Core Insights - GameStop's on-chain wallet has transferred all Bitcoin to Coinbase Prime, indicating a potential sale [1] - GameStop purchased 4,710 BTC at an average price of approximately $107,900 between May 14 and May 23, 2025, totaling an investment of about $504 million [1] - If sold at the current price of around $90,800, GameStop could face an estimated paper loss of about $76 million [1] Company Summary - GameStop's strategic move to transfer Bitcoin suggests a shift in its cryptocurrency investment strategy [1] - The significant investment in Bitcoin reflects GameStop's previous confidence in the cryptocurrency market [1] - The potential loss from the sale highlights the volatility and risks associated with cryptocurrency investments [1]

吴说获悉，Coinbase Markets 表示，已于今日将 Doodles（DOOD）和 Moonbirds（BIRB）加入资产上线 路线图；上述资产的交易上线取决于做市支持及充足的技术基础设施，相关条件满足后将另行公布具体 交易上线安排。 （来源：吴说） ...

Group 1 - Binance is considering reintroducing stock trading on its platform after discontinuing the feature in 2021 due to regulatory scrutiny, aligning with a trend towards unified investment platforms that combine crypto and traditional assets [1] - Coinbase has started rolling out stock trading to select users, positioning itself against traditional brokerages and competitors like Robinhood, which has offered combined stock and crypto trading for years [2] - Multiple crypto platforms, including Coinbase, are accelerating efforts to merge digital assets with conventional financial products, with Coinbase's CEO emphasizing the company's leadership in the migration of financial assets to blockchain infrastructure [3][4] Group 2 - Bitpanda announced plans to launch a unified investing platform on January 29, which will integrate stocks, ETFs, crypto, and precious metals under one application, offering over 10,000 stocks and ETFs with a flat trading fee [5] - Traditional market operators are also advancing blockchain-based trading systems, with the New York Stock Exchange planning to develop a platform for 24/7 trading and on-chain settlement of tokenized securities [6] - The NYSE is leading the industry towards fully on-chain solutions that combine trust, regulatory rigor, and modern technology, as stated by the President of NYSE Group [7]

Group 1 - Coinbase announced the listing of a perpetual-style futures contract for Sentient (SENT) on its regulated trading platform, which has led to increased trading interest among derivatives traders [1] - The introduction of SENT futures aligns with a broader trend where US exchanges are competing to offer trading tools that were previously available only on offshore platforms [3] - Futures contracts are significant in the crypto market, driving approximately 75% of global trading volume, indicating their importance for speculation and hedging [2] Group 2 - The approval from the CFTC and NFA allows Coinbase to offer altcoin futures on a US-compliant platform, reducing counterparty risk and the likelihood of sudden exchange shutdowns [3] - The addition of SENT futures is expected to influence regular crypto investors, as futures markets often lead price movements, with increased activity in futures typically resulting in corresponding changes in spot prices [4] - Coinbase is likely to continue expanding its offerings of altcoin futures as US regulations evolve, indicating a growing market for these financial instruments [5]

Core Viewpoint - Coinbase Global (COIN) shares have experienced a 10.2% decline over the past five trading days, raising concerns about the impact of geopolitical tensions and delayed cryptocurrency regulations on the company's performance [1] Company Position - Coinbase Global is currently valued at $58 billion, with a revenue of $7.0 billion and a trading price of $226.93 [3] - The company has achieved a revenue growth of 48.6% over the last 12 months, alongside an operating margin of 27.0% [3] Historical Performance - Historically, COIN has delivered a median return of 18.3% within a year following sharp declines since 2010, indicating potential for recovery [4] - The stock has dropped 90.9% from its peak of $357.39 on November 9, 2021, to $32.53 on December 28, 2022, while the S&P 500 experienced a peak-to-trough decline of 25.4% during the same period [10] Downturn Resilience - Concerns arise regarding COIN's resilience if the market declines further, particularly if the stock decreases an additional 20-30% to $159 [5] - COIN has performed significantly worse than the S&P 500 during various economic downturns, both in terms of the extent of decline and recovery speed [5] Liquidity and Valuation - Coinbase Global has a Debt to Equity ratio of 0.08 and a Cash to Assets ratio of 0.41, indicating strong liquidity [9] - The shares are currently trading at a P/E multiple of 20.2 and a P/EBIT multiple of 16.3, suggesting a high valuation [9]

Group 1 - Coinbase's CEO Brian Armstrong's actions have caused significant rifts in the cryptocurrency sector, leading to delays in key regulatory legislation [1][2] - The White House has criticized the cryptocurrency industry, emphasizing that political influence should not be taken for granted [1] - The CLARITY Act aims to establish a comprehensive federal regulatory framework for digital assets, which could reduce compliance uncertainty and promote institutional investment [2][3] Group 2 - The withdrawal of support for the CLARITY Act by Armstrong has raised concerns among industry executives about the overreach of political influence [1][3] - The Senate Banking Committee's review of the CLARITY Act has been indefinitely postponed due to Armstrong's opposition to certain provisions, particularly regarding stablecoin rewards [4][5] - The agricultural committee is also working on its version of the market structure bill, complicating the legislative process amid an election year [5] Group 3 - Concerns have emerged that the delay in the CLARITY Act could lead to a "regulatory black swan" event that may trigger a market crash [3] - The cryptocurrency industry has been a significant donor in the 2023-2024 U.S. presidential election cycle, contributing over $133 million to candidates perceived as supportive of their agenda [6] - The stablecoin market is rapidly expanding, with predictions that its size could reach $2 trillion, highlighting its potential impact on the global financial system [7][8] Group 4 - The debate over stablecoin rewards has become a major point of contention between Wall Street banks and the cryptocurrency industry, with banks fearing deposit outflows [8][11] - Armstrong has framed the conflict as a struggle for consumer interests against banking lobbyists, asserting that the proposed restrictions are harmful [11][12] - The cryptocurrency industry is engaged in a "long game" to embed favorable terms into U.S. financial regulations, anticipating future political shifts [12][13]

Core Insights - Coinbase has launched a borrowing feature allowing eligible U.S. users to access loans of up to $1 million in USDC using cbETH as collateral, which enables users to retain ETH price exposure and staking rewards without selling assets, thus avoiding capital gains taxes [1][2] - The borrowing process involves depositing cbETH into a Morpho smart contract on the Base network, where it serves as collateral, allowing users to receive USDC instantly, which can be converted to USD for transfers or spending [2] - The loans have no fixed repayment schedule, but borrowers must maintain a loan-to-value (LTV) ratio below 86% to avoid automatic liquidation, with a maximum initial LTV of 75% [2][5] Industry Developments - Morpho operates as an on-chain lending protocol facilitating peer-to-peer loans with smart contracts managing deposits, borrows, and liquidations, using oracles for real-time collateral valuation [3] - As of January 2026, Morpho has facilitated over $1.25 billion in on-chain loans across the Base ecosystem, indicating significant activity in the crypto lending space [4] - Ethereum staking has seen substantial growth, with approximately 36 million ETH staked as of mid-January 2026, representing about 30% of the total circulating supply, equating to over $118 billion at current prices [6]

Coinbase has launched a new borrowing feature that allows users to access up to $1 million in liquidity using cbETH — its tokenized representation of staked ether — as collateral, giving investors a way to raise cash without selling or unstaking their ETH. The product, now available to eligible U.S. customers excluding New York, lets users borrow USDC against cbETH held on the platform and convert it to dollars inside Coinbase. The move suggests growing demand for ways to unlock liquidity from staked as ...

Group 1 - Major U.S. banks are resisting cryptocurrency legislation to maintain their monopoly over the financial system [1][2][3] - Legacy banks benefit from inefficiencies in traditional finance, which discourages them from supporting faster, technology-driven alternatives [2][3] - The Senate Banking Committee has delayed the crypto market structure bill to late February or March, following Coinbase Global Inc.'s withdrawal of support due to disagreements with the banking industry [4][5] Group 2 - Eric Trump highlighted that modern digital alternatives allow for nearly instant money transfers, which threaten the current banking system [4] - The anticipated crypto market structure bill is viewed as a potential catalyst for the cryptocurrency market, despite recent declines in Bitcoin prices [5][6] - The iShares Bitcoin Trust ETF has shown a downward trend, closing at $50.67 per share, indicating unfavorable momentum in the market [6]

Core Viewpoint - Ripple CEO Brad Garlinghouse emphasizes the importance of the CLARITY Act, stating that the industry is close to achieving meaningful regulation despite the recent withdrawal of support from Coinbase [1][3]. Group 1: Garlinghouse's Defense of the Bill - Garlinghouse describes the CLARITY Act as a "massive step forward" for regulatory clarity, arguing that even flawed legislation is better than the current chaotic environment [2]. - He believes that "perfection is the enemy of good," suggesting that the bill can be refined over time to provide necessary legal clarity [2]. Group 2: Industry Reactions - Coinbase CEO Brian Armstrong recently withdrew support for the bill, expressing concerns that it could worsen the regulatory landscape [4]. - Cardano founder Charles Hoskinson criticized the bill for potentially giving excessive control to the SEC, directly challenging Garlinghouse's optimistic view [4]. Group 3: Future Implications - The White House has indicated it may withdraw support for the CLARITY Act if there is no major industry consensus, highlighting ongoing friction over stablecoin yields and market structure rules [5]. - Garlinghouse argues that incremental progress through the bill is preferable to waiting for perfect legislation, reflecting Ripple's experiences with the SEC lawsuit [6]. - The future of the bill may be uncertain if major players like Coinbase and Cardano continue to oppose it, potentially lacking the necessary industry backing to move forward [7].