Organized by: Cora
This Week's Focus
Multiple insiders have revealed that Kraken's parent company Payward has decided to suspend this highly anticipated initial public offering (IPO) plan. From a high-profile sprint to a quiet pause, just four months of time. This news reflects not only the strategic setbacks of Kraken but also symbolizes the macro headwinds faced by the entire cryptocurrency industry in the first quarter of 2026.
Surprisingly, just in early February, Tally publicly announced that it would launch an ICO, planning to document the entire process within the next 60 days and built an ICO fundraising platform based on Uniswap CCA mechanisms to help teams of various sizes raise capital. However, just one month later, the abrupt change from 'Hoisting Sail' to 'Shipwrecked' caught everyone off guard, what exactly happened behind the scenes that caused Tally to transform so quickly?
This round of increase came suddenly, but it was not without signs. Against the backdrop of the Middle East not fully calming down, Bitcoin did not behave as a one-way hedge like the "digital gold" in traditional theories, nor did it completely follow the oscillation of risk assets.
In recent days, several international media outlets have cited insiders saying that the first batch of licenses will likely prioritize traditional large banks such as HSBC and Standard Chartered. If this outcome comes true, it is not surprising. The HKMA has long signaled clearly: the number of initial licenses will be very limited, and the review focus will also be placed on risk management, reserve arrangements, anti-money laundering, and application scenarios. Under such a framework, naturally, the first candidates on the market are those institutions with more mature governance, more complete risk control, and less easily mistaken.
The typical situation in the market is: some assets are overreacting, some assets are underreacting, and some assets are just moved by emotion together. In other words, war does not necessarily bring a clear direction, but more often leads to mismatches that are amplified in a short time.
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Three centuries later, the largest private credit funds in the world are responding to a surge in investor redemption requests in a similar way. They are modifying redemption rules to control losses. But is this really a solution, or merely a stopgap? Can on-chain private credit help? In today's deep dive, I will explore this question. Let's get started.
For every ordinary person living in this era, Hayes's warnings carry more universal significance. They remind us that the wave of technological change is coming at an unprecedented speed and power, and we cannot remain aloof. Whether we choose to learn new skills to embrace AI or allocate hard assets to combat inflation, we must actively make choices and take responsibility for our own future.
SpaceX completed a similar layout earlier, covering the entire capital needs of rocket research and development, Starlink deployment, and deep space exploration in its private financing round. According to Reuters, SpaceX plans to IPO at an estimated valuation of about $1.75 trillion. If it goes public, it will become the largest IPO in history by fundraising scale and will directly rank sixth in U.S. market capitalization, just behind NVIDIA, Apple, Microsoft, Amazon, and Alphabet.
The guide emphasizes at the end that The SEC and CFTC will take joint action. The CFTC has made it clear that it will execute the Commodity Exchange Act according to this explanation and determine that certain non-security crypto assets may constitute commodities in the sense of commodity law.
At this release event, Jensen Huang launched Vera Rubin, specifically designed for intelligent AI agents, with computing power reaching 3.6 exaFLOPS. Combined with the newly launched racks, the latest power throughput per megawatt has increased by 35 times. Additionally, he introduced a CPU specifically designed for extremely high single-thread performance—Vera CPU.
Ten News You Can't Miss This Week
- Insiders: The central bank may add about 12 commercial banks to the digital currency system
- Morgan Stanley submitted a Bitcoin ETF amendment filing confirming its listing on NYSE Arca
- Insiders: Kalshi completed over $1 billion in funding, led by Coatue Management
- The Korean National Power Party proposed to abolish the 22% cryptocurrency tax set to take effect next year
- Hong Kong stablecoin payment company RedotPay raised up to $150 million, targeting over $4 billion for an IPO in the U.S.
- MasterCard plans to acquire stablecoin infrastructure company BVNK for up to $1.8 billion acquisition
- PayPal will expand the PYUSD stablecoin to 70 countries
- The Argentine Ministry of Justice has ordered a comprehensive blockage of the prediction market platform Polymarket
- The Japanese Financial Services Agency plans to increase the prison term for selling unregistered cryptocurrencies to up to 10 years
- Venus: THE market attack was due to bypassing the supply cap loophole, not a flash loan attack
