benchmark

ChainCatcher сообщает, что по данным The Block, аналитики Benchmark подтвердили рекомендацию "Покупать" для токенизированной компании Securitize ($SECZ), одновременно снизив целевую цену с 16 долларов до 10 долларов, полагая, что падение акций компании на 29% за два дня после публикации первого квартального отчета как публичной компании является чрезмерной реакцией.Securitize в своем первом квартальном отчете как публичной компании сообщила о снижении выручки на 5% и зафиксировала скорректированный убыток по EBITDA, одновременно снизив прогноз на весь год. Аналитики отметили, что, несмотря на давление на краткосрочные показатели, они по-прежнему сохраняют позитивный взгляд на долгосрочные перспективы ее токенизированного бизнеса, поэтому сохраняют рекомендацию "Покупать".

Согласно сообщениям ChainCatcher и The Block, Benchmark Equity Research в среду повысила целевую цену для Hut 8 с 165 долларов до 195 долларов. Это уже второе повышение целевой цены для Hut 8 в этом месяце, в основном из-за завершения полной коммерциализации их дата-центра Beacon Point AI в Техасе.Hut 8 ранее объявила, что подписала второе 15-летнее арендное соглашение на общую сумму 9,8 миллиарда долларов с существующими арендаторами, что увеличило подписанную мощность в парке Beacon Point до 704 МВт и повысило общую контрактную стоимость этого парка мощностью 1 ГВт до 19,6 миллиарда долларов. Benchmark заявила, что новая целевая цена по-прежнему имеет около 75% потенциала роста по сравнению с ценой акций Hut 8, которая на тот момент составляла около 111 долларов.Кроме того, в оценку Hut 8 от Benchmark также включены 10,278 биткойнов, которые компания держит, стоимость которых по текущим ценам составляет почти 680 миллионов долларов, а также 60% доля в компании American Bitcoin.

Сообщение ChainCatcher, согласно отчету The Block, Benchmark поддерживает рейтинг "Купить" для токенизированной инфраструктурной компании Securitize и устанавливает целевую цену в 16 долларов, основываясь на прогнозируемом доходе в 178 миллионов долларов в 2027 году. Комиссия по ценным бумагам и биржам США (SEC) объявила о вступлении в силу регистрационного заявления о слиянии Securitize с Cantor Equity Partners II, акционеры проголосуют 29 июня, и после одобрения ожидается, что объединенная компания выйдет на Нью-Йоркскую фондовую биржу под кодом SECZ.В отчете говорится, что Securitize обладает дифференцированным преимуществом благодаря системе лицензий на соответствие в США и Европе, включая регистрацию в США как брокера, альтернативной торговой системы, агента по передаче и поставщика фондовых услуг, а также наличие лицензии на торговлю и расчет в рамках регулируемой схемы DLT Pilot в Европейском Союзе. В настоящее время Securitize управляет токенизированными активами на сумму около 3,4 миллиарда долларов, а объем соответствующего сегмента рынка уже превышает 30 миллиардов долларов.

According to The Information, the IPO process of AI chip company Cerebras Systems has once again attracted market attention, with key beneficiaries including Foundation, well-known venture capital firm Benchmark, and OpenAI.Cerebras has long been seen as a potential competitor to Nvidia, dedicated to developing ultra-large-scale AI chips, but its commercialization process has faced setbacks. The company withdrew its IPO prospectus in 2025, causing its listing plans to stall for a time. However, as the AI infrastructure boom continues to heat up, the market is refocusing on its potential listing value and early investor returns. Early investment firms, including Benchmark, as well as OpenAI, which has a partnership with the company, may gain substantial benefits from Cerebras' future listing.

Despite Coinbase reporting a net loss of $394 million in the first quarter, with revenue of only $755.8 million significantly below expectations, leading to a 6% drop in stock price, Benchmark analysts still reiterated their buy rating on Tuesday and raised the target price from $260 to $270. Analysts believe that Coinbase is transforming from a market-dependent crypto broker to a foundational infrastructure platform for the "onchain economy," having achieved net inflows for 12 consecutive quarters, with a global trading volume share reaching a new high of 8.6%, and possessing 12 monetization businesses, each contributing about $100 million in annualized revenue; additionally, the trading volume of stablecoins on the Base chain has increased tenfold year-on-year, and derivatives revenue has reached a new high, combined with an improving regulatory environment, all seen as long-term growth drivers.

CITIC International Auction in Hong Kong kicked off the "Spring Art Treasures Auction (Part Two)", with the core lot Lot 61 "Five Dynasties Chai Kiln Celadon Tombstone Base" achieving a record sale of HKD 660 million. This move not only refreshes the market height of the Chai Kiln system but also marks the official start of a new asset cycle in the art RWA ecosystem centered around $CHAI.Previously, the Chai Kiln system had a transaction record of approximately HKD 380 million, forming the initial price anchor for this system. The hammer price of HKD 660 million is an orderly upward exploration based on the existing anchor point, demonstrating the market's continued recognition of this asset class. Chairman Huang pointed out that continuously establishing a reference system through market mechanisms will further solidify the foundational role of $CHAI in on-chain value mapping and pricing.

According to market news, investment firm Benchmark has lowered its target price for Strategy from $705 to $570.

According to Jinshi reports, the Federal Reserve has kept the benchmark interest rate unchanged at 3.5%-3.75%, marking the third consecutive meeting of inaction, which aligns with market expectations.

Liquid Capital founder Jack Yi stated on the X platform: "In the past, the wave of crypto VC and project disappearances had a core reason, which is that the financing funds were mostly consumed on: maintaining teams to develop useless web3 products. The biggest misconception is benchmarking against web2 products. Essentially, web3 is a financial industry and does not need to replicate web2 products. The most successful companies in the past crypto industry have all been financial products, from stablecoins and exchanges to successful companies in payments.Now that the AI era has arrived, first, there is no need for large financing to recruit teams, and second, AI + finance presents new opportunities. We believe that excellent founders with a few elites can achieve top-tier companies, which is currently the biggest opportunity in primary investment."

Bitwise Asset Management points out that the recent strength of Bitcoin is not contrary to a risk-averse environment, but is directly driven by geopolitical conflicts. Since the escalation of the situation in the Middle East at the end of February, BTC has risen by about 12%, while the S&P 500 index has fallen by about 1% and gold has dropped by about 10%, showing a clear divergence in performance.Bitwise CIO Matt Hougan and research director Ryan Rasmussen state that Bitcoin is simultaneously embodying two logics: "store of value asset" and "potential international settlement currency." As the financial system becomes "weaponized" and the global payment system fractures, the appeal of non-sovereign neutral assets continues to rise. The report suggests that geopolitical fragmentation is prompting some countries to explore alternative paths to bypass the traditional financial system, such as attempting to introduce Bitcoin settlements in trade. This trend enhances BTC's potential position in the global monetary system. Based on the aforementioned changes, Bitwise indicates that the Bitcoin valuation framework is being reshaped; if it captures both store of value and transaction settlement demand, long-term price expectations may be underestimated, and $1 million could shift from a target ceiling to a "benchmark level."

Benchmark reiterated its bullish outlook on Securitize in its latest research report, giving it a target price of $16 post-IPO (stock code SECZ), believing it is poised to significantly benefit from the wave of tokenized assets.Analysis indicates that the total market capitalization of companies listed on the New York Stock Exchange is approximately $44 trillion. If Securitize captures just 1 basis point (0.01%) of that market, its platform asset size could double from the current approximately $4 billion. Benchmark emphasizes that Securitize is not only a tokenization platform but also possesses a "complete regulatory qualification system" that includes broker-dealer, transfer agent, and trading functions, which is expected to generate diversified income throughout the entire lifecycle of asset issuance, secondary trading, and custody services. Additionally, the company has been designated as the digital transfer agent for the tokenized securities platform that the New York Stock Exchange plans to launch, which supports 24/7 trading. Meanwhile, its tokenized U.S. Treasury fund BUIDL, in collaboration with BlackRock, has approached $3 billion, indicating rapid growth in the institutional-level RWA market. However, Benchmark also cautions that factors such as regulatory uncertainty, fragmented liquidity, and technological risks may still exert pressure on its valuation.

According to Jinshi reports, former Executive Director of the Bank of Japan, Masaaki Kaizuka, stated that the Bank of Japan may raise the benchmark interest rate this month to avoid falling behind in controlling inflation.

According to The Block, investment firm Benchmark has initiated coverage on Securitize for the first time, giving it a buy rating with a target price of $16. Analyst Mark Palmer compared it to the "shovels and picks" of the tokenization field, believing that Securitize can benefit regardless of which type of tokenized product or issuer ultimately prevails.The report points out that tokenization is one of the most profound transformations in the capital markets since the introduction of electronic trading, and Securitize is at the core of this transformation. Currently, the company holds about 70% of the U.S. tokenization market and has partnered with leading asset management firms such as BlackRock. Securitize plans to go public on Nasdaq through a merger with Cantor Equity Partners II, with the stock ticker SECZ.

The space computing startup Starcloud announced the completion of a $170 million Series A financing round at a valuation of $1.1 billion, led by Benchmark and EQT Ventures, bringing the total financing amount to $200 million so far.It is reported that Starcloud will launch Starcloud 2 later this year, which will be equipped with multiple GPUs, including Nvidia Blackwell chips, AWS server blades, and a Bitcoin mining machine. Its CEO Philip Johnston claimed that Starcloud 2 will be the first space Bitcoin mining satellite and stated that space mining is the direction of the future.In addition, the company will also develop a data center spacecraft named Starcloud 3, which is expected to be launched by SpaceX's heavy-lift rocket "Starship."

CoinDesk columnist Jordan Knecht stated that some traditional financial institutions believe that staking carries risks such as penalties, outages, operational failures, and unpredictable returns, and therefore only hold spot ETH or avoid related assets.Jordan Knecht mentioned that a new generation of insurance-backed staking products is benchmarked against the Composite Ether Staking Rate (CESR) and is underwritten by regulated insurance institutions, making staked ETH closer to institutional yield products rather than a crypto experiment. He disclosed that CESR is a daily standardized benchmark interest rate developed by CoinDesk Indices and CoinFund, used to measure the average annualized return of ETH validators' staking; Chainproof collaborates with IMA Financial Group to provide policies that supplement returns when validator returns fall below CESR and provide compensation in the event of penalties, with related arrangements also used to support collateral, rebalancing, and structured strategy design based on staked ETH.

According to Jinshi reports, the Federal Reserve has kept the benchmark interest rate unchanged at 3.5%-3.75%, marking the second consecutive time it has held steady, in line with market expectations.

Benchmark analysts recently reaffirmed their "buy" rating on Strategy (formerly MicroStrategy) and set a target price of $705, indicating an upside potential of about 430% from the current share price of approximately $130. Analysts believe that the company's strategic shift to the STRC preferred stock financing model is expected to become a core driver of Bitcoin reserve growth.At the Strategy World 2026 conference, the company's Executive Chairman Michael Saylor stated that the company will shift from its previous strategy of encouraging enterprises to incorporate Bitcoin into their balance sheets to focusing on promoting STRC perpetual preferred stock as the primary financing tool for future Bitcoin purchases. Benchmark analysts noted that STRC will become the "main engine" for Strategy to accumulate Bitcoin and is expected to accelerate the growth rate of the company's Bitcoin holdings per share.The STRC price fell to around $90 earlier this month but has since rebounded to near the $100 par value level. This preferred stock product offers an annualized yield of approximately 11%, pays dividends monthly, and has priority over common stockholders in the dividend distribution order.

According to The Block, Benchmark maintains a "buy" rating on Metaplanet but has lowered its target price by more than half, stating that the company's latest financial report highlights the "prospects and risks" of its aggressive Bitcoin accumulation strategy.Benchmark analyst Mark Palmer, in a research report on Tuesday, reduced the target price for the Tokyo-listed Bitcoin reserve company from 2,400 yen to 1,100 yen. He wrote that recent performance shows the "hope and danger" of the company's Bitcoin-centric financial strategy. The stock is traded under the OTC code MTPLF in the U.S., currently priced at about $2.20, having briefly fallen to around $1.85 earlier this month, close to its lowest level since the company began its Bitcoin purchasing strategy in April 2024.Metaplanet reported a net loss of $619 million for the fiscal year ending December 31, primarily due to non-cash valuation losses from its holdings caused by the decline in Bitcoin prices late last year. Nevertheless, its operational performance has significantly improved, with revenue and profits increasing due to Bitcoin-related financial services activities.A core pillar of Benchmark's investment logic is Metaplanet's continuously expanding Bitcoin revenue-generating business, which generates income through Bitcoin-related options and yield strategies. Analysts believe this segment allows the company to pay dividends on newly issued perpetual preferred shares without selling its core Bitcoin holdings, thereby funding subsequent BTC purchases through operating cash flow rather than asset sales.The company added that investor demand for these preferred instruments will likely determine whether Metaplanet can successfully continue to expand its financial reserves while controlling dilution risk.

According to The Block, Benchmark analyst Mark Palmer has lowered the target price for Coinbase (COIN) from $421 to $267, a decrease of 37%, while reiterating a "buy" rating. This adjustment comes after the company announced its fourth-quarter financial results, which fell short of expectations due to an overall pullback in the crypto market, impacting both revenue and earnings.Palmer has reduced the fiscal year 2026 earnings per share (EPS) forecast by 21% to $5.34, with the EPS expectation for the first quarter of 2026 at $0.96, approximately 19% lower than the market consensus. However, based on the current stock price of about $164, the new target price still implies about 60% upside potential.The financial report shows that Coinbase's net revenue for the fourth quarter of 2025 was $1.71 billion, a 5% decrease quarter-over-quarter; the GAAP net loss was $667 million, primarily due to an unrealized loss of $718 million on crypto asset holdings and a strategic investment loss of $395 million. Despite short-term pressures, Palmer noted that the company's business structure is becoming "more diversified and resilient":Institutional trading revenue increased by 37% quarter-over-quarter to $185 million, benefiting from the acquisition of the derivatives platform Deribit for $2.9 billion last August;Stablecoin revenue grew by 3% quarter-over-quarter to $364 million, with USDC average balances reaching an all-time high;Subscription and services revenue reached $727.4 million, accounting for about 43% of net revenue, with full-year subscription and services revenue increasing by 23% year-over-year to $2.8 billion.The company expects subscription and services revenue for the first quarter of 2026 to be between $550 million and $630 million, with trading revenue for the period as of February 10 estimated at about $420 million. As of the end of 2025, the company held $11.3 billion in cash and had repurchased $1.7 billion in stock in the fourth quarter and early February, with the board also approving an additional $2 billion repurchase authorization.