Table of Contents As filed with the U.S. Securities and Exchange Commission on January 22, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Spring Valley Acquisition Corp. IV (Exact Name of Registrant as Specified in its Charter) Cayman Islands 6770 N/A (State or Other Jurisdiction of (Primary Standard Industrial (IRS Employer Incorporation or Organization) Classification Code Number) Identifi ...

Core Insights - U.S.-listed Bitcoin and Ethereum exchange-traded funds (ETFs) experienced over $1 billion in outflows on January 21, indicating a significant shift in investor sentiment during a broader market downturn [1][2][3] - Smaller altcoin-linked products, particularly those associated with Solana and XRP, saw net inflows, suggesting differing institutional positioning amid recent market volatility [1] Bitcoin ETFs - Bitcoin ETFs recorded their largest one-day redemption since November, with outflows coinciding with a rally in conventional risk assets due to improved geopolitical conditions [3] - The iShares Bitcoin Trust at BlackRock had the highest outflow of $356.64 million, followed by Fidelity's FBTC with $287.67 million; Grayscale's GBTC has seen a total cumulative net outflow exceeding $25 billion since its conversion [4] - Despite recent outflows, Bitcoin ETFs have registered weekly net outflows of $1.19 billion, while January remains slightly positive overall with net inflows of $17.56 million [5] Ethereum ETFs - Ethereum ETFs mirrored the selling pressure seen in Bitcoin, with net outflows of $297.51 million on January 21, primarily driven by BlackRock's ETHA, which accounted for over $250 million of the redemptions [6] - Despite the outflows, Ethereum ETFs maintained close to $18.3 billion in assets, representing roughly 5% of Ethereum's market capitalization [7] - Ethereum briefly reclaimed the $3,000 level before declining to around $2,900, reflecting a nearly 13% decrease over the past week [7]

Core Insights - BitGo shares opened 24.6% above their offer price during their debut on the New York Stock Exchange, indicating strong market interest and demand for the company's stock [1] - The valuation of BitGo at the time of its debut was $2.59 billion, reflecting the company's position in the crypto custody sector [1] Company Summary - BitGo is a crypto custody firm that has successfully launched its shares on the New York Stock Exchange, marking a significant milestone for the company [1] - The initial trading performance suggests a positive reception from investors, which may indicate confidence in BitGo's business model and growth potential in the cryptocurrency market [1]

Group 1: BitGo IPO Overview - BitGo Holdings is set to begin trading under the ticker "BTGO" on the NYSE on January 22, marking the first crypto IPO of 2026 [1] - The company plans to sell 11.8 million shares at a price range of $15-$17, ultimately pricing the IPO at $18 per share, resulting in an offering of approximately $212.8 million [4] - The IPO values BitGo at over $2 billion, with underwriters granted a 30-day option to purchase an additional 1,770,000 shares [5] Group 2: Company Background and Market Context - Founded in 2013, BitGo offers self-custody, regulated trust, and prime brokerage services to institutional clients, holding $104 billion in assets on its platform [2] - Despite a market crash in October 2025 that affected the crypto industry, BitGo proceeded with its IPO plans [3] - The digital asset market experienced a surge in IPOs in 2025, with BitGo filing for its IPO on September 19, 2025 [2] Group 3: Analyst Insights - Matthew Sigel from VanEck describes BitGo's equity as a "superior asset," noting it will be the first public company providing direct exposure to the crypto custody business [7] - The $2 billion valuation is considered "modest," yet BitGo is expected to have achieved revenue growth exceeding 50% during a challenging crypto market [7] - Sigel highlights the potential for significant upside for BitGo due to tokenization and crypto institutionalization, especially with new SEC rule-making and the potential passage of the CLARITY Act [8]

Market Overview - Bitcoin has slipped back below $90,000 due to global market volatility, leading to reduced investor appetite for the cryptocurrency [1][2] - The recent geopolitical tensions, including tariff threats from President Trump, have contributed to a "risk-off" sentiment among investors [2][3] Market Dynamics - The combination of rising Japanese government bond yields and a volatile market environment has negatively impacted bitcoin prices [3][4] - Institutional investors have sold off holdings, resulting in nearly $500 million in outflows from U.S. spot bitcoin exchange-traded funds over two trading days [4][6] Liquidation and Leverage - Bitcoin's decline below $90,000 was exacerbated by over $1 billion in liquidations, primarily driven by a mechanical unwind of leveraged positions [6] - The inability of bitcoin to maintain upward momentum has forced leveraged traders to exit their positions, contributing to the price drop [7] Regulatory Environment - Bitcoin faces regulatory challenges, particularly with the Digital Asset Market Clarity Act stalled in the U.S. Senate, which has dampened institutional interest in increasing crypto holdings [7]

Core Insights - RAIN token experienced a significant increase of 16.62% over 24 hours, reaching a price of $0.0100, with an all-time high of $0.0102 following a new exchange listing [1][6] - The token's market capitalization is currently at $3.39 billion, ranking it 44th among cryptocurrencies [1] Exchange Listing Impact - The WhiteBIT listing for RAIN went live on January 21, expanding its availability to over 35 million users globally on the European exchange [2] - This listing has driven increased trading activity for the token [2][3] Market Context - RAIN's price rally occurred despite a general market weakness, with its 16.62% gain surpassing the overall market's increase of 1.59% [4] - The Fear & Greed Index indicates extreme fear at a level of 20, down from 24 the previous day, and significantly lower than the January 15 reading of 61 [4] Institutional Interest - Enlivex Therapeutics, a Nasdaq-listed company, announced a $212 million investment deal in November 2025 to establish a RAIN-focused cryptocurrency reserve, marking it as the first U.S.-listed company with a prediction-markets-oriented treasury strategy [5] - RAIN has been identified as a high-potential cryptocurrency for 2026, largely due to this institutional backing [5]

Bitcoin (BTC) and other cryptocurrencies failed to keep any momentum from Wednesday afternoon's Greenland-related relief rally. After a couple of brief moves above $90,000 over the past 18 hours, BTC has quickly pulled back to $88,500, down 1.5% over the past 24 hours. Ether (ETH) is now below $3,000, lower by 2.5%. Most crypto stocks were in the red as well, even as broader equities moved higher, with the Nasdaq ahead 0.7%. Bullish (BLSH), Hut 8 (HUT), Galaxy Digital (GLXY), and XXI (XXI) were all lowe ...

Core Insights - Eric Trump's bullish prediction for Q4 2025 regarding the crypto market has not materialized, with Bitcoin experiencing a decline of approximately 20% since his forecast [1][3] - The delayed crypto market structure bill is seen as a potential catalyst for the crypto sector to initiate a new upward trend [1] Group 1: Predictions and Market Performance - Eric Trump predicted significant gains for the crypto market in Q4 2025, citing rising M2 money supply and a return to quantitative easing by the Federal Reserve as key catalysts [2] - Historical trends in Q4 have typically shown strength for crypto markets, contributing to Trump's optimistic outlook [2] - Bitcoin's price fell from around $113,400 on September 30 to approximately $89,900, marking a decline of about 20%, while Ethereum dropped by 3.5% during the same timeframe [3] Group 2: Legislative Developments - Eric Trump criticized major banks for allegedly obstructing crypto legislation to maintain their dominance in the financial system [4] - He highlighted the inefficiencies of traditional banking, such as delays in money transfers, which crypto technology can eliminate, allowing for instantaneous transactions [5] - The Senate Banking Committee has postponed the crypto market structure bill until late February or March, with Coinbase Global Inc. withdrawing support due to disagreements with the banking industry [6] - The Senate Agriculture Committee has introduced its own version of crypto legislation, but it faces challenges in garnering bipartisan support, raising concerns about its passage [7]

Core Viewpoint - The launch of the 21shares Dogecoin ETF (TDOG) provides U.S. investors with regulated and transparent exposure to Dogecoin through a physically backed exchange-traded fund structure, beginning trading on NASDAQ on January 22, 2026 [1][4]. Company Overview - 21shares is a leading issuer of cryptocurrency exchange-traded funds (ETFs) and has a track record of creating innovative investment solutions in the crypto space, including the world's first physically-backed crypto ETP in 2018 [8][9]. - The company has partnered with the House of Doge to enhance the accessibility and utility of Dogecoin, aiming to support its mainstream adoption [11][6]. Product Details - TDOG offers a 1:1 backing of Dogecoin in institutional-grade custody, allowing investors to gain exposure without the complexities of digital wallets or crypto exchanges [2]. - The ETF has a management fee of 0.50% and is not registered under the Investment Company Act of 1940, meaning it is not subject to the same regulations as traditional ETFs [4][3]. Market Context - The Dogecoin ecosystem is maturing, with increasing merchant adoption and a strong community, which supports its growth potential [5]. - The launch of TDOG follows the introduction of the 21shares Solana ETF (TSOL) and the 21shares 2x Long Dogecoin ETF (TXXD), indicating a strategic expansion in the crypto ETF market [4][7]. Strategic Partnerships - 21shares has formed a partnership with FalconX to create a full-service digital assets provider, enhancing its market access and growth potential across North America, Latin America, and Europe [7].

Core Viewpoint - 21shares has launched the 21shares Dogecoin ETF (TDOG), providing investors with direct exposure to Dogecoin through a regulated and transparent exchange-traded vehicle, set to begin trading on NASDAQ on January 22, 2026 [1][4]. Company Overview - 21shares is recognized as one of the leading issuers of cryptocurrency exchange-traded products (ETPs), with a mission to bridge traditional finance and decentralized finance [8][9]. - The company has a track record of creating crypto ETPs since 2018 and aims to make cryptocurrency more accessible to investors [8][9]. Product Details - TDOG offers a 1:1 backing of Dogecoin in institutional-grade custody, allowing investors to access Dogecoin without the complexities of digital wallets or crypto exchanges [2]. - The ETF has a management fee of 0.50% and is not registered under the Investment Company Act of 1940, meaning it is not subject to the same regulations as traditional ETFs [4][3]. Market Context - The launch of TDOG follows the introduction of the 21shares Solana ETF (TSOL) and builds on previous offerings like the 21shares 2x Long Dogecoin ETF (TXXD), indicating a commitment to expanding institutional-grade access to digital assets [4]. - Dogecoin's ecosystem is maturing, with increasing merchant adoption and a strong community, which supports its mainstream recognition [5][6]. Strategic Partnerships - 21shares has partnered with the House of Doge, which supports the Dogecoin ecosystem, to enhance the utility and adoption of Dogecoin [4][10]. - The collaboration aims to create new opportunities within the Dogecoin ecosystem, leveraging the strengths of both organizations [6][10]. Future Growth - The partnership with FalconX aims to enhance 21shares' global access and market expansion, indicating a strategic move towards growth in North America, Latin America, and Europe [7].