2025

According to the Financial Times, Tether net purchased $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh largest foreign buyer, with its holdings surpassing those of countries like South Korea and Saudi Arabia, alongside Circle. U.S. Treasury Secretary Scott Bessent believes stablecoins are tools for promoting the dollar and absorbing U.S. debt, expecting the industry to grow from its current $300 billion to $3 trillion.Currently, the banking industry and the cryptocurrency sector are competing over stablecoin regulations. JPMorgan CEO Jamie Dimon and Coinbase CEO Brian Armstrong have disagreements on related terms. The banking sector is concerned that allowing third parties to pay interest on stablecoins will lead retail deposits to flow into stablecoins, thereby increasing financial risk. This standoff has caused divisions among Trump supporters, involving conflicts of interest between Wall Street banks and cryptocurrency industry donors.

Coinbase released its Q4 and full-year financial report for 2025. Despite the overall downturn in the crypto market, Coinbase achieved several historical highs, with trading volume and market share doubling, although Q4 revenue slightly missed expectations and recorded a net loss.In Q4, Coinbase reported a net loss of $667 million, with a loss per share of $2.49, far exceeding analyst expectations. Total revenue was $1.78 billion, a decrease of 5% quarter-over-quarter and approximately 22% year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, with adjusted net income of $178 million and adjusted EBITDA of $566 million.Q4 was challenging for Coinbase, but the full-year performance was strong, with total trading volume reaching $5.2 trillion, a year-over-year increase of 156%. The crypto trading market share doubled to approximately 6.4%, and subscription and service revenue grew by 23% to about $2.8 billion. The number of Coinbase One paid subscribers approached 1 million, and platform assets and USDC balances reached all-time highs.Coinbase stated that it is advancing its "Everything Exchange" strategy, which includes the expansion of derivatives and stablecoin payments. Despite short-term pressures from the bear market, Coinbase still views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.

According to the official announcement, cryptocurrency mining company Bitdeer ($BTDR) released its Q4 2025 financial report. The data shows that in this quarter, Bitdeer achieved revenue of $224.8 million, a year-on-year increase of 226%; net profit reached $70.5 million, an increase of $602.4 million year-on-year; adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $31.2 million, an increase of $35.5 million year-on-year.In terms of operations, Bitdeer's total hash rate reached 71.0 EH/s, a year-on-year increase of 229%; self-mining yielded 1,673 BTC, a year-on-year increase of 257%; mining machine efficiency improved to 17.9 J/TH, a significant improvement compared to the previous 30.4 J/TH. Additionally, Bitdeer has a 3.0 GW portfolio, prioritizing hosting services for artificial intelligence and high-performance computing at large sites, while continuing to expand GPU-as-a-service business opportunities.

Cryptanalysis provider CoinMetrics senior researcher Tanay Ved expects Coinbase's total revenue for the fourth quarter of 2025 to be $1.77 billion, a 5% decrease from $1.87 billion in the third quarter, as declines in trading volume and asset prices offset growth in derivatives trading and USDC.Trading revenue is expected to be $978 million (a 6% quarter-over-quarter decline), with Deribit's contribution throughout the quarter driving growth in institutional business.Subscription and services revenue remains resilient at $723 million, with the growth in USDC supply offsetting the impact of the Federal Reserve's interest rate cuts and reduced staking rewards.The firm forecasts Coinbase's total revenue for the fiscal year 2025 to be approximately $7.2 billion, reflecting Coinbase's ongoing revenue diversification and strategic expansion into the derivatives space.It is reported that Coinbase will announce its fourth quarter and full-year financial results for 2025 after the market closes on February 12 (Wednesday).

Robinhood Markets, Inc. (NASDAQ: HOOD) announced its fourth quarter and full-year financial results for the period ending December 31, 2025. The report shows that total revenue for 2025 reached $4.5 billion, an increase of 52% year-over-year; the full-year net profit was $1.9 billion, up 33% year-over-year; diluted earnings per share were $2.05. Fourth quarter revenue was $1.28 billion, a 27% increase compared to the same period last year.The data indicates that the company's net deposits for the year were $68 billion, and the number of Robinhood Gold subscription users reached 4.2 million, a 58% year-over-year increase. Assets under management in retirement accounts grew by 102% year-over-year to $26.5 billion.Robinhood stated that it plans to continue product development and expand its international market presence in 2026, with adjusted operating expenses expected to rise to $2.6-$2.725 billion, an approximate 18% year-over-year increase. The report also mentioned that the company has launched stock and share ISA products in the UK market and plans to expand its Asian business through the acquisition of a brokerage and crypto company in Indonesia.

According to the "2026 Skynet Prediction Market Report" released by CertiK, the trading volume of prediction markets is expected to grow to $63.5 billion in 2025, achieving a fourfold increase, with Kalshi, Polymarket, and Opinion becoming the dominant platforms. However, this growth in scale also brings new risks, including oracle vulnerabilities, administrator key abuse, and Web2.5 architecture issues.The report notes that prediction markets have been deemed legal financial products in the U.S. through CFTC rulings, but are banned in several EU countries as unauthorized gambling. Additionally, regulatory differences among U.S. states may further complicate compliance. In December 2025, a security incident involving Polymarket's third-party certification provider exposed centralized failure points in the hybrid Web2/Web3 architecture.The research also estimates that during the peak of airdrops, manual trading volume on some platforms reached 60%, severely distorting liquidity metrics. CertiK predicts that in 2026, prediction markets will see enhanced technical privacy and accelerated institutional adoption, but platforms must simultaneously address issues such as liquidity maintenance, security infrastructure development, and the sustainability of revenue models to achieve long-term growth.

According to statistics from crypto VC Delphi Digital, 97% of altcoins have been in a downtrend since January 2025, with an average decline of 78%. Among the 121 altcoins tracked by the agency, only three tokens, HYPE, SYRUP, and BCH, have maintained an upward trend.

The digital asset platform Bullish, listed on the US stock market, has released its latest financial report, disclosing that the digital asset sales for the fiscal year 2025 are $244.8 billion, compared to $250.2 billion in the same period last year. In addition, the digital asset sales for the fourth quarter were $64.3 billion, down from $66 billion in the same period last year. Furthermore, the trading volume of Bitcoin options in the fourth quarter of 2025 exceeded $9 billion, with an open interest of $4 billion, making it the second-largest exchange by open interest in Bitcoin options.

Coinglass data shows that the open interest in Bitcoin futures has fallen below the $50 billion mark, currently reaching $49.963 billion, with a position of approximately 699,500 BTC, a 24-hour decline of 2.65%, hitting a new low.

According to Tether's Q4 report, USDT set multiple new records in the fourth quarter of 2025:Market capitalization reached $187.3 billionAchieved over 30 million user growth for the eighth consecutive quarterThe number of wallets holding USDT on-chain saw the largest single-quarter increaseMonthly active on-chain users reached an all-time highBoth the number and value of on-chain transfers hit historical highsThe market capitalization of USDT grew by $12.4 billion in the fourth quarter of 2025, reaching $187.3 billion. In October, it increased by 4.9% month-over-month, but the growth rate slowed due to the liquidation storm on October 10. Tether's total reserves increased by $11.7 billion in the fourth quarter, reaching $192.9 billion, achieving a net asset of $6.3 billion (assets greater than liabilities).Total reserves include 96,184 bitcoins (an increase of 9,850 in the fourth quarter) and 127.5 metric tons of gold (an increase of 21.9 metric tons in the fourth quarter). In the fourth quarter of 2025, the estimated total number of USDT users grew by 35.2 million, reaching 534.5 million, marking the eighth consecutive quarter of user growth exceeding 30 million.

According to a report by Cointelegraph Research, the total amount of venture capital in the cryptocurrency sector will reach $34 billion in 2025, doubling from $17 billion in 2024. Among them, the tokenization of real-world assets has become the dominant narrative, with financing in this sector exceeding $2.5 billion.The investment logic has undergone a significant shift: institutions prefer projects with sustainable revenue models and clear market fit, leading to a delay in the financing stage, with seed round financing down by 18% and Series B financing up by 90%. The total market value of tokenized RWA has surpassed $38 billion, making it one of the fastest-growing segments in crypto, but there is still significant room for growth compared to the traditional market, which is worth trillions of dollars globally.Meanwhile, the financing enthusiasm for Ethereum Layer 2 and modular infrastructure has sharply declined, with financing in 2025 amounting to only $162 million, a 72% decrease from 2024. The report suggests that this is due to the L2 ecosystem becoming saturated, with investment demand having been fully released.

Binance stated that it has processed 38,648 erroneous deposit cases in 2025, refunding users over 48 million dollars. The total amount of funds recovered by Binance has exceeded 1.09 billion dollars.

According to CoinDesk, Payward, the parent company of the crypto exchange Kraken, reported its performance for 2025, with adjusted revenue of $2.2 billion, a year-over-year increase of 33%. Of this, trading revenue accounted for 47% of total revenue, while the remaining income came from non-trading activities such as custody, payments, and financing.Payward stated that by the end of the year, its trading volume grew by 34% to $2 trillion; the total assets on the platform amounted to $48.5 billion, a 12% increase; and the number of funded customer accounts grew by 50%, reaching 5.7 million.

Galaxy Digital Inc. (NASDAQ/Toronto Stock Exchange: GLXY) today released its Q4 and full-year financial results for 2025. The company reported a net loss of $241 million for the year, with a loss per share of -$0.61, primarily impacted by the decline in digital asset prices and approximately $160 million in one-time costs. Nevertheless, the company achieved an adjusted gross profit of $426 million for the year, with adjusted EBITDA of $34 million.As of the end of 2025, Galaxy's total equity reached $3 billion, with cash and stablecoin holdings of $2.6 billion. The company successfully completed its restructuring and went public on NASDAQ in 2025, while its Global Markets business achieved record trading volumes and consulting fee revenues. The total assets of the asset management platform reached $12 billion, with a net inflow of $2 billion for the year.In the data center business, Galaxy signed a long-term agreement with CoreWeave for 800 megawatts and received ERCOT approval to expand the total power capacity of the Helios data center to 1.6 gigawatts, with the first data hall expected to be delivered in Q1 2026. The company also strengthened its financial position through $325 million in equity financing and the issuance of $1.3 billion in notes.

According to the official announcement, Strategy today announced that, for U.S. federal income tax purposes, 100% of the distributions paid on its preferred equity instruments during the 2025 fiscal year, within the limits of the shareholders' corresponding tax basis in the preferred equity instruments, will be treated as tax-free capital returns.In 2025, Strategy completed five initial public offerings (IPOs) of perpetual preferred stock securities ("Digital Credit"), raising a total of $5.5 billion. Subsequently, the company raised an additional $1.9 billion for the digital credit instruments through an ATM (at-the-market) program. To date, Strategy has paid a total of $413 million in distributions on these instruments, with a corresponding weighted annualized dividend rate of approximately 9.6%.Strategy stated that, for U.S. federal income tax purposes, the company currently has no accumulated retained earnings and does not expect to generate current E&P in the current year and the foreseeable future. Based on this assessment, Strategy expects that the distributions on its preferred equity instruments will continue to be treated as capital returns in the foreseeable future (i.e., for 10 years or longer).

According to the official announcement, Strategy today announced that, for U.S. federal income tax purposes, 100% of the distributions paid on its preferred equity instruments during the 2025 fiscal year, within the limits of the shareholders' corresponding tax basis in the preferred equity instruments, will be recognized as tax-free capital return.In 2025, Strategy completed five initial public offerings (IPOs) of perpetual preferred stock securities ("Digital Credit"), raising a total of $5.5 billion. Subsequently, the company raised an additional $1.9 billion for the digital credit instruments through an ATM (at-the-market) program. To date, Strategy has paid a total of $413 million in distributions on these instruments, with a corresponding weighted annualized dividend yield of approximately 9.6%. Strategy stated that, for U.S. federal income tax purposes, the company currently has no accumulated retained earnings and does not expect to generate current E&P in this fiscal year or the foreseeable future. Based on this assessment, Strategy anticipates that the distributions on its preferred equity instruments will continue to be treated as capital return in the foreseeable future (i.e., 10 years or longer).