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Metaplanet responds to "dishonest information disclosure": it is inconsistent with the facts, and the long-term systematic strategy of increasing BTC holdings remains unchanged

The CEO of Japan's Bitcoin treasury company Metaplanet, Simon Gerovich, posted on the X platform in response to an anonymous account inciting public opinion without accountability and accusing the company of "dishonest information disclosure." He stated that the related claims are inconsistent with the facts, and both he and the company are willing to take public responsibility for all actions and statements. The company's long-term systematic strategy of increasing Bitcoin holdings remains unchanged.Simon Gerovich stated that over the past six months, against the backdrop of rising volatility, the company has increased its allocation to income-generating businesses by selling put options and employing spread strategies to obtain premiums, while allocating part of the funds for long-term Bitcoin holdings. All Bitcoin purchases are disclosed immediately after decisions are made, and all Bitcoin addresses of the company are public, allowing shareholders to view the holdings in real-time dashboards. In response to the accusation of "buying at high levels in September without disclosure," he mentioned that there were four purchases made in September, all of which were announced in a timely manner. The company's strategy is not about timing the market but rather about long-term, systematic accumulation of Bitcoin.Additionally, selling put options is not merely a bet on price increases, but rather a way to acquire Bitcoin at an effective cost below the spot price. Regular losses mainly stem from the unrealized fair value fluctuations of Bitcoin that are held long-term and not sold, and interpreting this as a strategic failure is a misunderstanding.

Analyst: Ethereum is caught in a "dilemma between two narratives," as staking transforms Ethereum ETFs into income-generating products

According to Forbes, over the past few weeks, the price of Ethereum has continued to fluctuate narrowly around $2,000. Several market observers have pointed out that this reflects Ethereum being caught in a "narrative gap."Analyst Callan Sarre stated, "For the past few years, the story of Ethereum has been simple—L2 carries the scale, while the base layer remains lean and secure. Now, L2 has processed billions of dollars in weekly trading volume, with fees dropping over 90%, but the question is where long-term value accumulates." The market is pushing zero-knowledge technology and privacy features closer to the base layer, "for traders clinging to old models, it feels like the ground is shifting beneath their feet."Sarre emphasized the contradiction between transparency and institutional demand: "Today, every Ethereum transaction is completely public and transparent, which doesn't work for CFOs managing corporate treasuries or funds deploying nine-figure positions. If Ethereum is to attract trillions in institutional capital, privacy must be built into the protocol layer."Grayscale began distributing staking rewards to U.S. Ethereum ETF holders in January, and BlackRock has also applied for its staking ETH fund. PrimeXBT senior market analyst Jonatan Randin stated, "This changes the nature of Ethereum ETFs—not just price exposure, but income-generating products." He emphasized that the growth of the options market is reshaping the asset's volatility characteristics, "the options market around spot ETFs introduces dynamics like covered calls and dealer hedging that didn't exist two years ago."

CZ: Left OKCoin early due to inconsistency with its culture and values, only worked there for 8 months

CZ shared his early career experiences with Chamath Palihapitiya on the All-In podcast, including his work at Blockchain.info (now Blockchain.com) and OKCoin, as well as his deep understanding and value choices in the early Bitcoin industry.Joining Blockchain.info: CZ mentioned that the team had only three members at the time, and he served as the Vice President of Technology. The team later expanded to 18 members, but a restructuring by the CFO led to changes in corporate culture, causing several developers, including CZ, to leave voluntarily. He emphasized that he learned about remote work, the concept of paying salaries in Bitcoin, and how to achieve rapid user growth to around 2 million through "guerrilla" marketing (such as a 150-page post on BitcoinTalk.org).Joining OKCoin: After leaving Blockchain.info, He Yi contacted CZ to invite him to join OKCoin, initially offering a 5% equity stake, but BTC China offered 10%, prompting OKCoin to match the offer within three hours. CZ ultimately chose to join OKCoin in Beijing as CTO, taking on greater business responsibilities.Reasons for leaving OKCoin: CZ revealed that the main reason was a mismatch in culture and values. For example, "It mainly comes down to a mismatch in culture and values; there are some practices I cannot agree with. A simple example is: when they hold events or promote fee discounts, the advertisements make it sound like everyone can enjoy it, but in reality, you have to actively apply to receive it, and it doesn't take effect automatically. Details like this made me uncomfortable." CZ decided to leave in early 2015.

The U.S. Treasury has officially incorporated the Bitcoin it holds into the national strategic reserves

U.S. Treasury Secretary Scott Basset announced during the Davos World Economic Forum that the U.S. government will stop selling confiscated digital assets and will transfer all Bitcoin currently held by the Department of Justice and the Treasury into the "U.S. Strategic Bitcoin Reserve." Under this policy, Bitcoin obtained primarily through criminal and civil asset forfeiture will be permanently retained and will no longer be subject to regular auctions by the U.S. Marshals Service.Basset stated that this move aims to "stop the loss of sovereign digital wealth" and views the more than 200,000 Bitcoins currently held by the U.S. as a long-term value reserve on the national balance sheet to hedge against traditional currency fluctuations. Basset also emphasized that the strategic Bitcoin reserve will achieve "budget-neutral" expansion through law enforcement seizures, without using taxpayer funds for open market purchases. The relevant assets will be managed by the Federal Reserve and will not be sold or transferred unless extreme national economic emergencies occur.Analysts believe that this decision signifies the first time the U.S. has elevated Bitcoin to a strategic asset status close to that of gold at the policy level, potentially weakening the long-standing "government selling pressure" and having a demonstrative effect on the digital asset policies of major global economies.

The South Korean academic community questions the restriction on the shareholding ratio of major shareholders in CEX: it may be unconstitutional and inconsistent with international practices

In response to the South Korean financial authorities' discussion on limiting the shareholding ratio of major shareholders in virtual asset exchanges to the range of 15% to 20%, several scholars expressed cautious attitudes at the seminar on "The Direction of Institutionalization of Stablecoin Issuance and Trading Infrastructure" held on January 16. Professor Moon Cheol-woo from Sungkyunkwan University's Business School pointed out that forcibly compressing the shareholding ratio of major shareholders may touch upon property rights protection issues, posing a risk of unconstitutionality.He also mentioned that comparing the equity structures of Binance and Coinbase, it is not uncommon globally for founders to maintain a high shareholding ratio, and such restrictive measures may contradict the international trend of emphasizing responsible management.Additionally, Professor Kim Yoon-kyung from Incheon University believes that directly intervening in the equity structure through ratio limits is too radical and may weaken the industry's innovation and development momentum. Several experts at the meeting suggested that regulatory authorities could guide equity dispersion and compliant development by strengthening the qualification review of major shareholders and improving IPO-related systems, rather than adopting mandatory divestiture arrangements.
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