DIVERSIFIED CRYPTO EQUITIES

Bitcoin (+5.1%), Geopolitical de-escalation and a dovish Bank of Japan sparked a broad risk-on recovery. Institutional demand remained strong, with $523M in ETF inflows and MicroStrategy adding another 13,927 BTC.

Galaxy Digital (+31.5%), CEO Novogratz pivoted the firm toward AI and data center infrastructure, with the Helios Texas facility valued at over $15B. Galaxy was also named a key staking provider for BlackRock's first yield-generating Ethereum ETP.

Coinbase (+12.1%), A new SEC-CFTC agreement on digital asset classification reduced compliance uncertainty for institutional clients. A New York lawsuit over historic offshore gaming transactions was largely shrugged off by the market.

Robinhood (+25.1%), The SEC scrapped the "pattern day trader" rule, removing the $25,000 minimum equity barrier for frequent retail traders. Crypto volumes are growing so fast that digital assets could become the firm's largest revenue source within a year.

One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX.

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