PA Daily | Coinbase expands its business to become an "all-in-one exchange"; Ethereum is expected to raise its gas limit to 80 million by 2026.

Today's top news highlights:

ETHGas completes $12 million seed funding round, led by Polychain Capital.

Glassnode: Bitcoin is fluctuating between support at 81,000 and selling pressure at 93,000; a break below 81,300 could trigger further selling.

Coinbase advances its "all-in-one exchange" strategy, expanding its business to include stocks, prediction markets, Solana DEX, and other areas.

Ethereum is expected to increase its gas limit to 80 million in January 2026.

Bitcoin spot ETFs saw a total net inflow of $457 million yesterday, with Fidelity FBTC leading the way with a net inflow of $391 million.

Data: Ethereum supply on exchanges has fallen to its lowest level since 2016, reducing short-term selling pressure.

Macro

Bitcoin Lightning Network capacity hits all-time high

According to Cointelegraph, the Lightning Network, Bitcoin's Layer 2 network, has reached a record high capacity as it is widely adopted by major cryptocurrency exchanges and its functionality continues to improve. Data from Bitcoin Visuals shows that on Monday, the Lightning Network capacity reached 5,606 bitcoins, breaking the record set in March 2023. Analytics platform Amboss also reported that the Lightning Network capacity peaked on Tuesday at 5,637 bitcoins, worth approximately $490 million. Data shows that after a year of declining capacity, the Lightning Network saw a surge in capacity in November and December, as more bitcoins were added to the network, making transactions faster and cheaper. Currently, the number of Lightning Network nodes is 14,940, down from the peak of 20,700 in March 2022; while the number of channels between nodes is 48,678, also down from the 2022 peak. The data indicates that while the amount of bitcoins added to the Lightning Network is increasing, usage, measured by the number of nodes and channels, may not be growing accordingly.

The U.S. Securities and Exchange Commission (SEC) issued a statement regarding broker-dealers holding crypto-asset securities.

The U.S. Securities and Exchange Commission's (SEC) Division of Trading and Markets issued a statement regarding broker-dealers holding crypto-asset securities. This statement clarifies the applicability of Rule 15c3-3(b)(1) of the Securities Exchange Act to crypto-asset securities (i.e., "crypto-asset securities"), applicable to broker-dealers holding such assets on behalf of clients. The statement indicates that the SEC will not object to a broker-dealer's determination that it has physical possession or control of crypto-asset securities in a client's account if the broker-dealer takes the following actions. Controls: 1. Access and Transfer Capabilities: Direct access to crypto asset securities and the ability to transfer such assets on the relevant distributed ledger; 2. Technical Risk Assessment: Establish and implement well-designed written policies and procedures to assess the characteristics and risks of the distributed ledger technology and related networks that record asset ownership; 3. Risk Mitigation: If it is known that there are significant security or operational problems or weaknesses in the relevant distributed ledger technology, or that holding such assets would pose other significant risks to its business, it shall not assume ownership of such assets; 4. Private Key Protection: Establish policies, procedures, and internal controls that conform to industry best practices to prevent the theft, loss, or unauthorized use of private keys required for accessing and transferring assets, and ensure that no one other than the broker-dealer (including clients or third parties) can access private keys or transfer assets; 5. Contingency Plan: Develop well-designed written policies, procedures, and arrangements to ensure that crypto asset securities are securely preserved and transferable in the event of blockchain failures, 51% attacks, hard forks, or in the event of liquidation or bankruptcy of the broker-dealer.

The U.S. SEC commissioner is seeking comments on issues related to the trading of crypto assets on national securities exchanges and alternative trading systems.

U.S. Securities and Exchange Commissioner Hester Peirce issued a statement, in conjunction with a newly released set of Frequently Asked Questions (FAQs) from the Department of Trading and Markets, to solicit opinions from the market on matters related to the trading of crypto assets on National Stock Exchanges (NSEs) and Alternative Trading Systems (ATSs). The statement focuses on the trading and clearing arrangements for crypto asset securities and "security-non-security crypto asset" trading pairs. Peirce stated that SEC staff are prepared to work with market participants to facilitate compliant trading pairs on regulated platforms. Peirce pointed out that the current market urgently needs clearer market structure rules to protect investors and maintain market order while avoiding imposing unnecessary regulatory burdens on innovation. She specifically addressed whether Regulation ATS (introduced in 1998) and Regulation NMS are outdated in the context of crypto assets and blockchain technology. The core issues raised in the consultation include: how to lower the entry barriers for crypto asset securities and trading pairs platforms and encourage innovation; whether the current Reg NMS and Reg ATS impose disproportionate compliance costs on crypto trading; whether a dedicated Form ATS should be established for "crypto ATS" or the existing disclosure system should be adjusted; whether crypto ATS information disclosure should remain non-public or whether an SEC review or public disclosure mechanism should be introduced; whether it is necessary to retain the quarterly reporting requirement of Form ATS-R in the context of blockchain and on-chain data traceability; whether it is necessary to clarify the compliance method for converting non-dollar assets to US dollars; how to handle requirements such as transaction information confidentiality, system risk control (Rule 15c3-5), and system compliance (Reg SCI); and how to avoid hindering individuals from developing software and using automated or decentralized trading methods in the regulatory process. Peirce emphasized that these issues will serve as important references for the SEC's Crypto Working Group in subsequent policy development, and the regulator is willing to hear broader suggestions to improve the overall NSE and ATS regulatory framework.

Caroline Pham, acting chair of the U.S. CFTC, will join MoonPay as chief legal and administrative officer.

According to The Block, Caroline Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), will join crypto finance company MoonPay after her term at the CFTC ends. Pham had previously stated that she planned to leave the CFTC once the new chair was confirmed. MoonPay CEO Ivan Soto-Wright posted on the X platform, "Pham's leadership at the CFTC shaped numerous policies that expanded financial freedom and fueled crypto innovation. Now, we will translate those advancements into tangible results for our users and partners worldwide." MoonPay stated in a post that Pham will join MoonPay as Chief Legal Officer and Chief Administrative Officer after stepping down as acting CFTC chair. Mike Selig, the agency's latest nominee, is expected to have his confirmation hearing this week. A MoonPay spokesperson stated that Pham's specific start date is yet to be determined, as Selig has not yet been confirmed as CFTC chair.

The Federal Reserve withdrew its 2023 guidance restricting uninsured banks' involvement in crypto business.

According to crypto journalist Eleanor Terrett, the Federal Reserve has decided to rescind a 2023 guidance that effectively prevented uninsured banks from becoming Fed members and engaging in cryptocurrency-related business. This guidance was the very basis for the Fed's rejection of Custodia Bank's master account application.

Standard Chartered Bank launches blockchain-based tokenized deposit solution

According to Techinasia, Standard Chartered Bank has launched a blockchain-based tokenized deposit solution for Ant International, supporting real-time transfers of Hong Kong dollars, offshore yuan, and US dollars. The bank partnered with global fintech company Ant International, deploying the technology on Ant's Whale Exploration platform. This launch is part of the Hong Kong Monetary Authority's Project Ensemble, which aims to promote the adoption of distributed ledger technology in the region. Ant International is the first customer to adopt this new solution, which enables 24/7 fund management and liquidity transfers. Both Standard Chartered Bank and Ant International are part of the EnsembleTX Group.

Opinion

Arca CIO: Many new investors mistakenly believe that investing in Bitcoin will allow them to capitalize on blockchain growth opportunities.

Arca's Chief Investment Officer, Jeff Dorman, stated that there remains a significant disconnect between Bitcoin as an investment and the overall growth of the blockchain ecosystem. While stablecoins, Real-World Asset Tokenization (RWA), and DeFi are experiencing rapid growth, discussions on Wall Street and in the fintech sector focus more on how to leverage stablecoins and RWA for issuance and fee collection than on the investment itself. Meanwhile, most investors' attention remains focused on Bitcoin, resulting in less research and discussion on token value on Wall Street. Although some institutions have begun to delve into token research, such as Cantor Fitzgerald's reports on certain tokens, token investment has not yet become mainstream, and related sales and promotion efforts have not yielded significant results. Many new investors mistakenly believe that investing in Bitcoin will allow them to capitalize on blockchain growth opportunities; however, Bitcoin is not directly correlated with the growth of decentralized finance, stablecoins, and RWA. Nevertheless, Bitcoin continues to dominate fund flows and price movements. It remains unclear when this will change, but investors generally tend to enter the market during price pullbacks, ignoring the potential value of other areas within the blockchain.

Glassnode: Bitcoin is fluctuating between support at 81,000 and selling pressure at 93,000; a break below 81,300 could trigger further selling.

According to Glassnode monitoring, Bitcoin's price remains in a fragile range, constrained by high supply pressure, increasing losses, and weakening demand. Recently, the price encountered resistance around $93,000 and gradually retreated to $85,600. Market structure shows that the dense supply zone between $93,000 and $120,000 continues to suppress any rebound. Meanwhile, the failure to break through the 0.75 Fibonacci retracement level (around $95,000) and the short-term holder cost base (around $101,500) limits upward momentum. Current demand is providing support near the true market average of $81,300, preventing further price declines. On-chain data shows that the loss-making supply has risen to 6.7 million BTC, the highest level this cycle, with 23.7% of the circulating supply in a loss-making state, including 10.2% from long-term holders and 13.5% from short-term holders. The time pressure of loss-making supply is intensifying, and some investors may choose to sell at a loss due to weakened confidence, further increasing selling pressure in the market. Currently, loss-making sellers hold approximately 360,000 BTC. If the price falls below the true market average of $81,300, it could lead to a surge in loss-making sellers. Spot market demand is short-lived and highly selective. Coinbase's performance has been relatively stable, but exchanges like Binance have experienced significant fluctuations in traffic, with no sustained accumulation trend observed. Corporate Bitcoin inflows remain sporadic and haven't generated sustained demand. The futures market has seen significant risk reduction, with no leverage-driven downward pressure. Funding rates remain neutral, and while leverage has decreased, it hasn't supported price increases. The options market maintains a range-bound pattern. Short-term volatility further compressed after the FOMC meeting, while long-term volatility remained stable. The 25-delta skew indicates that downside risk is still priced in but is stabilizing. Options flow data shows traders tend to sell put options to capture premiums while maintaining some downside protection. The concentrated option expirations on December 19th and 26th have limited price volatility, and the market structure is expected to readjust after a large number of expirations at the end of the year. Overall, Bitcoin prices are oscillating between support at $81,000 and selling pressure at $93,000. A breakout above key cost benchmarks (such as the short-term holder cost benchmark of $101,500) or the attraction of new liquidity is needed to break the current range-bound pattern.

Analysis: If MSCI removes crypto treasury companies from its indices, it could trigger a forced sell-off of $15 billion in cryptocurrencies.

According to Cointelegraph, if MSCI proceeds with its plan to remove crypto asset treasury companies from its indices, these companies could be forced to sell up to $15 billion worth of cryptocurrency. The group "BitcoinForCorporations," opposing the MSCI proposal, predicts, based on a "verified preliminary list" of 39 companies with an adjusted total market capitalization of $113 billion, that they would face an outflow of $10 billion to $15 billion. The group added that, according to JPMorgan Chase analysis, if Strategy is removed from the MSCI index, its outflow could reach $2.8 billion. Strategy accounts for 74.5% of the affected total market capitalization after adjustment. Analysts calculate that the potential total outflow from all affected companies could reach $11.6 billion. Such a large outflow would put even greater selling pressure on the crypto market, which has been trending downwards for the past three months. At the time of writing, the petition from "BitcoinForCorporations" has garnered 1,268 signatures. Previously, it was reported that MSCI planned to introduce new rules to remove companies with digital assets accounting for more than 50% of their main indices. The final decision on this proposal will be announced on January 15, 2026, and will take effect during the review in February of the same year.

Project Updates

Polygon Foundation: The Polygon PoS issue has been resolved; block explorers may still show delays.

The Polygon Foundation announced on the X platform that Polygon PoS experienced a malfunction today, affecting some RPC nodes. However, the network remained online throughout the event and continued to generate blocks without any on-chain interruptions. The team quickly located the fault and pushed patches to node operators to restore full node service. Currently, validators are synchronizing data and reaching a quorum. During this period, some RPC nodes remained fully operational, with transactions flowing in and being processed normally. Block explorers may still show delays until nodes complete synchronization. Furthermore, according to the latest updates on the Polygon status page, the issue has now been resolved, and all Polygon PoS functionality has been restored. Block explorers may still show delays until nodes complete synchronization.

The WLFI community has launched a vote on a proposal to "use a portion of the unlocked treasury funds to promote the adoption of USD1".

WLFI, the Trump family's crypto project, announced on the X platform that a new proposal suggests "using a portion of the unlocked WLFI treasury funds as incentives to promote the adoption of USD1," and community voting is now open. In the past three weeks, WLFI has used USD1 to buy back approximately $10 million worth of WLFI tokens, listed major spot trading pairs on Binance, promoted the use of USD1 in CeFi and DeFi scenarios, and is working to finalize the WLFI token unlocking timeline. This proposal will help it continue to advance its new growth plans.

Brazilian stock exchange B3 will launch its own tokenization platform and stablecoin.

According to CoinDesk, Brazil's main stock exchange, B3, plans to launch a tokenization platform and issue its own stablecoin next year to deepen its involvement in the cryptocurrency space. The tokenization platform will allow assets to be tokenized and traded on the exchange, sharing the same liquidity pool as traditional markets. To support settlement, B3 also plans to issue a stablecoin. This stablecoin will act as a payment and clearing tool in the tokenized environment, reducing reliance on existing cash processes. The stablecoin is expected to be pegged to the Brazilian real. B3 is also expanding its cryptocurrency-related derivatives business. Products under development include weekly options on Bitcoin, Ethereum, and Solana, as well as event-driven contracts pegged to cryptocurrency prices. These instruments are currently under review by Brazil's securities regulator, the Brazilian Securities and Exchange Commission (CVM).

Coinbase advances its "all-in-one exchange" strategy, expanding its business to include stocks, prediction markets, Solana DEX, and other areas.

According to The Block, Coinbase is aggressively expanding its business beyond cryptocurrency trading, launching a series of new products with the ambition of becoming an "all-in-one exchange" that integrates multiple asset classes onto a single platform. These new products encompass stock trading, prediction markets, decentralized trading of Solana tokens, derivatives, custom-branded stablecoins, and payment infrastructure, representing one of its most aggressive product expansion initiatives in its 13-year history. Coinbase is launching stock trading functionality to US users through Coinbase Capital Markets, with thousands more stocks to be added in the coming months. Furthermore, Coinbase is preparing for stock-linked perpetual futures, allowing users outside the US to access US stocks continuously and efficiently, with plans to expand access to stock perpetual futures early next year. While tokenized stocks are not yet available, the institutional platform Coinbase Tokenize is planned, with more details expected in 2026. Coinbase has partnered with prediction market Kalshi to launch event-based contract trading, with plans to add more partner platforms in the future. Coinbase is expanding its in-app DEX trading to include Solana-based tokens, directly integrating Jupiter, Solana's largest DEX aggregator, into the Coinbase interface. Coinbase announced that millions of assets on Solana and its own Base network are now accessible by default, and plans to expand DEX integration to more networks in the future. Coinbase launched a custom stablecoin, allowing companies to issue branded stablecoins backed by flexible collateral (including USDC), which will be backed by USDC and other dollar stablecoins at a flexible 1:1 ratio, rather than fiat currency. Coinbase has also applied for a National Trust Company license from the Office of the Comptroller of the Currency, and the application is currently under review. Coinbase has also expanded its developer platform with APIs covering custody, payments, trading, and stablecoins. Meanwhile, Coinbase emphasizes the open payment standard x402 and is working with partners such as Cloudflare to develop the x402 Foundation to further advance the standard. In derivatives, Coinbase launched a simplified futures and perpetual futures trading experience within its main app, expanding access to derivatives. Coinbase also launched Coinbase Advisor, an AI financial assistant directly embedded in the app, allowing users to ask questions, build portfolios, and receive personalized recommendations; early users are gradually gaining access to the beta version. In addition, Coinbase announced that its on-chain "all-in-one" application, Base, has launched in over 140 countries. Coinbase is also expanding its business-facing financial services, with Coinbase Business now fully available to eligible businesses in the US and Singapore, providing a crypto-native alternative to traditional corporate banking and payment infrastructure. This product allows startups and small businesses to send and receive funds globally, manage crypto assets, earn USDC balance rewards, and automate financial workflows. Coinbase stated that businesses will soon have access to the same extended trading functionality available on its retail platform.

Ethereum is expected to increase its gas limit to 80 million in January 2026.

According to Cointelegraph, Ethereum network transaction throughput will increase again next month, with developers planning to raise the gas cap from 60 million to 80 million in January. Christine Kim, VP of Research at Galaxy Digital, shared a summary of Monday's all-core developer meeting, in which a Nethermind representative stated that developers should prepare to push forward with the gas cap increase after the next BPO hard fork on January 7th. However, Barnabas Busa, Developer Operations Engineer at the Ethereum Foundation, pointed out that two client-level optimizations need to be completed before raising the block gas cap again: partial Blob responses at the execution layer and the setting of the maximum Blob flag at the consensus layer. All Ethereum core developer participants will meet again on January 5th to confirm when to raise the gas cap after the second BPO hard fork. The first BPO hard fork took place on December 9th, increasing blob capacity by 66%; the second hard fork on January 7th is expected to increase it by another 66%. Ethereum developers and research community members have reached a consensus to increase the network's gas cap to 180 million by the end of 2026.

ChainOpera AI has been accused of plagiarizing older versions of code from the open-source project Nofx.

@Web3Tinkle, the developer of the open-source product NoFx, posted on the X platform, accusing ChainOpera AI of using his open-source product code without authorization. @Web3Tinkle claims that ChainOpera AI deployed an older version of its NoFx AI trading operating system code from a month ago on its testnet. Not only did the code retain the NoFx brand logo and the homepage text be almost identical, but the user interface was also modified and the logo changed. The developer stated that his team had previously tried to contact the company via private message but received no response. He emphasized his support for the open-source spirit in the crypto space, but stressed that use, deployment, and improvement should adhere to principles of transparency, attribution, and respect, rather than direct copying and pasting. Previously, in December 2024, ChainOpera AI completed a $17 million seed round of funding, led by IDG Capital and others.

Important data

A whale transferred $3.64 million worth of SHIB to OKX. This whale had previously purchased 17.4% of the total SHIB supply with 37.8 ETH.

According to on-chain analyst Ember, the "top whale" who bought 103 trillion SHIBOR (17.4% of the total supply) with only 37.8 ETH (US$13,700) in 2020 transferred 469 billion SHIBOR (US$3.64 million) to OKX just 9 hours ago. At its peak in 2021, those 103 trillion SHIBOR were worth US$9.1 billion. He hasn't sold the vast majority of these coins and still holds a staggering 96.684 trillion SHIBOR (16.4% of the total supply), worth US$726 million.

The total unrealized loss of the "1011 Insider Whale" has widened to $73.18 million.

According to on-chain analyst Yu Jin's monitoring, the "$230 million long whale" (i.e., the "1011 insider whale") has not added to its long positions in the past two days, still holding nearly $700 million in long positions. However, with the market continuing to fall, its long positions are currently showing a floating loss of $73.18 million. Specifically, it holds 191,000 ETH ($540 million) long positions at an opening price of $3,167, resulting in a floating loss of $64.28 million, with a liquidation price of $2,083; 1,000 BTC ($86.15 million) long positions at an opening price of $91,506, resulting in a floating loss of $5.35 million; and 250,000 SOL ($30.83 million) long positions at an opening price of $137.5, resulting in a floating loss of $3.55 million.

Three whale wallets deposited a total of 37.1 million USDC today to increase their holdings of HYPE tokens.

According to OnchainLens monitoring, whales are accumulating HYPE on Hyperliquid, with three wallets depositing a total of 37.1 million USDC today to increase their HYPE holdings. A newly created wallet, "0x23A," deposited 7.1 million USDC and bought 277,420 HYPE at a price of $25.59. Whale "0xE86" deposited 10 million USDC (accumulating 15 million in two days), increasing its holdings by 414,997 HYPE (worth $10.19 million). This whale still holds 5.7 million USDC available for further purchases and has 501,494 HYPE (worth $12.3 million) staked. Whale "0x5Ae" deposited 20 million USDC and placed an order to buy HYPE at a price of $15.

Bitcoin spot ETFs saw a total net inflow of $457 million yesterday, with Fidelity FBTC leading the way with a net inflow of $391 million.

According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $457 million yesterday (December 17th, Eastern Time). The Bitcoin spot ETF with the largest single-day net inflow was Fidelity ETF FBTC, with a net inflow of $391 million, bringing its historical total net inflow to $12.363 billion. This was followed by BlackRock ETF IBIT, with a net inflow of $111 million, bringing its historical total net inflow to $62.632 billion. The Bitcoin spot ETF with the largest single-day net outflow was Ark Invest and 21Shares ETF ARKB, with a net outflow of $36.9629 million, bringing its historical total net inflow to $1.651 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $112.574 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.57%, and a cumulative net inflow of $57.727 billion.

A major multisignature wallet was stolen due to a private key leak, resulting in a loss of $23.7 million.

According to PyShield monitoring, a whale's multi-signature wallet was stolen due to a private key leak, resulting in a loss of approximately $27.3 million. The hackers have already laundered $12.6 million (equivalent to 4,100 ETH) through Tornado Cash and hold approximately $2 million in liquid assets. Furthermore, the thieves also gained control of the victim's multi-signature wallet. This wallet held a leveraged long position on the Aave platform: depositing $25 million worth of ETH as collateral and borrowing 12.3 million DAI.

Data: Ethereum supply on exchanges has fallen to its lowest level since 2016, reducing short-term selling pressure.

According to Cointelegraph, CryptoQuant data shows that Ethereum's supply on exchanges has fallen to its lowest level since 2016, indicating increased trader caution and reduced short-term selling pressure.

Investment and Financing/Acquisition

Harbor has raised $4.2 million in strategic funding, led by Susquehanna Crypto and Triton Capital.

AirSwap founder Michael Oved announced the official launch of Harbor, a next-generation decentralized exchange platform he co-founded with former THORChain core engineer Pluto. Harbor focuses on cross-chain trading of native assets, positioning itself as a high-performance, chain-neutral DeFi liquidity infrastructure, dedicated to providing professional-grade matching and scalability for wallets and applications. The project has completed a $4.2 million strategic funding round led by Susquehanna Crypto and Triton Capital, with supporters including market makers such as Auros, Kronos, and Selini.

Moon Pursuit Capital launches $100 million market-neutral crypto fund, focusing on stable returns.

According to CoinDesk, crypto investment firm Moon Pursuit Capital has announced the launch of a $100 million market-neutral quantitative fund aimed at providing manageable returns across timeframes. The fund will employ an algorithm-driven strategy, supplemented by Bitcoin accumulation at lower levels and momentum trading in altcoins; its previous fund has returned nearly 170% since April 2024. The new fund will operate under a multi-jurisdictional framework to enhance global compliance and tax efficiency.

ETHGas completes $12 million seed funding round, led by Polychain Capital.

According to The Block, ETHGas has completed a $12 million seed funding round led by Polychain Capital and launched Ethereum's first block space futures market, attracting approximately $800 million in non-cash liquidity commitments from validators and block builders. The platform allows for the early trading of execution rights for up to 64 blocks, aiming to improve yields and stabilize gas costs. ETHGas charges a 5% fee on transactions and is gradually advancing Ethereum's "real-time execution" architecture.

US-listed VivoPower plans to acquire a stake in Ripple Labs for $300 million.

According to CoinDesk, Nasdaq-listed VivoPower (ticker symbol: VVPR) is expanding its Ripple-related strategy through a new joint venture aimed at acquiring hundreds of millions of dollars worth of Ripple Labs equity, giving investors indirect access to nearly $1 billion worth of underlying XRP assets. In an announcement released Tuesday, the company stated that its digital asset division, Vivo Federation, has been commissioned by South Korean asset management firm Lean Ventures to initially acquire $300 million worth of Ripple Labs equity. Based on current XRP prices, VivoPower estimates this equity represents approximately 450 million XRP tokens, worth about $900 million. However, this structure does not directly purchase XRP. Instead, Lean Ventures plans to establish a dedicated investment vehicle to hold the Ripple Labs equity acquired by Vivo Federation, targeting South Korean institutional and accredited individual investors. VivoPower stated that it has received approval from Ripple to purchase the initial preferred shares and is in talks with existing institutional shareholders regarding further acquisitions. Under this arrangement, VivoPower will not contribute its own balance sheet funds but will instead generate revenue through management fees and performance-based compensation. If the initial $300 million mandate is achieved, the company aims to realize a net economic return of $75 million within three years.

Institutional holdings

Canaan Technology announced an extension of its $30 million share buyback program, extending it to 12 months.

According to PR Newswire, the board of directors of Canaan Inc. (NASDAQ: CAN) has authorized a repurchase of up to $30 million worth of ADS or Class A ordinary shares over the next 12 months, funded by existing cash. The company stated that it will conduct the repurchase through open market, private placement, or block trades, in compliance with the Securities Exchange Act of 1934 and its insider trading policy. The pace of the repurchase will depend on price, trading volume, and market conditions. The previous six-month repurchase program, which began on May 27, has expired, with a cumulative repurchase of 6.5864 million ADSs, totaling approximately $4.9 million, including 1.5053 million ADSs, worth approximately $1.5 million, repurchased between November 19 and 27. The company may adjust the size and terms of the program as needed.

Japanese publicly traded company TORICO plans to raise approximately $30.17 million to purchase Ethereum.

According to CoinDesk, TORICO, a Tokyo Stock Exchange Growth Market listed company that operates platforms such as "Manga Complete Dot Com," announced on December 17th that it has signed a capital business cooperation agreement with Mint Town, which is expanding its Web3 game platform business. Under the agreement, TORICO will raise approximately 4.7 billion yen (approximately US$30.17 million) through funds operated by Mint Town and other channels, and plans to use all proceeds to purchase Ethereum. Through this cooperation, the investment fund operated by Mint Town will become TORICO's largest shareholder (with approximately 23.36% of the voting rights).

SpaceX's Bitcoin holdings have shrunk by more than $300 million from their all-time high.

According to Arkham's monitoring, since SpaceX's Bitcoin holdings reached an all-time high of $1.03 billion on October 7, SpaceX's assets have shrunk by over $300 million due to its Bitcoin holdings. Currently, SpaceX holds slightly over 8,000 Bitcoins, worth approximately $692 million.