The cryptocurrency market edges lower on Tuesday as Bitcoin and other major cryptocurrencies are underperforming. SHIB, the native token of the Shiba Inu ecosystem, is also down by 1% and is trading at $0.0000065 on Tuesday after breaking out of its consolidation range last week. Derivatives data are capping SHIB’s upside move, with the memecoin’s broader technical structure still supporting further upward rally. Traders are now observing SHIB to see if it can sustain its breakout momentum or extend its correction. Derivatives metrics cap SHIB’s rally Shiba Inu is underperforming on Tuesday after last week’s breakout rally, with derivatives data suggesting traders are becoming increasingly cautious on the meme coin’s short-term outlook. According to CoinGlass data , SHIB’s long-to-short ratio fell to 0.49, approaching its lowest level in more than a month. A reading below one indicates bearish sentiment, as a larger share of traders are positioning for downside moves. In addition to this bearish outlook, SHIB’s OI-weighted funding rate turned negative at -0.0061% on Tuesday. Negative funding rates typically indicate that short sellers are paying longs, reflecting growing bearish pressure in perpetual futures markets. The combination of declining bullish positioning and negative funding rates is limiting SHIB’s upside momentum despite the token’s recent breakout. Shiba Inu price outlook: SHIB breaks above the consolidation range The SHIB/USD 4-hour chart remains bearish despite last week’s breakout rally. However, Shiba Inu found support near its 100-day Exponential Moving Average (EMA) around $0.0000064 on Monday before stabilizing near $0.0000065 during Tuesday’s session. Currently, the technical outlook remains constructive as SHIB broke above the upper consolidation boundary at $0.0000063 after 58 days of accumulation and rose slightly the previous week. If buyers successfully defend the 100-day EMA, SHIB could continue its recovery toward the next major resistance level at $0.0000068. The Relative Strength Index (RSI) on the 4-hour chart reads 60, above the neutral level of 50 and below the overbought threshold, indicating bullish momentum. Furthermore, the Moving Average Convergence Divergence (MACD) indicator on the same chart shows green histogram bars, supporting the positive outlook. On the other hand, if SHIB faces a correction, it could find support at the upper consolidation boundary at $0.0000063. An extended bearish condition could see SHIB retest the April 13 low of $0.00000573. SHIB’s underperformance comes as the broader cryptocurrency market is slowing down following Sunday’s rally. Bitcoin briefly touched the $82,000 level but has now dropped below $81,000. Traders are focusing on the upcoming CLARITY Act vote in the United States on Thursday as it could affect the broader crypto market. Furthermore, the ongoing negotiations between Iran and the United States could also affect how SHIB and other major cryptocurrencies perform over the coming days and weeks. The post Shiba Inu at risk? Negative funding rates flash warning for SHIB bulls appeared first on Invezz
Invezz 2026-05-12 13:58
Lorenzo plans to shorten the lock-up period for six types of tokens, including team and investor tokens.
CoinOtag 2026-05-12 13:52
Key takeaways : Our Solana Mobile Seeker price prediction anticipates a high of $0.030441 by the end of 2026. In 2028, it will range between $0.054118 and $0.064265, with an average price of $0.059191. In 2032, it will range between $0.121765 and $0.131912, with an average price of $0.126839. SKR’s strategic launch has successfully captured substantial market liquidity, driving up its Total Value Locked (TVL) to $152 million. SKR is created by Solana Mobile Inc., which is a direct subsidiary of Solana Labs (the core team that built the Solana blockchain). SKR is the native token of Solana Mobile, which promotes an open mobile ecosystem that enables developers to launch Web3 apps, bypassing traditional app store gatekeepers. The Solana dApp Store 2.0 (which just fully launched with the Seeker) is specifically designed to have 0% fees for developers. Unlike Apple or Google, which takes a 30% cut. SKR’s direct link to the Seeker smartphone and its decentralized platform is going to play an important role in the future growth of the token with the help of the larger community and user participation in the ecosystem’s design and development. But how about SKR’s performance? How high will it go? Is SKR a good investment? Let’s explore these questions in our SKR token price prediction from 2026 to 2032. Overview Cryptocurrency Solana Mobile Seeker Symbol SKR Current price $0.0163 (-1.83) SKR crypto market cap $86.06M Trading volume $6.07M Circulating supply 5.26B SKR All-time high $0.060 on Jan 22, 2026 All-time low $0.005423 on Jan 21, 2026 24-hour high $0.01689 24-hour low $0.01631 SKR price prediction: Technical analysis Metric Value Volatility (30-day variation) 4.85% (High) 50-day SMA $0.01719 200-day SMA NO DATA Current SKR crypto sentiment Bearish Green days 13/30 (43%) Fear and Greed Index 48 (Neutral) SKR price analysis TL;DR Breakdown Seeker price analysis confirms a bullish trend at $0.0163. The token gained 1.83% in value today. SKR faces resistance at $0.0181. As of May 12, 2026, Solana Mobile Seeker (SKR) is trading near $0.0163, signaling that the coin is retracing following some significant recoveries. The coin still reports gains of 54% since its launch, but its value decreased by 1.83% over the past 24 hours, as selling pressure seems to be present around the immediate resistance levels. Additionally, SKR’s trading volume also decreased by 19.66% today. SKR price analysis on the daily timeframe SKR/USD 1-day price chart. Source: tradingView SKR surged to $0.0169 once again on May 8, and the buying momentum continued for the next few trading sessions, taking the token further higher. The selling pressure arose yesterday when the coin touched $0.0171, and it has corrected to $0.0163 today. Overall, SKR has decreased by 1.83% during the past 24 hours, despite the previous bullish trend. Market conditions still warrant caution for bullish traders, as the token may continue to correct below its current price channel. SKR price analysis on the 4-hour chart SKR/USD 4-hour price chart. Source: tradingView The SKR token price analysis shows that selling pressure is present for the cryptocurrency, as it is now slowly retracing. Its price further decreased to $0.0163 over the past few hours, and the volatility also seems to be low on the 4-hour chart, with immediate resistance present at $0.0167. SKR technical indicators: Levels and action Daily simple moving average (SMA) Period Value ($) Action SMA 3 0.01699 SELL SMA 5 0.01669 SELL SMA 10 0.01642 SELL SMA 21 0.01636 SELL SMA 50 0.01719 SELL SMA 100 0.01962 SELL SMA 200 NO DATA SELL Daily exponential moving average (EMA) Period Value ($) Action EMA 3 0.01694 SELL EMA 5 0.01678 SELL EMA 10 0.01659 SELL EMA 21 0.01660 SELL EMA 50 0.01756 SELL EMA 100 0.01983 SELL EMA 200 NO DATA NO DATA What to expect from SKR price analysis next? The daily price analysis for the SKR/USD pair presents a bearish trend. Market activity mostly remained in a downward direction during the past 24 hours, creating unfavorable circumstances for investors. A successful hold above the $0.0150 level may clear a path back toward the $0.028 high. On the other hand, a break below $0.0135 may pull the price back to the $0.0110 zone. Why is SKR down? Solana Mobile’s SKR token initially moved sharply higher, driven by strong buying demand. However, data from Stockchain reveals that ‘smart money’ has begun offloading significant portions of their holdings. This shift suggests that while retail investors initially absorbed the selling pressure, some whales are now exiting their positions. However, the support present at the bottom of the current price channel seems to be holding up nicely, but the coin now reports losses of 1.83% over the past 24 hours. Is SKR a good investment? SKR is directly linked to Solana’s Seeker smartphone and its decentralized mobile platform. SKR also serves as a governance and utility token for the platform. The token’s design prioritizes security, scalability, and reliability, allowing builders and users to share greater ownership. Bringing hardware partners and developers together will also help the Solana mobile adoption. Token holders’ voting power is also an important aspect in how the Seeker ecosystem evolves in the future, as it involves users in decision-making, user rewards, and the management of community funds. A major reason behind SKR’s sudden ascent was the massive airdrop distribution along with its launch across several tier 1 exchanges. On January 21st, nearly 2 billion SKR tokens were distributed among 100,908 eligible Seeker phone users and 188 early ecosystem developers. The current trend is bullish for the Solana-backed SKR, and predictions also paint a positive narrative. Will SKR token reach $0.05? Yes, the SKR token will rise above $0.05 in 2028. The move will come as the market moves toward new highs with the expansion of the Seeker platform, which will have a positive impact on future results. Will SKR token reach $0.10? Per the Cryptopolitan price prediction, Solana Mobile’s token will reach the $0.10 mark in 2031, as the Solana Mobile ecosystem is expected to grow. The token’s future price outlook will be positively influenced by the performance of the Seeker smartphone platform as Solana mobile adoption grows. Will SKR token reach $0.30? Per the Cryptopolitan price prediction, it remains unlikely that SKR token will get to $0.30 before 2032. What is the long-term price prediction for SKR? According to Cryptopolitan price predictions, Solana Mobile Seeker (SKR) will trade higher in the years to come, as the Seeker users increase and the Solana Mobile ecosystem evolves. SKR initially became one of the largest gainers among the top 500 crypto coins by market cap, surpassing a fully diluted value (FDV) of over $400 million in just a single day. A similar situation can arise again. Seeker adoption is also expected to increase over time. However, factors like market crashes or difficult regulations could invalidate this bullish theory. How high can SKR coin go? Per the Cryptopolitan price prediction, SKR will reach a high of $0.131912 in 2032. However, this is not investment advice, and thorough research is advised before making any investment decisions. Recent news/opinions on the Solana Mobile Seeker Solana Mobile launches a limited time offer for Seeker phone purchases paid in SKR tokens, giving buyers a gift code for a free second device. Standard warranty applies to all the devices under the promotional scheme, and the gift code expires May 31st. All the SKR generated from the sale will go back to the future airdrops. For a limited time: BOGO Seekers when you pay with SKR through May 10th 📱📱 Buy a Seeker with SKR and gift one to a friend for free. Help grow the Seeker family 🧵 pic.twitter.com/IQdlfhtbZr — Seeker | Solana Mobile (@solanamobile) April 30, 2026 Cryptopolitan reported that the Solana Mobile Seeker (SKR) has become the largest gainer among the top 500 crypto coins by market cap, surpassing a fully diluted value (FDV) of over $400 million in just a single day. A major reason behind SKR’s sudden ascent is the massive airdrop distribution along with its launch across several tier 1 exchanges. On January 21st, nearly 2 billion SKR tokens were distributed among 100,908 eligible Seeker phone users and 188 early ecosystem developers. SKR price prediction May 2026 The SKR price forecast for May is a maximum price of $0.0242 and a minimum price of $0.0145. The average price for the month will be $0.0170. Month Potential low ($) Potential average ($) Potential high ($) May 0.0145 0.0170 0.0242 SKR price prediction 2026 For 2026, SKR’s price will range between $0.0138 and $0.030441. The average price for the period will be $0.025368. Year Potential low ($) Potential average ($) Potential high ($) 2026 0.0138 0.025368 0.030441 SKR price prediction 2027-2032 Year Potential low ($) Potential average ($) Potential high ($) 2027 0.037206 0.04228 0.047353 2028 0.054118 0.059191 0.064265 2029 0.07103 0.076103 0.081177 2030 0.087942 0.093015 0.098089 2031 0.104854 0.109927 0.115001 2032 0.121765 0.126839 0.131912 SKR price prediction 2027 The Seeker SKR price prediction estimates it will range between $0.037206 and $0.047353, with an average price of $0.04228. SKR price forecast 2028 SKR coin price prediction climbs even higher into 2028. According to the predictions, SKR’s trading price will range between $0.054118 and $0.064265, with an average price of $0.059191. SKR token price prediction 2029 Our analysis indicates a further acceleration in SKR’s price. It will trade between $0.07103 and $0.081177, with an average price of $0.076103. SKR price prediction 2030 According to the SKR token price prediction for 2030, the SKR future price will range between $0.087942 and $0.098089, with an average price of $0.093015. Solana Mobile Seeker token price prediction 2031 According to the price prediction for 2031, the SKR token will range between $0.104854 and $0.115001, with an average price of $0.109927. SKR price prediction 2032 The Solana Mobile Seeker price prediction for 2032 is a high of $0.131912. It will reach a minimum price of $0.121765 and an average price of $0.126839. Solana Mobile Seeker (SKR) price prediction 2026-2031. Source: Cryptopolitan SKR market price prediction: Analysts’ SKR price forecast Platform 2026 2027 Digitalcoinprice $0.0171 $0.0122 Coincodex $0.01580 $0.02925 Cryptopolitan’s SKR price prediction Our predictions indicate that SKR will reach a high of $0.030441 by the end of 2026. In 2028, it will range between $0.054118 and $0.064265, with an average of $0.059191. In 2032, it will range between $0.121765 and $0.131912, with an average price of $0.126839. Note that the predictions are not investment advice. Seek independent professional consultation or do your research. SKR historic price sentiment Solana Mobile Seeker price history | Coingecko Solana Mobile Seeker, or SKR, was launched on January 21, 2025, with total supply locked at 10 billion SKR. Nearly 2 billion SKR tokens were distributed among 100,908 eligible Seeker smartphone users and 188 early ecosystem developers through the SKR token airdrop. This also helped prevent airdrop selling by rewarding the early participants. The Solana Mobile SKR airdrop accounts for 20% of the total supply. SKR went live with a base price of $0.0054. SKR’s strong price rally quickly took it to $0.022 and closed the day at $0.021, with 24-hour trading volume exceeding $38 million, becoming the largest gainer among the top 500 coins by market cap. On January 22, 2026, SKR was trading near the $0.045 range; while the broader cryptocurrency industry was grappling with heavy corrections, SKR was enjoying strong bullish sentiment. However, the token price decreased to $0.020 in March and is trading near $0.016 in May.
Cryptopolitan 2026-05-12 13:51
Bhutan’s Gelephu Mindfulness City launched an accelerated licensing pathway on Tuesday, giving companies already regulated in Singapore, Abu Dhabi Global Market, or Hong Kong a direct route to full operational status, with a guaranteed bank account included. DK Bank Guarantees Accounts for Every GMC-Licensed Firm Starting May 2026 The Special Administrative Region, established under a
Bitcoin.com 2026-05-12 13:45
Bitcoin Society, the investment vehicle backed by former NBA star Tony Parker and entrepreneur Éric Larchevêque, has halted its Bitcoin treasury accumulation program after BTC dropped more than 20% in Q1 2026, with Larchevêque citing market conditions that had turned structurally unfavorable for raising capital to buy BTC reserves. The decision marks a direct departure from the MicroStrategy accumulation model, aggressive balance-sheet Bitcoin loading regardless of price, that Bitcoin Society had been following since entering the market in late 2024. The pause is described as a strategic hold rather than a liquidation of existing holdings, but the distinction matters less than what the decision signals: a high-profile corporate adopter has decided the current BTC price environment does not justify the capital-raising mechanics the treasury model depends on. Bitcoin (BTC) 24h 7d 30d 1y All time Whether that is a one-firm reassessment or an early indicator of broader corporate treasury cooling is the question the market now has to answer. Discover: The best pre-launch token sales The Treasury Arbitrage That Powered the Model Has Eroded, and Bitcoin Society’s Pause Reflects That The MicroStrategy model worked because of a specific structural arbitrage: companies could raise capital at elevated equity valuations, then deploy those proceeds into Bitcoin trading at a price below what treasury advocates argued was its intrinsic asset value. That premium-to-NAV gap created a flywheel; higher stock multiples meant a cheaper cost of capital, which meant more BTC per dollar raised, which supported the equity premium further. The mechanism was self-reinforcing until it wasn’t. By late 2025, MicroStrategy’s own stock had declined 51% year-over-year, and the company was compelled to raise $1.44 billion in additional liquidity to address debt-service concerns in what analysts called a low-premium environment. Source: Tradingview The arbitrage advantage that made the treasury model compelling had evaporated. Standard Chartered’s analysis estimated that with Bitcoin trading below $90,000, approximately 50% of Bitcoin treasury companies would face viability challenges, a threshold Bitcoin Society Q1 2026 decision appears to have been stress-tested against. Larchevêque’s explanation was precise : “Market conditions have turned against the objective of raising capital to accumulate Bitcoin reserves.” That framing is not a rejection of Bitcoin as an asset. It is a rejection of the financing mechanism, and that distinction is analytically important. The Bitcoin treasury thesis and the treasury company financing model are not the same thing, and Bitcoin Society pause reflects a failure of the latter, not necessarily a conviction change on the former. The pause is not accompanied by publicly stated conditions for resumption, which leaves the program’s future contingent on whether equity market conditions recover enough to make the capital-raise economics viable again. Discover: The best crypto to diversify your portfolio with The post NBA Star’s Bitcoin Venture Just Paused Its Accumulation Plan: Is Corporate Treasury Model Breaking Down? appeared first on Cryptonews .
cryptonews 2026-05-12 13:45
Summary CoinShares PLC delivered strong FY25 results, reporting $197.6M revenue and 90% gross margin, with 68–70% adjusted EBITDA margin sustained by lean fixed costs. CSHR's Asset Management segment is the primary earnings driver, expanding to 63.9% of group revenue, fueled by Valkyrie acquisition and institutional inflows into physically backed ETPs. At ~$6/share, CSHR trades at ~2.5x EV/EBITDA and ~2.1x EV/Sales, deeply discounted versus peers like Galaxy Digital and WisdomTree. CoinShares operating leverage is strong, with $40M fixed costs supporting scalable EBITDA as AuM grows, but revenue remains highly correlated to volatile crypto asset prices. CoinShares PLC ( CSHR ) released FY25 earnings about two weeks ago (April 30), and that earnings release provided the first full look into the company as a U.S. listed company with results reported under U.S. GAAP for the first time. CoinShares should be a familiar company for investors who track crypto ETPs. They produce and release some of the highest quality (in my view) research reports with granular data points to track and monitor capital flows in crypto assets. I have used their reports countless times for my own independent personal research and for articles I write here on Seeking Alpha. While they may be known to the broader crypto investment audience as an ETP issuer, CoinShares history dates back to 2015 when they released the first regulated Bitcoin ( BTC-USD ) nearly a decade before spot Bitcoin ETFs were approved by regulators in the U.S. CoinShares’ business operations can be grouped in three distinct business lines from an operational view, which are Asset Management, Capital Markets, and Hedge Fund Solutions business lines, but in its financial reports the results are reported in two operating segments, Asset Management and Capital Markets, likely reason being similar revenue model classification of the Hedge Fund Solutions business, as it is an alpha-focused product suite intended to complement the ETP business. The Asset Management division spans four product platforms which includes a benchmark index: CoinShares Physical (the newer European crypto ETPs), CoinShares XBT Provider (legacy European ETPs), CoinShares Valkyrie (US ETFs platform), and The Block Global Equity Index. Both segments are directly exposed to and scale with the assets under management [AuM] on a revenue basis, though the Asset Management segment is more directly tied to AuM as its revenue is basically how much management fees is made from AuM. while the Capital Markets segment generates revenue through trading income, market making spreads, staking yields, asset lending, and unrealized and realized treasury gains on digital asset holdings and all these revenue streams are also contingent on the underlying scale and growth of CoinShares' AuM. CoinShares FY25 presentation The Asset Management segment has been growing faster thanks to multiple catalysts like the acquisition of Valkyrie in 2024 with its U.S. spot Bitcoin ETF the Valkyrie Bitcoin Fund, which was subsequently rebranded to the CoinShares Bitcoin ETF ( BRRR ), and continued inflows into CoinShares Physical products which has attracted more institutional capital as products in this platform are physically backed 1:1 by their underlying assets, and has also benefited from investor migration away from legacy XBT products which were structured as unsecured exchange-traded notes which carried issuer credit risk rather than the fully physically backed ETPs investors favor today. These details are important to take note of early on, as down the line in this piece, they'll help paint a better picture of how CoinShares business has evolved, and where the operating leverage currently lies. CoinShares FY25 - First Look at Financials Under GAAP Reporting Lens The latest results provide a candid look into CoinShares' financial trend in the past three fiscal years. The headline figures for FY25 are strong. CoinShares total revenue and gains from operations for FY25 was $197.6 million. The stricter GAAP revenue which excludes certain Capital Markets gains, like unrealized and realized treasury gains on digital asset holdings, came in at $165.7 million. The top line grew around 44% CAGR in the past three fiscal years. CoinShares FY25 presentation Along with the consistent growth, CoinShares saw 90% gross margin in FY25 and has also maintained an adjusted EBITDA margin around 68% to 70% in the last three years. Adjusted EBITDA on the $197.6 million total revenue and gains from operations for FY25 was $135.7 million. Adjusted EBITDA has grown at ~45% CAGR in the last three fiscal years. This margin profile has been sustained due to a lean fixed cost (around $40 million fixed cost) which has remained stable even as AuM and revenue scaled, giving CoinShares exceptional operating leverage. Analyzing financial performance by the two reporting business segments, Asset Management revenue (made up primarily of management fees on the total AuM) hit a record $126.4 million in FY25, up from $111.7 million in FY24 and $53.7 million in FY23. The Asset Management segment is increasingly becoming the earnings engine for CoinShares. As a share of net group revenue, Asset Management has expanded from 56.5% in FY23 to 62.5% in FY24 to 63.9% in FY25. Capital Markets gross revenue declined from $82.7 million in FY24 to $73.1 million in FY25. The difference is almost entirely the ETP/XBT pricing differential, a non-cash unrealized gain from pricing spreads between ETP trading prices and their underlying digital asset exposure. That differential was $15.8 million in FY24 (see the preceding snapshot) and normalized to $1.6 million in FY25. If we account for the pricing differentials in FY24 and FY25 (subtracting them from the Capital Markets gross revenue for both fiscal years) we find that net revenue was $71.5 million in FY25 versus $66.9 million in FY24, which would be a gain of $4.6 million, or ~6.8% in organic growth. CoinShares FY25 presentation Capital Markets' share of group revenue declined from 37.5% in FY24 to 36.1% in FY25, but that was due to a shift in revenue mix, driven by faster Asset Management growth, not necessarily because of Capital Markets weakness. The Capital Markets yield on AuM compressed modestly from 1% in FY24 to 0.9% in FY25, which is also consistent with a maturing trading operation that is generating stable, repeatable returns rather than outsized mark-to-market gains and a sign that CoinShares is moving away from the volatile profile of the early years into a more stable and predictable capital markets franchise model, compared to FY23 and FY24 where the Capital Markets yields dropped 30 bps (from 1.3% in FY23 to 1% in FY24). CoinShares FY25 presentation On liquidity, CoinShares ended FY25 with total debt of just $29 million against a capital position of $481 million. Net available capital going into FY26 was $452 million. The fixed cost overhead of $40 million means immense operating leverage for CoinShares and implies a business with a secure runway ahead. At FY25 end’s 132.3 million shares outstanding, $452 million net cash implies a net cash value per share of $3.36. At the current share price around $6, the market is basically paying around $2.64 per CSHR share for the operating business backing $7.4 billion AuM and an extensive portfolio of product suites across Europe and the U.S. CoinShares FY25 presentation Also notice, in the image above, how the fixed overhead for CoinShares remained (and will likely remain within this range for the foreseeable future) around $40 million across all AuM levels reached in FY25, meaning incremental revenue generated from higher AuM would increasingly fall through to EBITDA. At FY25 year end AuM of $7.4 billion, run-rate revenue implied (modeled in the illustration above) was $203 million. The illustration in the image above is a snapshot of revenue and EBITDA sensitivity to AuM, as seen in the FY25 presentation released by CoinShares alongside the FY25 results. I have done checks on the numbers to avoid a mere lazy word-for-word and figure-for-figure re-quote of management’s projections here. And from my backtesting of the different AuM scenarios presented, the projections and figures check out. Using the $11 billion AuM levels (also illustrated in the above snapshot) which CoinShares reached last year October when the crypto market peaked with Bitcoin reaching all time high price of $126k, I verified the implied Asset Management revenue to be $178.2 million ($11.0 billion AuM x 1.62% blended yield). While Capital Markets Revenue at $11 billion AuM to be $101.2 million ($11 billion x 0.92% market-making yield); these bring total revenue at that AuM to ~$279 million. Then deducting the $40 million fixed cost I verified the implied run-rate EBITDA figures in the preceding table against the FY25 actual EBITDA by subtracting the FY25 EBITDA from FY25 revenue, which gives an aggregate of both fixed and variable costs (let's call it total operating costs). Then stripping the $40 million fixed cost from it, and calculating the remainder as a percentage of revenue. For FY25 actual results the math would be $197.6 million minus $135.7 million (gives ~$62 million total operating cost), then deducting $40 million and isolating the ~$22 million variable cost; when $22 million variable cost is expressed as percentage of revenue ($22 million / $197.6 million) it will be ~11% variable cost ratio. I verified that this margin of variable cost checks out throughout the different AuM scenarios in the preceding snapshot. When I plug in the exact same methodology into the $12 billion AuM scenario presented by management in the preceding snapshot, I get broadly consistent results with management’s. Though based on my ~11% variable cost ratio, EBITDA becomes $231.5 million at $12 billion AuM, while management projects $234 million EBITDA at that AuM. That difference is also not out of place, and it makes sense for management to project some economies of scale because as AuM grows variable costs as a percentage of revenue are bound to adjust lower because for an asset light financial company like CoinShares, OpEx like the cost of custody, exchange connectivity, and settlement infrastructure does not grow in a linear 1:1 fashion with the dollar value of the assets being processed. This also supercharges the incremental margin on new inflows, and allows the variable cost ratio to compress as the platform scales, making management’s projections even more justifiable. CoinShares Valuation I earlier noted that CoinShares' net cash position of $452 million alone accounts for around 57% of the company's current market valuation at the ~$6 share price. Beyond liquidity, CoinShares’ AuM strength, as well as the sales and EBITDA growth trend gives ample data points to gauge valuation from more meaningful frameworks than just by comparing share price to liquidity. At the current stock price and shares outstanding of 132.26 million, CSHR's market cap is around $794 million (~$6 x 132.26 million). The cash Adjusted EV for CSHR based on the reported $481.3 million in available capital and $29 million in total debt would be around $341 million ($794 million Market Cap + $29M Debt - $481.3 million Capital). That EV implies that as of year-end FY25's $197.6 million revenue and gains from operations and $135.7 million adjusted EBITDA, CSHR is trading at ~2.5x EV/adjusted EBITDA, and ~2.1x EV/Sales at the current stock price (I have used the stricter GAAP FY25 sales figure of $165.7 million for the EV/Sales calculation). In a peer comp, two peers that model similar business segments as CoinShares are Galaxy Digital ( GLXY ), and WisdomTree ( WT ). It is worth mentioning that GLXY reports its GAAP revenue as gross revenue with cumulative gain (or losses) from operations which include principal investments, trading, and digital asset activities; thus its revenue figure is typically distorted and an outlier in a peer analysis. And an adjustment to its gross profit (which Galaxy Digital itself reports as Adjusted Gross Profit) is a more appropriate proxy for revenue if it will be used in a meaningful peer comparison against peers. For FY25, GLXY reported $426 million as adjusted gross profit (our proxy for revenue in this context), while WT reported $493.8 million as revenue. Both companies reported $34 million and $180.7 million as adjusted EBITDA for FY25, respectively. Galaxy Digital’s adjusted EBITDA came out at such a low figure because, though its Digital Assets segment generated $247 million in adjusted EBITDA, the Treasury & Corporate segment saw adjusted EBITDA of negative $216 million due to unrealized losses on digital assets and investment positions. GLXY commands an EV around $10 billion at current valuation, while WT currently has ~$3.3 billion EV, implying GLXY is trading around 23.5x EV/FY25 Sales, and WT is trading around 6.7x EV/FY25 Sales. While on adjusted EBITDA, GLXY’s true EV/adjusted EBITDA is somewhere around 294x, while WT trades around 18.3x EV/adjusted EBITDA. It is worth mentioning that GLXY’s low adjusted EBITDA for FY25 is not a clean recurring earnings figure due to the $216 million in unrealized losses absorbed by the Treasury & Corporate segment, thus the 294x EV/adjusted EBITDA can be rightly considered an outlier. If we strip the one-time items and look at GLXY’s Digital Assets segment alone, which is also the operational business most analogous to CoinShares, the multiple becomes $10 billion / $247 million adjusted EBITDA ≈ 40.5x EV/Adjusted EBITDA. Even at that conservative measure, CSHR at 2.5x adjusted EBITDA is far cheaper than GLXY’s 40.5x or WT’s 18.3x. Another distinctive factor that strengthens CSHR’s case for a rerating is the fact that its business earns more from management fees and other fee-based capital market income and less from crypto assets held directly on balance sheet, which makes CSHR less susceptible to highly volatile one time swings like in GLXY’s case. Risks and Takeaway The biggest risk to CoinShares remains the cyclicality of the broader crypto market itself. CoinShares’ revenue base is heavily tied to AuM, and AuM is in turn highly correlated to digital asset prices and investor inflows. Crypto asset prices typically influence the broader crypto sentiment and inflows into the crypto-linked ETPs which are the backbone of CoinShares AuM. This creates direct pressure to the Asset Management segment revenue. Capital Markets segment isn't spared from that pressure in a bear market either because lower crypto prices could mean weaker market participation which results in reduced trading activity and compressed spreads, weakened staking and lending demand, and overall reduction in capital markets activities across the digital asset ecosystem. And since we already established that fixed cost remains the same, a prolonged bear market that results in several quarters of declining revenue would mean an erosion of the operating leverage CoinShares currently sees, and the attractive EBITDA margin would likely also compress. One caveat to the crypto bear market risks worth noting is that CoinShares Capital Markets segment still has some shield against revenue weakness in short term crypto price downturns. Short term high volatility price drawdowns could also mean spikes in trading volume, hedging activities and wider spreads, which bodes well for that segment’s revenue. From the first GAAP look provided by the FY25 results, CoinShares has proven to be a cleaner business model with less crypto-linked volatility profile than a peer like Galaxy Digital. At current market valuation and sales and EBITDA multiples, I believe CoinShares remains cheap, for a company with an over 30% digital assets ETP market share in Europe and growing presence in the U.S.
Seeking Alpha 2026-05-12 13:45
BitcoinWorld Avalanche (AVAX) Price Prediction 2026–2030: Can AVAX Reach $100? Avalanche (AVAX) has established itself as a leading layer-1 blockchain platform, competing with Ethereum and Solana in the race for decentralized application (dApp) adoption. As the crypto market matures, investors are increasingly looking at long-term price forecasts for major assets like AVAX. This article provides a factual, data-driven analysis of AVAX’s potential price trajectory from 2026 through 2030, examining key catalysts, network fundamentals, and market conditions that could influence whether AVAX reaches the $100 milestone. Understanding Avalanche’s Core Value Proposition Avalanche distinguishes itself through its unique consensus mechanism, which enables high throughput, low latency, and interoperability with other blockchains. The platform’s subnet architecture allows developers to create custom, application-specific blockchains, a feature that has attracted projects in gaming, DeFi, and enterprise solutions. As of early 2025, Avalanche’s total value locked (TVL) and developer activity remain significant, though they have faced competition from newer chains. The network’s ability to sustain and grow its ecosystem will be a primary driver of AVAX’s long-term value. Key Factors Influencing AVAX Price (2026–2030) Several variables will determine AVAX’s price trajectory over the next five years. These include broader market cycles, regulatory developments, network adoption, and tokenomics. Historically, cryptocurrency markets have followed four-year cycles correlated with Bitcoin halving events. The next halving is expected in 2028, which historically has preceded bullish phases for the entire market. If this pattern holds, AVAX could see significant price appreciation in the 2028–2029 period. Network Adoption and Ecosystem Growth Avalanche’s success hinges on its ability to attract and retain developers and users. The platform’s partnerships with traditional finance institutions, gaming companies, and government entities could drive real-world utility. However, competition from Ethereum’s layer-2 solutions, Solana, and emerging chains like Sui and Aptos means Avalanche must continue innovating. The launch of Avalanche 9000 and other upgrades aimed at improving scalability and developer experience will be critical. Regulatory Landscape Regulatory clarity, particularly in the United States, will play a major role in AVAX’s adoption. Positive developments, such as the approval of spot ETFs for major cryptocurrencies or clear classification of tokens as commodities, could boost investor confidence. Conversely, restrictive regulations could hinder growth. Avalanche’s focus on compliant tokenization and institutional use cases may position it favorably in a regulated environment. Tokenomics and Supply Dynamics AVAX has a capped supply of 720 million tokens, with a portion already in circulation. The token’s inflation rate decreases over time, and a significant amount of AVAX is staked, reducing circulating supply. If demand grows while supply remains constrained, upward price pressure could occur. However, token unlocks from early investors and foundation allocations could create selling pressure if not absorbed by market demand. Price Scenarios for AVAX (2026–2030) It is important to note that cryptocurrency price predictions are inherently speculative and subject to high volatility. The following scenarios are based on current fundamentals and historical market patterns, not guaranteed outcomes. Conservative Scenario: In a bearish market environment with slow adoption and regulatory headwinds, AVAX could trade in the range of $15 to $30 through 2027, with gradual growth to $40–$60 by 2030. This scenario assumes limited ecosystem expansion and persistent competition. Moderate Scenario: If Avalanche maintains its position as a top-10 blockchain with steady developer activity and institutional partnerships, AVAX could reach $50–$70 by 2027 and $80–$120 by 2030. The $100 level would be achievable in this scenario, particularly during a bullish market cycle. Bullish Scenario: In a strong bull market driven by mass adoption, favorable regulation, and significant network effects, AVAX could surpass $100 by 2027 and potentially reach $150–$250 by 2030. This scenario requires Avalanche to become a dominant platform for tokenized real-world assets and mainstream dApps. Conclusion Whether AVAX reaches $100 depends on a combination of market cycles, network adoption, and broader economic factors. While the platform’s technology and partnerships provide a solid foundation, the cryptocurrency market remains highly unpredictable. Investors should focus on long-term fundamentals rather than short-term price targets, and consider AVAX as part of a diversified portfolio. The $100 milestone is plausible within the 2026–2030 timeframe under favorable conditions, but it is not guaranteed. As always, thorough research and risk management are essential. FAQs Q1: What is the highest price AVAX has ever reached? AVAX reached an all-time high of approximately $144.96 in November 2021 during the previous bull market. Since then, it has experienced significant volatility, trading well below that level in subsequent bear markets. Q2: Is AVAX a good long-term investment? AVAX has strong fundamentals, including a unique consensus mechanism, a growing ecosystem, and institutional partnerships. However, like all cryptocurrencies, it carries high risk. Long-term investment suitability depends on individual risk tolerance and portfolio strategy. Historical performance does not guarantee future results. Q3: What could cause AVAX to fail to reach $100? Factors that could prevent AVAX from reaching $100 include sustained bear market conditions, loss of developer and user adoption to competing platforms, unfavorable regulatory changes, security vulnerabilities, or broader macroeconomic downturns. The cryptocurrency market is highly competitive, and no project is immune to failure. This post Avalanche (AVAX) Price Prediction 2026–2030: Can AVAX Reach $100? first appeared on BitcoinWorld .
Bitcoin World 2026-05-12 13:40
Bitcoin and ether fell as escalating Middle East tensions lifted oil and the dollar, though BTC continued to hold above a key bull market level.
CoinDesk 2026-05-12 13:40
Pi Network price remains in a deep slumber this month, continuing a consolidation that started in March this year. It has largely ignored some of the top catalysts, including the ongoing upgrades and the recent statements by its founders at the Consensus event in Miami. Pi Coin was trading at $0.1720, down by 42% from its highest point this year. Pi Network upgrade will see it compete with top chains like Ethereum Pi Coin price has struggled even as the network goes through a major upgrade that will radically change its business. It is in the final stages of carrying out the V23 upgrade , which will align it with Stellar Protocol 23, and there is hope that it will continue to get to 26. The main change in this upgrade is that it will introduce smart contract capabilities to the network. Its developers have already launched the testnet of the Remote Procedure Call (RPC). Introducing smart contracts to the network is important because of the capabilities they will unlock in the near term. While it has always been possible to build applications on Pi Network, these have been highly centralized. Smart contracts that will make it possible for developers to build dApps like those in industries like games, decentralized finance (DeFi), and real-world asset (RWA) tokenization. In the future, it will be possible to have dApps like Aave, Uniswap, and Morpho on Pi Network, a move that will improve its utility. The challenge, however, is that the smart contract industry is highly competitive, and potential challengers to Ethereum have always failed. Ethereum maintains the biggest market share in key areas like DeFi, gaming, and stablecoins. Only a handful of chains have become popular among users, including Solana, Hyperliquid, BNB, and Base. On the other hand, many major layer-1 and layer-2 chains like Berachain, Scroll, IOTA, and Zilliqa have all become ghost chains. Pi Network is pivoting to AI Meanwhile, Pi Network is continuing to pivot to the artificial intelligence industry. One approach to this is the recent investment in OpenMind, a company at the intersection of AI and robotics. This approach will see the two companies collaborate, a move that will benefit its miners. Most notably, the developers are working on launching solutions to help companies verify users. It will do that by leveraging its know-your-customer (KYC) tool that has already KYC’d over 18.1 million users. It has also helped to conduct over 16.72 million mainnet migrations. https://twitter.com/PiCoreTeam/status/2053875129998770638 Launching such a product will help it compete with the likes of Humanity Protocol and Worldcoin. Still, there are signs that the Pi Network coin demand remains thin. Data shows that the daily volume dropped by 15% in the last 24 hours to over $13 million. Pi Network price prediction: technical analysis Pi Coin price chart | Source: TradingView The daily chart shows that the Pi Coin price has plunged from the March high of $0.2980. This decline is in line with our forecast ahead of the Kraken listing . The coin has remained below all moving averages. It has also remained inside the narrow range between the key support and resistance levels at $0.1650 and $0.1993. Pi Network Coin is slowly forming a bearish flag pattern, a common continuation sign in technical analysis. This is a sign that it will continue falling, potentially to the key support level at $0.1500. This will be confirmed if it drops below the support at $0.1650. The post Pi Network Coin price is in a deep slumber: will it surge or crash? appeared first on Invezz
Invezz 2026-05-12 13:36
Investing.com Crypto News 2026-05-12 13:35
BitcoinWorld EUR/JPY Steadies Above 185.00 as ZEW Survey Data Provides Directional Cues The EUR/JPY cross held steady above the 185.00 psychological level during early European trading on Tuesday, following the release of the latest ZEW Survey of Economic Sentiment for Germany and the broader Eurozone. The pair showed limited directional bias, consolidating near the 20-day and 50-day simple moving averages, as traders assessed the implications of the data for monetary policy divergence between the European Central Bank and the Bank of Japan. ZEW Survey Provides Mixed Signals for Eurozone Outlook The ZEW Economic Sentiment Index for Germany came in slightly above market expectations, reflecting improved investor confidence despite ongoing headwinds from manufacturing weakness and global trade uncertainties. The Eurozone-wide index also improved marginally. However, the current conditions component remained deeply negative, underscoring the structural challenges facing the bloc’s largest economy. For the EUR/JPY pair, the data offered limited immediate impetus, as the euro’s reaction was muted against the yen, which continues to draw support from expectations of further Bank of Japan policy normalization. Technical Levels and Moving Average Dynamics From a technical perspective, EUR/JPY is trading in a tight range between the 20-day SMA near 184.80 and the 50-day SMA around 185.30. The pair has been oscillating within this band for several sessions, suggesting a period of consolidation after the recent decline from the 187.00 area. The 100-day SMA, located near 183.50, provides a more significant support level. A sustained move above 185.50 would open the door toward the 186.00 resistance zone, while a break below 184.50 could accelerate selling pressure toward the 183.80 region. The Relative Strength Index (RSI) is hovering around 50, indicating neutral momentum and no clear directional bias in the near term. Market Implications for Traders The current steadiness in EUR/JPY reflects a broader market indecision about the relative paths of monetary policy. The ECB is expected to continue its easing cycle, while the BoJ is moving toward rate hikes, a divergence that typically favors the yen. However, the euro has found some support from improving risk sentiment and higher European bond yields. For traders, the key question is whether the 185.00 level will act as a pivot for a reversal higher or a continuation of the downtrend. The next major catalyst will be the Eurozone CPI data due later this week and any further commentary from BoJ officials regarding the pace of rate increases. Conclusion EUR/JPY remains in a wait-and-see mode above 185.00, with the ZEW survey data providing no clear catalyst for a breakout. The pair is technically neutral in the short term, with moving averages converging and momentum indicators flat. Traders should watch for a decisive move above 185.50 or below 184.50 for directional cues, while keeping an eye on the broader monetary policy narrative from both the ECB and the BoJ. FAQs Q1: What is the ZEW Survey and why does it matter for EUR/JPY? The ZEW Survey measures economic sentiment among institutional investors and analysts in Germany and the Eurozone. It matters for EUR/JPY because stronger sentiment can support the euro, while weaker readings may weigh on it, influencing the pair’s direction. Q2: How do moving averages affect EUR/JPY trading? Moving averages, such as the 20-day and 50-day SMAs, act as dynamic support and resistance levels. When the price steadies above these averages, it often signals bullish momentum; trading below them suggests bearish pressure. The convergence of MAs can indicate a pending breakout. Q3: What are the key support and resistance levels for EUR/JPY? Key support is at 184.50 (near the 20-day SMA) and 183.50 (100-day SMA). Resistance is at 185.50 (50-day SMA) and 186.00 (psychological level). A break above or below these levels could set the next trend. This post EUR/JPY Steadies Above 185.00 as ZEW Survey Data Provides Directional Cues first appeared on BitcoinWorld .
Bitcoin World 2026-05-12 13:35
Ten newly created wallets have withdrawn 100 million LAB tokens, worth approximately $480 million and representing 32% of the token’s circulating supply, from Bitget in a 12-hour window, adding fresh onchain evidence to an already active manipulation investigation. Exit Follows 1,000% Pump and ZachXBT Probe Lookonchain flagged the movement on Tuesday, noting that ten fresh
Bitcoin.com 2026-05-12 13:30
