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Last Updated:  
February 25, 2026
7 mins

Bitwise Has Acquired Chorus One

Bitcoin rebounded above $65,900 in early Wednesday trading, up around 3% from yesterday afternoon, with broad altcoin strength led by ETH up 4.8%, SOL up more than 7%, and XRP up around 3%. Asian equities pushed to record highs as AI-linked chipmakers rallied ahead of Nvidia’s earnings, while Andrew Bailey said a March BoE rate cut is still genuinely an open question. In policy, Trump’s new 10% global tariff took effect yesterday after the Supreme Court struck down his earlier package, and Hong Kong signalled first fiat-referenced stablecoin licences could be approved in March alongside new regimes for dealers and custodians. Coinbase rolled out tokenised stock and ETF trading to all US users and partnered with Yahoo Finance, Bitwise acquired staking provider Chorus One, and reports said Meta is exploring stablecoin payments in its apps, targeting early H2 2026.

Find out our latest reports, listed below:

Market Snapshot: Overnight Moves

Daily Updates:

  • Bitcoin pushed back above $65,900 early Wednesday trading hours from $63,100 yesterday afternoon, up above 3%.
  • Altcoins are also up today: ETH gained above 4.8%, Solana rose more than 7%, and XRP claimed around 3% over the past 24h. HYPE and SUI are up 1.7% and 4%, respectively.
  • Asian equities pushed to record highs, led by South Korea and Taiwan, as AI-linked chipmakers rallied ahead of Nvidia’s earnings.
  • Trump’s new 10% global tariff took effect yesterday, despite him threatening a higher rate of 15% over the weekend, after the Supreme Court ruled against him on Friday and struck down his earlier tariff package, leading him to announce a 10% global tariff.
  • Andrew Bailey, the Governor of the Bank of England, said a March interest rate cut isn’t a done deal yet. 
  • He explained it’s “genuinely an open question” as he wants to see more evidence that inflation pressures are cooling enough to justify lowering borrowing costs, even though markets are still leaning towards a cut.
  • Hong Kong’s finance chief, Paul Chan, stated yesterday in his 2026-27 budget speech that the government expects to approve its first licences for fiat-referenced stablecoin issuers in March, after putting a licensing regime in place.
  • He framed the next phase as letting licensed issuers test real uses for stablecoins, but only within strict compliance and risk controls.
  • Chan also confirmed Hong Kong will bring in a bill later this year to create licensing regimes for digital asset dealers and custodian service providers.
  • Chan also said the Securities and Futures Commission (SFC) will take more steps to deepen market depth and support a broader set of crypto products for professional investors, and will set up an “accelerator” to speed up innovation.
  • Coinbase has rolled out tokenised stock trading to all US users, allowing customers to trade stocks and ETFs 24/5. 
  • Alongside, Coinbase has partnered with Yahoo Finance to enable users to move directly from researching an asset on Yahoo Finance to executing a trade on Coinbase, while also providing integrated tools within Yahoo Finance for asset discovery and tracking.
  • Anchorage Digital said it holds Strategy’s STRC on its balance sheet, with CEO and co-founder Nathan McCauley disclosing the position in a post on X.
  • He framed it as a signal of alignment between Anchorage’s role in Bitcoin infrastructure and Strategy’s Bitcoin treasury approach, but the firm didn’t disclose the size of the holding or when it was bought.
  • STRC is Strategy’s Nasdaq-listed perpetual preferred security, marketed as a short-duration, high-yield instrument that currently pays an 11.25% annual dividend, paid monthly in cash.
  • In a post on X yesterday, Aave claimed that Aave Horizon is now the largest market for real-world-asset (RWA)-backed loans on Ethereum, and said it’s the only RWA market offering instant, 24/7 liquidity while still meeting issuer compliance requirements.
  • Brian Armstrong, Coinbase CEO, stated in his post on X that he argued that the UK’s stablecoin rules are close to being finalized but could end up hurting the UK’s competitiveness in the digital economy.
  • He pointed in particular to the Bank of England’s proposal to cap how much stablecoin individuals and businesses can hold, saying that this kind of limit would discourage adoption and investment rather than support responsible innovation. 
  • Crypto asset manager, Bitwise Asset Management, has completed its acquisition of Chorus One, an institutional staking provider with more than $2.2B in staked assets. 
  • Chorus One will be integrated into Bitwise Onchain Solutions, Bitwise’s staking division serving institutional investors, family offices, and financial platforms, expanding its staking capabilities across more than 30 proof-of-stake networks.
  • Meta is reportedly planning to integrate stablecoin payments into its apps later this year, aiming to start in the early part of the second half of 2026, according to people familiar with the plans.
  • The idea is to partner with a third-party vendor to run dollar-pegged token payments and launch a new wallet, rather than building the full stack internally.
  • The report says Meta has sent an RFP to potential partners, with Stripe mentioned as a likely pilot candidate.

This Week’s Calendar:

Charts of the Day:

Figure 1. Block Scholes BTC Risk-Appetite Index (white, left-hand axis) and BTC spot price (orange, right-hand axis)
Figure 2. Block Scholes ETH Risk-Appetite Index (white, left-hand axis) and ETH spot price (purple, right-hand axis)
Figure 3. BTC at-the-money implied volatility across selected tenors. Source: Deribit, Block Scholes
Figure 4. ETH at-the-money implied volatility across selected tenors. Source: Deribit, Block Scholes
Figure 5. BTC 25-delta put-call skew ratio across selected tenors. Source: Deribit, Block Scholes
Figure 6. ETH 25-delta put-call skew ratio across selected tenors. Source: Deribit, Block Scholes
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Find out our latest reports, listed below:

Daily Updates:

  • Bitcoin pushed back above $65,900 early Wednesday trading hours from $63,100 yesterday afternoon, up above 3%.
  • Altcoins are also up today: ETH gained above 4.8%, Solana rose more than 7%, and XRP claimed around 3% over the past 24h. HYPE and SUI are up 1.7% and 4%, respectively.
  • Asian equities pushed to record highs, led by South Korea and Taiwan, as AI-linked chipmakers rallied ahead of Nvidia’s earnings.
  • Trump’s new 10% global tariff took effect yesterday, despite him threatening a higher rate of 15% over the weekend, after the Supreme Court ruled against him on Friday and struck down his earlier tariff package, leading him to announce a 10% global tariff.
  • Andrew Bailey, the Governor of the Bank of England, said a March interest rate cut isn’t a done deal yet. 
  • He explained it’s “genuinely an open question” as he wants to see more evidence that inflation pressures are cooling enough to justify lowering borrowing costs, even though markets are still leaning towards a cut.

Market Snapshot: Overnight Moves

Find out our latest reports, listed below:

Daily Updates:

  • Bitcoin pushed back above $65,900 early Wednesday trading hours from $63,100 yesterday afternoon, up above 3%.
  • Altcoins are also up today: ETH gained above 4.8%, Solana rose more than 7%, and XRP claimed around 3% over the past 24h. HYPE and SUI are up 1.7% and 4%, respectively.
  • Asian equities pushed to record highs, led by South Korea and Taiwan, as AI-linked chipmakers rallied ahead of Nvidia’s earnings.
  • Trump’s new 10% global tariff took effect yesterday, despite him threatening a higher rate of 15% over the weekend, after the Supreme Court ruled against him on Friday and struck down his earlier tariff package, leading him to announce a 10% global tariff.
  • Andrew Bailey, the Governor of the Bank of England, said a March interest rate cut isn’t a done deal yet. 
  • He explained it’s “genuinely an open question” as he wants to see more evidence that inflation pressures are cooling enough to justify lowering borrowing costs, even though markets are still leaning towards a cut.

Market Snapshot: Overnight Moves