Core Insights - Amplify ETFs experienced significant growth in 2025, outperforming the broader market in both asset growth rate and performance across its thematic and income-oriented suites [1][2]. Company Performance - Amplify ended 2025 with 39 ETFs and $17 billion in assets under management (AUM), marking a 70% increase from $10 billion [2][3]. - The firm's total net flows reached $4 billion for the year, indicating a strong preference among advisors for specialized exposures in a changing macroeconomic environment [3]. Industry Context - The U.S. ETF industry reached a record $13 trillion in total AUM by the end of 2025, driven by $1.5 trillion in net annual inflows and approximately 1,110 new product launches [2]. - The overall industry grew its asset base by roughly 30%, while Amplify's growth of 70% significantly outpaced the industry average [3]. Performance Highlights - Amplify's thematic offerings included standout performers such as the Amplify Junior Silver Miners ETF (SILJ), which benefited from increased demand for precious metals, and the Amplify Blockchain Technology ETF (BLOK), a leader among blockchain and crypto equity ETFs [5]. - In the technology sector, the Amplify AI Value Chain ETF (AIVC) was a top performer compared to other AI-focused products, alongside other high-performing funds like the Amplify Lithium & Battery Technology ETF (BATT) and the Amplify Video Game Tech ETF (GAMR) [6]. Income Strategies - Amplify's income-producing suite led in net flows, with the Amplify CWP Enhanced Dividend Income ETF (DIVO) being a core holding for many advisors seeking yield and risk-managed equity exposure [7]. - Other funds with significant net flows included SILJ, the Amplify CWP Growth & Income ETF (QDVO), IDVO, and the Amplify High Income ETF (YYY), showcasing a balance between growth-oriented thematic funds and defensive, income-focused strategies [8].

Core Insights - The Solana ecosystem tokens experienced a decline of over 9.4% week-over-week, with the total market capitalization dropping from over $202 billion to less than $184 billion [1][4] Market Performance - The overall market capitalization of Solana-based tokens fell approximately 9.5% during the same period, reflecting broader market volatility amid rising geopolitical tensions [2][1] - The InfoFi token Kaito (KAITO) saw a significant drop of nearly 25% after access restrictions were imposed by the social media platform X [3][6] Tokenized Real-World Assets (RWAs) - Tokenized real-world assets on Solana reached a record total market cap of over $1 billion, indicating continued interest from financial institutions in the blockchain network [4][9] - On January 15, the market cap for tokenized RWAs peaked at $1.15 billion, showcasing the growing adoption of blockchain technology in traditional finance [9]

Core Insights - Trove Market has shifted its perpetual decentralized exchange (DEX) from Hyperliquid to the Solana blockchain just days before its Token Generation Event (TGE), resulting in a significant drop in the TROVE token value by as much as 95% [1][4] Group 1: Company Actions - Trove Market raised funds through a public token sale intended for building a perpetual DEX using Hyperliquid's infrastructure, but has now decided to retain a substantial portion of the proceeds for development on Solana [2][3] - The decision to pivot to Solana was described by Trove as necessary to maintain product viability after a key liquidity partner withdrew support for the Hyperliquid integration [4] Group 2: Market Reactions - The abrupt change has raised concerns among contributors regarding the management of the raised funds, with some participants reportedly receiving refunds [2][5] - Trove Market acknowledged that its handling of the ICO and subsequent decisions led to confusion and a lack of trust among participants [5] Group 3: Industry Context - Hyperliquid continues to perform strongly in the market, achieving a trading volume of $40.7 billion last week, surpassing competitors Aster and Lighter, which recorded $31.7 billion and $25.3 billion respectively [6] - Hyperliquid's user count increased significantly from approximately 300,000 in 2024 to 1.4 million in 2025, indicating strong growth in user engagement [6]

Core Thesis - Circle Internet Group is facing a bearish outlook due to its financial performance being heavily influenced by macroeconomic factors rather than its own strategic decisions [1][3]. Company Overview - Circle Internet Group, Inc. operates as a platform and market infrastructure for stablecoin and blockchain applications, issuing USDC and EURC, which are fully reserved and regulated stablecoins [2]. - USDC has gained significant adoption as a payment stablecoin across various platforms, making Circle a key player in the digital finance ecosystem [2]. Revenue Dynamics - Circle's revenue is primarily derived from interest income on reserves backing its stablecoins, making it vulnerable to fluctuations in short-term interest rates and the supply of USDC in circulation [3]. - High interest rates and increased demand for stablecoins can lead to revenue surges, while declines in either can negatively impact revenue regardless of Circle's operational performance [3]. External Factors - The company's revenue-sharing arrangements with distribution partners like Coinbase and Binance complicate its financial outlook, as these partners control significant on- and off-ramps for USDC [4]. - The more revenue Circle shares with partners to maintain distribution, the less value is returned to shareholders, even with overall ecosystem growth [4]. Structural Tensions - Circle is crucial in the stablecoin market, benefiting from scale, brand trust, and regulatory advancements, but remains exposed to macroeconomic cycles, crypto market sentiment, and partner negotiations [5]. - These external pressures can overshadow Circle's long-term strategic initiatives and obscure its potential for sustainable value creation [5].

Core Insights - Bitcoin ETFs and other crypto exchange-traded products experienced inflows of $2.17 billion for the week ending January 16, marking the largest weekly total since October 2025 [1] - A negative sentiment shift late in the week led to $378 million in outflows on Friday, influenced by geopolitical tensions and uncertainty regarding the Federal Reserve [2] Inflows by Product - Bitcoin investment products led the market with total inflows of $1.55 billion, dominating trading activity despite a late-week downturn [3] - Ethereum ETFs recorded inflows of $496 million, unaffected by legislative proposals that could restrict yield offerings for stablecoins [4] - Solana ETFs attracted $45.5 million in positive flows, while XRP ETFs saw significant interest with $69.5 million in inflows [4] Geographic Contributions - U.S. investors were the primary drivers of bitcoin ETF and crypto ETF activity, contributing $2.05 billion in inflows [5] - European markets also played a role, with Germany adding $63.9 million and Switzerland seeing $41.6 million in positive flows [5] - Canada followed with $12.3 million in inflows, while minor outflows were noted in Sweden and Brazil [5] Blockchain Equity ETFs - Blockchain equity ETFs attracted $72.6 million, the highest weekly total since October 10, 2025, reflecting sustained investor confidence in blockchain infrastructure companies [6]

Core Viewpoint - The New York Stock Exchange (NYSE) is developing a platform for trading tokenized securities, which are digital representations of assets like stocks and bonds, although the launch date remains uncertain [1][4]. Group 1: Tokenized Securities - Tokenized securities are digital versions of stocks and bonds traded on the blockchain, allowing users to fund trades using stablecoins pegged to assets like the U.S. dollar [3]. - The introduction of this platform would enable 24/7 trading, similar to the current trading environment for Bitcoin investors [3]. Group 2: NYSE's Strategic Position - The NYSE aims to modernize its operations and maintain its leadership in the stock market amid increasing competition from platforms like Robinhood and fintech companies such as Coinbase and Kraken [6]. - Major financial institutions, including Goldman Sachs and Bank of New York Mellon, are also exploring digitization of financial products, indicating a broader industry trend towards tokenization [6]. Group 3: Regulatory Considerations - The NYSE's new platform requires regulatory approval from the Securities and Exchange Commission (SEC), with the current political climate potentially favoring crypto-friendly policies [5].

Core Viewpoint - The New York Stock Exchange (NYSE) is developing infrastructure to support 24/7 trading of tokenized stocks and ETFs, marking a significant shift towards blockchain integration in traditional finance [2]. Group 1: NYSE Developments - The NYSE, under its parent company Intercontinental Exchange, is preparing to enable continuous trading of traditional securities using blockchain technology, moving away from fixed market hours and delayed settlements [2]. - The initiative requires regulatory approval and is not yet operational, but it signals progress for advocates of blockchain in finance [2]. Group 2: Industry Reactions - Lynn Martin, President of NYSE Group, emphasized the NYSE's role in transforming market operations and its commitment to on-chain solutions that combine trust with advanced technology [3]. - BlackRock executives noted that the finance sector is entering a new evolution in market infrastructure, which could enhance the speed and security of asset transactions [3]. Group 3: Importance of the Shift - The NYSE's move towards a crypto-native market structure is significant as it reflects the growing acceptance of blockchain in mainstream finance [4]. - The transition to 24/7 trading and tokenization validates the core thesis of the crypto market, highlighting the obsolescence of traditional trading hours [6]. - The tokenization of equities on major exchanges will challenge the perception of tokenization as experimental, making it harder for regulators and institutions to dismiss its legitimacy [6]. - The convergence of traditional finance (TradFi) and crypto is nearing, as the NYSE's adoption of blockchain for trading and settlement indicates an inevitable integration of the two sectors [6].

Core Viewpoint - Tharimmune, Inc. has announced a $55 million registered offering to support its digital asset treasury strategy leveraging the Canton Network, which aims to digitize traditional financial markets [1][2]. Group 1: Offering Details - The offering includes the issuance of 1,800,000 shares of common stock at a price of $2.92 per share and pre-funded warrants to purchase up to 17,000,000 shares at a price of $2.9199 per warrant [2]. - The offering is expected to close on or about January 21, 2026, pending customary closing conditions [2]. Group 2: Company Background - Tharimmune, Inc. is the first publicly traded company to utilize Canton Coin and support the Canton Network, focusing on institutional blockchain adoption and the digitization of financial markets [6]. - The company also engages in clinical-stage biotech research and development [6]. Group 3: Underwriting and Registration - Clear Street is acting as the sole bookrunner for the offering [3]. - The securities are being offered under a shelf registration statement filed with the SEC on January 9, 2026, which became effective on January 16, 2026 [4].

Group 1 - Greenlite Ventures, Inc. has engaged Barton CPA PLLC for audit and financial review services to support its transition to SEC reporting company status [1][2] - The CEO of Greenlite Ventures emphasized that becoming an SEC reporting company is a crucial part of the company's long-term compliance strategy and expects to provide updates as the reporting process advances [2] - Greenlite Ventures is a technology company focused on blockchain-powered platforms in online gaming and digital assets, operating various proprietary platforms including a daily fantasy sports platform, a sports betting exchange, a crypto exchange, and a prediction market platform [3]

Core Viewpoint - Earlyworks Co., Ltd. has successfully acquired Perpetual Markets Ltd., rebranding as Perpetuals.com Ltd. with a new Nasdaq ticker symbol PDC, aiming to integrate traditional finance with blockchain-based crypto markets through innovative software solutions [1][7]. Company Overview - Perpetuals.com Ltd. develops software solutions that merge traditional financial markets with blockchain-based crypto markets, with its core product being the Kronos X exchange software suite [1][8]. - The company plans to operate its own Multilateral Trading Facilities in Europe and launch new tokenized products, including pre-IPO contracts and tokenized structured products [2]. Technology and Innovation - The proprietary technology of the combined business enables regulated financial and crypto services on blockchain infrastructure, leveraging a machine-learning system trained on millions of retail trading data points [3]. - Perpetuals aims to disrupt traditional markets with AI-enhanced products designed to protect retail users from losses in historically unfair trading environments [3][10]. Leadership and Governance - Patrick Gruhn has joined as Co-CEO, bringing extensive experience in regulated digital finance and blockchain innovation [4]. - Matthew Nicoletti has been appointed as the chair of the Compensation Committee, contributing over 15 years of capital markets experience to lead the company's future expansion [5]. Market Opportunity - The global derivatives market was valued at $846 trillion at the end of June 2025, highlighting the significant opportunity for blockchain-native platforms to bridge traditional finance and crypto derivatives [6].