Core Viewpoint - OSL Group has launched USDGO, a regulated U.S. dollar stablecoin aimed at enhancing cross-border payments and liquidity management for enterprises in Asia and globally [2][6]. Group 1: Product Overview - USDGO is a federally regulated stablecoin that is 1:1 backed by U.S. dollars and undergoes stringent third-party audits, ensuring compliance and security [3][9]. - An initial batch of USDGO stablecoins amounting to US$50 million has been minted and deployed on the Solana blockchain, with plans for future expansion to additional chains [3][4]. - The stablecoin is designed to provide 24/7 liquidity support for various users, including corporations, institutions, and individuals, facilitating a low-friction trading and settlement experience [4][5]. Group 2: Target Market and Applications - USDGO aims to address compliance and technical assurance for enterprise clients, offering capabilities for cross-chain, cross-platform, and cross-currency transactions [5][6]. - The stablecoin is positioned to serve high-frequency business scenarios such as cross-border e-commerce, international trade, and financial services, enhancing efficiency over traditional payment channels [5][9]. - OSL Group envisions USDGO as a primary choice for global enterprises seeking compliant on-chain payment solutions, thereby empowering the real economy [6][9]. Group 3: Strategic Partnerships - Anchorage Digital Bank, the issuer of USDGO, is the first federally chartered crypto bank in the U.S., collaborating with OSL Group to ensure the stablecoin's integration into existing financial systems [3][7]. - The partnership aims to advance the adoption of compliant digital assets within real payment flows and treasury environments, reflecting a significant step forward for the industry [7][9].

Core Viewpoint - Galaxy Digital's share price surged 18% to $19.90 following the announcement of a $200 million share repurchase program, indicating management's confidence in the stock's undervaluation and the company's strong financial position [1][3]. Group 1: Share Repurchase Program - The company has authorized a share repurchase program of up to $200 million, allowing for the buyback of Class A common stock over the next 12 months [1]. - Buybacks may be executed through various methods, including open market transactions and trading plans under Rule 10b5-1, with the option to suspend or discontinue the program based on market conditions [2]. Group 2: Management Confidence - Management's decision to initiate the buyback program reflects confidence that Galaxy's shares are undervalued and that the firm has excess capital available [3]. - CEO Mike Novogratz emphasized the company's strong balance sheet and ongoing investments in growth, which provide the flexibility to return capital to shareholders when the stock price does not reflect the business's value [4]. Group 3: Financial Performance - Galaxy reported a net loss of $482 million for the fourth quarter, which initially negatively impacted the stock price [5]. - Despite the quarterly loss, the company generated $426 million in adjusted gross profit for the full year and ended the year with $2.6 billion in cash and stablecoins, highlighting its strong liquidity position [5]. Group 4: Market Context - Other cryptocurrencies and stocks in the crypto sector also experienced gains, with Bitcoin reaching $70,000 and Ethereum surpassing $2,000 [6]. - In traditional markets, the Dow Jones Industrial Average exceeded 50,000 for the first time, indicating a positive market environment [6].

Bitwise Investments has taken a major step toward bringing Uniswap (UNI) to the broader financial market, filing an S-1 registration with the US SEC (Securities and Exchange Commission) for a spot Uniswap ETF. The announcement marks a potential milestone for UNI adoption in institutional portfolios, yet the token’s price still struggles. Bitwise Filed for a Spot Uniswap ETF as Daily UNI Burn Hits a New High Bitwise recently registered the “Bitwise Uniswap ETF” entity in Delaware, a procedural move ident ...

Core Insights - The rise and fall of Bitcoin Treasury companies is a significant trend in the cryptocurrency market, with discussions around their sustainability and effectiveness becoming increasingly relevant [1][2] Group 1: Bitcoin Treasury Companies - Bitcoin Treasury companies are firms that raise capital to hold Bitcoin on their balance sheets, aiming to outperform Bitcoin by generating yield [2] - There is skepticism regarding the sustainability of these companies, as Bitcoin does not have a native yield, and attempts to generate yield may involve taking on additional risks [2][3] - The market has shown signs of skepticism towards these companies, reminiscent of past Bitcoin yield schemes that ultimately failed [3] Group 2: Comparison to Traditional Models - The structure of Bitcoin Treasury companies has been compared to early trading of Grayscale Bitcoin Trust (GBTC), where shares traded at a premium to Bitcoin's actual value, raising concerns about sustainability [4] - Many treasury firms may pivot to revenue-generating activities like crypto-backed lending or staking, but justifying their valuations remains a challenge [4][5] Group 3: Preference for Cash-Flowing Businesses - There is a preference for companies that have real operations and generate cash flow rather than those that rely on financial gimmicks to manipulate balance sheets [5][6] - Healthy treasury management involves using profits to buy Bitcoin as a hedge, rather than engineering yield to inflate balance sheet numbers [6]

Core Insights - Galaxy Digital reported a fourth-quarter loss of $482 million, primarily due to a 22% decrease in the value of its investment portfolio [1] - The company's digital assets and investments declined by $449 million, bringing the total portfolio value down to $1.7 billion, while it still holds $2.6 billion in cash and stablecoins [1][2] - The earnings before taxes and interest loss of $557 million exceeded analysts' expectations of $278 million [2] Financial Performance - At the end of the fourth quarter, Galaxy held $557 million in Bitcoin, $124 million in Ethereum, and $220 million in other altcoins [2] - The company managed $617 million in venture and fund investments and reported $141 million in "other liquid investments" [2] - Trading volumes fell 62% quarter-over-quarter to $10.6 billion, following a $9 billion Bitcoin sale in the third quarter [4] Market Position - Galaxy's shares fell approximately 16% following the earnings report, trading at $22.13, the lowest since July, compared to an all-time high of $45.92 in October [3] - The value of Galaxy's loan book remained stable at $1.8 billion, indicating resilience and sustained client demand despite lower digital asset prices [5] - The company reported $6.4 billion in assets under management, a 27% decrease from $8.8 billion in the previous quarter [6] Future Developments - The first phase of Galaxy's Helios data center is on track for completion in the first half of the year, with an agreement to deliver 133MW of critical IT load in partnership with AI cloud provider CoreWeave [7]

Core Insights - Superstate has raised $82.5 million in Series B funding, highlighting the increasing trend of tokenizing traditional Wall Street assets [1] - The funding round was led by Bain Capital's crypto division and Distributed Global, with participation from notable crypto investors [1] - The tokenization of assets has shifted from a novelty to a standard practice on Wall Street, with significant developments from major financial institutions [2] Industry Developments - Superstate is focused on creating infrastructure for moving traditional assets onto blockchain networks like Ethereum and Solana [2] - BlackRock's tokenized money market fund has seen substantial growth, expanding to several billion dollars since its launch on Ethereum [2] - The New York Stock Exchange is developing an on-chain platform for trading tokenized stocks and ETFs, indicating a broader acceptance of tokenization in traditional finance [3] Company Positioning - Superstate has become a preferred service provider for companies looking to tokenize their assets, particularly those with ties to the crypto industry [3] - The CEO of Superstate anticipates that tokenized stocks will attract retail investors, allowing them to utilize idle assets within the decentralized finance ecosystem [4] - Crypto-native companies are increasingly entering the tokenized stock market to compete with traditional finance firms [4] Market Trends - A report from BlackRock indicates that the convergence of crypto and traditional finance is creating lucrative financial opportunities [6] - The author of the BlackRock report emphasizes the accelerating trend of traditional securities being tokenized and digital assets integrating into traditional financial systems [7]

Cork Protocol, a decentralized programmable risk layer, has raised $5.5 million in a successful seed round led by a16z’s CSX startup fund and Road Capital. The funding round drew participation from a slew of noteworthy VC and crypto investment groups including 432 Ventures, BitGo Ventures, Cooley, DEPO Ventures, Funfair Ventures, G20 Group, Gate Labs, Hyperithm, IDEO Ventures, PEER VC, Stake Capital, and WAGMI Ventures. According to a Jan. 21 press release, funds are earmarked to support the protocol’s ...

Core Viewpoint - Galaxy Digital Inc. (GLXY) has been covered multiple times, with a notable listing on Nasdaq on May 16, 2025, indicating a significant milestone for the company [1]. Group 1: Company Overview - Galaxy Digital Inc. is actively involved in the cryptocurrency sector, reflecting a growing interest in digital assets [1]. - The company has undergone a transition to public trading, which may enhance its visibility and investment opportunities [1]. Group 2: Analyst Perspective - The analyst expresses a focus on identifying strong businesses at reasonable prices, with a particular interest in technology and cryptocurrency sectors [2]. - There is an indication of potential short-selling interest in GLXY, suggesting a strategic approach to investment based on market conditions [2].

Core Viewpoint - Galaxy Digital's head of firmwide research, Alex Thorn, indicates that 2026 may present significant forecasting challenges for bitcoin, despite a bullish long-term outlook from the firm [1][2]. Market Conditions - The broader crypto market is currently in a bear phase, with bitcoin struggling to regain sustained bullish momentum. A decisive trading range above $100,000 to $105,000 is necessary to mitigate downside risks [3]. - Bitcoin options pricing reflects uncertainty, with traders assigning similar probabilities to prices near $70,000 or $130,000 by mid-2026, and near $50,000 or $250,000 by year-end [4][5]. Structural Changes - There are signs of structural maturity in the bitcoin market, as long-term volatility has been declining. This change is attributed to the rise of institutional strategies like options overwriting and yield-generation programs, which help stabilize extreme price fluctuations [6]. - The volatility smile of bitcoin options indicates that downside protection is now more expensive than upside exposure, a trend typically seen in mature macro assets rather than high-growth markets [7]. Long-term Outlook - Despite the potential for a range-bound or "boring" 2026, this does not undermine the long-term case for bitcoin. Institutional adoption and market maturation are expected to continue, regardless of short-term price movements [8].

Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC) will be joining MoonPay soon. According to MoonPay, she will assume the roles of Chief Legal Officer and Chief Administrative Officer once a new CFTC Chair is confirmed by the Trump administration. Michael Selig Is Expected to Relieve Caroline Pham Caroline Pham was appointed acting chair of the CFTC on January 20, the same day Donald Trump was inaugurated as President. This was after five members of the bloc voted to con ...