Early Riders | Open Range Weekly | 01.25.26
Bitcoin was down (6.6%) this week to a market capitalization of $1.77T.
Early Riders Media
This week's podcast examined the stalled Clarity Act and the debate over stablecoin yield distribution, as banks push back against regulations that could threaten their existing monopoly of deposits.
You can find all our episodes on our podcast website as well as listen on YouTube, Apple, and Spotify.
Industry & Institutional Updates
BitGo debuted on the NYSE at $18 per share, raising $213M at a nearly $2B valuation as the first major digital asset IPO of 2026.
Capital One acquired Brex for $5.15 billion, integrating the fintech's corporate card and spend management platform.
Circle CEO Jeremy Allaire projected a 40% annual stablecoin growth as banks transition from pilot programs to live deployment.
Delaware Life partnered with BlackRock to launch the industry's first fixed index annuity with Bitcoin exposure.
Ledger is pursuing an IPO at a potential $4B valuation, joining the growing wave of crypto infrastructure firms pursuing public listings in 2026.
Anchorage Digital is seeking to raise between $200M and $400M ahead of a potential 2027 IPO.
Strive announced a $150M preferred stock sale to repay debt and expand its Bitcoin treasury.
Steak 'n Shake announced it will pay hourly employees a $0.21 per hour Bitcoin bonus starting March 1st.
Steak 'n Shake added $10M to its Bitcoin treasury eight months after implementing Lightning Network payments across all U.S. locations.
The Trump family has purchased $1.4 billion in digital assets since inauguration.
Galaxy launched a $100M digital asset hedge fund focused on investing in digital asset tokens and financial services stocks that Galaxy believes will be affected by changes in digital asset technologies.
Regulatory Updates
Thailand regulators are finalizing plans to introduce digital asset ETFs and futures trading early this year.
South Korean regulators are reviewing whether to remove the "one-bank rule" as they assess whether it limits competition.
West Virginia proposed the "Inflation Protection Act of 2026," allowing up to 10% of state treasury funds to be allocated to Bitcoin and gold.
Kansas introduced Senate Bill 352 to create a Bitcoin strategic reserve using unclaimed digital assets.
Treasury Secretary Scott Bessent confirmed all seized Bitcoin will join the U.S. Strategic Bitcoin Reserve instead of being sold.
What We're Watching
BitGo, who is a primary key partner of Onramp Bitcoin, launched its IPO this week at $18 per share, raising approximately $213M at a nearly $2B valuation. BitGo plans to use the proceeds to expand its custody infrastructure, enhance product offerings, and strengthen its competitive position as demand for digital asset services grows.
Founded in 2013, BitGo provides qualified custody, multi-signature wallet infrastructure, settlement services, and insurance coverage to exchanges, funds, and asset managers globally. The company maintains custody relationships across dozens of jurisdictions and supports hundreds of digital assets.
Chart of the Week
Since 2020, sovereign nations have been diversifying away from the U.S. dollar as its global reserve dominance has continued to decline.
The U.S. dollar's share of global foreign currency reserves has declined from roughly 63% in 2000 to 41% in 2025.
Find this valuable? Please forward this to someone in your network who may find benefit from the information.
Early Riders is the first bitcoin-denominated venture firm, raising, holding, investing, and returning capital in bitcoin. Learn more about how to get involved www.earlyriders.com.
Make sure to keep up with all our research at earlyriders.com/research.