Metaplanet has approved the capital structure reform, planning to issue dividend preferred shares to institutional investors, increasing the authorization of Class A and Class B preferred shares, and implementing a floating and fixed dividend mechanism. The company holds approximately 30,823 Bitcoins, worth $2.75 billion, which will be traded on the US market.

Analysts from a US financial website indicate that despite the risk of interest rate hikes by the Central Bank, gold and silver remain strong ahead of the Christmas holiday, with spot gold breaking the new high of 4400 USD. Insufficient liquidity may boost prices, and market changes need to be followed.

Author: Merkle3s Capital
This article is based on the annual report The Crypto Theses 2026 released by Messari in December 2025. The full report contains over 100,000 words, with an official reading time of 401 minutes.
This content is supported by Block Analytics Ltd X Merkle 3s Capital. The information in this article is for reference only and does not constitute any investment advice or invitation. We do not take responsibility for the accuracy of the content, nor do we bear any consequences arising from it.
Introduction | This is the worst year for emotions, but it is not the weakest year for the system.
If we only look at emotional indicators, the crypto market in 2025 could almost be sentenced to "death."
In November 2025, Crypto Fear &

Author: Coinbase Institutional
Compiled by: Deep Tide TechFlow
Our annual cryptocurrency market outlook will delve into the various factors shaping the crypto economy over the next year. From detailed forecasts on BTC (Bitcoin), ETH (Ethereum), and SOL (Solana) to a comprehensive analysis of regulatory dynamics, market structure, and the latest developments in tokenization, we cover all the important areas. Additionally, we explore the impact of the Bitcoin four-year cycle, the potential risks posed by quantum computing, and the far-reaching effects of significant platform upgrades such as the Ethereum Fusaka hard fork and Solana Alpenglow.
Welcome everyone to click the link to download the complete report.
Highlights include:
Cautious optimism: We hold a cautiously optimistic view on the resilience of the U.S. economy, believing that the continuously improving labor productivity can contribute to the overall economy.

Among the 118 token generation events launched in 2025, 84.7% of the tokens are currently valued below their issuance price, and the median Fully Diluted Valuation has decreased by 71%. Only 15% of the tokens have maintained a rise after issuance, indicating that TGE is no longer an opportunity for early investment.

The fee switch proposal "UNIfication" for Uniswap has received 40 million votes in support and will take effect this week. The proposal will burn 100 million UNI tokens and implement fee discount auctions, which is expected to improve the supply-demand dynamics of UNI tokens and enhance long-term holding value. During the voting period, the UNI price has risen over 25%.

According to a report by Bloomberg on December 22, the Hong Kong Insurance Authority is proposing a series of new rules to guide insurance capital towards assets including Crypto Assets and infrastructure.
According to a presentation document obtained by Bloomberg on December 4, insurance regulators plan to set a 100% risk capital requirement for Crypto Assets. For stablecoin investments, the risk rate will be determined based on the fiat currency that the stablecoin regulated by Hong Kong is pegged to.

Last week, Ethereum Spot ETF had a net outflow of 644 million USD, with none of the nine ETFs experiencing net inflows. Among them, BlackRock's ETHA had an outflow of 558 million USD, and Grayscale's ETHE had an outflow of 32.36 million USD. The current net asset value of Ethereum Spot ETFs is 18.21 billion USD, with a net asset ratio of 5.04%.

Source: Machine Heart
I didn't expect the pace of IPOs for large model startups to be so fast.
On Sunday evening, it was reported that the well-known domestic AI startup MiniMax (Xiyu Technology) published the prospectus information for its Post- Hearing Information Pack (PHIP) version on the Hong Kong Stock Exchange, marking a critical sprint phase in its listing process.
MiniMax was established in December 2021, headquartered in Shanghai, founded by former SenseTime executive Yan Junjie and others, focusing on the research and development of general artificial intelligence technology (AGI) that integrates text, speech, and visual multimodal fusion. The company is well-known for its MiniMax M1 and M2 foundational models and AI-native products such as MiniMax Voice, Conch AI, and Starry Sky.
The company is expected to set a record, becoming the AI company that takes the shortest time from establishment to IPO.
As a global leader in all-modal large

Aster launched a six-week Futures Trading competition "Crystal Weekly Drops" with a total prize pool of $12 million. The first phase of the event starts on December 22, with a maximum prize pool of $2 million. Participants must meet specific volume and Holdings requirements to share the prize.

The original intention of Crypto Assets was to break the monopoly of Financial Intermediary and achieve financial democratization, but in reality, it has evolved into a speculative asset. The emergence of stablecoins, while providing a more stable Medium of Exchange, relies on the trust of the issuing institution, which could exacerbate market concentration, threaten small economies, and foster illegal financial activities. Effective regulation and international cooperation are key to addressing this issue, but it is difficult to achieve in the current global environment.

According to Deep Tide TechFlow news on December 22, based on Coingecko data, BitLight (LIGHT) experienced a flash crash early this morning, briefly falling below 1 USD, currently reported at 1.12 USD, with a 24-hour decline of 71.6%.

Indiana Congressman Kyle Pierce has proposed a cryptocurrency bill aimed at promoting the entire crypto market, not just Bitcoin. His bill does not set a market capitalization threshold and emphasizes protecting miners and supporting the right to make crypto payments, while planning to adjust investment restrictions on newly issued tokens.

Maple Finance CEO Sidney Powell stated that traditional Decentralized Finance has "died" and that the future will be dominated by on-chain Capital Markets, replacing traditional intermediary models. He believes that on-chain finance will become more institutionalized, with capital market activities occurring directly on public or permissioned blockchains.

Fundstrat's Crypto Assets Strategy Head Sean Farrell stated that despite differing outlooks from Tom Lee, his research leans towards a high allocation Crypto Assets portfolio with a more aggressive trading strategy. He holds a cautious stance on market risks, believing that Bitcoin is currently at a high valuation, expecting a rebound early in the year, but there remains a risk of pullback in the first half of the year, with BTC and ETH potentially challenging new highs before the end of the year.