A trio of publicly traded crypto firms is reporting earnings today, and the analysts covering them are keen on hearing from management where the industry goes from here.

Why it matters: Easing hostility around the industry and a shakeup in the presidential election have turned stock analysts more positive about the crypto shops they cover.

Zoom in: Citi raised its rating and price target on Coinbase's stock last week, citing upside in the company's "long-standing" regulatory risk.

• Analyst Peter Christiansen said the firm changed its view following shifts in the U.S. election landscape and the Supreme Court's overturning the Chevron deference.
• "We surmise the upside opportunity from a more conducive regulatory environment to be too large to ignore," he said, adding the possibility of "unlocking sidelined institutional capital."

Meanwhile, JPMorgan's Ken Worthington raised his December 2024 price target on Coinbase on Monday to $181 (up from $171), based on the firm's "higher assumption for total crypto market cap."

• Coinbase reports after the bell today.

Galaxy Digital conducted its quarterly show-and-tell this morning.

• But Benchmark analyst Mark Palmer told Axios yesterday that he was keener on finding out what's next for Galaxy than the print.

The latest: Galaxy's been trying to uplist to the Nasdaq from the Toronto Stock Exchange for several years, but the parley between the firm and regulators finally appears to have improved — the company said this morning that it submitted its amendment to the SEC last week. 🤞

• While the quarter was a bumpy one for digital assets, Galaxy chief Michael Novogratz said this morning on the company's earnings call that he expects the uncertainty hanging over the industry to clear soon:
• "I've literally never been more bullish on Galaxy and never been more bullish on our whole industry." (See more: Quoted 🌶️)

For MicroStrategy, which like Coinbase reports this afternoon, Benchmark's Palmer said details of how its enterprise software business performed will take a backseat to anything that has to do with how it will add to its growing bitcoin stockpile.

• He'll be keen on what MicroStrategy chairman and bitcoin whale Michael Saylor says about that.

The bottom line: Bullish expectations rest on regulatory easing.

"If Republicans win, it's, you know... [Trump] laid out a plan that is unbelievably bullish for our industry. I'm hoping and thinking that Democrats are going to do something similar."

As tether, the stablecoin, charts ever-greater all-time highs in market capitalization, the company behind it, Tether, released its attestation for the second quarter.

Why it matters: Tether is the third-largest cryptocurrency in the world and the liquidity lifeblood of the whole global industry.

How it works: Tether (USDT) is a stablecoin. The company behind it issues tokens guaranteed to be backed dollar for dollar by its reserves, which are U.S. Treasuries, dollars and some other assets.

The latest: Tether's latest report shows that it has $118.4 billion in reserves, $5.3 billion greater than its liabilities related to digital tokens.

• About $25 billion of its reserves are somewhat more exotic, with holdings of things like money market funds, corporate bonds, bitcoin, gold and secured loans.

The intrigue: The company's latest report touts that it has become one of the largest buyers of U.S. Treasuries on Earth, greater than many nations.

• If it were a country, it said, it would be the 18th-largest holder of U.S. debt among nations.

By the numbers: Tether reported $1.3 billion in profit in the second quarter and $5.2 billion for the first half of the year.

The bottom line: Stablecoins are probably the strongest application deployed by the blockchain industry to date, and tether represents 70% of the stablecoin market.

🚗 California's DMV digitized 42 million car titles on the Avalanche network. (CoinDesk)

🤝 A joint project by the Bank for International Settlements and the Bank of England has shown it can deliver stablecoins' liabilities and assets data in almost real time. (Decrypt)

🎨 Two artists sued the SEC in Louisiana asking a court for a declaratory judgment that their forthcoming NFT works don't violate securities laws. (CoinDesk)

🍊 Sen. Cynthia Lummis (R-Wyo.) introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 yesterday. (Decrypt)

A website linked to former President Trump dropped bitcoin-themed high-tops yesterday.

Zoom in: 🍊 There were 1,000 orange numbered pairs, five of which would be autographed and sold at random, according to the website gettrumpsneakers.com.

• That color is sold out, though the black high-tops still appear to be available for pre-order at $299.
• They are estimated to ship October/November/December, the site says.

State of play: The orange high-tops are already landing on eBay with eye-watering asks, with one advertised as high as $69,999.

• 👆That would cost more than one bitcoin.