Coinbase rallies more than 60% in same month that FTX and Binance founders brace for prison
Brian Armstrong, CEO of Coinbase, slammed the U.S. Securities and Exchange Commission. He also said the cryptocurrency exchange is looking to invest more outside of the U.S.
Carlos Jasso | Bloomberg | Getty Images
In a month that saw two of the crypto industry’s leading figures headed on the path to prison, Coinbase shares rocketed more than 60%, their second-best monthly performance since the cryptocurrency exchange went public in 2021.
Bolstered by rallies in bitcoin and ether as well as crises at key competitors, Coinbase has been one of Wall Street’s best bets all year, climbing more than 250% in the first 11 months of 2023.
For early holders of the stock, the rebound helps ease the pain of 2022, when Coinbase lost 86% of its value as soaring inflation and rising interest rates pushed investors out of crypto and high-growth tech companies, and into assets deemed safer in a recession.
Tech stocks have roared back this year, particularly those tied to the artificial intelligence boom and crypto. Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized.
The industry fallout came to a head this month, when Sam Bankman-Fried, founder of former Coinbase rival FTX, was found guilty of seven criminal fraud counts tied to the collapse of his exchange and the theft of customer funds. His conviction landed on Nov. 2 after a monthlong trial.
Less than three weeks later, on Nov. 21, Binance founder Changpeng Zhao pleaded guilty to violations of the Bank Secrecy Act for failing to implement an effective anti-money laundering program and for willfully violating U.S. economic sanctions.
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance.
Getty Images | Reuters
Bankman-Fried, who faces potential life behind bars, is scheduled to be sentenced in March. Zhao’s sentencing is set for February. While guidelines suggest a sentence of 12 to 18 months, the Justice Department could push for a lengthier punishment for the Binance founder.
Unlike FTX, which filed for bankruptcy in late 2022, Binance is still standing, though now without Zhao, who agreed to step down as CEO as part of the plea deal. Even before that, the company was seeing a plunge in trading, with volume down by two-thirds between the first and third quarters of the year, according to crypto analyst site CoinGecko.
With assets of more than $65 billion on the platform, Binance remains the world’s largest crypto exchange globally. But its market share fell from over 60% in February to under 50% in September, “an indication that the exchange may be losing its grip on the industry as regulators continue to pressure it,” CoinGecko said.
In the first 24 hours after the Justice Department announced its $4.3 billion settlement with Binance, customers pulled more than $1 billion from the exchange. Liquidity also dropped 25% in the immediate aftermath of the announcement as market makers pulled back their positions, according to data provider Kaiko.
A Binance spokesperson told CNBC in a statement that Zhao appeared in court “to protect our users and to ensure the longevity of our company.”
“Binance’s resilience has been tested unlike any other exchange around today,” the spokesperson said. “Yet, we continue to operate the world’s largest cryptocurrency exchange by volume. In fact, we currently see a climbing percentage of institutional user transactions.”
Coinbase is the fourth-biggest global exchange by daily volume, according to CoinGecko. It’s the only one that’s publicly traded in the U.S. and has a market cap of close $30 billion.
In a report to clients on Wednesday, analysts at Mizuho noted that Coinbase shares are up about 20% since Zhao’s settlement, a rally that’s likely “in anticipation of potential share gains for COIN in wake of outflows from Binance, the industry’s largest exchange,” they wrote. Coinbase shares fell 2.4% to $124.72 on Thursday, wiping out some of their recent gains.
Mizuho raised its price target on the stock to $35 from $31, while keeping its underperform rating, which it’s maintained since December.
‘Turn the page’
A Coinbase spokesperson declined to comment for this story, but CEO Brian Armstrong told CNBC’s Joumanna Bercetche earlier this week that the Binance settlement allows the crypto industry to move past a spate of scandals.
“The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of history,” Armstrong said. “I think that regulatory clarity is going to help bring in more investment, especially from institutions.”
Both Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Meanwhile, Coinbase executives have floated the idea of leaving the U.S. altogether for a jurisdiction with hard-and-fast rules on crypto, should the company be unable to come to a resolution with the SEC.
Wall Street appears to be shrugging off that concern.
Analysts at Needham, who recommend buying Coinbase shares, wrote in a report on Nov. 21 that the company “exited the crypto ‘winter’ better positioned than in the prior up cycle.” They also noted that in addition to FTX’s failure and Binance’s retreat, crypto trading platform Bittrex has also exited the market.
Bittrex said on Nov. 20, that effective Dec. 4, “all trading activity on Bittrex Global will be disabled,” and it encouraged customers “to log into their account and withdraw assets as soon as possible.” In April, the SEC charged Bittrex and its ex-CEO with operating an unregistered exchange.
Yet there may be a new competitive threat on the horizon.
U.S. regulators are expected to soon approve the first U.S. spot bitcoin exchange-traded funds, which would allow investors to buy into digital currency directly through the same mechanism they use to buy stock and bond ETFs. Top asset managers, including BlackRock, WisdomTree and Invesco, have filed applications with the SEC.
Regulatory approval would open up many more avenues for people to buy bitcoin. While Coinbase allows investors to buy a variety of cryptocurrencies, bitcoin accounted for 38% of transaction volume in the third quarter and almost the same percentage of revenue. For casual investors who just want some exposure to bitcoin, there will potentially be additional ways to buy, including through their primary online brokerage.
JPMorgan Chase analysts wrote last week that crypto ETFs would likely be good for Coinbase in the short term but more problematic as time passes.
The initial boost would come from custody revenue tied to the ETFs. Most of the big asset managers jumping into market, including BlackRock, Franklin Templeton and WisdomTree, have picked Coinbase for custody services, which involves the storage and safekeeping of the assets.
However, the longer-term concern, according to JPMorgan, is that fewer people will need Coinbase accounts, leading to pricing pressure.
“We see many novice investors never going beyond these flagship tokens and thus never needing the services of a Coinbase,” wrote the analysts, who have a neutral rating on the stock and an $80 price target. “We also see the ETF markets as more transparent, efficient and lower cost to execute and we see the potential for a migration to ETFs for cheaper exposure and trading driving Coinbase to lower fees.”
WATCH: Former SEC enforcement chief on ‘casualness’ in crypto compliance
Despite the will-they, won’t-they uncertainty surrounding the future of tariffs and union jobs and – let’s face it – just about everything else in every industry these days, GM says it has no plans to move production of its Ultium-based EVs from Mexico to the US.
GM has exclusively produced electric cars at its plant in Ramos Arizpe, Mexico since last year, and has created some 5,000 new jobs in the area according to economist Raquel Buenrostro, who currently serves as Mexico’s Secretary of Anti-Corruption and Good Government. And those cars – including the popular Chevy Equinox EV and Honda’s hot-selling Prologue – have been huge hits in their respective segments.
The General seems to know a good thing when it sees one, so it should come as no surprise to learn that GM has no plans to scuttle its assembly lines out of the country.
“At this time, GM has no plans to halt or relocate production of any of our EV models made in Mexico,” the director of GM de México’s EV operations, Adrián Enciso, told the Spanish-language newspaper, Milenio. “It’s possible that additional models, such as (the new 2026 Chevy Spark) could be built here, too.”
Market Watch is reporting that the proposed tariffs, if they take effect, could raise GM’s cost to make electric cars in Mexico by up to $4,300 per vehicle. But while that could put a significant per-unit dent in GM’s profits, it’s worth noting that the EVs might continue to be built in Mexico and sold in Canada and other markets – the new Spark, especially, is targeted towards Central and South America, anyway.
And, frankly, GM can afford it.
SOURCE: Mexico News Daily.
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The mining equipment experts at Epiroc will supply a fleet of autonomous, zero-emission electric Pit Viper 271E and SmartROC D65 BE drill rigs at a number of Australian mines operated by multinational metals firm, Fortescue.
The $350 million AUD (approx. $225 million US) deal will see Epiroc AB supply its customer, Fortescue, with a number of blast hole drill rigs powered by either a cable connection to grid energy or, for more remote sites, batteries.
Fortescue will put the rigs to work at its iron ore mines in the Pilbara region in Western Australia. The driverless machines will eventually be operated fully autonomously, overseen by remote operators at Fortescue’s Integrated Operations Centre in Perth – more than 1,500 km away!
Epiroc says the machines will eliminate around 35 million liters of diesel consumption annually, according to Fortescue.
“Fortescue is at the forefront of the mining industry in reducing emissions from operations, and in using automation to strengthen safety and productivity, and we are proud to support them on this important effort,” says Epiroc President Helena Hedblom. “Not only is this the largest contract we have ever received, but it is also a major step forward for our electric-powered surface equipment. We look forward to contributing to Fortescue’s continued success now and in the future.”
The Pit Viper 271 E rotary blast hole drill rig that offers the same levels of performance that the diesel Pit Viper line is acclaimed for. Its patented cable feed system that prolongs component longevity and reduces operational costs. The SmartROC D65 BE is a new, battery-electric version of the proven SmartROC D65 drill rig. They’re manufactured in Texas and Sweden, respectively.
Fortescue has been a pioneer in the electrification of the mining industry, whether it’s converting its massive Liebherr excavators to electric, funding the development of 6MW EV chargers, or deploying autonomous electric drill rigs like these in their mines – they’re well on their way to achieving their goal of carbon neutral operations by 2030.
Electrek’s Take
From drilling and rigging to heavy haul solutions, companies like Fortescue and Epiroc are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.
We covered the market outlook for autonomous and electric mining equipment earlier this summer, and I posted an episode exploring the growing demand for electric equipment on an episode of Quick Charge I’ve embedded, below. Check it out, then let us know what you think of the future of electric mining in the comments.
More EVs means more mines
SOURCE | IMAGES: Epiroc.
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Solar and wind accounted for almost 98% of new US electrical generating capacity added in the first two months of 2025, according to new Federal Energy Regulatory Commission (FERC) data reviewed by the SUN DAY Campaign.
In FERC’s latest monthly “Energy Infrastructure Update” report (with data through February 28, 2025), FERC says 39 “units” of solar totaling 1,514 megawatts (MW) were placed into service in February, along with two units of wind (266 MW). They accounted for 95.3% of all new generating capacity added during the month. Natural gas provided the balance (87 MW).
For both January and February, renewables (6,309 MW) were 97.6% of new capacity, while natural gas (147 MW) provided just 2.3%, with another 0.2% coming from oil (11 MW).
Solar dominated February generating capacity
Solar accounted for 81.1% of all new generating capacity placed into service in February. It was 73.3% of new capacity added during the first two months of 2025.
Recent solar additions include the 237.3 MW Fence Post Solar in Texas, the 150-MW Northern Orchard Solar in California, and the 135-MW Prairie Ronde Solar Project in Louisiana.
Solar has now been the largest source of new generating capacity added each month for 18 consecutive months, since September 2023.
Solar + wind now almost 25% of US utility-scale generating capacity
New wind accounted for most of the balance (14.3%) of capacity additions in February. New wind capacity (1,568 MW) added in January and February combined was 70% more year-over-year (922 MW).
The new wind farms that came online in February were the 140.3-MW Pioneer DJ Wind in Texas and the 126-MW Downeast Wind in Maine.
The installed capacities of solar (10.7%) and wind (11.8%) are now each more than a tenth of the US total. Together, they’re almost one-fourth (22.5%) of the US’s total available installed utility-scale generating capacity.
Further, approximately 30% of US solar capacity is in the form of small-scale (e.g., rooftop) systems that aren’t reflected in FERC’s data. Including that additional solar capacity would bring the share provided by solar and wind to more than 25% of the US total.
With the inclusion of hydropower (7.6%), biomass (1.1%), and geothermal (0.3%), renewables currently claim a 31.5% share of total US utility-scale generating capacity. If small-scale solar capacity is included, renewables are now about one-third of total US generating capacity.
For perspective, a year ago, the mix of utility-scale renewables accounted for 29.3% of total installed generating capacity. Five years ago, it was 22.6%. Ten years ago, it was 16.9% (with more than half provided by hydropower). Thus, over the past decade, renewables’ share of US generating capacity has nearly doubled.
FERC’s 3-year solar + wind addition forecast
FERC reports that net “high probability” additions of solar between March 2025 and February 2028 total 89,497 MW – an amount almost four times the forecast net “high probability” additions for wind (22,890 MW), the second fastest growing resource. FERC also foresees net growth for hydropower (1,323 MW) and geothermal (92 MW) but a decrease of 130 MW in biomass capacity.
The net new “high probability” capacity additions by all renewable energy sources would total 113,672 MW. There is no new nuclear capacity in FERC’s three-year forecast.
Despite Trump’s big fossil fuel push, FERC is projecting that coal and oil will contract by 24,939 MW and 2,104 MW, respectively. Natural gas capacity would expand by 1,583 MW.
Thus, adjusting for the different capacity factors of gas (59.7%), wind (34.3%), and utility-scale solar (23.4%), electricity generated by the projected new solar capacity to be added in the coming three years should be at least 20 times greater than that produced by the new natural gas capacity, while wind’s new electrical output would eclipse gas by eight-fold.
If FERC’s current “high probability” additions materialize, by March 1, 2028, solar will account for nearly one-sixth (16.3%) of US installed utility-scale generating capacity. Wind would provide an additional one-eighth (12.7%) of the total. So each would be greater than coal (12.4%) and substantially more than either nuclear power (7.3%) or hydropower (7.2%).
Assuming current growth rates continue, the installed capacity of utility-scale solar is likely to surpass coal and wind within the next two years, placing solar in second place for installed generating capacity behind natural gas.
Renewables still on track to exceed natural gas in 3 years
The mix of all utility-scale (ie, >1 MW) renewables is now adding about two percentage points annually to its share of generating capacity. At that pace, by March 1, 2028, renewables would account for 37.6% of total available installed utility-scale generating capacity – nipping on the heels of natural gas (40.2%) – with solar and wind constituting more than three-quarters of the installed renewable energy capacity. If those trendlines continue, utility-scale renewable energy capacity should surpass natural gas in 2029 or sooner.
However, if small-scale solar is factored in, within three years, total US solar capacity (small-scale plus utility-scale) could approach 330 GW. In turn, the mix of all renewables would then exceed 40% of total installed capacity while natural gas’s share would drop to about 37%.
Moreover, FERC reports that there may actually be as much as 220,985 MW of net new solar additions in the current three-year pipeline in addition to 67,811 MW of new wind, 9,788 MW of new hydropower, 201 MW of new geothermal, and 39 MW of new biomass. By contrast, net new natural gas capacity potentially in the three-year pipeline totals just 20,856 MW. Consequently, renewables’ share could be even greater by late winter 2028.
“The Trump Administration’s assault on wind and solar has not – at least not yet – had an appreciable impact on the rapid growth of renewable energy generating capacity,” noted the SUN DAY Campaign’s executive director, Ken Bossong. “Moreover, if FERC’s current projections materialize, the mix of renewables will surpass natural gas capacity before the end of President Trump’s time in the White House.”
Electrek’s Take
Just three days ago, I reported on nonpartisan policy group E2’s latest Clean Economy Works monthly update, which revealed that nearly $8 billion in clean energy investments and 16 new large-scale factories and other projects were cancelled, closed, or downsized in Q1 2025. (E2’s cleaner net is wider than FERC’s and includes such things as EVs, battery storage, hydrogen, and grid and infrastructure projects.) Clean energy is growing, but Trump’s executive orders have still managed to slow its growth. Natural gas is still in the lead, but coal and oil still can’t touch renewables.
Read more: FERC: Solar + wind set for a strong 3-year run despite Trump’s sabotage
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