- Jane Street is moving away from Strategy
May 15, 2026
Just one quarter ago, Jane Street looked like one of Michael Saylor's most committed institutional backers.
But now, things appear to be changing. In their latest filing, Jane Street revealed that they have significantly reduced their position in Strategy (NASDAQ: MSTR).
Related: America’s oldest bank raises stake at MicroStrategy
Jane Street cuts down on Strategy
In the fourth quarter of 2025, Jane Street held 951,187 total common shares of Strategy, valued at $144.5 million.
However, there is now a swift and steep reversal. In the quarter, Jane Street cut its Strategy shares by 78% to 209,833 shares valued at $26.2 million.
The Strategy pullback is part of a broader rotation in the first quarter of 2026. Jane Street sharply cut its exposure to spot Bitcoin ETFs during the quarter, trimming its iShares Bitcoin Trust (IBIT) position by roughly 71% and its Fidelity Wise Origin Bitcoin Fund (FBTC) stake by around 60%.
It also reduced exposure to several Bitcoin (BTC) mining companies, including IREN (NASDAQ: IREN), Cipher Mining (NASDAQ: CIFR), TeraWulf (NASDAQ: WULF), and Core Scientific (NASDAQ: CORZ).
More of TheStreet Roundtable:
New Fed Chair announced today Struggling crypto stock surges after earnings Cathie Wood buys popular crypto stock despite revenue miss
Bitcoin out, Ethereum in
On the other side of the ledger, Jane Street increased its position in BlackRock's iShares Ethereum Trust (ETHA) and added to Fidelity's Ethereum Fund (FETH), with combined additions of around $82 million across the two products.
In the fourth quarter of 2025, Jane Street held a total of 5,948,399 shares of the ETHA, for a combined value of approximately $133.4 million. By the first quarter of 2026, the composition had shifted dramatically.
The net result was an overall increase of 5,145,028 shares, which was an 87% jump in total outright holdings. This brought the combined position for the quarter to 11,093,427 shares valued at approximately $175.6 million.
In the fourth quarter of 2025, Jane Street held a modest 103,181 outright shares of the FETH. By 2026, the position had grown dramatically to 2,090,207 shares valued at approximately $43.6 million, a near-1,927% surge in share count.
Combined with the $42.2 million increase in ETHA holdings, Jane Street's total additions across both Ethereum ETFs amounted to approximately $82 million in the first quarter of 2026.
The rotation comes amid ongoing scrutiny of Jane Street's role in crypto markets. There have been talks that the firm was systematically pushing Bitcoin lower through frequent morning sell-offs using ETF-related trades, the so-called "10 AM Bitcoin Dump," purportedly suppressing prices below $150,000.
Story Continues
Jane Street has not publicly addressed the allegations, and analysts have largely dismissed the theory as difficult to substantiate.
Related: Jane Street seeks to throw out insider trading lawsuit
Strategy's last quarter miss
Strategy released its first-quarter 2026 results on May 5 after markets closed, revealing a company whose financial performance has become almost entirely tied to Bitcoin's price movements.
The company posted a net loss of $12.54 billion, or $38.25 per diluted common share, for the quarter.
On the revenue side, results were largely in line with expectations. Strategy generated $124.3 million in total revenue.
The primary driver of the loss was a $14.46 billion unrealized loss on Strategy's Bitcoin holdings, stemming from a sharp drop in BTC prices that briefly fell below $62,000 during a February sell-off, the lowest point since April 2025.
This single item pushed the company's operating loss to $14.47 billion for the quarter, a substantial deterioration from the $5.92 billion operating loss reported in the first quarter of 2025.
Related: Analysts see 111% upside for MicroStrategy despite Q1 loss
This story was originally published by TheStreet on May 15, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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- Republican-led Senate Banking Committee advances crypto bill - report
May 14, 2026
[Cryptocurrency on Binance trading app, Bitcoin BTC with altcoin digital coin crypto currency, BNB, Ethereum, Dogecoin, Cardano, defi p2p decentralized fintech market]
Chinnapong/iStock Editorial via Getty Images
The U.S. Senate Banking Committee voted to advance [https://www.banking.senate.gov/newsroom/majority/chairman-scott-senate-banking-committee-advance-clarity-act-in-historic-bipartisan-vote] the landmark cryptocurrency legislation to the full Senate, where the bill is expected to see a fierce lobbying fight, Reuters reported [https://www.reuters.com/legal/transactional/us-senate-committee-weigh-crypto-bill-milestone-digital-assets-2026-05-14/].
Here is what to expect [https://seekingalpha.com/news/4591202-senate-vote-in-2-days-what-309-page-clarity-act-draft-bill-reveals-for-btc-crypto-stocks-etfs] from the Clarity Act.
The bill, which aims to create clear regulations for cryptocurrencies, was said to have been stalled [https://seekingalpha.com/news/4567103-crypto-bill-sees-development-senators-white-house-reach-tentative-agreement---politico] in the Senate Banking Committee since January. Banks opposed a provision that would allow stablecoin issuers and crypto firms to offer yield-bearing products and other incentives that could draw deposits away from traditional banks, potentially making it harder for them to fund lending.
On May 1, Punchbowl News reported that Senator Thomas Tillis and Angela Alsobrooks finalized a compromise [https://seekingalpha.com/news/4584605-crypto-stocks-were-trading-higher-post-news-about-compromise-on-key-provision-in-crypto-bill] to restrict stablecoin yield and rewards, with the Senate looking toward a crypto markup this month.
U.S. Treasury Secretary Scott Bessent was said to have been pushing [https://seekingalpha.com/news/4551914-bessent-continues-to-push-congress-to-pass-crypto-bill] to get the Clarity bill passed and get it to President Donald Trump's desk this spring.
Republican Sen. John Kennedy was reportedly planning to vote for [https://seekingalpha.com/news/4592391-sen-kennedy-voices-his-support-for-crypto-bill---report] the legislation, having said, "This is not a perfect bill. But it's a good bill, and it's a good start."
The Republican-led committee is said to have advanced the bill with support from two Democrats: Arizona Sen. Ruben Gallego and Maryland Sen. Alsobrooks. However, Gallego and Alsobrooks said they might not vote in favor of the bill on the Senate floor as negotiations between lawmakers remained fluid.
Committee Chair Republican Sen. Tim Scott has rejected certain outstanding amendments, including one on stablecoin yield, from Democrats, according to the report published on Thursday, May 14.
Democrat Sen. Elizabeth Warren had expressed concerns [https://www.banking.senate.gov/newsroom/minority/senator-warren-opening-remarks-at-committee-mark-up-of-the-clarity-act] over the bill in her opening remarks at the committee mark up of the clarity act.
Cryptocurrencies and crypto stocks were trading higher on the news. Here is a look:
Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) — +3.15% to $81,780.14; Ethereum (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]) — +2.40% to $2,311.85; Solana (SOL-USD [https://seekingalpha.com/symbol/SOL-USD]) — +2.25% to $93.17.
Bakkt (BKKT [https://seekingalpha.com/symbol/BKKT]) — +12.72% to $9.04; Figure Technology Solutions (FIGR [https://seekingalpha.com/symbol/FIGR]) — +9.41% to $44.32; Coinbase Global (COIN [https://seekingalpha.com/symbol/COIN]) — +8.39% to $218.73; Gemini Space Station (GEMI [https://seekingalpha.com/symbol/GEMI]) — +7.42% to $5.29; Strategy (MSTR [https://seekingalpha.com/symbol/MSTR]) — +7.30% to $191.03; IREN (IREN [https://seekingalpha.com/symbol/IREN]) — +6.16% to $58.57; Robinhood Markets (HOOD [https://seekingalpha.com/symbol/HOOD]) — +5.82% to $81.22; Bitmine Immersion Technologies (BMNR [https://seekingalpha.com/symbol/BMNR]) — +5.00% to $22.24; MARA Holdings (MARA [https://seekingalpha.com/symbol/MARA]) — +4.71% to $13.36; CleanSpark (CLSK [https://seekingalpha.com/symbol/CLSK]) — +4.77% to $13.94; Cipher Digital (CIFR [https://seekingalpha.com/symbol/CIFR]) — +3.77% to $22.04.
Stablecoins were mixed. Here is a look:
Tether (USDT-USD [https://seekingalpha.com/symbol/USDT-USD]) — +0.03% to $1.00; USDC (USDC-USD [https://seekingalpha.com/symbol/USDC-USD]) — -0.00% to $1.00; Ripple (XRP-USD [https://seekingalpha.com/symbol/XRP-USD]) — +6.97% to $1.53.
DEAR READERS: We recognize that politics often intersects with the financial news of the day, so we invite you to click here [https://seekingalpha.com/article/4896363-politics-and-the-markets-051426] to join the separate political discussion.
MORE ON CRYPTO
* Market Brief: Will The SpaceX IPO Pop The U.S. Stock Bubble? [https://seekingalpha.com/article/4903900-market-brief-will-spacex-ipo-pop-us-stock-bubble]
* BTC Cleared $80K - The Options Market Is Not Celebrating Yet [https://seekingalpha.com/article/4902541-btc-cleared-80k-options-market-not-celebrating-yet]
* Whale's Insight: Will Strategy Sell Bitcoin? Q1 2026 Earnings Highlights [https://seekingalpha.com/article/4902233-whales-insight-will-strategy-sell-bitcoin-q1-2026-earnings-highlights]
* Sen. Kennedy voices his support for crypto bill - report [https://seekingalpha.com/news/4592391-sen-kennedy-voices-his-support-for-crypto-bill---report]
* BlackRock transfers BTC, ETH worth $172M to Coinbase amid ETF redemptions [https://seekingalpha.com/news/4592041-blackrock-transfers-btc-eth-worth-172m-to-coinbase-amid-etf-redemptions]
- AI boom turns bitcoin miners Into Wall Street’s hottest data center bet
May 14, 2026
Investing.com -- Wall Street is arguing that a group of former Bitcoin mining companies could emerge as major beneficiaries of the artificial intelligence infrastructure boom, thanks to one increasingly scarce asset: access to power.
Investors believe that AI data center demand is rapidly outpacing supply, especially as hyperscalers race to secure electricity for model training and inference. According to Jefferies, the companies’ legacy Bitcoin mining operations gave them early access to large power footprints that are now far more valuable in the AI era.
Jefferies analysts launched ratings on five companies transitioning from cryptocurrency mining into AI-focused data center development. The firm assigned Buy ratings to Cipher Mining Inc (NASDAQ:CIFR), Hut 8 Corp (NASDAQ:HUT), Terawulf Inc (NASDAQ:WULF), and Core Scientific Inc (NASDAQ:CORZ), while initiating Riot Platforms (NASDAQ:RIOT) with a Hold rating.
“Power availability is the binding constraint,” the analysts wrote, forecasting that North America will add roughly 66 gigawatts of new data center capacity between 2025 and 2030 — still insufficient to meet expected demand.
Analysts noted a widening mismatch between data center leasing activity and actual construction deliveries. In 2025 alone, more than 15 GW of colocation leases were signed while only 3.3 GW of capacity was delivered, according to Jefferies estimates.
Jefferies estimates that the North American colocation data center market could expand from roughly $30 billion in annual revenue in 2025 to approximately $92 billion by 2030, dwarfing the shrinking economics of Bitcoin mining.
Among the firms covered, Jefferies identified tenant quality, financing capability, and execution as the key differentiators. Companies securing investment-grade hyperscaler tenants — including deals linked to Amazon, Google, and other large cloud operators — are expected to receive cheaper financing and higher valuations.
The analysts were particularly positive on Cipher Digital and Hut 8, citing their relationships with hyperscalers and Google-backed cloud provider Fluidstack. Meanwhile, Core Scientific was praised for already delivering 243 MW of AI infrastructure capacity, the highest among peers.
Riot Platforms received a more cautious assessment despite its large Texas footprint. Jefferies said investors remain skeptical about Riot’s ability to secure a major hyperscaler lease beyond its existing AMD retrofit agreement.
However, market players are still wary that regulatory pressures are tightening the market further. Multiple U.S. states, including Virginia, Georgia, Pennsylvania, and Maine, are considering or implementing restrictions on new data center developments due to concerns about electricity demand, water usage, and environmental impact.
Story Continues
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- Bitcoin Miners That Got Into AI Have Soaring Stocks. These Experts See More Gains Ahead
May 14, 2026
Shares of bitcoin miners turned data center developers have surged amid a frenzy for AI investments.
Credit: MARK FELIX / AFP / AFP via Getty Images
Key Takeaways
Jefferies analysts said companies with bitcoin mining roots have a "head start" on addressing a projected shortfall in data center capacity. Shares of the five former bitcoin miners tapped by Jefferies in a new report have risen between 45% and 135% year-to-date.
There's another set of artificial intelligence plays hidden in plain sight. And their roots are in crypto.
Jefferies analysts on Thursday started coverage of a handful of bitcoin miner-turned AI data center developers, including Cipher Digital (CIFR), TeraWulf (WULF), Hut 8 (HUT), Riot (RIOT) and Core Scientific (CORZ) on Thursday, rating four of them a buy, and giving one a hold rating. The investment bank's mostly bullish report on those stocks lands after the group's torrid climb, with their stocks rising between 45% and 135% year-to-date—and the firm suggests that four of them can keep climbing.
These companies, the analysts say, have a power edge, with some already generating data center revenue or landing lease agreements with hyperscalers. Their ability to develop their capabilities this year will differentiate them, according to Jefferies.
WHY THIS MATTERS TO YOU
Bitcoin miners-turned data center developers are getting a warm reception from Wall Street analysts amid outsize investor demand for all things AI related.
"One of the largest bottlenecks is interconnected power, which is where these developers have a head start, as they are repurposing power sourced for BTC mining to pivot toward AI data center development," the firm's equity analyst Jonathan Petersen and his team said in their report.
The firm estimates that roughly 66 gigawatts of AI data center capacity will come online over the next five years, but the companies the bank covers only account for about 17%. Demand is likely to outstrip supply, which is where the former bitcoin miners' efforts to convert their power footprints would come in, the firm said.
Price targets set on the stocks that received a bullish rating—Cipher, Terawulf, Hut 8, and Core Scientific—imply upside between 18% and 48% from recent levels. The price target set on Riot, which received a neutral rating, is roughly where shares traded lately. Analysts tracked by Visible Alpha covering those stocks all have bullish ratings on them.
Shares of the buy-rated stocks are up between roughly 1% and near 5% so far Thursday. Read Investopedia's live coverage of today's trading here.
Read the original article on Investopedia
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- Clarity Act Passes Senate Banking Committee, Crypto Stocks Rally
May 14, 2026 · investors.com
The Senate Banking Committee approved the Clarity Act in a bipartisan vote. But some issues are still up for debate.
- Bitcoin Miners That Got Into AI Have Soaring Stocks. These Experts See More Gains Ahead
May 14, 2026 · investopedia.com
There's another set of artificial intelligence plays hidden in plain sight. And their roots are in crypto.
- Charts to Watch: SPX All-Time High, CIFR & LLY Breakouts
May 13, 2026 · youtube.com
@CharlesSchwab's Kevin Horner breaks down key market charts as the S&P 500 (SPX) taps new record highs, backed by investors defending the 10-day SMA. In stock movers, he highlights notable technical setups in Cipher Digital (CIFR) and Eli Lilly (LLY).
- Cipher Digital (CIFR) Releases Q1 2026 Financial Results
May 10, 2026
Cipher Digital Inc. (NASDAQ:CIFR) is one of the Unstoppable Stocks to Buy in 2026. On May 5, the company released Q1 2026 financial results, along with an update on operations and business strategy. In Q1 2026, the company’s revenue came in at $35 million, and adjusted EBITDA was negative $48 million. Cipher Digital Inc. (NASDAQ:CIFR) built on the previous strong momentum as it signed 3rd AI data center campus lease. This was done with an investment-grade Hyperscale tenant in Q1 2026. Also, it secured the first corporate revolving credit facility. This bolstered the liquidity position by providing up to $200 million of committed borrowing capacity.Cipher Digital (CIFR) Releases Q1 2026 Financial Results
Cipher Digital Inc. (NASDAQ:CIFR) anticipates having sufficient capital to finance the equity component of the 3rd data center campus and aid the near-term capital requirements. With respect to Black Pearl, the company stated that retrofitting of the existing data center structure for Phase I continues to progress. In April, layout and site work for Phase II began, with the project remaining on schedule.
Cipher Digital Inc. (NASDAQ:CIFR) is engaged in developing and operating industrial-scale data centers for bitcoin mining and HPC hosting.
While we acknowledge the potential of CIFR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 10 Best FMCG Stocks to Invest In According to Analysts and 11 Best Long-Term Tech Stocks to Buy According to Analysts.
Disclosure: None. Follow Insider Monkey on Google News.
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- TeraWulf’s Money-Losing Pivot: High Costs, But the Stock Market Buys the AI Vision
May 8, 2026
The former Bitcoin miner reports steeper-than-expected losses in the first quarter as it transitions to developing AI data centers.
Continue Reading
- Cipher Digital Announces Participation in Upcoming Investor and Industry Conferences
May 7, 2026
NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a leading developer, owner, and operator of industrial-scale data centers, today announced its participation in several upcoming industry conferences. Cipher’s CEO, Tyler Page, may be featured in various discussions highlighting the Company’s recent developments and growth strategy. If the presentation will be webcast, a link to such webcast will be posted on the Company’s website at https://investors.cipherdigital.com, as well as on Cipher’s X and LinkedIn platforms ahead of each event.
Details of the Events:
Event:21st Annual Needham Technology, Media, & Consumer ConferenceDate:Wednesday, May 13th, 2026 Event:Macquarie Asia Conference 2026Date:Monday, May 18th, 2026 – Tuesday, May 19th, 2026 Event: Goldman Sachs Eleventh Annual Leveraged Finance and Credit ConferenceDate:Wednesday, May 27th, 2026 – Thursday, May 28th, 2026 Event: The Citizens Digital Infrastructure ForumDate:Thursday, June 25th, 2026
Webcast replays, if provided by the conference, will be available in the Events section of Cipher’s website at https://investors.cipherdigital.com/. For additional information, please contact the Cipher investor relations team at investors@cipherdigital.com.
About Cipher
Cipher develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. The Company brings together deep expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale. To learn more about Cipher, please visit https://www.cipherdigital.com/.
Website Disclosure
The Company maintains a dedicated investor website at https://www.cipherdigital.com/ (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors’ Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to use its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.
Contacts:
Investor Contact: Courtney Knight
Head of Investor Relations at Cipher Digital
Courtney.knight@cipherdigital.com
Drew Armstrong
Head of Strategic Initiatives at Cipher Digital
Drew.armstrong@cipherdigital.com
Media Contact: Ryan Dicovitsky / Katie Nerantzis
Dukas Linden Public Relations
CipherDigital@DLPR.com
