Abu Dhabi-linked sovereign investors reported more than $1.04 billion in exposure to US spot Bitcoin ETFs as of the end of 2025, based on recent SEC Form 13F filings. Mubadala Investment Company and Al Warda Investments disclosed a combined 20.9 million shares in BlackRock’s spot Bitcoin ETF, underscoring sustained state-backed allocation to regulated crypto products.
The filings arrive as US Bitcoin ETFs recorded roughly $104.87 million in daily net outflows, reflecting short-term volatility across late January and February. Total net assets across spot Bitcoin ETFs remained above $85 billion, indicating continued institutional scale despite intermittent redemptions and shifting market sentiment.
The disclosures point to a longer-term strategic positioning by sovereign capital rather than tactical trading activity. Growing participation from global institutions, including European banks and sovereign entities, suggests that regulated ETF structures are increasingly serving as the preferred entry point for large allocators seeking compliant exposure to digital assets amid evolving macro and liquidity conditions.
The State of Nevada has initiated a civil enforcement lawsuit against Kalshi after the US Court of Appeals for the Ninth Circuit denied the company’s attempt to block regulatory action tied to its sports event contracts. The lawsuit, filed by the Nevada Gaming Control Board, alleges the platform is offering unlicensed wagering products in violation of state gaming laws.
Kalshi has moved to shift the case to federal court, maintaining that its event contracts fall under the exclusive jurisdiction of the Commodity Futures Trading Commission rather than state-level gaming authorities. The dispute highlights a broader legal tension over whether prediction markets should be regulated as derivatives or gambling products.
From a regulatory perspective, the case reflects increasing scrutiny of event-based contracts across multiple US states. The outcome could influence jurisdictional boundaries between federal commodities oversight and state gaming enforcement, with potential implications for fintech, crypto-adjacent platforms, and the broader digital derivatives market.
Pump.fun has launched a trader cashback feature, redirecting rewards from token creators to traders as platform fees and profitability concerns intensify.
Pump.fun has introduced a trader cashback feature that shifts platform rewards from token creators to active traders, marking a notable adjustment to its memecoin incentive structure. Under the new model, creators must choose between traditional creator fees or a cashback-based system that redistributes rewards through trading activity.
The change follows sustained criticism that the platform’s original fee design disproportionately benefited token deployers while most traders struggled to generate consistent profits. Platform data shows only a minority of wallets achieved meaningful gains, highlighting structural concerns around sustainability in speculative token ecosystems.
From a market perspective, the update comes amid declining fee revenues and broader cooling in memecoin activity across the digital asset sector. The revised incentive framework reflects a competitive shift among crypto platforms toward user retention and engagement, particularly as trading volumes normalize and investor sentiment toward high-risk token categories remains cautious.
Bitwise and GraniteShares have filed for prediction market-style ETFs tied to US election outcomes, expanding the financialization of event-based derivatives.
Bitwise and GraniteShares have filed prospectuses with the US Securities and Exchange Commission to launch prediction market-style exchange-traded funds linked to US election outcomes. The proposed products would invest primarily in binary event contracts traded on regulated exchanges, with payouts tied to specific political results.
The ETF lineup, branded PredictionShares, includes funds tracking outcomes for the 2028 presidential election and congressional races, reflecting a broader trend toward the financialization of event-based derivatives. The structure allows investors to gain exposure to probabilistic market signals through traditional brokerage accounts.
From an institutional standpoint, the filings highlight the expanding scope of ETF innovation as issuers explore alternative asset exposure beyond commodities and crypto. Regulatory oversight from the US SEC and alignment with derivatives rules will likely be central to approval considerations, particularly as prediction markets face ongoing jurisdictional and compliance scrutiny.
eToro reported stronger-than-expected fourth-quarter earnings, sending its shares up more than 20% as crypto-related activity accounted for the majority of revenue and income. The company posted net income of $68.7 million and earnings per share of $0.71, exceeding analyst expectations despite a year-over-year decline in total revenue.
Cryptoassets generated the bulk of reported revenue lines, though largely offset by corresponding cost of revenue figures under IFRS reporting. The results contrasted with weaker earnings from competitors such as Coinbase and Robinhood, which faced pressure from lower trading volumes following a broader market downturn.
From an institutional perspective, the earnings highlight the continued importance of crypto trading activity in diversified fintech revenue models. Management also noted shifting user behavior toward commodities and multi-asset trading, reflecting a convergence trend as volatility in digital assets moderates and investors rebalance across asset classes.
Zora introduced its new attention markets platform on Solana, enabling traders to speculate on viral trends, as the ZORA token rose 6.2% following the announcement.
Zora has launched a new “attention markets” platform on the Solana blockchain, allowing users to speculate on which trends, memes, and cultural topics will gain traction online. The feature enables traders to create and trade tokenized “Trends” and “Pairs,” effectively turning social buzz into tradable assets tracked via a real-time profit and loss dashboard.
According to co-founder Jacob Horne, deploying a Trend costs 1 SOL to help deter spam, while creator rewards are available only for Pairs built under a Trend. Early activity on the platform shows trading concentrated around topics such as AI, Bitcoin, and internet culture themes.
The announcement lifted the ZORA token by 6.2% over 24 hours to $0.022, outperforming a broader crypto market pullback during the same period. The rollout also comes as prediction markets surpass $10 billion in monthly volume, signaling rising interest in speculative, narrative-driven trading models.
However, the move drew criticism from parts of the Base community after Zora previously expanded heavily on the network, including creator coin initiatives tied to onchain profiles. While some developers voiced concerns over a perceived pivot toward Solana, Base creator Jesse Pollak stated that Zora’s creator tools remain fully operational on Base and welcomed continued experimentation across ecosystems
Gemini announced the departure of its chief operating officer, chief financial officer, and chief legal officer, signaling a significant leadership restructuring at the exchange. The company confirmed the exits in a regulatory filing, noting that co-founder Cameron Winklevoss will absorb key operational and revenue responsibilities rather than appointing a new COO.
Interim leadership appointments include the chief accounting officer stepping in as interim CFO and internal legal leadership assuming general counsel duties. The executive changes follow preliminary financial results showing user growth and rising revenue, but operating expenses continue to outpace top-line expansion.
From an institutional perspective, the shakeup highlights ongoing profitability challenges across centralized crypto exchanges amid softer trading volumes and higher compliance costs. With operating expenses projected to significantly exceed revenue, investors are increasingly focused on cost discipline, governance structure, and sustainable margins in a post-cycle digital asset market environment.
Strategy purchased 2,486 Bitcoin for approximately $168.4 million last week, continuing its long-standing treasury accumulation strategy. The acquisition brings the company’s total holdings to 717,131 BTC, acquired for roughly $54.52 billion at an average cost of $76,027 per coin.
The latest purchases were funded through a combination of common stock sales and issuance of the firm’s STRC preferred shares, reflecting an ongoing capital markets-driven approach to bitcoin exposure. With Bitcoin trading below the company’s average acquisition cost, the holdings currently represent a sizable unrealized loss on paper.
Led by Executive Chairman Michael Saylor, Strategy remains one of the largest institutional holders of Bitcoin globally. The continued accumulation highlights a treasury model centered on long-term digital asset allocation, even as macro conditions, equity performance, and crypto price volatility influence institutional risk management decisions.
BitMine Immersion Technologies acquired 45,759 Ether last week, valued at roughly $90 million, marking its largest weekly ETH purchase by token volume this year. The move lifted the firm’s total holdings to more than 4.37 million ETH, reinforcing its position as a major institutional treasury participant in the Ethereum ecosystem.
The company has staked approximately 3 million ETH, generating an estimated $176 million in annualized rewards with yields near 2.9%. Chairman Tom Lee noted that crypto market sentiment remains subdued, drawing comparisons to the downturns seen in 2018 and 2022, though without major systemic failures.
The accumulation strategy reflects a broader institutional approach focused on long-term utility and staking income rather than short-term price movements. Within the current macro environment of tighter liquidity and cautious risk appetite, large treasury allocations to Ethereum highlight continued conviction in blockchain infrastructure, tokenization, and AI-linked use cases despite ongoing market weakness.
ZeroLend announced it will shut down after three years of operation, citing unsustainable economics, shrinking liquidity across supported blockchains, and escalating security risks. The protocol said persistent losses, inactive chains, and reduced oracle support made continued operations unviable in the current market environment.
The team’s immediate priority is enabling users to withdraw assets safely, particularly from low-liquidity networks such as Manta, Zircuit, and XLAYER. Most lending markets have been set to a 0% loan-to-value ratio to halt borrowing while withdrawals are processed and smart contracts are gradually updated to release locked funds.
The closure underscores structural pressures in decentralized lending, where thin margins, fragmented liquidity, and recurring exploits continue to challenge long-term sustainability. ZeroLend also confirmed partial refunds for users impacted by last year’s LBTC exploit on Base, funded through its LINEA token allocation.
Fast food chain Steak ‘n Shake said its adoption of Bitcoin payments nine months ago has led to a significant increase in same-store sales and lower transaction costs. The company routes all crypto payments into a Strategic Bitcoin Reserve, which it uses in part to fund employee bonuses, creating a closed-loop treasury model tied to customer spending.
The firm began accepting Bitcoin through the Lightning Network in May 2025, initially reporting a 10% uplift in comparable sales and roughly a 50% reduction in payment processing fees. It has also added $10 million worth of Bitcoin to its corporate treasury and introduced Bitcoin-themed menu items, signaling a broader integration of digital assets into its brand and financial operations.
The development reflects a wider trend of corporates experimenting with crypto payments as both a cost-efficiency tool and treasury diversification strategy. As traditional payment fees remain elevated, selective retail adoption of digital assets is increasingly being evaluated alongside loyalty incentives and alternative reserve management frameworks.
Kraken will sponsor savings accounts for all Wyoming newborns in 2026, reinforcing its alignment with crypto-friendly state policy and long-term regulatory positioning.
Crypto exchange Kraken said it will sponsor “Trump Accounts” for every child born in Wyoming in 2026, linking the firm to a federal savings program funded with $1,000 per eligible child through 2028. The announcement was first disclosed by Senator Cynthia Lummis and later confirmed by the company.
The move comes as crypto firms increasingly deepen ties with jurisdictions offering regulatory clarity. Wyoming has positioned itself as a key US hub for digital asset companies through early legal frameworks, including special-purpose banking charters and tailored compliance structures for crypto businesses.
The initiative also follows a broader easing of US enforcement actions after the US Securities and Exchange Commission dropped its 2023 case against Kraken. Analysts view the sponsorship as a strategic signal of long-term institutional alignment with supportive policy environments rather than a purely philanthropic effort.
Japan’s SBI Holdings plans to acquire a controlling stake in Singapore-based crypto exchange Coinhako, signaling deeper expansion into regulated Asian digital asset markets.
Japanese financial conglomerate SBI Holdings is seeking to expand its global crypto footprint through a planned acquisition of a controlling stake in Singapore-based exchange Coinhako. The firm announced that its wholly owned subsidiary, SBI Ventures Asset, has signed a letter of intent with Coinhako’s parent company, Holdbuild, to inject capital and purchase shares from existing investors.
If finalized, the transaction would make Coinhako a consolidated subsidiary of SBI Holdings, pending regulatory approvals. Chairman and CEO Yoshitaka Kitao framed the move as part of a broader strategy to build international digital asset infrastructure, including tokenized securities and stablecoin ecosystems. Financial terms and final ownership structure have not yet been disclosed, as negotiations remain ongoing under the nonbinding agreement.
The acquisition would provide SBI with a licensed operational base in Singapore, a major regulated hub for digital asset businesses in Asia. Coinhako operates its trading platform through Hako Technology, a Major Payment Institution licensed by the Monetary Authority of Singapore, positioning it as a compliant gateway to regional retail and institutional crypto markets.
Stablecoins are increasingly moving beyond trading and into real-world financial activity, with a new global survey indicating that 39% of crypto users receive income in stablecoins and 27% use them for everyday payments. The findings, based on responses from 4,658 users across 15 countries, underscore the growing role of digital dollar-pegged assets in cross-border transactions and wage distribution.
The data suggests that cost efficiency and speed remain the primary drivers. Respondents using stablecoins for international transfers reported roughly 40% lower fees compared with traditional remittance channels, reinforcing their appeal in regions with limited banking infrastructure and high foreign exchange costs. Adoption was notably higher in emerging markets, where ownership rates reached 60% and climbed to 79% in parts of Africa.
Institutional integration is also accelerating as regulatory clarity improves. Frameworks such as the GENIUS Act in the United States and Europe’s MiCA regime are encouraging fintech firms and payroll platforms to incorporate stablecoin settlement into existing systems. Surveys show 77% of respondents would open a stablecoin wallet through a bank or fintech provider, signaling potential convergence between traditional finance and blockchain-based payment rails.
At the same time, the stablecoin market’s growth to over $300 billion in supply reflects broader macro demand for stable, programmable digital cash. As enterprises explore cross-border payroll, embedded finance, and debit card integrations, stablecoins are increasingly positioned as a transactional layer rather than a purely speculative asset class.
Bridgewater founder Ray Dalio warns that the breakdown of the post-WWII rules-based order will drive demand for apolitical financial assets and neutral money.
Ray Dalio, founder of Bridgewater Associates, has signaled the official breakdown of the post-World War II international order. In a recent analysis, Dalio described a transition into a “law of the jungle” phase where power dynamics supersede established rules in trade and capital flows. This shift forces major powers into escalatory cycles, increasing the likelihood of economic instability.
Internal economic stressors often lead governments to favor monetary debasement over explicit defaults during periods of geopolitical tension. Global M2 money supply has climbed from $26 trillion in 2000 to an estimated $142 trillion in 2025, according to Econovis data. This environment of sustained currency devaluation traditionally bolsters hard assets that exist outside the immediate control of central banks.
Market participants are using this framework to advocate for Bitcoin as a neutral monetary rail. As asset freezes become standard geopolitical tools, the demand for apolitical infrastructure may intensify. While Dalio’s warnings are not direct forecasts, they reinforce the structural case for Bitcoin and gold as hedges against a fracturing global financial system.
