) 20%, Alphabet (GOOG) 19%, Microsoft (MSFT) 34%, Tesla (TSLA) 25% and Apple (APPL) down 14%.
“Looking ahead, the near-term trajectory will likely remain tied to macro developments,” said Joel Kruger, market strategist at LMAX Group.
A clearer path toward de-escalation could push risk assets, including bitcoin, higher, he said, while continued uncertainty may leave them stuck in a choppy range.
Crypto-related stocks were posting major losses as well: Coinbase (COIN), Circle (CRCL) and Strategy (MSTR) were down 3%-4%.
The sharpest losses came from bitcoin miners, nearly all of which are either in transition or have fully transitioned to being AI infrastructure plays and thus tied more to tech in general rather than crypto prices. Hut 8 (HUT) dropped 8.6%, while IREN (IREN) and Riot Platforms (RIOT) fell more than 7%. TeraWulf (WULF) and HIVE Digital (HIVE) also posted steep declines.
WhiteFiber (WYFI) shares fell 14% after its fourth quarter results showed worsening fundamentals, with a net loss widening to $1.5 million and a full-year loss of $24.7 million. The parent company of WhiteFiber, Bit Digital (BTBT), saw its shares down around 8%.
A few names bucked the trend, though. MARA Holdings (MARA) was up 8.7% after reporting the sale of $1.1 billion in bitcoin to pay down debt.
Crypto World
Bitcoin (BTC) holds ground as precious metals slide on ETF outflows and liquidity strains, JPMorgan says
Bitcoin is proving more resilient than traditional safe-haven assets as gold and silver come under pressure from outflows, positioning unwinds and deteriorating liquidity, according to Wall Street investment bank JPMorgan.
“The deterioration in liquidity conditions in gold has seen its market breadth
decline below that of bitcoin currently,” analysts led by Nikolaos Panigirtzoglou, wrote in the Wednesday report.
Bitcoin has shown relative resilience in recent weeks following the outbreak of war in Iran, even after a steep correction from its October all-time highs.
The cryptocurrency initially dropped sharply alongside broader risk assets, briefly falling into the low-$60,000 range and triggering large liquidations as investors rushed to de-risk amid geopolitical uncertainty.
But the sell-off proved short-lived. Prices have since stabilized in the high-$60,000 to low-$70,000 range, even as tensions persist and oil prices surge above $100 a barrel.
The price action suggests bitcoin is behaving less like a pure safe haven in the immediate shock phase and more like a high-beta macro asset, selling off initially, then finding support as flows return and longer-term holders step in once panic subsides.
Gold has fallen roughly 15% month to date, reversing a crowded rally that pushed prices to record highs near $5,500 in January. Silver, which peaked near $120, has followed a similar path lower. JPMorgan analysts attributed the sell-off to rising interest rates, a stronger U.S. dollar and broad profit-taking by both retail and institutional investors.
Flows data reinforce the shift. Gold ETFs saw nearly $11 billion in outflows in the first three weeks of March, while silver ETF inflows built since last summer have been unwound, the report said. In contrast, bitcoin funds have continued to attract net inflows over the same period.
Positioning data tells a similar story. JPMorgan’s proxy for institutional activity, based on Chicago Mercantile Exchange (CME) futures open interest, shows a sharp buildup in gold and silver exposure through late 2025 into early 2026, followed by a steep decline since January as investors cut positions. Bitcoin futures positioning, by comparison, has remained relatively stable in recent weeks.
Momentum signals also diverge. The bank noted that trend-following investors, such as Commodity Trading Advisors (CTAs), have aggressively reduced exposure to gold and silver, with indicators swinging from overbought to below-neutral levels. That positioning shift has likely amplified recent price declines. Bitcoin momentum, meanwhile, is recovering from oversold conditions toward neutral, suggesting selling pressure may be easing.
Liquidity conditions further highlight the divergence. Gold’s market breadth has deteriorated to the point where it now trails bitcoin, a reversal of the typical relationship. Silver’s liquidity has weakened further, with thinner market depth exacerbating recent price moves, the report added.
The world’s largest cryptocurrency was trading around $69,000 at the time of publication. Gold was trading around $4,450/oz, and silver $69/oz.
Read more: Wall Street broker Bernstein calls bitcoin bottom, keeps $150,000 year-end target
Crypto exchange Coinbase Global has launched a mortgage structure with Better Home & Finance that lets qualified borrowers pledge digital assets held in Coinbase accounts to fund down payments on standard conforming mortgages designed in accordance with Fannie Mae guidelines.
According to Coinbase, the structure enables borrowers to pledge digital assets such as Bitcoin (BTC) or USDC (USDC) as collateral for a separate loan used to fund the down payment, while the primary mortgage remains a standard, Fannie Mae–backed loan. Better will originate and service the mortgages.
When rolled out, the new development could mark a shift in how crypto assets are used in US housing finance, extending their role from qualifying assets in underwriting to a more direct component of mortgage financing.
The news follows earlier regulatory signals to integrate crypto into mortgage frameworks. In June, the US Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to prepare proposals to recognize cryptocurrency as an asset in mortgage risk assessments without requiring conversion to US dollars.
It also builds on a series of developments integrating crypto into home lending, with lenders like Newrez and Rate recently recognizing crypto holdings in underwriting, signaling a broader push to embed crypto across the mortgage stack.
Cointelegraph reached out to Fannie Mae for more information but did not receive a response before publication.
Pledging crypto for down payments comes with added risks
According to Coinbase, borrowers would take out a standard conforming mortgage while using a separate loan secured by crypto holdings to cover the down payment.
The setup allows buyers to retain exposure to digital assets, but replaces upfront cash with additional debt.
Related: Crypto mortgages in US face valuation risks, regulatory uncertainty
Coinbase said the model introduces constraints tied to pledged assets, with borrowers unable to trade collateral while it is locked.
The company said market volatility alone does not trigger margin calls as long as borrowers continue making payments, and mortgage terms remain unchanged once the loan is active.
The model also introduces new risks tied to the pledged assets. While price swings do not directly affect the mortgage, they may still influence borrower risk exposure and financial decisions over time.
Lenders have been gradually integrating crypto into mortgage underwriting
The new development follows several US lenders that recently incorporated crypto assets into mortgage processes.
On Jan. 17, loan servicer Newrez said it would allow borrowers to use BTC, Ether (ETH), crypto ETFs and stablecoins as qualifying assets in underwriting, without requiring liquidation.
On Feb. 23, mortgage lender Rate launched its RateFi program, which allows verified crypto holdings to count toward reserves and, in some cases, income. However, borrowers are still required to convert their crypto into cash for down payments and closing costs.
Ex-Congressman Ryan frames crypto as a housing tool
Ahead of the rollout, Cointelegraph’s Turner Wright spoke with former Ohio Representative Tim Ryan, a member of Coinbase’s advisory council who has focused on middle-class affordability, including housing.
Ryan cast mortgage financing as a practical, real-world use case for crypto, arguing that digital assets can unlock wealth for early investors and help address one of the biggest barriers to homeownership — the down payment.
“Digital assets have a place for working-class people… all the way down to getting a home,” Ryan said. “To see the industry move into… the housing sector… is a really huge deal.”
Affordability remains a major challenge for US homebuyers. Despite slower activity tied to low inventory and elevated mortgage rates, the average home price still exceeded $405,000 in the fourth quarter.
A 20% down payment, often required to avoid private mortgage insurance, would still cost buyers more than $80,000, a hurdle that could be less challenging now for crypto investors.
Additional reporting by Sam Bourgi and Turner Wright.
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Fenbushi Capital co-founder Bo Shen has reignited the chase for assets stolen in a 2022 wallet breach tied to a compromised seed phrase. Shen announced a bounty of 10% to 20% of any recovered funds, payable to individuals or organizations contributing meaningfully to the recovery. In parallel, on-chain investigators have already frozen roughly $1.2 million in related assets as fresh leads reshape the tracing narrative.
Shen first disclosed in November 2022 that about $42 million in crypto had been drained from his personal wallet, a loss he said did not affect Fenbushi-related entities. SlowMist, a blockchain analytics and forensics firm, later attributed the breach to a mnemonic seed phrase compromise. The renewed effort, Shen said, follows investigators developing new leads and a clearer view of how the stolen funds moved across chains and through exchanges. Still, as with many asset-recovery efforts in crypto, there is no guarantee of full restitution.
Key takeaways
- Investigators have already frozen about $1.2 million in related assets as new tracing techniques come online.
- Bo Shen’s bounty offers 10% to 20% of recovered assets, with rewards distributed after recovery is achieved.
- Stolen funds were originally estimated to comprise roughly $38.2 million in USDC, 1,607 ETH, nearly 720,000 USDT, and 4.13 BTC, and they were moved through exchanges such as ChangeNow and SideShift.
- Advances in AI-driven data analysis and on-chain forensics are expanding the ability to track asset flows across chains and platforms in seed-phrase breach scenarios.
- The outcome remains uncertain, but the case could serve as a practical test case for new tools and cross‑agency coordination in crypto security investigations.
A renewed hunt: from a 2022 breach to today’s tracing frontier
The 2022 incident marked a high-profile reminder of how quickly digital assets can be drained when seed phrases are compromised. Shen’s initial disclosure outlined a loss of roughly $42 million, describing it as personal wealth shorn from his own wallet rather than from Fenbushi-managed funds. In the months that followed, SlowMist attributed the breach to mnemonic phrase exposure, a two-step reality check for users and firms alike: seed phrase security remains foundational, yet defense-in-depth across custodial and cross-chain channels continues to evolve.
What changes now is not just the potential recovery of funds but the methodological leap in tracing capabilities. Shen notes that earlier, on-chain tracking and cross-chain forensics were more limited, constraining the ability to map flows as assets moved through wallets, exchanges, and liquidity venues. The latest wave of investigations leverages AI-assisted data analysis and more sophisticated on-chain forensics to identify transaction patterns, link addresses, and reconstruct asset paths with greater confidence. This shift is partly why the effort has gained renewed momentum after years of limited visibility.
Assets in play and how they traveled
According to SlowMist, the assets believed to have been stolen included about $38.2 million in USDC, 1,607 ETH, nearly 720,000 USDT, and 4.13 BTC. These funds did not remain static; they were subsequently moved through various channels and, at times, routed through centralized exchanges and swap services. The report notes that paths to recoveries were traced via routes that included platforms such as ChangeNow and SideShift, underscoring the challenge of cross‑exchange reconciliation in a fragmented, multi‑ledger environment.
The ongoing recovery effort cites the involvement of prominent on-chain researchers and investigators who have helped freeze assets in transit. Notably, the on-chain researchers identified in the public discourse contributed to actions that froze about $1.2 million of the missio funds. While this figure is a partial win, it also highlights how swiftly funds can fragment and reappear across pools and rails, complicating efforts to secure a full restitution.
The bounty and the evolving role of forensics
The bounty framework introduced by Shen is notable for two reasons. First, it aligns incentives around the asset-recovery process in a field where cooperation among individuals, firms, and exchanges is often essential but not always straightforward. Second, it reflects a broader trend in crypto security: using tangible rewards to mobilize disparate actors into coordinated action, especially when traditional legal avenues may be slower or less effective in a borderless ecosystem.
Shen’s announcement also foregrounds a shift in what researchers and investigators can offer beyond standard disclosure and reporting. By tying compensation to successful recovery, the effort implicitly endorses more aggressive tracing and collaboration across platforms. It also places a spotlight on the capabilities of on-chain analytics to parse histories that span multiple chains and custodial arrangements—an area where AI-enabled tooling is increasingly becoming a differentiator for investigators and security firms alike.
What this means for investors and the ecosystem
For investors and builders, the Bo Shen initiative illustrates both risk and progress. On the one hand, seed-phrase compromise remains a persistent risk vector; the value of robust key management and hardware wallets, combined with best practices for seed storage, remains undiminished. On the other hand, the case signals that the industry is gradually building a more effective toolkit for tracing and recovering misused assets. The involvement of high-profile figures in the space, coupled with the procedural use of bounties, could persuade more participants to collaborate openly when breaches occur, potentially accelerating the identification of compromised funds and their trajectories.
From a market perspective, the development suggests a growing willingness among insiders to publicly address losses and pursue remedies through non-traditional channels. It also highlights the ongoing tension between privacy, traceability, and accountability in the crypto world. While full restitution is far from guaranteed, the partial freezing of funds demonstrates the practical utility of advanced forensics and coordinated responses in reducing the velocity with which stolen assets can vanish from the system.
What to watch next
Readers should monitor updates on the recovered assets and any progress toward tracing additional funds. The outcome of the bounty—whether and how much of the $42 million ultimately surfaces—will hinge on ongoing forensic work, the cooperation of exchanges and liquidity venues, and the efficacy of the tracing methods being deployed. The case could set a precedent for future crypto-security investigations, especially in scenarios where seed-phrase compromises intersect with cross‑chain activity and exchange liquidity.
As investigators press forward, market participants will be watching how AI-driven analytics and contemporary on-chain forensics continue to reshape asset tracing. While uncertainty remains, the evolving toolkit offers a clearer picture of how complex thefts unfold—and how cooperative, incentive-driven efforts might improve chances of recovery in the volatile landscape of digital assets.
Stay tuned for further disclosures as the recovery effort progresses and more details about the new leads, the scope of recovered funds, and the mechanism for bounty payouts become available.
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