Core Viewpoint - Strive shareholders approved the acquisition of Semler Scientific, but the announcement of a one-to-20 reverse stock split surprised investors, leading to declines in share prices for both companies [1][3]. Group 1: Acquisition Details - The all-stock transaction will transfer Semler's 5,048 BTC to Strive, resulting in a combined total of nearly 12,798 Bitcoin, positioning the new entity ahead of Tesla and Trump Media & Technology Group in Bitcoin reserves, ranking 11th among corporate holders [2]. - Strive's recent purchase of 123 BTC for $11.3 million at an average price of $91,561 is included in the total Bitcoin holdings [2]. Group 2: Stock Split and Market Reaction - The reverse stock split aims to align Strive's share price with institutional participation standards, as the stock had been trading below $1 for much of the past three months [3]. - Following the announcement, Strive's stock dropped to as low as $0.90 and traded 12% lower, while Semler shares fell nearly 10% [3]. Group 3: Management Perspective - Strive's CEO, Matt Cole, characterized the reverse split as "meaningless from a valuation standpoint," but noted it would facilitate institutional investment in the stock [4]. Group 4: Industry Context - The merger and stock maneuver highlight consolidation pressures in the digital asset treasury sector, as investor enthusiasm has diminished alongside falling stock prices [5]. - Many firms in the sector are trading below the net asset value of their crypto holdings, which restricts their ability to raise capital for expansion [5]. - Mergers and asset roll-ups are becoming essential strategies for scaling operations and enhancing market visibility [5]. Group 5: Financial Strategy - Strive plans to monetize Semler's medical diagnostics business and eliminate approximately $120 million in outstanding debt, which includes a $100 million convertible note and a $20 million loan from Coinbase [6]. - The company intends to maintain a lean corporate structure, focusing on Bitcoin operations and yield generation [6].

Core Insights - The ongoing negotiations regarding a significant regulatory bill for the crypto industry are being heavily influenced by bank lobbyists, which has disrupted the initial expectations of crypto advocates [1][2][3] Group 1: Legislative Developments - The Senate Banking Committee released a draft bill that includes elements favorable to the crypto industry, but it has also made concessions that negatively impact stablecoin rewards [2][7] - The American Bankers Association argues that the competition from stablecoins could lead to a significant disruption in local lending, potentially amounting to trillions of dollars [5] Group 2: Impact of the GENIUS Act - Following the passage of the GENIUS Act, the crypto sector has been advancing its plans for customer rewards programs, although the law restricts issuers from offering yield on stablecoins [4] - Despite the restrictions, third parties and affiliates can still provide rewards, which has raised concerns among bankers about the potential threat to the U.S. banking system [4] Group 3: Lobbying Dynamics - The crypto industry is facing intense pressure from large banks, which are attempting to reshape the regulatory framework to protect their existing business models [3][6] - The new draft bill includes a compromise that prevents stablecoins from offering rewards in a static manner, akin to a savings account, but allows for rewards based on transactional activity [7]

Group 1 - The "crypto as digital gold" narrative is being tested by market conditions that do not align with investor convictions [1] - The GX Blockchain ETF (BKCH) provides a way to invest in the infrastructure of the crypto space without the volatility associated with individual cryptocurrencies [1] - As of last Friday, BKCH's total assets are approximately $370 million, with its top 11 holdings making up 70% of these assets [4] Group 2 - BKCH is characterized as a high-octane investment that requires strict risk management from traders [4] - The ETF is primarily composed of crypto exchanges and miners, which generate revenue regardless of Bitcoin's price fluctuations [7] - Coinbase (COIN) is a significant holding in BKCH, representing over 11% of its assets, and its performance is critical for the ETF's success [7] Group 3 - The daily chart of Applied Digital (APLD) mirrors that of BKCH, indicating a potential stabilizing effect on the ETF [8] - BKCH is not intended as a long-term holding but rather as a tactical investment that should be monitored closely for momentum [9] - The price-earnings ratio for BKCH exceeds 50x, despite a 40% decline in price, indicating that the stocks are not inexpensive [9] Group 4 - The focus is on managing outcomes rather than speculating on the future of blockchain technology [10] - A critical technical level for BKCH is its 50-day moving average, which serves as a key indicator for potential trading decisions [10]

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on January 12, 2026. Registration No. 333-[•] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 KRAKacquisition Corp (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 6770 98-1875195 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identific ...

Core Viewpoint - BitGo is aiming to raise up to $201 million in its initial public offering (IPO), with a valuation of approximately $1.85 billion, based on the midpoint of its offering range [1] Group 1: IPO Details - The company plans to sell 11 million shares priced between $15 to $17 each in the IPO, as per an updated filing with the U.S. Securities and Exchange Commission [2] - An additional 821,595 shares are being offered by insiders [2] - If shares are priced at the midpoint, BitGo is set to receive $156.4 million in net proceeds from the IPO [3] Group 2: Financial Performance - Revenue surged to nearly $10 billion in the first nine months of 2025, up from $1.9 billion during the same period the previous year, primarily due to high-volume trading and digital asset settlement services [4] - The net income for the first nine months of 2025 reached $35.3 million, an increase from $21.2 million in the prior year [4] Group 3: Regulatory Developments - BitGo has recently received conditional approval from U.S. regulators to operate as a national trust bank, which may enable it to qualify as a stablecoin issuer under the new federal GENIUS Act [5]

Core Insights - In decentralized finance (DeFi), traders previously lacked options during market downturns, primarily relying on stablecoins for liquidity [1] - The recent sell-off in the crypto market on October 10, 2025, resulted in $19 billion in long positions being liquidated, yet stablecoins only saw a modest 2% increase in market cap to over $303 billion [2] - The on-chain commodities sector, particularly tokenized gold, has shown significant growth, with a 27% increase in October alone, contrasting with the overall crypto market decline [3] Market Trends - The on-chain gold sector's market capitalization rose from $2.4 billion to over $2.6 billion between October 9 and October 13, 2025, and has increased from $1 billion at the start of the year to over $3 billion [4] - Gold prices have surged dramatically, from $2,624.49 per troy ounce on January 1 to $4,065.81 on November 18, driven by global political instability and a weakening U.S. dollar [5] - DeFi investors, typically known for higher risk tolerance, are increasingly investing in gold, which is stabilizing the market amid the broader crypto downturn [6]

Market Overview - Bitcoin experienced a mid-morning surge to approximately $92,000 but retreated to $90,300, marking a nearly 1% decline over the past 24 hours [1] - In contrast, major U.S. stock indices showed positive performance, with the Nasdaq up 1% and the S&P 500 up 0.8% [2] Employment and Economic Indicators - The U.S. December employment report revealed job gains of only 50,000, below the forecast of 60,000, while the unemployment rate decreased to 4.4% from 4.6% [3] - The University of Michigan Sentiment Index for January increased to 54, surpassing expectations of 53.5, while one-year inflation expectations rose to 4.2% from 4.1% [4] Crypto-Related Stocks - Crypto-related stocks generally declined, with Coinbase (COIN) down 2.3%, Gemini (GEMI) down 4.5%, and Strategy (MSTR) down 5.6% [6] - However, bitcoin miners that have shifted focus to AI infrastructure, such as Hut 8 (HUT), IREN (IREN), and Core Scientific (CORZ), saw gains in the range of 2%-4% [6]

Group 1 - The upcoming markup of crypto market structure legislation is scheduled for January 15, with protection for DeFi developers being a key issue among US Senators [1] - A bipartisan framework for crypto legislation is being negotiated, with representatives from numerous crypto companies lobbying in Washington, DC [2] - The proposed market structure bill aims to resolve jurisdictional conflicts between the SEC and CFTC over crypto markets [3] Group 2 - The Senate Banking Committee's version of the bill would grant the SEC oversight of ancillary assets, while allowing tokens to fall under CFTC jurisdiction once sufficiently decentralized [4] - Recent offers from Republican senators to Democrats include new provisions on investor protections and illicit finance [5] - Unresolved issues include ethics concerns regarding Trump and his family members in crypto businesses, as well as protections for software developers [6] Group 3 - The Blockchain Regulatory Certainty Act addresses legal challenges faced by crypto developers, particularly those involved in creating crypto mixers [7] - The Department of Justice has attempted to limit the application of money transmission laws against crypto developers, indicating a shift in prosecutorial focus [8]

Core Insights - Fireblocks acquired TRES for $130 million to enhance crypto tax handling and record-keeping for large financial institutions, indicating a focus on operational improvements rather than publicity [1] - The acquisition aligns with the introduction of new regulations and the increasing movement of funds via blockchain technology [1][2] Group 1: Acquisition Details - Fireblocks is known for providing secure storage and transaction solutions for digital assets, trusted by over 2,400 enterprises [3] - TRES specializes in tracking on-chain transactions, aligning them with bank records, and generating audit-ready tax reports across more than 280 blockchains [3] Group 2: Industry Implications - The deal addresses a critical barrier for institutions, as they require clear record-keeping to engage with crypto at scale, thus removing a significant obstacle for broader adoption [4] - Enhanced accounting capabilities are expected to lead to increased institutional investment, resulting in more stable prices and smoother trading experiences for everyday users [5] Group 3: Operational Impact - Fireblocks processes up to $10 trillion in transfers annually, and the integration of TRES will transform it into a comprehensive control center for crypto management [5] - The acquisition reflects a trend towards making crypto infrastructure more reliable and regulator-friendly, which is essential for institutional acceptance [6] Group 4: Future Outlook - TRES will continue to operate as a standalone product, ensuring that current users experience no changes while improving backend operations for companies [7] - The acquisition highlights the necessity of clean records for the growth of crypto beyond a niche market, emphasizing the importance of operational efficiency [7]

Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized as a forward-looking technology adopter, utilizing automation and software tools, including generative AI, to enhance workflows [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]