Group 1 - Virtune, a regulated Swedish crypto asset manager, has announced the listing of Virtune BNB ETP on Deutsche Börse Xetra, marking its tenth listed product [1][5] - The Virtune BNB ETP is a physically backed exchange-traded product that provides investors with a secure and cost-effective way to gain exposure to BNB, featuring a transparent structure and institutional-grade security [2][9] - BNB is the native crypto asset of the BNB Chain ecosystem, utilized for transaction fees and participation in decentralized applications, making it integral to the broader blockchain network [4] Group 2 - Virtune's product portfolio includes 22 ETPs with a total of USD 260 million in assets under management, serving over 160,000 investors [6] - The company emphasizes regulatory compliance and strategic collaborations to empower global investors with innovative investment products aligned with the evolving crypto market [7] - The Virtune BNB ETP offers 1:1 exposure to BNB, is 100% physically backed by BNB held in cold-storage with Coinbase, and has an annual management fee of 1.95% [9]

While other crypto enthusiasts are perturbed by Bitcoin price decline, Justin Sun is planning to invest around $100 million in the asset. Notably, Bitcoin price has now fallen to around $77,000, down by 14% within the last 30 days. Sun’s move comes at a time when Bitcoin treasury companies are counting their losses. Justin Sun to Buy the Bitcoin Dip Sun said that he is adding about between $50 million and $100 million worth of Bitcoin to Tron’s holdings. Coincidentally, Bitcoin price fell below $75,000 ...

Core Viewpoint - Virtune AB (Publ) is implementing a 10:1 share split for the Virtune Bitcoin Prime ETP (ticker: VIRBTCP) to enhance trading liquidity and accessibility for investors [1][2]. Share Split Details - The share split will take effect on February 2, 2026, across all markets where the product is available [2]. - Each existing share will be divided into ten new shares, resulting in a tenfold increase in the number of shares and a corresponding decrease in the NAV per share [3][4]. - The total value of each investor's holdings will remain unchanged post-split [3][4]. Product Information - The product name and ticker will remain the same, but a new ISIN and WKN will be assigned [5]. - The last day of trading with the old ISIN is January 30, 2026, and trading with the new ISIN will commence on February 2, 2026 [6]. - The ETP is traded on Nasdaq Stockholm and Deutsche Börse Xetra, with settlement currency in SEK and trading currencies in SEK and EUR [6]. Company Overview - Virtune AB is a fully regulated Swedish digital asset manager and issuer of crypto exchange-traded products on regulated European exchanges [8]. - The company emphasizes regulatory compliance and strategic collaborations to empower global investors with innovative investment products [9].

Core Insights - Crypto investors are not retreating but repositioning their capital, moving away from Bitcoin and towards a select group of altcoins [1][2] - Billions of dollars continue to flow into digital assets despite market volatility, indicating a shift in investor priorities [1] Bitcoin's Capital Rotation - Bitcoin inflows decreased by 35% year over year to $26.9 billion, while $105 million flowed into short-Bitcoin products, suggesting more sophisticated hedging strategies [2] - Investors are increasingly rotating capital into newly launched altcoin investment products, such as Solana (SOL) and XRP ETFs, which were introduced in the third quarter of the previous year [2] Altcoin Performance - Ethereum (ETH) led the capital rotation with inflows of $12.7 billion, marking a 138% year-over-year increase, driven by ecosystem upgrades, staking demand, and expanding DeFi use cases [3] - XRP experienced a 500% year-over-year surge in inflows to $3.7 billion, supported by legal clarity and renewed enterprise adoption [3] - Solana saw the most significant growth, with inflows increasing by 1,000% year over year to $3.6 billion, reflecting strong interest in high-throughput applications, NFTs, and gaming [4] - The broader altcoin category outside these major tokens saw a 30% year-over-year decline in inflows to $318 million, indicating a selective investment environment [4] Geographic Trends in Crypto Inflows - The United States led global crypto inflows with $47.2 billion, although this represented a 12% year-over-year decline from 2024 [5][6] - Europe and Canada showed strong rebounds in crypto investments, broadening geographic participation [6] - Germany shifted from $43 million in outflows in 2024 to $2.5 billion in inflows, indicating a renewed investor appetite potentially driven by improving economic conditions or favorable policy shifts [7]

Core Viewpoint - Morgan Stanley is expanding its involvement in the cryptocurrency market by filing for an Ethereum Trust, following its recent filings for Bitcoin and Solana ETFs, indicating a growing acceptance of crypto ETFs by established banking institutions [1][2][3]. Group 1: Morgan Stanley's Ethereum Trust Filing - Morgan Stanley has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission for a spot Ethereum exchange-traded fund, aiming to provide regulated exposure to Ether [2][3]. - The Ethereum Trust is designed to track the price of Ether and will also participate in ETH staking to generate yields on its holdings [3][4]. - This filing follows closely after the bank's registration statements for Bitcoin and Solana ETFs, marking a significant push into crypto investment products [1][3]. Group 2: Market Reaction and Industry Context - The move has garnered attention in the digital asset industry, with industry experts noting the significance of Morgan Stanley's entry into crypto ETFs [5]. - The demand for Ethereum staking has surged recently, with notable activity from firms like BiMine [4]. - Inflows into spot Ethereum ETFs have resumed, with BlackRock's iShares Ethereum Trust leading the market, indicating a positive trend for Ethereum investment products [6][7].

Market Overview - Bitcoin and major altcoins have experienced a price increase, with Bitcoin trading near $93,445 and Ether around $3,287, while Solana is close to $140.83 [2][3] - BONK crypto has seen a significant rebound, trading near $0.000012 with a 24-hour volume of approximately $503 million and a market value of about $1.04 billion [2][4] Institutional Interest - Morgan Stanley has filed with the US Securities and Exchange Commission to list exchange-traded funds (ETFs) tied to Bitcoin and Solana, indicating a growing interest from major financial firms in crypto as a legitimate investment product [3][4] - The introduction of institutional products like ETFs is anticipated to attract more traditional investors into the crypto market, adding legitimacy to the sector [4] Technical Analysis - A crypto analyst has noted a sharp breakout in BONK after a period of decline, with the token rising to around 0.00001374, indicating a bullish trend [5] - Prior to this breakout, BONK was trading within a narrow consolidation range of 0.00000750 to 0.00000820, following a downward trend through November and December [6]

Core Insights - Virtune has successfully completed the first rebalancing of the Virtune Stablecoin Index ETP, which is listed on Nasdaq Stockholm, Nasdaq Helsinki, and Xetra [1] Product Portfolio - In addition to the Virtune Stablecoin Index ETP, Virtune's product portfolio includes various ETPs such as Bitcoin, Staked Ethereum, XRP, and several others, totaling 15 different ETPs [2] Index Distribution - As of December 30, before rebalancing, the index distribution was as follows: Ethereum 44.08%, XRP 23.62%, Solana 17.39%, Chainlink 6.12%, Stellar 5.66%, and Aave 3.13%. After rebalancing, the distribution changed to: Ethereum 41.84%, XRP 23.79%, Solana 18.53%, Chainlink 6.56%, Stellar 5.90%, and Aave 3.39% [3] Rebalancing Outcome - The rebalancing did not change the cryptocurrencies included in the index, and the performance of the Virtune Stablecoin Index ETP in December was +0.53% [4] Product Design - The Virtune Stablecoin Index ETP is a physically backed exchange-traded product designed to provide investors with a simple, secure, and cost-effective way to gain exposure to the growing stablecoin ecosystem, following a diversified index of digital assets [5] Company Overview - Virtune is a regulated Swedish digital asset manager and issuer of crypto exchange-traded products on regulated European exchanges, focusing on empowering global investors with innovative investment products [7]

Core Insights - BitMine Immersion Technologies acquired 32,977 ETH valued at approximately $104 million in the final week of 2025, increasing its total holdings to over 4.14 million ETH, worth more than $13 billion, representing about 3.4% of the circulating ETH supply [1][2] - The firm is the largest "fresh money" buyer of ETH globally, with a significant price forecast for Ethereum, predicting a rise to $250,000, which would be a 7,760% increase from the current price of $3,180 [2] - BitMine aims to increase its authorized share count from 500 million to 50 billion to facilitate capital market activities and stock splits, with a target share price of around $25 [3][4] Company Holdings and Performance - BitMine holds approximately $915 million in cash and 192 Bitcoin valued at nearly $18 million, in addition to its ETH holdings [6] - Shares of BitMine increased by around 4% on Monday, trading at $32.49, and have risen nearly 14.8% over the last five trading days [5] Strategic Initiatives - The company is seeking shareholder approval for various proposals, including the election of eight directors and the implementation of special compensation and incentive plans, with a vote deadline set for January 14 [4]

Core Insights - Tether has added 8,888 Bitcoin to its reserves, amounting to nearly $800 million, highlighting its position as a significant institutional holder of Bitcoin [1][2] - This acquisition brings Tether's total Bitcoin holdings to over 96,000 coins, reinforcing its strategy of systematic accumulation despite a cooling crypto market [2][7] Company Strategy - Tether's strategy, formalized in May 2023, involves allocating up to 15% of its realized quarterly operating profits to Bitcoin as a long-term store of value [4][7] - The latest purchase aligns with this policy, as Tether transferred approximately 8,888.8 BTC to its treasury wallet as part of Q4 2025 profit allocation [7] Financial Performance - Tether's average acquisition cost for Bitcoin is estimated at around $51,100 per BTC, resulting in over $3.5 billion in unrealized profits as of early 2026 [5] - The total spending for Q4 is estimated at roughly $876 million, or about 9,850 BTC, indicating a consistent investment approach [3][4] Market Context - Corporate adoption of Bitcoin as a treasury asset has slowed, with new adopters dropping from around 53 in Q3 to just nine in Q4 2025 [6] - By year-end, an estimated 117 to 145 public companies and institutions held Bitcoin, collectively controlling approximately 1.5 million BTC, valued between $90 billion and $150 billion [8]

Core Viewpoint - Bitmine Immersion Technologies has experienced a remarkable 300% increase in value for the year, contrasting sharply with major cryptocurrencies like Bitcoin and Ethereum, which have seen declines of 5% to 50% [1] Group 1: Company Performance - The majority of Bitmine's gains occurred during the summer, but since September, the stock has dropped significantly, currently trading at $30, down 80% from its summer high of $161 [2] - Bitmine holds nearly 4 million Ether, valued at approximately $12 billion, representing about 3% of all Ethereum in circulation, making it the largest publicly traded Ethereum treasury company [3][4] - The current market value of Bitmine is around $13 billion, nearly equal to its Ethereum holdings, suggesting that investors might be better off investing directly in Ethereum rather than in Bitmine [7] Group 2: Market Dynamics - Bitmine's performance is closely tied to the price of Ethereum; when Ethereum's price rises, Bitmine's stock price tends to soar, and conversely, when Ethereum's price falls, Bitmine's stock price declines [5] - The question arises whether Bitmine should be valued based solely on its Ethereum holdings or if a premium should be attached to its valuation as an Ethereum treasury company [8]