jefferies

According to the Financial Times, as gold prices reach record highs, Tether, the world's largest stablecoin company, has seen its gold holdings appreciate by over $5 billion.Based on estimates from Jefferies using data disclosed by Tether, as of the end of September, Tether held approximately 116 tons of gold, valued at around $14.4 billion at that time. Last September, the gold price was $3,858 per ounce, but amid rising geopolitical uncertainties and a surge of investors into safe-haven assets, it has now skyrocketed to over $5,200, meaning Tether has realized an appreciation of over $5 billion on this portion of its holdings. Tether stated this week that it further purchased 27 tons of gold bars in the fourth quarter of last year to back its stablecoin, and just this year, this additional holding has appreciated by at least $700 million. Tether's current total gold holdings are valued at approximately $24 billion, making it one of the biggest beneficiaries in this round of gold price surges.According to data from the World Gold Council, Tether has become one of the entities with the highest gold holdings globally, with its gold reserves comparable to those of the Qatar Central Bank (the UK's gold reserves are 310 tons). Jefferies analysts wrote in a report in November: "Tether is the largest holder of gold outside of central banks, with a holding size comparable to that of smaller central banks like South Korea, Hungary, and Greece."Recently, CEO Paolo Ardoino stated that the company is currently purchasing 1 to 2 tons of gold per week and will maintain this pace "in the coming months."

Jefferies strategist Christopher Wood stated in his latest "Greed & Fear" market newsletter that he has completely removed Bitcoin from his flagship model portfolio due to growing concerns that advancements in quantum computing could undermine the long-term security of cryptocurrencies. The 10% Bitcoin allocation he initially added at the end of 2020 has been replaced by a combination of physical gold and gold mining stocks.Christopher Wood further added that breakthroughs in quantum computing would weaken Bitcoin's reliability as a store of value for pension-style investors. If the timeline for the realization of quantum technology shortens, some capital allocators may now question Bitcoin's value storage properties, and the risks associated with cryptography might emerge sooner than expected, allowing attackers to derive private keys from exposed public keys, thereby undermining the cryptographic technology that supports Bitcoin balances and mining rewards, and challenging its role as "digital gold" in pension-style portfolios.

According to Bloomberg, Christopher Wood, the global equity strategist at Jefferies, recently removed the entire 10% Bitcoin allocation from his model portfolio, citing that the development of quantum computing could undermine the cryptographic security of Bitcoin.Wood stated that if quantum computing continues to advance, Bitcoin's value storage properties as a long-term, pension-like asset will face challenges, and this risk is beginning to enter the consideration of mainstream asset allocation.

According to Bloomberg, Christopher Wood, the global equity strategist at Jefferies, recently removed 100% of the 10% Bitcoin allocation in his model portfolio, citing that the development of quantum computing could undermine the cryptographic security of Bitcoin.Wood stated that if quantum computing continues to advance, Bitcoin's value storage properties as a long-term, pension-like asset will face challenges, and this risk is beginning to enter the consideration of mainstream asset allocation.

According to Cryptopolitan, investment bank Jefferies stated on Thursday that Tether is a major new buyer of gold and a key reason for the recent surge in gold prices, as traditional factors are no longer the main drivers affecting gold prices. The report reveals that verified data and on-chain activity show that Tether has accumulated a large amount of gold in recent months, tightening gold supply and driving up precious metal prices. Investors have disclosed to Jefferies that Tether plans to purchase about 100 tons of gold this year, and its CEO Paolo Ardoino has publicly stated that the company will increase its gold reserves, expecting gold prices to soar to $1,000 per ounce.According to an analyst team led by Andrew Moss, as of the end of the third quarter, Tether holds about 116 tons of gold. They also revealed that the company has 12 tons of gold backing its XAUt tokens (worth approximately $1.57 billion), and about 104 tons of gold backing its stablecoin USDT (worth approximately $13.67 billion). Jefferies pointed out that Tether continues to ramp up its gold accumulation, having added about 26 tons in just the third quarter, which accounts for about 2% of global gold demand in that quarter. With business expansion, gold is expected to make up about 7% of its reserves. If half of Ardoino's projected $1.5 billion profit for 2025 is invested in gold, nearly 60 tons could be added each year.

According to Jin Ten's report, although the latest published Federal Reserve meeting minutes have a hawkish tone, Jefferies economist Mohit Kumar pointed out in a report that the Federal Reserve is still on a loose path overall. Even if the Federal Reserve remains unchanged in December, it is expected to cut rates in January next year. The Federal Reserve's decisions are data-driven, and in the coming months, the weight of employment data may surpass that of inflation. The baseline scenario is a moderate slowdown in job growth, with the unemployment rate gradually rising to 4.5%.

According to Jin Ten, Jefferies global economist Mohit Kumar stated that the prospect of the U.S. government restarting will eliminate several risks for the market, which should boost risk assets. With the Senate passing the stopgap spending bill, a government shutdown is likely to end this week. He believes that the clearing of positions will eliminate one of the resistances for risk assets, but uncertainty surrounding Federal Reserve policy still exists. The money market currently predicts a 64% probability that the Federal Reserve will cut rates by 25 basis points in December.

According to Jin Ten's report, the dollar slightly rebounded after experiencing a decline due to weak labor market data in the previous trading day. Third-party data shows that in October, U.S. companies laid off more than 150,000 workers, the largest scale of layoffs for that month since 2003. Jefferies economist Mohit Kumar stated that the market is overreacting to any hints about the labor market, and the outcome of the December Federal Reserve meeting is almost equivalent to "flipping a coin," with the key depending on the performance of the labor market.

ChainCatcher news, according to CoinDesk, investment bank Jefferies pointed out in a report released on Sunday that as Bitcoin prices fell by 2%, while the network's hash rate surged by about 9%, the profitability of Bitcoin mining declined by over 7%, intensifying the pressure on miners' profits in the fourth quarter of 2025.In that month, North American listed mining companies produced 3,401 Bitcoins, down from 3,576 in August, with their share of the global network decreasing from 26% to 25%. Among them, MARA Holdings had the highest output at 736 Bitcoins, up from 705 in August; CleanSpark followed closely with 629 Bitcoins, down from 657 in August. The price drop also reduced revenue, with a theoretical mining rig of 1 EH/s generating about $52,000 in daily income in September, down from $56,000 in August, and nearly $43,000 a year ago. The price decline, coupled with rising network difficulty, continues to compress the profit margins of the mining industry.

ChainCatcher news, according to CoinDesk, U.S. investment bank Jefferies pointed out in a recent client Q&A report aimed at large institutional investors that cryptocurrency is still in the "1996 stage," much like the early internet boom, and has greater growth potential. Many companies are actively developing investment strategies and determining how to allocate funds between tokens, ETFs, digital asset treasury companies (DAT), and publicly traded companies with risk exposure.Jefferies analysts noted that an excessive focus on Bitcoin prices distracts attention from the disruptive potential of blockchain technology across various industries, while their clients have already begun considering investments in the sector through exchange-traded funds (ETFs) and digital asset treasury management (DAT) companies. Their advice echoes the investment strategies of the 1996 internet era: be selective and focus on lasting utility.

ChainCatcher news, according to Jinshi reports, Jefferies strategist Mohit stated that the focus remains on the Federal Reserve's meeting on Wednesday, with the key being Powell's tone. If Powell emphasizes inflation risks more or the uncertainty surrounding the economic and inflation outlook, the market may lower its expectations for interest rate cuts.

ChainCatcher news, according to CoinDesk, investment bank Jefferies reported on Sunday that due to an increase in network hash rate, Bitcoin mining profits fell by 5% last month. The analyst team led by Jonathan Petersen stated that if the miners' hash rate is 1 EH/s, the daily revenue in August was approximately $55,000, down from $58,000 in July and $44,000 a year ago.In August, publicly listed mining companies in the U.S. mined a total of 3,573 Bitcoins, down from 3,598 in July, and these miners accounted for 26% of the Bitcoin network hash rate, unchanged from July. Among them, MARA Holdings (MARA) had the most outstanding mining performance, producing 705,703 Bitcoins, followed by IREN. Additionally, MARA had the largest available hash rate among these companies at 59.4 EH/s, with CleanSpark closely following at 50 EH/s.

ChainCatcher news, according to Coindesk, Jefferies has given Galaxy Digital (GLXY) a "Buy" rating for the first time in its latest research report, with a target price of $35.The report points out that the U.S. has improved the crypto regulatory environment through the GENIUS Act, providing a favorable market structure for Galaxy. Galaxy is also expected to benefit from the growing demand for AI data centers by leasing a 393-megawatt data center located in Texas. Currently, about two-thirds of its company value comes from the data center business. On Tuesday, GLXY closed up over 6% at $29.11, and rose another 3% in pre-market trading to $30.

ChainCatcher news, according to CoinDesk, investment bank Jefferies has gradually developed into an important financial service provider in the field of crypto assets since providing Bitcoin investment advisory services for Strategy (formerly MicroStrategy) in 2019. Data shows that the institution ranked sixth in global investment banking transaction volume over the past 12 months, and has completed a total of 120 fintech and crypto-related transactions amounting to $150 billion since 2015.Jefferies has established a professional advantage in cross-border transactions between traditional finance and the crypto market, with a business scope covering multiple areas including capital markets and mergers and acquisitions. Its representative transactions include assisting Kraken in completing a $1.5 billion acquisition of NinjaTrader, as well as serving as an advisor to the unsecured creditors' committee in the FTX bankruptcy case.

ChainCatcher news, investment bank Jefferies data shows that due to the average price of Bitcoin dropping by 11.2% and transaction fees decreasing by 9.1%, Bitcoin mining profitability fell by 7.4% in March.Jefferies also stated that in March, Bitcoin mining companies listed in the United States mined a total of 3,534 Bitcoins, compared to 3,002 in February.

ChainCatcher news, according to CoinDesk, investment bank Jefferies' latest report shows that driven by Bitcoin's price reaching an all-time high, miners are expected to continue their profitable trend in December. Data indicates that the average Bitcoin price rose by 31% in November, while network hash rate only increased by 4%, with daily revenue per EH/s reaching $55,649, a month-over-month increase of 20.7%.Among them, MARA Holdings ranks first in the industry with a deployed hash rate of 46.1 EH/s, mining 907 Bitcoins in November; CleanSpark ranks second with 33.7 EH/s, producing 622 Bitcoins. U.S.-listed mining companies account for 24.7% of the total network output, and lower winter temperatures help improve equipment operating efficiency.

ChainCatcher news, according to CoinDesk, research from investment bank Jefferies shows that Bitcoin mining profits declined in September, despite Bitcoin prices remaining relatively stable, while network hash rate increased by about 1.7%. The bank noted that the average daily revenue per Exahash fell by 2.6%.Additionally, October may be more challenging for miners; although Bitcoin prices rose by about 5%, the network hash rate grew by 11%, further pressuring earnings.The report also indicated that the share of mining by North American publicly listed companies increased from 19.9% in August to 22.2% in September, with Marathon Digital mining the most Bitcoin at 705 coins, followed by CleanSpark (CLSK), which mined 493 coins.

ChainCatcher news, investment bank Jefferies stated in a research report on Wednesday that Bitcoin mining profits in August were far lower than in July, as the average price of Bitcoin fell by more than 4%, while the average network hash rate increased by about 2.7%. The report also noted that September will be another tough month, as BTC remains below $60,000 and the network hash rate continues to rise.

ChainCatcher news, according to Coindesk, Jefferies investment bank pointed out in its latest research report that due to the Bitcoin price dropping over 6% in July while the network hash rate remained stable, Bitcoin mining profits have slightly decreased compared to June. Jefferies lowered the target stock price for Marathon Digital from $22 to $17, but maintained a hold rating. The stock fell 0.7% in pre-market trading to about $15.The report shows that U.S.-listed mining companies produced more Bitcoin in July, accounting for 21.1% of the total network output, up from 20.7% in May. Analysts Jonathan Petersen and Joe Dickstein noted that the pace of new capacity additions by public companies has outstripped the growth rate of the network hash rate. Marathon Digital produced 692 Bitcoins in July, a 17% increase from the previous month, and its installed hash rate remains the largest in the industry.JPMorgan's report also pointed out that the global hash rate share of U.S.-listed miners reached a record high in July. August will be more challenging for miners as the Bitcoin price has dropped about 5% and the network hash rate has begun to grow again.

ChainCatcher news, according to CoinDesk, investment bank Jefferies stated in a research report on Monday that due to a 2% increase in Bitcoin prices, a 5% decrease in network mining difficulty, and adjustments made to the market's expectations regarding the halving, Bitcoin mining profits in June were higher than in May.Analyst Jonathan Petersen wrote: "From the most obvious direct impact of the halving in May, June was a month of moderate recovery in (mining profits)."