🚨UPDATE: TD COWEN SEES LOW ODDS FOR CLARITY ACT PASSAGE THIS YEARThe crypto market structure bill remains stalled in the Senate. TD Cowen now assigns roughly one-in-three odds of passage in a Monday note.Analysts say momentum has weakened in recent weeks. Lawmakers are still negotiating key provisions.Time is limited before the August recess and the outlook for 2026 passage remains uncertain. ...

RT Yogita Khatri (@Yogita_Khatri5)What could move the crypto market structure bill forward?TD Cowen says a deal may hinge on @realDonaldTrump filling Democratic vacancies at the SEC and CFTC, in exchange for conflict-of-interest rules taking effect after the next inauguration 👁️ https://t.co/a4IPNpDvIM ...

RT Santiment (@santimentfeed)🗣️ Social data indicates these stories are the leading market drivers Tuesday:🏦 White House Progress: The White House reported progress in advancing the crypto market structure bill after a constructive meeting with industry leaders. President Trump publicly endorsed crypto, calling himself a "big crypto person" and expressing belief in its future. Meanwhile, Tether launched MiningOS, an open-source Bitcoin mining operating system aimed at simplifying mining infrastructure. Thes ...

🗣️ Social data indicates these stories are the leading market drivers Tuesday:🏦 White House Progress: The White House reported progress in advancing the crypto market structure bill after a constructive meeting with industry leaders. President Trump publicly endorsed crypto, calling himself a "big crypto person" and expressing belief in its future. Meanwhile, Tether launched MiningOS, an open-source Bitcoin mining operating system aimed at simplifying mining infrastructure. These developments highlight grow ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported a GAAP net loss of $241 million or $0.61 per share, impacted by approximately $160 million in one-time items [14] - The company achieved $34 million of adjusted EBITDA in 2025, despite a 10% decline in the total crypto market cap [15] - The digital assets operating segment generated record adjusted gross profit of $505 million in 2025, up from $303 million in 2024, representing a 67% year-over-year growth [15][19] - The company ended the year with $11.3 billion in total assets and over $3 billion in equity capital, with approximately 60% allocated to operating businesses [16][17] Business Line Data and Key Metrics Changes - The global markets business delivered adjusted gross profit of $30 million in Q4, bringing the full year total to $423 million, up 88% year-over-year [19] - Digital asset trading volumes declined approximately 40% quarter-over-quarter, reflecting softer client activity [19] - The asset management segment delivered adjusted gross profit of $21 million in Q4 and $82 million in 2025, up roughly 5% year-over-year [22] Market Data and Key Metrics Changes - The total crypto market cap declined by 10% in 2025, driven by a 24% drop in Q4 [15] - The company reported a loan book steady at $1.8 billion, indicating resilience amid broader market pressures [19] Company Strategy and Development Direction - The company is focused on building a multi-gigawatt, multi-tenant, multi-campus data center platform, with significant expansion plans for the Helios campus [32][33] - The company aims to align its digital assets business with the long-term needs of clients, focusing on infrastructure, product, and partnership [24][25] - The company is exploring partnerships with traditional financial institutions to facilitate the transition to a digital asset ecosystem [58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects of crypto, despite recent price declines, citing the ongoing demand for digital assets as a store of value [11] - The company anticipates a pivotal year in 2026 as it transitions Helios from construction to an operational campus [33] - Management believes that the crypto market is closer to the bottom of its range than entering a new bear market, with potential catalysts for recovery [52][53] Other Important Information - The company raised approximately $1.6 billion in net proceeds through strategic capital raises in Q4, which will be used for data center investments and paying down short-term borrowings [18] - The company is actively engaged in conversations with potential tenants for its data center business, focusing on hyperscalers and traditional financial institutions [62] Q&A Session Summary Question: Thoughts on the crypto market structure bill - Management believes there is a 75%-80% chance that the bill will pass, as both parties see the necessity to get it done [36][37] Question: Future potential build-out at Helios - The company has received approval for an additional 830 MW of power capacity, which is expected to enhance leasing options [42][43] Question: Engagements with potential tenants - The company is focused on attracting hyperscalers and traditional financial institutions as tenants, recognizing the importance of capital availability [60][62] Question: Step-up in the loan book - The loan book has remained steady at $1.8 billion, indicating strong client demand despite market pressures [79]

The Morning Minute (12.16)Powered by @yeet⏰Top News:-Crypto majors fall hard to start the week; BTC at $87,200-JPMorgan launches new tokenized money market fund on Ethereum-Decrypt names Trump as Crypto Person of the Year-The Senate punted the crypto market structure bill to 2026-MetaMask added native Bitcoin support with new in-wallet functionality🌎 Macro Crypto and Memes-Crypto majors were very red to start the week; BTC -3% at $87,200; ETH -6% at $2,950, BNB -2% at $868, SOL -3% at $128-XDC (+4%), CC (+3 ...

Decrypt’s @s_lutz95 breaks down divisions among crypto leaders on display today at the Blockchain Association’s annual policy summit in D.C.Some want a crypto market structure bill at all costs. Others are beginning to openly argue they’d “rather have no bill than a bad bill.” Meanwhile, the legislation is languishing in the Senate. ...

'I'm not betting on a markup this month': Lawyer outlines three issues still holding up the crypto market structure bill https://t.co/CUV0yYvCrK ...

Regulatory Landscape - Coinbase CEO 表示，两党对通过比特币和加密货币市场结构法案有强烈的支持 [1] - 目标是在感恩节前完成该法案 [1]

💥BREAKING:🇺🇸 WHITE HOUSE OFFICIAL SAYS THEY ARE EXPECTING TO PASS #BITCOIN CRYPTO MARKET STRUCTURE BILL IN 3 MONTHS! https://t.co/HfiKYKsp8g ...