Bitcoin ‘demand shocks’ looming, Ripple stablecoin, and more: Hodler’s Digest, Dec. 8 – 14

JPMorgan raises price targets on Bitcoin mining stocks

Analysts at JPMorgan raised price targets for four Bitcoin mining stocks to reflect value from the miners electrical power assets and BTC holdings, according to a Dec. 10 report shared with Cointelegraph. 

The mining operations to see upgrades include MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) and Iren (IREN), according to the report, which was written by analysts Reginald Smith and Charles Pearce. Each stock is already trading near or above its revised price target. 

We previously valued Bitcoin miners based on the four-year gross profit opportunity for each operator, the analysts said.  We are expanding upon this framework by incorporating 1) the value of each companys land and power assets [] and 2) a HODL premium, which gives miners credit for holding Bitcoin on their balance like MicroStrategy. 

NY regulator approves Ripples RLUSD stablecoin Brad Garlinghouse

Bitwise predicts 2025 as year for crypto IPO Kraken, Circle to go public

Growing investor demand, institutional adoption, a favorable macro environment and a warmer political environment were the main catalysts that led the pair to name 2025 as the Year of the Crypto IPO.

Riot Platforms raising $500M to buy Bitcoin amid price surge

The notes will be unsecured senior obligations with a Jan. 15, 2030, maturity date and will be redeemed or converted into Riot common stock at the companys election. The conversion rate and other terms will be determined at the time of pricing the offering.

Riot said it will use the funds to acquire additional Bitcoin and for general corporate purposes.

Binance boss Richard Teng says re-entering US market a premature discussion

As of now, we are focusing on our global deployment, he said, hinting that the exchange is seeking to capture market share and eyeing the institutions, sovereign wealth funds and high-net-worth individuals that are going to start allocating to this space.

Binance exited the US in November 2023 as part of a $4.3 billion settlement with the US government for sanctions violations, money laundering and operating as an unlicensed money transmitter.

Winners and Losers

Most Memorable Quotations

I feel like this is turning into Digital Currency for Dummies where it is. And unfortunately, Im the dummy!

We see no intrinsic reason why Bitcoin should be correlated with major risk assets over the long term given its value is driven by such distinct drivers.

We are not so much obsessed with being first, as we are with delivering value to clients and constantly growing.

Last month, Americans voted for pro-innovation leadership, and this Sherrod Brown bait-and-switch directly defies the will of the voters.

Cedar Innovation Foundation

Bitcoin energy use does not come from its transactions, therefore it can scale transaction volume exponentially without increasing emissions.

Some alts may continue running briefly, but the majority are likely to slow bleed or consolidate for 26 weeks.

Prediction of The Week

2025 demand shocks will spike Bitcoins price Sygnum

Sygnum expects this dynamic to accelerate in 2025 as large institutional investors including sovereign wealth funds, endowments, and pension funds add Bitcoin allocations.

With improving US regulatory clarity and the potential for Bitcoin to be recognized as a central bank reserve asset, 2025 could mark steep acceleration for institutional participation in crypto assets, Martin Burgherr, Sygnums chief clients officer, said in a statement

FUD of The Week

Dogecoin flaw exploited by hacker, crashes 69% of nodes

Kohl said he used a vulnerability discovered by researcher Tobias Ruck to cause the nodes to crash. 

Australia proposes stricter crypto rules to curb financial crime

The proposed rules, introduced by the Australian Transaction Reports and Analysis Center (AUSTRAC), follow on the heels of amendments to the AML/CTF Act passed by parliament in November. 

The updated framework aims to close regulatory gaps, improve oversight of high-risk sectors, increase customer due diligence measures, enforce stricter reporting obligations and implement tighter rules for businesses.

The draft rules are open for public consultation until Feb. 14, 2025, as AUSTRAC calls on industry stakeholders particularly those in crypto and financial services to provide feedback to inform the final version of the framework.

Australia fines Kraken operator $5M for regulatory breaches

The Federal Court of Australia fined the Australian operator of United States-based cryptocurrency exchange Kraken 8 million Australian dollars ($5.1 million) after siding with the countrys corporate regulator.

The penalty is less than the $12.8 million sought by the Australian Securities and Investments Commission, which Nicholas described as excessive. Still, it exceeded Bit Trades request to limit the fine to $2.5 million, which the judge deemed insufficient.

We appreciate the court recognized our compliance efforts, but are disappointed with the outcome of this case, a Kraken spokesperson told Cointelegraph.

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