Crypto payments network Mesh has raised $75 million in a Series C round, pushing its total funding past $200 million and valuing the company at $1 billion. The funding round was led by Dragonfly Capital with participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment, and Liberty City Ventures. The financing comes as investor attention increasingly shifts away from speculative token launches toward the infrastructure needed to support real-world crypto adoption. Building a Borderle ...

Gold’s surge past $5,000 an ounce and mounting uncertainty around U.S. crypto legislation are shaping a critical moment for digital asset markets, according to Bitwise Chief Investment Officer Matt Hougan. Key Takeaways: Gold’s surge above $5,000 reflects growing distrust in fiat currencies and centralized financial systems. Institutional demand for assets beyond government control is reshaping how investors view both gold and crypto. As trust in traditional institutions erodes, crypto’s self-custody ...

Core Insights - Institutional adoption of digital assets has reached a point where a full retreat is no longer realistic, indicating a structural shift rather than a cyclical one [1][2][3] Group 1: Institutional Engagement - PwC's report highlights sustained institutional activity in areas such as custody, trading, settlement, tokenization, and on-chain financial infrastructure, which has continued despite market volatility and regulatory uncertainty [2][3] - Major financial institutions are now developing long-term systems and strategies around digital assets, making it costly and impractical to withdraw from this engagement [3] Group 2: Regulatory Environment - The regulatory landscape, particularly in the U.S., has played a crucial role in facilitating this shift towards institutional adoption of crypto [4][5] - New legislation and regulatory clarity, such as the GENIUS Act, have encouraged traditional financial institutions to engage more directly with digital assets, moving from caution to commitment [5][6] - Leadership changes at the SEC have also been identified as a turning point that has shifted perceptions from viewing crypto as a risk to seeing it as an opportunity [6]

Group 1: Dollar Outlook - The United States dollar is expected to face challenges in 2026, continuing its decline from 2025, as indicated by Deutsche Bank's George Saravelos [1] - The dollar's previous strength was linked to its status as the highest-yielding developed market currency, a position it has lost due to the Federal Reserve's rate-cutting cycle [1] - The full-year drop in the dollar in 2025 was the second largest since the free-floating exchange rate began after Bretton Woods, making it difficult to replicate such a decline in 2026 [2] Group 2: Global Economic Conditions - Other central banks, such as those in Australia and Norway, are now offering higher yields, which diminishes the dollar's advantages [2] - Global growth has become more balanced, with Europe and Japan increasing fiscal stimulus, contributing to a less favorable environment for the dollar [2] - The dollar is expected to weaken at a slower pace than in the previous year due to a large external deficit reliant on inflows [3] Group 3: Crypto Adoption - A report from Bitwise Asset Management and VettaFi indicates record levels of crypto adoption among financial advisors, with 32% allocating client funds to crypto in 2025, up from 22% in 2024 [4] - Key catalysts for this increase include growing regulatory progress, institutional demand, and new all-time highs for Bitcoin [5] - The findings suggest an accelerating integration of digital assets into traditional finance [5]

Core Insights - Circle Internet Group (CRCL) and Coinbase Global Inc. (COIN) serve distinct but complementary roles in the crypto-financial infrastructure, with Circle focusing on blockchain payments and stablecoin issuance, while Coinbase operates the largest U.S. crypto exchange [1][2] Group 1: Circle Internet Group (CRCL) - Circle has established itself as a key player in crypto infrastructure, primarily through its USD Coin (USDC), which is one of the largest regulated stablecoin networks globally [3] - As of September 30, 2025, USDC circulation reached $73.7 billion, more than doubling year-over-year, and increasing market share to 29%, with USDC accounting for nearly 40% of stablecoin transactions [4][7] - Circle's revenue and reserve income grew by 66%, with adjusted EBITDA rising 78% and margins expanding to 57%, driven by increased use of its Circle Payments Network (CPN) and Cross-Chain Transfer Protocol (CCTP) [4][7] - The company is expanding its infrastructure through Arc, a Layer-1 blockchain, which aims to serve as an "economic OS for the Internet," although this introduces potential execution and regulatory risks [5] - The Zacks Consensus Estimate for CRCL's 2026 revenues indicates an 18.6% increase, with earnings expected at 90 cents per share, a significant turnaround from a loss of 87 cents per share [6] Group 2: Coinbase Global Inc. (COIN) - Coinbase remains highly exposed to the volatility of digital asset markets, with revenues closely tied to crypto prices and trading volumes, making it vulnerable during market downturns [9] - Rising operational costs are a concern for Coinbase, with expenses increasing due to headcount expansion and higher USDC reward payouts, which pressure margins [9][10] - Regulatory and competitive pressures are impacting Coinbase's outlook, with ongoing uncertainty in various jurisdictions and rising competition from decentralized platforms [10] - Despite these challenges, Coinbase is positioning itself as an "Everything Exchange," covering nearly 90% of the crypto market cap, with significant growth in U.S. derivatives and institutional revenue [11] - The Zacks Consensus Estimate for COIN's 2026 earnings is pegged at $5.82 per share, reflecting a 26.7% year-over-year decline, raising concerns about earnings volatility [12] Group 3: Comparative Analysis - Over the past month, CRCL outperformed COIN, rising 10.6% compared to COIN's 0.9% increase, attributed to Circle's shift towards platform-driven revenues [14] - Both companies are currently considered overvalued, with CRCL trading at a forward Price/Sales ratio of 6.02X, lower than COIN's 8.19X, indicating relatively lower valuation risk for Circle [15] - From a performance perspective, Circle is viewed as the stronger crypto-infrastructure play, with a more stable revenue mix and lower earnings volatility compared to Coinbase [18]

Core Insights - Financial advisors are increasingly allocating to crypto, reaching the highest levels ever recorded, indicating a significant shift in their perception of digital assets [2][5] - The survey reveals that 32% of advisors allocated to crypto in client accounts over the past year, up from 22% in 2024, marking an all-time high [5] - 56% of advisors now personally own crypto, the highest level since the survey began in 2018, reflecting growing confidence in the asset class [5] Allocation Trends - Among client portfolios with crypto exposure, 64% now allocate more than 2% to crypto, a sharp increase from 51% last year, suggesting a trend towards treating crypto as a core portfolio asset [5][6] - 42% of advisors reported having institutional access to buy crypto for clients, up from 35% in 2024 and just 19% in 2023, indicating improved access is driving adoption [5][6] Investment Themes - Advisors are particularly excited about stablecoins and tokenization, leading interest at 30%, followed by "digital gold / fiat debasement" at 22% and crypto-linked AI investments at 19%, showcasing the evolving narratives around crypto [5][6]

Core Insights - The rivalry between Coinbase and Robinhood is intensifying as both companies aim to dominate the retail finance space, with Coinbase pursuing an "everything exchange" model and Robinhood solidifying its position as a retail trading app [1][5][22] Company Strategies - Coinbase is expanding its offerings to include commission-free stock and ETF trading, prediction markets, and a DEX aggregator, signaling its ambition to become a comprehensive financial platform [1][4] - Robinhood has established itself as a leading retail trading app, initially focusing on stocks and options before integrating crypto and other financial services, positioning itself as a neobank-like environment [2][10] Competitive Landscape - The competition is no longer just about crypto adoption but has evolved into a direct confrontation for retail users, with Robinhood seen as a significant threat due to its established user base and distribution capabilities [3][7][23] - Analysts suggest that Coinbase's focus on infrastructure may dilute its urgency in the retail market, as monthly active user growth has stalled since 2021 [17][22] User Demographics and Engagement - Robinhood's user base is predominantly younger, with approximately 75% of funded customers under 44 years old, which aligns with its strategy to become the default financial platform for this demographic [10] - The integration of features like Robinhood Gold, which has 3.9 million subscribers, enhances user engagement and asset consolidation, making it more likely for users to remain within the platform [11] Market Dynamics - Both companies are actively engaging in prediction markets, which have become a strategic battleground, reflecting the growing interest and uncertainty surrounding their rivalry [20][21] - The prediction markets are projected to grow significantly, with analysts estimating they could become a trillion-dollar sector by the end of the decade, further intensifying competition [21] Strategic Questions - The central question for Coinbase is whether its crypto-native foundation can effectively compete against Robinhood's entrenched retail dominance, requiring a potential shift in strategy to focus more on user experience and interface [23][24]

Core Insights - Visa-linked crypto card spending surged by 525% in 2025, increasing from $14.6 million to $91.3 million in net spend, indicating a significant shift in consumer behavior towards using crypto as a payment method rather than speculation [1] - The growth in Visa crypto spending occurred despite significant price fluctuations in major cryptocurrencies like Bitcoin and Ethereum, suggesting a transition in usage from speculative assets to practical financial tools [2] Group 1: Visa Crypto Card Spending Growth - The increase in Visa crypto card spending aligns with a broader trend where stablecoins and payment systems are handling trillions of dollars in monthly transactions, transforming crypto into a more stable form of digital cash [1] - Visa's partnership with Bridge to launch stablecoin-linked cards in Latin America has contributed to this growth, as stablecoins like USDC and USDT provide reduced price volatility, making them more appealing for everyday transactions [5] - EtherFi-led cards accounted for $55.4 million in annual spending, indicating a preference among users for cards linked to stable balances rather than volatile cryptocurrencies [5] Group 2: Innovations in Crypto Payment Solutions - The emergence of Avici, a Solana-based Neo bank offering a self-custody Visa crypto card, has further boosted spending, allowing users to spend digital assets without selling them and access instant credit lines backed by their crypto [6] - Since its launch in September 2025, Avici has seen over $7 million spent on its Visa crypto cards, highlighting strong demand for its services [7] Group 3: Usability of Crypto - The surge in Visa crypto spending demonstrates the growing usability of cryptocurrencies for everyday purchases, such as groceries and travel, which lowers the barriers for new users [8]

Core Insights - Asia is now a major driver of global Bitcoin and Web3 activity, with APAC crypto transactions reaching approximately $2.36 trillion over the past year, marking the fastest growth of any region [1][3] - Japan leads the APAC region in crypto growth, with on-chain activity increasing by 120% year over year, influenced by regulatory reforms and tax changes [2] - South Korea exhibits a unique market dynamic, where Bitcoin often trades at a premium, indicating strong local demand even during global market downturns [4] APAC Market Dynamics - APAC processed about $2.36 trillion in crypto volume as of mid-2025, reflecting a 69% year-over-year increase, surpassing growth rates in the U.S. and Europe [3] - The rise of APAC improves overall liquidity in the crypto market, facilitating easier buying and selling without significant price impact [5] - Hedge fund exposure to Asian markets reached a five-year high in mid-2025, contributing to increased liquidity and volatility in the market [6] Regional Highlights - India ranks first globally for grassroots crypto adoption, with everyday users engaging in Bitcoin and stablecoins for various financial activities [5] - The APAC region, including countries like India, South Korea, and Hong Kong, is now recognized as the fastest-growing crypto market, processing trillions in value annually [2]

Market Overview - Bitcoin has shown early signs of stabilization in 2026, consolidating between $85,000 and $94,000, with a gain of over 3% in initial trading sessions as equities softened [1] - The cryptocurrency experienced a decline of 6.44% in 2025, while the S&P 500 achieved a 16.33% annual gain, indicating a divergence in performance [1] Liquidity and ETF Impact - Analysts expect liquidity conditions to improve in early 2026, making upcoming ETF flow data critical for assessing the return of institutional capital to digital assets [2] Macro Economic Conditions - The US Treasury yield curve has shifted from an inverted state to a steeper configuration, influenced by expectations of policy easing and elevated long-dated yields due to inflation uncertainty and fiscal concerns [3] - The spread between two-year and 30-year Treasuries has widened to approximately 140 basis points, while the two-to-ten-year curve has reached around 70 basis points [3] Currency Dynamics - The US dollar has weakened by roughly 9% year-to-date from January 2025 levels, reflecting policy preferences for improved trade competitiveness and a reassessment of US policy credibility [4] - Despite the dollar's depreciation, its structural foundations remain intact, supported by deep capital markets and sustained demand for Treasuries [5] Corporate Crypto Adoption - Corporate treasury-led accumulation of Bitcoin has been a dominant theme, with Strategy Inc. increasing its holdings to 673,783 BTC through an early-January purchase [6]