Bhutan’s mining operation was slated to produce up to 600MW of BTC mining power in a partnership with Bitdeer Technologies, but on-chain data shows that their mining speed has slowed since the halving in April 2024.In addition to this, Bhutan sold at least $100M of their Bitcoin during September, and appears to be continuing its gradual selling activity. Bhutan currently holds $372M BTC in identified wallets. ...

Group 1 - Treasury Secretary Scott Bessent emphasizes the need for swift regulatory clarity in the crypto market due to recent volatility, specifically criticizing Coinbase Global for opposing the proposed Clarity Act [1][4] - Bessent argues that the turbulence in crypto markets has made clear rules more urgent than ever, with the Clarity Act expected to return for markup soon despite some lawmakers' resistance [2] - Bessent expresses confidence that the legislation will pass this spring, citing bipartisan support and the U.S. aim to become the global "crypto capital" under predictable regulation [3] Group 2 - The White House is set to hold a meeting to address tensions between banks and crypto companies, focusing on whether stablecoin issuers should be allowed to pay yield, as part of ongoing negotiations related to the Clarity Act [5] - Major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, are expected to attend the meeting alongside crypto representatives, highlighting the ongoing dialogue between traditional finance and the crypto sector [6] - The Federal Reserve is reviewing public comments and is expected to begin formal rulemaking later this year, with potential regulations targeted for the fourth quarter [7]

Core Insights - Institutional adoption in cryptocurrency is evolving beyond mere return chasing, indicating a fundamental shift in market dynamics [1] - The current wave of institutional participation is characterized by deeper structural maturation rather than price-driven growth [2][3] Market Dynamics - Previous institutional growth was largely influenced by price surges, but the current cycle reflects a more meaningful liquidity and market size [3] - Traditional finance is adapting to crypto's 24/7 trading model, as evidenced by Nasdaq and the New York Stock Exchange's plans for continuous trading [3] Liquidity and Operational Improvements - The liquidity constraints that previously deterred large funds from entering the market are diminishing, allowing for more significant capital deployment [4] - Operational clarity is improving with clearer regulatory pathways and maturing technology stacks, making trading interfaces more familiar to traditional finance [5] Future Trends - Innovations such as prediction markets and binary options are expected to gain traction, with traditional exchanges revisiting these products [6] - The rise of artificial intelligence is anticipated to create new transaction methods, potentially driving significant technical advancements in the industry [7]

Core Viewpoint - Galaxy Digital Inc. CEO Mike Novogratz predicts a significant transformation in the cryptocurrency sector, moving away from speculation towards a focus on real-world assets with lower returns [2] Group 1: Market Trends - Novogratz attributes the recent Bitcoin slump to a broader industry shift rather than a single event, suggesting that the "age of speculation" in crypto will fade as institutions with different risk tolerances enter the market [2] - Bitcoin has fallen 23.39% year to date and is over 45% below its October 2025 high, indicating a negative sentiment in the sector that has affected high-growth tech stocks as well [4] Group 2: Investor Behavior - Early Bitcoin holders are taking more profits than expected, leading to a psychological chain reaction among speculators that triggers further selling [6] - The recent volatility in Bitcoin is viewed as a transition from a growth asset to a mature store of value, driven by macro de-risking rather than specific weaknesses in the crypto market [6] Group 3: Regulatory Outlook - Novogratz expressed optimism about the potential passage of the CLARITY Act, a crypto market structure bill, noting bipartisan support for the legislation [3]

Company Overview - 21shares is one of the world's largest issuers of cryptocurrency exchange traded products (ETPs) and offers a significant suite of crypto ETPs in the market [3] - The company aims to make cryptocurrency more accessible to investors and bridge the gap between traditional finance and decentralized finance [3] - Founded in 2018, 21shares has a seven-year track record of creating crypto ETPs listed on major securities exchanges globally [3] Recent Announcement - 21shares announced a distribution of $0.316871 per share for the 21shares Solana ETF (TSOL) for staking rewards earned from its SOL holdings [1][2] - The ex/record date for this distribution is February 13, 2026, and the payable date is February 17, 2026 [2] Strategic Positioning - 21shares operates as a subsidiary of FalconX, leveraging its resources to accelerate growth while maintaining independent operations [4] - The company is backed by a specialized research team, proprietary technology, and deep capital markets expertise, which enables it to deliver innovative and cost-efficient investment solutions [3]

Prediction platform Polymarket recently launched a new feature that lets users bet on cryptocurrency price movements every five minutes. The event signals rising demand for real-time crypto sentiment data among traders and investors. Real-Time Sentiment Drives Short-Term Contracts For now, the new market is limited to Bitcoin, though support for major altcoins is expected to follow. Price will update dynamically, in tune with market sentiment and immediate price reaction. All trades will be executed on-c ...

Financial Data and Key Metrics Changes - Revenue in Q1 fiscal 2026 increased more than four times to $21.4 million compared to $4.6 million in Q1 fiscal 2025 [16] - Gross margin increased significantly to 78.6% in Q1 fiscal 2026 from 24.5% in Q1 fiscal 2025, primarily driven by staking revenue from the Solana treasury strategy [16] - Net loss for Q1 fiscal 2026 was approximately $585.6 million, compared to a net loss of $0.7 million in Q1 fiscal 2025, largely due to a decline in the fair value of SOL holdings [18] Business Line Data and Key Metrics Changes - Forward held approximately 6,962,501 Solana as of December 31, 2025, with over 99% staked, generating a staking yield between 6.5% and 7.2% [13] - Fully diluted SOL per share increased from 0.0604 at the end of September 2025 to 0.0624 at the end of December 2025, representing a growth of roughly 13% in the fiscal first quarter [14] Market Data and Key Metrics Changes - Solana continues to lead in key metrics such as decentralized exchange trading volumes, active users, and developer engagement, demonstrating resilience and performance [6][7] - Institutional engagement has expanded significantly, with major financial institutions and payment platforms integrating with Solana [7] Company Strategy and Development Direction - The company aims to build a permanent capital vehicle that participates directly in the growth of the Solana ecosystem, evolving beyond a treasury into an active value-generating business [5] - Forward Industries is focused on compounding SOL per share by engaging directly in economic activities on-chain rather than relying solely on passive exposure [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the market but emphasizes that Solana is now being evaluated based on actual performance rather than theoretical scalability [6] - The company believes the opportunity in front of Solana is increasingly clear, with a focus on long-term growth and responsible risk management [5][6] Other Important Information - Forward became one of the first public companies to have its SEC-registered shares live on a public blockchain, enhancing its operational capabilities [8] - The company launched fwdSOL, a proprietary liquid staking token, representing approximately 25% of its SOL holdings, allowing for efficient deployment of staked SOL [9] Q&A Session Summary Question: How does the company view recent token price volatility? - Management noted that SOL is down approximately 70% from its all-time high, which is typical in the crypto market, and emphasized maintaining a clean balance sheet [19][20] Question: What is the company's approach to potential M&A? - The company is looking for accretive acquisitions and is well-positioned to capitalize on opportunities due to its lack of institutional debt [23][24] Question: How should shareholders view SOL per share as a performance metric? - SOL per share growth is considered the North Star KPI, with a target to consistently generate returns greater than the staking yield [24] Question: What is the expected trend for staking yields as Solana network usage grows? - Management clarified that increased validator participation does not impact yields for stakers, and they expect yields to increase with network activity [43][44] Question: Can you clarify the nature of related party G&A expenses? - Related party expenses are associated with the launch of the digital asset treasury strategy and are expected to decrease in the coming months [50]

🚨JUST IN: RIPPLE AND COINBASE AMONG CRYPTO CEOS TAPPED FOR CFTC ADVISORY COUNCILThe U.S. Commodity Futures Trading Commission has set its inaugural list for the Innovation Advisory Committee. The group will have a role in steering future regulations as the U.S. derivatives watchdog takes on oversight duties in the crypto markets. ...

Group 1: Cisco and AI Impact - Cisco is experiencing margin compression despite a strong sales outlook, with a noted 200 basis point erosion in margins [2][4][15] - The company is a leading global provider of equipment for corporate and data centers, playing a significant role in powering AI workloads [3][15] - Investors are questioning the implications of heavy infrastructure buildout and the potential for stronger productivity and margins over time [5][6] Group 2: Apple and Siri Challenges - Apple is facing delays in the rollout of new Siri features, originally planned for launch in June 2024, with some capabilities now pushed to September [17][18] - Despite these setbacks, iPhone sales remain strong, with $84 billion in sales reported, although manufacturing challenges could have impacted higher sales [19] - The competitive landscape is shifting, with companies like OpenAI and Google potentially advancing faster in AI capabilities [20] Group 3: Wealth Management and AI Disruption - The introduction of a new AI tax planning tool by Altruist has led to significant declines in wealth management stocks, with market capitalization potentially wiped out in the tens of billions [28][29] - Altruist aims to enhance wealth management accessibility and efficiency, reducing the time required for tasks that previously took multiple people hours to complete [31][32] - The market reaction indicates a strong sentiment against traditional wealth management firms, as AI tools are seen as equalizers in the industry [30][31] Group 4: Cryptocurrency Market Trends - Bitcoin has seen a continuous decline, impacting trading volumes and revenues for exchanges like Coinbase, which are heavily reliant on transaction fees [85][86] - The overall sentiment in the crypto market is bearish, with expectations of lower revenues due to decreased trading activity [88] - Coinbase is attempting to diversify its revenue streams, including launching prediction markets, but these initiatives are still in early stages [89]

Core Viewpoint - The crypto giant is facing a service issue as it prepares to report earnings on Thursday [1] Group 1 - The company is experiencing operational challenges that may impact its upcoming earnings report [1]