Crypto momentum builds as Wall Street adapts, Binance’s Zhao denies pardon allegations
16th March 2025 – (Washington) Bitcoin, Ethereum, and other cryptocurrencies continue to capture investor attention, prompting Wall Street’s traditional financial institutions to adapt to the shifting landscape. This week brought notable developments at the intersection of crypto and conventional finance, with key players making headlines for regulatory moves, strategic shifts, and market recalibrations.
Binance, the world’s largest cryptocurrency exchange, faced scrutiny after The Wall Street Journal reported that its founder, Changpeng Zhao, sought a pardon from the Trump administration following his guilty plea to anti-money-laundering violations. According to the report, which cited anonymous sources, Zhao, who served four months in prison, lobbied for clemency during the administration’s final days. Zhao denied the claims in a post on X (formerly Twitter), stating that he had “no discussions of a Binance US deal with… anyone” and calling the report “an attack on crypto.” He reiterated Binance’s commitment to strengthening the global crypto ecosystem.
Coinbase also made waves this week by registering with India’s Financial Intelligence Unit, a major step in its international expansion strategy. The company plans to launch retail services in India later this year, followed by further investment in the region. John O’Loghlen, Regional Managing Director for APAC at Coinbase, described India as one of the world’s most promising crypto markets and reaffirmed Coinbase’s commitment to full regulatory compliance. However, Coinbase faced challenges as Mizuho reduced its price target from $280 to $217, citing a 30% drop in the company’s shares since February. Analysts pointed to ongoing risks from pricing pressures amid heightened competition in the crypto trading space.
Bit Digital, a digital asset mining company, reported its FY24 results, highlighting $108.1 million in revenue, a sharp rise from the previous year’s $44.9 million. Earnings per share reached $0.19, compared to a loss of $0.16 in the prior year. Despite a 37% decline in Bitcoin production to 949.9 BTC, Bit Digital emphasised its transformation into an infrastructure-focused business. The acquisition of Enovum Data Centers in October bolstered its operational expertise and introduced colocation services, helping diversify revenue streams. Bitcoin mining generated $58.6 million in 2024, but its share of total revenue fell to 40% in Q4 2024, compared to 98% in 2023, reflecting the company’s strategic pivot toward infrastructure-led growth.
JPMorgan adjusted price targets for several Bitcoin miners this week, reflecting updated Bitcoin prices, network hash rates, and Q4 financial results. Cipher Mining was downgraded to Neutral from Overweight due to limited short-term upside, while Mara Holdings, CleanSpark, and Riot Platforms also saw their targets lowered. Analysts noted that Cipher Mining could see future gains through high-performance compute deals, but such agreements often take months to finalise, tempering immediate expectations.