Early Riders | Open Range Weekly | 02.01.26
Bitcoin was down (12%) this week to a market capitalization of $1.56T.
Early Riders Media
This week's podcast explored the precious metals surge as a signal of dollar devaluation and how bitcoin's sound money thesis gains credibility through gold's performance. The conversation covered BitGo's IPO, the stablecoin wave reshaping payments, and debates around gold liquidity versus bitcoin in large-scale transactions.
You can find all our episodes on our podcast website as well as listen on YouTube, Apple, and Spotify.
Industry & Institutional Updates
Robinhood looks to invest in digital asset trading platform Talos at a $1.5 billion valuation, strengthening its institutional infrastructure capabilities.
Copper, a digital asset custody firm, is in early talks for an IPO as digital infrastructure becomes Wall Street's new favorite sector.
ZeroHash is in talks to raise $250 million at a $1.5 billion valuation after walking away from Mastercard's potential acquisition of the platform.
Fidelity, with $17.5 trillion in assets under management, entered the stablecoin market with its launch of the Fidelity Digital Dollar (FIDD).
Coinbase moved closer to launching custom stablecoins, enabling brands and institutions to create their own digital dollars.
Tether launched a regulated stablecoin issued through Anchorage Digital, expanding its product suite for compliant markets.
OKX is bringing its crypto card to Europe as allowing users to spend stablecoins directly from their self-custody wallets at over 150 million locations.
Ripple introduced a corporate treasury platform for enterprises to manage digital asset holdings offering traditional cash management, streamlining of corporate treasury functions, and liquidity management.
Nomura's Laser Digital is seeking a U.S. banking charter to bring its digital asset operations onshore.
UBS is planning bitcoin and Ethereum trading services for select wealthy clients, expanding digital asset access for high-net-worth individuals.
Binance’s open letter announced that the firm will convert its SAFU funds’ nearly $1 billion in stablecoin reserves into BTC, with the process completing in the next 30 days.
Regulatory Updates
Russia's digital asset regulatory framework is expected in July 2026, opening digital asset exposure to retail investors.
The CFTC and SEC joined forces on "Project Crypto" to modernize rules as Congress works on comprehensive digital asset legislation.
Arizona lawmakers advanced a bill to exempt digital assets from property taxes.
South Dakota introduced legislation to create a state bitcoin reserve, joining the growing list of states considering strategic Bitcoin holdings.
Japan is expected to approve its first digital asset ETFs in 2028.
Colombia's second-largest pension fund is now offering access to Bitcoin exposure.
What We're Watching
ZeroHash is raising $250 million at a $1.5 billion valuation after walking away from acquisition talks with Mastercard. The digital asset infrastructure provider, which enables banks and fintechs to embed digital asset trading and custody, chose to remain independent rather than become part of a legacy payments giant.
Founded in 2014, ZeroHash provides white-label infrastructure that powers digital asset offerings for major platforms including Stripe, Interactive Brokers, and Franklin Templeton. The decision to pursue independent growth over a Mastercard acquisition signals confidence in the expanding market for embedded digital asset services. The new funding round will fuel expansion as traditional financial institutions continue adopting digital asset capabilities without building infrastructure in-house.
Chart of the Week
Historically, the U.S. dollar has retained 60-70% of the total banking reserves held by institutions and sovereigns.
Over the past 5 years, the debasement trade has taken over with the U.S. dollar's share of global banking reserves declining to 54% and Gold's share increasing to 23%.
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