Grayscale filed with the US Securities and Exchange Commission (SEC) to list an exchange-traded product (ETP) for Bittensor’s TAO token on NYSE Arca under the ticker GTAO. TAO traded around $222 at the time of the filing, after a strong year of AI‑crypto interest and Bittensor’s first halving. This move drops AI‑crypto directly into the regulated Wall Street conversation, not just crypto Twitter. What Exactly Did Grayscale File, and Why Should Beginners Care? An ETP is a traditional stock‑market produc ...

Institutional capital is executing a sharp rotation. While the broader digital asset market shed $446 million last week, XRP investment products recorded $70.2 million in inflows, according to the latest CoinShares Digital Asset Fund Flows Report. The divergence is stark. Bitcoin products saw $443 million in outflows—one of the largest weekly pullbacks since October. Ethereum funds followed suit, losing $59.3 million. Source: CoinShares XRP (trading at $1.87, +0.43%) and Solana (trading at $125, +1.41% ...

Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud or unlawful business practices by ETHZilla Corporation and its officers or directors [1] Group 1: Company Financials and Operations - On December 19, 2025, ETHZilla disclosed the sale of approximately 24,291 Ether (ETH) for a total of $74.5 million, intending to use the funds primarily to redeem outstanding senior secured convertible notes [3] - The company plans to explore various capital raising strategies, including ETH sales and equity offerings, to support its business plans, particularly the tokenization of real-world assets [3] - On December 22, 2025, ETHZilla indicated that its future value would be driven by revenue and cash flow growth from its RWA tokenization business [3] Group 2: Market Reaction - Following the announcements, ETHZilla's stock price decreased by $0.60 per share, or 8.70%, closing at $6.30 per share on December 22, 2025 [3]

Core Insights - The year 2025 is marked as a pivotal yet tumultuous period for the global stablecoin industry, with significant developments anticipated as 2026 approaches [2] Legislative Developments in the U.S. - Following Trump's re-election, the stablecoin market is expected to flourish due to his favorable stance on cryptocurrencies [3] - The introduction of the GENIUS Act in February 2025, aimed at establishing a regulatory framework for stablecoins, received bipartisan support and was passed by the Senate Banking Committee [4] - The signing of the GENIUS Act on July 18, 2025, represents the first federal-level regulation of stablecoins in the U.S., alongside the Digital Asset Market Clarity Act and the Anti-CBDC Act, which collectively aim to bolster the dollar's status as the global reserve currency [4] - As of mid-2025, over 99% of the stablecoin market capitalization is attributed to dollar-pegged stablecoins, with USDT and USDC holding nearly 70% of their reserves in short-term U.S. Treasury bonds [4] Industry Reactions and Concerns - The implementation of the GENIUS Act has faced opposition from various banking groups, which have expressed concerns over provisions that could grant competitive advantages to certain institutions [5][6] - The Federal Reserve is exploring reforms to financial accounts to accommodate new business models, including a proposal for a "payment account" to facilitate direct access to the Fed's core payment systems for fintech companies and stablecoin issuers [7] Hong Kong's Legislative Approach - Hong Kong has taken proactive steps by passing the Stablecoin Bill on May 21, 2025, establishing a licensing regime for stablecoin issuers and enhancing regulatory frameworks for virtual asset activities [8] - Despite initial interest, the number of stablecoin license applications in Hong Kong has decreased significantly, indicating potential regulatory hurdles and a cautious approach from the authorities [9] - The Hong Kong Monetary Authority has clarified misconceptions regarding the licensing process and has faced challenges in aligning its regulations with market expectations [10] China's Regulatory Stance - China's regulatory framework for stablecoins remains largely unchanged since the 2021 directive prohibiting virtual currency trading, despite increased interest in stablecoins due to developments in the U.S. and Hong Kong [12][17] - The People's Bank of China has emphasized its commitment to combating illegal activities related to stablecoins while monitoring global developments [17] - The ongoing discussions around stablecoins in China have led to a cautious approach, with regulatory bodies maintaining a focus on preventing risks associated with virtual currencies [17] Global Trends and Market Dynamics - The global stablecoin market is characterized by a significant dominance of dollar-pegged stablecoins, which account for over 99% of the market, raising concerns among other nations about the implications for their currencies [19][20] - The European Union's MiCA regulation, effective December 30, 2024, aims to address the challenges posed by the dominance of dollar stablecoins, although its impact on euro stablecoins has been limited [20] - Japan has approved its first yen-pegged stablecoin, JPYC, but market acceptance has been slow, highlighting the challenges in establishing a robust stablecoin ecosystem [21][22] - The UK is actively developing a regulatory framework for stablecoins, with a focus on ensuring that a significant portion of reserves is held in short-term government bonds [23][24] Market Integration and Future Outlook - The stablecoin market is witnessing increased recognition from capital markets, with major financial institutions engaging in acquisitions and partnerships to enhance their presence in the space [25] - The integration of Web2 and Web3 is accelerating, as traditional payment systems begin to incorporate stablecoin functionalities, indicating a shift towards a more hybrid financial ecosystem [25] - Ongoing infrastructure developments, such as Stripe's launch of stablecoin projects, reflect the competitive landscape between traditional financial entities and emerging blockchain technologies [26]

Core Viewpoint - Grayscale is seeking to provide U.S. investors with exposure to Bittensor's TAO through the first U.S.-listed exchange-traded product (ETP) focused on decentralized artificial intelligence [1][2][5] Group 1: Grayscale's Initiative - Grayscale has filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission for the Grayscale Bittensor Trust, which is expected to trade under the ticker GTAO [2][3] - The proposed trust would hold TAO directly, allowing regulated access to one of the largest tokens in the decentralized AI space, with TAO's current market cap at approximately $2.3 billion [2][4] Group 2: Industry Context - Barry Silbert, chairman of Grayscale, highlighted the rapid evolution of decentralized AI and Grayscale's role in providing access to this emerging sector [3] - The filing represents the first ETP for TAO in the U.S., following a similar initiative by Deutsche Digital Assets to list a Bittensor ETP on the SIX Swiss Exchange under the ticker STAO [3][5] Group 3: Market Dynamics - Bittensor operates as an open network that incentivizes machine learning development through crypto-economic rewards, attracting interest from investors looking for AI-related crypto assets beyond traditional platforms [4] - The filing indicates a growing trend among asset managers to create regulated investment products around emerging crypto narratives, reflecting an increasing institutional interest in decentralized AI [5]

Core Argument - The narrative surrounding MicroStrategy (MSTR) should focus on its structural ability to increase Bitcoin exposure per share over time rather than merely acting as a leveraged Bitcoin proxy [2][3]. Company Overview - MicroStrategy began accumulating Bitcoin in June 2021, with the stock initially trading at approximately 2.5 times its market net asset value (mNAV) [3]. - By late 2022, the company held 129,999 Bitcoin, with its notional debt briefly exceeding asset value, yet the underlying financial structure remained intact [3][4]. Investment Thesis - The capital structure of MicroStrategy is viewed as a key factor in its long-term value proposition, with the belief that market timing is less critical than the company's ability to compound Bitcoin exposure [4][6]. - By mid-2023, the company had significantly increased its Bitcoin holdings to 672,497, which is over 12 times that of the next largest publicly traded corporate holder [5]. Risk Profile and Valuation - The risk profile of MicroStrategy's shares has improved, with the net asset value (NAV) per share now being 160% greater than the initial 2.5x mNAV shares purchased in June 2021 [6]. - The rising NAV floor has surpassed the original cost basis, indicating a positive shift in the company's valuation dynamics [6][7].

Japan’s Metaplanet reignited its aggressive Bitcoin accumulation strategy, announcing a major Q4 purchase that boosts its holdings on 30 December 2025. Meanwhile, Michael Saylor’s Strategy continues funding Bitcoin buys through share sales, but its stock hits fresh lows amid market pressures. Metaplanet’s latest purchase of 4,279 BTC comes after a short buying hiatus. This purchase elevates the Tokyo-listed firm’s total holdings to 35,102 BTC. It is Asia’s largest corporate Bitcoin treasuries. Flaunting ...

Metaplanet has pushed its Bitcoin holdings past the $3 billion mark after completing another large purchase, as it deepens into a hybrid model of the Bitcoin treasury and income business. The Tokyo-listed firm disclosed on December 30 that it acquired an additional 4,279 Bitcoin at a total cost of about $451 million, lifting its total holdings to 35,102 BTC. At current market prices, the stack is valued at roughly $3 billion, placing Metaplanet among the world’s largest publicly listed Bitcoin holders. ...

Grayscale is looking to offer the first TAO ETF — Source: CoinGape Grayscale has filed an S-1 with the SEC to convert its GTAO fund into the first Bittensor ETF. The crypto ETF issuer seeks to list the fund on the NYSE Arca under the ticker 'GTAO.' TAO price has climbed above $220 on the back of this filing. Crypto ETF issuer Grayscale is seeking to convert its GTAO fund into the first Bittensor ETF, a move that will further widen its crypto ETF offerings. The TAO price has climbed above $220 on t ...

Core Viewpoint - Standard Chartered's head of digital assets research, Geoffrey Kendrick, has raised the XRP price target to $8 by 2026, indicating a potential increase of +330% from its current price of $1.86, reflecting the growing acceptance of cryptocurrencies in mainstream finance [1]. Group 1: XRP Price Target and Market Reaction - The new price target of $8 is linked to recent regulatory clarity and increased demand for XRP exchange-traded funds (ETFs) in the U.S., which have attracted over $1 billion [2]. - Despite the bullish forecast, the current market conditions show a bearish divergence in the Moving Average Convergence Divergence (MACD), suggesting that the market may need to stabilize before reaching the $8 target [3]. Group 2: Background on Ripple and XRP - Ripple develops payment software for banks and remittance firms, with XRP serving as a bridge currency to facilitate efficient cross-border transactions [4]. - The SEC's lawsuit against Ripple in 2020 claimed that XRP sales were illegal securities offerings; however, a U.S. court ruled that XRP sales to retail traders did not constitute securities transactions, which has cleared the way for U.S. spot XRP ETFs [5]. Group 3: Importance of XRP ETFs - Spot XRP ETFs allow traditional investors to gain exposure to XRP in a stock-like format, with net inflows reaching approximately $1.14 billion by late December [6]. - Standard Chartered's bullish stance on XRP, alongside previous aggressive calls on other cryptocurrencies, indicates that institutional clients are increasingly inquiring about XRP [7].