Mallam Nasir El-Rufai may have emerged as the Disrupter-in-Chief in the plot to stop a second term for President Bola Tinubu in 2027.

 
Just two days after defecting from the All Progressives Congress, APC, to the Social Democratic Party, SDP, the former Kaduna State governor was already, according to analysts, fully acting his new role.

Last Wednesday, supporters of El-Rufai stormed the Abuja National Headquarters of the SDP with placards, calling for the exit of Dr Olu Agunloye as National Secretary.

The protesters, who carried placards, accused Agunloye of fraud. Agunloye is being tried in court over an alleged $6b fraud relating to the Mambilla power project.

The shocking sight of the new party members turned protesters forced Agunloye to petition the Inspector General of Police for police protection.

However, Sunday Vanguard reports that the demand for Agunloye’s exit appears to be mainly championed by some allies of El-Rufai who fear that the SDP’s National Secretary’s past links to Tinubu and, if not, ethnic identity would hinder the political goal of stopping the president from a second term.

“The El-Rufai people feel that it would be illogical to have somebody from the South-West hold that critical position of National Secretary when you are fighting against the second term quest of somebody from the South-West,” a source privy to the development said.

Plan B

The fight within the SDP following the entry of El-Rufai only reflects the fears of many over the prospects of the opposition against Tinubu who mounted the presidency in 2023 despite the challenges he got from within the Muhammadu Buhari presidency and the majority of the party’s governors.

Besides the suspicions around Agunloye, political actors are also raising suspicions that Tinubu may have gone ahead of El-Rufai into the SDP.

 
That claim, according to some political watchers in Abuja, flows from the fact that the SDP has been mentioned as the famous Plan B that Tinubu hoped to fall back to had he not won the APC presidential ticket in 2022.

Sunday Vanguard reports that in the approach to the APC presidential convention in 2022 that there were unverified reports that Tinubu was considering using the SDP platform to actualise his ambition following the perceived threats he was getting at that time from agents of the Buhari regime.

However, whatever his actions in the SDP, stakeholders believe that the party may not be the last bus-stop for El-Rufai and his collaborators in the plot to stop Tinubu’s second term.

2022 incitement
The falling out with Tinubu despite his yeo-man role in rallying northern governors to back Tinubu at the last minute is generally perceived as a payback by Tinubu’s associates following his previous engagements incitements prior to 2022.

The former governor had, in 2019, boasted of how he defeated godfathers in Kaduna and urged Tinubu’s foes in Lagos to do the same.

 
Turning point

However, the turning point in their relationship was just before the 2022 presidential primary when El-Rufai pulled away from the plots against Tinubu to back the former Lagos State governor as the APC candidate.

That decision, according to many, was based on real politics.

He knew that Tinubu was about the only one with the financial muscle in the South to wrest the presidency and he quickly jumped on board.

Tinubu appreciated El-Rufai’s gesture and publicly begged him to play a role in his government.

The former governor was said to have jettisoned his plans to proceed abroad for further studies to head the new government’s energy team.

 
However, the plan unfolded when the Senate refused to clear him based on a “security issue”.

A Senate source told Sunday Vanguard that contrary to claims that there was a security report against El-Rufai, nothing of such was produced.

A senator, speaking on the condition of anonymity, told Sunday Vanguard: “What we were told by Senate President Akpabio was that there was a security issue with El-Rufai from the Department of State Service, DSS, but he did not circulate the report”.

That was, however, an unconventional route as many recall that in the past that DSS reports on nominees were circulated among senators. The case of Mr Ibrahim Magu, a nominee for the office of the Chairman of the Economic and Financial Crimes Commission, EFCC, who was repeatedly refused clearance by the Senate in part based on contradictory security reports from the DSS, was cited.

The allegation that Tinubu didn’t want El-Rufai in his government, despite the nomination, is something that has rubbed off negatively on the former governor.

 
He is also concerned by the insinuation of a security question around him and it was gathered that El-Rufai may go to court to force Akpabio to produce the security report.

A source in the opposition privy to the ongoing developments confirmed that El-Rufai is not contesting any elective position in 2027, but is focused on mobilising against the Tinubu second term agenda.

“What he is interested in is sending Tinubu and his people back to Lagos,” one prominent associate of former VP Atiku Abubakar who contested the 2023 presidential election but lost to Tinubu, and now relating with El-Rufai told Sunday Vanguard.

Advantage

While the former governor is not very popular with the grassroots, his capacity for organisation is one that gives him advantage in the camp of the opposition.

Besides, El-Rufai, who played a key role in persuading northern governors to support Tinubu during the 2022 presidential primary of the APC, is said to be in regular touch with some of the northern governors.

 
Remarkably, El-Rufai, who helped to damage Mr Peter Obi in 2022/3 in realisation that the leader of the Obedient Family and the candidate of the Labour Party in the 2023 election would be on the 2027 ticket one way or the other, has already started inclining towards him.

In the clearest indication to that, his son, Bashir, issued a tweet on Monday on how his former party, APC, deceived him about the good qualities of Peter Obi.

Whatever, suggestion that the SDP would be the final bus-stop for the opposition coalition appears unlikely.
The 2023 presidential candidate of the party, Adewole Adebayo, in an interview on a television station on Friday, reiterated his intention to again contest, indicative of a split among the opposition coalition.

While emphasising his determination to contest the 2027 presidential election irrespective of those joining the party, he said: ”Let us understand something. I don’t worry about that; everybody who is coming in knows I will run in 2027.”

A source in the opposition camp was, however, dismissive of the suggestion of the SDP being the vehicle to be used against Tinubu’s second term in 2027.

 
“It is neither here nor there. We are not pushing the narrative of persons or parties, but rather a bonding to produce victory,” the source revealed.

Niger Republic has turned to Nigeria for help after being hit by fuel shortage.

The West African country reached out to Nigeria despite months of diplomatic tensions and hostile rhetoric.

Sunday PUNCH learnt that a delegation of senior officials of the military junta travelled down to Abuja to meet Federal Government representatives.

At the end of the deliberation, 300 trucks of Premium Motor Spirit were reportedly approved for delivery to the country.

A senior government official aware of the development said Nigeria approved the deal with the hope of using it as a “strategic bargaining tool” in ongoing negotiations with Niger.

According to the official, the delegation explained that Niger had been reliant on fuel from a Chinese refinery.

However, due to issues with the supplier, the refinery was shut down, leaving the country with limited options.

Our correspondents gathered that Niger turned to Nigeria after the fuel shortage problem became critical. However, the details of the arrangement are said to be secret.

“We do not want to blow our trumpet. Rather, we want to use it as a bargaining chip for negotiation, as we continue to engage with them to bring them back to ECOWAS.

“Let them get more from us. I am confident that gradually they will come back to ECOWAS because they do not have enough resources to import food to sustain their citizens,” the source added.

Officials of the Nigerian National Petroleum Corporation Limited said the deal could have been done by the Presidency, as the national oil firm now operates as a limited liability company.

Similarly, a source at the Dangote Petroleum Refinery declined comments due to diplomatic concerns.

The Presidency also declined comments on the matter.

 

Niger fuel crisis

Sunday PUNCH gathered that the fuel crisis in Niger reached alarming proportions last week after a litre of petrol sold for N8,000 in some parts of the country.

Findings by our correspondents in Sokoto State, which shares a border with Niger, showed that the price of petrol varied depending on the distance from Nigeria.

A transborder businessman from Nigeria, Mallam Abubakar Usman, said, “There is serious scarcity of fuel in the country. It depends on where one is getting the fuel.

“In Konni, the border town between Nigeria and Niger, you can get a litre at 1,200 CFA, which is about N2,500. If you go to Agadez, the same litre of fuel is 3,000 CFA, equivalent to N7,500 per litre. In Arilit, a local government under Agadez, which is the border town between Niger and Algeria, it is 3,500 CFA, which is about N8,750 when converted to our currency.”

Usman attributed the scarcity to the deteriorating relationship between Nigeria and Niger.

An official of the Nigerian Immigration Service, who spoke on condition of anonymity, confirmed that some trucks carrying petrol were sighted passing through the border.

Niger-China oil firm clash

 

The fuel crisis in Niger may have been self-inflicted after a confrontation between the ruling junta and Chinese oil companies which had long dominated the country’s petroleum sector.

A security analyst, Zagazola Makama, in an article he published on X, revealed that trouble began in March 2024 when the China National Petroleum Corporation granted the Nigerien government a $400m advance, using future crude oil deliveries as collateral.

The deal was to help Niger cope with crippling economic sanctions imposed by ECOWAS following the July 2023 coup in the country.

However, when it was time to repay the debt, the junta was cash strapped.

Instead of negotiating, the military rulers were said to have decided to strong-arm China, slapping an $80bn tax demand on Soraz (Zinder Refinery Company) despite the state-owned Sonidep already owing Soraz a staggering $250bn.

According to Makama, when China refused to provide additional loans, the junta retaliated by expelling Chinese oil executives from the country and seizing Soraz’s bank accounts.

The decision was said to have backfired and led to the collapse of Niger’s petroleum sector, which is heavily reliant on Chinese expertise and investment.

 

The Soraz refinery, the lifeline of Niger’s fuel supply, ground to a halt, and fuel shortages spread like wildfire.

But the Commercial Director of the state-owned Nigerien Company for Oil Products (Sonidep), Maazou Aboubacar, told AFP that the Soraz refinery in Zinder could no longer satisfy domestic demand.

According to him, the reason is principally down to the drying up of the flourishing black market supplied from Nigeria.

The country’s refinery only provides Sonidep with 25 tanker trucks of petrol a day, when the daily national requirement is up to twice that.

Domestic consumption was said to have been boosted by a cut in fuel prices introduced by the military regime that seized power in Niger in 2023.

Nigeria the good neighbour

Niger Republic’s Head of State, Brig. Gen. Abdourahmane Tchiani, had accused Nigeria of colluding with France to destabilise his country through the terror group, Lakurawa.

 

Speaking in Hausa in December 2024, Tchiani claimed that there were plans to establish a terrorist training camp in Gaba Forest, near Sokoto, as part of a supposed agreement between France and the Islamic State West Africa Province.

He further alleged that Nigerian authorities were aware of these developments.

The Federal Government denied the allegations.

In February 2025, Niger reportedly stopped some Nigerians from entering into its cities because they carried ECOWAS passports.

Makama, the counter- insurgency expert, said despite the false accusations and diplomatic snubs, Nigeria stepped in to help Niger with fuel which had been crossing into the country to ease the crisis.

While sharing videos of some of the fuel trucks going into Niger, he said the junta remained too proud to admit its dependency.

“While fuel shipments from Nigeria have already started alleviating the crisis, Niger’s state media has deliberately avoided reporting where the fuel is coming from. Instead, the government has attempted to portray the fuel availability as a result of its own internal measures, a claim that many Nigeriens are beginning to question,” he said.

Nigeria supplied 13.5 million litres of petrol

Reacting, oil marketers said although they were not aware of the deal, the export of 300 tankers to Niger Republic would amount to about 13.5 million litres of petrol.

It was calculated that 300 of 45,000-litre capacity trucks is about 13.5 million litres of petrol to be exported to Niger Republic.

The dealers, however, stated that Nigeria had enough to save the junta-led country from the current fuel crisis rocking it.

According to marketers, Nigeria may have passed the days of fuel scarcity as it now has the Dangote refinery, the Port Harcourt refinery, and others producing fuel locally even as importers bring more from other countries.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said he was aware of the fuel crisis in Niger Republic, adding that Nigeria had enough to bail out the country.

“I will not say we don’t have that capacity with the refineries we have in the country. I think we have enough to supply Niger Republic,” the IPMAN Vice President said.

Similarly, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, agreed that the country had enough PMS to help its neighbours without running into any crisis.

“If we have a diplomatic reason for that, it is doable,” Gillis-Harry asserted.

All Progressives Congress (APC) chieftain, Joe Igbokwe, has pleaded with the former governor of Kaduna State, Nasir El-Rufai and his son to desist from making inflammatory statements.

Speaking via his Facebook page, Igbokwe commended the former governor for the efforts made towards placing the APC in power in the 2023 elections. He, however, condemned El-Rufai’s vituperations, insisting that they were too low for a politician of his calibre.

According to Igbokwe: “I want my good friend , HE El Rufai to stop all these not-too-good statements I see everyday. He is bigger than this. His sons should also maintain a grave silence at least for now.

“I am not unmindful of the risky efforts Malam made for APC to triumph in 2023. He drilled the deepest well for APC. However, this street dance is totally negative and consequently too low. I CALL HIM THE STORMY PETRELDazzol.”

Igbokwe’s reaction follows the former Kaduna Governor’s defection from the APC to the Social Democratic Party (SDP).

El-Rufai defected after criticizing the APC’s failure to ensure internal democracy within the party.

Naija News reports that in an interview with the British Broadcasting Corporation, El-Rufai also accused the APC government of deviating from its founding principles.

The former governor further alleged that positions in the present administration, led by President Bola Ahmed Tinubu, are now distributed based on favoritism rather than merit.

As part of its preparations for the 2027 general elections, the Independent National Electoral Commission (INEC) has commenced the formulation of its Election Project Plan (EPP), incorporating lessons learned from the 2023 general elections to enhance efficiency and credibility.

A senior official at the commission, who spoke to Saturday PUNCH, revealed that the new election framework aims to address logistical shortcomings and improve technical processes to ensure seamless electoral operations in 2027.


According to the INEC source, the 2027-2031 Strategic Plan is also in development to replace the current 2022-2026 framework, which is set to expire in December 2026.

“An important aspect of the current effort is the preparation of another critical document that will act as a bridge between 2026 and 2027—the general election year—which the current 2022-2026 plan does not cover.

“This document will provide the foundation for the 2027 EPP, ensuring continuity and seamless transition into the next election cycle,” the official said

While the 2022-2026 Strategic Plan focused on institutionalizing INEC’s processes, improving capacity building, professionalism, synergy among departments, and resource management, the EPP will be a more comprehensive election-specific plan designed to tackle specific challenges observed in previous elections.

Investigations by Saturday PUNCH revealed that the Election Project Plan (EPP) was first introduced for the 2015 general election and has since been utilized for the 2019 and 2023 elections.

However, following challenges encountered during the 2023 polls, INEC is fine-tuning its operations to ensure a more seamless voting process in 2027.

“We are updating our election templates to improve efficiency and reliability. The lessons from 2023 are shaping our approach to 2027,” the source added.

The 2023 general elections, which had 93,469,008 registered voters across 176,846 polling units, required an extensive logistical operation involving over 1.5 million electoral personnel, including polling staff, supervisors, and security officials and 182,491 vehicles deployed across Nigeria’s diverse terrains.

Despite these preparations, INEC encountered logistical and technical issues, particularly with the upload of presidential election results to the INEC Result Viewing (IReV) portal.

While the National Assembly election results were successfully uploaded, the presidential election results faced delays due to technical glitches.

A post-election review traced the problem to a configuration error, which prevented the system from properly mapping the presidential results, which are national, as opposed to state-specific elections.

Naija News understands that INEC later resolved the issue with software updates, successfully uploading the first presidential election result sheet later on election day.

As of March 12, the U.S. government controls 195,234 Bitcoin, valued at more than $16 billion, according to a new Nansen report.

The government’s crypto portfolio also includes $4.6 million worth of Ethereum (ETH), stablecoins such as USDC, and yield-bearing assets DAI and AUSDC_V2.

A newly proposed bill, introduced by Rep. Nick Begich, could dramatically increase the government’s holdings. The House Strategic Bitcoin Bill aims to acquire 1 million BTC, implying roughly 5% of Bitcoin’s total supply, over the next five years. If passed, the dollar value of the purchases at today’s market price would be just shy of $110 billion.
Implications for the Market
If the bill passes, the U.S. government’s Bitcoin holdings would surpass the estimated 1.1 million BTC attributed to Bitcoin’s mysterious creator, Satoshi Nakamoto. This would give the government significant influence over market liquidity and price stability, potentially driving up Bitcoin’s value and reshaping market dynamics.

However, this level of ownership raises concerns about the centralization of a traditionally decentralized asset. Large-scale acquisitions could make the government a price setter in the Bitcoin market which some argue stands against the original ethos of cryptocurrency.

[Crypto News]

Bitcoin’s recovery to $84,500 on Friday exemplifies why following crowd sentiment often leads to poor trading decisions.

The recent market movements contradict common predictions during periods of extreme fear or greed.

Data analysis from Santiment reveals that social media reached peak negativity when Bitcoin Bitcoinbtc0.01%Bitcoin dipped to $78,000 earlier in the week. There was also online chatter about further declines. This pattern mirrors late February’s market behavior when a temporary price surge in early March followed retail traders’ bearish outlook.

https://twitter.com/santimentfeed/status/1900700480034271434

“Bitcoin’s rally back to $84.5K Friday shows what happens when the Monday crowd claims it’s time to sell,” Santiment noted. “Predictably, FUD hit its peak as $BTC was down to $78K, with predictions pouring in for lower prices all across social media.”

The research highlights Bitcoin’s recent stability within a defined range, having neither fallen below $70,000 nor broken above $100,000 over the past month. This stability creates clear sentiment markers: predictions below $70,000 means excessive fear, while forecasts above $100,000 signal overexuberance.

“Historically, markets move the opposite direction of the crowd’s expectations,” Santiment explained. They noted that clusters of bearish predictions ($10K-$69K) often follow upward reversals, while groupings of bullish forecasts ($100K-$159K) usually signal downturns.

Technical analysis supports this sentiment-based approach. Crypto analyst Rekt Capital pointed out that “the signs for a weakening resistance were there.”

He noted that the recent price movement is filling the CME gap between $82,245 and approximately $87,000. He suggests that a daily close above resistance could catalyze further upward momentum.

 

The current market structure also presents potentially bullish technical signals. Another analyst, Merlijn The Trader, highlighted Bitcoin’s approaching “golden cross.”

This is a technical pattern where the 50-day moving average crosses above the 200-day moving average.

This indicator has historically preceded substantial rallies:

  • 139% in 2016
  • 2,200% in 2017
  • 1,190% in 2020 following previous occurrences.

When sentiment reaches extremes, positions become overcrowded on one side, creating the conditions for sharp reversals. As traders collectively lean bearish, selling pressure exhausts, leaving primarily buyers to influence price action.

At last check, Bitcoin was down 0.2% for the day, trading at $84,145. It’s down 22.7% from its all-time high of $108,786.

[Crypto News]

Bitcoin is struggling to break past $85,000 in March, and traders on Polymarket, a Polygon-based prediction market, are betting that a major rally is unlikely.

Data from Polymarket shows that traders see almost no chance of Bitcoin reaching $200,000 by March 31, with the probability sitting at less than one percent.

The most popular bet suggests Bitcoin will remain below $75,000, with nearly 30% of traders backing that outcome. Even a move to $100,000 is seen as unlikely, with only a ten percent chance assigned to that level.

Bitcoin’s consolidation phase

Despite the bearish outlook from Polymarket traders, macro investor Dan Tapiero remains optimistic. Speaking on TheStreet Roundtable with Scott Melker, he said Bitcoin’s recent price action is unfolding exactly as expected.

“I think we’re going to chop up back and forth between $70,000 and $100,000 to digest all this news, and at some point, we’re going to head back up,” Tapiero said. “I’ve had this $180,000 target in mind for a while.”

He believes that the current consolidation phase is healthy for Bitcoin’s long-term growth and that the next major move will push the price toward $180,000, possibly by the end of the year.

While traders on Polymarket remain cautious, Tapiero sees no reason for concern. He pointed out that Bitcoin is still up significantly from 18 months ago, and market cycles take time to play out.

Bitcoin’s current market activity

As of now, Bitcoin is trading at $83,234, up 1% in the past 24 hours. The broader crypto market is also seeing gains, with Ethereum rising 1% to $1,900, and Solana climbing 5% to $132. BNB coin is up 2.47% at $594.06, while Dogecoin has gained 2% to $0.173.

Despite these price movements, overall trading volumes have been declining. February saw a sharp 20% drop in trading activity across centralized exchanges, falling to a four-month low of $7.2 trillion. The decline was largely attributed to macroeconomic concerns, including international trade tensions and tariff threats from the Trump administration.

[The Street]

The Goldman Sachs 2024 annual letter to shareholders devotes a few words to crypto and distributed ledger technology.

According to the report, blockchain, cryptocurrencies, and other digital assets have led to "increased competition" in the financial industry.

The company notes it has exposure to distributed ledger technology via client facilitation, investment and as a third-party vendor only.

The report cites fears of the market and cyber vulnerabilities associated with these technologies.

“[A]lthough the prevalence and scope of applications of distributed ledger technology, cryptocurrency and similar technologies is growing, the technology is nascent and may be vulnerable to cyber attacks or have other inherent weaknesses”, states the letter.

In 2024, the bank was set to initiate tokenization projects to help clients invest in financial assets like real estate and money market using public and private blockchains.

However, this does not mean that the firm is making a major strategic pivot in the direction of cryptocurrencies, the report explains.

In December 2024, CEO David Solomon had suggested that Goldman Sachs would look to participate in Bitcoin and Ethereum markets if the U.S. regulatory landscape changed, stating that current regulations prohibited the bank to trade in cryptocurrency.

He also reiterated his characterization, as of this January, of Bitcoin being an “interesting speculative asset" adding, “I do not think Bitcoin is a threat to the US dollar” in an interview with CNBC back on January 22.

In late 2024, Goldman Sachs raised its holdings in Bitcoin exchange-traded funds (ETFs) by 15%. Based on its most recent 13F disclosure with the Securities and Exchange Commission, Goldman raised its total crypto ETF holdings to $2.05 billion in the fourth quarter of 2024 from the $744 million it held in the third quarter.

With its largest concentration in BlackRock's iShares Bitcoin Trust (IBIT) at $1.2 billion, the bank's Bitcoin ETF holdings $1.6 billion.

[The Street]

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

BINANCE FOUNDER DENIES REPORT ON TRUMP TALKS: On Thursday, The Wall Street Journal’s Rebecca Ballhaus, Patricia Kowsmann, Angus Berwick, Josh Dawsey and Caitlin Ostroff reported that representatives of President crypto exchange Binance, citing people familiar with the matter. Binance’s billionaire founder, Changpeng Zhao, who served four months in prison after pleading guilty to violating anti-money-laundering requirements, has been pushing for the Trump administration to grant him a pardon, sources added.

Following the report, Changpeng Zhao, the founder of Binance and its ex-CEO, stated in a post to X: “Sorry to disappoint. The WSJ article got the facts wrong. More than 20 people have told me they were asked by the WSJ (and another media), ‘Can you confirm that CZ made some deal for a pardon?’ They probably asked hundreds of people to have 20 people reach out to me. In essence, they tried hard to make a story to report. Fact: I have had no discussions of a Binance US deal with … well, anyone. No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA charge. Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work. I am always happy to make crypto great everywhere, US and the rest of the world. It’s good to see that even WSJ thinks I should be pardoned.”

COINBASE SECURES REGISTRATION IN INDIA: Coinbase (COIN) announced Tuesday it has registered with India’s Financial Intelligence Unit, which marks a significant milestone in its international expansion strategy. The company plans to launch its initial retail services later this year, followed by additional investment and products in India thereafter. “We’re committed to building in markets that believe in the potential of crypto and onchain innovation,” said John O’Loghlen, Regional Managing Director for APAC at Coinbase. “India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations.”

Additionally on Tuesday, Mizuho lowered the firm’s price target on Coinbase to $217 from $280 and kept a Neutral rating on the shares. The firm said that since its last model update on February 20, the price of bitcoin has fallen from $98,000 to $79,000 and Coinbase shares are down 30%. While some multiple compression is warranted due to lower multiples across technology, the move in Coinbase shares is overdone, the analyst said. Mizuho believes the stock should trade closer to $217. While it sees some upside from here, it remains Neutral given the longer-term risk of pricing pressure from increased competition across the crypto trading space. Mizuho cited lower market multiples for the target cut.

BIT DIGITAL REPORTS FY24 RESULTS: On Friday, Bit Digital (BTBT) reported FY24 earnings per share of 19c on revenue of $108.1M, which compared to a loss per share of (16c) on revenue of $44.9M last year. The company earned 949.9 bitcoins during 2024, a 37% decrease from the prior year, and treasury holdings of BTC and ETH were 741.9 and 27,623.2, respectively, with a fair market value of approximately $69.3M and $92.1M on December 31, respectively.

The company said, “2024 marked a pivotal shift for Bit Digital. Our business was historically driven by digital asset mining, but the successful launch and rapid expansion of our HPC business fundamentally reshaped our company. This evolution drove over 140% revenue growth, with these new business lines contributing nearly half of total revenue. A defining milestone in this transformation was our acquisition of Enovum Data Centers in October. More than just an infrastructure expansion, Enovum provided us with a proven team, operational expertise, and a scalable platform to develop and operate data centers. It also introduced colocation services as a new business line, further diversifying our revenue streams and strengthening our AI compute capabilities. Bitcoin mining remained a key revenue contributor, generating $58.6M, a 32% increase year-over-year. However, as our HPC business scaled, mining’s share of total revenue declined to 54% in 2024, and further to 40% in Q424, compared to 98% in 2023. This shift underscores our strategic pivot toward infrastructure-driven revenue streams while maintaining disciplined mining operations.”

ANALYSTS UPDATES BITCOIN MINER MODELS: On Thursday, JPMorgan downgraded Cipher Mining (CIFR) to Neutral from Overweight without a price target. The firm updated bitcoin miner price targets and models to reflect the Q4 results and changes in bitcoin price and the network hash rate. The firm now sees less upside potential relative to peers for Cipher Mining shares. Cipher could sign a high performance compute deal at its Barber Lake site, which could drive upside, but deals can take up to nine months to negotiate and finalize, the analyst said.

JPMorgan also lowered the firm’s price target on Mara Holdings (MARA) to $18 from $23 and kept a Neutral rating on the shares as well as on CleanSpark (CLSK) to $12 from $17 and kept an Overweight rating on the shares and on Riot Platforms (RIOT) to $13 from $16 and kept an Overweight rating on the shares.

Additionally, the firm upgraded IREN (IREN) to Overweight from Neutral with a price target of $12, down from $15. JPMorgan named IREN its top pick citing the company’s “strong” mining operations and high performance computing “optionality.” The shares have “been overly punished” year-to-date, and offer 70% upside at current levels, which could prove conservative if IREN announces an HPC deal with a name-brand tenant, the analyst said.

HIVE PRICE TARGET LOWERED: Cantor Fitzgerald lowered the firm’s price target on Hive Digital (HIVE) on Tuesday to $8 from $11 and kept an Overweight rating on the shares. Hive said it mined 89 bitcoin during the month of February, or 3.1 bitcoin per day, a decrease from 102 bitcoin mined in January, and its share of the overall bitcoin network decreased to 0.69% from 0.73% on a peak hash rate basis, the analyst said. Cantor continues to believe that current levels represent an attractive risk/reward, as the firm is confident in Hive’s ability to execute on its bitcoin mining and AI Cloud targets, which will represent 300% hash rate growth and $100M in annualized run-rate revenue in 2025, respectively.

CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings, Strategy (MSTR), Riot Platforms, Stronghold Digital Mining (SDIG) and TeraWulf (WULF).

PRICE ACTION: As of time of writing, bitcoin dropped about 6% this week to $83,160 in U.S. dollars, according to CoinDesk.

[Tip Ranks]

Media personality Toke Makinwa has stated that if she had gotten married again, she would have ended up divorced.

She recently spoke about her life as a single and childless woman at 40, stating that she has come to terms with her journey and focused on her accomplishments.

In a recent episode of her podcast, Makinwa admitted that she used to feel pressure about not having a child or a partner at her age, but has since learned to embrace her truth.

Toke, who turned 40 last year, confessed that if she had gotten married again, she would have ended up divorced, citing that the lessons never stop.

 

Instead of dwelling on what could have been, Makinwa is choosing to focus on her achievements, including building a media empire, being one of Africa’s most influential voices, and enjoying good health.

She said: “I am 40, I am single, and I am childless. I said it, and I didn’t die, and that always made me tear up. I used to feel like, how am I 40 and I don’t have a child? How am I 40 and I single? How am I 40, and I am alone? Listen, if I am completely honest with you guys, if I had gotten married again, I would have been divorced. Because the lessons never stop. 

“I am grateful for the journey, I am grateful for where I am at, and I am grateful that I am 40. I look at my life like I am 40 and a boss, have built an empire, am one of the most resounding voices in Africa, have a love of family, and am in great health. I love what I do, and I am not waking up miserable, thinking that I am still here.

“You need to sit with your truth, and when you do so, you can’t shame the shameless”.

[TheNation]