Shopping giant eBay has rejected video game retailer GameStop’s ambitious $56 billion takeover offer, leaving the latter to decide whether it wants to walk away, raise the bid or take the fight directly to shareholders.

EBay’s board called the half-cash, half-stock offer “neither credible nor attractive” on Tuesday, per Reuters, citing doubts around financing and arguing the company is better positioned under its current management. The rejection was widely expected. EBay has traded well below GameStop’s $125-per-share bid since the offer surfaced, a sign investors were not convinced the deal could close.

That puts GameStop’s bitcoin position back in the conversation, as CoinDesk reported earlier this month.

The cultish firm holds roughly $368 million worth of bitcoin exposure via a covered-call options strategy. It shifted nearly all of its 4,709 BTC to institutional brokerage Coinbase Prime, as a filing showed in March, turning the position into a receivable rather than directly held bitcoin.

GameStop’s offer was built around $9.4 billion of cash and liquid investments, plus up to $20 billion in debt financing from TD Bank. But that financing is contingent on the combined company maintaining an investment-grade rating, and Moody’s has already warned the deal would be credit negative for eBay. Raising the offer or going hostile would likely make the financing math more challenging.

Cohen has previously framed the eBay deal as “way more compelling than bitcoin,” leaving open the question of whether GameStop’s BTC position could be unwound if more cash is needed.

Selling it would not fund the deal by itself, but it is one of the few discretionary assets GameStop can point to as it tries to convince investors the bid is real.

The market remains skeptical, however. EBay shares slipped about 1% to $107 before the bell Tuesday, still far below the offer price, while GameStop fell 4%.

The deal previously drew pushback from parts of GameStop’s own investor base.

Michael Burry, the investor made famous by The Big Short, sold his stake after the bid and warned that buying eBay could saddle GameStop with debt and dilute shareholders.

Key takeaways

• Cardano (ADA) faces losses below $0.2800 after Sunday’s 4% recovery was capped by the 100-day EMA.
• Negative funding rates and a shift in futures market sentiment signal a bearish outlook.

Cardano futures market turns bearish as sentiment shifts

ADA is dpwn 2% in the last 24 hours and could record further losses in the near term. Cardano’s futures market sentiment is shifting to a bearish stance amid a pullback in the spot price this week. 

According to CoinGlass data, the ADA futures Open Interest (OI) rose by over 4% in 24 hours, reaching $596.40 million, indicating a buildup of positions as traders prepare for a potential sharp move.

However, the negative funding rate of -0.0018% suggests that fewer traders are willing to take long positions on ADA, pointing to a bearish outlook. 

Additionally, the long-to-short ratio stands at 0.7212, showing that active short positions significantly outnumber long positions, further reinforcing the bearish sentiment.

Technical outlook: ADA faces resistance at the 100-day EMA

The ADA/USD 4-hour chart remains bearish and efficient. At the time of writing, Cardano is trading around $0.2743, maintaining a capped tone below the 100-day EMA at $0.2870. 

While ADA is holding above the 50-day EMA at $0.2603, the technical structure remains cautious, suggesting that the broader bearish trend could continue if support fails to hold.

The Moving Average Convergence Divergence (MACD) is inching closer to the signal line, with the positive histogram bars contracting. Meanwhile, the Relative Strength Index (RSI) has slipped to 59, indicating that bullish momentum is weakening after an overextended move.

If the rally resumes, immediate resistance is seen at the 100-day EMA near $0.2870, with the longer-term 200-day EMA around $0.3696 acting as the next significant barrier.

However, if the bearish trend persists, the 50-day EMA at $0.2603 offers the first notable layer of support.

A daily candle close below this level could signify that the latest rebound is fading and the broader bearish bias is reasserting itself.

Wells Fargo reported larger positions in Ether exchange-traded funds in the first quarter while reshuffling its Bitcoin ETF holdings across several products, according to its latest Securities and Exchange Commission filing.

The bank said it raised its holdings in Ether (ETH) ETFs, including BlackRock’s iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW), according to its latest Form 13F filing released on Monday.

ETHA rose 63.5% from about 672,600 shares in Q4 2025 to roughly 1.1 million shares in Q1 2026, while ETHW increased by 37% from about 186,800 to more than 257,000 shares, showing a broad-based increase across Ether-linked funds.

Bitcoin (BTC) ETF exposure, by contrast, showed a more mixed pattern: positions in the iShares Bitcoin Trust ETF (IBIT) were slightly reduced, while Bitwise Bitcoin ETF Trust (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) holdings increased by roughly 24% and 41%, respectively.

The filing suggests Wells Fargo reported larger Ether ETF positions at quarter-end, even as its Bitcoin ETF exposure was more mixed.

Accumulation amid ETH price dip

Wells Fargo’s Ether ETF accumulation came during a period of weakening spot prices. According to CoinGlass data, Ethereum posted two consecutive quarterly declines, falling around 28% in Q4 2025 and 29% in Q1 2026.

Over the same period, spot Ether ETFs saw sustained outflows, totaling roughly $769 million across three straight months of withdrawals.

Ethereum quarterly price performance data, 2025–2026. Source: CoinGlass

Despite the broader downturn, Wells Fargo held around $21.5 million in Ether ETFs in Q1 2026, with ETHA as the largest position at $17.6 million.

Bitcoin dominates holdings, equity rotations favor Strategy over Galaxy

Bitcoin ETFs remain the dominant crypto ETF exposure in Wells Fargo’s portfolio, with IBIT making up the bulk of the exposure at roughly $250 million.

In equities, Wells Fargo made a more pronounced shift in crypto-linked holdings. The bank significantly reduced its stake in Michael Novogratz’s Galaxy Digital (GLXY), cutting its position from about 2.5 million shares in Q4 2025 to roughly 78,600 shares in Q1 2026, a decline of nearly 97% and an estimated $54.7 million reduction in exposure.

Related: Galaxy Digital posts $216M Q1 loss as crypto market slides 20%

On the other hand, Wells Fargo significantly increased exposure to Michael Saylor’s Strategy, the world’s largest public Bitcoin holder.

The bank raised its stake from about 322,700 shares in Q4 2025 to roughly 726,000 shares in Q1 2026, a gain of around 403,000 shares, or 125%, and an estimated $41.6 million increase in exposure.

Magazine: Strategy reveals why they would sell BTC, Trump Media posts loss: Hodler’s Digest, May 3 – 9

U.S. inflation data came in hotter than expected on Wednesday, reinforcing expectations that the Federal Reserve will keep interest rates steady at 350-375bps not only at its June 17 meeting, but also likely through the end of the year.

The Consumer Price Index (CPI) year-over-year rose 3.8% in April, according to a report from the Bureau of Labor Statistics. Economists’ forecasts had been for a rise of 3.7% following March’s 3.3% increase.

On a month-over-month basis, CPI rose 0.6%, above expectations of 0.3% and up from March’s 0.2%.

Core CPI, which excludes food and energy costs, rose 0.4% in April versus forecasts of 0.2% and March’s 0.3%. Year-over-year core CPI was higher by 2.8% versus forecasts of 2.7% and March’s 2.6%.

Under pressure this morning, bitcoin BTC$80,860.65 traded at $80,700 following the report, down 1.2% over the past 24 hours.

U.S. stock index futures were down across the board, and the 10-year treasury yield came in higher at 4.44%. WTI crude oil is posing a threat to the markets, and is higher by 3% on the day at $101.

Ahead of the CPI data, markets were pricing in a 98% probability that the Federal Reserve would leave interest rates unchanged at its March meeting, according to the CME Fed Watch tool.

Kevin Warsh is set to be confirmed as the next Federal Reserve Chair this week, as he is expected to take over from Jerome Powell on May 15.

Key Takeaways

• On Holding surpassed Q1 projections with sales reaching 831.9 million Swiss francs, representing a 14.5% increase year-over-year
• Adjusted earnings per share reached 0.37 francs compared to analyst expectations of 0.27 francs
• Full-year gross profit margin guidance was elevated to a minimum of 64.5%, versus the previous 63% forecast
• The Asia-Pacific region delivered the strongest performance with 44.4% net sales growth; China recorded high-double-digit expansion
• Founders David Allemann and Caspar Coppetti assumed co-CEO roles, succeeding Martin Hoffmann

On Holding exceeded analyst projections for its first quarter across both top and bottom lines while upgrading its annual profitability forecast. Yet shares reversed an early premarket surge of over 6%, with ONON trading down approximately 3.2% at the most recent check.

On Holding AG, ONON

Revenue totaled 831.9 million Swiss francs, marking a 14.5% rise from the prior year and representing the company’s first quarter exceeding the 800 million franc milestone. Measured in constant currency, the increase was 26.4%.

Adjusted earnings per share landed at 0.37 francs, comfortably beating the consensus target of 0.27 francs. Reported net income reached 103.3 million francs, almost doubling the 56.7 million francs recorded in Q1 2025.

Direct-to-consumer sales increased 16.4% to 322.3 million francs — though this narrowly missed the 326 million franc projection. Wholesale operations, which generate lower profit margins, expanded 13.3% to 509.6 million francs, exceeding the 499 million franc forecast.

Asia-Pacific Drives Expansion with China Leading the Charge

The Asia-Pacific territory emerged as On’s top-performing market during the quarter, with net sales surging 44.4% to 174 million francs — or 61.4% when adjusted for currency fluctuations. EMEA registered 22.8% growth while the Americas advanced 3.1%, equivalent to 17.1% in constant currency.

China delivered exceptional results. Revenue in the country is expanding at a high-double-digit pace, with apparel now comprising approximately 30% of China’s total sales — significantly higher than the roughly 6% share across the entire company. This performance stands in sharp contrast to Nike’s difficulties in the region, where domestic competitors have been capturing market share.

Co-CEO Caspar Coppetti attributed On’s success to its European heritage, which appeals to Chinese shoppers. “We’re Swiss and so the high quality, the attention to detail, really resonates,” he explained to CNBC.

On’s adjusted EBITDA soared 45.4% to 174.3 million francs. The adjusted EBITDA margin widened to 21.0% from 16.5% in the comparable period.

Full-Year Forecast Upgraded Amid Tariff Questions

For fiscal 2025, On projected revenue of 3.51 billion francs — suggesting constant currency growth of no less than 23%. This figure trailed the 3.54 billion franc analyst consensus slightly.

The athletic footwear and apparel maker increased its gross profit margin target to at least 64.5%, up from the previous 63% estimate. Adjusted EBITDA margin expectations were also lifted to a 19.5%–20% range, exceeding the earlier 18.5%–19% band.

On’s financial guidance still incorporates assumptions around a 20% tariff on Vietnamese imports, despite a recent U.S. Supreme Court decision that effectively eliminated that levy. The company has filed for a refund but maintains the situation remains uncertain. Coppetti emphasized that even if tariff relief materializes, the financial effect would be “immaterial.”

Shortly before quarter-end, On revealed a change in its executive leadership. Co-founders David Allemann and Coppetti transitioned into co-CEO positions, replacing Martin Hoffmann, who had served as the company’s principal representative with investors. The firm characterized Hoffmann’s departure as a “planned hiatus.”

ONON shares have declined roughly 27% year to date prior to this earnings announcement.

Bakkt reports a first-quarter 2026 net loss as revenue from crypto services contracts sharply. The digital-asset platform posted a net loss attributable to Bakkt of $11.7 million, or 41 cents per basic and diluted share, for the quarter ended March 31, compared with a net income of $7.7 million, or $1.13 per diluted share, a year earlier. Crypto services revenue declined 77% year over year to $243.6 million, a drop Bakkt attributed primarily to lower crypto trading volumes. However, the vast majority of that revenue is offset by crypto costs and brokerage fees, which totaled $242 million in the quarter. Excluding crypto costs, operating expenses were $18.5 million, roughly in line with a year ago. The company ended the period with $82.6 million in cash, including $69.6 million raised through equity offerings, and it carries no long-term debt.

In response to the subdued trading backdrop, Bakkt is repositioning itself around stablecoin payments and AI-enabled financial infrastructure. The quarter saw the company close its acquisition of Distributed Technologies Research on April 30, bringing in an AI-native payments engine and a stablecoin compliance stack. It has also signed a memorandum of understanding with Zoth, a stablecoin provider targeting high-volume cross-border payments across South Asia, the Middle East and Sub-Saharan Africa. Chief Executive Akshay Naheta framed the pivot as a long-term bet on the structural potential of stablecoin rails, pointing to evolving regulation as a potential tailwind for Bakkt’s licensed infrastructure.

Investor reaction to the results was mixed. Bakkt shares closed up 0.71% at $9.92 on the trading day, but slid in pre-market trading the following day, trading down about 9% to around $9.00 after the release. For context, the company’s full details and quarterly results were published in its earnings press release.

Key takeaways

• First-quarter 2026 net loss of $11.7 million, or 41 cents per share, versus a year-earlier net income of $7.7 million.
• Crypto services revenue collapsed 77% year over year to $243.6 million; crypto costs and brokerage fees totaled $242 million, offsetting much of that revenue.
• Cash position of $82.6 million at quarter end, with $69.6 million raised through equity offerings; Bakkt maintains no long-term debt.
• Strategic shift toward stablecoins and AI infrastructure, marked by the acquisition of Distributed Technologies Research and a signed MoU with Zoth to pursue large-scale stablecoin payments.

Bakkt’s pivot from trading rails to stablecoin infrastructure

The quarterly results underscore a deliberate strategic shift for Bakkt away from traditional crypto trading platforms toward what management portrays as durable, utility-focused infrastructure. The acquisition of Distributed Technologies Research, completed on April 30, adds an AI-native payments engine and a stablecoin compliance stack to Bakkt’s offerings. Taken together with the MoU with Zoth—aimed at enabling substantial cross-border payments via stablecoins—the moves suggest Bakkt is betting on a future where regulated, scalable digital-asset rails underpin mainstream payments activity rather than speculative trading volumes. In the earnings release, CEO Akshay Naheta framed stablecoin infrastructure as a transformative trend in global finance, noting potential regulatory catalysts such as the GENIUS Act and CLARITY Act could lift the value of Bakkt’s licensed platform.

Financials in flux: what changed, what stays uncertain

The pronounced drop in crypto services revenue highlights the volatility inherent in crypto markets and trading activity. Bakkt’s narrative around stabilization hinges on the idea that a stablecoin-focused, AI-enabled payments backbone can deliver steadier, enterprise-oriented demand. The company’s costs remained manageable on an operating basis, with expenses at $18.5 million, only slightly lower than a year ago, helping limit the impact of the revenue gap. The absence of long-term debt provides a clean balance sheet as Bakkt invests in its strategic pivot. The cash position, while modest, is strengthened by equity financing conducted during the period, which suggests a clear plan to fund growth initiatives without leverage. The near-perfect offset between revenue and crypto costs in the quarter illustrates a business where the top-line volatility of crypto trading did not translate into purely additive profit or loss, reinforcing the logic of a structural shift toward stablecoins and infrastructure services.

Broader market context: stablecoins as an infrastructure play

The Bakkt pivot sits within a broader industry narrative that has drawn increased attention from public markets. Stablecoin infrastructure firms are attracting investor interest as market participants seek regulated, scalable rails for digital-asset payments. In related market coverage, Circle Internet Group reported a strong quarter, with USDC in circulation rising to about $77 billion and on-chain transaction volumes surging to roughly $21.5 trillion, alongside a $222 million presale of its ARC token at a $3 billion fully diluted network valuation. Circle’s results also showed a 20% year-over-year rise in total revenue and reserve income to $694 million, underscoring how stablecoins and on-chain ecosystems are expanding beyond niche crypto trading into broader financial infrastructure. These dynamics help explain Bakkt’s strategic emphasis on stablecoins and enterprise-grade payments capabilities as a differentiating asset class in a crowded crypto landscape.

Bakkt’s efforts reflect an ongoing tension in the market: the need to translate crypto-adjacent activity into sustainable revenue streams while navigating an evolving regulatory framework that could unlock or constrain growth. The company’s emphasis on stablecoins and AI-enabled infrastructure aligns with a broader trend of institutional-grade entrants seeking regulated, scalable rails for payments and settlement, rather than relying on highly cyclical trading volumes. For investors and builders, the key question is whether Bakkt’s new architecture can achieve product-market fit at scale and whether stablecoin adoption by merchants and financial institutions can outpace the slowdown in direct crypto trading activity.

Looking ahead, observers will be watching Bakkt’s progression on several fronts: the traction of its AI-enabled payments engine, the commercial pipeline around the Zoth MoU, and the degree to which regulatory developments support or impede stablecoin infrastructure. In the near term, the company will also need to demonstrate that its balance sheet and liquidity posture can sustain ongoing pivot-related investments while delivering tangible product adoption and revenue growth beyond crypto services.

As Bakkt executes this transition, the broader market will also be assessing the pace at which stablecoins transition from ancillary tools to essential components of mainstream commerce. The coming quarters should reveal whether Bakkt’s recalibration translates into durable, recurring revenue from stablecoin rails and enterprise-grade financial infrastructure, or whether the company must further recalibrate in response to evolving market dynamics and regulatory clarity.

What to watch next: ongoing updates on Bakkt’s stablecoin and AI initiatives, the commercial outcomes of its DT Research integration and Zoth collaboration, and regulatory developments that could shape the viability of licensed infrastructure players in the digital-asset payments space.