Core Insights - Bitcoin and cryptocurrency are becoming institutionalized, with significant influence from large investors, reducing the role of retail investors [1] - The approval of spot Bitcoin ETFs by the SEC in January 2024 has led to a bullish trend, with Bitcoin prices expected to reach six figures by 2025 [2] - Recent outflows from spot Bitcoin ETFs have raised concerns about liquidity and potential price declines, with significant redemptions observed [3][4] Institutional Influence - The involvement of Wall Street and pro-crypto regulations in the US has led to increased scrutiny of spot Bitcoin ETFs [3] - Spot Bitcoin ETFs have seen over $1 billion in redemptions, reducing assets under management to approximately $116 billion [3][4] Price Dynamics - A notable outflow of over $708 million from spot Bitcoin ETFs occurred on January 21, contributing to a decline in Bitcoin prices from $95,500 to $87,000 [4] - The correlation between ETF outflows and price dips suggests that large investors are recalibrating their portfolios, potentially leading to a "risk-off" environment [5] Market Liquidity - The drop in stablecoin supply, from $304 billion to around $302 billion, indicates a decrease in liquidity, which can exacerbate price volatility during sell-offs [6] - The reduction in liquid capital on exchanges may lead to larger price drops even with moderate sell orders [6]

Core Insights - AIxCrypto Holdings (NASDAQ: AIXC) is entering a new phase of accelerated execution, driven by the success of its "AI × Crypto × RWA" strategy, which has exceeded initial projections in market visibility and user engagement [1][3] - The AIXC Hub has attracted hundreds of thousands of registered wallet addresses, validating the company's product direction and accelerating demand for expanded capabilities [3][4] Strategic Team Expansion - The company is expanding its team to focus on compliance, scalable growth, and institutional partnerships, aligning recruitment with business demands to ensure operational infrastructure scales with product adoption [1][4] - Key recruitment areas include: - **Communications Manager**: To enhance corporate visibility and engage with institutional stakeholders [5] - **Growth Operators**: To focus on user retention and ecosystem development, driving measurable growth through data-driven experimentation [6] - **Event Manager**: To lead global activations and industry gatherings, connecting users, partners, and capital [7] - **Strategic Business Development Leader**: To foster long-term partnerships and support the evolution into a highly interconnected ecosystem [8] Team Philosophy and Recruitment Focus - The company emphasizes assembling talent that excels in rapidly changing environments, prioritizing ownership, execution, and strategic thinking [10][11] - Recruitment is now a core priority alongside product development, with a focus on building a team capable of sustaining innovation and adapting to rising user demand [11]

Financial Data and Key Metrics Changes - 2025 was a record-breaking year for the company, achieving new full-year record levels in revenue, net interest income, fees, non-interest income, earnings per share, loans, and deposits [5][6] - End-of-period deposits grew by 6% year-over-year, with significant traction in both non-interest-bearing and time deposits [5] - End-of-period loans also increased by 6%, driven by growth in commercial and industrial (C&I) and residential mortgage lending [5][9] - Tangible book value per share grew by 17%, and the company generated a 17% return on tangible common equity [6][7] - A quarterly dividend increase of $0.20 was declared, raising it to $0.80 per share, a 33% increase [7][17] Business Line Data and Key Metrics Changes - Fee income grew by 12% in 2025, achieving record levels driven by strong performance in wealth management, derivatives, foreign exchange, deposit fees, and lending fees [11][12] - C&I loan growth in Q4 was primarily driven by new relationships, with expectations for continued growth in 2026 [9][10] - Residential mortgage lending also performed well, with a strong pipeline expected to contribute consistently to growth [9] Market Data and Key Metrics Changes - The company reported a fourth-quarter net interest income of $658 million, benefiting from short-term liability sensitivity and favorable deposit mix shifts [10] - The cost of deposits was reduced by 23 basis points quarter-over-quarter, with a total reduction of 105 basis points since the start of the cutting cycle [10] Company Strategy and Development Direction - The company remains committed to disciplined capital management and delivering top-tier returns for shareholders through prudent growth and robust risk management [7][17] - A focus on deposit growth through dedicated business checking campaigns is planned to continue into 2026 [8] - The company aims to maintain a balanced growth across multiple loan categories, including C&I, CRE, and residential mortgages [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook for 2026, anticipating stronger loan growth compared to 2025 [20][22] - The company is focused on maintaining high performance relative to peers, regardless of economic conditions [22] - Management projected net charge-offs for 2026 to be in the range of 20 to 30 basis points, reflecting a cautious approach to credit risk [16][18] Other Important Information - The company’s regulatory capital ratios remain well above regulatory requirements, with a Common Equity Tier 1 capital ratio of 15.1% and a tangible common equity ratio of 10.5% [16] - The company is actively investing in technology and hiring to support growth, with total operating non-interest expenses expected to grow by 7% to 9% in 2026 [12][13] Q&A Session Summary Question: Loan growth expectations for 2026 - Management acknowledged strong loan growth in Q4 but emphasized caution in projecting growth for 2026 due to potential economic volatility [20][21] Question: Areas of expense growth - The company highlighted technology investments, hiring in wealth management, commercial banking, and risk management as key areas driving expense growth [25][26] Question: Fee income growth trends - Management expressed aspirations to continue double-digit growth in fee income, supported by investments in various business segments [32][33] Question: Commercial real estate (CRE) growth opportunities - Management indicated expectations for increased activity in CRE, while maintaining a disciplined approach to lending [34][36] Question: Capital management and buyback strategy - The company remains opportunistic regarding buybacks, focusing on creating shareholder value without urgency [96][98] Question: Deposit costs and trends - Management noted a disciplined approach to managing deposit costs, with expectations for betas to exceed 0.5 [44][45] Question: Credit charge-off guidance for 2026 - The increase in charge-off guidance reflects a cautious outlook despite strong credit metrics [46][47] Question: Net interest margin outlook - Management expects to offset declining rates with balance sheet growth, maintaining a focus on growing dollar net interest income [50][51] Question: Non-interest-bearing deposit growth sustainability - The company plans to continue driving core commercial deposit growth, which has shown strong results [53][54]

When Ben Zhou founded Bybit in 2018, he first had to convince his team that Bitcoin wasn’t a scam. Eight years later, digital assets are now mainstream. Governments and traditional finance institutions are warming to cryptocurrencies, perhaps most dramatically shown by the U.S.’s passage of the GENIUS Act last year. “The traditional world is embracing crypto,” Zhou, who leads the world’s second-largest crypto exchange by trading volume, tells Fortune. “If they don’t embrace it, they will be obsolete, es ...

Core Insights - The crypto market remains inefficient, with well-deserving projects performing similarly or worse than MEME-coins, indicating a challenging environment for serious investments [1] Group 1 - The number of crypto projects has reached as many as 24,000, highlighting the vastness and complexity of the market [1] - The author has expertise in Exponential Age, SaaS software, and Blockchain, suggesting a focus on innovative technologies within the investment landscape [1]

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]