Key Takeaways

• SNDK has climbed 132.73% over the last quarter and 5.05% in the past week, significantly outperforming broader market indices.
• The company delivered Q1 earnings per share of $23.41, smashing analyst expectations of $14.17, alongside revenue of $5.95 billion—a 251% jump year-over-year.
• Shares opened Tuesday at $1,478.69, trading within a 12-month range spanning from $35.79 to $1,600.00.
• While Jefferies Financial Group reduced its holdings by 41.3%, offloading 15,101 shares, numerous other institutional players increased their stakes.
• Wall Street analysts have raised their price projections broadly, with Citigroup establishing a $2,025 target and Melius Research pushing as high as $2,350.

Sandisk Corporation (SNDK) has delivered one of the most stunning performances in recent market memory. Trading at $1,478.69 as of Tuesday’s opening bell, the stock has skyrocketed more than 3,866% over the past year—an achievement few equities can match.

Sandisk Corporation, SNDK

Technical indicators paint a picture of sustained momentum. The 50-day moving average currently stands at $999.79, with the 200-day average at $608.04. Remarkably, the stock’s 12-month low of $35.79 now seems like a distant memory given today’s valuation levels.

Zacks Investment Research has assigned SNDK a #1 Strong Buy rating, complemented by a Momentum Style Score of B. The stock’s 5.05% gain over the trailing week substantially outpaces the Computer Storage Devices sector’s modest 0.47% uptick during the same timeframe.

Looking at the monthly performance, SNDK’s 49.38% advance dwarfs the industry’s 26.52% gain. This isn’t merely short-term volatility—the fundamental data supports the extended rally.

Quarterly Results Shatter Forecasts

On April 30th, Sandisk unveiled quarterly results that exceeded even the most optimistic projections on Wall Street. The company posted earnings per share of $23.41, crushing the consensus estimate of $14.17 by an impressive $9.24.

Quarterly revenue reached $5.95 billion, representing a staggering 251% increase compared to the year-ago period when the company recorded a loss of $0.30 per share. Return on equity measured 44.06%, while net profit margin came in at a healthy 34.19%.

Looking ahead, management issued guidance for Q4 2026 with projected EPS ranging between $30.00 and $33.00. The full-year analyst consensus now stands at $63.58 per share—a substantial upgrade from the $41.60 consensus recorded just two months prior.

During the past 60 days, six earnings estimates have been revised upward for the current fiscal year with zero downward revisions. An additional five upward adjustments have been made for the following fiscal year.

Wall Street Raises Price Objectives

The blockbuster earnings report sparked a flurry of analyst upgrades and target increases. Wells Fargo elevated its price target from $975 to $1,250 while maintaining an equal weight stance. Mizuho established a $1,220 objective.

Weiss Ratings upgraded SNDK from hold to buy on May 20th. Citigroup increased its target from $1,300 to $2,025 alongside a buy rating. Melius Research now carries the Street’s most bullish target at $2,350.

The analyst community currently breaks down as follows: 3 Strong Buy ratings, 18 Buy ratings, and 4 Hold ratings. The consensus price target across all covering analysts sits at $1,157.14, yielding an aggregate “Moderate Buy” recommendation.

On the institutional ownership front, Jefferies Financial Group trimmed its stake by 41.3% during Q4, divesting 15,101 shares while retaining 21,499—valued at approximately $5.1 million based on the filing date.

Conversely, several other institutions moved to increase exposure. Larson Financial Group acquired an additional 37 shares, Westfuller Advisors boosted its holdings by 51.8%, and various other firms made incremental additions.

Regarding insider activity, Director Necip Sayiner offloaded 579 shares on May 8th at $1,503.11 per share, generating proceeds of $870,300.69. Company insiders have collectively sold 6,525 shares valued at roughly $6.55 million over the past three-month period.

Spain’s Ministry of Consumer Affairs opened disciplinary proceedings against prediction market platforms Polymarket and Kalshi and ordered internet service providers to block access to the platforms.

In notices published in the country’s official state gazette, Spain’s gambling regulator, the Directorate General for Gambling Regulation (DGOJ), said the companies were offering betting products tied to uncertain future events without the licenses required under Spanish law, according to local news outlets.

Authorities said the precautionary blocking measures would remain in place while the cases proceed, a process expected to take three to four months.

The notices came after regulators failed to notify the companies through known foreign addresses.

Kalshi and Polymarket currently dominate prediction markets’ trading activity. Over the past 30 days, Kalshi recorded roughly $5.9 billion in trading volume while Polymarket processed about $3.8 billion, according to DeFiLlama data.

Combined, the two platforms represent nearly 88% of the roughly $11 billion in trading volume among the sector’s top markets during the period.

The move sees Spain join a growing number of jurisdictions targeting prediction markets as regulators debate whether the products should fall under gambling or financial market rules.

Indonesia blocked Polymarket earlier this week under online gambling restrictions, as did India. Other countries including Taiwan, Thailand China, and Japan have restricted the platform, while Ukraine blocked it with no legal way for it to come back.

Polymarket’s list of blocked countries also includes Belgium, Australia, France, the U.K., and Germany. The platform is relaunching in the U.S.

Kalshi followed a different regulatory route in the U.S., where it operates under oversight from the Commodity Futures Trading Commission (CFTC). Still, it’s been under fire.

Spanish authorities said unlicensed operators may lack safeguards such as identity checks, protections for minors and systems for self-excluded gamblers.

Tom Lee’s Ethereum bet has cratered the BitMine Immersion Technologies balance sheet by more than $8 billion. His personal compensation package, however, is still worth tens of millions of dollars. 

BitMine is the publicly traded ether (ETH) acquisition company that Lee chairs. Its most recent quarterly filing disclosed a so-called treasury of 4,473,459 ETH, acquired for a not-so-brilliant cost basis of $16.97 billion as of February 28. Fair value on that date was only $8.79 billion. 

In other words, thanks to Lee’s leadership, the company had an unrealized loss of $8.18 billion, or just over 48%, below its then-average cost basis of $3,795 per ETH.

Undeterred, the company kept buying anyway and by May 17 had reported 18% more: 5,278,462 ETH.

Indeed, the company has repeatedly proclaimed that it “aims to eventually hold 5% of the total ETH supply” because of the importance of alchemy. 

However, like every so-called alchemist throughout human history, BitMine has failed to discover anything except how to make money disappear. 

Meanwhile, Lee, his co-executives, and the agents who keep BitMine’s stock printer running have done extraordinarily well on a personal basis.

$348 million in warrants before the losses even began

BitMine became an ETH treasury company in July 2025 by hiring Lee-affiliated firm Ethereum Tower as strategic advisor. 

• That deal cost shareholders 3,192,620 warrants at an exercise price of $5.40. That fair value was $348.96 million, expensed immediately against fiscal 2025 earnings. 

• The placement agent on the related June 2025 stock offering, ThinkEquity LLC, walked away with another 1,231,945 warrants worth $134.65 million.

• Three men — then-Chief Executive Jonathan Bates, Chief Financial Officer Raymond Mow, and President Erik Nelson — collected $3.37 million in combined salary, bonus, and stock for the year. 

• Outside directors split another $1 million in stock awards.

Tens of millions for Tom Lee

Five months after those strategic advisor warrants, BitMine asked stockholders to approve a new package for Lee, who had assumed the chairman role.

Despite BitMine’s common stock languishing 79% below its 52-week high at the time, a majority of voting power agreed on January 15, 2026.

The package was worth up to $95 million in cash over five years. BitMine paid $15 million upfront and committed to $20 million more in fixed payments over four years. The remaining $60 million unlocks only if BitMine hits annual revenue hurdles.

Targets escalate from $200 million in fiscal 2027 to $500 million in fiscal 2030. In addition to the cash, Lee received 1.5 million time-vesting restricted stock units and 4.5 million performance units.

Performance units vest at $125 and $250 share price targets. 

Curiously, BitMine’s board justified the lavish deal by calling Lee a uniquely qualified leader. In actual fact, the company’s ETH treasury was already underwater by more than $4 billion at the time of the January vote, and losses have doubled since then.

Disclosure: The author of this story owns shares in Strategy (MSTR).

Strategy (MSTR), the world’s largest corporate holder of bitcoin BTC$77,166.67, repurchased $1.5 billion of its 0% convertible senior notes due 2029 last week for $1.38 billion, opting to reduce debt rather than add to its bitcoin treasury, according to a filing released Tuesday.

The company funded the repurchase using cash reserves, bringing those reserves down to about $871 million following the debt repurchase and related capital transactions.

Executive Chairman Michael Saylor referenced the move on Sunday in a post on X, writing: “This week we bought bonds, not bitcoin. The ₿itVac is charging.”

The repurchase marks a shift from the company’s usual bitcoin accumulation strategy as it looks to restructure liabilities tied to its bitcoin treasury model.

Upon settlement, the purchase reduced the company’s outstanding debt obligations to $6.7 billion from $8.2 billion.

Strategy holds 843,738 BTC acquired at an average price of $75,700 per coin, representing a total purchase cost of approximately $63.9 billion.

MSTR shares rose 1.9% in pre-market trading alongside bitcoin’s modest rise back to $77,000 over the weekend.

Read More: Strategy to repurchase $1.5 billion of 2029 convertible bonds using cash or bitcoin sales

It’s getting tough for crypto bulls.

Crypto exchange-traded products (ETPs), including ETFs, have fallen out of favor with investors as the U.S. Treasury market signals higher-for-longer interest rates.

Digital asset investment products recorded $1.47 billion in outflows last week, the second consecutive week of redemptions and the third-largest weekly outflow of 2026, according to CoinShares.

Bitcoin BTC$77,159.76 funds led the charge, dropping $1.32 billion in their largest weekly outflow of the year. The 11 U.S.-listed spot bitcoin ETFs alone witnessed an outflow of $1.26 billion last week, following the preceding week’s $1 billion exodus. Investors pulled $223 million from ether (ETH) funds.

Other altcoin ETFs also experienced a material moderation in flows.

“Cumulative outflows over the two weeks now stand at US$2.54bn, suggesting the Iran-related risk-off has deepened and broadened despite continued CLARITY Act progress,” James Butterfill, head of research at CoinShares, said in a report shared with CoinDesk.

The outflows occurred as bond-market traders ramped up bets that the Federal Reserve will keep interest rates higher under new Chairman Kevin Warsh.

Their positioning is evident from the section of the Treasury market curve, identified by the difference between two- and 10-year yields, which grew by over 12 basis points last week.

The two-year yield is more sensitive to interest-rate expectations, so the widening of the spread, driven by a faster rise of the two-year yield, implies expectations of elevated borrowing costs over the near term. Similarly, the gap between five- and 30-year yields also widened, flashing similar expectations.

Elevated interest rates often disincentivize riskier asset classes, especially weighing on emerging technologies like cryptocurrencies and zero-yielding assets like bitcoin.

Taken together, the outflows and yield curve signals paint a bearish picture for risk assets. Investors may be redeploying capital into impending IPOs, especially SpaceX, which could be the biggest ever, and into commodities, which are rallying amid disruptions to oil flows through the Strait of Hormuz.

Forthcoming U.S. inflation data releases, including the Fed’s preferred gauge, core PCE, due on Thursday, could clarify the market trajectory. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

The chart shows daily swings in the ratio between the prices in U.S. dollars of bitcoin and gold.

The ratio has been rising since March, indicating BTC outperformance relative to gold, and as of writing, it is holding onto the bullish trendline support. A bounce from here would imply the continuation of the rally.

Conversely, if the support breaks, it signals a resumption of the broader BTC bear market.

European stablecoin issuer StablR has suspended minting and redemption services for its USDR and EURR tokens after a cyberattack left the assets under-collateralized, according to a company statement.

Onchain investigator ZachXBT publicly flagged the exploit over the weekend, posting that two contracts tied to StablR’s USDR and EURR stablecoins appeared compromised.

The Malta-based firm said it detected “irregularities” in its systems after internal alerts triggered an investigation.

StablR froze token operations and asked exchanges to halt trading, deposits and withdrawals for both stablecoins while the company investigates the breach. USDR currently has a $20 million market capitalization, while EURR has a $10 million market cap, according to CoinGecko data.

StablR acknowledged that the circulating supply of USDR and EURR is “currently not fully backed at the 1:1 ratio” as required under the European Union’s Markets in Crypto-Assets (MiCA) regulation.

The company said it plans to notify Malta’s financial regulator, the Malta Financial Services Authority, under the EU’s Digital Operational Resilience Act and MiCA reporting rules. External cybersecurity firms and law enforcement agencies are also involved.

Blockchain security firm GoPlus Security said the attack may have stemmed from a weakness in StablR’s Ethereum multisignature wallet setup.

The minting wallet was configured with a 1-of-3 multisignature threshold, according to GoPlus. Any one of three authorized owners could approve transactions alone.

Researchers say the attackers compromised a single key, added themselves as an administrator and removed the legitimate signers. They then minted roughly 8.35 million USDR and 4.5 million EURR, about $13.5 million in unbacked tokens at peg.

Thin liquidity on decentralized exchanges meant the attackers netted roughly $2.8 million after offloading the freshly minted supply.

StablR’s tokens briefly lost as much as 50% of their peg before starting to recover. USDR is now at $0.994, while EURR is at $0.548, far below the euro’s current value of $1.16.

Chief Executive Officer Gijs op de Weegh said the company is acting “with full transparency” as the investigation continues.