Hello,

Welcome to the 39th edition of the Fiat Bridge Daily Crypto Newsletter.

Over the last 24h, the total crypto market capitalization declined slightly. Thanks to corrections in major assets, BTC, ETH, and SOL. While DOGE and HYPE turned slightly positive. Stablecoin supply and DeFi TVL (total value locked in smart contracts) moved down, while the Fear & Greed Index ran upwards, but still in the extreme fear category. 

Bitcoin miners are rewriting their playbook at lightning speed. Cango, a relatively new entrant, just closed a $75.5 million equity raise (including $10.5M from Enduring Wealth Capital and $65M from insiders) to accelerate its shift from pure BTC mining to distributed AI compute. The company sold 4,451 BTC for ~$305M last week to repay debt and fund the transition, classic capital reallocation.

This isn’t isolated. Across the sector, names like IREN (formerly Iris Energy), MARA, Riot, HIVE, and Bitdeer are repurposing power, land, and data centers for high-performance computing. AI data-center capex is on track to reach a trillion dollars this year alone, dwarfing crypto’s hoped-for supercycle. Miners’ existing grid connections give them a structural edge in a power-starved market.

Public miner outflows spiked early February (over 48,000 BTC moved in two days), but January production from eight listed firms totaled 2,377 BTC with disciplined selling, suggesting balance sheets are healthier than headlines imply.

This pivot isn’t capitulation; it’s adaptation. Companies with strong power portfolios are trading at discounts to their AI optionality. Watch for more M&A and GPU deals. The narrative shift from “hashrate kings” to “AI infrastructure providers” could re-rate the entire sector when BTC stabilizes.

Ad Break #1

Today’s edition is brought to you by CoW.

Every exchange has different prices for the same crypto. Most people stick with one and pay whatever it costs.

CoW Swap checks them all automatically. Finds the best price. Executes your trade. Takes 30 seconds.

Stop leaving money on the table.

Check your price

Let’s get to the second story of the day.

In a note that rattled desks yesterday, Standard Chartered’s Geoff Kendrick, head of digital asset research, slashed near-term targets: Bitcoin to ~$50,000 and Ethereum to $1,400 before a recovery later in 2026. End-2026 targets were also cut (BTC to $100K from $150K; ETH to $4K from $7.5K).

Drivers? Heavy Bitcoin ETF outflows (~100K BTC since October peak), investors sitting on 25% unrealized losses, no Fed rate cuts until mid-June at the earliest, and a broad risk-off move that’s dragging tech, crypto, and even precious metals lower. BTC briefly dipped below $67K yesterday, tracking Nasdaq weakness.

Yet the long-term thesis remains intact. Kendrick still sees the asset class maturing and rebounding once the bottom forms.

This is the kind of call that separates conviction from noise. If you believe in the multi-year adoption curve, the $50K zone (should it materialize) would be one of the most asymmetric buying opportunities of the cycle. Pair it with Cathie Wood’s counterpoint yesterday: Bitcoin thrives in the “deflationary chaos” AI is unleashing, as productivity shocks erode legacy financial models.

Coinbase reported its first quarterly loss since Q3 2023: $667 million net loss, with adjusted EPS of $0.66 missing estimates. Total revenue came in at $1.78 billion (below $1.85B forecast), dragged by a 37% YoY drop in transaction revenue to $983 million. Subscription and services revenue, however, grew 13% YoY to $727M, highlighting the shift away from pure trading fees.

Shares hit a two-year low intraday before a volatile after-hours session. Adding fuel: CEO Brian Armstrong sold $545.7 million in stock over the past nine months (1.5M shares), including a large tranche in June.

The market is punishing the near-term earnings miss, but Coinbase’s pivot to institutional products, stablecoins, derivatives, and even equities infrastructure is the real story. At current valuations, the non-trading revenue engine looks undervalued. Long-term holders should view the dip as a chance to add to a platform that still holds custody of >12% of global crypto.

Ad Break #2

Today’s edition is co-powered by 1440 Media.

Every day, 4.5 million readers turn to 1440 for their factual news fix. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture — all in a brief 5-minute email. No spin. No slant. Just clarity.

Join for free today!

Now, it’s time for some fun memes 👇

Volatility is back, but the underlying currents are constructive: miners repositioning for the AI boom, exchanges building non-trading revenue moats, and institutions like Standard Chartered and ARK still framing multi-hundred-thousand-dollar BTC targets over the medium term.

Extreme fear is rarely the time to panic; history shows it’s often the setup for the next leg up.

As always, I’m here for you. Hit reply with any questions, whether you’re a seasoned degen or just dipping your toes into the ecosystem. I’m happy to unpack charts, run scenarios, or just chat through your portfolio.

Stay sharp, stay curious.

If you're thinking about creating your own newsletter. Sign up for Beehiv using the following link to get a 30-day Free Trial and 20% off your first 3 months.

Fiat Bridge by Chetan Kale