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 Viewpoint - ZOOZ Strategy Ltd. has transformed from a kinetic energy storage company to a dual-listed entity on Nasdaq and TASE, adopting Bitcoin as its primary treasury reserve asset, reflecting a strategic shift in response to global economic changes [1][2]. Strategic Overview - The transition to a Bitcoin standard positions the company as a bridge between traditional capital markets and the emerging digital asset economy, aiming to maximize shareholder value [2]. - Management expresses strong conviction in Bitcoin as a premier store of value, viewing it as reliable collateral that is open, neutral, and censorship-resistant [3]. Market Dynamics - Recent market dynamics indicate a maturing asset class, with potential for broad institutional adoption and increasing scarcity of Bitcoin, suggesting a multi-decade growth story [4]. - The company believes that as global liquidity expands, Bitcoin will serve as both a hedge and a vehicle for asymmetric upside [4]. Strategic Pillars for 2026 - The company plans to execute a four-part strategy to enhance shareholder value: 1. **Optimization of Legacy Operations**: Reducing costs in the kinetic energy storage business to focus on Bitcoin treasury [7]. 2. **Improved Transparency**: Launching a Treasury Dashboard to provide clear insights into Bitcoin holdings and their value per share [7]. 3. **Yield Generation**: Identifying low-risk opportunities to earn yield from Bitcoin and cash positions without diluting shareholder value [7]. 4. **Strategic Expansion**: Exploring cash-flowing businesses within the Bitcoin ecosystem to enhance operating cash flow [7].

Core Insights - HashKey Capital has successfully closed the first round of fundraising for its fourth crypto fund, securing $250 million from various institutional investors, family offices, and high-net-worth individuals [1] - The HashKey Fintech Multi-Strategy Fund IV aims for a final close of $500 million and will invest in both public and private markets, focusing on blockchain infrastructure and applications that support real-world use cases [1] - The fund's strategy includes crossover investments to leverage opportunities at the intersection of traditional and blockchain finance [2] Company Overview - HashKey Capital is based in Singapore and has established itself as one of Asia's largest digital asset fund managers, currently managing over $1 billion in assets [2] - The firm operates under licenses in Hong Kong and has been instrumental in launching the city's first spot bitcoin and ether ETFs [2] - HashKey Capital was an early institutional investor in Ethereum and has managed over $1 billion across more than 400 crypto projects [3] - HashKey Holdings, the parent company, made its public debut in Hong Kong this month [3]

Core Viewpoint - ZFX Shan Hai Securities highlights that Strategy (MSTR) has significantly increased its USD reserves to $2.2 billion through capital market operations, marking a strategic step in financial management and reinforcing its leading position in holding crypto assets among global listed companies [1][4]. Financial Management - The company has established a 32-month funding buffer to strengthen its credit backing against future market uncertainties [1][4]. - A recent equity financing raised $748 million, effectively filling potential liquidity gaps and ensuring the company can maintain approximately $824 million in annual dividends before the Bitcoin halving event in April 2028 [1][4]. Debt Management - The $1 billion convertible notes maturing in September 2027 are a focal point for market attention, with current cash flows sufficient to cover this substantial debt even if stock price fluctuations prevent equity conversion [2][5]. - This "cash-for-time" strategy minimizes the risk of being forced to liquidate core assets during market downturns, balancing volatile asset prices with stable financial expenditures [2][5]. Resilience Strategy - The "dollar battery" reserve model acts as a shock absorber for the company's operations, combining ample cash reserves with over 670,000 Bitcoin assets, demonstrating strong resilience against potential "crypto winters" [2][5]. - The company can meet all cash settlement obligations by utilizing only a small portion of its substantial digital asset holdings, enhancing capital efficiency through high liquidity and asset value [2][5]. Long-term Strategy - The series of financial defensive strategies implemented by Strategy aims not only to meet short-term dividend needs but also to optimize the balance sheet before the next industry halving cycle [3][6]. - With cash buffers extending to 2028, the company can focus more on business expansion and asset appreciation rather than passively responding to refinancing pressures [3][6].

Core Insights - SRx Health Solutions, Inc. announced an expansion of its digital-asset treasury operating platform, EMJ Crypto Technologies (EMJX), to include event-probability data from prediction-market platforms like Polymarket [1][2] Group 1: EMJX's Enhanced Framework - The integration aims to improve early detection and assessment of tail-risk conditions that could significantly affect digital-asset markets, including regulatory changes and protocol-level shifts [2][3] - EMJX's approach utilizes aggregate probability assessments from decentralized market participants, allowing the platform to quantify market expectations for specific future events [3] Group 2: Objectives and Structure - The initiative is designed to enhance EMJX's capability to identify and manage tail-risk scenarios, focusing on disciplined capital stewardship in volatile market conditions [3][4] - EMJX is structured as a treasury operating system rather than a speculative trading platform, emphasizing a governed, model-driven risk framework [4] Group 3: About EMJX - EMJX is a Gen2 digital-asset treasury operating system that employs quantitative models, artificial intelligence, and systematic risk controls to manage multi-asset digital holdings [5] - The platform prioritizes transparency, governance, and disciplined capital allocation across various market environments [5]

Core Viewpoint - DeFi Technologies Inc. has successfully launched Brazilian Depositary Receipts (BDRs) and five digital asset exchange traded products (ETPs) on the B3 Exchange, marking a significant step in its international expansion strategy into Brazil [1][2][6] Group 1: Product Launch and Market Entry - The launch was celebrated with a bell-ringing ceremony at the B3 Exchange in São Paulo on December 19, 2025, highlighting the importance of this milestone for DeFi Technologies and its subsidiary Valour [2][6] - The newly listed products include DEFT31 BDRs representing DeFi Technologies' Nasdaq-listed shares and Valour's ETPs: BTCV (Bitcoin), ETHV (Ethereum), XRPV (XRP), VSOL (Solana), and VSUI (Sui) [7][8] - Brazilian investors can now access BRL-denominated, locally listed exposure to these digital assets through the same brokerage and custody infrastructure used for equities and ETFs [3][6] Group 2: Strategic Importance of Brazil - Brazil, with a population of approximately 213 million, is the most populous country in South America and represents a core pillar of DeFi Technologies' global expansion strategy due to its unified language and regulatory framework [4] - As Latin America's largest crypto economy, Brazil offers a mature regulatory environment for digital assets, providing a strong foundation for institutional-grade access to these assets [5][6] - The B3 listings signify Valour's first move outside Europe, establishing a scalable platform for further growth across Latin America and other high-growth markets [8][9] Group 3: Management Commentary - The CEO of DeFi Technologies emphasized the strategic importance of Brazil and the listings as a step closer to making regulated, exchange-traded digital asset exposure available to investors in significant financial centers [9] - The President of DeFi Technologies noted that this launch aligns product access and corporate access in a single market, showcasing the commitment to expanding into Brazil [9]

Core Viewpoint - DeFi Technologies is addressing share ownership and depository imbalances that were previously disclosed, aiming to provide transparency and rectify trading irregularities identified through reports from Shareholder Intelligence Services [1][2][3]. Group 1: Share Ownership and Trading Irregularities - The company engaged Shareholder Intelligence Services in June 2025 to analyze shareholder data and understand trading and beneficial ownership of its common shares [2]. - Reports received indicated persistent differences in share positions reported by broker-dealers to intermediaries, highlighting ongoing imbalances in both the U.S. and Canada [3][4]. - The company has contacted 14 broker-dealers with significant imbalances to request reconciliations, receiving responses attributing discrepancies to various factors such as settlement timing and securities lending [4]. Group 2: Impact on Shareholder Meeting - Based on the information reviewed, the company believes that the identified share ownership imbalances did not affect the voting results at the 2025 shareholder meeting due to the quantum of imbalances and quorum [5]. Group 3: Management Changes - The company announced the resignation of Stefan Hascoet from the board of directors, who had served since June 2023, and expressed appreciation for his contributions [6]. Group 4: Company Overview - DeFi Technologies is a financial technology company that bridges traditional capital markets and decentralized finance, offering diversified exposure to the decentralized economy through various subsidiaries [7]. - The company operates Valour, which provides access to digital assets via regulated exchange-traded products, and Stillman Digital, a digital asset prime brokerage [8][9].

Core Insights - SRx Health Solutions, Inc. has announced a definitive agreement to acquire EMJ Crypto Technologies, which is enhancing its Gen2 digital-asset treasury operating system by integrating OpenAI's latest large language models to support internal research workflows and risk-management decision support [1][2]. Company Overview - EMJX operates as a digital-asset treasury system that utilizes quantitative models, artificial intelligence, and systematic risk controls for managing multi-asset digital treasury [2][6]. - The platform is designed to manage exposure to various digital assets, including Bitcoin and Ethereum, while addressing volatility through disciplined hedging strategies [2]. Technological Enhancements - The integration of OpenAI's large language models into EMJX's proprietary QAM Engine and Gen2 Digital Asset Treasury architecture aims to improve the synthesis of market data and macroeconomic inputs [3]. - These enhancements are intended to support faster research synthesis, improve analysis, and enhance market intelligence incorporation into portfolio construction and risk management processes [4][5]. Strategic Goals - By leveraging OpenAI's technology, EMJX seeks to strengthen its strategy evaluation, volatility management, and decision support across various investment strategies [5][6]. - The company emphasizes that large language models will serve as a decision-support layer rather than replacing traditional risk management practices, ensuring that portfolio construction remains grounded in quantitative models and human oversight [6].

Core Insights - SRx Health Solutions, Inc. has announced a definitive agreement to acquire EMJ Crypto Technologies, which is enhancing its Gen2 digital-asset treasury operating system by integrating OpenAI's latest large language models to support internal research workflows and risk management decision support [1][3]. Company Overview - EMJX operates as a digital-asset treasury system that utilizes quantitative models, artificial intelligence, and systematic risk controls for managing multi-asset digital treasury [2][6]. - The platform is designed to manage exposure to various digital assets, including Bitcoin and Ethereum, while addressing volatility through disciplined hedging strategies [2]. Technological Enhancements - The integration of OpenAI's large language models into EMJX's proprietary QAM Engine and Gen2 Digital Asset Treasury architecture aims to improve the synthesis of market data and macroeconomic inputs [3][4]. - These enhancements are intended to support faster research synthesis, improve analysis, and enhance market intelligence incorporation into portfolio construction and risk management processes [4][5]. Strategic Goals - By leveraging OpenAI-powered tools, EMJX seeks to strengthen its strategy evaluation, volatility management modeling, and decision support across various investment strategies [5][6]. - The company emphasizes that large language models will serve as a decision-support layer rather than replacing traditional risk management practices, ensuring that portfolio construction remains grounded in quantitative models and human oversight [6].

Group 1 - Virtune, a regulated digital asset manager based in Sweden, has launched the Virtune Bittensor ETP on Nasdaq Stockholm, marking its 21st product offering [1][5] - The Virtune Bittensor ETP is a physically backed exchange-traded product designed to provide investors with secure and cost-effective exposure to Bittensor (TAO) [2][8] - The ETP offers 1:1 exposure to Bittensor, is 100% physically backed by TAO, and has an annual management fee of 1.95% [8] Group 2 - Bittensor is a decentralized network that facilitates the development of artificial intelligence through an open marketplace, rewarding participants based on the value of their contributions [4] - The launch of the Virtune Bittensor ETP is seen as a strategic expansion in the Nordic market, catering to both institutional and retail investors [5][6]