PA Daily Report | 267 crypto M&A deals were completed in 2025, totaling $8.6 billion; Trend Research purchased another 46,000 ETH, bringing its total holding of over 580,000 ETH to a paper loss of ove

Today's top news highlights:

1. The US government is on holiday for three days, and the EIA data will be released next week.

2. The Central Bank of Russia plans to open up cryptocurrency investment, proposing new rules to differentiate investor levels.

3. Polymarket confirmed it was attacked due to a third-party authentication vulnerability, resulting in the theft of funds from some users.

4. HashKey Capital's fourth fund completes $250 million in initial funding round.

5. K33 Research: Bullish on 2026, predicting Bitcoin will outperform stock indices and gold.

6. Trend Research purchased another 46,000 ETH, bringing its total holdings to over 580,000 ETH, with unrealized losses exceeding $140 million.

7. In 2025, 267 crypto M&A deals were completed, totaling $8.6 billion.

Macro

The US government is on holiday for three days, and the EIA data will be released next week.

Following President Trump's executive order, U.S. federal government agencies will be closed for three days from December 24th to 26th. As a result, the U.S. Energy Information Administration (EIA) will postpone its weekly crude oil and natural gas inventory data releases to 11:30 PM on Monday, December 29th, and 1:00 AM on Tuesday, December 30th, respectively. Additionally, U.S. initial jobless claims data will be released earlier than scheduled due to the Christmas holiday, at 9:30 PM today, December 24th. Investors are advised to take note.

The U.S. Department of Justice released nearly 30,000 pages of documents related to the Epstein case, including false accusations against Trump.

The U.S. Department of Justice (DOJ) has announced the official release of nearly 30,000 pages of documents related to the Jeffrey Epstein case. These documents contain some false accusations against Trump that were submitted to the FBI before the 2020 presidential election. The Justice Department stated explicitly that these accusations are baseless and false, and if they had any credibility, they would have been used as political weapons long ago.

The Department of Justice emphasized that the release of this document reflects a commitment to the law and transparency, and that legal protections have been provided for the information of Epstein victims. The document is now publicly available and can be accessed through the Department of Justice's website.

Earlier reports indicated that Trump signed a bill approving the release of Epstein's files .

US Q3 GDP preliminary reading exceeded expectations, while core PCE met expectations.

According to data from Jinshi, the initial estimate of the annualized quarterly rate of real GDP in the United States in the third quarter was 4.3%, far exceeding the expected 3.3% and the previous value of 3.8%.

The initial annualized quarterly rate of the core PCE price index was 2.9%, in line with market expectations of 2.9% and higher than the previous value of 2.6%.

In addition, the preliminary estimate for the quarterly rate of real personal consumption expenditure was 3.5%, significantly higher than the expected 2.7% and the previous value of 2.5%.

US stocks closed slightly higher, with the three major indexes rising slightly and the S&P 500 hitting a new closing high.

U.S. stocks closed Tuesday with the Dow Jones Industrial Average up 0.16% and the Nasdaq Composite up 0.57%. The S&P 500 rose 0.45%, hitting a new closing high. Nvidia (NVDA.O) rose 3%, Circle (CRCL.N) fell nearly 5%, MSTR (Strategy) fell about 3.92%, and COIN (Coinbase) fell about 2.26%.

The U.S. Securities and Exchange Commission (SEC) has indicted three fake cryptocurrency trading platforms and four investment clubs for allegedly defrauding people of $14 million.

According to an announcement on the SEC's official website, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against three fake cryptocurrency trading platforms—Morocoin, Berge, and Cirkor—and four investment clubs, accusing them of using social media ads to lure retail investors into joining WhatsApp group chats and defrauding them of over $14 million by promising AI-powered stock recommendations. The fraudulent methods included fabricating government licenses, falsifying transaction records, and charging fraudulent withdrawal fees. The SEC is seeking a permanent injunction, civil penalties, and the recovery of unjust enrichment.

The Central Bank of Russia plans to open up cryptocurrency investment and proposes new rules to differentiate investor levels.

The Central Bank of Russia has released a draft concept for regulating the cryptocurrency market, proposing to allow qualified and unqualified investors to invest in crypto assets under certain regulations. Unqualified investors, after passing a test, can purchase up to 300,000 rubles (approximately $3,800) of highly liquid cryptocurrencies annually through a single intermediary. Qualified investors, after passing a risk assessment, can invest unlimited amounts in any cryptocurrency except anonymous cryptocurrencies. The concept also proposes that crypto transactions will be conducted through existing licensed institutions, with relevant legislation expected to be completed by July 2026, and legal liability imposed on illegal intermediaries starting in July 2027.

Last night it was reported that the Russian central bank plans to relax restrictions on cryptocurrency investment .

The Hong Kong Securities and Futures Commission (SFC) has added "Keying Cola" and "Globiance X/Globiance HK" to its list of suspicious virtual asset trading platforms.

The Hong Kong Securities and Futures Commission (SFC) has added “Coying Cola” and “Globiance X Limited / Globiance HK Limited” to its list of suspicious virtual asset trading platforms. The SFC stated that both “Coying Cola” and “Globiance X / Globiance HK” advertised and operated virtual asset trading platforms, suspected of engaging in unlicensed activities. In addition, some investors have reported difficulties in withdrawing assets from “Globiance X / Globiance HK”.

Indian law enforcement authorities have dismantled a cryptocurrency scam network with money laundering implications dating back to 2015.

Indian law enforcement (ED) raided 21 residential and office locations in Karnataka, Maharashtra, and New Delhi during a money laundering investigation, uncovering a network of fake cryptocurrency investment platforms. Operating since 2015, the group used celebrity images and fraudulent trading websites promising high returns to attract investors from India and overseas, laundering funds through cryptocurrency wallets, peer-to-peer transfers, shell companies, and underground banks. Websites involved include goldbooker.com and cryptobrite.com, and official investment warnings have been issued.

The People's Bank of China and eight other departments announced plans to promote the cross-border application of the digital yuan and explore new payment cooperation scenarios with Singapore and other regions.

The People's Bank of China and eight other departments jointly issued the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor." The Opinions propose exploring international cooperation in digital finance. It supports provinces (autonomous regions and municipalities) along the corridor to participate in multilateral central bank digital currency bridge projects, promoting the use of central bank digital currencies in cross-border payments with Thailand, Hong Kong, the UAE, Saudi Arabia, and other countries. It also supports exploring and promoting pilot programs for cross-border payments of digital RMB between the mainland and Singapore. Furthermore, it supports eligible provinces (autonomous regions and municipalities) along the corridor to build cross-border e-commerce digital service platforms, connecting with cross-border e-commerce and trade digitization platform companies in countries such as Singapore to enhance cross-border e-commerce service capabilities.

The section on expanding the cross-border use of the RMB mentions: strengthening bilateral monetary cooperation with Southeast Asian and Central Asian countries to create supporting conditions for the cross-border use of the RMB; further promoting the pilot program for facilitating RMB settlement in trade and investment at a higher level, supporting foreign trade enterprises to use RMB for settlement more often; supporting ASEAN investors to invest in RMB and reinvest domestically; encouraging RMB pricing and settlement for bulk commodity transactions; supporting the cross-border transfer of RMB cash by banking financial institutions; supporting banks to use RMB for pricing and settlement when conducting cross-border financing, cross-border guarantees, and cross-border asset transfers; supporting eligible provincial (autonomous region, municipality) legal person banks along the Belt and Road to join the RMB cross-border payment system; leveraging the advantages of digital RMB such as payment-settlement, low cost, and programmability, researching the use of digital RMB smart contracts to create innovative solutions, and exploring the feasibility of expanding the application of digital RMB in scenarios such as channel payment settlement, financing, and tax refunds; and studying the expansion of the geographical scope of digital RMB cross-border application, utilizing bilateral and multilateral cross-border business models to reduce costs and increase efficiency in channel cross-border payments.

Opinion

K33 Research: Bullish on 2026, predicts Bitcoin will outperform stock indices and gold.

K33 Research's "2025 Year-End Review" report indicates that 2025 will be a year of significant disconnect between cryptocurrency fundamentals and price performance. Despite the establishment of a strategic Bitcoin reserve in the United States, the Trump administration's executive order promoting the inclusion of digital assets in 401(k) applications, and a regulatory shift brought about by a change in SEC leadership, Bitcoin underperformed mainstream assets such as US stocks and gold, despite record low volatility, due to large-scale profit-taking by early holders (OGs) and adjustments in market structure.

K33 Research holds a constructive bullish view on 2026, predicting that Bitcoin will outperform stock indices and gold, believing that the benefits of regulatory victories will outweigh the impact of capital allocation. On the macro level, it anticipates that Trump will appoint a dovish Federal Reserve Chairman, replacing tightening with expansionary policies; this "ample" environment will benefit scarce assets like Bitcoin. On the regulatory front, the Clarity Act is expected to pass in the first quarter of 2026, and broader crypto legislation is also expected to be signed at the beginning of the year. The institutional market is poised for explosive growth: Morgan Stanley plans to allow advisors to allocate 0-4% of their portfolios to Bitcoin ETFs for clients starting January 1, 2026, and E*Trade's retail crypto trading is expected to launch in the first half of 2026. In terms of specific data forecasts, ETF net inflows are expected to exceed those of 2025 in 2026. Regarding corporate finance, MicroStrategy is not expected to sell Bitcoin (despite potentially being removed from the MSCI index), and the total net absorption of Bitcoin by corporate finance across the industry is projected to be 150,000 BTC, a decrease of 330,000 BTC year-on-year. On the supply side, the decline in Bitcoin supply held for more than two years is predicted to end, rebounding to over 12.16 million BTC by the end of the year, with early selling pressure subsiding and turning into net buying demand. Furthermore, with the opening of 401(k) plans, the market will see significant potential buying based on different allocation weights ranging from 1% to 5%.

Sentora: Bitcoin may receive multiple positive factors in 2026, pushing BTC to break through the $150,000 mark.

IG market analysts Farah Mourad and Ye Weiwen released their 2026 Commodities Outlook report, pointing out that the precious metals and energy markets will continue to diverge:

• Gold: Benefiting from declining real yields, high government spending, and continued central bank gold purchases, gold's upward trend is expected to continue. Major investment banks predict that gold prices will range from $4,500 to $4,700 in 2026, and may break through $5,000 under favorable macroeconomic conditions.
• Silver: After surging 120% in 2025, silver has entered a price exploration phase. With supply shortages for the fifth consecutive year and accelerating industrial demand, the target price is expected to break through $65, with technical models pointing to $72 or even $88.
• Energy: The oil market is under pressure due to supply growth far exceeding demand, with Brent crude expected to average $62.23 and WTI crude average $59 in 2026. JPMorgan Chase warns that Brent crude prices could fall to the $30 range if the supply glut worsens.

The report points out that the precious metals sector is driven by real macroeconomic demand and has long-term structural support; while the energy market faces structural downward pressure, and geopolitical risks may limit the decline in oil prices.

Yardeni Research: Gold will reach $6,000 by the end of 2026

U.S. stocks are expected to close out the December holiday season on the last full trading day before the Christmas break, with the S&P 500 rising only 1.6% in December. Meanwhile, the precious metals market continues its strong performance, with gold rising 9% and silver surging 36% in December, both poised to hit new record highs.

Yardeni Research has raised its gold price target, predicting it will reach $6,000 by the end of 2026 and potentially $10,000 by the end of 2029, surpassing JPMorgan's high of $5,055 for the end of 2024. Yardeni points out that geopolitical risks and market concerns about excessive monetary and fiscal stimulus are driving the rise in gold prices.

In addition, Yardeni emphasized that gold and the S&P 500 are negatively correlated in the short term, but their long-term trends are consistent. He expects both the S&P 500 and gold prices to reach 10,000 points/dollar by the end of 2029.

The Bank of Korea: Crypto trading activity in the country has cooled significantly, with investors shifting towards concentrated profit-taking.

The Bank of Korea's (BOK) latest Financial Stability Report shows that while the South Korean cryptocurrency market remains more active than the global average (157% vs. 112%), investor behavior has shifted from aggressive position building to concentrated profit-taking. When Bitcoin surpasses $100,000 in 2025, South Korean retail investors are expected to cash out significantly. Data shows that the top 10% of accounts contribute 91.2% of trading volume, increasing the risk of market manipulation. The BOK warns that opening up access to institutional and ETF markets will exacerbate the vulnerability of the South Korean market to global volatility. Currently, hot money is flowing into the local stock market and leveraged US stock ETFs.

Project Updates

Polymarket has confirmed that it was attacked due to a third-party authentication vulnerability, resulting in the theft of funds from some users.

Decentralized prediction market platform Polymarket has confirmed that recent user account thefts stemmed from a security vulnerability in a third-party authentication service provider. Some users who registered through Magic Labs had their funds emptied without clicking phishing links or enabling two-factor authentication. The platform stated that the vulnerability has been fixed and there is currently no ongoing risk. Affected users will be contacted individually; the specific amount of loss and the number of affected users were not disclosed.

Strategy has increased its dollar reserves to $2.2 billion to secure dividend payments for the next two and a half years.

As the publicly traded company holding the most Bitcoin, Strategy (MSTR) has increased its dollar reserves to $2.2 billion, securing dividend payments for the next two and a half years and mitigating financial pressure from a potential "crypto winter" caused by Bitcoin's four-year cycle.

The company increased its reserves by $748 million through Monday's stock sale. This cash buffer not only alleviates short-term liquidity pressures but also supports the company's operations during periods of high market volatility. The reserves will primarily be used to pay preferred stock dividends, totaling approximately $824 million annually, while also providing repayment security for $1 billion in convertible bonds maturing in September 2027.

Currently, MSTR's share price is approximately $163, about 12% lower than the convertible bond conversion price of $183. If the share price falls below the conversion price, the company will settle in cash; if it reaches or exceeds the conversion price, settlement will be made in equity. Furthermore, MSTR holds 671,268 BTC, meaning it only needs to utilize a small portion to meet its cash repayment requirements.

MSTR's Chief Risk Officer, Jeff Walton, stated that current cash reserves are sufficient to cover convertible bond repayments in September 2027 and provide an additional 15 months of preferred stock dividend payment guarantees. Despite a year-to-date share price decline of approximately 45%, the company has further solidified its financial health by strengthening its cash reserves.

According to previous reports, global listed companies made a net purchase of $26.35 million worth of BTC last week, while Strategy did not increase its holdings .

Curve DAO rejected a one-year vesting contract worth 17.45 million CRV to Swiss Stake.

The voting page shows that the Curve DAO voted against granting 17.45 million CRV to Swiss Stake AG for development. The proposal had a one-year vesting period, could be suspended or disabled by the DAO at any time, and could return to DAO control; the contract function was `deploy_vesting_contract`, the token address was 0xD533…cd52, the recipient was 0x96D0…11a2B, and the vesting period was 31,536,000. The voting results showed: 41.45% quorum (threshold 30%), minimum support 45.54% (threshold 51% not reached), total voting power 719.63 million veCRV, 141 voters, and a result of 54.46% against and 45.54% in favor.

Earlier this month, it was reported that Curve's founder proposed allocating 17.45 million CRVs to support the R&D team and a technology upgrade in 2026 .

Binance will launch pre-market trading for Lighter (LIT) perpetual contracts.

Binance Futures will launch pre-market trading of LITUSDT perpetual contracts at 23:00 Beijing time on December 23, 2025, with a maximum leverage of 5x.

LITUSDT perpetual contracts are built on Ethereum, with the underlying asset being Lighter Protocol (LIT). This protocol focuses on perpetual contract trading, employing zero-knowledge aggregation technology to reduce latency and provide instant final confirmation. The total supply of LIT is 1 billion, the settlement asset is USDT, and funding fees are settled every four hours.

Binance will delist five spot trading pairs, including BIO/FDUSD, on December 26.

According to a Binance announcement, to improve trading quality, Binance will delist five spot trading pairs—BIO/FDUSD, ENS/FDUSD, INJ/ETH, TREE/BNB, and VTHO/TRY—at 03:00 UTC on December 26th. The delisting only affects the relevant trading pairs; the tokens themselves can still be traded through other pairs on the platform. Binance will also simultaneously terminate the services of the related trading bots, and users are advised to adjust their settings accordingly to mitigate asset risks.

Binance will be performing wallet maintenance on the Ethereum network at 14:00 on December 25th, which is expected to take 1 hour.

According to an official announcement, Binance will be performing wallet maintenance on the Ethereum network (ETH) at 14:00 (UTC+8) on December 25th . To support this maintenance, Binance will suspend deposit and withdrawal services on the Ethereum network (ETH) at 13:55 (UTC+8) on December 25th . The maintenance is expected to take 1 hour , and deposit and withdrawal services will automatically resume upon completion.

Important data

Bitcoin spot ETFs saw net outflows for the fourth consecutive day, with $189 million flowing out yesterday.

According to SoSoValue data, on December 23rd (Eastern Time), Bitcoin spot ETFs saw a total net outflow of $189 million, marking the fourth consecutive day of outflows. BlackRock's IBIT saw a net outflow of $157 million, and Fidelity's FBTC saw a net outflow of $15.2979 million. Currently, the total net asset value of all spot ETFs is $114.289 billion, representing 6.53% of Bitcoin's total market capitalization, with a historical cumulative net inflow of $57.076 billion.

Financing/Acquisition

Former FTX US president completes $35 million funding round and launches new exchange AX

According to The Information, former FTX US president Brett Harrison has completed a $35 million funding round for his newly founded fintech company, Architect Financial Technologies, valuing the company at approximately $187 million.

The company's exchange, AX, focuses on trading perpetual contracts for traditional assets, including stocks and forex, rather than cryptocurrency perpetual contracts. The AX platform is regulated in Bermuda and is only open to non-US institutional investors because perpetual futures products are not currently approved in the United States.

Previously, it was reported that Architect, a crypto company owned by the former president of FTX.US, registered as an independent introducing broker in the United States .

Upexi has filed a petition with the SEC seeking to raise up to $1 billion to support its Solana-related businesses.

Upexi, Inc. (NASDAQ: UPXI), which focuses on Solana digital assets, announced that it filed a Form S-3 registration statement with the SEC on December 22, 2025, planning to raise up to $1 billion through a combination of securities offerings, including common stock, preferred stock, debt instruments, warrants, and units.

Upexi, headquartered in Tampa, Florida, manages several consumer brands, including Cure Mushrooms and Lucky Tail, and holds over 2 million SOL tokens (approximately $248 million), making it the fourth-largest holder of Solana treasury tokens among publicly traded companies. The company plans to use the proceeds for working capital, research and development, acquisitions, and debt repayment. Upexi's stock price has fallen by about 50% this year, while the price of SOL has dropped by 34%.

Previously, Solana Finance's Upexi announced the completion of a private placement of up to $23 million in common stock and warrants .

HashKey Capital's fourth fund completes $250 million in initial funding round.

HashKey Capital announced that its fourth multi-strategy fund, Fund IV, has completed its first round of fundraising, raising a total of $250 million, exceeding expectations. The fund's ultimate asset management target is $500 million. The fund will invest in global blockchain infrastructure and large-scale application projects, with strategies covering both primary and secondary markets.

The general partner for the fourth fund is HashKey Capital Investment (a subsidiary of HashKey Capital). HashKey Capital currently manages over $1 billion in client assets, and its first fund achieved a return of over 10 times DPI.

In 2025, 267 crypto M&A deals were completed, totaling $8.6 billion.

According to the Financial Times, the global crypto industry completed 267 mergers and acquisitions in 2025, totaling $8.6 billion , nearly four times the number in 2024 and setting a new record. The Trump administration prioritized crypto as a national priority, pushing for regulatory deregulation, the withdrawal of lawsuits, and the establishment of a national crypto reserve, fueling the influx of capital. Coinbase's $2.9 billion acquisition of Deribit was the largest deal of the year, while Kraken and Ripple acquired NinjaTrader and Hidden Road, respectively. Eleven crypto companies raised a total of $14.6 billion through IPOs throughout the year. The M&A boom is expected to continue in 2026 due to compliance pressures and the implementation of stablecoin regulations.

Institutional holdings

Nasdaq-listed iPower reaches $30 million convertible note financing agreement to launch DAT strategy.

Nasdaq-listed e-commerce and supply chain platform iPower announced that it has reached a $30 million convertible note financing agreement to launch its Digital Asset Treasury (DAT) strategy. The company disclosed that the first phase of the financing will invest $9 million, of which $4.4 million will be used to purchase Bitcoin and Ethereum, the remaining funds will be used to increase working capital to bolster the balance sheet, and 80% of the subsequent funds will be used for continued acquisitions of digital assets.

Previously, iPower announced in June that it was shifting its strategy towards crypto finance and blockchain infrastructure services.

China Real Estate Investment plans to purchase digital assets such as BNB using its own funds.

Hong Kong-listed China Properties Investment Holdings Limited announced that it will use its own funds to purchase and hold BNB (Binance Coin) and other suitable digital assets in batches on the open market as strategic reserve assets. The company stated that the plan will not affect its daily operations, and the funds will come from its existing funds.

Trend Research purchased another 46,000 ETH, bringing its total holdings to over 580,000 ETH, with unrealized losses exceeding $140 million.

According to Ember, Trend Research, a secondary investment firm under Jack Yi, purchased another 46,379 ETH today using leverage, worth approximately $137 million. Since early November when ETH was around $3,400, the firm has accumulated approximately 580,000 ETH, with a total investment of approximately $1.72 billion. The estimated average holding price is $3,208, and the current unrealized loss is approximately $141 million. It borrowed a total of $887 million USDT from Aave, a leverage ratio close to 2. This address is suspected to be the same whale that previously profited $24.48 million from shorting ETH before going long.

Bitmine purchased another 67,886 ETH in the past 24 hours, worth over $200 million.

According to Lookonchain, Bitmine, owned by Tom Lee, purchased another 67,886 ETH in the past 24 hours, worth approximately $201 million.