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Welcome to the Network

We are proud to introduce the newest innovators and leaders joining our community; please take a moment to connect with them and welcome them to the inner circle 👇

Top Headlines

Member Activity

VC

Northwood Space: Raised a $100M Series B and secured a $49M U.S. Space Force contract to scale its "fast food" model for satellite ground stations. From Disney to deep space, the Bridgit Mendler-led startup is moving beyond the "circular antenna" era to build mass-produced, software-defined teleports that aim to make satellite connectivity as ubiquitous as cellular data.

  • Huge congrats to Pyrs Carvolth and the a16z team leading the round!

Superstate: Secured $82.5M in Series B funding led by Bain Capital Crypto and Distributed Global. The tokenization platform plans to expand its SEC-registered infrastructure to issue tokenized stocks directly on Ethereum and Solana.

  • High-fives to Galaxy on their contribution.

Cusp: Secured a $7M Seed round led by Galaxy Digital to fix the "pre-funding" problem in crypto. Instead of requiring traders to lock up cash before every trade, Cusp is building a clearing and settlement layer that allows institutions to trade on credit and settle efficiently across multiple venues.

Warden Protocol: Raised $4M in a Strategic Round at a $200M valuation. Backed by Messari, 0G, and Venice AI, the protocol is developing an "agent internet" wallet for the next generation of AI-driven trading and automation.

  • Big shout out to Colton , Chris and the whole Messari crew on the raise.

Space: Formally closed its Seed Round with participation from Injective, Pantera Capital, and Spartan.

Zona: Secured a $0.5M Pre-seed round led by Animoca Brands to develop interoperable gaming infrastructure in the open metaverse.

IPO

BitGo: Successfully priced its IPO at $18/share, raising $212.8M at a market valuation of over $2B. It marks the first major crypto infrastructure IPO of 2026, with the stock expected to trade on the NYSE under the ticker BTGO.

Non-Member Activity

VC

CoreWeave: Secured a massive $2B equity investment from NVIDIA at a price of $87.20 per share. The funding will help accelerate the buildout of over 5 gigawatts of AI factories by 2030 to meet surging enterprise demand.

Zama: Closed a $150M Series B at a $1B valuation led by Pantera Capital. The Paris-based startup is building open-source cryptography protocols for Fully Homomorphic Encryption (FHE) to enable confidential smart contracts on public blockchains.

ZBD: Announced a $40M Series C led by Blockstream Capital Partners (BCP). The capital will scale ZBD’s Lightning Network payment stack for real-money embedded rewards in the $189B video games industry.

M&A

River Financial Expansion: The latest round attracted participation from several Nasdaq-listed institutions across the U.S. and Europe, marking a significant entry of traditional public market capital into the Bitcoin liquidity stack.

Chainlink: Acquired Atlas, an on-chain transaction ordering system. The acquisition integrates Atlas's technology into Chainlink's Smart Value Recapture (SVR) framework to enhance DeFi protocol revenue across multiple chains.

Alpha Edge Media: A subsidiary of Nasdaq-listed Aether Holdings, acquired Coinstack, an institutional-grade crypto newsletter platform with over 340,000 subscribers.

Markets

The JGB "Meltdown": Why the Bedrock of Global Liquidity is Shaking

For decades, the Japanese yen has served as the "infinite credit card" of the global financial system. Because the Bank of Japan maintained interest rates at or below zero for nearly 30 years, the yen became the world’s ultimate borrowing currency, fueling a multi-trillion dollar "carry trade" where investors took out cheap yen loans to buy everything from U.S. tech stocks and Treasuries to Bitcoin. This era of free money officially ended in December 2025 when the Bank of Japan hiked short-term rates to a 30-year high of 0.75%, effectively pulling the plug on the world's primary source of cheap liquidity.

This rate-hike shock was immediately followed by a "Truss moment" in Tokyo. Prime Minister Sanae Takaichi’s administration introduced a massive, unfunded ¥21.3 trillion stimulus package just as the nation hurtled toward a snap election on February 8th. The combination of rising borrowing costs and reckless government spending triggered a historic bond market collapse on January 20th, sending 40-year JGB yields to record highs of 4.2%. As the yen's cost of capital exploded, global borrowers were hit with an overnight liquidity freeze, forced to liquidate assets across the board to pay back yen-denominated loans that had suddenly become toxic liabilities.

1. Crypto: The Exit of the "Easy Money"

  • The Liquidity Trap: Bitcoin has acted as a high-beta proxy for this crisis, shedding over $300 billion in market cap as the evaporating yen carry trade triggered massive liquidations across Asian exchanges.

2. Gold & Silver: The Sovereign Risk Breakout

  • The Flight to Hard Assets: Gold and silver have decoupled from interest rate logic to price in a "sovereign credit rebellion," with gold hitting record highs as investors hedge against the potential insolvency of debt-laden G7 nations.

3. The US Dollar: A Fragile Dominance

  • The Repatriation Threat: The dollar faces immense pressure as Japanese institutions, the largest foreign holders of US debt, begin selling Treasuries to repatriate capital, inadvertently pushing US yields higher while weakening the greenback's global grip.

Headlines

The Thompson Ticker

Tristan Thompson has launched a prediction market (basketball.fun) that financializes NBA box scores, allowing fans to trade "shares" based on live player performance.

This move represents the expanding "financialization of everything," where social and athletic data are converted into liquid, tradable assets.

The GameStop Pivot

GameStop triggered market speculation this week after moving its entire $420 million Bitcoin treasury to a Coinbase Prime deposit address.

The transfer suggests a potential liquidation of digital holdings as the company evaluates its long-term corporate strategy and balance sheet liquidity.

The Stablecoin Utility Gap

Stablecoins moved a staggering $35 trillion in value last year, yet data shows that only 1% of this volume was utilized for real-world merchant payments and commerce.

This disparity highlights that while digital dollars are the primary reserve currency for crypto trading, they have yet to achieve mainstream adoption as an everyday medium of exchange.

Regulation Roundup

United States 🇺🇸

  • Hearing Rescheduling: The Senate Agriculture Committee has pushed its high-stakes hearing on crypto market structure back by one week following a severe winter storm in D.C.

  • State Betting Ban: A Massachusetts judge has issued a ruling requiring prediction market platform Kalshi to halt all sports-related contracts within the state, categorizing the activity as unlicensed wagering.

  • Fed Monetary Outlook: The Federal Reserve is entering a critical decision week as analysts warn that the upcoming rate announcement will act as a primary catalyst for U.S. Dollar strength and broader crypto liquidity.

International 🌏

  • Sanctions Evasion Tactics: The Central Bank of Iran reportedly utilized $507 million in USDT to stabilize the national Rial and settle international trade, highlighting the growing "shadow" utility of stablecoins in sanctioned economies.

  • Russian Enforcement: Russian prosecutors have officially designated the Ukrainian crypto exchange WhiteBIT as an "undesirable organization," citing the platform's active financial support for the Ukrainian military.

  • Ukraine Licensing Crackdown:Ukrainian authorities have blocked access to Polymarket, implementing a nationwide ban on the platform due to its lack of necessary local licenses for prediction-based betting.

Events

We have secured access for Introduction members to the official Raze launch, co-hosted by Plug and Play ($1B AUM) and XDC.

Strictly invitation-only. We have reserved a limited allocation for the community.

  • Wednesday, January 28

    5:00 PM - 9:00 PM

  • Private Location

    Miami, Florida

  • Wednesday, January 28

    7:00 PM - 9:00 PM PST

  • Holbrook House

    San Francisco, California

  • Tuesday, February 10

    7:00 PM - 9:00 PM

  • Pubkey

    New York, New York

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