Digital asset infrastructure firm Fireblocks said it bought TRES Finance, a crypto accounting and financial reporting platform for an undisclosed amount, in a bid to close the gap between blockchain-based operations and traditional finance systems. TRES will continue to operate as a standalone product, with Fireblocks supporting its growth and integrating it more deeply into institutional workflows. The acquisition was valued at $130 million, according to people familiar with the negotiations cited by For ...

Core Viewpoint - A coalition of US community bankers is urging Congress to amend the GENIUS Act to close a loophole that allows yield-generating stablecoins to compete with traditional bank deposits [1][9]. Group 1: Legislative Concerns - The Community Bankers Council of the American Bankers Association has called for tighter restrictions in the stablecoin framework passed last year [3]. - The council argues that the bill should be clarified to prevent stablecoin issuers from indirectly offering yield to tokenholders through third parties [3][4]. Group 2: Impact on Traditional Banking - The GENIUS Act prohibits stablecoin issuers from paying interest or yield, reflecting concerns that yield-bearing tokens could divert funds from insured bank savings accounts [5]. - Community bankers believe that the intent of this provision is being undermined by crypto platforms offering rewards tied to stablecoin holdings [5][6]. - Major exchanges like Coinbase and Kraken provide incentives for users holding certain stablecoins, which could siphon deposits from local banks and weaken their lending capacity [6][7]. Group 3: Risks to Local Communities - The bankers warn that large-scale deposit outflows could reduce credit availability for small businesses, farmers, students, and homebuyers in local communities [7]. - The council emphasizes that exchanges and affiliated crypto firms are not equipped to replace banks as lenders and do not offer federally insured products [7]. Group 4: Call to Action - The council is asking lawmakers to extend the GENIUS Act's yield ban to affiliates and partners of stablecoin issuers through pending crypto market structure legislation [8]. - This request adds to the growing pressure from banking groups, including the Banking Policy Institute, which has raised similar concerns about the potential outflow of trillions of dollars from the traditional banking system due to unchecked stablecoin incentives [8].

Core Viewpoint - Prenetics Global Ltd. has decided to abandon its Bitcoin treasury strategy to focus on its supplement brand IM8, which has shown rapid growth and reached $100 million in annualized recurring revenue within 11 months [1][2]. Group 1: Company Strategy - The CEO of Prenetics, Danny Yeung, stated that the success of IM8 has exceeded expectations, leading the management team to unanimously agree on focusing efforts on this opportunity to create sustainable shareholder value [2]. - Prenetics initially launched its Bitcoin treasury strategy in June, planning to purchase $20 million worth of Bitcoin and appointing Andy Cheung to its board [2][3]. - The company had aimed to reach $1 billion in annualized revenue and $1 billion in Bitcoin holdings, having raised $48 million from investors, including Kraken and Exodus, to support this strategy [4]. Group 2: Financial Performance - As of December 30, Prenetics reported holding $70 million in cash and 510 BTC valued at nearly $46 million [4]. - The decision to abandon the Bitcoin strategy comes amid a prolonged downturn in the cryptocurrency market, with Bitcoin prices dropping significantly from a record high of $126,000 to a low of $80,600 [5].

Core Insights - Investor confidence has been tested over the past year due to policy changes and a government shutdown, but sentiment is shifting positively as of 2026, driven by enthusiasm for artificial intelligence (AI) [1] IPO Predictions - Kraken has an 83% chance of going public before 2027, having already filed confidentially for a U.S. IPO, contributing to a trend among digital asset companies preparing for the U.S. equity markets ahead of the 2026 midterms [3] - Cerebras Systems, an AI chipmaker, has a 77% probability of announcing an IPO before next year, with plans to re-file after previously withdrawing its IPO paperwork [4] - Databricks, an AI software company, has a 70% chance of going public before 2027, having raised over $4 billion at a valuation of $134 billion [5] - Discord also has a 70% probability of announcing an IPO before 2027, with a last valuation around $15 billion [5] - Fintech firm Plaid has a 49% chance of going public, while defense tech company Anduril and apparel brand Skims both have a 46% likelihood [6]

Core Viewpoint - Prenetics has halted its bitcoin purchases to focus on its IM8 business, which has shown significant growth and revenue potential, despite initial plans to build a bitcoin treasury [1][4][5]. Group 1: Company Strategy - Prenetics raised $48 million earlier this year to support its bitcoin accumulation strategy, inspired by Michael Saylor's model of holding crypto on balance sheets [1][2]. - The company initially aimed to accumulate 1 BTC daily with a goal of reaching $1 billion in revenue and bitcoin within five years [3]. - As of December 4, Prenetics decided to stop purchasing bitcoin to concentrate resources on the IM8 business, which has generated over $100 million in annualized recurring revenue since its launch [4][5]. Group 2: Financial Performance - Prenetics has seen its shares rise by 189% this year, contrasting with the performance of Michael Saylor's MSTR, which fell nearly 48%, and a 5.6% dip in bitcoin prices [6]. - The company currently holds 510 bitcoin as a reserve asset, valued at nearly $45 million as of the latest report [5].

Industry Trends - The importance of compliant ETH purchases is increasing due to tightening global regulations on crypto assets, with many regions implementing measures such as exchange licenses and anti-money laundering (AML) protocols [1] - Innovative compliant products like Ethereum spot ETFs have emerged, providing traditional brokers and institutional capital with a pathway into the crypto world, while also expanding investment options for individual investors [2] - User preferences for purchasing channels vary by region, influenced by policies, payment conditions, and privacy needs, leading to a mix of centralized exchanges (CEX), ETFs, and decentralized options [2] Main Purchase Channels - Centralized exchanges (CEX) are the most widely used and compliant option for purchasing Ethereum, offering high liquidity and convenient fiat on-ramps, making them the first choice for most users [3] - Ethereum ETFs launched in 2024 allow traditional investors to participate in the crypto market without facing the complexities of wallets and blockchain technology [5] - Peer-to-peer (P2P) trading platforms cater to users with specific local payment needs, providing a secure environment for transactions with integrated escrow and dispute resolution mechanisms [7] - Ethereum ATMs are available in developed cities, allowing users to purchase ETH with cash or cards, suitable for those valuing anonymity and convenience [9] Purchase Recommendations - For new digital currency users, licensed centralized exchanges are recommended for their simplicity and security [10] - Stock investors can consider Ethereum ETFs to avoid blockchain management complexities [10] - Users with special payment needs or in localized markets should utilize P2P platforms [10] - Ethereum ATMs are suitable for specific scenarios requiring anonymity and cash transactions [10] Summary - The core principles for participating in the Ethereum market in 2025 are compliance and security, with centralized exchanges like Bitget offering a balance of cost-effectiveness, safety, and convenience [11] - Diverse channels such as ETFs and P2P platforms meet the needs of segmented users and special requirements, emphasizing the importance of continuous security awareness for long-term asset growth [11]

Core Insights - Octopus Energy Group is spinning out its Kraken technology arm, valuing it at $8.65 billion after a $1 billion equity raise led by D1 Capital Partners [1][2] - Kraken will operate independently with its own governance and capital structure, while Octopus Energy retains a 13.7% minority stake [2][5] - The separation aims to eliminate conflicts for utilities competing with Octopus in retail markets and allows Kraken to scale as an independent technology provider [5] Company Developments - Kraken has become a significant technology platform in the global utilities sector, serving over 70 million customer accounts worldwide through licensing agreements [3][4] - The platform processes over 15 billion data points daily and has surpassed $500 million in contracted annual revenue, quadrupling in three years [4] - Clients include major utilities such as EDF Energy, E.ON Next, and National Grid, indicating Kraken's expansion into broader infrastructure operations [4] Industry Trends - The demerger reflects a trend in the energy sector where digital platforms are increasingly valued independently from traditional operations [6] - Utilities are under pressure to modernize IT systems and improve customer engagement, making advanced data and AI platforms critical [6] - There is growing private capital interest in energy software companies as utilities increase spending on digitization to meet decarbonization and regulatory demands [7]

Core Insights - The total market capitalization of on-chain stocks has risen to approximately $1.2 billion, indicating a shift from early trials to large-scale expansion of tokenized equity [1] Group 1: Market Growth - Significant growth was observed in September and December, marking two distinct waves of increase in the market [1] - The September growth was primarily driven by Backed Finance launching xStocks on Ethereum and distributing around 60 stocks through platforms like Kraken and Bybit [1] - The December growth was attributed to more companies pushing for on-chain stocks in a clearer regulatory environment [1]

International News - The international precious metals market has experienced significant volatility, with spot gold prices dropping by 5.03% on December 29, falling below $4310 per ounce. New York futures gold also fell by 4.93%, dropping below $4330 per ounce [1][14] - On December 30, the market rebounded, with New York futures gold briefly surpassing $4360 per ounce, gaining 0.38% during the day, but later retreated to below $4340 per ounce, ending the day down 0.09% [1][14] - Spot silver showed even more fluctuation, with a daily drop of 10.31% on December 29, falling below $71 per ounce, while New York futures silver dropped by 8.25%, also below $71 per ounce. On December 30, New York futures silver rose by 2.20%, surpassing $72 per ounce [1][14] - Palladium futures also saw a significant decline, dropping by 15.98% on December 29, falling below $1700 per ounce [2][15] Energy Market - U.S. crude oil futures closed at $58.08 per barrel on December 30, an increase of $1.34, representing a 2.36% rise [3][16] - The U.S. Energy Information Administration (EIA) announced a delay in the release of its weekly oil status report, which will be notified at least one hour in advance. Additionally, the EIA reported that U.S. natural gas inventories for the week ending December 19 were at -1660 billion cubic feet, slightly above the expected -1680 billion cubic feet [3][17] Stock Market - The U.S. stock market closed lower on December 29, with the Dow Jones down 0.51%, Nasdaq down 0.5%, and S&P 500 down 0.35%. Tesla fell over 3%, and Nvidia dropped more than 1% [3][17] - The Nasdaq China Golden Dragon Index fell by 0.67%, with companies like 1药网 and 叮咚买菜 seeing declines of over 7% [5][18] Domestic News - The Chinese People's Liberation Army's Eastern Theater Command conducted significant military exercises on December 30, emphasizing a strong stance on national sovereignty and territorial integrity [12][24] - The domestic commodity futures market was affected by international precious metal fluctuations, with gold futures dropping by 4% on December 29, currently at 975.74 yuan, and silver futures down by 8%, currently at 17372.00 yuan [12][24] - In industrial metals, copper futures fell by 4%, currently at 96420.00 yuan, and tin futures dropped by 7%, currently at 318370.00 yuan [13][24]

Core Insights - Octopus Energy has become the UK's largest household energy supplier, surpassing British Gas earlier this year, with over seven million customers and a market share of approximately 24% [6][3] - The tech arm, Kraken, has been valued at nearly $9 billion (£6.4 billion) following a significant investment from American backers, including D1 Capital Partners and Fidelity International, who are contributing about $1 billion [1][2] - Octopus Energy plans to fully separate its Kraken division to accelerate global growth, aiming to serve over a billion people in the next decade [4][5] Investment and Valuation - The recent fundraising round will allow Kraken to retain a 13.7% stake under Octopus Energy, while existing investors, including staff, continue to support the business [3] - Kraken is now one of the UK's most valuable technology businesses, generating annual revenue of $500 million [5][3] Future Plans - There are discussions about a potential public listing for Kraken in London or New York, although immediate plans to float the business have been dismissed by Octopus Energy's leadership [3][6] - The CEO of Kraken emphasized that becoming an independent company will provide the focus and freedom needed to scale as a global operating system for utilities, with Octopus Energy remaining a key innovation partner [5][7] Technology and Operations - Kraken's software is utilized by utility firms to manage accounts for over 70 million customers, showcasing its significance in the energy sector [8] - The technology is described as the "secret sauce" of Octopus Energy, linking customers and suppliers through a complex data-driven system [7]