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Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.

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While stocks languish below all-time highs, the cryptocurrency market has entered a new bull phase, with Bitcoin hitting all-time highs last week. As direct cryptocurrency investment has gained traction, many investors are now exploring public companies with significant exposure to digital assets. 
Investing in cryptocurrencies is easier for those of us who already have a brokerage account, though it&#8217;s crucial to understand the risks. 
Cryptocurrency markets are inherently volatile, even more so than small caps. Dramatic price swings driven by speculation and sentiment are common. The ever-evolving regulations and technological developments give the space a Wild West feel.
Investing in stocks with fortunes tied to Bitcoin or other digital currencies introduces an even greater layer of unpredictability and risk than conventional stock picking.
That unpredictability and volatility is a risk. But it can also send these stocks soaring.
In this article, we'll pick four stocks that can outperform in a Bitcoin bull market based on technical signals, earnings potential, and the amount of digital assets they hold. Word to the wise: always use an extra measure of caution when investing in crypto-adjacent companies.
<h2 class="wp-block-heading">Coinbase Global Inc.</h2>
Coinbase  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), one of the first companies to offer cryptocurrency investing to retail traders, became the first cryptocurrency exchange to go public in April 2021. The stock quickly shot over $300 per share following the IPO, topping out at $353 at the peak of the 2021 Bitcoin bull market in November. However, like the broader crypto market, Coinbase entered a bear market in 2022, dropping under $50 per share by the start of 2023. Despite its massive market cap and customer base, the stock didn't participate in the 2023 market recovery and only started showing renewed strength once the rally extended to 2024.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfunWdsxqH2-mZLKHcpgU9vQZQJv8IyqtAuLLnRSgRJdilcD9NAIRhShwZMLlDei5fexmCNrFvJgRbNgLUoAotla78XIlUxrb8zwxGr6mUmC7f_w34tDKJNuwuQSOqkFNhkocP2kg?key=4EP4ZqrnKMWz_ZR-254PyQ" alt="" /></figure>
Much like the price of Bitcoin, COIN shares declined for the second half of 2024 before rallying again on Donald Trump's presidential victory in hopes of relaxed crypto regulation. Then, another extended decline followed Inauguration Day, and the stock suffered a 50% haircut. However, now that Bitcoin is reaching new all-time highs, COIN shares have joined in on the fun again, and a new all-time high for the exchange might not be far behind.
The daily chart above shows the stock breaking out of its downtrend thanks to a 16% gain on May 13 on heavy volume. Coinbase reported over $1.2 trillion in trading volume in 2024. Analysts at Goldman Sachs, Benchmark, Oppenheimer, and Rosenblatt have all boosted price targets in the last two weeks. Based on current prices, Coinbase also owns 6,885 Bitcoins in its treasury, worth an estimated $750 million. 
<h2 class="wp-block-heading">Robinhood Markets Inc.</h2>
Robinhood  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) ushered in the commission-free stock trading era, and its 2021 IPO was one of the most heavily anticipated issues in years. But after jumping over $50 per share in the fall of 2021, the stock swooned and, unlike Coinbase, did not experience a new bull run when the market turned in 2023. It took until September 2024 for HOOD shares to sustain a price over $20, but the recent rally has been impressive and should have legs if crypto keeps ascending.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXff4TFbfpi92VaI1bzj4T7bZnEOkthFo8vQUnQPaubGjrYbM45tTsDjmA_HYChvvVba_n8lI3t7chZZcrzpXbYbkaXSZSF3iC4IBwgWF_gpmd7BZvYzZJce3b9Fk_9kI31i-Tn4AA?key=4EP4ZqrnKMWz_ZR-254PyQ" alt="" /></figure>
Today, Robinhood offers retirement accounts, banking services, premium features through its Gold subscription program, and a new platform called Legends for active traders. But the company's bread and butter is still crypto and options trading. In Q1 2025, the company reported $583 million in annual transaction-based revenue, including $252 million from cryptocurrency trading. The $252 million figure represents a 100% increase year-over-year; the company expects to grow total revenue by 30% in 2025.
Technical signals are also strong, with the price trading above the 50- and 200-day simple moving averages (SMAs) and recently reaching a new all-time high. Goldman Sachs, Deutsche Bank, and Needham boosted their price targets this month in defense of their Buy ratings. The average of $69 indicates an upside of nearly 10% from current levels.
<h2 class="wp-block-heading">Strategy Inc.&nbsp;</h2>
Formerly known as MicroStrategy, Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) is the planet&#8217;s largest public holder of Bitcoin by a fairly wide margin. According to its most recent treasury report, Strategy now owns over 576,000 Bitcoins, more than 2.7% of the total supply and nearly 530,000 more than any other public company. CEO Michael Saylor has replaced much of his former software business with cryptocurrency management, and the stock has swung violently along with Bitcoin's price gyrations.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeHYtUPbhwZTAI1e-g3B4GuaYZuU-um2wGqH53TGJhEx7jzf5DB7U1pk1pgukmN79xL7vLkzqmIUAzmy45h44OwtfEFtzQ2jC4cH3HG1oEWWT3pXcPZw1HtlAXh1Vq8lcVCiYQiUw?key=4EP4ZqrnKMWz_ZR-254PyQ" alt="" /></figure>
Despite a poor track record of Bitcoin profits (the company has spent over $40 billion on its tokens and current holdings are worth just under $63 billion), MSTR shares often move in lockstep with the price of Bitcoin. The chart above is also flashing some interesting technical signals. After failing to sustain a breakout above the 50-day SMA, the stock finally busted through in mid-April and appeared to be tracking a new high before the RSI triggered an overbought signal, and shares declined. This pullback could be a new entry point for the latest Bitcoin bull market run, as Strategy is likely to continue adding Bitcoins to its treasury as the price action accelerates.
<h2 class="wp-block-heading">Tesla Inc.&nbsp;</h2>
Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares have been caught in a tug-of-war ever since CEO Elon Musk threw his hat into the political ring. Following Trump's November election win, TSLA shares jumped from $242 to $488 in six weeks. However, following the inauguration, shares plummeted to $225 as auto sales dipped globally amidst Musk's declining popularity.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdYJw6HhB9_mMrg2B6FiZVl68HixYSGXKjmYsxAVpL2CyLaMxmeE5TyfsloFYe0IOYyptScjw93cg0j_8dEB_mRMFTwstKR-uZocV_fkbP1_giqFDoGsfFtk6242FUHeffSG9-hoQ?key=4EP4ZqrnKMWz_ZR-254PyQ" alt="" /></figure>
Musk recently announced plans to forgo political dealings and concentrate on his companies. While that might be a difficult promise to hold in the future, TSLA stock has reacted positively. Despite declining sales, Tesla remains one of the best Bitcoin investors. The company is the fifth largest public owner with 11,500 Bitcoins, and the buys have been well-timed. The entry value of TSLA's Bitcoin holdings is $330 million, but the current value is over $1.2 billion, a gain of nearly 300% that dwarfs the returns of Strategy, which have barely topped 50%. The daily chart also looks bullish, as a double bottom pattern is receiving confirmation from a breakout on the MACD.
<h2 class="wp-block-heading">This ETF Moves When The Market Drops And Matt's Watching It Now</h2>
Volatility is rising—and one ETF tends to spike when chaos hits. Join Matt Maley this Wednesday to see how he trades it short-term using technical signals, sentiment, and tactical options setups. Claim your free seat <a href="https://events2.benzinga.com/matt-maley-webinar-wed-may28-2025-registration/?utm_campaign=webinar052825&amp;utm_adType=sponsorad&amp;utm_ad=RD052825">HERE</a>.
Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.
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4 Crypto Stocks To Consider As Bitcoin Hits New All-Time Highs

Circle, the company behind the USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) stablecoin, is planning to raise up to $600 million through its upcoming initial public offering (IPO), according to an update submitted to the<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45533962/crypto-company-unicoin-executives-face-sec-fraud-charges-over-deceptive-claims"> U.S. Securities and Exchange Commission</a>.
This <a href="https://www.circle.com/pressroom/circle-launches-initial-public-offering">move</a> positions Circle to go public on the New York Stock Exchange under the ticker symbol "CRCL."
As outlined in its amended S-1 filing, Circle intends to offer 24 million shares of its Class A common stock, of which 9.6 million will be issued directly by the company, while the remaining 14.4 million will come from current shareholders. 
Additionally, underwriters may be given a 30-day option to purchase an extra 3.6 million shares to cover any overallotments.
The share price is expected to land between $24 and $26, pending market conditions, and while the offering is not yet finalized, a midpoint estimate would value Circle at approximately $5.43 billion based on a fully diluted share count of over 217 million shares.
Lead underwriters on the deal include major financial firms JPMorgan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and Citigroup.
If the IPO proceeds as projected, Circle itself would net roughly $240 million from the offering, while selling shareholders could receive around $360 million.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45616666/dogecoin-shiba-inu-and-other-meme-coins-are-entry-points-to-crypto-ecosystem-report">Dogecoin, Shiba Inu And Other Meme Coins Are Entry Points To Crypto Ecosystem: Report</a>
Asset manager ARK Invest has expressed non-binding interest in purchasing up to $150 million worth of the IPO shares, though the final allocation remains uncertain and subject to change.
The IPO filing comes shortly after Circle publicly denied rumors of acquisition talks with Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), reinforcing that the company is not for sale and remains committed to its strategic roadmap. 
CEO Jeremy Allaire has said that the IPO marks another step toward enhanced transparency and public accountability for the company.
This isn't Circle's first attempt at going public.
A prior SPAC merger plan, which would have valued the firm at $9 billion, was scrapped during the market downturn in 2022.
Today, Circle's USDC remains the second-largest stablecoin in circulation, with a market capitalization of $62.1 billion, trailing behind Tether's USDT (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), which leads the sector with $238.3 billion in supply.
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Jefferies analyst Trevor Williams maintains Coinbase Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) with a Hold and raises the price target from $210 to $260.

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Jefferies Maintains Hold on Coinbase Global, Raises Price Target to $260

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>06/20/25</td>
<td>$270.00</td>
<td>$35.2K</td>
<td>5.2K</td>
<td>2.8K</td>
</tr>
<tr>
<td>UPST</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$45.00</td>
<td>$26.6K</td>
<td>1.0K</td>
<td>467</td>
</tr>
<tr>
<td>PRU</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$100.00</td>
<td>$57.2K</td>
<td>598</td>
<td>193</td>
</tr>
<tr>
<td>FI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/18/26</td>
<td>$165.00</td>
<td>$56.9K</td>
<td>25</td>
<td>142</td>
</tr>
<tr>
<td>V</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$335.00</td>
<td>$27.0K</td>
<td>410</td>
<td>29</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we notice a call option sweep that happens to be neutral, expiring in 25 day(s) on June 20, 2025. This event was a transfer of 22 contract(s) at a $270.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $35.2K, with a price of $1600.0 per contract. There were 5225 open contracts at this strike prior to today, and today 2875 contract(s) were bought and sold. 
• For UPST (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>), we notice a call option trade that happens to be bullish, expiring in 25 day(s) on June 20, 2025. This event was a transfer of 73 contract(s) at a $45.00 strike. The total cost received by the writing party (or parties) was $26.6K, with a price of $365.0 per contract. There were 1041 open contracts at this strike prior to today, and today 467 contract(s) were bought and sold. 
• Regarding PRU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>), we observe a call option trade with bullish sentiment. It expires in 25 day(s) on June 20, 2025. Parties traded 130 contract(s) at a $100.00 strike. The total cost received by the writing party (or parties) was $57.2K, with a price of $440.0 per contract. There were 598 open contracts at this strike prior to today, and today 193 contract(s) were bought and sold. 
• For FI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), we notice a put option sweep that happens to be bearish, expiring in 388 day(s) on June 18, 2026. This event was a transfer of 27 contract(s) at a $165.00 strike. This particular put needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $56.9K, with a price of $2110.0 per contract. There were 25 open contracts at this strike prior to today, and today 142 contract(s) were bought and sold. 
• For V (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), we notice a call option trade that happens to be bearish, expiring in 235 day(s) on January 16, 2026. This event was a transfer of 6 contract(s) at a $335.00 strike. The total cost received by the writing party (or parties) was $27.0K, with a price of $4505.0 per contract. There were 410 open contracts at this strike prior to today, and today 29 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

UPST

5 Financials Stocks Whale Activity In Today's Session

Coinbase Global's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NYSE">COIN</a>) short percent of float has fallen 7.99% since its last report. The company recently reported that it has 9.88 million shares sold short, which is 4.72% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.43 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">List of the most shorted stocks</a>
<h3>Coinbase Global Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1748275217_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Coinbase Global has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Coinbase Global's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Coinbase Global's peer group average for short interest as a percentage of float is 4.64%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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What Does the Market Think About Coinbase Global?

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Shares of crypto-related companies are trading lower amid a drop in the price of Bitcoin.

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) is trading at $2,654.33, having increased by 0.77% over the past 24 hours. The token grew 1.95% over the week, <a href="https://www.benzinga.com/money/how-to-buy-ethereum">and has surged 48.44% over the month</a>.&nbsp;
The growth comes on the back of Ethereum's milestone, as it crossed Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) by market cap, while ETH Co-founder makes a large transfer.&nbsp;
ETH reached a market cap of $327.82 billion, which is higher than Bank of America&#8217;s market cap of $326.20 billion. Bank of America has existed for more than a century, yet Ethereum has outpaced it within a decade, giving a boost to investors' confidence, and a strong sign that crypto is surpassing traditional finance on more than just technical grounds.
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The Ethereum network has completed the Pectra upgrade that doubled the capacity of its layer-2 solutions. The upgrade improved validator tools, as well as smart wallets, which make products in the Ethereum ecosystem easier to use.
Stripe has integrated Ethereum-based stablecoin accounts, enabling users in more than 100 countries to receive, send, and store assets like USDC. Ethereum has the potential to become the global infrastructure for decentralized finance.
Ethereum co-founder, Jeffrey Wilcke, made a transfer of 78,000 ETH (around $260 million) to Kraken, raising concerns among traders. Wilcke's previous large sales have coincided with local market peaks. The timing is also right as ETH&#8217;s price has nearly doubled its recent low at $1,390, which can invite a short-term correction.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) saw a similar pattern, where an anonymous whale placed an $800 million leveraged long bet on the token using 40x leverage. With the Federal Reserve adding to the uncertainty with unclear policy signals, traders are now worried about a violent market shift.&nbsp;
A post from Ethereum's official X account, formerly Twitter, showed 21 developments over the last few weeks. Along with the Pectra update and Stripe integration, names like CoalaPay, BTCS Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCS#NASDAQ">BTCS</a>), and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) have contributed to Ethereum&#8217;s growing reach and technical ability. Layer-2 solutions are active, secure, and faster than ever, and the ecosystem continues to innovate in ways that traditional finance can&#8217;t keep up with.
Ethereum passing Bank of America indicates that talent, capital, and attention are pouring into it, not due to hype, but because it&#8217;s providing actual utility.&nbsp;
It&#8217;s the space for developers to build, users to spend, and a new financial infrastructure to form.&nbsp;
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<li>Grow your IRA or 401(k) with Crypto – <a href="https://info.irafinancial.com/lp/irafi-crypto/?utm_source=benzinga.com&amp;utm_medium=affiliate&amp;utm_campaign=y2">unlock the power of alternative investments including a Crypto IRA within your retirement account</a>.</li>
<li>Trade, earn, and grow your crypto portfolio with Crypto.com — <a href="https://www.benzinga.com/go/crypto-com-signup-bonus">plus receive up to $500 worth of rewards in the most popular tokens if you're a new customer</a>.</li>
</ul>
Image: Shutterstock

$ETH

Ethereum Surpasses Bank of America As Price Soars 48%, Stripe Integrates Stablecoins

BTCT

Shares of crypto-linked stocks and Bitcoin miners are trading higher after Bitcoin reached a new all-time high, rising above $110,000.

Jim Cramer wrote on X Wednesday that bonds will &#8220;overshoot and then settle,&#8221; predicting that a turbocharged economy could emerge from the current budget agreement despite near-term market volatility.
What Happened: &#8220;Bonds will overshoot and then settle. They will get to a level that brings in actual buyers and then we will have a turbocharged economy from that budget agreement. We just can&#8217;t believe any of that right now. But it is possible,&#8221; CNBC&#8217;s Cramer posted on X.
His comments came as Treasury yields spiked to <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">multi-month highs Wednesday</a>, with the 30-year bond yield hitting 5.08% &#8211; the highest level since October 2023. The benchmark 10-year Treasury note yield traded at 4.59%, while the 2-year yield reached 4.00%.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bonds will overshoot and then settle. They will get to a level that brings in actual buyers and then we will have a turbocharged economy from that budget agreement. We just can&#39;t believe any of that right now. But it is possible.
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1925295837682315296?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The bond market selloff accelerated following a weak $16 billion 20-year Treasury auction that showed soft demand. The bid-to-cover ratio came in at 2.46, <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">sitting near the bottom quartile</a> of the last 50 auctions, according to Exante Data analysis.
The yield surge triggered broad equity weakness, with the Dow Jones Industrial Average losing 816.80 points or 1.91% to 41,860.44. The S&amp;P 500 shed 1.61% to 5,844.61, while the Nasdaq Composite dropped 1.41% to 18,872.64. 
High-growth tech stocks, including NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) fell over 2.5% during the Treasury market spike.
See Also: <a href="https://www.benzinga.com/news/financing/25/05/45557031/trump-considers-taking-fannie-mae-freddie-mac-public-calls-mortgage-giants-very-profitable-says-timing-seems-right">Trump Considers Taking Fannie Mae, Freddie Mac Public, Calls Mortgage Giants &#8216;Very Profitable,&#8217; Says Timing Seems Right</a>
Why It Matters: Market participants remain focused on fiscal policy under President Donald Trump&#8216;s administration, with the proposed tax-and-spending package <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">potentially slashing federal revenues</a> by $4.1 trillion through 2034, according to the Tax Foundation. 
Economist Justin Wolfers criticized the bill as &#8220;reverse Robin Hood,&#8221; while Moody&#8217;s recent sovereign debt downgrade amplified <a href="https://www.benzinga.com/25/05/45535537/trumps-budget-agenda-is-reverse-robin-hood-economics-says-justin-wolferstakes-from-working-families-gives-to-the-rich">existing fiscal sustainability concerns</a>.
&#8220;Budget deficits matter,&#8221; said veteran investor Ed Yardeni. &#8220;That&#8217;s especially so when they lead to higher interest rates, <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">higher bond yields, and potentially higher inflation</a>.&#8221;
Image Via Shutterstock
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45556921/mark-zuckerberg-slams-endless-one-on-one-meetings-says-i-just-like-explode-without-open-blocks-of-time-in-the-calendar">Mark Zuckerberg Gets &#8216;Really Frustrated&#8217; And In A Bad Mood When He Can&#8217;t Do This One Thing</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bonds

NVDA

Jim Cramer Says Bonds Will 'Overshoot And Then Settle,' Predicts Turbocharged Economy From Budget Agreement

A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction, with several high-growth and tech names plunging between 1:05 p.m. and 2:05 p.m. ET—the exact window 30-year <a href="https://www.benzinga.com/news/treasuries">yields spiked above 5.08%.</a>
Tempus AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) led the decline, falling 6.9%, followed by Hims &amp; Hers Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>), which dropped 5%, data from <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> platform shows. 
AI infrastructure firm CoreWeave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) slid 4.4%, while Bitcoin-linked Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) tumbled 4.3%. 
Trading platform Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) lost 3.7%.
The selloff came as investors repriced risk across equities amid fears of persistently higher rates, sparked by soft demand at the 20-year Treasury auction. 
The bid-to-cover ratio of 2.46 landed near the bottom quartile of the past 50 auctions, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), sliding to a 19-month low.
Notable losers among the 20 movers with at least $10 billion market cap also included Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), with declines of 3.1%, 2.9% and 2.7%, respectively. 
Semiconductor names also came under pressure, as ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) fell 2.8%, while Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) lost 3% during the hour-long selloff. Other high-beta tech stocks such as Credo Technology Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDO#NASDAQ">CRDO</a>) and Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) each dropped over 3%, reflecting broad-based risk aversion triggered by the Treasury market spike. 
The weakness extended into biotech and aerospace sectors as well, with Summit Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMT#NASDAQ">SMMT</a>) and Rocket Lab USA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) down 2.7% and 3.5%, respectively.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Name</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Tempus AI</td>
<td>$60.39</td>
<td>-6.91%</td>
</tr>
<tr>
<td>Hims &amp; Hers Health</td>
<td>$58.27</td>
<td>-5.00%</td>
</tr>
<tr>
<td>CoreWeave</td>
<td>$104.33</td>
<td>-4.44%</td>
</tr>
<tr>
<td>Strategy</td>
<td>$399.58</td>
<td>-4.15%</td>
</tr>
<tr>
<td>Robinhood Markets</td>
<td>$64.11</td>
<td>-3.73%</td>
</tr>
<tr>
<td>Aurora Innovation</td>
<td>$6.17</td>
<td>-3.60%</td>
</tr>
<tr>
<td>Rocket Lab USA</td>
<td>$25.48</td>
<td>-3.51%</td>
</tr>
<tr>
<td>Credo Technology Group</td>
<td>$60.98</td>
<td>-3.24%</td>
</tr>
<tr>
<td>Mobileye Global</td>
<td>$15.88</td>
<td>-3.23%</td>
</tr>
<tr>
<td>Astera Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>)</td>
<td>$92.15</td>
<td>-3.21%</td>
</tr>
<tr>
<td>ServiceTitan Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTAN#NASDAQ">TTAN</a>)</td>
<td>$123.13</td>
<td>-3.07%</td>
</tr>
<tr>
<td>Palantir Technologies</td>
<td>$122.40</td>
<td>-3.05%</td>
</tr>
<tr>
<td>Super Micro Computer</td>
<td>$42.16</td>
<td>-3.04%</td>
</tr>
<tr>
<td>Estee Lauder Cos Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>)</td>
<td>$64.11</td>
<td>-2.96%</td>
</tr>
<tr>
<td>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td>
<td>$260.26</td>
<td>-2.92%</td>
</tr>
<tr>
<td>Toll Brothers Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>)</td>
<td>$103.95</td>
<td>-2.89%</td>
</tr>
<tr>
<td>ON Semiconductor</td>
<td>$44.03</td>
<td>-2.82%</td>
</tr>
<tr>
<td>Summit Therapeutics</td>
<td>$25.59</td>
<td>-2.69%</td>
</tr>
<tr>
<td>Nvidia Corp. </td>
<td>$133.27</td>
<td>-2.69%</td>
</tr>
<tr>
<td>Kinsale Capital Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNSL#NYSE">KNSL</a>)</td>
<td>$460.03</td>
<td>-2.64%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Benzinga Pro</figcaption></figure>
<h3 class="wp-block-heading">Wall Street Extend Lows</h3>
The S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), deepened losses, falling 1.3% by 2:17 p.m. ET, while small caps were hit harder, with the Russell 2000 plunging 2.4%. 
All S&amp;P 500 sectors traded in negative territory, led by real estate, which dropped 2.7% under pressure from rising yields.
Gold miners, tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), were the only industry group holding gains, supported by a rise in bullion prices as investors sought safety amid Treasury volatility. 
The clean energy industry was the day's worst performer, with the Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) sliding 3.4%.
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548192/tesla-enters-its-most-bullish-window-this-seasonal-trade-delivered-24-average-gain-over-10-years">Tesla Enters Its Most Bullish Window: This Seasonal Trade Delivered 24% Average Gain Over 10 Years </a></li>
</ul>
Photo: Shutterstock

Analyst Color

Large Cap

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Treasuries

Tech

ALAB

CRDO

CRWV

Market Vectors ETF Trust Market Vectors Gold Miners

Hims & Hers Health, Inc. Class A Common Stock

HIMS

KNSL

MBLY

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

RKLB

SMCI

SMMT

iShares Trust Barclays 20+ Year Treasury Bond Fund

TTAN

Treasury Yields Top 5%: These 20 Stocks Tanked In Just One Hour

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) soared to a new all-time high on Wednesday, crossing $109,000 amid rising investor confidence and renewed momentum in <a href="https://www.benzinga.com/money/bitcoin-price-prediction#:~:text=By%202025%2C%20Bitcoin%20is%20projected,projecting%20prices%20upwards%20of%20%24180%2C000.">the digital asset market</a>.
What Happened: Bitcoin&#8217;s new high of $109,500 on Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), surpasses the previous record set in January, underlining Bitcoin's resilience and growing role in macro portfolios.
The world's largest cryptocurrency has staged a sharp recovery from its April 8 low of $76,320, a day that coincided with a broader downturn in equities driven by fears of a renewed U.S. trade conflict. 
Since then, Bitcoin has rebounded over 40%, bolstered by both technical momentum and a favorable macroeconomic environment.
More than $50 million in short positions were liquidated within a single hour as the rally gathered steam, signaling a wave of forced buying and renewed bullish sentiment. 
The surge in price is accompanied by fundamental strength: over 33,000 BTC were added to short-term holder supply in just the past week, while long-term holders have quietly accumulated nearly half a million BTC since March.
What experts Are Saying: Bitcoin's rise comes at a time when digital assets are increasingly diverging from traditional risk markets.
"This isn&#8217;t just noise—it's conviction," Iliya Kalchev, analyst at Nexo Dispatch told Benzinga. "We're seeing a reshuffling of the supply landscape that supports durable upside rather than a speculative spike."
As global investors reassess their exposure to U.S. equities amid trade tensions and inflation uncertainty, assets like Bitcoin have drawn inflows as potential hedges and alternative stores of value. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45543096/why-donald-trump-including-cardano-in-the-crypto-reserve-suprised-even-the-founder-nice-to-see-progress">Why Donald Trump Including Cardano In The Crypto Reserve Suprised Even The Founder: &#8216;Nice To See Progress&#8217;</a>
Standard Chartered had previously forecast <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45034209/bitcoin-could-hit-120000-in-q2-says-standard-chartereds-geoff-kendrick">a fresh high in Q2</a>, citing increased asset reallocation among institutional players.
While altcoins like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) also posted modest gains of 1–3%, the spotlight remained firmly on Bitcoin. 
Meanwhile, the U.S. Securities and Exchange Commission has postponed decisions on several new exchange-traded fund proposals tied to major altcoins, including XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), DOGE and SOL, delaying the potential next wave of ETF-driven market expansion.
Gadi Chait, Investment Manager at Xapo Bank, emphasized that Bitcoin's current momentum is underpinned by spot market participation. 
"Funding rates on Binance remained negative through early May, and neutral funding yields have compressed sharply," he told Benzinga. "That indicates fresh capital entering without overleveraged froth."
Chait also pointed to a rare convergence of supportive macro and policy factors. "We've got a temporary cooling of U.S.–China tariff escalation, softer inflation prints, and the first real bipartisan tailwind in Washington with the FIT21 bill. 
At the same time, the UK's regulatory framework is nearing final form. All of this creates room for allocators to reenter the market."
What&#8217;s Next: Institutional participation is no longer marginal.
BlackRock's spot Bitcoin ETF IBIT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), recently exceeded $62 billion in assets under management, reinforcing Bitcoin's evolving status as a mainstream investment instrument.
Traders are closely watching the $108,000 support level for confirmation of continued bullish momentum. 
A decisive break higher could propel Bitcoin toward $110,000 in the coming days. 
Macro watchers are also awaiting speeches from Federal Reserve officials and key U.S. economic data later this week for clues on future monetary policy.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/05/45534496/altcoin-rotation-is-coming-expert-says-will-eth-xrp-dogecoin-benefit">Altcoin Rotation Is Coming, Expert Says: Will ETH, XRP, Dogecoin Benefit?</a></li>
</ul>
Image: Shutterstock

$ADA

$DOGE

$SOL

IBIT

Bitcoin Hits All-Time High Of $109,500: What's Next?

Riot Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), a Bitcoin mining company, announced an <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/n45517135/riot-platforms-announces-upsizing-of-credit-facility-to-200-million-with-coinbase" rel="noreferrer noopener">expanded credit agreement</a> with Coinbase Credit, Inc., a financing subsidiary of Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).
Under the revised deal, Riot has increased its existing $100 million credit line to a total of $200 million, doubling its liquidity through the facility while maintaining all previous terms.
The new facility will support Riot&#8217;s strategic plans and general operations. The company aims to optimize capital usage and improve its financing structure as part of its broader effort to deliver long-term value to investors.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45512385/eric-trump-said-bitcoin-is-the-greatest-hedge-against-hard-assets-even-though-real-estate-is-his-bread-and-butter">Eric Trump Said Bitcoin Is The &#8216;Greatest Hedge Against Hard Assets,&#8217; Even Though Real-Estate Is His &#8216;Bread And Butter&#8217;</a>
Jason Les, CEO of Riot, highlighted the significance of the expansion, stating, &#8220;Riot is pleased to upsize the credit facility with Coinbase, which is a demonstration of our efforts to diversify our financing sources and lower our cost of capital in order to support greater long-term value creation for our shareholders.&#8221;
The terms of the new agreement remain unchanged from the original facility. Borrowed funds will accrue interest based on a rate composed of the greater of the federal funds upper limit or 3.25%, plus an additional 4.50%.
The credit line matures 364 days from activation, with a potential extension of another 364 days, subject to Coinbase&#8217;s approval.
Riot&#8217;s Bitcoin (CRYPTO: BTC/USD) holdings will partially secure the borrowed funds, aligning with its strategy of leveraging digital assets to unlock capital while retaining exposure to potential cryptocurrency upside.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RIOT stock has decreased over 19% in the past year. Investors can gain exposure to the stock via&nbsp;Global X Blockchain ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKCH#NASDAQ">BKCH</a>).
Price Action: RIOT shares are trading lower by 1.45% to $8.845 at last check Tuesday, while COIN shares are trading lower by 0.52% to $262.63.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45179098/riot-platforms-powers-up-analyst-gives-4-reasons-why-he-is-bullish" target="_blank" rel="noreferrer noopener">Riot Platforms Powers Up: Analyst Gives 4 Reasons Why He Is Bullish</a></li>
</ul>
Image via Shutterstock

Movers

General

BKCH

Riot Platforms Pledges More Bitcoin To Double Borrowing Facility With Coinbase

Riot Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin mining, is pleased to announce that it has successfully upsized its existing $100 million credit facility (the "Existing Credit Facility") to a total commitment of up to $200 million (the "Upsized Credit Facility") with Coinbase Credit, Inc. ("Coinbase"), a subsidiary of Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).

Contracts

Riot Platforms Announces It Has Successfully Upsized Its Existing $100M Credit Facility To A Total Commitment Of Up To $200M With Coinbase Credit

Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) CEO Brian Armstrong celebrated a significant milestone for cryptocurrency regulation after the GENIUS Act cleared its first major procedural hurdle in the Senate with bipartisan support.
What Happened: Armstrong described the advancement as &#8220;a huge win for crypto and the future of onchain innovation in America&#8221; after Coinbase Chief Policy Officer Faryar Shirzad announced that 16 Democrats joined Republicans to pass an early procedural vote. 
&#8220;Crypto is again showing that it&#8217;s the biggest bipartisan issue in play on the Hill,&#8221; Shirzad noted in his social media post, thanking several senators for their efforts.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A huge win for crypto and the future of onchain innovation in America! Thank you to all senators who voted for it. <a href="https://t.co/Wml57q1tkb">https://t.co/Wml57q1tkb</a>
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1924670213146214408?ref_src=twsrc%5Etfw">May 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, introduced by Sen. Bill Hagerty (R-TN), aims to provide a <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45322570/treasury-secretary-criticizes-senate-for-failing-to-advance-stablecoin-bill?utm_source=chatgpt.com">comprehensive regulatory framework for payment stablecoins</a> &#8211; digital assets pegged to traditional currencies like the U.S. dollar. 
The bill outlines operational standards, consumer protections, and compliance requirements with existing financial laws, including the Bank Secrecy Act.
However, the progress comes amid growing tension, as several Senate Democrats who previously supported the bill in committee <a href="https://www.benzinga.com/markets/25/05/45335415/coinbase-legal-chief-slams-congressional-standoff-on-crypto-bills-start-debating-and-stop-politickin?utm_source=chatgpt.com">suddenly withdrew their backing</a>. 
See Also: <a href="https://www.benzinga.com/25/05/45511478/dow-surges-over-100-points-despite-moodys-us-downgrade-investor-sentiment-decreases-fear-greed-index-remains-in-greed-zone">Dow Surges Over 100 Points Despite Moody&#8217;s US Downgrade: Fear Index Remains In &#8216;Greed&#8217; Zone</a>
Why It Matters: The $200 billion stablecoin market currently exists in a regulatory gray area, with stakeholders arguing that a federal framework is essential for <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45322570/treasury-secretary-criticizes-senate-for-failing-to-advance-stablecoin-bill?utm_source=chatgpt.com">U.S. competitiveness in financial innovation</a>.
The legislation has become increasingly politicized due to President Donald Trump&#8216;s cryptocurrency ventures, including World Liberty Financial&#8217;s planned stablecoin. Sen. Elizabeth Warren (D-Mass.) has criticized the bill for potentially enabling political corruption, highlighting <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45322570/treasury-secretary-criticizes-senate-for-failing-to-advance-stablecoin-bill?utm_source=chatgpt.com">concerns about elected officials&#8217; involvement</a> in stablecoin businesses.
Coinbase executives have emphasized <a href="https://www.benzinga.com/markets/25/05/45335415/coinbase-legal-chief-slams-congressional-standoff-on-crypto-bills-start-debating-and-stop-politickin?utm_source=chatgpt.com">the urgency of moving forward</a>. &#8220;The Senate should start debating and stop politicking &#8211; immediately,&#8221; said Coinbase Chief Legal Officer Paul Grewal, warning that &#8220;American voters will remember if this unique opportunity to act is wasted.&#8221;
Image Via Shutterstock 
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Coinbase CEO Brian Armstrong Hails 'Huge Win' As GENIUS Act Advances With Bipartisan Senate Support

Editor&#8217;s Note: The story has been updated to include a reply from the Department of Justice
Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) confirmed Monday that the&nbsp;Department of Justice&nbsp;has launched an investigation into the recent cybersecurity breach at&nbsp;the cryptocurrency exchange.
What Happened: Coinbase&#8217;s Chief Legal Officer, Paul Grewal, acknowledged the DOJ&#8217;s involvement in the case via an X post.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Uh, we told the authorities about the incident. We are not the subject of the investigation into the incident. Just sayin'— if facts matter <a href="https://t.co/Ck3CBZ7Alg">pic.twitter.com/Ck3CBZ7Alg</a>
&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1924597676651557172?ref_src=twsrc%5Etfw">May 19, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
&#8220;Uh, we told the authorities about the incident. We are not the subject of the investigation into the incident. Just sayin'— if facts matter,&#8221; Grewal said, emphasizing that the DOJ was not probing Coinbase but the criminal actors behind the breach. 
A DOJ spokesperson declined Benzinga&#8217;s request for comment See Also: <a href="https://benzinga.com/markets/cryptocurrency/25/05/45493191/shiba-inu-sinks-16-in-7-days-what-is-going-on" target="_blank" rel="noreferrer noopener">Shiba Inu Sinks 16% In 7 Days: What Is Going On?</a>
The cryptocurrency behemoth disclosed last week that it had received an email from an unidentified threat actor&nbsp;claiming to have information about&nbsp;certain customer accounts and internal documents. 
The attackers managed to steal&nbsp;some data, including names, addresses, and emails. However, they failed to gain&nbsp;access to login credentials or&nbsp;passwords. The company anticipated the cyberattack to cost between $180 million and $400 million.
Coinbase has refused to pay ransom, <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45441997/coinbase-hit-by-data-breach-refuses-to-pay-20m-ransom">instead placing a $20 million bounty</a> for information leading to the attackers.
Price Action:&nbsp; Shares of Coinbase were up 0.29% in after-hours trading after closing 0.95% lower at $263.94 during Monday&#8217;s regular trading session, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Year-to-date, the stock has gained over 6%
As of this writing, the stock ranked sufficiently high on growth, a measure of a stock&#8217;s combined historical expansion in earnings and revenue across multiple periods.&nbsp;To view stocks with growth scores exceeding 90, head to&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="558" height="352" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/20020305/Screenshot-2025-05-20-113247.png" alt="" class="wp-image-920671" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/20020305/Screenshot-2025-05-20-113247.png 558w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/20020305/Screenshot-2025-05-20-113247-300x189.png 300w" sizes="(max-width: 558px) 100vw, 558px" /></a></figure>
Photo Courtesy: Primakov on Shutterstock.com
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Coinbase Says DOJ Probing Latest Attack On Its Platform, Clarifies It's Not The 'Subject' Of The Investigation (UPDATED)

<a href="https://www.bloomberg.com/news/articles/2025-05-19/coinbase-customer-data-theft-investigated-by-justice-department" title="https://www.bloomberg.com/news/articles/2025-05-19/coinbase-customer-data-theft-investigated-by-justice-department">https://www.bloomberg.com/news/articles/2025-05-19/coinbase-customer-data-theft-investigated-by-justice-department</a>

Legal

'Coinbase Customer Data Theft Investigated By Justice Department' - Bloomberg News

These large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol class="wp-block-list">
<li>CoreWeave, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) stock surged 56.32%  after Nvidia disclosed it added a stake in the company via a 13F filing equating to approximately 24.18 million shares. JP Morgan and Needham also raised their respective <a href="https://www.benzinga.com//node/45472274" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock escalated 44.26% after the company announced that it entered into a strategic partnership under a <a href="https://www.benzinga.com//node/45471297" target="_blank" rel="noreferrer noopener">memorandum of understanding</a> with DataVolt.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) stock jumped 33.68% after the company announced a partnership with Webull Pay to power crypto experiences. Additionally, Benchmark raised its price forecast <a href="https://www.benzinga.com//node/45471661" target="_blank" rel="noreferrer noopener">on the stock from $252 to $301</a>.</li>
<li>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) shares rose 33.41% after announcing a $12 billion acquisition of LS (Luminus Systems) <a href="https://www.benzinga.com//node/45388224" target="_blank" rel="noreferrer noopener">Power&#8217;s generation assets</a>.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) stock rose 27.19% amid overall market strength following softer-than-expected April inflation readings. Additionally, investors continue to weigh the progress of the U.S.-China trade and President Trump&#8217;s Middle East trip.</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) shares increased 26.86% on reports indicating the House GOP budget will cut but not remove <a href="https://www.benzinga.com//node/45385748" target="_blank" rel="noreferrer noopener">wind and solar tax credits</a>.</li>
<li>Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) stock grew 25.52% after the company recently reported better-than-expected financial results and raised its FY25 sales guidance with its midpoint above estimates. The company, acting as a collaboration partner of Invenra, initiated the dose-escalation stage of the first-in-human Phase 1 clinical study of XB628. Citigroup raised its <a href="https://www.benzinga.com//node/45418036" target="_blank" rel="noreferrer noopener">price forecast from $45 to $56</a>.</li>
<li>Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) stock rose 24.67%. The company announced that NASA had chosen it to launch its Aspera mission and disclosed the return of its Pioneer spacecraft <a href="https://www.benzinga.com//node/45434506" target="_blank" rel="noreferrer noopener">to Varda Space Industries</a>.</li>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) has gained 24.42% in the last week. The stock has rallied since reporting strong first-quarter financial results on May 5. However, the company has a high short float and may be <a href="https://www.benzinga.com//node/45297555" target="_blank" rel="noreferrer noopener">facing a short squeeze</a>.</li>
<li>On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>) shares escalated 21.71% after the company reported its first-quarter results, and analysts<a href="https://www.benzinga.com//node/45413809" target="_blank" rel="noreferrer noopener"> revised the price forecast</a>.</li>
<li>Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) stock gained 20.87% after the U.S. and China agreed to reduce most tariffs on each other&#8217;s goods temporarily. A reduction in tariffs could alleviate supply chain and macroeconomic uncertainty and help boost consumer sentiment.</li>
</ol>
Photo via Shutterstock

EXEL

FSLR

ONON

CoreWeave, Super Micro Computer And Coinbase Are Among Top 11 Large-Cap Gainers Last Week (May 12-May 16): Are The Others In Your Portfolio?

Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45419064/coinbase-explodes-47-ahead-of-sp-500-debut-charts-flash-bullish-breakout">will be added to the S&amp;P 500 Index on May 19</a> in place of Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), which is being taken over by Capital One Financial. Following the news, Coinbase shares are up more than 27%.
Coinbase is the first digital-asset firm to be included in the S&amp;P 500, marking a major breakthrough toward the <a href="https://www.benzinga.com/crypto">cryptocurrency sector&#8217;s</a> inclusion in mainstream finance. For the investors, the action presents the ideal time to tap into <a href="https://www.benzinga.com/etfs">exposure by way of ETFs</a> that hold significant stakes in the crypto exchange.
ETFs Riding The Coinbase Rally
As Coinbase gains on its S&amp;P 500 listing, a number of ETFs with significant exposure to the company have also seen a surge. Here are some prominent ETFs making a move:
First Trust SkyBridge Crypto Industry &amp; Digital Economy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRPT#NYSE">CRPT</a>)
This fund focuses on companies that are leading the way in crypto and digital assets. The second-largest holding is Coinbase, at a 17.5% allocation. The expense ratio is 0.85%. The fund shot up more than 7% this week.
Fidelity Crypto Industry and Digital Payments ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDIG#NASDAQ">FDIG</a>)
FDIG provides exposure to digital payment systems and crypto-related stocks. The leading position is held by Coinbase with a 12.5% portfolio share. It charges a 0.40% expense ratio. The fund gained more than 8% this week, riding on Coinbase&#8217;s climb.
YieldMax Crypto Industry &amp; Tech Portfolio Option Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LFGY#NYSE">LFGY</a>)
For yield-hungry investors, LFGY brings a twist. The fund applies a covered call approach to crypto- and tech-oriented stocks to create monthly income without sacrificing exposure to the space. It might be attractive for investors who want to catch the Coinbase wave without sacrificing yield. With a 0.99% expense ratio, this fund gained 2.5% this week.
What Coinbase&#8217;s Inclusion Signals
The inclusion in the S&amp;P 500 opens Coinbase up to a vast new investor base, namely, passive funds that track the benchmark index. As these funds rebalance to accommodate COIN, analysts project billions in capital inflows. Bernstein estimates <a href="https://in.benzinga.com/markets/cryptocurrency/25/05/45371362/coinbase-could-see-up-to-16b-net-inflows-after-sp-500-entry-bernstein">Coinbase could see as much as $16 billion in fresh investment</a>, much of it from passive index-tracking vehicles.
Furthermore, Coinbase is said to be <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45355405/coinbases-subscription-gains-deribit-acquisition-blockchain-revenue-strength-prompt-analyst-support">negotiating to buy Deribit</a>, a crypto derivatives exchange based in Dubai, for $2.9 billion. If agreed, the transaction would be the largest in crypto history and massively expand Coinbase&#8217;s presence in international crypto derivatives markets. Deribit is presently the global largest trading venue for Bitcoin options in terms of open interest and volume.
Outlook
Coinbase&#8217;s inclusion in the top S&amp;P 500 isn&#8217;t symbolic, it&#8217;s a game-changer for the mainstream visibility and institutional adoption of crypto-oriented companies. Investors who want to ride the trend have available to them ETFs with high Coinbase exposure, which are diversified and accessible.
As legacy finance warms to digital assets, Coinbase&#8217;s path could mark a new beginning—not only for crypto, but also for the ETF space centered around it.
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</ul>
Photo: Shutterstock

Specialty ETFs

CRPT

FDIG

LFGY

ETFs With Major Coinbase Stakes Surge As COIN Prepares To Join S&P 500

The U.S. Securities and Exchange Commission is investigating whether Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), the largest U.S.-based cryptocurrency exchange, misrepresented its user numbers<a href="https://www.benzinga.com/trading-ideas/movers/25/05/45419064/coinbase-explodes-47-ahead-of-sp-500-debut-charts-flash-bullish-breakout"> in past disclosures. </a>
The Details: According to a Thursday<a href="https://www.nytimes.com/2025/05/15/technology/coinbase-sec-investigation.html"> report</a> from the New York Times, the SEC's probe centers on the crypto exchange's claim of having over 100 million "verified users," a figure prominently featured in its 2021 initial public offering documents and marketing materials.&nbsp;
According to Coinbase, the "verified users" number included anyone who confirmed an email address or phone number, which could result in the same individual being counted multiple times and potentially inflate the number of unique customers. The company stopped reporting its verified users metric in 2022.
Read Next: <a href="https://www.benzinga.com/general/health-care/25/05/45384935/trump-again-promises-lower-drug-prices-by-cutting-out-middlemen-like-unitedhealth-cvs-will-it-work-this-time?utm_source=articleShare">Trump Again Promises Lower Drug Prices By &#8216;Cutting Out Middlemen&#8217; Like UnitedHealth, CVS: Will It Work This Time?</a>
Coinbase has been in touch with the SEC over the past year and has hired the law firm Davis Polk &amp; Wardwell in connection with the investigation, according to people familiar with the matter. The sources also said the SEC has questioned former Coinbase employees about the issue.&nbsp;
The company's chief legal officer, Paul Grewal described the investigation as "a holdover from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public." 
"While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close," Grewal said in the statement, per the New York Times.
What Else: Coinbase on Thursday disclosed <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45441997/coinbase-hit-by-data-breach-refuses-to-pay-20m-ransom">a cyberattack</a> that included a $20 million ransom demand from the attackers who obtained internal documentation and personal user data, including names, contact details, masked bank and SSN data and government IDs.
Coinbase CEO Brian Armstrong addressed the incident publicly, <a href="https://x.com/brian_armstrong/status/1922967787309256807">saying</a>, &#8220;We are not going to pay your ransom… Instead, we&#8217;re putting out a $20 million award for any information leading to the arrest and conviction of these attackers.&#8221;
The stock is preparing to join the S&amp;P 500 index on Monday as the first pure-play crypto company included in the index.&nbsp;
COIN Price Action: Coinbase shares have gained more than 50% over the past month and were up 7.52% at $262.82 at the time of publication Friday. 
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Photo: Shutterstock

Fintech news covering the emerging Financial Technology services sector

Fintech

Government

Coinbase Under SEC Investigation For Overstatement Of User Numbers

U.S. stocks were mixed, with the Dow Jones index gaining around 0.1% on Friday.
Shares of Evolv Technologies Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVLV#NASDAQ">EVLV</a>) rose sharply during Friday's session after the <a href="https://www.benzinga.com/quote/EVLV">company announced preliminary first-quarter financial results.</a>
The company said it expects revenue growth of 40%+ in the first quarter.
Evolv Technologies shares jumped 21% to $5.08 on Friday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul class="wp-block-list">
<li>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) jumped 33.7% to $12.34 after the company reported better-than-expected quarterly EPS results.</li>
<li>NWTN Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWTN#NASDAQ">NWTN</a>) gained 30.2% to $1.64. NWTN announced the appointment of Mr. Benjamin Zhai as Executive Director of the Board and Global Chief Executive Officer.</li>
<li>ACADIA Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACAD#NASDAQ">ACAD</a>) rose 29% to $22.70 after a court decision ruled in favor of the company regarding patent infringement claims over Nuplazid.</li>
<li>Advantage Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADV#NASDAQ">ADV</a>) gained 24.7% to $1.3596.</li>
<li>CoreWeave, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) gained 18.5% to $77.95 after Nvidia disclosed it added a stake in the company via a 13F filing equating to approximately 24.18 million shares. Additionally, JP Morgan and Needham raised their respective price targets on the stock.</li>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) gained 18.5% to $6.64.</li>
<li>Semler Scientific, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMLR#NASDAQ">SMLR</a>) rose 14.4% to $36.36.</li>
<li>Archer Aviation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NASDAQ">ACHR</a>) surged 10.3% to $13.45.</li>
<li>Vipshop Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIPS#NYSE">VIPS</a>) rose 7.5% to $15.59. Vipshop will announce first quarter 2025 financial results on May 20.</li>
<li>Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) gained 7% to $430.00.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose 6.8% to $261.17 after the company announced a partnership with Webull Pay to power crypto experiences. Additionally, Benchmark raised its price target on the stock from $252 to $301.</li>
<li>Halozyme Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HALO#NASDAQ">HALO</a>) gained 5% to $51.35.</li>
</ul>
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Photo via Shutterstock

Intraday Update

ACAD

ACHR

EVLV

HALO

NWTN

QUBT

SMLR

VIPS

Evolv Technologies, Quantum Computing, ACADIA Pharmaceuticals And Other Big Stocks Moving Higher On Friday

Press Releases

Securities Fraud Investigation Into Coinbase Global, Inc. (COIN) Announced – Investors Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz

Coinbase Global, Inc. (COIN) Investors Who Lost Money – Contact Law Offices of Howard G. Smith About Securities Fraud Investigation

Securities Fraud Investigation Into Coinbase Global, Inc. (COIN) Announced – Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Coinbase Global, Inc.- COIN

Riot Platforms Announces Upsizing of Credit Facility to $200 million with Coinbase

Coinbase Global, Inc. (COIN) Shares Slide Amid Disclosure of Material Cybersecurity Incident – Hagens Berman

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