Top Headlines

VC

HashKey Capital’s $500M target blockchain fund raised $250M in a first close as it scales deployment across crypto and Web3 infrastructure (CoinDesk)

Octra launched a $20M public sale for its FHE focused L1 to fund network buildout and ecosystem growth (CryptoFund)

Architect Financial Technologies raised $35M Series A to scale its AX perpetual futures exchange and expand product and market coverage (PR)

BLIFE Protocol is listed with $7M total raised to build a Bitcoin based Web3 ecosystem (X)

M&A

SoftBank agreed to acquire DigitalBridge for $4B to scale next gen AI and data center infrastructure (PR)

Crypto M&A hits record $8.6B in 2025 as Trump’s regulatory stance spurs deals (CoinDesk)

Public Markets & Listings

Pharma Policy

The "Kennedy Pivot" went into overdrive this week as the Trump administration officially slashed the recommended childhood vaccine schedule from 17 down to 11 targeted diseases.¹ While the move aimed to gut the total dose count; collapsing the previous "72-jab" marathon down to a leaner 26-dose series modeled after Denmark.

Merck (MRK) and Pfizer (PFE) felt the immediate burn. Both shed over 11% as blockbusters like Gardasil (HPV) were cut to a single dose and various rotavirus shots moved to "optional" status. Meanwhile, Eli Lilly (LLY) entered its Trillionaire Era, buoyed by a landmark TrumpRx deal that trade-locked Medicare access for Zepbound in exchange for MFN pricing concessions (Washington Post, BioPharma Dive).

The "Vax-Exit" Performance Gap

Data reflects the market shift between the initial policy memo (Nov 21, 2025) and the official enactment (Jan 5, 2026).

Geopolitics

Chevron (CVX) and Halliburton (HAL) surged nearly 10% on the prospect of a multi-billion dollar infrastructure play.

The new year kicked off with "Absolute Resolve" as a weekend U.S. military strike in Caracas culminated in the capture of Nicolás Maduro, sending shockwaves through the energy sector.

While the administration claims the U.S. is now "in charge" of the country's 300-billion-barrel reserves, the market is bracing for a complex reconstruction

Michael Burry revealed a massive long-term position in Valero (VLO), betting that a fresh flow of South American "heavy" crude will supercharge Gulf Coast refinery margins that have been starved for years (Yahoo Finance, Bloomberg).

Homebuyers are taking longer to save for a down payment

It now takes about 7 years for the typical U.S. household to save for a down payment, down from 12 years in 2022, and still roughly double the pre pandemic norm of about 3.5 years. (Yahoo Finance)

Walmart CEO plans to retire

Walmart’s CEO announced plans to retire, triggering a leadership transition at the world’s largest retailer. (Yahoo Finance)

United States 🇺🇸

SEC and CFTC leadership is now the policy lever

With both agencies effectively under pro crypto Republican control after the holiday shifts, the near term direction is less about new laws and more about what the regulators choose to do with existing authority, including guidance, exemptions, and rulemaking pace. (CoinDesk)
A bipartisan crypto tax rewrite is back on the table

House lawmakers floated a bill that would modernize pain points like staking tax timing and small stablecoin payments, signaling that crypto is finally being treated like a mainstream tax policy category instead of a novelty. (CoinDesk)
The Fed is focused on short term funding fragility

December FOMC minutes highlighted concerns that liquidity stress can build quietly, which matters because the pipes behind treasury markets and dollar liquidity are the same pipes stablecoins and crypto market structure ultimately plug into. (CoinDesk)

International 🌏

EU crypto tax reporting goes live with real enforcement teeth

Europe’s DAC8 reporting framework starts in January, expanding cross border data sharing and pairing noncompliance with escalating consequences, including the possibility of asset seizure tied to unpaid taxes. (CoinDesk)
South Korea’s stablecoin fight is delaying the whole framework

A long awaited crypto law is stalled on a single question who gets to issue won stablecoins, and the uncertainty is already showing up as capital moving offshore in search of products Korean venues cannot offer. (CoinDesk) (CoinDesk)
Japan is signaling it wants regulated crypto inside traditional venues

Japan’s finance minister backing crypto trading at stock exchanges is a clean institutional adoption signal, because it frames crypto as something that belongs on supervised market infrastructure rather than ring fenced platforms. (CoinDesk)