JPMorgan Chase CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong at the World Economic Forum in Davos last week, accusing him of misrepresenting banks’ role in opposing parts of a major US crypto market structure bill. Key Takeaways: JPMorgan CEO Jamie Dimon confronted Coinbase’s Brian Armstrong at Davos over claims banks are undermining a US crypto bill. The clash centers on stablecoin rewards, with banks opposing yield while crypto firms argue bans favor traditional finance. The market struct ...

Core Insights - The shift in capital is moving from traditional funds to blockchain-based trading venues, with precious metal funds attracting $1.4 billion while Bitcoin-linked funds experienced $300 million in withdrawals as Bitcoin's value dropped to nearly $86,000 [1][11] - Gold prices surged past $5,500 and silver exceeded $118 per ounce, driven by a four-year low in the dollar and geopolitical tensions [1][11] - The correlation between Bitcoin and gold has dropped to -0.18, indicating they are moving in opposite directions, challenging the narrative of Bitcoin as "digital gold" [6][11] Capital Movement - Precious metal funds have seen significant inflows, while Bitcoin-linked funds have faced outflows, highlighting a shift in investor sentiment [1][11] - Crypto-native platforms like Hyperliquid are gaining traction, with commodities now accounting for about 80% of open interest on exchanges like Ostium [11] Market Sentiment - Investors are increasingly frustrated with Bitcoin's failure to act as a hedge during dollar weakness, leading to a pivot towards commodities [2][6][11] - The sentiment among traders is mixed, with some chasing momentum in metals while others express disappointment in Bitcoin's performance [7][11] Trading Dynamics - The trading volume for silver futures has significantly outpaced that of Bitcoin, indicating a shift in speculative interest [8][11] - The rise of non-crypto perpetual contracts is attracting attention, with platforms offering trading in both commodities and traditional assets [11] Future Outlook - Analysts suggest that the focus on commodities is logical given the 24/7 nature of crypto markets and the availability of liquid trading venues [7][11] - There is an emerging interest in other metals like copper, as traders anticipate market rotations [8][11]

Core Insights - The Norwegian Government Pension Fund is projected to gain indirect exposure to approximately 9,573 BTC by 2025 through investments in crypto-related publicly traded companies, representing a year-over-year increase of about 149% [1] Group 1: Investment Details - The indirect exposure to Bitcoin primarily stems from investments in companies such as Coinbase, Marathon Digital, and Metaplanet [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：吴说） 作者 | 吴说区块链 本周新闻 Top10 1. 币安将对 SAFU 基金 10 亿美元稳定币储备转换为比特币储备 link 1 月 29 日，币安宣布将对 SAFU 基金的资产结构进行调整，将原有 10 亿美元规模的稳定币储备逐步转 换为比特币储备，并计划在此声明发布后的 30 天内完成兑换。币安将对 SAFU 基金的资产规模进行定 期核查，如因比特币价格波动导致 SAFU 基金的市值低于 8 亿美元，币安将补充比特币使基金规模恢 复至 10 亿美元。 近期币安遭到中英文社区的批评，也有许多声音建议币安使用利润购买与建立比特币 储备以支持行业。 2. Tether 已成为主权国家和银行外最大黄金储备方，目前持有超 140 吨黄金 link Tether 已成为主权国家和银行外最大黄金储备方，目前持有超 140 吨黄金，价值约 240 亿美元，其储备 规模甚至超过了澳大利亚、沙特阿拉伯等许多国家的官方储备。除了作为其发行的黄金代币 Tether Gold (XAUT) 的 1:1 储备外，Tether 还将大量黄金作为其自身资产负债表的盈余储备 ...

据彭博社，特拉华州法官 Kathaleen St. J. McCormick 裁定，一起指控 Coinbase Global Inc. 多名董事在 2021 年直接上市过程中涉嫌内幕交易的股东诉讼可暂时继续推进，尽管公司此前设立的特别诉讼委员 会在内部调查后认为相关指控不成立；该诉讼由股东于 2023 年提起，称包括 CEO Brian Armstrong 及 董事 Marc Andreessen 在上市时出售超过 29 亿美元的股票，以避免超过 10 亿美元的潜在损失。 （来源：吴说） ...

（来源：吴说） 吴说获悉，Coinbase Markets 表示，Infinex（INX） 现货交易将于 2026 年 1 月 31 日 上线，在符合流动 性条件的支持地区，INX-USD 交易对将于当日稍晚开放。 ...

Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong reportedly faced harsh criticism from Wall Street’s biggest bank chiefs at the World Economic Forum in Davos.The Davos ShowdownJPMorgan Chase (NYSE:JPM) CEO Jamie Dimon interrupted Armstrong’s coffee meeting with former U.K. Prime Minister Tony Blair to confront him directly according to a Wall Street Journal feature published on Friday.“You are full of s—,” Dimon said with his index finger pointed at Armstrong’s face, telling him to stop lying on telev ...

Core Insights - Increased volatility, supportive U.S. economic policies, higher acceptance of digital assets, and retail trading growth are shaping the future of exchanges [1] - Coinbase Global Inc. (COIN) is positioned to benefit from market volatility and rising digital asset valuations, while Intercontinental Exchange (ICE) is set to grow through a solid portfolio and risk management services [1][2] Coinbase (COIN) - Coinbase is leveraging President Trump's pro-crypto stance and aims to transform into an "everything exchange" offering a wide range of financial services [3] - The company has expanded its product ecosystem, including enabling Solana on its Base network, launching Shiba Inu futures, and introducing new products like prediction markets and tokenized equities [4] - Coinbase's growth strategy includes a focus on its Base Layer 2 blockchain and stablecoins to enhance crypto adoption and reduce costs [5] - Mergers and acquisitions are key to Coinbase's strategy, with ten acquisitions in 2026, including The Clearing Company, to strengthen its prediction market presence [6] - Despite facing margin pressure from high operating costs, Coinbase's expanding ecosystem and improving regulatory environment support a positive long-term growth outlook [7] - The Zacks Consensus Estimate for COIN's 2026 revenues indicates an 11.6% year-over-year increase, with EPS expected to grow by 27.3% [14] - COIN shares have decreased by 42.1% over the past six months, trading at a forward P/E multiple of 34.4, lower than its three-year median of 46.1 [16][17] Intercontinental Exchange (ICE) - ICE offers a comprehensive suite of products and risk management services, supported by strategic acquisitions that enhance its offerings [8][12] - The company is well-positioned to benefit from the digitization of the U.S. residential mortgage market and is expanding its mortgage business through the integration of Ellie Mae [10] - ICE maintains a strong global data services platform, with expected growth in data revenue driven by market activity and performance in its index business [11] - The company has a solid track record of acquisitions that have contributed to growth and expense synergies, supported by a strong balance sheet [12] - The Zacks Consensus Estimate for ICE's 2026 revenues implies a 6.1% increase, with EPS expected to grow by 9.4% [14] - ICE shares have increased by 19.7% in the past six months, trading at a forward P/E multiple of 23.5, higher than its three-year median of 22 [16][17] Conclusion - Coinbase is diversifying its revenue base through trading fees, staking, custodial services, and derivatives, aiming to be a one-stop destination for digital asset trading [18] - ICE is poised for growth through its strong portfolio, risk management services, strategic acquisitions, and impressive dividend history, having doubled its dividends in the last six years [19]

Core Insights - The Norwegian Government Pension Fund is projected to gain indirect exposure to approximately 9,573 BTC by 2025 through investments in crypto-related publicly traded companies, representing a year-on-year increase of about 149% [1] Group 1: Investment Details - The indirect exposure to Bitcoin primarily stems from investments in companies such as Coinbase, Marathon Digital, and Metaplanet [1]

Core Viewpoint - The article discusses investment opportunities in the cryptocurrency sector, highlighting three specific companies that are positioned to benefit from the evolving landscape of blockchain technology and regulatory developments [1][2]. Group 1: Industry Insights - The primary value in the crypto/blockchain ecosystem is expected to shift from private projects to public companies that effectively leverage blockchain technology while remaining compliant with mainstream financial services [2]. - Regulatory uncertainty, particularly regarding the stalled CLARITY Act in the US Senate, continues to impact investor sentiment and the overall market for cryptocurrencies [3]. Group 2: Company Analysis - Strategy (MSTR) - Strategy has accumulated over 712,000 bitcoins, valued at approximately $62.5 billion, making it the largest bitcoin treasury company globally [5][6]. - The company recently purchased $264.1 million worth of bitcoin from January 20 to January 25, following a significant acquisition of $2.13 billion in the previous week [7]. - Analyst Ramsey El-Assal rates MSTR as Overweight (Buy) with a price target of $213, indicating a potential 34% gain over the next year [8]. Group 3: Company Analysis - Coinbase (COIN) - Coinbase operates as a leading digital exchange for cryptocurrencies, with $516 billion in assets on the platform and a quarterly trading volume of $295 billion [10][12]. - The company reported a 55% year-over-year revenue growth in Q3 2025, reaching $1.9 billion, and a diluted adjusted net income per share of $1.44 [12][13]. - El-Assal gives COIN an Overweight (Buy) rating with a price target of $277, suggesting a 32% upside potential [13]. Group 4: Company Analysis - Robinhood Markets (HOOD) - Robinhood has gained popularity among online traders, boasting 26.9 million funded customers and $325 billion in total platform assets [15]. - The company reported a record revenue of $1.27 billion in Q3 2025, reflecting a 100% year-over-year increase [17]. - El-Assal rates HOOD as Overweight (Buy) with a price target of $130, indicating a 26% upside potential [18].