Crypto World
Morgan Stanley, Top Holders Boost Bitmine Exposure Amid Sell-Off
Bitmine Immersion Technologies (BMNR) (EXCHANGE: BMNR) remains a central node in corporate crypto treasury strategies as its Q4 2025 13F filings show a broad-based uptick in holdings among the top shareholders, even as the crypto market endured a broader crash and the stock underperformed. Morgan Stanley, the largest reported holder, lifted its stake by about 26% to more than 12.1 million shares, valued at roughly $331 million at quarter-end, according to its Form 13F filing with the U.S. Securities and Exchange Commission. ARK Investment Management followed with a roughly 27% increase to over 9.4 million shares, worth around $256 million. The moves underscore a divergent dynamic in which major asset managers deploy capital into a prominent Ethereum treasury specialist even as price action remains challenging for the sector. Ether (ETH) (CRYPTO: ETH) and other treasury-driven strategies are at the forefront of this activity, illustrating how institutional players view long-term relevance amid volatility.
The momentum isn’t isolated to these two institutions. A wider cohort of blue-chip managers also expanded exposure in BMNR during the quarter. BlackRock’s stake surged by 166%, Goldman Sachs’s position jumped 588%, Vanguard increased by 66%, and Bank of America’s exposure soared by a staggering 1,668%, according to the same filings. Collectively, these moves reinforce a narrative of growing institutional curiosity toward corporate treasuries that accumulate and manage Ether holdings as a strategic reserve. The trend aligns with discussions across the market about ESG- and yield-forward treasury management, even as macro liquidity and risk sentiment oscillate.
Further reinforcing the trend, the top 11 shareholders reportedly raised exposure during Q4 2025, including names such as Charles Schwab, Van Eck, the Royal Bank of Canada, Citigroup and Bank of New York Mellon Corporation, based on official filings compiled by observers tracking 13F data. The breadth of buying activity within BMNR’s cap table points to a broad confidence among large institutions that the company’s Ether positions can endure and potentially appreciate over longer horizons, even when near-term prices have pulled back. The aggregate effect is a market where large investors appear to view BMNR as a vehicle for exposure to Ethereum treasury strategies rather than as a proxy for traditional equity beta.
BMNR’s stock, however, has not mirrored this institutional enthusiasm. The shares declined by roughly 48% in the fourth quarter of 2025 and have fallen about 60% over the preceding six months. In premarket trading, BMNR hovered near $19.90, underscoring a disconnect between the capital being deployed by incumbents and the day-to-day price action in the stock market. This divergence has prompted ongoing discussion about the company’s financing flexibility, particularly as it relates to its market net asset value, or mNAV, a metric that contrasts enterprise value with the market value of its crypto holdings. Data tracked by Bitmine monitoring services indicate that the mNAV remained above 1, a sign that the firm retains capacity to raise capital by issuing new shares if needed, supported in part by sustained institutional ownership.
Beyond the equity narrative, BMNR’s treasury strategy remains deeply anchored in Ether purchases and accumulation. In the past week, the company added 45,759 Ether for approximately $260 million, at an average cost basis of around $1,992 per ETH. This ongoing accumulation reinforces BMNR’s status as a leading corporate holder of Ether, a position publicly noted by analysts and tracked by data providers. In aggregate, the company now holds about 4.37 million Ether on its books, worth roughly $8.69 billion at current valuations, according to the StrategicEthReserve dataset. This concentration of Ether on a corporate balance sheet is characteristic of a broader trend where treasuries seek to diversify risk and inflationary pressures by maintaining sizable crypto stacks as strategic assets rather than pure speculative bets.
These developments come as the market navigates a period of heightened volatility and structural shifts in crypto liquidity and custody. While the broader sector has faced drawdowns, the continued accumulation by blue-chip institutions suggests a longer-run thesis in which Ether plays a central role in diversified treasury strategies. Bitmine’s ability to maintain an mNAV above 1—supported by strong institutional ownership—illustrates how the market is increasingly valuing the capacity to deploy capital into Ether holdings without immediate dilution or financing constraints. The data underpinning these conclusions rely on multiple sources, including 13F filings and independent trackers, which collectively provide a window into the evolving dynamics between public market perception and private treasury strategies.
For readers tracking the governance and strategic implications of Bitmine’s approach, the company’s Ether-heavy balance sheet remains a focal point. The combination of rising institutional ownership and persistent buybacks or capital raises could shape how the market evaluates Ether exposure within corporate treasuries over the coming quarters. As the market continues to digest these developments, observers will be watching how BMNR balances liquidity, financing flexibility, and the ability to sustain or adjust its Ether purchases in response to price movements, regulatory signals, and evolving investor expectations.
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Why it matters
The quarterly inflows from top-tier institutions into BMNR underscore a broader trend: major asset managers are increasingly comfortable aligning with corporate treasury strategies that emphasize Ether as an ongoing hold, not merely a speculative asset. This dynamic supports a narrative where Ether moves beyond a retail-driven hype cycle and becomes a component of risk-managed corporate portfolios. The fact that the mNAV remains above 1 suggests management can pursue additional Ether purchases or liquidity-friendly financings without necessarily triggering dilution worries, a factor that reduces external funding frictions in a volatile market.
From a market structure perspective, the concentration of Ether within a handful of corporate treasuries can influence price discovery and liquidity in the broader Ethereum ecosystem. While stock prices for BMNR have faced a substantial pullback, the ongoing accumulation by entrenched institutions indicates a differentiated view of the asset’s long-term value proposition. For investors and builders in the crypto space, the trend highlights the continued institutionalization of Ether as a treasury asset category, with governance, custody, and risk management practices likely to mature further as more firms participate.
On regulatory and policy grounds, the uptick in 13F disclosures around BMNR is part of a larger disclosure regime that provides visibility into how institutions structure their crypto exposures. This transparency helps investors assess risk, liquidity, and capital allocation strategies in a sector that remains under tight scrutiny in several jurisdictions. While the market environment remains unsettled, the clear signal from these filings is that large financial institutions see strategic merit in backing corporate treasuries that actively manage Ether holdings, even when the broader market is pressured.
What to watch next
- BMNR’s Q1 2026 13F filings to reveal whether institutions maintain or adjust their positions as Ether prices fluctuate.
- Any additional Ether purchases by BMNR and the impact on mNAV and financing options.
- Regulatory developments affecting crypto treasury strategies or corporate disclosures for digital asset holdings.
- Price action in Ether and broader Ethereum-related products that could influence treasury strategies across the sector.
Sources & verification
- Morgan Stanley 13F Q4 2025 filing confirming stake of over 12.1 million BMNR shares (EXCHANGE: BMNR) and a value near $331 million — 13f.info.
- ARK Investment Management 13F Q4 2025 filing showing a stake of about 9.4 million BMNR shares worth roughly $256 million — 13f.info.
- Bank of America 13F filing for Q4 2025, confirming exposure to BMNR — SEC filing: xslForm13F_X02/Q4202513fhr.xml.
- Bitmine tracker data indicating the mNAV remains above 1 and tracking institutional ownership — https://www.bitminetracker.io/.
- StrategicEthReserve data showing BMNR holds 4.37 million Ether (ETH) valued at approximately $8.69 billion — https://www.strategicethreserve.xyz/#.
Rewritten Article Body
Institutional bets sustain Bitmine’s Ether treasury even as price retreats
Bitmine Immersion Technologies (BMNR) (EXCHANGE: BMNR) has drawn renewed attention from the wallet of large-cap fund managers, as its Q4 2025 13F filings reveal a broad-based expansion in ownership among the top shareholders despite a crypto-market downturn and a steep slide in the stock price. Morgan Stanley, the most prominent disclosed holder, raised its stake by roughly 26% to more than 12.1 million shares, a position valued at about $331 million at quarter-end. ARK Investment Management followed with an approximately 27% increase to just over 9.4 million shares, equating to around $256 million in value. These moves, captured in the quarterly forms now on public record, signal a continued institutional tilt toward Bitmine’s Ethereum treasury positioning even as general market sentiment remains cautious. (EXCHANGE: BMNR) (CRYPTO: ETH)
Beyond these two heavyweights, a broader suite of institutions intensified their exposure to BMNR in the quarter. BlackRock’s stake surged by 166%, Goldman Sachs’s by 588%, Vanguard by 66%, and Bank of America by an astonishing 1,668%. The cluster of purchases underscores a deeper institutional conviction that Ether-based treasury strategies can function as a long-horizon component of a diversified balance sheet, particularly for entities seeking to anchor liquidity in a volatile market. The filings also show that the top 11 shareholders, including Charles Schwab, Van Eek, Royal Bank of Canada, Citigroup and Bank of New York Mellon, expanded their positions, suggesting a broad consensus among asset managers about BMNR’s strategic approach to Ether exposure and treasury management.
However, the market performance narrative remains separate from these portfolio moves. BMNR’s stock price declined about 48% in Q4 2025 and roughly 60% over the prior six months, trading near $19.90 in premarket action. The price action contrasts with the resilience implied by the mNAV, a metric that compares enterprise value to crypto holdings and can indicate financing flexibility. Bitmine-tracking services indicate the mNAV stayed above 1, a threshold that can ease the process of raising new capital through equity issuance, thereby supporting continued treasury activity without immediate dilution fears. The juxtaposition of robust institutional inflows with a declining stock price highlights a common theme in crypto corporate finance: markets can discount near-term price volatility while institutions bet on longer-term structural value in the underlying treasury strategy.
Concurrently, Bitmine intensified its Ether accumulation. In the past week alone, the company added 45,759 Ether for roughly $260 million, at an average cost basis of around $1,992 per ETH. This cadence of purchases cements Ether as a cornerstone of Bitmine’s treasury stack, aligning with its broader position as the world’s largest corporate holder of Ether—4.37 million ETH, valued at approximately $8.69 billion, according to StrategicEthReserve data. That scale places Bitmine at the vanguard of corporate custody, illustrating how large holders approach risk and revenue potential in a market that continues to rehearse inflationary and macroeconomic concerns.
The trajectory of these holdings, alongside the mosaic of 13F disclosures, points to a market where public equity dynamics and crypto treasury strategies can diverge meaningfully. Institutional confidence in BMNR’s approach appears to rest not on day-to-day price swings but on the ability to sustain a disciplined, growth-focused Ether program that could weather downside scenarios while remaining positioned for upside in a longer horizon. Observers will monitor whether this institutional appetite translates into greater liquidity, more favorable financing terms, or additional capacity to accumulate Ether in the quarters ahead, particularly as macro conditions evolve and Ethereum-specific catalysts emerge.
TLDR:
- CME will offer 24/7 crypto futures and options starting May 29, pending approval.
- Year-to-date 2026 ADV hits 407,200 contracts, up 46% from last year.
- Futures ADV rises 47% YoY, signaling strong institutional interest in crypto derivatives.
- CME implements brief weekly maintenance; all holiday trades settle the next business day.
CME Group will begin round-the-clock trading for cryptocurrency futures and options starting May 29. The move awaits regulatory approval. Trading will run continuously on CME Globex, with a brief weekly maintenance window.
The update comes amid record demand for digital asset risk management, according to Walter Bloomberg. In 2025, CME reported $3 trillion in crypto notional volume. Year-to-date 2026 volumes are up 46%, highlighting growing institutional participation.
The announcement was confirmed via a press release from CME Group. It emphasizes access to regulated, transparent crypto products at all times for market participants.
Continuous Trading and Market Access
Starting Friday, May 29 at 4:00 p.m. CT, CME cryptocurrency products will trade 24/7. A
two-hour weekly maintenance period will occur over weekends. Trade dates for holiday or weekend activity will follow the next business day. Clearing, settlement, and regulatory reporting will also be processed on the next business day.
Tim McCourt, Global Head of Equities, FX, and Alternative Products at CME Group, said client demand for digital asset risk management is at an all-time high. Providing 24/7 access aims to let clients manage exposure anytime. Consequently, traders can react to market changes without delay.
This continuous trading structure includes both futures and options. CME Globex will host all transactions. As a result, the exchange meets rising institutional interest in high-frequency crypto risk management.
Record Volumes and Market Impact
Crypto trading at CME continues to reach record levels in 2026. Average daily volume stands at 407,200 contracts, up 46% year-over-year. Futures ADV alone is 403,900 contracts, marking a 47% increase. Open interest has risen 7% to 335,400 contracts.
CME operates across multiple asset classes, including interest rates, equity indexes, and commodities. Its derivatives platform allows clients to manage risk efficiently and capture opportunities.
By offering 24/7 crypto trading, CME provides a regulated alternative to unregulated markets.
The update also aligns with CME’s goal to enhance market transparency. Clients can trade with confidence, knowing all activity occurs under regulated oversight. This development strengthens the exchange’s position as a leading crypto derivatives marketplace.
Cambodia’s Deputy Prime Minister Sar Sokha has announced that 48,000 foreign nationals have been deported since the launch of a widespread scam center crackdown in 2023. However, he’s cautioned that despite this apparent success, the country’s police force is stretched worryingly thin.
Sokha reportedly shared the statistic as part of a “Safer Internet Day” campaign, launched last Tuesday.
However, he also warned that the nation’s police force is “stretched thin” with roughly one officer for every 3,100 citizens. In an effort to mitigate the shortfall, he outlined plans for a new initiative that would pay residents for any tips that lead authorities to scam center compounds.
He said, “We cannot do this alone. We need local residents to be our ‘eyes and ears’ to help sweep these operations out of our country.”
Sokha also said the government will introduce exit restrictions at airports to stop victims from being trafficked.
Women between the ages of 18 and 35 without clear documentation, verified sponsors, and little in the way of funds will be checked, as well as tourist travellers with very little money.
Read more: China executes four more in pig butchering scam crackdown
Additionally, there will be an effort to educate Cambodia’s population about the risks of AI and the ability it has to make scams more difficult to recognise.
Scam center compounds have been disrupted
In January, Sokha also promised to increase the minimum number of local police officers available to deal with drug trafficking and youth crime.
That month saw several scam center compounds significantly disrupted after the arrest of Chen Zhi, the alleged kingpin behind the billion-dollar operation. Since then, thousands have been deported after being inked to similar operations in casinos and other shady businesses.
The majority of these deported nationals are victims of trafficking who are forced to carry out crypto scams known as “pig-butchering.” Chinese victims often make up the bulk of these nationals but many come from other countries across Asia, and in rare cases, America.
Cambodia juggles scam center crackdown with Thailand war
On top of the 48,000 deported, Sokha said that around 210,000 foreign nationals have also voluntarily left the country. While the scam center epidemic has contributed to this exodus, the country’s ongoing armed conflict with Thailand may also be a factor.
Border clashes between the two countries began in May 2025 and have escalated to include exchanges of artillery fire, frequent gunfights, and Thai air bombardment directed towards Cambodia.
Hundreds of thousands of citizens have reportedly been displaced, while at least 149 have been killed. A peace agreement was first brokered in late July before fighting began again in December.
Cambodia’s Prime Minister Hun Manet claimed yesterday that Thai forces are still occupying its territory despite a peace deal brokered by US President Donald Trump in late December.
Read more: Thailand cuts power to Myanmar crypto scam center regions
Cambodia accused Thailand of killing one of its soldiers in May, leading to Thai ambassadors being pulled out of Cambodia. More clashes followed in July, with both sides disputing who fired first.
Many citizens are waiting to return to their homes, while Thailand’s newly elected nationalist Prime Minister, Anutin Charnvirakul, is pushing for a wall to be built along the border.
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XRP price breaks local bearish market structure, shifting momentum, with price now testing a key volume support zone that could establish a higher low for higher prices.
Summary
- Local bearish structure invalidated, signaling momentum shift
- Key volume support zone being defended, favoring higher-low formation
- $1.76 resistance becomes upside target, if bullish volume confirms continuation
XRP (XRP) Price action has begun to show early signs of recovery after breaking its local bearish market structure. Following a period of sustained downside pressure, the market has transitioned back into a technically significant support region where buyers are attempting to regain control. This development suggests that the corrective phase may be nearing completion, provided key support levels continue to hold.
Markets often transition through phases of imbalance before stabilizing around high-liquidity zones. The current move back into a major volume support cluster highlights a potential shift away from bearish continuation toward rotational price behavior. Whether this develops into sustained upside momentum will depend heavily on how price reacts within this support region.
XRP price key technical points
- Local bearish market structure has been broken, signaling momentum shift
- Major volume support cluster is being tested, including POC and Fibonacci confluence
- $1.76 high-timeframe resistance becomes the upside target, if higher low confirms
XRP price has rotated back into an important technical region defined by strong volume participation. This zone includes the point of control (POC), the value area high, and the 0.618 Fibonacci retracement, creating a powerful confluence of support levels.
When multiple technical indicators align in one region, it often increases the probability of price stabilization. Such areas typically attract liquidity and institutional interest, making them ideal locations for higher lows to form during trend transitions.
The return to this volume area indicates that sellers are losing immediate dominance, while buyers are beginning to defend price more aggressively.
Establishing a higher low is critical
The most important technical requirement moving forward is the confirmation of a higher low. A higher low represents a shift in market structure from bearish to constructive and often marks the early stages of trend continuation to the upside.
For this scenario to remain valid, the value area low must continue acting as support. Acceptance below this level would weaken the bullish thesis and reopen downside risks. However, sustained holding above value strengthens the probability that accumulation is taking place.
Once a higher low is confirmed, XRP gains structural support for continuation within the newly developing trend.
Market structure transition underway
The recent break of local bearish structure is a meaningful technical event. Previously, price action was characterized by lower highs and continued weakness. That pattern has now been disrupted, indicating a transition from distribution toward potential accumulation.
Market structure shifts rarely occur instantly. Instead, they typically unfold through rotations between support and resistance levels. The current consolidation within the volume support region may represent the early phase of this transition.
As buyers defend support and absorb supply, momentum can gradually build for a larger expansion move.
Resistance at $1.76 comes into focus
If the higher low successfully forms, attention shifts toward high-timeframe resistance near $1.76. This level represents the next major technical objective and aligns with prior rejection zones within the broader trading range.
A rotational move toward resistance would confirm that the market has transitioned out of its corrective phase and into a recovery structure. However, reaching this target will require strong bullish participation.
Bullish volume is the deciding factor
While structural signals are improving, confirmation ultimately depends on bullish volume expansion. Breakouts or rotations without volume often fail, leading to renewed consolidation or reversals.
Increasing buy-side volume would validate demand returning to the market and strengthen the probability of continuation toward resistance. Without this confirmation, price may remain range-bound despite structural improvement.
What to expect in the coming price action
From a technical, price-action, and market-structure perspective, the market is attempting to transition from bearish control into a more constructive environment. The break of the local bearish structure, combined with strong volume support, suggests that a higher low may be forming.
In the near term, consolidation around the volume support zone is likely as the market searches for equilibrium. As long as the value area low holds, the probability favors a rotational move for XRP toward the $1.76 resistance level.
A decisive increase in bullish volume would confirm continuation, while failure to hold support would delay the recovery. For now, the technical landscape favors stabilization and potential upside rotation as the market attempts to establish a new structural trend.
Minutes from the January meeting show rate hikes are not off the table. If inflation stalls, policymakers are ready to tighten again. That is a direct warning to risk markets.
For Bitcoin price, this flips the script. The market was leaning toward cuts. More liquidity. Easier conditions. Now the Fed is signaling the opposite.
Higher rates. Tighter liquidity. And that changes everything for crypto.
Key Takeaways
- The Signal: Fed officials discussed “upward adjustments” to rates if inflation stays above target levels.
- The Split: The vote was 10-2 to hold rates, but a significant “hawkish” contingent is pushing back against cuts.
- The Risk: Higher-for-longer rates typically drain liquidity, creating headwinds for Bitcoin and ETF inflows.
Why Does This Matter for Crypto and Bitcoin Price?
Markets were relaxed. Cuts in 2026 felt almost guaranteed. Now that confidence got shaken again.
The Fed held rates at 3.5% to 3.75%, hitting pause after three straight cuts in late 2025. But the tone was not soft. Inside the discussion, a hawkish group made it clear they are not ready to promise more easing.
hawkish fed stance dampening macro sentiment — Binan Smart Kid
(@Binansmartkid) February 18, 2026
Some officials even floated “upward adjustments” if inflation sticks around. That is a big shift. The market had assumed a smooth path lower. The minutes analysis say otherwise.
The Fed wants clear proof that disinflation is real before cutting again. That puts serious weight on the February CPI print. If inflation runs hot, rate hikes move from theory back to reality.
What Happens Next?
Pricing is getting messy. CME futures still show a 94% chance of a pause in March. But the hike risk is no longer zero.
Now it all comes down to inflation data. If the next print runs hot, the Fed fears get validated. If not, this scare might fade just as fast as it appeared.
Discover: Here are the crypto likely to explode!
The post The Market Priced in Cuts, the Fed Mentioned Hikes. What It Means For Bitcoin Price? appeared first on Cryptonews.
Across the globe, it remains common for crypto users to have their bank accounts frozen and transfers blocked, even as institutional adoption rises.
Panos Mekras, co-founder and CEO of blockchain fintech Anodos Labs, began dealing with crypto in Greece in the late 2010s. Most Greek banks didn’t allow transfers to crypto exchanges back then. Mekras experienced blocked card payments until one bank finally permitted his transfers, but first, he was questioned to ensure he understood he was interacting with a “risky” counterparty.
Mekras told Cointelegraph that those early rejections are symptomatic of how banks treat digital assets as inherently high risk. That label often led to account closures or sudden freezes without explanation, ultimately pushing his business to rely solely on onchain tools and payment rails.
Public perception of crypto has since evolved. Now, crypto is undergoing an image refresh, from a speculative asset class to an infrastructure layer for future financial products. However, Mekras said he still experiences the same banking barriers, as recently as a “few months ago”:
“I tried to send money from an exchange to Revolut, and they froze my account for three weeks. I had no access to my [funds] during that time.”
The long shadow of crypto debanking
Mekras isn’t the lone crypto holder with such complaints despite banks announcing expansions into custody and blockchain initiatives.
A January report from the UK Cryptoasset Business Council found that bank transfers to exchanges were being blocked or delayed, with roughly 40% of payments encountering restrictions and 80% of exchanges reporting increased friction over the past year.
The council warned that blanket bans and transaction limits are often applied without regard to the legal status of the exchange.
Revolut is one of two banks that permit both bank transfers and debit cards in the UK council’s study, and it is also the platform where Mekras claims to have experienced his recent account freeze. It operates as an authorized UK bank “with restrictions,” meaning it is currently building up its banking processes before full launch. It also holds a European Union banking license through Lithuania and offers crypto trading services in its app.
A Revolut spokesperson told Cointelegraph it treats account freezes as a “last-resort” customer protection measure in compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
“A temporary freeze may occur if our systems detect irregular activity. This could be a combination of a few factors, such as if a customer interacts with a platform frequently exploited by fraudsters, or we believe that the funds in question may be the proceeds of crime or sanctions circumvention,” the spokesperson said.
The representative added that since Oct. 1, just 0.7% of Revolut accounts where customers deposited crypto funds were restricted or frozen after investigation.
Related: How Europe’s blockchain sandbox finds innovation in regulation
When banks close doors, users move onchain
In some regions, crypto is blocked and leaves users to more extreme restrictions. Crypto on- and off-ramps are not legally possible in regions like China, so users resort to peer-to-peer (P2P) platforms or black markets to trade crypto.
While China sits on the extreme end of the spectrum, other jurisdictions have eased official and unofficial restrictions. Nigeria once banned crypto and even blocked P2P platforms. However, it formally recognized digital assets as securities in 2025.
Related: Crypto takeaways from Davos: Politics and money collide
Similar banking friction patterns also emerged in the US. Lawmakers and the industry have invoked the term “Operation Chokepoint 2.0” to describe the federal regulators’ informal guidance that discouraged banks from maintaining relationships with crypto companies.
The original “Operation Choke Point” was an initiative in which enforcement agencies were accused of pressuring banks to cut ties with politically contentious industries such as payday lenders and firearms sellers.
In January 2025, Donald Trump took office as the president of the US and has been pushing for crypto-friendly policies to position the world’s largest economy as the “crypto capital” of the world.
Crypto debanking issues have since been officially recognized. In December, the US Office of the Comptroller of the Currency (OCC) released its findings on debanking practices by nine of the country’s largest banks. The OCC also published an interpretive letter to confirm that banks may facilitate crypto transactions in a broker-like capacity.
Regardless of the positive momentum, users still complain that the banking sector won’t service accounts exposed to cryptocurrencies.
“This is still the case [and] there are still anti-crypto positions. Some have even said publicly that they are not willing to support crypto activity or engage with the industry,” said Mekras.
Mekras argued that users can consider fully detaching from the traditional banking system and moving finances onchain. It sounds viable in theory, but in reality, most businesses and users still cannot operate purely within crypto without reliable access to fiat rails.
Banking’s turn toward blockchain infrastructure
In recent years, there has been a global shift in how traditional financial institutions engage with crypto.
Major banks and financial infrastructures are increasingly building products and services tied to Web3. In the US, 60% of the top 25 banks are reportedly offering or planning Bitcoin-related services, including custody, trading and advisory solutions.
Across Europe, regulated services such as crypto custody and settlement are being introduced by legacy exchanges and financial groups under the Markets in Crypto-Assets Regulations (MiCA). In the UK, HSBC’s blockchain platform was selected to support pilot issuances of tokenized government bonds.
In that backdrop of institutional adoption, some companies working to bridge banks and blockchain claim that the challenges that lead to account freezes are linked to tooling gaps and risk frameworks inside banks.
“The problem is that there’s a huge amount of friction because traditional banks don’t really have the internal infrastructure to interpret blockchain data in a way that fits inside their existing risk and compliance frameworks,” Eyal Daskal, CEO of Crymbo — a blockchain infrastructure platform for institutions — told Cointelegraph.
He described the situation as one where banks often default to precautionary measures because they lack the ability to link onchain activity with the identity and compliance signals they rely on:
“If crypto is involved, they block the account and treat it as out of scope. It’s the simplest option for them because they don’t have the tools to assess it properly.”
Crypto is entering the financial mainstream, but for many users, access to basic banking still depends on whether a bank’s risk engine can understand what happens onchain. Until that gap closes, the industry’s institutional embrace and retail friction may continue to coexist.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum: BIP-360 co-author
Cointelegraph Features and Cointelegraph Magazine publish long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team and selected external contributors with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Contributions from external writers are commissioned for their experience, research or perspective and do not reflect the views of Cointelegraph as a company unless explicitly stated. Content published in Features and Magazine does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence. The selection, commissioning and publication of Features and Magazine content are not influenced by advertisers, partners or commercial relationships.
Editor’s note: In this era of digital finance, institutional collaboration between traditional asset managers and crypto exchanges is reshaping markets. The collaboration between Franklin Templeton and Binance demonstrates a practical path to bridge regulated money market products with 24/7 digital markets, using tokenized assets as collateral while preserving custody and risk controls. This editorial snapshot previews how off-exchange collateral programs can improve capital efficiency for institutions without moving assets onto exchanges.
Key points
- Off-exchange collateral using Benji tokenized money market fund shares now live on Binance.
- Custody by Ceffu minimizes counterparty risk for institutions.
- Enables yield-bearing assets to be used for trading without on-exchange parking.
- Expands Franklin Templeton and Binance’s networks of off-exchange program partners.
Why this matters
This collaboration signals growing institutional adoption of tokenized real-world assets, improving capital efficiency and risk controls in crypto markets. By tokenizing money market funds and maintaining custody off-exchange, institutions can participate in 24/7 trading with regulated protections, potentially broadening the set of assets available for collateral and fueling more stable liquidity in digital markets.
What to watch next
- Broader rollout to additional institutional clients.
- Addition of more tokenized Benji funds.
- Deeper custody and settlement integrations with Ceffu.
- Ongoing collaboration expansion across networks since the 2025 announcement.
Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.
Franklin Templeton and Binance Advance Strategic Collaboration with Institutional Off-Exchange Collateral Program
Institutions can now use Benji-issued tokenized money market funds as off-exchange collateral to trade on Binance using Ceffu’s custody layer.
SAN MATEO, CA, and ABU DHABI, UAE, February 19, 2026 — Franklin Templeton, a global investment leader, and Binance, the world’s leading cryptocurrency exchange by trading volume and users, today announced a new institutional off-exchange collateral program, making digital markets more secure and capital-efficient. Now live, eligible clients can use tokenized money market fund shares issued through Franklin Templeton’s Benji Technology Platform as off-exchange collateral when trading on Binance.
The program alleviates a long-standing pain point for institutional traders by allowing them to use traditional regulated, yield-bearing money market fund assets in digital markets without parking those assets on an exchange. Instead, the value of Benji-issued fund shares is mirrored within Binance’s trading environment, while the tokenized assets themselves remain securely held off-exchange in regulated custody. This reduces counterparty risk, letting institutional participants earn yield and support their trading activity without hedging on custody, liquidity, or regulatory protections.
“Since partnering in 2025, our work with Binance has focused on making digital finance actually work for institutions,” said Roger Bayston, Head of Digital Assets at Franklin Templeton. “Our off-exchange collateral program is just that: letting clients easily put their assets to work in regulated custody while safely earning yield in new ways. That’s the future Benji was designed for, and working with partners like Binance allows us to deliver it at scale.”
“Partnering with Franklin Templeton to offer tokenized real-world assets for off-exchange collateral settlement is a natural next step in our mission to bring digital assets and traditional finance closer together,” said Catherine Chen, Head of VIP & Institutional at Binance. “Innovating ways to use traditional financial instruments on-chain opens up new opportunities for investors and shows just how blockchain technology can make markets more efficient.”
Assets participating in the program remain held off-exchange in a regulated custody environment, with tokenized money market fund shares pledged as collateral for trading on Binance. Custody and settlement infrastructure is supported by Ceffu, Binance’s institutional crypto-native custody partner.
“Institutions increasingly require trading models that prioritize risk management without sacrificing capital efficiency,” said Ian Loh, CEO of Ceffu. “This program demonstrates how off-exchange collateral can support institutional participation in digital markets while maintaining strong custody and control.”
Launching the institutional off-exchange collateral program expands on both Franklin Templeton’s and Binance’s growing networks of off-exchange program partners and represents another effort since announcing Franklin Templeton and Binance’s strategic collaboration in September 2025.
By using Benji to bridge tokenized money market funds, Franklin Templeton is taking trusted investment products and making them work in modern markets—allowing institutions to trade, manage risk, and move capital more efficiently as digital finance becomes an everyday part of the financial system.
Offering more tokenized real-world assets on Binance meets the increasing institutional demand for stable, yield-bearing collateral that can settle 24/7. This gives investors greater choice and enhances their trading experience on the world’s largest regulated digital asset exchange.
Franklin Templeton is a pioneer in digital asset investing and blockchain innovation, combining tokenomics research, data science, and technical expertise to deliver cutting-edge solutions since 2018. Learn more at http://franklintempleton.com/investments/asset-class/digital-assets.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 300 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means.
For more information, visit https://www.binance.com.
About Ceffu
Ceffu is a compliant, institutional-grade custody platform offering custody and liquidity solutions that are ISO 27001 & 27701 certified and SOC2 Type 2 attested. Our multi-party computation (MPC) technology, combined with a customizable multi-approval scheme, provides bespoke solutions allowing institutional clients to safely store and manage their virtual assets.
For the purposes of this program, custody services for Benji-issued tokenized money market fund shares are provided by Ceffu Custody FZE, a virtual asset custodian licensed and supervised in Dubai.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnerships, forward-looking insights, and continuous innovations – providing the tools and resources to navigate change and capture opportunity.
With more than $1.7 trillion in assets under management as of January 31, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Franklin Resources, Inc. [NYSE: BEN]
All investments, including money funds, involve risk, including loss of principal. There are risks associated with the issuance, redemption, transfer, custody, and record keeping of shares maintained and recorded primarily on a blockchain. For example, shares that are issued using blockchain technology would be subject to risks, including the following: blockchain is a rapidly-evolving regulatory landscape, which might result in security, privacy or other regulatory concerns that could require changes to the way transactions in the shares are recorded.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply.
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Bitcoin is trading under sustained pressure after losing key higher-timeframe support levels, with the price structure showing a clear transition from distribution to a developing downtrend. Momentum remains weak, and recent rebounds appear corrective rather than impulsive, keeping downside risk elevated in the near term.
Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, the asset continues to respect a descending channel while trading below major moving averages, confirming bearish market structure. The rejection from the mid-range resistance zone and subsequent sharp sell-off toward the low-$60K region reinforces that sellers still control trend direction.
Momentum indicators remain subdued, with RSI holding far below neutral and failing to produce strong bullish divergence. Unless the price can reclaim the $75K–$80K resistance cluster and close above the channel midpoint, the broader bias stays tilted toward continuation lower or prolonged consolidation near the $60K support level.
BTC/USDT 4-Hour Chart
The 4-hour chart shows a steep impulsive drop followed by choppy sideways movement, typical of a bear-flag or accumulation attempt after liquidation. Lower highs continue to form beneath descending dynamic resistance, signaling that buyers have not yet regained short-term control.
Key support sits around the recent wick low near the $60K area, while immediate resistance is clustered between roughly $73K and $76K. A breakout above this range would be the first technical signal of a momentum shift, whereas a breakdown below the mentioned support zone could accelerate another leg downward and lead to another round of massive liquidations.
Sentiment Analysis
Funding rate data shows sentiment cooling significantly compared to earlier overheated conditions, with the recent deeply negative prints suggesting reduced long-side leverage. This type of reset is constructive over the medium term but does not, by itself, confirm an immediate bullish reversal.
Overall market psychology appears cautious rather than euphoric, which often precedes range formation before the next major move. For sentiment to flip decisively bullish, price strength must return alongside rising but controlled funding and improving momentum across timeframes.
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In Washington, the safest vote is often no vote at all, and the most convenient timeline is “next session.” But when it comes to the future of banking, financial markets and financial services, inaction is unacceptable. The United States needs crypto regulatory clarity to compete and succeed in the digitally networked financial system of the 21st Century.
The Senate is today at a crossroads on market structure legislation—policy designed to bring order to digital asset innovation, an increasingly important component of global finance. Failing to codify the “rules of the road” doesn’t just stall crypto; it invites regulatory chaos that harms banks and consumers alike, saps economic dynamism and forces innovation to drift offshore. Congress must choose whether America leads the next generation of finance or watches from the sidelines.
The current stalemate centers on a perceived conflict between banks and crypto platforms regarding interest yield and rewards on stablecoins—an issue already addressed by the GENIUS Act, signed into law by President Trump last year. The law permits crypto companies to offer rewards and incentives to customers for holding and using stablecoins made available by separate providers. Banks counter that such reward structures closely resemble traditional bank savings and checking products and, if left unchecked, could shift customer balances away from insured deposits without the same prudential requirements.
Framed this way, the disagreement carries more weight than it should. Yield and rewards are questions of design within a payments framework, not questions of systemic safety or financial stability. Treating them as existential risks has delayed an otherwise straightforward resolution, stalling progress on crucial market structure issues.
If one looks past talking points, a workable compromise is already available. Congress can explicitly enable federally regulated banks—including community banks—to offer yield on payment stablecoins. Banks gain a clear, federally sanctioned revenue and customer-acquisition opportunity in the stablecoin market. They obtain a straightforward way to secure customers and funds, especially important for community banks seeking to remain competitive in a world of mega-banks and scaled payment platforms. Crypto platforms, meanwhile, retain the incentive structures their customers expect and that are available under existing law. Congress gets to move market structure legislation forward and create a bill that can pass. And, most importantly, the American consumer benefits from increased competition and the ability to share in the yield potential of their own money.
Framing crypto as an existential threat to the community bank is a rhetorical tactic, not an economic reality. A recent empirical analysis finds no statistically meaningful relationship between stablecoin adoption and deposit outflows, suggesting stablecoins function primarily as transactional instruments rather than savings substitutes. In fact, properly regulated stablecoins may provide local and community banks with a pathway to modernize their payment offerings and reach new customers.
The rewards-yield question is a design issue that can be addressed without upending progress already made. A workable compromise exists that addresses banks’ economic interests, protects crypto innovation and respects the settled law of the GENIUS Act. Advancing on that basis keeps the broader market structure package intact and provides the legal clarity that the American economy deserves.
The Senate has the tools to resolve this impasse and to follow the strong leadership displayed by the White House. Failing to do so would be a choice, not an inevitability.
Tom Lee’s BitMine Immersion Technologies just bought another 35,000 ETH, expanding its already massive Ethereum treasury. Normally, such aggressive accumulation would signal confidence and support the stock price. Instead, the BitMine stock price fell nearly 2% in the past 24 hours and is now down more than 8% since February 13.
This creates a strange contradiction. BitMine keeps buying Ethereum, yet its stock keeps falling. At first glance, it looks like two different stories. But underneath, it might all be the same.
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BitMine Adds More Ethereum, But the Stock Breaks Down
BitMine’s latest Ethereum purchase reinforces its strategy of becoming one of the largest ETH treasury companies. Buying 35,000 ETH, in two batches, in a single day, shows long-term conviction. The purchase pushed its total holdings to 4.371 million ETH, with combined cash and crypto reserves now worth around $9.6 billion.
Want more insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Companies usually increase holdings when they expect higher future prices, not lower ones. However, the stock price reaction tells a very different story. Since February 13, BitMine stock has dropped over 8%, and the technical chart now shows a breakdown.
The stock recently fell below the lower boundary of a bear flag pattern. A bear flag forms after a sharp drop, followed by a weak recovery.
When the lower support breaks, it often signals that the prior recovery structure has weakened and the stock has entered a technically fragile zone. Based on the pattern structure, the ongoing breakdown path could extend by over 50% if the weakness persists. However, this price decline does not automatically confirm active investor selling, which we will see in the next section.
This creates a disconnect between BitMine’s strengthening treasury position and its weakening stock price, suggesting that other external factors may be influencing the move.
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Retail Buying Improves, But Big Money Remains Cautious
Despite the falling price, investor behavior beneath the surface shows some early strength. One key indicator is On-Balance Volume, or OBV. This metric tracks cumulative buying and selling pressure. When OBV rises, it means investors, possibly retail, are buying. possibly retail, are accumulating, even if the price has not responded yet.
Between February 9 and February 13, BitMine’s stock price formed a lower high, showing weakening price strength. However, OBV formed a higher high during the same period. It signals that buying activity is increasing quietly. This suggests retail investors were still accumulating BitMine stock despite the falling price.
Another important indicator, the Chaikin Money Flow, or CMF, also shows improving conditions.
CMF measures whether large capital is entering or leaving a stock. The indicator has been rising recently, showing improving inflows and showing divergence similar to OBV.
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However, CMF remains below the zero line, which means overall capital flow into BitMine is still negative. This suggests that large institutional investors are not fully supporting the recovery yet. Retail investors are stepping in, but institutional money remains cautious.
Together, the rising OBV and improving CMF suggest that underlying participation is stabilizing rather than collapsing. This indicates that the recent breakdown may not be driven by aggressive selling from BitMine investors. Instead, the stock’s weakness appears more closely linked to Ethereum’s own price pressure, reflecting BitMine’s growing role as a high-beta proxy for ETH rather than a stock moving independently.
Ethereum Weakness Is Dragging BitMine Stock Price Lower
The biggest reason behind BitMine’s stock decline becomes clear when comparing it with Ethereum. BitMine’s price is highly correlated with Ethereum’s price. Correlation measures how closely two assets move together. BitMine’s correlation with Ethereum has increased from 0.50 to 0.52. This means the stock is behaving more like a direct proxy for Ethereum.
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At the same time, Ethereum’s futures market shows rising bearish sentiment. The Ethereum long-short ratio has dropped to extremely low levels. This ratio measures how many traders expect prices to rise compared to fall. A low ratio means most traders expect further declines.
This bearish positioning directly impacts BitMine. Because BitMine holds a massive Ethereum treasury, its stock tends to weaken when Ethereum itself faces bearish pressure.
The technical chart now shows key levels ahead. BitMine has already lost support near $19. The next major support sits near $15. If that level breaks, the stock could fall toward $12 and even $9, which would be closer to the projected bear-flag breakdown level.
On the upside, recovery would first require reclaiming $21. A stronger bullish reversal would need a move above $29.
BitMine buying more Ethereum should have been a bullish signal. Retail investors are slowly accumulating, and capital inflows are improving. However, institutional money remains cautious, and Ethereum itself is facing bearish sentiment. Because BitMine now moves closely with Ethereum, its stock direction depends heavily on Ethereum’s strength. If Ethereum remains weak, BitMine may continue facing pressure regardless of its purchases.
On the surface, BitMine buying Ethereum and BitMine stock falling look like two different events. But in reality, they reflect the same underlying force.
TLDR
- Lemonade (LMND) Q4 revenue hit $228.1 million, up 53.3% year-on-year, beating estimates of $217.6 million
- Adjusted EPS loss of -$0.29 beat analyst estimates of -$0.39 by $0.10
- Net premiums earned came in at $179.5 million, an 8.3% beat and 77.4% year-on-year growth
- Q1 2026 revenue guidance of $246–$251 million tops analyst consensus of $241.6 million
- Shares jumped over 17% in pre-market trading following the results
Lemonade (NYSE: LMND) shares surged more than 17% in pre-market trading on Thursday after the company posted Q4 results that beat analyst expectations across the board.
Revenue for the quarter came in at $228.1 million, up 53.3% year-on-year and ahead of the Wall Street consensus of $217.6 million. That’s a solid beat by any measure.
The company reported an adjusted loss of $0.29 per share, compared to analyst estimates of -$0.39. That’s a $0.10 beat, or roughly 26% better than expected.
Net premiums earned — the number analysts tend to watch most closely for insurers — came in at $179.5 million. That beat estimates of $165.8 million by 8.3% and grew 77.4% compared to the same quarter last year.
Pre-tax loss for the quarter was $20.6 million, representing a -9% margin.
Strong Premium Growth Drives the Beat
Net premiums earned have grown at a 47.3% annualized rate over the last five years, well above the broader insurance industry average.
Over the past two years, that growth rate has moderated to around 30% annually — still a healthy clip, and consistent with the company’s overall revenue trajectory.
Lemonade’s revenue has compounded at roughly 50.9% annually over the last five years. The most recent two-year annualized rate of 31% shows some deceleration but still points to strong underlying demand.
Net premiums earned made up about 70.8% of total revenue over the last five years, making it the company’s primary revenue driver.
Q1 2026 Guidance Tops Estimates
Looking ahead, Lemonade guided Q1 2026 revenue to between $246 million and $251 million. The midpoint of that range, $248.5 million, comes in above the analyst consensus of $241.6 million.
That forward guidance gave investors an additional reason to bid the stock higher on Thursday morning.
Lemonade operates across renters, homeowners, pet, car, and life insurance in both the U.S. and EU markets through its AI-powered digital platform.
The company’s Giveback program, which donates unused premiums to policyholder-selected charities, remains a differentiator in its positioning — though it’s the underlying growth numbers doing the heavy lifting right now.
Lemonade held a market capitalization of $4.91 billion at the time of reporting.
The company hosted a conference call Thursday at 8:00 am Eastern to discuss results.
Shares traded up 11.1% to $73.05 immediately after the report, with pre-market gains extending above 17% as the session progressed.
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