Laura Katherine Mann, a partner at global law firm White & Case, sees 2025 as the "test-case year" for crypto initial public offerings, but says 2026 is the real proof point: the year the market finds out whether digital asset IPOs are a "durable asset class" or just a cyclical trade that only works when prices are ripping. 2025 was a busy year for crypto companies going public. Stablecoin issuer Circle (CRCL) listed in June, followed by CoinDesk's owner Bullish (BLSH) in August and crypto exchange Gemin ...

Core Points - The U.S. Treasury has imposed new sanctions on North Korean bankers and institutions involved in laundering cryptocurrency linked to cyberattacks and illicit IT work schemes that fund weapons programs [1][6] - North Korean state-sponsored hackers have reportedly stolen over $2 billion in cryptocurrency in 2025, indicating the regime's increasing dependence on digital assets [2] - The sanctioned network utilized cryptocurrency transactions and shell companies to obscure the flow of illicit funds, with specific individuals managing significant amounts tied to ransomware activities [4][5] Group 1: Sanctions and Targets - Eight individuals and two entities were designated for laundering funds derived from cybercrime, including proceeds from ransomware and crypto thefts [1] - The Treasury targeted specific individuals, including Jang Kuk Chol and Ho Jong Son, who managed at least $5.3 million in cryptocurrency linked to First Credit Bank [4] - The sanctions also extend to Korea Mangyongdae Computer Technology Company (KMCTC), which allegedly used Chinese nationals as banking proxies to disguise the origins of funds earned by DPRK IT workers abroad [5] Group 2: Cyber Activities and Techniques - North Korean hackers employ advanced malware, phishing campaigns, and social engineering to infiltrate crypto firms and exchanges [3] - A recent investigation revealed that these hackers are increasingly using AI to automate and scale their cyberattacks [3] - Ryujong Credit Bank was also sanctioned for facilitating international transfers for North Korean entities involved in sanctions evasion and crypto laundering [6]

Core Insights - There is over $75 billion in cryptocurrencies linked to illicit activities that governments, particularly the U.S., could potentially seize for strategic reserves [1][2] - The potential for asset forfeiture has significantly increased, with Chainalysis reporting a 359% growth in funds directly held by illicit entities over the past five years [4] Group 1: Asset Forfeiture Potential - The $75 billion identified includes $15 billion held by illicit entities and $60 billion in wallets that have received up to 10% of their funds from these entities [2] - Darkweb marketplace vendors and administrators control over $40 billion in cryptocurrencies, with Bitcoin making up 75% of the total illicit funds [3] Group 2: Growth Trends - Wallets downstream of illicit entities are experiencing rapid growth, with a compound annual growth rate exceeding 200% for darknet marketplace wallets [4] - The increase in illicit funds could enhance the sustainability of asset forfeiture as a funding model for national strategic reserves [4] Group 3: U.S. Government Actions - The U.S. Department of Justice has initiated the forfeiture of 127,271 BTC, valued at approximately $15 billion, linked to a cryptocurrency investment fraud syndicate [5] - This move could augment the Bitcoin strategic reserve established by President Trump, which previously held between $15 billion and $20 billion in forfeited Bitcoin [6] Group 4: Strategic Reserve Considerations - Following Trump's executive order, there is speculation about whether the U.S. will actively purchase Bitcoin to enhance its strategic reserve using "budget-neutral" strategies [7]

Core Viewpoint - BIGG Digital Assets Inc. announced that its subsidiary Netcoins has received a two-year extension for exemptive relief from the British Columbia Securities Commission, allowing it to continue operating a crypto trading platform in Canada [1][2]. Company Developments - Netcoins is experiencing consistent trading activity and has a balance sheet that meets regulatory capital requirements, positioning it to apply for registration as an investment dealer and CIRO dealer member by June 1, 2026 [2][5]. - The extension of the exemptive relief reinforces Netcoins' commitment to compliance and transparency, aiming to become one of Canada's leading regulated crypto trading platforms [3][5]. - Netcoins is required to meet specific milestones, including achieving a positive risk-adjusted capital calculation by January 31, 2026, and submitting a complete CIRO membership application by June 1, 2026 [3][4]. Regulatory Compliance - The exemptive relief allows Netcoins to operate under Canadian securities laws, with conditions that must be adhered to, including the delivery of an undertaking to the BCSC and OSC [3][4]. - Failure to meet the specified milestones could result in operational restrictions, including a potential wind-down of operations in Ontario [3][5]. Future Outlook - BIGG Digital Assets is confident in Netcoins' management to meet the required milestones and will provide updates to stakeholders [5].

Core Insights - Elliptic has secured investment from HSBC, becoming the only blockchain analytics firm backed by four globally systemically important banks (G-SIBs): HSBC, JPMorgan Chase, Santander, and Wells Fargo [1][6] - The investment aligns with the increasing interest from financial institutions in stablecoins and tokenized assets [1] Company Developments - Richard May from HSBC has joined Elliptic's board, emphasizing the importance of mitigating financial crime risks in the evolving digital asset landscape [2] - Elliptic reported record-breaking customer and revenue growth in Q2 2025, indicating significant traction [2] Product Innovations - The company has introduced a product called Issuer Due Diligence, aimed at helping banks evaluate stablecoin issuers and manage wallet risk [3] - This tool reflects the growing demand for institutional-grade risk management as banks prepare to integrate digital assets into their operations [3] Strategic Positioning - CEO Simone Maini stated that Elliptic was built for the current moment, anticipating institutional adoption and focusing on compliance, scalability, and real-time analytics [4] - The backing from four global megabanks enhances the legitimacy of Elliptic's offerings amid increasing regulatory scrutiny [5] Market Trends - The investment from HSBC is expected to fuel Elliptic's next phase of expansion as global banks deepen their exposure to digital assets [3][6] - The partnership signifies a deeper integration of blockchain tools within traditional banking infrastructure as interest in digital assets grows [5]

Core Insights - Elliptic has secured a strategic investment from HSBC, making it the only blockchain analytics firm backed by four globally systemically important banks (G-SIBs) [1] - The investment will enable Elliptic to enhance hiring and expand its presence in financial services [2] - HSBC's involvement reflects the increasing need for transparency in digital asset flows amid tightening regulations [3] Company Developments - Richard May from HSBC will join Elliptic's board, bringing expertise in financial crime compliance [1][5] - Elliptic's technology is utilized by various financial institutions and governments to monitor blockchain transactions for financial crime [2] - The firm has been focusing on enterprise adoption of digital assets and enhancing compliance capabilities for global financial institutions [3] Strategic Focus Areas - Elliptic is experiencing demand from banks interested in stablecoins and tokenized assets, launching tools to assess wallet risks [6] - The company is advancing an AI-driven roadmap to improve compliance processes and onboarding times for banks entering the crypto space [6] - Expanding blockchain coverage is a priority, ensuring readiness to screen transactions on new networks as customer needs evolve [6]