Why Plus500’s US Launch Looks Planned, Not Experimental Plus500’s decision to introduce regulated prediction markets on its US retail platform reflects a strategy that has been developing quietly inside the group’s American operations for several years, rather than a short-term product test. The London-listed broker said its US B2C platform, Plus500 Futures, will now offer event-based contracts tied to economic data, financial milestones, geopolitical developments, and other defined real-world outcomes. The contracts are listed through Kalshi and cleared directly by Plus500 using its full clearing membership with Kalshi Klear LLC. That detail sets the launch apart from typical brokerage partnerships in emerging asset classes. Instead of acting as an introducing broker or routing customer flow to a third-party venue, Plus500 is embedding itself deeper in the trade lifecycle. For a group best known for CFDs and non-US markets, taking responsibility for post-trade processing, margining, and customer positions in the US marks a clear departure from its historical operating model. The prediction markets launch is therefore less about adding a new product and more about using infrastructure that has already been built. Investor Takeaway Plus500’s direct clearing role points to a longer-term US strategy focused on infrastructure control rather than distribution-only partnerships. A US Derivatives Platform Built Years Earlier Plus500’s US expansion began well before event contracts entered mainstream regulatory debate. In 2021, the group acquired Cunningham Commodities and Cunningham Trading Systems, securing a CFTC-registered futures commission merchant along with the licenses needed to clear and carry US customer accounts. That acquisition led to the formation of Plus500US Financial Services LLC, now an NFA member and CFTC registrant. At the time, the focus was conventional futures. But the operational stack created through that acquisition — onboarding, margin frameworks, reporting, and risk controls — closely mirrors what is required to support regulated event contracts once they are treated as derivatives rather than gambling products. This context explains why Plus500 has highlighted that it is clearing trades itself. The firm is not outsourcing the economic core of the transaction. It is extending the same regulated machinery it built for futures into an adjacent market that shares similar operational demands. Kalshi as the Regulated Access Point Kalshi occupies a distinct role in the US prediction markets landscape. Since its founding in 2018, the exchange has focused on bringing event-based contracts under the federal derivatives framework instead of state gaming regimes. That effort culminated in regulatory approval that allows certain event contracts to trade under CFTC oversight. Kalshi’s position strengthened further after it launched its own clearinghouse, Kalshi Klear LLC. By controlling both the exchange and clearing layers, it offers partners a structure that closely resembles traditional futures markets. For brokers like Plus500, that structure makes it possible to participate as clearing members rather than remaining passive distributors. Clearing membership also introduces barriers that are difficult to replicate quickly. Legal approvals, capital requirements, and operational readiness all create friction for new entrants, reinforcing the value of early infrastructure investment. The CME and FanDuel Connection Plus500’s move into prediction markets did not begin with its own retail audience. In December 2025, the broker was named clearing partner for the event-based contracts platform launched by CME Group in partnership with FanDuel. Branded as FanDuel Prediction Markets, the platform launched in five US states and was framed as a regulated alternative for certain event-driven outcomes. Plus500’s role in that venture centered on execution and clearing, not customer acquisition. The same capabilities are now being deployed on its own platform. Viewed together, the sequence suggests a deliberate rollout: first supporting third-party infrastructure alongside established US brands, then applying the same model to internal distribution. Investor Takeaway The CME–FanDuel partnership provided a proving ground for Plus500’s clearing capabilities before extending them to its own US customers. Regulatory Signals and the Value of Clearing The timing of Plus500’s launch aligns with changing regulatory signals. In late January 2026, the US Commodity Futures Trading Commission indicated it intends to develop formal rules for event contracts, stepping away from earlier efforts to restrict entire categories. That approach points toward a framework built through rulemaking rather than ad hoc enforcement. Tensions remain. State regulators continue to challenge federally regulated platforms where contracts resemble sports betting, and court decisions in late 2025 underscored unresolved jurisdictional boundaries. Still, a clearer federal path favors firms with capital, compliance capacity, and established clearing infrastructure. In that context, clearing becomes the central asset. It determines who controls risk, who collects fees, and who regulators turn to when problems arise. By clearing directly through Kalshi Klear, Plus500 moves beyond the role of front-end broker and into the core of a regulated market structure. Whether prediction markets become a niche feature or a core component of US retail trading will depend on how regulation develops and how far platforms expand into sensitive contract types. What is already evident is that Plus500’s entry reflects years of preparation, not a sudden shift in direction.

Why This Partnership Is About Infrastructure, Not New Products The partnership announced this week between 360T and Bitpanda is less about launching another crypto offering and more about embedding digital assets into the core mechanics of Europe’s institutional markets. By connecting 360T’s 3DX trading venue with Bitpanda’s digital asset infrastructure, the deal gives banks a way to offer crypto services without rebuilding execution, liquidity, and post-trade systems from the ground up. For Deutsche Börse Group, which owns 360T, the agreement extends a strategy that has been in motion for years: add new asset classes into workflows banks already rely on, rather than pushing clients toward standalone platforms. Crypto is now being treated in the same way FX, money markets, and other institutional products were introduced into existing systems. Deutsche Börse acquired 360T in 2015 for €725 million, positioning the FX platform as a distribution layer for institutional trading activity. Since then, the group has steadily broadened what flows through that layer, with digital assets now joining currencies and rates as part of a unified institutional setup. Investor Takeaway The deal reinforces Deutsche Börse’s approach to crypto as market infrastructure, not a standalone business, lowering adoption friction for banks that already rely on 360T. How 360T Has Built Toward Institutional Crypto The Bitpanda tie-up builds on a staged rollout rather than a sudden pivot. In early 2024, 360T introduced crypto non-deliverable forwards linked to Bitcoin and Ethereum, designed to mirror FX-style instruments instead of spot crypto trades. That structure allowed banks to gain exposure using familiar tools and controls. In 2025, 360T followed with the launch of 3DX, a regulated, institutional-only crypto spot venue authorized in Germany. The platform was built on the same technology stack used across 360T’s FX business and deliberately avoided competing with banks for retail flow. Later that year, Deutsche Börse added delivery-versus-payment settlement for crypto spot trading through Clearstream and Crypto Finance. That step addressed a long-standing concern for banks: settlement risk and the need to pre-fund positions. With DvP in place, crypto trades could be handled more cleanly within existing treasury and risk frameworks. Against that background, integrating Bitpanda is primarily about widening distribution, not changing how trades are executed or settled. What Bitpanda Brings to the Structure Bitpanda’s role goes beyond that of a retail exchange. Its institutional business focuses on providing white-label infrastructure for banks and brokers, including access to more than 650 digital assets, custody arrangements, wallet services, and operational support that can be embedded into third-party platforms. A key factor is regulation. Bitpanda has built a network of approvals that allow services to be passported across the European Economic Area under MiCA. For banks, that reduces the need for country-by-country compliance work when rolling out crypto products to clients. Under the partnership, Bitpanda supplies the asset universe and operational backbone, while execution and liquidity remain within the 3DX environment. Banks can offer crypto exposure to customers while keeping pricing, trading, and risk controls inside systems they already use. Investor Takeaway For banks, the structure offers faster entry into crypto markets with limited operational disruption and clearer regulatory footing. Why the Timing Matters For Deutsche Börse, the integration fits a wider effort to keep digital assets within regulated market rails. Alongside 3DX, the group has backed projects tied to tokenized securities and other digital asset infrastructure, pointing to a preference for incremental build-out rather than separate crypto venues. For Bitpanda, the timing is also strategic. The Vienna-based firm is preparing for a potential public listing in Frankfurt in the first half of the year, according to a Bloomberg report, with a targeted valuation of €4 billion to €5 billion. Goldman Sachs, Citigroup, and Deutsche Bank have reportedly been appointed to work on the offering. Expanding institutional distribution through Deutsche Börse-owned infrastructure strengthens Bitpanda’s pitch to public market investors at a time when exchange valuations are increasingly tied to diversified, non-retail revenue. What This Says About Europe’s Crypto Direction The partnership reflects a broader shift under MiCA. Rather than building full crypto stacks internally, many European banks are opting for modular arrangements that allow controlled market entry while keeping core systems intact. By combining 360T’s execution environment with Bitpanda’s asset infrastructure, banks can add crypto exposure without assuming end-to-end operational responsibility. Whether the model extends into stablecoins or tokenized instruments remains open, but Deutsche Börse has already shown interest in that direction through other initiatives.

Stani Kulechov, founder of decentralized finance protocol Aave, has acquired a five-story residential property in London’s Notting Hill neighborhood for £22 million, according to a Bloomberg report. The purchase places the crypto entrepreneur among a small group of buyers still active in the UK’s high-end housing market, which has slowed amid tax changes and softer demand. The transaction was completed in November 2025, shortly before the UK government unveiled its autumn budget. Property records indicate the home was sold at a discount of roughly £2 million below the original asking range, reflecting broader pressure on luxury real estate pricing in the capital. Luxury Housing Slows as Crypto Wealth Moves Into Real Assets The deal comes at a time when London’s prime residential market has cooled, particularly for homes priced above £5 million. Higher borrowing costs and revisions to tax incentives for wealthy international residents have weighed on transaction volumes, pushing sellers to accept lower offers in some cases. Kulechov, who founded Aave in 2017, has overseen its growth into one of the largest decentralized lending platforms in the crypto sector. He also leads Avara, the parent company behind several Web3 initiatives, including the Lens Protocol and the GHO stablecoin. A spokesperson for Kulechov declined to comment on the purchase. The acquisition highlights how some crypto founders continue to channel digital-asset gains into traditional investments, even as the broader crypto market remains volatile and real estate activity at the top end shows signs of strain. Governance Scrutiny and Strategic Refocus at Aave Aave has faced renewed governance scrutiny following backlash over founder Stani Kulechov’s purchase of roughly $10 million worth of AAVE tokens ahead of a key DAO vote late last year. Some community members questioned the timing, raising concerns about potential influence over governance outcomes. Kulechov denied any attempt to sway the vote, stating the tokens were not used in the failed proposal and emphasizing transparency around his actions. The controversy unfolded alongside broader debate over a proposal to transfer certain brand and intellectual property rights from Aave Labs to the DAO. While supporters framed the move as decentralization progress, critics argued the process lacked sufficient clarity, highlighting persistent tensions around governance structure and decision-making within large DeFi protocols. More recently, Aave has taken steps to sharpen its focus on core DeFi infrastructure. The protocol transferred stewardship of the Lens social protocol to Mask Network, allowing Aave Labs to concentrate on lending and liquidity products. In parallel, Aave Labs has floated the idea of sharing non-protocol revenue with AAVE token holders, signaling a potential shift toward deeper economic alignment with the DAO.

Transaction Network Services (TNS) has completed its acquisition of BT’s Radianz business, bringing together two long-standing providers of financial markets connectivity as institutions continue to prioritise network resilience, venue access and infrastructure diversification. The deal adds Radianz — a secure global connectivity network that has served the financial community for more than two decades — into TNS’s Financial Markets offering, expanding TNS’s access, reach and service capability for clients worldwide. The acquisition is positioned as a strategic consolidation move in financial market infrastructure, where connectivity providers increasingly compete on breadth of access, low-latency performance, and the ability to deliver secure, mission-critical communications across multiple venues and counterparties. Radianz Joins TNS Financial Markets Offering After 20+ Years of Venue Connectivity Radianz has connected the global financial community for more than 20 years, providing secure access to trading venues, market data, applications and counterparties. Under the acquisition, the business will now form part of TNS’s global Financial Markets portfolio. TNS said the combination will expand client access while maintaining the diversity institutions rely on to manage operational risk. Tom Lazenga, General Manager of TNS Financial Markets, described the completion as a milestone for both firms and their clients. “Today marks an important milestone for TNS and our clients as we combine the strengths of two established leaders in financial connectivity,” Lazenga said. “We look forward to delivering expanded access to markets, counterparties and applications, while maintaining the network and platform diversity that institutions rely on for resilience and choice.” The emphasis on “network and platform diversity” is particularly relevant as market participants face increasing operational resilience requirements and regulatory scrutiny around concentration risk. Connectivity has become a critical layer of market infrastructure, and firms are increasingly seeking redundant routes, multi-provider access and scalable service models. Takeaway TNS’s acquisition of Radianz strengthens its connectivity footprint and deepens its role as an infrastructure provider for global trading. The deal is positioned around expanded access while preserving the network diversity institutions demand for resilience and operational choice. Combined Capabilities Link Secure Network Reach With Ultra-Low-Latency Trading Infrastructure Radianz is known for operating a secure network that links thousands of market participants and financial applications, supporting mission-critical communications and access to trading and market data services. TNS said Radianz complements its own ultra-low-latency trading, market data and hosting capabilities, effectively pairing secure connectivity reach with performance-driven infrastructure. From a client perspective, the combined offering aims to improve how institutions connect to venues and counterparties across regions while benefiting from TNS’s low-latency and hosting capabilities, which are increasingly important as electronic markets demand faster market data processing, execution performance and colocated infrastructure options. Phil Swindle, Managing Director of Radianz, said the move ensures continued investment for customers. “Radianz has a long track record of supporting mission-critical financial communications,” Swindle said. “Joining TNS brings complementary strengths and continued investment for customers.” As market structure becomes more fragmented — with more venues, more data sources and more workflow applications — network providers that can offer secure access plus performance optimisation are increasingly central to institutional trading operations. Takeaway The strategic logic is clear: Radianz adds secure global connectivity and participant reach, while TNS brings ultra-low-latency trading infrastructure and hosting. Together, the combined platform aims to meet institutional demands for both security and speed. TNS Welcomes Radianz Clients and Highlights Investment in Combined Network Ecosystem TNS said it is looking forward to welcoming Radianz clients, employees and partners into its global ecosystem, highlighting service continuity and investment as key priorities after completion of the deal. Lazenga said TNS is committed to building on the combined strengths of the two businesses. “We are dedicated to providing best in class services through our combined businesses and investing in our joint future together,” he said. The acquisition also included a set of adviser disclosures. Evercore served as financial adviser to TNS and Jones Day acted as legal adviser. Citi served as financial adviser to BT, with Bryan Cave Leighton Paisner as legal adviser. TNS described itself as a global provider of Infrastructure-as-a-Service (IaaS) solutions across financial, communications and payments markets. Founded in 1990, with headquarters in the United States and offices across Europe and Asia, TNS said it supports thousands of organisations across more than 60 countries. The firm also noted that in 2021 it became a wholly owned subsidiary of Koch Equity Development LLC (KED), the investment and acquisition arm of Koch, Inc. For the broader market, the acquisition underscores the growing strategic value of connectivity infrastructure. As institutions adapt to multi-asset electronic trading, regulatory resilience requirements and increasingly complex market data workflows, the connectivity layer is no longer a commodity—it is a competitive and risk-management differentiator. Takeaway TNS is framing the acquisition as a client-first expansion with continued investment. In a market where connectivity is mission-critical, the combined TNS-Radianz ecosystem is positioned to offer broader access with stronger resilience and service depth.

What Do the Newly Released Emails Reveal? Newly released emails from the US Department of Justice indicate that Jeffrey Epstein, the late financier and convicted sex offender, gained indirect exposure to early cryptocurrency venture investments through intermediaries, including a reported stake in Coinbase. According to the documents, an entity linked to Epstein acquired 195,910 Series C shares in Coinbase in 2014 for a total of $3.25 million, at a time when the crypto exchange was valued at roughly $400 million. The investment was structured through limited liability entities, obscuring the ultimate beneficial owner. The files do not suggest that Coinbase executives had direct contact with Epstein or knowledge of his involvement at the time of the investment. The correspondence instead points to intermediaries handling both the structure and execution of the deal. Investor Takeaway Early-stage crypto venture funding often relied on opaque structures, a legacy that continues to raise governance and disclosure questions as the industry matures. How Was the Coinbase Investment Structured? The emails show that the Coinbase investment was routed through entities connected to Epstein rather than made in his personal name. In a December 2014 email, Blockchain Capital founder and managing partner Bradford Stephens discussed renaming the investing entity once the final structure was determined. “When we figure out which LLC will be making the $3m investment, we will have them change the name of the investing entity. Wire instructions are also included,” Stephens wrote in an email dated Dec. 4, 2014, addressed to Darren Indyke, one of Epstein’s associates. The correspondence highlights how early crypto venture rounds often relied on intermediaries and special-purpose vehicles, particularly when investors sought discretion or distance from the underlying transaction. What Other Crypto Investments Were Linked to Epstein? The DOJ releases suggest that the Coinbase stake was not an isolated case. Epstein-linked entities also took part in the $18 million oversubscribed seed round for Blockstream, a blockchain infrastructure company. That investment was made through three separate entities: Crypto Currency Partners II LLC, Crypto Currency Partners II LLP, and Crypto Currency Partners LP. The documents indicate that Epstein maintained ongoing communication with advisers and crypto-focused investors as the sector developed, reflecting a broader pattern of exposure to early-stage crypto firms rather than a single opportunistic bet. Several of the emails reference discussions involving figures active in the crypto venture space at the time, reinforcing the role of intermediaries in connecting Epstein-linked capital with early blockchain companies. Investor Takeaway The disclosures may prompt renewed scrutiny of historical cap tables at early crypto firms, especially where venture funding relied on complex or layered ownership structures. How Was the Coinbase Stake Partially Sold? Four years after the initial investment, emails show that Epstein was approached in 2018 about selling part of his Coinbase position. Stephens proposed purchasing half of the stake based on a $2 billion valuation, offering $15 million for roughly half of the shares originally acquired for about $3 million. “We are interested in buying the LLC below that we used to make this Coinbase investment,” Stephens wrote in a Jan. 20, 2018 email. “We did this investment at a $400m valuation. The company just raised money at a $1.6b valuation, and we would be willing to buy the position from you at a $2b valuation. We would pay $15m for this $3m investment.” A follow-up email dated Feb. 22 suggests the transaction was completed. In that message, Brock Pierce, a co-founder of Blockchain Capital, wrote that $15 million had been wired for half of the Coinbase position, leaving the remaining equity with Epstein-linked entities. What Are the Broader Implications? The DOJ disclosures add to a growing record of Epstein’s financial dealings beyond traditional markets, showing how his capital intersected with the early crypto venture ecosystem. While the documents do not allege wrongdoing by the companies involved, they illustrate how limited transparency was common in early crypto funding rounds. Coinbase has been contacted for comment regarding the reported investment. The exchange has not publicly indicated that it was aware of Epstein’s connection to the stake at the time.

Euronext has expanded its Software as a Service (SaaS) offering in France with the launch of Admincontrol’s governance and secure collaboration solutions, as the exchange group accelerates its push toward subscription-based revenues through Euronext Corporate Solutions. The launch follows Euronext’s acquisition of Admincontrol in May 2025 and represents a key step in scaling its corporate services business under its Innovate for Growth 2027 strategic plan. Euronext said the expansion will bring European-owned digital governance tools to French companies, with a particular focus on listed firms facing rising regulatory expectations and growing pressure to ensure data sovereignty. The move also reflects a wider market shift: capital market infrastructure providers are increasingly diversifying beyond trading and post-trade into software, data and workflow tools that create recurring revenues and deeper client relationships. Admincontrol Launch in France Supports Subscription Revenue Strategy Euronext said the rollout is designed to increase subscription-based revenues through Euronext Corporate Solutions, aligning with its Innovate for Growth 2027 roadmap. By extending Admincontrol into France, Euronext is expanding its reach beyond its strongest existing footholds in the Nordics and the UK, while embedding SaaS into its corporate services portfolio. The offering targets companies based in France, particularly listed companies that need secure collaboration tools for boards and transactions. Euronext positioned the suite around three priorities: strengthening governance, ensuring data sovereignty and driving board efficiency. Mathieu Caron, Head of Primary Markets at Euronext, framed the launch as part of the group’s commitment to European technology and regulatory readiness. “The launch of Admincontrol’s digital solutions in France reflects Euronext’s commitment to supporting listed and private companies with innovative, European-owned technology,” Caron said. “As regulatory requirements increase and data sovereignty becomes ever more important, we can now offer French-based businesses the assurance of tools with the highest level of security as well as the specific expertise of a dedicated local team, ensuring tailored support for clients and partners.” The emphasis on “European-owned technology” and data sovereignty signals a competitive positioning against US-based governance and collaboration platforms, especially as European regulators and boards scrutinise where sensitive corporate information is stored and processed. Takeaway Euronext is using Admincontrol to shift more of its corporate services business toward recurring SaaS revenues. The France rollout is also a data sovereignty play, positioning European-owned governance tools as a compliant alternative to non-European providers. Governance Suite Adds Board Portal, Evaluation Tool and Transaction Data Room Admincontrol’s governance suite includes three products aimed at boards, executives and transaction teams, addressing both routine governance and event-driven workflows like IPOs and M&A. Euronext highlighted the following tools: Board portal: a secure platform for organising board meetings, sharing confidential documents and enabling communication among directors. Board evaluation: newly added to Euronext’s governance offering, designed to support annual board assessments, which are “recommended for all listed companies” to ensure best practice and regulatory compliance. Transaction management (data room): a secure shared drive for due diligence, supporting IPOs, M&A and other corporate transactions through confidential document exchange and collaboration. These tools position Admincontrol as more than a document-sharing platform. The suite is designed to formalise governance workflows, improve board-level auditability and support regulated corporate processes where controls, permissions and traceability are critical. For listed companies, the ability to run board operations and due diligence inside a controlled environment becomes increasingly important as regulatory obligations around disclosure, governance oversight and record-keeping expand across European markets. Takeaway Admincontrol’s France rollout is focused on mission-critical workflows: board operations, board evaluations and transaction due diligence. It positions Euronext as a governance software provider, not just a market operator. Security, GDPR Compliance and EEA Hosting Positioned as Differentiators Euronext emphasised Admincontrol’s scale and security posture as part of the France launch. The company said the solutions are trusted by more than 7,500 organisations, including over 1,000 listed companies, and 200,000 users across 95 countries. The Admincontrol platform is positioned around “robust security” and regulatory compliance, including ISO 27001:2022 and SOC 2 Type II certifications. Euronext also highlighted features designed for modern board usage, including mobile apps for iOS and Android, offline access, electronic signatures and voting, AI-powered search, Q&A modules for due diligence and real-time reporting and analytics. A central part of the value proposition is hosting and data protection. Euronext said all solutions are fully GDPR compliant, with servers located in the European Economic Area, “providing a trusted alternative to non-European providers and ensuring data sovereignty.” Julien Tessier, CEO of Euronext Corporate Solutions, said the suite is designed to make governance more efficient while remaining compliant. “With this launch, Euronext brings French companies a new standard in governance and secure collaboration,” Tessier said. “The solutions are designed to be simple, reliable and fully compliant with European regulations, helping boards and executives focus on what matters most: effective decision-making and strategic growth.” In practice, the combination of board workflow tooling, transaction data rooms and European hosting gives Euronext a platform play in governance infrastructure—one that can be bundled with broader capital markets services, particularly for listed issuers and IPO candidates. Takeaway Euronext is competing on security and sovereignty. With ISO and SOC certifications plus EEA-hosted GDPR-compliant infrastructure, Admincontrol is being positioned as a board and transaction platform built for European regulatory expectations.

What Has Been Agreed So Far? FTX users and Silicon Valley law firm Fenwick & West have reached a proposed settlement in a lawsuit that accused the firm of contributing to the fraud behind the collapse of the crypto exchange, according to a joint court filing submitted on Friday. Lawyers for both sides told a Florida federal court that they plan to submit the settlement for approval on Feb. 27. While the filing confirms that an agreement has been reached in principle, it does not disclose financial terms or other details. The parties also asked the court to pause all deadlines and pending motions in the case until the settlement is reviewed. The lawsuit was first filed in 2023 and later amended in August as part of a broader multidistrict litigation that followed FTX’s collapse in late 2022. That wider legal effort has targeted not only the exchange itself, but also service providers, advisers, and public figures accused of helping promote or enable the business. Investor Takeaway The proposed settlement adds pressure on professional advisers linked to failed crypto firms and reinforces the legal risks facing service providers beyond direct operators. What Were FTX Users Alleging Against Fenwick? FTX users accused Fenwick & West of playing “a key and crucial role in the most important aspects of why and how the FTX fraud was accomplished,” according to the amended complaint. The lawsuit claimed the exchange’s failure “was only possible because Fenwick provided ‘substantial assistance’ by creating and approving the structures that allowed numerous frauds.” Among the allegations, users said Fenwick advised FTX on corporate arrangements that helped the company avoid money transmitter registration requirements. They also claimed the firm had insight into the commingling of customer funds and the blurred operational lines between FTX and affiliated trading firm Alameda Research. The complaint argued that these structural decisions were not peripheral legal work, but central to how FTX operated and ultimately collapsed. Fenwick, however, has consistently rejected that characterization. The law firm sought to dismiss the case, arguing it was “not liable for aiding and abetting a fraud it knew nothing about” and that it had provided “routine and lawful legal services.” In November, the court rejected Fenwick’s motion to dismiss, allowing the amended complaint to proceed. Why the Case Matters Beyond FTX The lawsuit against Fenwick sits within a broader effort by FTX users to extend accountability beyond the exchange’s former executives. Following FTX’s bankruptcy, users filed multiple lawsuits against outside firms, advisers, and promoters, arguing that professional gatekeepers failed to stop, or indirectly enabled, misconduct. That strategy has produced mixed results. In February 2024, FTX users also sued Sullivan & Cromwell, the exchange’s former outside counsel, accusing the firm of playing a role in the multibillion-dollar fraud. That complaint was voluntarily dismissed eight months later after plaintiffs said they lacked sufficient evidence to proceed. The contrast between the Sullivan & Cromwell case and the Fenwick litigation highlights how difficult it can be for plaintiffs to prove liability against legal advisers. Courts have generally required clear links between advice given and alleged wrongdoing, rather than broad claims tied to a client’s later failure. The Fenwick case progressed further than many similar suits, in part because the court allowed the amended complaint to survive an early dismissal attempt. That procedural outcome likely increased incentives on both sides to explore a negotiated resolution. Investor Takeaway Legal exposure for advisers and service firms remains a live issue in crypto-related bankruptcies, even when direct evidence of intent is disputed. What Happens Next? The next step is formal submission of the settlement to the court on Feb. 27. The judge will review whether the agreement meets legal standards for fairness in a class-action context. Until then, the terms remain confidential, and the court has been asked to halt further procedural activity. Neither Fenwick & West nor the Moskowitz Law Firm, which represents FTX users, responded immediately to requests for comment. Fenwick has previously denied any wrongdoing and has not conceded liability as part of the proposed settlement, based on the available court filings. If approved, the settlement would close one of the more prominent lawsuits aimed at professional advisers in the FTX fallout. It would not resolve claims against other defendants tied to the exchange, nor would it affect ongoing criminal cases related to FTX’s former leadership.

Xapo Bank’s 2025 Digital Wealth Report argues that the past year was less about price headlines and more about a structural shift in how Bitcoin is used — from speculative positioning toward long-term wealth behavior, regulated yield, and credit-backed liquidity strategies. The report, titled “2025 Digital Wealth Report: A Year In Bitcoin”, frames 2025 as a period in which the ecosystem absorbed higher complexity without the kind of systemic shock that defined previous cycles. “The good news? No balance sheets blew up last year. No FTX. No systemic shock,” Xapo Bank CEO Seamus Rocca wrote in the opening section. In that context, Xapo describes a market transitioning toward maturity: long-term holders selectively taking profit, increased demand for borrowing against Bitcoin rather than selling it, and an influx of traditional market participants trading volatility — a combination the bank says is reshaping the profile of digital wealth. Bitcoin’s 2025 Story Was About Behaviour, Not Just Price Xapo’s report highlights that Bitcoin’s narrative in 2025 did not resemble earlier boom-and-bust cycles, despite strong upside moves. Rocca notes that if anyone had predicted in late 2022 that Bitcoin would be “pushing towards $126,000 in 2025,” “they would’ve sent you to the asylum.” But the more significant takeaway, according to Xapo, was that the market did not fracture under stress. “We’ve had a foundational year where the ecosystem absorbed far more complexity without breaking,” Rocca said, adding that what stood out most “wasn’t the price. It was the behaviour.” The bank describes long-term holders increasingly treating Bitcoin as core wealth — with liquidity needs now met through credit products and yield rather than forced selling. “Long-term Bitcoiners, many of whom are now holding the majority of their wealth in Bitcoin, finally felt comfortable taking some profit. That’s healthy,” Rocca wrote, calling profit-taking “a good thing” because it refreshes the holder base. Takeaway Xapo’s framing matters because it suggests 2025 was a “normalising” note in Bitcoin’s evolution — less systemic fragility, more long-term wealth management behaviour. If that continues, adoption may increasingly be driven by banking-style use cases rather than pure speculation. Xapo: Bitcoin Credit and Yield Demand Is Rising as Holders Avoid Selling A core theme in the report is that Bitcoin holders are seeking liquidity while keeping exposure intact. Xapo says its product development in 2025 centered on three priorities: “Liquidity without selling,” “Regulated BTC Yield,” and “Institutional-grade access for individuals.” The bank links this directly to member behavior, including borrowing against Bitcoin and using yield products. Rocca notes that the bank launched its BTC Credit Fund at the end of the year, describing it as “a reflection of where our members already were,” namely “medium to long-term holders looking for consistent, low risk yield within a regulated framework.” In Xapo’s view, this is part of a broader shift: “Bitcoin is no longer something our members simply hold. It’s something they increasingly want to put to work.” The report also makes the case that borrowing against BTC is becoming less speculative and more strategic. In a section on Bitcoin-backed credit, Xapo says the product is increasingly used as “a long-term planning tool rather than a short-term liquidity stopgap,” noting that 365-day loans made up 52% of all loans created in 2025. Rocca adds: “Among members with active loans, 43% of their Bitcoin holdings are pledged as collateral, which is a clear signal that they are using Bitcoin as productive capital.” Takeaway Bitcoin-backed lending is increasingly being positioned like private banking: access liquidity without selling core holdings. If this model scales under regulated frameworks, it could materially change sell-pressure dynamics during future bull cycles. Millennials and Gen X Are Anchoring Bitcoin Wealth, While TradFi Traders Arrive Xapo’s report identifies a generational shift in Bitcoin ownership patterns within its membership base, with Millennials and Gen X strengthening their share of BTC assets under management (AUM). Millennials (29 to 44) increased their share of total BTC AUM from 46% in 2024 to 49% in 2025, reinforcing their position as the dominant long-term holders. Gen X (45 to 60) increased its share from 26% to 29%, which Xapo describes as the fastest relative increase of any generation. “Bitcoin wealth is increasingly anchored by Millennials and Gen X, cohorts that are not only holding more, but holding with purpose,” said Gadi Chait, Investment Manager at Xapo Bank. He contrasts this with a more reactive exchange-driven trading base: “There’s a clear generational difference between our client base at Xapo and a younger, more reactive, day-trader-style base that you might see on exchanges.” At the same time, Xapo argues that institutional adoption is still early — but traditional market participants are arriving aggressively. “TradFi bros have arrived, not institutions,” Rocca said. “The next bull run is when the big institutions will arrive. Their clients want it, and that’s the difference.” That division is reflected in Xapo’s description of two Bitcoin archetypes: long-term conviction holders and short-term allocators. Rocca states: “By and large people are holding. For long-term holders, BTC is now 99% of their wealth.” But he also notes: “We have seen TradFi people come in to trade off the volatility — that is what TradFi does. They are just looking to make money. They come in for basis trades and arbitrage, still getting volatility.” Takeaway The market is splitting into two groups: long-term BTC-as-wealth holders and short-term volatility allocators. That mix can deepen liquidity, but it also increases leverage risk — meaning future stress events may come from derivatives and basis trades rather than retail panic selling.

Road Town, British Virgin Islands, February 3rd, 2026, FinanceWire 1inch today released the results of a global survey examining DeFi user sentiment heading into 2026, revealing that 72% of respondents worldwide express optimism about the sector’s future. U.S.-based users reported one of the highest confidence levels at 83%, while sentiment across Asian markets was comparatively lower, with respondents in Singapore (64%), Taiwan (63%), and Hong Kong (56%). The survey gathered responses from 8,199 individuals and was conducted by 1inch in collaboration with Bitget Wallet, Ondo, BOB, DaGama, and SafePal. According to 1inch, growing regulatory clarity and increased institutional participation appear to be contributing to improved user sentiment. While respondents continue to identify structural and operational challenges within DeFi, the survey data indicates that concerns about external factors that could significantly disrupt the sector have moderated. Analysis by user experience level shows that optimism increases after the first year of participation in crypto. Respondents with more than one year of DeFi experience reported consistently higher positive sentiment of approximately 73%, compared to just over 60% among newer users. Overall, the findings suggest that users with prior exposure to crypto market cycles tend to express greater confidence in DeFi’s longer-term outlook. Key user priorities and barriers to adoption The survey also looked into the biggest frustrations of DeFi users, finding that paying gas is the number one annoyance, mentioned by 27% of respondents. Second is security risks with 22%, followed by Failed or slow transactions at 18%, and bridges at 14%. When analyzing regulatory concern on its own, U.S. users were found to be more at ease, instead focusing more on practical issues such as security, fees, and gas costs. In contrast, non-U.S. respondents placed a greater emphasis on regulation and market structure, often identifying uncertainty around these factors as a key constraint identified by the respondents. However, it is important to note that perceptions of regulation are subjective and sentiment-driven, rather than an assessment of actual regulatory risk. Finally, when looking at the factors that influence users to try new projects or assets, liquidity was found to be the dominant factor, cited by 56% of respondents. Trust-related fundamentals then followed, with clear backing and custody (39%), legal and regulatory clarity (37%), and transparency and attestations (35%) all playing a major role in user analysis of projects, according to respondents. This was then followed by on-chain functionality, with 31% valuing the ability to trade on-chain. Unsurprisingly, factors such as brand recognition (10%) and “vibes” (4%) had minimal influence over users actual decision, underscoring that while hype plays a part in attracting attention, its impact on conversion is limited. Thus substance over style remains true in DeFi. “Confidence in DeFi comes with experience, and experience takes time,” said Sergej Kunz, Co-founder of 1inch. “As the industry looks to grow and onboard new users, we must make the process as seamless as possible—reducing friction around gas fees and bridges, while meeting users’ priorities around liquidity, security and trust.” Methodology The data referenced in this report is drawn from a global user survey conducted by 1inch in collaboration with select DeFi ecosystem projects, including Bitget Wallet, Ondo, BOB, DaGama and SafePal. The survey was distributed across partner social channels, collecting a total of 8,199 responses from DeFi users worldwide. Responses were aggregated and analyzed to assess user sentiment, experience levels, and outlook on the future of decentralized finance. About 1inch 1inch accelerates decentralized finance with a seamless crypto trading experience for 26M users. Beyond being the top platform for low-cost, efficient token swaps with $600M+ in daily trades, 1inch offers a range of innovative tools, including a secure self-custodial wallet, a portfolio tracker for managing digital assets, a dedicated business portal giving access to its cutting-edge technology, and even a debit card for easy crypto spending. By continuously innovating, 1inch is simplifying DeFi for everyone. Website | 1inch Business | 1inch Network | Follow on X | Explore Blog Contact PR lead Pavel Kruglov 1inch p.kruglov@1inch.io

Arcesium has acquired Stockholm-based portfolio and order management systems provider Limina, moving decisively into the front office as demand accelerates for integrated, front-to-back operating platforms across the investment management industry. The deal brings Limina’s portfolio and order management (P/OMS) technology into Arcesium’s existing middle- and back-office infrastructure, creating what the firms describe as a connected platform spanning the full investment lifecycle. The combined offering is designed to reduce legacy fragmentation, connect siloed datasets, and deliver a single operating model for asset managers, hedge funds and asset owners managing multi-asset strategies across global markets. The acquisition is Arcesium’s first and positions the company to compete more directly in a market where institutions are increasingly prioritising consolidation, workflow automation and intraday visibility over standalone best-of-breed tools that often require complex integrations. Limina’s P/OMS Adds Front-Office Capability to Arcesium’s Middle- and Back-Office Stack Arcesium said Limina will be integrated into its existing platform to deliver an end-to-end operating environment that connects investment decision-making, order execution workflows, and downstream operations and analytics. “Acquisition of P/OMS provider Limina answers industry’s need for a connected platform powering every stage of the investment lifecycle with advanced data, operations and analytics,” the firms said in the announcement. Arcesium CEO Gaurav Suri framed the deal as a major milestone for the firm and a cultural fit rooted in real-world investment operations. “This marks a watershed moment for Arcesium as we complete our first acquisition and welcome the talented people at Limina to our team,” Suri said. “Both firms sprouted from trading floors, bringing a commitment to solving real client challenges, a deep understanding of sophisticated investment operations, and a culture rooted in continuous improvement.” He added: “With the addition of Limina’s front-office solutions, Arcesium will expand its global client relationships, providing investment firms with the integrated technology they need to scale their strategies amid increasing market complexity.” The strategic logic is clear: Arcesium already serves large institutions with post-trade processing, data management and operational infrastructure. By adding a front-office layer via Limina, it can now offer a single platform that begins at portfolio construction and order management and extends through reconciliation, reporting and analytics. Takeaway Arcesium is moving upstream into the front office. By acquiring Limina’s P/OMS capability, it can offer a true front-to-back platform that reduces integration pain, unifies data, and strengthens its position with sophisticated asset managers looking to replace fragmented legacy stacks. Limina Team Joins Arcesium as Product Roadmap Shifts Toward Full Lifecycle Coverage Arcesium said the entire Limina team will join the company and will contribute to ongoing product development. Limina CEO Kristoffer Fürst will also join Arcesium and report to Bryan Dougherty, Arcesium’s President, Product and Technology. Fürst positioned the acquisition as a step toward unifying workflows and creating a consistent data foundation across investment processes. “For more than a decade, Limina has been challenging the status quo and shaping a new era of investment management technology,” Fürst said. “We are thrilled to join Arcesium and bring our teams together to provide our collective clients with a more comprehensive front-to-back offering and access to industry-leading expertise across every aspect of the investment lifecycle.” He added: “Whether the goal for investment managers is to improve scalability, launch new products to market faster, or adapt dynamically to evolving conditions, the key enabler is having unified workflows from a single platform and a consistent source of reliable data to efficiently and confidently manage their investment processes.” Limina’s positioning as a cloud-native, multi-asset platform was highlighted as a key strategic fit, complementing Arcesium’s enterprise data management capabilities and existing middle- and back-office technology. The companies said the combined offering will deliver an end-to-end platform with a modular operating model engineered to modernise data-driven workflows and increase operational speed. The deal also reflects a wider trend across institutional investment technology: consolidation is no longer only about cost reduction, but about enabling faster product launches, stronger controls and improved transparency in increasingly automated and multi-venue markets. Takeaway The integration is as much about people and roadmap as it is about technology. Limina’s team joins Arcesium, with CEO Kristoffer Fürst moving into a leadership role—signalling that Arcesium intends to build out a front-office product strategy, not just bolt on functionality. European Expansion Angle Strengthens Arcesium’s Global Platform Narrative Arcesium said the acquisition will deepen its market penetration in Europe while supporting continued growth across the U.S. and other international markets. The company framed the deal as part of a broader expansion strategy, following the announcement of its Hong Kong office earlier this year and the addition of a Lisbon office in 2024. For Arcesium, which services large-scale institutional clients, regional expansion is not just a footprint exercise. It supports operational coverage across time zones, local client servicing, and regulatory complexity—particularly as global asset managers run increasingly interconnected strategies spanning public and private markets. The transaction also reinforces Arcesium’s narrative as an infrastructure provider built for scale. The company said it currently services over $5.3 trillion in gross AUM and over $1.2 trillion in sell-side capital balances, and has modelled more than 160 million investments to date. The platform was originally developed and tested by the D. E. Shaw group and launched as a joint venture with Blackstone Multi-Asset Investing, with J.P. Morgan later making a strategic investment. Advisors on the transaction included OPCO Advisory Services for Arcesium and Zelig Associates for Limina. With this acquisition, Arcesium is betting that the next phase of investment operations will be platform-led—where a unified dataset and workflow layer becomes the differentiator in an industry still burdened by fragmented systems and high integration costs. Takeaway This is not only a product expansion—it’s a geographic one. Limina strengthens Arcesium’s European presence while supporting a broader global push, as investment firms demand consistent front-to-back workflows across regions, asset classes and regulatory environments.

Benzinga and Awaed have deepened their long-term relationship to embed real-time market news and “Why Is It Moving” (WIIM) data directly inside Awaed’s Saudi retail investing platform, aiming to give investors immediate context behind price moves without leaving the app. The collaboration reflects a broader trend across retail investing platforms: as commission-free trading becomes table stakes, differentiation increasingly comes from education, insight layers and workflow design that help users interpret volatility in real time. For Saudi Arabia in particular, where retail participation continues to rise and mobile-first investing is becoming mainstream, the integration positions Awaed to offer a more informed user experience while maintaining its Shariah-compliant framework. Awaed Integrates Benzinga News and WIIM Data to Explain Price Action in Real Time Benzinga said it has long maintained an established relationship with Awaed focused on delivering “timely market intelligence and actionable context to retail investors across Saudi Arabia.” As part of that collaboration, Awaed has integrated Benzinga’s real-time financial news and its WIIM dataset directly into its platform. The embedded experience is designed to provide users with “immediate visibility into breaking market developments” alongside explanations of what is driving price movements. The goal is to compress the information cycle: rather than seeing a price spike and understand the reason later through external news sources, users can see the context at the point of decision-making. In fast markets, that context layer can materially change investor behaviour. Platforms that can explain why an asset is moving reduce confusion, improve engagement and potentially support better risk decisions — particularly for newer retail investors. Takeaway This is a product strategy move, not just a content deal. Benzinga’s WIIM is built to turn volatility into understandable context inside the trading workflow, helping Awaed compete on investor intelligence rather than just low fees. Commission-Free, Shariah-Compliant Platform Adds Market Intelligence Layer The partnership also reinforces Awaed’s positioning as a modern retail investment platform tailored for Saudi investors. Benzinga said the relationship pairs its market coverage with Awaed’s “commission-free trading, diversified investment products, and Shariah-compliant framework.” In Saudi Arabia and the wider GCC, Shariah compliance is not an optional feature — it is a core product requirement for a large segment of retail users. That makes insight integrations like Benzinga’s especially valuable, because they can improve market understanding without changing the platform’s underlying compliance posture. Benzinga’s WIIM product, in particular, is designed for retail UX: it offers short, direct explanations for notable price moves. Embedded inside a trading platform, this reduces the need for investors to cross-reference multiple sources, and supports Awaed’s stated goal of delivering a more “streamlined experience that connects market events to real-time price action as it happens.” Takeaway Awaed is adding an intelligence layer to its commission-free, Shariah-compliant trading model. That matters because platforms in the region are increasingly competing on trust, transparency and education — not just execution. Benzinga Positions Awaed as a Modern Saudi Retail Investing Use Case Michael Saad, Data Partnerships at Benzinga, said the integration supports Awaed’s mission avoiding app switching while markets move. “Awaed is redefining how retail investors in Saudi Arabia engage with financial markets, and we're excited to support that vision,” Saad said. “By integrating Benzinga's real-time news and Why Is It Moving (WIIM) data, Awaed provides users with immediate context around market activity—helping investors better understand what's driving price movements.” Benzinga said the continued relationship gives Awaed users access to: Real-time market news spanning global and regional equities WIIM insights explaining notable price movements In-platform context designed to help investors stay informed as markets move The announcement also signals how financial media providers are evolving. Rather than distributing news primarily through websites or terminals, providers like Benzinga increasingly monetise through API-style integrations — embedding content directly into broker and fintech workflows where it can influence engagement and decision-making. Takeaway Benzinga’s integration strategy is about distribution at the point of trade. For Awaed, the deal strengthens its ability to keep users in-app with real-time context — a key driver of engagement and retention in retail investing.

The digital asset market reached a critical psychological inflection point on February 2, 2026, as institutional investors—once the steadfast bedrock of the 2025 rally—began to feel the acute "pinch" of a sustained price contraction. Bitcoin’s descent through the eighty-thousand-dollar mark to recent lows near seventy-eight-thousand dollars has not only triggered massive liquidations but has also pushed several major corporate treasuries into the "red." Most notably, the Ethereum-focused treasury firm Bitmine Immersion Technologies reported staggering paper losses of approximately 6.6 billion dollars, as the value of its 4.3 million ETH stash plummeted well below its average purchase price. This erosion of capital is creating a "deleveraging domino effect," where firms that utilized digital assets as collateral are now facing margin calls and are being forced to reassess their risk frameworks in a market that has lost nearly 40 percent of its value since the October peak of one hundred and twenty-six thousand dollars. The Breakdown of the Diversification Narrative and the Flight to Dollar Liquidity The primary source of institutional "pain" stems from the unexpected breakdown of Bitcoin’s status as a non-correlated safe haven. Throughout early 2026, the asset has failed to act as a hedge against the escalating geopolitical tensions in the Middle East or the fiscal uncertainty in Washington D.C., instead behaving as a high-beta proxy for global risk. As the U.S. dollar index strengthened following the nomination of Kevin Warsh as Federal Reserve Chair, institutional desks shifted from "buying the dip" to a posture of aggressive de-risking to preserve liquidity. This transition is clearly visible in the data provided by market makers like Wincent, who note an "absence of urgency" among buyers that has allowed prices to drift lower even without a specific negative catalyst. For many multi-asset managers, the current environment represents a "failed test" for digital gold, leading to a tactical rotation back into traditional cash equivalents and yielding government bonds. Vulnerable Treasury Strategies and the Shrinking Equity Premium for Crypto Firms The "pinch" is being felt most severely by companies like Michael Saylor’s Strategy Inc., whose massive 1.57 trillion dollar market cap exposure has become a lightning rod for market anxiety. As Bitcoin dipped briefly below the firm’s average cost basis of roughly seventy-six thousand dollars, the "psychological floor" that had supported its leveraged accumulation strategy began to crack. While analysts maintain that there is no immediate risk of forced selling—as the BTC is not currently pledged as collateral—the vanishing equity premium on the company's stock has effectively frozen its ability to raise fresh capital for further purchases. This "liquidity trap" for corporate holders is compounded by a 15 percent average loss among short-term institutional investors who entered the market near the ninety-thousand-dollar level. As long as Bitcoin remains pinned below its 200-day moving average, the institutional sector is likely to remain in a defensive crouch, prioritizing balance sheet protection over the "super-cycle" ambitions that defined the previous year.

Robinhood UK is launching a stocks & shares ISA, expanding its UK product suite with a tax-efficient investing account that combines zero platform fees, commission-free trading and a promotional 2% cash bonus on eligible contributions funded before 5 April 2026. The move brings Robinhood’s low-cost, app-first investing model into one of the UK’s most established retail savings products, targeting investors who have historically been put off by what the company described as high fees, complex transfers and outdated platforms. Robinhood said its ISA will begin rolling out to UK customers this week, with broad availability expected shortly after. The product launch also supports Robinhood’s wider strategy of building what it calls a “leading global financial ecosystem,” while pushing for higher retail participation in UK markets. Zero Platform Fees, Commission-Free Trading and 2% Match on Eligible Contributions Robinhood positioned its stocks & shares ISA around cost and simplicity, combining “zero platform fees, commissions, low FX fees and a 2% cash bonus.” The headline promotion offers customers “2% back on new eligible ISA contributions” when they fund their account before 5 April 2026. Under the terms disclosed, customers must hold eligible contributions for one year to keep the full cash bonus. Robinhood also clarified that transfers from a Robinhood individual investing account, as well as ISA transfers from other providers, will not qualify for the 2% bonus. The offer ends 5 April 2026. ISAs remain the UK’s most widely used long-term savings vehicle, but Robinhood is effectively reframing the product as an investing gateway rather than a passive savings wrapper. The 2% match is designed to shift incentives in a market where many providers compete on small fee differences rather than direct customer rewards. Jordan Sinclair, President of Robinhood UK, said the company wants to challenge the traditional ISA market pricing model. “Investing should be rewarding, not costly. With our 2% match on contributions and no commissions or account fee, the Robinhood stocks & shares ISA is built to change the way the UK invests,” Sinclair said. “It’s time to go beyond better access and give investors a real advantage, by changing the incentives in a market that’s made it too hard, and too expensive, to get started.” Takeaway Robinhood is using a zero-fee ISA and a 2% cash match to disrupt a UK market dominated by traditional platforms. The strategy is to make tax-efficient investing feel more like a modern fintech product, with direct rewards rather than complex fee comparisons. Access to 5,000 US Stocks, Fractional Shares and Low FX Fees Robinhood said UK customers using the ISA will gain access to “around 5,000 US-listed stocks and ADRs” with no platform fees and no commissions. The ISA will support both whole and fractional share trading, giving investors flexibility to size positions without being constrained by share price levels. FX pricing is a key competitive lever for UK investors buying US stocks, and Robinhood is emphasising low conversion costs. The company said trades will carry “just 0.10% FX fee per trade” during US FX market hours. It also disclosed a higher 0.30% FX fee on conversions completed on Fridays between 17:00 ET and 21:00 ET. The inclusion of fractional shares is particularly relevant in the ISA market, where some traditional providers still focus heavily on funds rather than active equity investing. By combining fractional trading with tax efficiency, Robinhood is positioning the ISA as a more accessible route into US equity exposure for retail investors. Robinhood also highlighted that ISAs remain widely used but are often associated with friction—especially when customers try to move accounts between providers. The firm is betting that lower fees and easier UX will pull younger, app-first investors into ISA investing who might otherwise stay outside the product category. Takeaway Robinhood’s ISA is effectively a tax-efficient wrapper around its core US equity proposition: commission-free trading, fractional shares and low FX. The 0.10% FX fee targets one of the biggest cost pain points for UK investors buying US stocks. Fast Digital Onboarding, ISA Transfers and AI Tool Cortex Digests Robinhood said the stocks & shares ISA can be opened “in minutes” either in-app or via its website. Customers can also transfer existing stocks & shares ISAs from other providers, enabling them to consolidate investments in one place. The company disclosed that customers can transfer cash from an existing stocks & shares ISA or cash ISA held with another provider. Stock transfers will be supported “in the near future,” signalling that the transfer process will initially be focused on cash movements rather than in-specie equity transfers. Robinhood is also embedding AI tooling into the product experience. UK ISA users will have access to Cortex Digests, described as an AI-powered tool that uses generative AI to provide near real-time context on stock movements. Robinhood said Digests is the first Cortex product launched in the UK, with more AI-powered tools planned for release later in the year. Alongside product features, Robinhood emphasised education, pointing to in-app resources including real-time market news and analysis, as well as Robinhood Learn, which breaks down investing topics into “easily digestible modules.” From a product strategy standpoint, the ISA launch also strengthens Robinhood’s UK offering, which already includes options trading, futures trading, margin investing, stock lending and Robinhood Legend, its advanced desktop trading platform. The ISA adds a long-term, tax-advantaged investing pillar to a suite that has leaned heavily toward active trading. Takeaway Robinhood is pairing the ISA launch with frictionless onboarding, transfer support and AI-driven stock context. Cortex Digests adds a differentiator beyond fees, while ISA availability expands Robinhood UK from active trading into long-term tax-efficient investing.

In a dramatic shift from the preceding week’s bearish momentum, U.S. spot Bitcoin ETFs recorded a massive net inflow of 562.62 million dollars on Monday, February 2, 2026. This resurgence of capital effectively snapped a punishing five-day streak of net outflows that had seen over 1.7 billion dollars exit the digital asset investment space. According to data from NS3.AI and SoSoValue, the turnaround was driven by a concentrated surge in demand for the "Big Two" providers, with BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) accounting for the vast majority of the day’s buy-side activity. This influx suggests that while the broader retail market remains gripped by "extreme fear," a subset of institutional opportunistic buyers is beginning to view the sub-eighty-thousand-dollar range as a viable "value zone" for long-term accumulation, providing a much-needed liquidity buffer against the recent cascade of liquidations. A Tale of Two Assets as Ethereum ETFs Struggle Amidst Bitcoin’s Recovery Despite the positive momentum in the Bitcoin sector, the broader crypto ETF landscape remained deeply fragmented on Monday. While Bitcoin funds enjoyed a half-billion-dollar injection, spot Ethereum ETFs continued to face significant headwind, recording a net outflow of approximately 252.9 million dollars for the session. The selling was most pronounced in BlackRock’s ETHA and Fidelity’s FETH, as investors continue to rotate out of the second-largest cryptocurrency due to concerns over its underperformance relative to Bitcoin and the massive paper losses held by major ETH treasury firms. This "violent divergence" in flows indicates that institutional appetite is currently restricted to the "orange coin," with many managers viewing Ethereum as a more volatile and less certain bet in the current high-rate environment. This trend is being further exacerbated by a lack of fresh catalysts in the smart-contract space, leaving Ethereum to behave more like a laggard than a leader in the early February recovery attempt. Global Flow Dynamics and the Emerging Resistance to the "Bear Cycle" Narrative The regional breakdown of yesterday’s flows reveals a market that is increasingly centered on U.S. institutional activity. While European-listed crypto ETPs recorded only marginal activity—with a modest 13.3 million Euro inflow into Bitcoin-linked products—the sheer scale of the U.S. rebound has temporarily halted the narrative of an impending "multi-year bear cycle." Analysts at Bernstein and JPMorgan noted that while the technical picture remains challenged, the "buy-the-dip" behavior from ETF participants suggests that the institutional floor may be higher than previously anticipated. However, the market remains wary of "air pockets" in liquidity, as the 562 million dollar inflow was not enough to trigger a sustained price breakout above eighty-five thousand dollars. As the week progresses, the focus for ETF watchers will be on whether Monday’s rebound represents a true "inflection point" or merely a temporary pause in a broader structural deleveraging process that continues to weigh on the global digital asset ecosystem.

The institutional trading giant Wintermute provided a sobering assessment of the digital asset landscape on February 2, 2026, as Bitcoin (BTC) decisively broke below the eighty-thousand-dollar threshold. Just one week prior, the firm’s over-the-counter (OTC) desk had identified eighty-five thousand dollars as the "crucial pivot level" that would determine the market's directional bias for the remainder of the quarter. Unfortunately for bullish participants, that level failed to act as a launchpad, instead serving as a ceiling for a sharp move to the downside that saw Bitcoin briefly touch seventy-five thousand seven hundred dollars. Wintermute’s analysts noted that this breakdown marks a significant departure from the "muted" performance of 2025, signaling that the market has entered a period of extreme fear where sentiment is once again dictated by aggressive de-leveraging and a total flush of high-beta speculative positions. The Breakdown of the Four Year Cycle and the Rise of Walled Garden Liquidity Central to Wintermute’s current outlook is the belief that the traditional "four-year halving cycle" has become functionally obsolete in the face of institutionalization. In its 2026 market review, the firm argued that the structural dynamics of the crypto economy have shifted toward a "walled garden" model, where liquidity is increasingly concentrated within a narrow group of large-cap assets supported by spot ETFs and digital asset treasuries. Unlike previous cycles, where gains in Bitcoin would reliably rotate into Ethereum and then outward into smaller altcoins, the current environment is defined by "liquidity being locked." Wintermute pointed out that the average duration of an altcoin rally has compressed from sixty days in 2024 to just twenty days in early 2026, suggesting that capital is becoming more tactical and selective. This lack of "wealth effect" spillover has left the broader ecosystem vulnerable, as the flagship asset no longer serves as a reliable engine for a market-wide recovery. Three Potential Paths to Recovery and the Importance of Macro Rate Cuts Looking ahead, Wintermute has outlined three specific variables that could break the current bearish status quo and return Bitcoin to a growth trajectory. The first requirement involves a significant expansion of institutional mandates, where ETF providers and treasury companies move beyond Bitcoin and Ethereum to include assets like Solana and XRP. Secondly, the firm emphasizes that a "strong wealth effect" can only return if Bitcoin posts a massive, sustained rally that generates enough profit for participants to reconsider riskier positions. Finally, the return of retail interest remains the most elusive factor, as individual investors have largely shifted their attention to high-growth tech sectors like artificial intelligence and space technology. Wintermute maintains that a true reversal may depend more on Federal Reserve policy than crypto-specific narratives, with aggressive interest rate cuts potentially serving as the "liquidity reboot" necessary to bring speculative capital back into the digital asset space.

As the crypto market moves through a bear phase, many investors are adjusting their strategies for the long term. Instead of chasing short-term price moves, attention is shifting toward projects that can survive market pressure and grow over time. Bear markets often create the best entry points. Prices are lower, hype is reduced, and real value becomes easier to spot. This is when strong fundamentals matter most. With 2026 in focus, some cryptocurrencies stand out as solid picks based on utility, development progress, and long-term potential. Below are top 3 crypto projects that investors are closely watching as they reposition during the current market cycle. Ethereum (ETH) Ethereum (ETH) continues to serve as the primary layer for the majority of decentralized applications. However, the asset has faced a difficult start to the year. Currently, Ethereum is trading at approximately $2,250, following a sharp correction from its January highs. The total market capitalization for ETH has retreated to roughly $330 billion, reflecting the broader selloff seen across the entire crypto ecosystem. Technically, Ethereum is struggling to reclaim key levels that previously served as support. The most significant resistance zones are now established around $2,500 and $3,000. Until the bulls can push the price back above these ceilings, the path of least resistance appears to be sideways or downward. While the long-term potential of the network remains high, the current technical setup suggests that Ethereum may need a significant period of consolidation before it can attempt a new rally toward its all-time highs. Binance Coin (BNB) Binance Coin (BNB) remains a dominant force thanks to its deep integration with the world's largest exchange and the BNB Chain. The asset is currently priced at roughly $760, with a market capitalization of $103 billion. BNB is well-known for its legendary early surge, which saw the token rise from a few dollars to several hundred, creating a generation of "early adopters" who benefited from its rapid expansion. Despite its past success, many of those early investors are now beginning to diversify. BNB has recently faced heavy rejections near the $900 level, and the asset is currently testing support at its 200-day moving average.  Because the market cap is already so large, it requires a massive amount of new capital to see the same percentage gains that were possible in its early days. This is why many veteran participants are now looking for new cheap crypto opportunities like Mutuum Finance (MUTM), seeking the same early-stage potential they once found in BNB. Mutuum Finance (MUTM) Mutuum Finance (MUTM) is emerging as a top pick for 2026 by building a high-tech lending and borrowing protocol. Mutuum Finance is a non-custodial system that aims to allow users to access liquidity without selling their assets. It uses a dual-market design that includes instant liquidity pools for major assets and a custom marketplace for more specialized peer-to-peer deals. The market response to this vision has been very strong. The project has already raised over $20.25 million and attracted nearly 19,000 individual holders. Mutuum is currently in Phase 7 of its presale, with the token priced at $0.04. This represents a 300% increase from its starting price of $0.01 in early 2025. With a confirmed launch price of $0.06, current participants are securing a position at a 50% discount.   Why Early Investors are Moving to MUTM Many early investors of Ethereum and Binance Coin are now considering MUTM because they believe the protocol is following the same early growth steps as those legacy giants. Just as ETH and BNB built massive value by providing essential utility to the market, Mutuum Finance is solving a utility problem in the DeFi space. According to an official statement on X, the V1 protocol is now live on the Sepolia testnet. This is a major milestone for investors. It means the technology is no longer just a promise on a website; it is a working app that people are testing right now. The V1 protocol launch allows users to explore the lending pools, mint mtTokens, and see the automated risk tools in action. Seeing a functional product before the public launch is a rare sign of technical maturity that often attracts the smart money away from stagnant big cryptocurrencies. Security and the Final Window Security is a primary reason why capital is flowing into Mutuum Finance. The protocol has successfully passed a full security audit by Halborn, a firm famous for protecting high-level blockchain systems. The project also holds a high score from CertiK and offers a $50,000 bug bounty to ensure the code remains robust. This focus on safety is a key requirement for investors looking to move large allocations during a bear market. To keep the community active, the project features a 24-hour leaderboard. This system rewards the top daily contributor with a $500 bonus in tokens. This competitive element has helped Phase 7 sell out quickly, as participants look to maximize their holdings before the next price jump. As the protocol moves toward its final presale stages, the combination of a working product, verified security, and early pricing advantage makes MUTM one of the most watched altcoin projects as Q2 2026 approaches. For more information about Mutuum Finance (MUTM) visit the links below: Website: https://www.mutuum.com Linktree: https://linktr.ee/mutuumfinance

Bybit is expanding its precious metals trading push with a new gold and silver campaign running through 30 April 2026, as interest in safe-haven assets continues to rise and tokenized commodity exposure becomes a more mainstream trading theme across crypto-native platforms. Announced from Dubai, the initiative allows eligible users to trade a broad range of gold- and silver-linked instruments using a single USDT account, reinforcing Bybit’s strategy of bridging digital assets with traditional commodity markets through unified execution and capital-efficient access. The move comes as gold and silver have regained attention as inflation hedges and geopolitical risk assets, while crypto exchanges increasingly compete to offer tokenized “real-world asset” (RWA) exposure alongside spot and derivatives markets. Campaign Runs Until April 30 With Multi-Product Metals Access via One USDT Account Bybit said the campaign will run through 30 April 2026 and enables eligible users to trade a suite of precious metals products through a single USDT trading account. Supported instruments include tokenized gold spot and derivatives, plus a set of traditional metals-linked products available on the platform. Products included in the campaign span: Spot trading: XAUT/USDT Futures trading: XAUTUSDT and PAXGUSDT Alpha product: XAUT0 Traditional instruments: XAUUSD, XAUEUR, XAUJPY+, XAUAUD+, XAGUSD, XAGAUD Bybit positioned the product mix as a way to provide traders with a unified experience across tokenized and traditional exposures without requiring multiple accounts or fragmented collateral pools. In practice, that design is aimed at active traders who want metals exposure but prefer crypto-style 24/7 infrastructure and stablecoin settlement. Takeaway Bybit is turning precious metals into a stablecoin-settled trading vertical. The campaign’s core feature is capital efficiency: multiple gold and silver products tradable through one USDT account, combining tokenized metals with traditional instruments in one workflow. XAUT Trading Focus Highlights Rising Demand for Tokenized Gold Products The campaign places particular emphasis on XAUT (Tether Gold), which Bybit describes as “a tokenized representation of physical gold” issued by Tether and backed “one-to-one by fine gold held in secure vaults.” The token structure allows 24/7 tradability and fractional ownership, positioning it as a digital alternative to physical bullion ownership. Bybit said it has become a leading venue for XAUT trading, reflecting demand for tokenized gold products as investors look for safe-haven exposure with crypto-style execution speed. The exchange also highlighted recent infrastructure support for tokenized gold flows, including enabling XAUT deposits and withdrawals on the Mantle network. That addition is designed to expand cross-chain access and reduce transaction costs for users moving tokenized gold between wallets and exchanges. Tokenized commodities have historically remained niche compared to spot crypto markets. However, Bybit’s focus on XAUT and PAXG reflects how exchanges are now actively pushing RWAs as a bridge product for traders who want “real-world” hedges without leaving the crypto ecosystem. Takeaway Tokenized gold is becoming a serious trading product, not just a novelty hedge. Bybit is positioning XAUT as a 24/7 safe-haven asset with fractional ownership, now supported by lower-cost network rails via Mantle. Yield, Airdrops and Incentives Add a Crypto-Native Layer to Metals Exposure Beyond trading, Bybit is pairing metals exposure with crypto-native incentives — a model that traditional commodity brokers cannot easily replicate. The exchange said the campaign provides yield opportunities for gold token holders through its Easy Earn suite. Bybit supports XAUT Flexible Easy Earn with annualised yields of “up to 11% APR,” allowing users to earn returns on idle tokenised gold holdings while keeping the position flexible. In addition, Bybit said eligible users who complete at least one trade in any supported gold- or silver-related asset during the campaign period may qualify for a chance to receive “up to 2,000 USDT” in airdrop rewards, subject to risk controls and eligibility checks. From a market structure standpoint, this is how crypto exchanges “financialise” commodities: they combine spot, derivatives, yield wrappers and promotional incentives into one ecosystem. For Bybit, that approach supports user retention and volume growth. For traders, it turns metals into an asset class that behaves more like crypto — tradable, yield-bearing and reward-driven. Bybit noted that participation is subject to terms and conditions, and that certain jurisdictions are excluded, including users in the European Economic Area. Takeaway Bybit is applying the crypto playbook to metals: trade it, lever it, earn yield on it, and get rewards for activity. The 11% APR Easy Earn option and up to 2,000 USDT airdrop incentives are designed to turn tokenized metals into a high-engagement product category.

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Ripple has received full approval of its Electronic Money Institution (EMI) licence from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), strengthening its ability to scale regulated payments infrastructure across the European Union. The company said it previously announced preliminary approval last month and has now fulfilled all remaining conditions required by the CSSF, which has granted full authorisation. Ripple framed the licence as a milestone that will accelerate the expansion of Ripple Payments across the EU at a time when regulated access is becoming a key differentiator in digital finance. The approval also reinforces a wider trend across crypto and blockchain firms: those with the deepest regulatory coverage are increasingly positioned to win institutional clients as Europe tightens compliance expectations and shifts toward digital-first market infrastructure. Luxembourg CSSF Approval Gives Ripple Full EMI Status in the European Union Ripple said the EMI licence was granted by Luxembourg’s CSSF, giving it full authorisation to operate as an Electronic Money Institution within the European Union. The company positioned the approval as part of a broader effort to provide regulated blockchain-based enterprise solutions across both traditional and digital finance. Cassie Craddock, Managing Director for UK & Europe at Ripple, described the licence as a strategic turning point for the company’s European operations. “Securing our full EMI license in the EU is a transformative milestone that reinforces Ripple’s presence at the heart of European finance,” Craddock said. “Europe has always been a strategic priority for us, and this authorization allows us to scale our mission of providing robust, compliant blockchain infrastructure to clients across the EU. We are now better positioned than ever to help European businesses transition into a more efficient, digital-first financial era.” From a market structure perspective, EMI licensing is one of the clearest regulatory pathways for firms offering payment-related services in Europe. With the CSSF authorisation in place, Ripple is signalling it can operate within Europe’s regulated payments perimeter, potentially increasing confidence among banks, fintechs and enterprise clients exploring blockchain-enabled settlement and treasury workflows. Takeaway Ripple’s full EMI licence approval from Luxembourg’s CSSF is a strategic step for scaling Ripple Payments across the EU. In a tightening European regulatory environment, regulated status is becoming a key competitive advantage in enterprise blockchain finance. Licence Supports Ripple Payments Expansion as Compliance Becomes the Differentiator Ripple said the EMI licence will accelerate the expansion of Ripple Payments across the European Union. While Ripple did not outline specific product rollouts in the announcement, the messaging focuses on infrastructure and compliance—positioning Ripple as a regulated provider that can help institutions move from legacy rails toward blockchain-enabled payments and settlement models. The timing is notable. Europe’s regulatory environment for digital finance is becoming more structured, and firms that can demonstrate regulatory approvals across jurisdictions are better positioned to compete for institutional mandates. Ripple’s approach is to present itself not as a speculative crypto player, but as an enterprise infrastructure provider operating within regulated frameworks. This distinction matters for European clients, particularly those in banking and payments, where vendor selection increasingly depends on licensing, auditability and regulatory alignment. The Luxembourg approval also reinforces Luxembourg’s role as a strategic base for regulated financial services in Europe, particularly for cross-border payments and institutions that want access to EU markets under a recognised supervisory regime. Takeaway Ripple is leaning into compliance as its growth engine. The EMI licence positions Ripple Payments as a regulated alternative for EU institutions looking for digital-first settlement and payments infrastructure without stepping outside regulatory boundaries. Ripple Highlights Global Licensing Momentum With 75+ Regulatory Approvals Ripple framed the EU EMI licence as part of a rapidly expanding global regulatory portfolio. The company said it now holds more than 75 regulatory licences worldwide, claiming it is “one of the most licensed crypto companies.” Ripple also referenced recent UK regulatory progress, noting that only last month it received an EMI licence and Cryptoasset Registration from the UK’s Financial Conduct Authority (FCA). That combination of UK and EU licensing strengthens Ripple’s position across two of the most important regulatory markets for digital finance. “Few other digital assets companies come close to this level of regulatory oversight,” Ripple said, arguing the breadth of licensing puts it in a strong position to scale its solutions and support institutions transitioning from legacy technology to modern digital asset infrastructure. In the competitive landscape, this licensing narrative is designed to reassure institutional clients that Ripple is operating under supervision and is building a compliance-first footprint that can support large-scale adoption. As regulatory frameworks mature globally, firms with early and broad licensing coverage are likely to be favoured by institutions that want innovation without regulatory risk. Takeaway Ripple is positioning licensing as a moat. With EU EMI approval in Luxembourg and recent FCA authorisations, Ripple is strengthening its case as a regulated infrastructure provider for institutions migrating to digital asset-based financial rails.

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