Republican control of the Senate would be key to passing bills such as FIT21 and appointing pro-crypto agency leaders, and digital asset reform would likely happen sooner with both chambers aligned, the report said.

Miners earned an average of $43,600 per exahash a second in daily block rewards last month, the lowest rate on record, the report said.

In the last 12 months, the digital assets industry has transitioned from a post-FTX recovery period back to a growth phase, the report said.

The Wall Street bank updated its models and price targets for the miners to account for second quarter results and changes in the price of bitcoin and the network hashrate.

Total value locked across the crypto ecosystem is expected to reach an all-time high in the first half of next year, the report said.

The total market cap of the fourteen publicly listed mining stocks the bank tracks fell 18% since the end of last month, the report said.

Stablecoin issuer Tether has attracted regulatory scrutiny in the past due to its lack of transparency about the composition of its reserves, the report said.

The share of stablecoins versus total cryptocurrency market capitalization is relatively unchanged this year, the report said.

August will be a more difficult month for the miners as the price of bitcoin has dropped about 5% while the network hashrate has started to grow again, the report said.

The broker upgraded the bitcoin miner's shares to buy from sell and raised its price target on the stock to $13.50 from $7.50.

The platform witnessed a 29.8% jump in retail lending between the first and second quarters.

The bitcoin miner’s shares slumped yesterday after a Culper Research report said the site was unsuitable for artificial intelligence and high-performance computing.

The new fund will target early stage opportunities in AI, blockchain technology, chips and data.

The two industries could add a collective $20 trillion to global GDP by 2030, the report said.

The broker raised its Galaxy Digital price target to C$23 from C$17, while maintaining its buy rating.

Crypto is becoming an increasingly important part of Robinhood’s business, accounting for 20% of total revenue in the first quarter, the report said.

Ether spot ETFs could attract as much as $3 billion of net inflows this year, the report said.

The business has a number of positive catalysts including its smart wallet Coinbase Prime, layer-2 network Base and its growing international offering, the analysts said.