Wall Street has lowered its earnings expectations for Coinbase’s second quarter as the crypto market remained under pressure. Estimated quarterly trading volume is $152 billion, well below the market expectation of about $178 billion, and adjusted EBITDA is projected to come in roughly 3% under consensus due to weaker blockchain rewards and institutional trading revenue. The stock fell 1.7% to $165 during the session. The development reflects a shift in fundamentals for Coinbase as a single publicly listed stock and is not directly related to traditional, non-crypto assets.

Zcash has completed the Ironwood (NU6.3) upgrade, shutting down the vulnerable Orchard shielded pool and opening a new shielded pool that begins with a zero balance. The change follows findings by Shielded Labs researchers that a flaw in Orchard’s proof circuit could have enabled undetectable counterfeit ZEC issuance. About 3.66 million ZEC (roughly $1.7 billion at market prices) must be migrated by users, with attention focused on how quickly funds move.

A federal judge issued a preliminary injunction halting Minnesota’s new law that would bar prediction market operators from offering their products in the state. The court said the statute is likely expressly preempted by the federal Commodity Exchange Act and that the plaintiffs are likely to succeed after a full trial. The lawsuit was filed by Kalshi, Polymarket and the U.S. Commodity Futures Trading Commission, arguing the state law intrudes on the CFTC’s jurisdiction over “swaps.”

Bitmine (BMNR) added 9,946 ether (ETH) last week, valued at about $19.4 million, taking its holdings to 5,787,414 ETH worth $11.2 billion, or roughly 4.8% of ETH’s circulating supply. The company also repurchased 6.1 million shares, up from 5.5 million a week earlier, within its $4 billion buyback authorization. Bitmine has increased its ETH treasury every week since launching the strategy in June 2025 and is aiming to accumulate 5% of circulating ETH.

MicroStrategy (Strategy) raised $466.7 million in cash last week through its at-the-market equity program, lifting its U.S. dollar reserve to $3 billion, according to a Monday regulatory filing. The company said it maintains the reserve to fund dividend payments on its preferred stock and interest payments on its outstanding debt. Its bitcoin holdings were unchanged at 843,775 BTC, bought for an aggregate purchase price of approximately $63.69 billion at an average price of $75,476 per bitcoin.

Bitcoin and other major cryptocurrencies rebounded after dovish signals from Federal Reserve Chair Kevin Warsh at the Sintra meeting, with BTC pushing above $61,000 and SOL up 16% on the week. Derivatives data show bitcoin open interest rising and funding rates turning positive, pointing to stronger bullish momentum. The move was framed as a macro-driven bounce tied to shifting expectations for monetary policy, according to analysts at Marex.

Micron Technology reported fiscal third-quarter revenue of $41.5 billion and earnings per share of $25.11, beating Wall Street expectations of $35.7 billion and $20.49. The chipmaker also forecast roughly $50 billion in fourth-quarter revenue, ahead of the $43.2 billion consensus. CEO Sanjay Mehrotra said the supply-demand gap for high-bandwidth memory (HBM) is expected to persist well beyond 2027. The results underscore strong, non-discretionary demand for advanced memory chips tied to AI infrastructure.

Charles Schwab is working with Cboe Global Markets on event-based, S&P 500-linked binary options that let clients place yes-or-no wagers on whether the index closes at a specified level. The product is expected to become available to Schwab customers in the coming months, the Wall Street Journal reported, citing people familiar with the matter. Early offerings are set to focus on objectively verifiable financial-market benchmarks such as the S&P 500, rather than politics or sports. Robinhood and Coinbase have also been cited as entrants in prediction markets, though the report did not detail their product timelines or financial impact.

美联储会后释放鹰派信号，强调更担忧通胀而非增长，推动市场加息预期升温。比特币等加密资产应声下跌，BTC单日跌超1%，CD20指数跌1.2%，DeFi指数重挫5%。衍生品数据显示多头集中清算、看跌期权需求激增，反映风险偏好显著降温。该宏观转向对高估值成长资产构成直接压力，但未提及具体传统上市公司或商品。