CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2058.34, up 0.4% (+9.17) since 4 p.m. ET on Tuesday.

Eighteen of 20 assets are trading higher.

Leaders: AAVE (+4.3%) and APT (+3.8%).

Laggards: CRO (-0.6%) and SOL (-0.5%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Key Highlights

• Trading platform eToro has entered an agreement to purchase crypto wallet company Zengo for approximately $70 million
• Zengo leverages multi-party computation (MPC) security, eliminating seed phrase requirements
• The acquisition is designed to integrate self-custody features and decentralized trading capabilities into eToro’s ecosystem
• ETOR shares have declined more than 1% so far this year and approximately 48% over the trailing twelve months
• Citizens analyst Devin Ryan reduced his target price to $85 while maintaining a bullish outlook with ~145% potential upside

eToro (ETOR) revealed on Wednesday that it has reached an agreement to purchase Zengo, a crypto wallet service provider, in a transaction valued at approximately $70 million according to industry reports. The company’s shares experienced a modest uptick following the announcement.

Established in 2018, Zengo has amassed over 2 million users worldwide. The platform provides a non-custodial wallet solution, empowering users to maintain direct control over their digital assets without intermediary involvement.

Zengo’s architecture employs multi-party computation (MPC) technology for asset security, eliminating the traditional seed phrase requirement. This approach addresses a persistent challenge in self-custody solutions: the vulnerability associated with lost or compromised recovery keys.

eToro Group Ltd., ETOR

The acquisition brings established functionality including token swapping capabilities, staking services, and fiat currency onramps that Zengo currently provides. The wallet infrastructure will operate independently from eToro’s regulated offerings, enabling users to engage directly with third-party decentralized protocols.

Speaking on the strategic timing, eToro CEO and co-founder Yoni Assia stated, “As we often say, crypto downtimes are the time to build and this acquisition reflects that long-term approach.”

According to company statements, the purchase will enable eToro to better serve emerging cryptocurrency applications — particularly tokenized real-world assets, decentralized prediction markets, and perpetual futures contracts. The platform intends to weave Zengo’s underlying technology into its core infrastructure moving forward.

“[The acquisition] will strengthen our ability to support evolving digital asset use cases, including tokenized assets and emerging decentralized trading models,” eToro announced in an official statement.

The Zengo deal follows closely on the heels of eToro’s launch of its proprietary app marketplace, unveiled just one day earlier. This marketplace provides a centralized hub for investors and third-party developers to create and access trading tools, analytics platforms, and other functionality within eToro’s environment. ETOR shares jumped more than 4% following that app store reveal.

ETOR Stock Faces Headwinds Despite Strategic Moves

Notwithstanding recent strategic initiatives, the stock has struggled significantly. ETOR has shed over 1% since the beginning of the year and tumbled roughly 48% over the past twelve-month period.

Last week, Devin Ryan from Citizens adjusted his price target downward to $85 from a higher previous level, though this still represents approximately 145% appreciation potential from current trading levels. Ryan noted that “navigating volatility remains the central challenge” facing capital markets and fintech businesses, adding that cryptocurrency market sentiment “remains impaired” in the near term.

These headwinds were evident in eToro’s fourth-quarter financial performance. Revenue from digital assets plummeted 38% during the quarter that concluded on December 31. However, the company still managed to generate a quarterly profit of $69 million, representing approximately 16% growth compared to the same period a year earlier.

Analyst Sentiment and Price Projections

Among Wall Street analysts, the consensus rating for ETOR stands at Moderate Buy, reflecting seven Buy recommendations and three Hold ratings issued over the last three months.

The average analyst price target currently sits at $52.80, suggesting roughly 52% upside potential from present price levels.

The Zengo transaction remains subject to standard closing requirements and regulatory conditions. While eToro has not publicly verified the $70 million purchase price, Bloomberg reported the figure based on information from a source familiar with the transaction terms.

TeraWulf (WULF), a US data center operator focused on bitcoin mining and AI computing, saw its shares drop early Wednesday, after the company announced a $900 million capital raise.

The firm priced 47.4 million shares at $19 each. WULF is down 5.8% to $19.73 in early trading. The underwriter greenshoe option is for an additional 7 million shares.

Alongside other AI infrastructure names, WULF has been on a scorching run, rising more than 50% since late March.

The proceeds are earmarked for funding the construction of a major data center campus in Hawesville, Kentucky, alongside repaying outstanding bridge financing and supporting future expansion.

Preliminary Q1 results

Alongside the offering, TeraWulf released preliminary first-quarter 2026 results. The company expects revenue between $30 million and $35 million. The balance sheet showed $3.1 billion in cash and $5.8 billion in total debt.

Management highlighted a growing shift toward contracted HPC hosting revenues, which now account for over half of total revenue, positioning the business for more stable, long-term cash flows.

Compass Point analyst Michael Donovan, who has a Buy rating and a $28 price target on WULF, pointed to the shift in mix toward HPC as a positive inflection point for the business, with contracted hosting revenue overtaking bitcoin mining for the first time. He also views the capital raise as a necessary step to unlock the next phase of growth. While acknowledging the dilution, he said the added funding improves visibility into the buildout of the Kentucky site, which he expects to be developed in phases based on customer demand. He added that demand for TeraWulf’s power and hosting capacity remains strong.

Looking ahead, Donovan expects the company’s revenue profile to change meaningfully as HPC scales. He forecasts that contracted hosting will become the dominant driver of revenue over the next two years, reducing reliance on bitcoin price swings and supporting a more predictable earnings stream.

The shift reflects a broader trend across the industry, as bitcoin miners increasingly pivot toward AI and high-performance computing infrastructure to diversify revenue streams and improve margins.

A European Commission adviser said the European Union’s landmark MiCA crypto regime is likely to evolve as digital asset markets develop beyond the conditions the law was originally designed to address.

Speaking at the Paris Blockchain Week (PBW) 2026, Peter Kerstens, an adviser on technological innovation, digital transformation and cybersecurity at the European Commission’s financial services department, said the Commission will review the Markets in Crypto-Assets Regulation (MiCA) and launch a public consultation to assess whether the rules are working for market participants and supporting business development.

The remarks suggest EU policymakers are already thinking about how MiCA may need to evolve as the crypto market matures. Kerstens said he could not predict the future, but added that EU financial legislation typically evolves in stages, suggesting it would be “rather unusual” if there were not a “MiCA 2” over time.

MiCA already contains a built-in review clause. The regulation requires the Commission to report on its application by June 30, 2027, and allows it to accompany that review with legislative proposals if needed, according to the Official Journal of the European Union.

MiCA review signals next phase of EU crypto rules

Kerstens said the review is not a response to a broken framework, but part of an effort to ensure rules keep pace with a changing market structure. He said MiCA was designed at a time when crypto markets were dominated by a few large assets and many smaller tokens. 

He said that the ecosystem has since matured, requiring policymakers to reassess whether the framework fits in current conditions. 

Related: EU central bank backs plan for crypto supervision under EU markets watchdog

He also emphasized the role of industry feedback, saying that the Commission would begin with a public consultation with “no taboos.” Kerstens invited market participants to identify where rules should be expanded, adjusted or left unchanged. 

He warned that if regulation does not evolve alongside innovation, markets may develop around existing rules, creating legal uncertainty.  

Kerstens’ comments come as aspects of MiCA and related frameworks are being tested in practice. On March 24, stablecoin issuer Circle urged the European Commission to adjust parts of its proposed Market Integration Package, including lowering thresholds that limit the use of euro-denominated stablecoins in settlement and expanding access for crypto-asset service providers. 

At the same time, policymakers are debating how MiCA should be implemented. On April 3, officials weighed whether to shift supervision of major crypto firms to the European Securities and Markets Authority (ESMA) amid concerns over inconsistent enforcement. 

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