Core Insights - A selection of altcoins has experienced double-digit gains recently, while Bitcoin remains stable and less volatile, trading below $71,000 since February 6 [1][2] - Investors are shifting focus to altcoins for speculative trading opportunities due to Bitcoin's indecision and significant liquidation events [1][2] Altcoin Performance - Among the top 50 coins by market cap, Zcash has risen by 24.1% over the past week, followed by Pepe (21.9%), Bittensor (19.8%), and Aster (18.5%) [2] - Despite these gains, altcoins are still significantly below their all-time highs, with Zcash trading over 90% below its 2016 peak [5] Market Sentiment - Recent price movements indicated a brief risk-on sentiment, particularly after Bitcoin surpassed $70,000 and Solana exceeded $90, but this momentum has since faded [3] - Improving macroeconomic sentiment, especially softer U.S. inflation data, has contributed to a renewed risk appetite among investors [3][4] Investment Trends - Capital is selectively rotating into high-conviction altcoins with strong narratives, such as ETF speculation and momentum in sectors like DeFi, AI, and gaming [4] - This selective investment approach has led to short-term relief rallies and double-digit gains in specific tokens, although most remain far from their historical highs [4][5] Market Predictions - The prediction market Myriad indicates a low 9% chance of an altcoin season occurring before April 2026, reflecting ongoing pessimism in the market [6] - The current altcoin movement is characterized by targeted narratives rather than a broad-based altseason, suggesting a more focused investment strategy [6]

Core Viewpoint - Bitmine Immersion Technologies, Inc. (NYSE:BMNR) is recognized as one of the best innovative stocks to buy, with a Buy rating and a price target of $47 following a significant investment in Beast Industries, a company founded by YouTube star MrBeast [1][2]. Group 1: Investment and Partnership - Bitmine Immersion Technologies, Inc. has made a $200 million investment in Beast Industries, which is expected to enhance its marketing reach to MrBeast's community of over 450 million followers [1][2]. - The partnership is anticipated to generate revenue for Bitmine's MAVAN staking platform through Beast's upcoming financial services platform that integrates with decentralized finance (DeFi) [2]. Group 2: Strategic Positioning - The investment is seen as a move that strengthens Bitmine's institutional credibility, positioning the company as a strategic capital allocator rather than merely a passive treasury operator [3]. - Bitmine's Chairman, Tom Lee, emphasized the significance of this deal on CNBC, highlighting the unification of a leading content creator with a major Ethereum platform [3]. Group 3: Company Focus - Bitmine Immersion Technologies, Inc. is primarily focused on acquiring cryptocurrency for long-term investment, specifically within the Bitcoin and Ethereum networks [3].

吴说获悉，DeFi 衍生品协议 Polynomial 在 X 平台发文表示已于北京时间 2 月 14 日起停止运营并进入 收尾阶段，将关闭 Polynomial Chain 与 Polynomial Trade，并于 2 月 18 日进行强制平仓，2 月 24 日关闭 流动性层，3 月 3 日停止链运行。Polynomial 同时宣布取消此前计划于 2026 年第一季度进行的 TGE， 称不愿"为一个即将消亡的产品发行代币"。团队表示将保留参与者数据，并给予早期支持者对新公司后 续产品的优先体验权。 （来源：吴说） ...

Core Insights - Robinhood has launched a testnet for its proposed blockchain aimed at trading tokenized assets and cryptocurrencies, marking a significant step in its blockchain strategy [1][2] Group 1: Blockchain Development - The infrastructure partners for Robinhood's blockchain include Alchemy, Chainlink, LayerZero, and TRM Labs, which are key players in the Web3 and blockchain space [1] - The testnet is designed to support developers in exploring Robinhood Chain's capabilities, which will enhance the network in preparation for its mainnet launch [3] Group 2: Financial Applications - Robinhood's blockchain is tailored for various financial applications, including lending and perpetual exchanges, expanding beyond traditional asset trading [3] - The company is investing $1 million in the 2026 Arbitrum Open House to stimulate developer activity on the Arbitrum network, which serves as the foundation for Robinhood Chain [4] Group 3: Industry Positioning - Robinhood Chain is positioned to advance the tokenization and permissionless financial services sectors, leveraging Arbitrum's developer-friendly technology [5] - The initial announcement of Robinhood Chain was made in June, alongside plans for U.S. stock and ETF token offerings for EU customers on the Arbitrum platform [7]

Group 1: Economic Indicators - The US core CPI increased by 0.3% month-on-month and 2.5% year-on-year in January 2026, while the overall CPI rose by 0.2% month-on-month and 2.4% year-on-year [1] Group 2: Cryptocurrency Market Insights - Vitalik Buterin emphasized the importance of focusing on practical applications in crypto incentive mechanisms, arguing against blind subsidies that attract low-quality users [1] - Coinbase Global Inc. reported a net loss of $667 million in Q4 2025, with revenue declining by 20% year-on-year to $1.8 billion, primarily due to decreased trading activity and asset devaluation [1] - The total market capitalization of tokenized gold has surpassed $6 billion, growing by over $2 billion since the beginning of the year, with Tether Gold and Paxos Gold holding approximately 96.7% market share [2] - Bhutan sold $6.7 million worth of Bitcoin recently, maintaining a total holding of approximately $372 million despite previous plans to collaborate with Bitdeer Technologies for mining operations [2]

Core Insights - OKX is evolving its wallet and blockchain ecosystem, with X Layer positioned as a parallel development to enhance user engagement and support various applications [1][3] - X Layer aims to build a robust infrastructure in three phases: focusing on performance and stability, establishing essential DeFi and asset exchange capabilities, and finally integrating diverse applications like MEME and AI [6][7][10] Group 1: Development Strategy - X Layer is designed to complement the OKX wallet, enhancing user retention and supporting payment systems [4][3] - The development of X Layer is divided into three stages: technical preparation, infrastructure establishment, and application integration [6][7] - The focus on infrastructure is crucial for supporting high-frequency and complex asset exchanges, ensuring community trust [7][6] Group 2: Application and Ecosystem - X Layer is targeting various application scenarios, including payments, DeFi, and decentralized applications (DApps), with a strong emphasis on user experience [4][15] - The platform is committed to fostering a healthy MEME culture and supporting projects that demonstrate value and community engagement [10][9] - A significant incentive fund of $100 million is allocated to support third-party projects and encourage ecosystem growth [11][18] Group 3: Community Engagement and Governance - OKX emphasizes community involvement in project evaluation through transparent processes like Demo Day, allowing users to assess project quality [11][13] - The platform aims to balance the need for quality projects with the organic nature of community-driven MEME culture [8][9] - X Layer is open to community-driven projects while maintaining a clear stance on compliance and governance [17][18] Group 4: Long-term Vision and Market Position - OKX is focused on long-term growth, aiming to establish X Layer as a foundational element of Web3 and a leader in the new financial ecosystem [25][24] - The company recognizes the importance of building a solid user base and infrastructure before expecting significant market impact [21][22] - X Layer is positioned as a "New Money Chain," intended to drive innovation and serve as a cornerstone for future developments in the Web3 space [25][24]

Financial Data and Key Metrics Changes - In 2025, total revenue reached $7.2 billion, a 9% year-over-year increase [14] - Subscription and services revenue hit $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [14][16] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [17] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [18] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [19] - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [17] - Subscription and services revenue reached all-time highs, up 5.5 times from the peak in 2021 [16] - Derivatives volume and revenue hit all-time highs in Q4, indicating strong growth in this segment [9] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [3] - The crypto market cap was down 11% quarter-over-quarter, but the company outperformed the market on total trading volume [16] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8] - Focus on scaling stablecoins and payments, with USDC reaching an all-time high market cap of about $75 billion [10] - The strategy includes bringing the world on-chain, emphasizing DeFi and self-custodial wallets [12] - The company plans to continue investing in its product offerings and expanding its market presence internationally [4][10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [3] - The company is prepared for market volatility and has diversified its revenue streams [16] - Management believes that stablecoins will become the default payment method for AI agents [11] - The company is confident in its ability to drive growth through its diversified revenue base and strong balance sheet [23] Other Important Information - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [20] - The company is exploring a Base token and improving developer tools to incentivize builders on the Base platform [28] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and believes there is a good path to a positive outcome [24] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [26] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives with significant growth potential [29] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee any changes to the economic relationship with Circle due to the market structure legislation [34] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [37] Question: Can you talk about your 2026 spending plans? - The company plans to maintain flat expenses in Q1 2026 while being nimble in response to market conditions [44] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but trading remained unaffected [48] Question: How should we think about the strength of the casual crypto trader in this winter? - Retail consumers tend to hold through price declines and are currently net buyers [67]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $7.2 billion, a 9% year-over-year increase [15] - Subscription and services revenue reached $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [15][19] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [18] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [19] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [15][18] - Subscription and services revenue hit all-time highs, up 5.5 times from the peak in 2021 [7] - Derivatives volume and revenue reached all-time highs in Q4 [10] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [4] - The crypto market cap was down 11% quarter-over-quarter [16] - USDC market cap reached an all-time high of about $75 billion [11] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8][10] - Focus on scaling stablecoins and payments, with plans to expand stablecoin utility and payment infrastructure [11][12] - Emphasis on bringing the world on-chain, promoting decentralized technology and self-custodial wallets [13] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [4][25] - The company is prepared for market volatility and has diversified its revenue streams [17][23] - Management believes that stablecoins will become the default payment method for AI agents [12] Other Important Information - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [21] - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [21] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and appreciates the efforts of the Senate and administration [24][25] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base and partners to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [27] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives [30][32] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee changes in the economic relationship with Circle due to market structure legislation [36] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [39] Question: Can you talk about your 2026 spending plans? - The company plans to maintain flat expenses in Q1 2026 while being nimble in response to market conditions [47] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but it was unrelated to trading volume or market conditions [49] Question: How should we think about the strength of the casual crypto trader in this winter? - Retail consumers tend to hold through price declines and are currently net buyers [68]

Financial Data and Key Metrics Changes - Revenue in Q1 fiscal 2026 increased more than four times to $21.4 million compared to $4.6 million in Q1 fiscal 2025 [16] - Gross margin increased significantly to 78.6% in Q1 fiscal 2026 from 24.5% in Q1 fiscal 2025, primarily driven by staking revenue from the Solana treasury strategy [16] - Net loss for Q1 fiscal 2026 was approximately $585.6 million, compared to a net loss of $0.7 million in Q1 fiscal 2025, largely due to a decline in the fair value of SOL holdings [18] Business Line Data and Key Metrics Changes - Forward held approximately 6,962,501 Solana as of December 31, 2025, with over 99% staked, generating a staking yield between 6.5% and 7.2% [13] - Fully diluted SOL per share increased from 0.0604 at the end of September 2025 to 0.0624 at the end of December 2025, representing a growth of roughly 13% in the fiscal first quarter [14] Market Data and Key Metrics Changes - Solana continues to lead in key metrics such as decentralized exchange trading volumes, active users, and developer engagement, demonstrating resilience and performance [6][7] - Institutional engagement has expanded significantly, with major financial institutions and payment platforms integrating with Solana [7] Company Strategy and Development Direction - The company aims to build a permanent capital vehicle that participates directly in the growth of the Solana ecosystem, evolving beyond a treasury into an active value-generating business [5] - Forward Industries is focused on compounding SOL per share by engaging directly in economic activities on-chain rather than relying solely on passive exposure [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the market but emphasizes that Solana is now being evaluated based on actual performance rather than theoretical scalability [6] - The company believes the opportunity in front of Solana is increasingly clear, with a focus on long-term growth and responsible risk management [5][6] Other Important Information - Forward became one of the first public companies to have its SEC-registered shares live on a public blockchain, enhancing its operational capabilities [8] - The company launched fwdSOL, a proprietary liquid staking token, representing approximately 25% of its SOL holdings, allowing for efficient deployment of staked SOL [9] Q&A Session Summary Question: How does the company view recent token price volatility? - Management noted that SOL is down approximately 70% from its all-time high, which is typical in the crypto market, and emphasized maintaining a clean balance sheet [19][20] Question: What is the company's approach to potential M&A? - The company is looking for accretive acquisitions and is well-positioned to capitalize on opportunities due to its lack of institutional debt [23][24] Question: How should shareholders view SOL per share as a performance metric? - SOL per share growth is considered the North Star KPI, with a target to consistently generate returns greater than the staking yield [24] Question: What is the expected trend for staking yields as Solana network usage grows? - Management clarified that increased validator participation does not impact yields for stakers, and they expect yields to increase with network activity [43][44] Question: Can you clarify the nature of related party G&A expenses? - Related party expenses are associated with the launch of the digital asset treasury strategy and are expected to decrease in the coming months [50]

Core Insights - The discussion focuses on building a market-neutral yield strategy that aims for double-digit returns by managing smart contract risk and diversifying across platforms and chains [1] - The conversation includes a debate on whether the current crypto drawdown represents a broken cycle or a liquidity-driven mid-cycle correction, with a consensus that fundamentals remain strong despite price volatility [1] Group 1 - The strategy involves treating crypto as liquid venture investing, which emphasizes the importance of risk management and diversification [1] - The participants highlight the significance of smart contract risk management in achieving the desired returns [1] - The conclusion drawn from the discussion is that the underlying fundamentals of the crypto market are robust, even in the face of extreme price fluctuations [1]