Ethereum treasury firm Bit Digital (BTBT) made its first ether (ETH) purchase since the October crypto market peak, but it’s already underwater on its acquisition as crypto prices are pulling back again.

The company said it bought roughly 8,568 ether (ETH) for $20 million on May 11, at an average price of $2,334 per token.

As ETH is currently trading near $1,980, the latest acquisition is already sitting on an unrealized loss of roughly $3 million, having gone down more than 15% over the past few weeks.

CEO Sam Tabar said the “timing reflects our view that market conditions had reset to a level consistent with our thesis.” In March, he argued on X that ETH’s weakness reflected leverage unwinding rather than deteriorating fundamentals. He pointed to stablecoin settlement, tokenized assets and AI-related transactions as long-term demand drivers for the network.

Bit Digital’s move stands out as most digital asset treasury firms have scaled back or stopped with their crypto accumulation plans over the past months. Falling crypto prices and widening discounts between their stock prices and underlying crypto holdings have pushed several firms to conserve cash, scale back buying or even sell assets to pay off debt.

The New York-based firm pivoted toward an Ethereum-focused treasury strategy from its bitcoin BTC$73,749.36 miner roots last year. The company now positions itself as a “Strategic Asset Company” focused on ETH accumulation, AI infrastructure and acquisitions.

The latest purchase lifted the firm’s treasury holdings to about 158,462 ETH, worth about $313 million at current prices, with part of its ETH staked directly and another portion deployed through liquid staking products to maintain flexibility.

The company also owns a controlling stake in high-performance computing firm WhiteFiber (WYFI), closely tied to the red-hot AI infrastructure buildout.

Key Takeaways

• Benchmark more than doubled its MRVL price target to $275 from $130 while reaffirming its Buy recommendation
• Following Q1 earnings, MRVL stock experienced an initial after-hours rally before retreating 3–4%
• Shares have surged 208% year-over-year, 126% in the last six months, and 26% in the past month alone
• Analyst optimism centers on accelerated revenue projections for fiscal years 2027 and 2028 spanning multiple product categories
• A wave of Wall Street firms—including Deutsche Bank, BofA, KeyBanc, Cantor Fitzgerald, and TD Cowen—have upgraded their price targets

Marvell Technology (MRVL) has emerged as a focal point for Wall Street analysts this week. Benchmark’s Cody Acree made waves Wednesday by more than doubling his price objective to $275 from $130, maintaining his Buy recommendation on the semiconductor stock.

Marvell Technology, Inc., MRVL

This aggressive revision followed Marvell’s release of first-quarter results that aligned with consensus forecasts, accompanied by second-quarter guidance slightly exceeding analyst projections. MRVL is currently changing hands near $196.32, translating to a market capitalization approaching $171 billion.

While shares jumped in extended trading immediately following the announcement, enthusiasm cooled as investors processed the results, with the stock declining approximately 3% to 4% by session’s end. Benchmark characterized this retreat as a natural recalibration of valuation expectations rather than evidence of deteriorating fundamentals.

The semiconductor company’s shares had already experienced a remarkable rally heading into the earnings announcement. MRVL has climbed 26% in just thirty days, advanced 126% over half a year, and skyrocketed 208% across twelve months. Such explosive performance naturally elevates investor expectations.

Why Benchmark Sees Significantly Higher Upside

Benchmark’s bullish stance extends far beyond the quarterly results themselves. The firm’s optimism stems from Marvell’s comprehensive multi-year AI infrastructure roadmap, which provided unprecedented granularity on growth trajectories across interconnect technologies, switching platforms, custom silicon solutions, AECs, retimers, data center interconnect, and scale-up optics.

The analyst firm specifically highlighted Marvell’s fiscal 2028 revenue framework projecting $16.5 billion and its fiscal 2029 custom-silicon ambitions as the primary catalysts justifying the elevated price target. Company leadership emphasized that scale-up switching capabilities and emerging optical programs remain largely ahead of current financial models—suggesting substantial untapped potential.

Valuation concerns persist, however. Trading at a P/E multiple of 65, MRVL appears expensive by traditional metrics. InvestingPro data indicates the shares are currently overvalued compared to Fair Value estimates. Yet the company’s PEG ratio of 0.16 implies the valuation premium may be warranted if Marvell’s aggressive growth trajectory materializes.

Widespread Analyst Enthusiasm

Benchmark represents just one voice in a growing chorus of optimistic Wall Street analysts. Deutsche Bank noted a modest Q1 beat while emphasizing a robust 12% sequential increase embedded in Q2 guidance, primarily fueled by Data Center segment strength.

BofA Securities elevated its fiscal 2027 and 2028 revenue forecasts, emphasizing Marvell’s diversified exposure across multiple technology verticals. KeyBanc increased its price objective based on accelerating demand for optical interconnect solutions driven by data center expansion and AI infrastructure deployment.

Cantor Fitzgerald similarly boosted its target, spotlighting AI-optimized infrastructure components as a critical growth vector. TD Cowen joined the upgrade cycle, identifying networking as a pivotal revenue driver going forward.

The critical question confronting institutional investors centers on how much of the fiscal 2028 and 2029 growth narrative is already reflected in the current share price—and whether emerging opportunities in optics and switching can deliver additional upside surprises.

MRVL was most recently quoted at $196.94, declining 0.89% during regular trading hours.

Bitcoin has slipped out of the world’s top 10 assets by market capitalization, with its value down to about $1.09 trillion as U.S. tech giants in the “Magnificent Seven” power higher.

Bitcoin’s (BTC) slide down the asset leaderboard was flagged by CoinDesk, which posted that “$BTC drops out of the top 10 largest assets globally, with its market cap falling to $1.09T, behind gold, silver and every member of the Magnificent Seven.” Real‑time ranking site CompaniesMarketCap shows that puts bitcoin outside the top tier of global assets, after a period in 2025 and early 2026 where it had consistently jostled with mega‑cap tech firms and commodities for position.

From fifth‑largest asset to the second tier

This is not the first time bitcoin has moved dramatically up and down the global rankings.
In April 2025, for example, Yahoo Finance reported that bitcoin had become the fifth‑largest asset on earth with a market cap of about $1.86 trillion, overtaking Alphabet as its price broke above $94,000.

Other analyses, such as a piece on Coinfomania, noted that bitcoin later pushed past a $2 trillion market cap, briefly cementing its place as the fifth‑largest asset globally and putting it ahead of Google while trailing Nvidia. Even earlier, in early 2024, data collated by CryptoRank highlighted that bitcoin had cracked the top‑10 club by value, surpassing Berkshire Hathaway and JPMorgan to become the 10th‑largest asset at a market cap around $1.19 trillion.

What has changed over the last stretch is less that bitcoin has collapsed, and more that everything around it has inflated. As of the latest CompaniesMarketCap snapshot, aggregate global equity values top roughly $148 trillion, with the Magnificent Seven stocks alone approaching or exceeding $16 trillion in combined market cap and gold’s estimated capitalization near $30 trillion at record prices above $4,300 per ounce.

According to one recent analysis of the group on Investopedia, Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta and Broadcom now dominate major equity indices, with the seven together worth around $16 trillion as of late August 2025.
Separate work comparing the Magnificent Seven to crypto markets by CoinGecko Research found that, over a five‑year window through mid‑2024, bitcoin and ether together represented less than 10% of the combined value of those seven tech giants.

On‑chain and macro‑focused outlets have made similar points when parsing bitcoin’s valuation against crisis backdrops. In March, newsletter outlet TFTC highlighted how bitcoin “barely moving, hovering around $67,000” with a roughly $1.09 trillion market cap during a sharp oil spike and global equity sell‑off suggested a form of emerging structural resilience, even as bitcoin’s rank versus tech stocks and commodities seesawed.

Put differently, bitcoin’s fall out of the top 10 club says as much about the Magnificent Seven’s continued melt‑up and gold’s blow‑off run as it does about crypto weakness. For long‑term holders who have watched bitcoin move from a curiosity to, at times, the fifth‑largest asset on earth, the more existential question is whether that $1 trillion market cap zone will keep acting as a floor—or whether the next macro shock knocks it down to a very different part of the table.

Asset manager VanEck has launched the first U.S. exchange-traded fund offering spot exposure to BNB, further expanding its crypto ETF offerings.

The VanEck BNB ETF, trading under the ticker VBNB, began trading with shares backed by BNB held in cold storage through custodian Anchorage Digital Bank, according to the company. The fund carries a sponsor fee of 0.39% and is listed on Nasdaq.

The ETF gives investors exposure to BNB through traditional brokerage accounts without requiring them to buy or store the token directly. BNB is the native token of BNB Chain and is used to pay network transaction fees across the blockchain ecosystem.

VanEck said BNB Chain processes more than 14 million transactions per day and supports over 2.5 million daily active users. The firm also cited Artemis data showing the network holds more than $16 billion in stablecoins and $3.6 billion in tokenized real-world assets.

The launch follows amended filings from VanEck and Grayscale tied to proposed spot BNB ETFs.

Spot bitcoin ETFs launched in the U.S. in January 2024, followed later by spot ether ETFs. These have since seen their total net assets surge to $86.45 billion and $11.6 billion respectively, according to SoSoValue data. ETFs for other altcoins including SOL, DOGE, HYPE, and XRP have since also been launched.

Super Micro Assists Taiwan in Smuggling Investigation

Super Micro Computer announced that its cooperation with Taiwanese authorities helped arrest three suspects linked to an AI server smuggling operation targeting China. The company also confirmed that officials stopped 50 servers from entering China through unauthorized channels.

The Super Micro AI server smuggling case involved servers that authorities said individuals deceptively acquired through an authorized reseller. Super Micro stated that it had followed a strict vetting process that exceeded regulatory compliance requirements before the products changed hands.

The investigation comes as US export controls continue to restrict advanced AI technology shipments to China. Super Micro builds AI servers powered by Nvidia chips, including GB200, B200, H200, and H100 systems. These products remain in high demand across global artificial intelligence markets.

Super Micro said it launched an internal investigation in April involving three individuals connected to an alleged conspiracy to violate export control rules. Taiwanese prosecutors later pursued detention requests against suspects accused of forging documents to move the servers into China.

Jensen Huang Urges Stronger Compliance Measures

Jensen Huang recently urged Super Micro to strengthen its compliance procedures following the smuggling allegations. Speaking in Taipei, Huang stated, “Ultimately Super Micro has to run their own company. I hope that they will enhance and improve their regulation compliance and avoid that from happening in the future.”

The Super Micro AI server smuggling investigation has increased attention on the responsibilities technology firms face under US export laws. Nvidia’s advanced AI chips have remained under restrictions designed to limit China’s access to high-performance computing technology.

At the same time, Chinese authorities have introduced measures aimed at reducing reliance on foreign semiconductor products. Those policies have intensified competition within the AI hardware sector and increased scrutiny around international technology trade.

The case also drew attention after US prosecutors charged Super Micro co-founder Yih-Shyan “Wally” Liaw in a separate investigation involving allegations of diverting Nvidia-powered servers to China. Liaw later resigned from the company’s board. Super Micro stated that authorities did not accuse the company itself of wrongdoing.

Investors’ Reaction to SMCI Shares

Investor sentiment improved after details of the Super Micro AI server smuggling investigation became public. Super Micro shares climbed more than 11% during Thursday trading, while Nvidia shares also moved higher.

Source: TradingView

Retail traders on Stocktwits showed bullish sentiment toward SMCI stock. Some investors pointed to improving company margins and its cooperation with regulators as positive signs for future performance.

SMCI shares have gained 44% since the start of the year, while Nvidia shares rose 14% during the same period. Semiconductor-related exchange-traded funds also posted strong gains over the past year as demand for AI infrastructure continued to grow.

Latest developments: Bitwise is leaning into Hyperliquid as one of crypto’s breakout platforms this cycle.

• Bitwise Head of Research Ryan Rasmussen said the firm is seeing strong investor interest in its HYPE ETF products following the recent launch of BHYP.
• Rasmussen said Bitwise differentiates itself by staking HYPE in-house to maximize yield for ETF investors.
• The firm also allocates 10% of management fees toward buying HYPE tokens for its own balance sheet “to align with the Hyperliquid community,” Rasmussen said.
• Bitwise publicly shares wallet addresses tied to its HYPE ETF reserves so investors can verify holdings on-chain.

What this means: Hyperliquid is increasingly being framed as infrastructure.

• Rasmussen argued Hyperliquid could become “one of the systems that most of traditional finance runs on in the future.”
• He pointed to growth in perpetual futures, prediction markets and spot trading as evidence the ecosystem is expanding beyond its initial niche.
• Rasmussen also cited tokenized equities, stablecoins and 24/7 trading as trends that could benefit Hyperliquid over the long term.
• He referenced the recent Coinbase-Hyperliquid partnership tied to USDC liquidity as another sign of institutional momentum.

The bull case: Bitwise believes Hyperliquid benefits from crypto’s changing regulatory climate.

• Rasmussen said projects like Hyperliquid can now launch with stronger token incentives because the industry faces less fear of regulatory crackdowns than in prior cycles.
• He highlighted Hyperliquid’s tokenomics, noting that “99% of fees generated on this platform are used to buy and burn HYPE tokens.”
• Rasmussen compared the mechanism to traditional stock buybacks, arguing it creates an easier narrative for investors to understand.
• Bitwise said it sees long-term upside tied to adoption of perpetuals, tokenization and blockchain-based financial infrastructure.

The risks: Regulatory scrutiny and macro uncertainty remain major concerns.

• Rasmussen acknowledged that U.S. oversight of perpetual futures markets could create pressure for Hyperliquid and similar platforms.
• He also cited inflation concerns, Federal Reserve policy and geopolitical tensions as broader risks affecting crypto markets.
• Traditional exchanges are reportedly pushing regulators to examine Hyperliquid more closely as decentralized competitors gain traction.
• Rasmussen characterized that resistance as typical of incumbents facing disruptive technologies.

Broader view: Financial advisors are moving beyond basic crypto skepticism.

• Rasmussen said wealth managers are increasingly asking about portfolio allocation, tokenization and stablecoins instead of questioning whether crypto will “go to zero.”
• Rasmussen said institutional adoption remains early despite growing interest from firms managing trillions of dollars.
• He described the quality of advisor conversations today as “so much better” than even two years ago.

Key Highlights

• JPMorgan assigned Oracle an Overweight rating with a $210 price objective, driving ORCL shares up 2.4% during pre-market hours
• The company secured a massive $30 billion cloud infrastructure agreement with the federal government in early 2026
• Third-quarter IaaS revenue reached $4.89 billion, representing an 84% annual increase; RPO skyrocketed to $553 billion
• Oracle exceeded Q3 projections with earnings per share of $1.79 compared to the anticipated $1.71, while revenue totaled $17.19 billion
• Wall Street analysts maintain a Moderate Buy consensus rating with an average target price of $261.46

Shares of Oracle (ORCL) advanced 2.4% during Wednesday’s pre-market session following JPMorgan’s decision to begin coverage with an Overweight designation and establish a $210 price objective.

Oracle Corporation, ORCL

JPMorgan analyst Mark Murphy highlighted a more favorable risk/reward dynamic, observing that market sentiment toward Oracle had shifted dramatically from “unwavering optimism to pervasive skepticism” regarding the company’s fiscal 2030 objectives — suggesting the negative sentiment may be overdone.

The general market context made Oracle’s performance particularly notable. With the S&P 500 trading flat, the Dow Jones showing minimal movement, and the Nasdaq essentially unchanged, Oracle’s gains stood out as company-specific momentum.

The timing of JPMorgan’s coverage initiation follows a transformative period for the enterprise software giant. Oracle finalized a $30 billion cloud infrastructure agreement with federal authorities in early 2026 — representing one of the most substantial cloud computing contracts in history.

This landmark agreement solidified Oracle’s role as a critical AI computing infrastructure provider for sensitive government operations, including national security and defense applications.

Compelling Financial Performance Supports Optimistic Outlook

Oracle’s latest quarterly financial disclosure provided substantial evidence supporting bullish analyst perspectives. The company delivered third-quarter earnings per share of $1.79, surpassing Wall Street’s $1.71 consensus forecast, while revenue reached $17.19 billion versus analyst expectations of $16.91 billion.

Total revenue climbed 21.7% compared to the prior-year period. Infrastructure as a Service revenue specifically totaled $4.89 billion, marking an impressive 84% year-over-year surge.

The most striking metric: Remaining Performance Obligations soared to $553 billion, representing a remarkable 325% annual increase. This enormous deferred revenue figure reflects substantial long-term AI-related contracts.

For the fourth quarter of 2026, Oracle projected earnings per share between $1.96 and $2.00, with full-year analyst consensus estimates settling at $6.08 per share.

Institutional Ownership Continues Strong

Huntington National Bank expanded its Oracle holdings by 0.6% during the fourth quarter, concluding the period with 672,225 shares representing approximately $131 million in market value.

Additional institutional investors joined the buying activity. Brighton Jones LLC dramatically increased its Oracle position by 189.3% in Q4, while both Revolve Wealth Partners and United Bank expanded their respective stakes. Institutional and hedge fund investors collectively control approximately 42.44% of outstanding shares.

Regarding insider transactions, Executive Vice President Stuart Levey divested 15,000 shares on April 16th at an average transaction price of $176.19, generating proceeds of $2.64 million. This disposition occurred pursuant to a predetermined Rule 10b5-1 trading arrangement.

Wedbush Securities recently elevated its Oracle price target from $225 to $275, reaffirming an Outperform recommendation. Meanwhile, Citigroup maintains a Buy rating with an ambitious $320 price objective.

The overall analyst community currently assigns Oracle 3 Strong Buy recommendations, 29 Buy ratings, 9 Hold ratings, and a single Sell rating. The consensus price target across analysts averages $261.46.

The stock has traded within a 52-week range spanning $134.57 to $345.72. Shares were changing hands near $190.73 prior to Wednesday’s pre-market advance.