Core Viewpoint - Digital assets are transitioning from niche experiments to a structural financial layer, with 2026 anticipated as a pivotal year for broader market recognition [1] Group 1: Industry Transformation - The financial industry has been quietly retooling its infrastructure, regulatory frameworks, and institutional workflows in preparation for a breakout year in 2026 [2] - Major banks and brokerages have made significant announcements in 2025, indicating a commitment to developing digital asset capabilities [3] - The cultural shift in 2025 marked the first year where market participants ceased to declare bitcoin "dead," reflecting a broader acceptance of digital assets [3] Group 2: Integration with Capital Markets - Digital assets are moving closer to integration with capital markets through exchange-traded products (ETPs), derivatives, tokenization, and evolving legal frameworks [4] - Tokenization involves converting real-world assets into blockchain-based tokens, enhancing accessibility for a broader investor base [4] Group 3: Institutional Demand - Institutions are expected to drive the evolution of digital assets, expanding synthetic exposure and participation in digital asset returns through derivatives and structured products [5] - Despite the growth of synthetic exposure, bitcoin will maintain its traditional appeal as a reserve asset [5]

Core Insights - XRP is currently trading near $2.10, with recent spot exchange-traded funds (ETFs) surpassing $1.37 billion in total inflows [1][3] - The recent 35-day streak of net inflows for XRP ETFs ended on January 7, with a single-day outflow of approximately $40.8 million [2] - Institutional interest in XRP appears to be increasing, as indicated by futures positioning and ETF flows, despite a flat chart appearance [2] Market Activity - Total inflows for XRP since the launch of ETFs are approximately $1.37 billion, with around $483 million added in December [3] - XRP futures open interest is around $4.08 billion, making it one of the largest markets outside of Bitcoin and Ethereum [3] - Approximately $5.75 billion was traded through XRP futures in the past day, indicating active but calm derivatives markets [3] Price Action - XRP is consolidating above a long-term support level, having broken out of a multi-year wedge earlier [4][5] - The price has shown a series of lower highs since peaking above $3.00, but remains above the previous breakout zone, suggesting consolidation rather than a full trend breakdown [5] - Recent weekly candles indicate reduced volatility and smaller ranges, which may signal fading selling pressure [5] Technical Outlook - As long as XRP holds above the $2.00 support level, the broader uptrend that began in early 2024 remains intact [6] - A break below $2.00 could weaken the bullish outlook, while a move back toward $3.00 would indicate fresh momentum [6]

Core Insights - Ripple's US dollar-backed stablecoin, RLUSD, has reached a new all-time high in market capitalization, driven by partnerships and regulatory advancements that enhance its appeal to institutional investors [1][2] Group 1: Market Performance - RLUSD's market capitalization has surpassed $1.38 billion, marking it as one of the fastest-growing digital assets with an increase of $125 million since late November 2025 [2] - The growth of RLUSD is primarily attributed to Ripple's partnership with LMAX Group, a prominent global marketplace for foreign exchange and digital assets [3] Group 2: Partnership Details - The partnership with LMAX Group involves a multi-year collaboration where RLUSD will be integrated as a core collateral asset within LMAX's institutional trading infrastructure [4] - This integration allows banks, brokers, and buy-side institutions to utilize RLUSD for cross-collateralization and margin efficiency in various trading formats, including spot crypto and perpetual futures [4][6] Group 3: Strategic Implications - Ripple has committed $150 million in financing to support LMAX's long-term growth strategy, emphasizing the importance of fiat-backed stablecoins in bridging traditional finance and digital assets [5] - The partnership is expected to enhance liquidity for institutional clients, providing secure custody through segregated wallets and 24/7 access to a cross-asset marketplace, a feature not typically available with traditional fiat currencies [6]

Core Viewpoint - Bit Origin Ltd has announced a 1-for-60 reverse stock split of its Class A and Class B ordinary shares to comply with Nasdaq's minimum bid price requirement [3]. Group 1: Reverse Stock Split Details - The reverse stock split will take effect on January 20, 2026, with Class A shares trading under the existing ticker symbol "BTOG" on a reverse-split-adjusted basis [2]. - Following the reverse stock split, the number of outstanding Class A ordinary shares will decrease from approximately 88.6 million to about 1.5 million, and Class B ordinary shares will reduce from 768,000 to 12,800 shares [3]. - The company will also amend its Memorandum of Association to proportionately reduce the number of authorized ordinary shares for issuance and change the par value of post-reverse stock split ordinary shares to $0.00006 per share [3]. Group 2: Shareholder Impact - No fractional shares will be issued; shareholders entitled to fractional shares will receive one full share instead [4]. Group 3: Company Background - Bit Origin Ltd is focused on digital asset innovation and blockchain-based strategies, including the development of digital asset treasury initiatives [5].

Core Viewpoint - Galaxy Digital Inc. is set to report its fourth quarter and full year 2025 financial results on February 3, 2026, before the market opens [1] Group 1: Financial Reporting - The financial results will be announced before the opening of Nasdaq and the Toronto Stock Exchange [1] - A conference call will be hosted by CEO Michael Novogratz and management at 8:30 AM Eastern Time on the same day to update investors and analysts [2] Group 2: Company Overview - Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that enhance finance and artificial intelligence [3] - The company's digital assets platform offers institutional access to various services including trading, advisory, asset management, staking, self-custody, and tokenization technology [3] - Galaxy operates a significant data center infrastructure, including a 1.6 GW Helios campus in Texas, making it one of the largest and fastest-growing data center developers in North America [3] - The company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia [3]

Core Insights - iPower Inc. has executed its Digital Asset Treasury strategy, making initial purchases of Bitcoin and Ethereum through a subsidiary account with BitGo, ensuring assets are held under defined custody and governance arrangements [2][3]. Group 1: Digital Asset Strategy - The company emphasizes that its Digital Asset Treasury is a long-term strategy rather than a short-term trading approach, focusing on disciplined execution within a risk-management framework [3][4]. - iPower's CEO, Lawrence Tan, highlighted the importance of execution discipline and transparency in building digital asset exposure in a controlled manner, supported by institutional-grade custody and governance [4]. Group 2: Market Performance - Since the initial purchases, the market prices for Bitcoin and Ethereum have remained above the acquisition prices, indicating positive market movement during this period [3]. Group 3: Future Plans - iPower may consider additional digital asset purchases in the future, contingent on market conditions, capital availability, and internal risk-management considerations [4]. - The company is also evaluating its operating and capital structure to enhance long-term stockholder value [5]. Group 4: Company Overview - iPower Inc. operates at the intersection of digital assets and real-world commerce, leveraging its e-commerce operations and emerging digital asset initiatives to connect digital assets with real-world commerce through compliant infrastructure [6].

Core Insights - Galaxy Digital has successfully closed its first tokenized collateralized loan obligation (CLO), Galaxy CLO 2025-1, on the Avalanche blockchain, with an anchor investment of approximately $50 million from Grove [1][2][3] Group 1: Transaction Details - The CLO will support Galaxy's lending activities and is designed to finance an uncommitted credit facility provided to Arch Lending, a crypto lending platform [3][4] - Approximately $75 million has been financed to date, with the CLO having the potential to scale up to a $200 million limit as additional loans are originated [3][4] - The CLO's debt tranches are tokenized on the Avalanche blockchain, enabling low-cost and efficient trading, with an initial maturity set for December 2026 [5][6] Group 2: Strategic Implications - This transaction represents a significant step in bringing private credit onchain, enhancing structural transparency and potentially improving secondary-market liquidity [6][5] - Galaxy aims to evolve its lending and asset management capabilities through this innovative CLO structure, providing investors access to capital-efficient lending [4][5] - The partnership with Grove and the use of blockchain technology are expected to advance the convergence of traditional credit markets and decentralized finance [5][6] Group 3: Infrastructure and Management - Galaxy's Lending and Digital Infrastructure teams structured and tokenized the CLO, while Galaxy Asset Management is responsible for issuing and managing it [7] - Anchorage Digital Bank serves as the bond trustee and qualified custodian, providing critical infrastructure for real-time collateral monitoring and secure onchain settlement [7] - The collaboration with Accountable offers continuous transparency into the performance and collateralization of underlying loans through a verifiable dashboard [8][9]

随着参议院委员会审议两党共同提出的《CLARITY法案》，Coinbase（COIN）和其他美国数字资产公 司可能获得更明确的监管框架。该法案划分了SEC/CFTC的监管职责，打击非法金融，并保留了自我托 管和开发者保护条款。 随着参议院委员会审议两党共同提出的《CLARITY法案》，Coinbase（COIN）和其他美国数字资产公 司可能获得更明确的监管框架。该法案划分了SEC/CFTC的监管职责，打击非法金融，并保留了自我托 管和开发者保护条款。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

Core Viewpoint - International Star Inc. has appointed Buster Cox as a strategic advisor to enhance its growth and capital deployment strategy, focusing on emerging technologies, digital assets, and operating businesses [1] Group 1 - The company aims to drive long-term shareholder value through a more active strategy in emerging technologies [1] - The appointment of Buster Cox is part of the company's plan to enter the next phase of growth [1] - The board believes that capital deployment will be crucial for the company's future success [1]

Core Insights - Upexi, Inc. has a significant potential upside with a price target of $8 set by Industrial Alliance Securities, while the stock is currently trading at $2.31, indicating a potential increase of approximately 246% [1] Financial Moves - Upexi has entered a securities purchase agreement with Hivemind Capital Partners involving a Convertible Note valued at approximately $36 million, priced above the market at a fixed conversion price of $2.39 per share [2] - The Convertible Note has an interest rate of 1.0%, payable quarterly, and a maturity period of 24 months, which is expected to enhance Upexi's financial position [3] Market Performance - Upexi's stock is currently priced at $2.31, reflecting an increase of approximately 3.59% today, with a trading range between $2.21 and $2.36 [4] - The company has experienced significant volatility over the past year, with a high of $22.57 and a low of $1.67 [4] - Upexi's market capitalization is approximately $139.68 million, with a trading volume of 4,272,483 shares, highlighting its strategic efforts to strengthen market position [5]