Strategy's Biggest Bitcoin Buy Since 202​5

Find out our latest reports, listed below:

• Bybit x Block Scholes: “2026: It's Different This Time?”

• Tokenised Markets on Bitget UEX: Unlocking Real-World Assets On-Chain for 24/7 Global Access

• DeepBook - “The Backbone of Sui DeFi Liquidity”

• Premia x Block Scholes: Introducing Kyan

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Market Snapshot: Overnight Moves

Daily Updates:

• After beginning the day at $93K yesterday, BTC fell to an intraday low just below $88K and has since stabilised at the $90K region. 
• The past 24 hours has seen a sea of red performance across the major blue-chip altcoins: ETH is down 3.96%, BNB is down 4.39%, while SOL has fallen 0.87%, though over the past week it has declined 12.31%. 
• Still, we see signs that there is institutional appetite for BTC. Strategy announced yesterday that it had purchased $2.13B of bitcoins over the past eight days, its largest purchase since July 2025. Shares of MSTR nonetheless ended yesterday’s session down 7.76%. 
• U.S. spot BTC and ETH ETFs reversed sharply on Tuesday, logging combined net outflows of roughly $713M – driven by $483.4M outflows of spot BTC ETFs and $230M outflows of spot ETH ETFs.

• We covered in our daily comment yesterday and our ‘Keep calm and carry yen’ report that the pause in risk appetite comes amidst broader macro pressures and ongoing geopolitical tensions: President Trump’s Greenland-tariffs and a sharp selloff in Japanese government bonds yesterday, which saw ultra-long debt yields reach record-highs. 
• Today we’ve seen a rebound in those longer maturity JGB bonds — the yield on the 40-year tenor has dropped 17bps (though remains above 4%), while the yield on 30-year Japanese government debt fell 16.5 basis points to 3.71%.

• US Treasury Secretary Scott Bessent said that he had spoken with Japanese Finance Minister Satsuki Katayama amid the selloff in the Japanese bond market — “I’ve been in touch with my economic counterpart in Japan, and I am sure that they will begin saying the things that will calm the market down” he told Fox News in an interview from Switzerland for the annual World Economic Forum.
• Bessent added that Japan’s bond market saw a “six standard deviation” move over the past two days. If the ten-year US treasury yield had undergone an equivalent upwards six standard deviation move, Bessent said that it would have resulted in a 50bps surge in US ten-year treasury yields. 
• He also said that “It’s very difficult to disaggregate the market reaction [in US treasuries] from what’s going on endogenously in Japan”. 

• The selloff to below $90K in BTC was in tandem with a drop in US equities yesterday also, while gold hit new highs and currently trades close to $4,900 an ounce. 
• The S&P 500 ended the day down 2.1%, erasing all of its gains for the year. Small-cap US equities also declined, though still outperformed the SPX benchmark for a twelfth consecutive session.

• Galaxy Digital is preparing to launch a $100M hedge fund in Q1 2026, according to reporting by the Financial Times, positioning the strategy as a more balanced way to express the “digital finance” theme as market conditions evolve - with up to 30% to cryptocurrencies and roughly 70% to listed financial services equities.
• The manager of Galaxy Digital, Armano, positioned the strategy as a way to profit from identifying “winning and losing” companies, adding that “you can play disrupters, winning and losing themes across financial services”.' 

• Hong Kong is preparing to issue its first batch of stablecoin issuer licences in Q1 2026.
• Speaking at the World Economic Forum in Davos, Financial Secretary Paul Chan framed the approach as “responsible and sustainable,” with licensing intended to underpin a broader ecosystem spanning stablecoins, exchanges and tokenised assets.
• The regime, passed in 2025, sets a high bar for fiat-referenced stablecoin issuers, including requirements around reserves, redemption and risk management, aligning investor protection with ambitions to position Hong Kong as a credible crypto hub.
• This stablecoin rollout sits alongside the city’s existing exchange licensing programme, under which the Securities and Futures Commission has approved 11 platforms to date, and complements tokenisation initiatives such as the HKMA’s Project Ensemble pilot, while consultation continues on additional licensing proposals for crypto dealing, advisory and asset management activities.

• Solana Mobile has launched an SKR token airdrop aimed at Seeker phone users and eligible developers.
• Claims are processed via Seeker’s built-in wallet, with a 90-day window before any unclaimed allocations revert to the airdrop pool, while developers who shipped “quality” dApps to the Seeker dApp Store in Season 1 are also included. 

• Trump Media (Nasdaq: DJT), the fintech group publicly associated with Donald Trump, has set 2 February 2026 as the record date for its previously announced shareholder rewards token, formalising the cut-off for eligibility.
• Under the plan, beneficial owners and registered holders of at least one whole DJT share as of that date are expected to qualify, while Crypto.com will mint the tokens and hold them in custody pending distribution.

• Grayscale has filed to convert its Grayscale Near Trust into a listed ETF on NYSE Arca (ticker: “GSNR”), positioning it as a passive vehicle designed to track the value of NEAR held per share, net of fees and liabilities.
• The prospectus outlines a standard ETF-style create/redeem mechanism via authorised participants in 10,000-share “Baskets”, intended to keep the share price aligned with NAV through arbitrage - with net creations at a premium and net redemptions at a discount to NAV.
• The structure also states potential staking consideration if specified conditions are met, while explicitly ruling out leverage and derivatives.

• BitMine Immersion Technologies has increased its Ethereum treasury to 4.2M ETH.
• The company added 35,268 ETH over the past week, taking total holdings to 4,203,036 ETH, and said its stash now represents nearly 3.5% of circulating supply, with total crypto and cash holdings estimated at ~$14.5B including $979M in cash.
• Operationally, BitMine is also accelerating its yield strategy: staked ETH climbed to 1,838,003 ETH, lifting the staked share above 40%, as the firm expands across multiple staking providers ahead of its planned Made-in-America Validator Network (MAVAN) rollout in early 2026.
• Management estimates annualised staking rewards could exceed $370M once fully deployed at current network rates.

• Prediction market Kalshi has been restricted from offering markets on the outcomes of sporting events in Massachusetts without the required gaming licence.

This Week’s Calendar:

Charts of the Day: