Corporates Accumulate Crypto

Find out our latest reports, listed below:

• DeepBook - “The Backbone of Sui DeFi Liquidity”

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• Premia x Block Scholes: Introducing Kyan

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• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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• BTC traded sideways over the past 24 hours within a range of $89K and $92K while US equities ended the first session of the week slightly down (-0.35%) after a consecutive four-day rally.
• The sideways trading in BTC occurred amidst an announcement from Saylor’s Strategy Inc. who purchased $962.7M bitcoins between Dec 1 and Dec 7, 2025 at an average price of $90,615 per bitcoin — the firm’s largest purchase since July earlier this year. 
• That helped the share price of Strategy end the day up 2.6%. Nonetheless, the company’s mNav — a measure of the premium in its enterprise value relative to its Bitcoin holdings has compressed from a high of 3 in November 2024 to a current level of 1.1. 
• That forced the firm last week to announce the creation of a $1.4B cash reserve fund to cover its future dividend and interest payments.

• BTC’s 7D ATM vol trades near 45%, same as the 180D options. Similarly, ETH’s short-dated IV is about 50%, compared with roughly 47% for longer tenors.
• Looking at skew, 30D BTC skew trades around -4%, indicating that OTM puts have a 4 vol point premium to OTM calls. In contrast, 30D ETH skew shows a higher 6% premium for puts.

• As risky assets slowed their advance, US Treasury yields moved higher across the curve. The benchmark 10-year yield rose 4bps to its highest level since September alongside a move higher in Japanese and European government bond yields.  

• Markets expect a rate cut in tomorrow’s final FOMC meeting of the year with fed funds futures implying a 90% probability and two more rate cuts over the course of 2026. 
• Yesterday, the White House’s National Economic Council Director and current front runner as next chair of the Fed Kevin Hassett said it would be irresponsible for the Fed to lay out a plan of where it wants interest rates over the next six months. Instead, it should follow the economic data. 
• “The Fed chair’s job is to watch the data and to adjust and to explain why they’re doing what they’re doing … And so to say, ‘I’m going to do this over the next six months’ would be irresponsible, really.”
• When asked about how many cuts would be appropriate over 2026, Hassett responded “I hate to disappoint with the sort of counting of cuts, but I can say that what you need to do is watch the data.”
• Speaking about the current Chair, Hassett said that Powell “has done a good job of herding the cats at the committee” and “I think that Chairman Powell agrees with me on this one, that we should probably continue to get the rate down.”

• BlackRock has filed a registration statement with the SEC for the iShares Staked Ethereum Trust ETF, a proposed fund designed to track the price of ETH while also capturing staking rewards where this can be done without creating additional legal or tax risk.
• The new product would sit alongside, rather than replace, BlackRock’s existing iShares Ethereum Trust ETF (ETHA), currently the largest spot ETH fund with around $17B in assets.

• Circle has secured a money services provider licence from Abu Dhabi Global Market’s Financial Services Regulatory Authority.
• The approval allows the USDC issuer to roll out regulated payment and settlement services across the UAE for businesses, developers and financial institutions. 
• The company also has agreed a strategic partnership with Bybit to push USDC deeper into the exchange’s global ecosystem, expanding its role in savings, payments and card rewards, and plugging in Circle’s fiat on/off-ramps for faster. 

• Tether’s USD₮ has been recognised as an Accepted Fiat-Referenced Token (AFRT) in the Abu Dhabi Global Market, allowing ADGM-authorised firms to offer regulated activities involving the stablecoin across Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON and TRON, in addition to Ethereum, Solana and Avalanche.
• The decision gives USD₮ regulatory coverage on nearly all major chains it supports.
• BitMine Immersion Technologies has announced in a new 8-K filing and December chairman’s message that it now now holds $13.2B in crypto, cash, and “moonshot” assets (high-risk, high-reward investments in areas like crypto and AI that back ambitious, innovative projects with outsized growth potential), after increasing its ETH purchases to 138,452 ETH over the past week,and lifting its holdings to 3.86M ETH, more than 3.2% of supply, as it pushes toward a 5% target. 
• The Commodity Futures Trading Commission’s (CFTC) Acting Chair announced the launch of a digital assets pilot program “allowing” certain digital assets including BTC, ETH, and USDC, to serve as collateral within derivatives markets.
• The CFTC explains that it will not pursue enforcement actions against futures commission merchants (FCMs) for treating approved digital assets as customer margin or for including them in segregation calculations, even though current rules do not explicitly allow this, as long as firms follow the required valuation and haircut conditions outlined in the no-action letter. 
• It also states that FCMs may deposit their own payment stablecoins into segregated customer accounts to meet funding requirements, something normally restricted, provided they apply the appropriate capital charges and risk-management processes. 
• Overall, the no-action framework fills gaps in current regulations by giving firms guidance on how to handle digital-asset collateral until the CFTC adopts permanent rules.

• HYPE digital-asset treasury, Hyperliquid Strategies Inc. (NASDAQ: PURR), has announced Board approval for a stock buyback program authorising up to $30M in common-share repurchases over a 12-month period.
• The goal of the program is to increase shareholders’ per-share exposure to HYPE by reducing outstanding shares while continuing the company’s treasury-accumulation strategy.
• Repurchases will occur at management’s discretion through open-market purchases, privately negotiated deals, or other permitted methods, while the company notes that there is no commitment to repurchase a specific number of shares, meaning the program may be extended, paused, or terminated at any time without prior notice.

This Week’s Calendar:

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Charts of the Day:

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