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Zcash Down Over 50% Since Winklevoss-Backed DAT’s Last Purchase

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Zcash Down Over 50% Since Winklevoss-Backed DAT’s Last Purchase

Cypherpunk launched in November and has accumulated about 290K ZEC so far.

Zcash (ZEC) has fallen roughly 60% from its November 2025 high, extending a multi-month slide that has reversed much of the asset’s Q4 gains.

The privacy-focused coin, which was the top-performing large-cap crypto asset of 2025, began its downward trend in December, shortly after the Winklevoss-backed Zcash treasury company Cypherpunk Technologies last disclosed a ZEC purchase, its third since launching.

Cypherpunk, which launched in November as a Zcash-focused treasury company, last reported buying ZEC on Dec. 30, 2025, bringing its holdings to 290,062.67 ZEC. The spot price of Zcash has dropped over 50% since then.

The firm hasn’t announced any new purchases, and CoinGecko data shows total holdings have remained the same since.

ZEC holdings of Cypherpunk Technologies. Source: CoinGecko

Data shows the company paused accumulation after reaching about 1.76% of ZEC’s total supply. Cypherpunk has said it aims to build a position equal to 5% of the token’s supply.

the-defiant
ZEC price since Cypherpunk’s last public purchase disclosure on Dec. 30. Source: CoinGecko

With an average ZEC purchase price of about $334, Cypherpunk Technologies is sitting on an unrealized loss of $25.73 million, down 26.5%, with ZEC trading around $245 at press time.

ZEC kicked off a multi-month rally this fall, starting in late September, reaching as high as $700 in mid-November. While the privacy coin has retraced much of its 2025 gains, it’s still trading almost 400% higher than its pre-rally levels in September.

The Defiant reached out to Cypherpunk to clarify its plans for the DAT, but hasn’t received a response by press time.

the-defiant
Cypherpunk Technologies Inc. share price over 6 months. Source: Google Finance

Meanwhile, Cypherpunk’s shares have dropped about 40% over the past 30 days, though they remain over 100% higher than in November, before the company rebranded from a biotech firm, Leap Therapeutics, Inc, to a Zcash DAT, according to data from Google Finance.

Top DATs Keep Buying

Cypherpunk’s pace of ZEC purchases stands out against more aggressive digital asset treasury (DAT) strategies elsewhere in crypto. The original and largest DAT, Michael Saylor’s Strategy, has been making its BTC purchases on a weekly basis for over a year, with few exceptions.

While Strategy’s unrealized losses have ballooned to about $4.36 billion amid the market downturn, the firm has kept up its accumulation cadence, making five Bitcoin purchases so far in 2026, according to the company’s data.

Tom Lee’s BitMine, the largest Ethereum DAT, has kept pace so far this year with the same number of ETH purchases, per data from DefiLlama. BitMine’s unrealized losses reached $6 billion this week as the spot price of ETH slipped below $2,000.

Amid Cypherpunk’s dropping shares and rising paper losses, Gemini, the crypto exchange founded by the Winklevoss twins, announced this week that it’s restructuring its business.

The company said in a blog post on Thursday, Feb. 5, that it plans to cut roughly 25% of its remaining workforce and exit Europe, the UK, and Australia, as it doubles down on the U.S. market.

Russia’s Sberbank to Start Issuing Loans Backed by Crypto Collateral

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Russia’s Sberbank to Start Issuing Loans Backed by Crypto Collateral

Sberbank, Russia’s largest bank, stated that it was preparing to roll out a program of crypto-backed loans for corporate customers. The institution stressed that it was currently finalizing the infrastructure needed to scale up the rollout of these financial products. Sberbank Prepares To Scale Issuance Of Crypto-backed Loans Russian banks are prepared to take a […]

Lüt Announces Strategic Partnership with Safe Harbor to Expand Access to Compliant Closed-Loop Payments for Cannabis and Specialty Merchants

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Lüt Announces Strategic Partnership with Safe Harbor to Expand Access to Compliant Closed-Loop Payments for Cannabis and Specialty Merchants

WHY THIS MATTERS:
Payments remain one of the biggest structural barriers for regulated and so-called “high-risk” industries, particularly cannabis, where traditional card networks and acquirers continue to limit access. The result has been an overreliance on cash, higher operational risk and fragmented customer experiences. Closed-loop payment models are emerging as a pragmatic alternative, allowing transactions to remain fully compliant while reducing dependency on card schemes that can change policy overnight. By pairing compliance-first banking with guaranteed-funds digital wallets, the industry is beginning to see viable infrastructure that supports scale, safety and transparency. As regulation evolves, reliable payment access is becoming foundational to the professionalisation and long-term growth of these markets.

Lüt, a new financial ecosystem built for accessibility, reliability and growth with a first-of-its-kind closed-loop digital payments platform for cannabis and other high-risk industries, has announced its new partnership with leading financial services provider Safe Harbor to address one of the cannabis industry’s most persistent challenges: compliant and reliable payments. Through the collaboration, Lüt becomes a Safe Harbor Advantage Partner in closed-loop payment, expanding access to compliant, guaranteed-funds digital payments for cannabis and specialty merchants.

The partnership brings together Safe Harbor’s compliance-first banking solutions with Lüt’s closed-loop payment technology, called Lüt Reserve, that operates outside of traditional card networks and ensures funds are authorized and held in advance.

As part of the Safe Harbor Advantage Partner Network, Lüt Reserve provides closed-loop payments that function outside of traditional payment networks. Through Lüt Reserve, funds are pre-authorized through a good-funds digital wallet model, reducing reliance on cash, eliminating NSF risk and protecting merchants from sudden card network payment shutdowns. Lüt supports retail, delivery, payroll, vendor payments and general expenses, plus e-commerce payments, while keeping transactions fully within the regulated banking system.

“We both share a compliance-first philosophy and a long-term view of building sustainable financial infrastructure for regulated industries,” said Michael Andrud, CEO of Lüt. “This partnership with Safe Harbor signals to the banking industry that compliant, guaranteed-funds digital payments for high-risk industries are operational, scalable, and built to support long-term growth for regulated industries.”

Ean Mullins, Safe Harbor’s SVP of Product Development and Strategic Alliances, said, “This partnership strengthens our suite of financial solutions and underscores Safe Harbor’s leadership in delivering safe and compliant financial services to the industry.”

For merchants, the partnership delivers guaranteed funds, reduced cash handling, and consistent access to digital payments across all sales channels. Consumers will benefit from a faster and more transparent checkout experience, real cashback rewards and increased trust in how transactions are processed.

Over the next year, Safe Harbor and Lüt are slated to focus on merchant onboarding, expanded payment channels and new loyalty and incentive features, continuing both companies’ shared missions to modernize financial infrastructure by pairing compliant banking with modern payment technology.

The collaboration also serves as a foundation for broader expansion, with plans to introduce additional service categories and financial institution partnerships as Lüt scales across regulated and specialty industries.

FF NEWS TAKE:
This partnership reinforces closed-loop payments as a credible path forward for cannabis and other regulated sectors. The real test will be adoption at scale and sustained regulatory alignment. Watch for broader interest from financial institutions as compliant alternatives to cash and card payments continue to mature.

Strategy to initiate a BTC security program addressing quantum uncertainty

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Strategy to initiate a BTC security program addressing quantum uncertainty

Quantum computing is moving from theory to long term strategic consideration, and Strategy (MSTR) has made it clear it intends to be proactive rather than reactive during the company’s Q4 earnings call on Thursday.

Strategy, the largest corporate holder of bitcoin, plans to initiate a bitcoin security program to coordinate with the global cyber, crypto, and bitcoin security community.

The company addressed growing discussion around quantum risk and reaffirmed its commitment to bitcoin security, framing quantum not as an immediate threat but as a future engineering challenge the network can prepare for.

Strategy reported a net loss of $12.4 billion for the quarter. Shares fell 17% on the day, trading as low as $104, but market focus quickly shifted to executive chairman Michael Saylor’s commentary.

Saylor revisited a long list of historical Bitcoin FUD (fear, uncertainty and doubt) that the network has already overcome quantum concerns, while acknowledging that quantum deserves serious long term planning.

The company outlined a range of key points on quantum computing, predicting that quantum technology is likely more than a decade away and pointing out that the Bitcoin community is already researching quantum-resistant cryptography.

Shares are up 6% in pre-market trading as bitcoin has rebounded to $65,000.

MSTR Earnings call (MSTR)

Read More: Galaxy CEO Mike Novogratz doesn’t see quantum as big threat for bitcoin

Crypto firms raise $258m despite $2 trillion market drawdown – DL News

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Crypto firms raise $258m despite $2 trillion market drawdown – DL News

  • Cs pile on another $258 billion into crypto firms.
  • Mature companies are winning more investment now, DefiLlama data shows.
  • Top investors include Goldman Sachs, Citi, and Galaxy Digital.

The $2 trillion crypto market wipeout isn’t stopping venture capitalists from shopping for deals.

Investors poured in another $258 million into crypto companies in the first week of February, according to DefiLlama data.

Popular sectors included decentralised finance with four deals, and payments with three.

“VCs are starting to steer their resources towards later stage projects, particularly those with institutional partnerships in place and clear go-to-market strategies,” Charles Chong, vice-president of strategy at crypto advisory firm BlockSpaceForce, told DL News.

“They’re trying to spot the most promising late-stage project before it achieves mainstream success.”

Here are the top three raises this week.

Anchorage Digital, $100 million

Anchorage Digital, the first US federally chartered crypto bank, secured $100 million in strategic funding led by USDT stablecoin issuer Tether.

The firm provides institutional clients with an integrated suite of services spanning secure custody, trading and crypto-native banking, and positions itself as a one-stop shop for compliant digital asset finance.

The investment is aimed at scaling Anchorage’s infrastructure as demand from asset managers, financial institutions and corporates continues to rise.

“The investment reinforces a broader strategy centred on regulatory alignment and long-term partnerships with institutions that are helping define how stablecoins operate within established financial and legal frameworks,” Tether said.

TRM Labs, $70 million

Blockchain intelligence platform TRM Labs raised $70 million in a Series C round led by Blockchain Capital. The firm is valued at $1 billion.

The round included top investors, including Goldman Sachs, Bessemer Venture Partners, DRW Venture Capital, Y Combinator, Thoma Bravo, Alumni Ventures, Citi Ventures, Brevan Howard Digital, and Galaxy Ventures.

The company supplies analytics software used by financial institutions, crypto firms and government agencies to trace transactions, investigate illicit activity and prevent fraud across digital asset networks.

Fresh capital will be deployed to expand TRM’s investigative capabilities and international footprint, reflecting how closely crypto adoption is now tied to law enforcement cooperation, sanctions monitoring and financial crime prevention.

Jupiter, $35 million

Jupiter, a decentralised exchange aggregator on Solana, completed a $35 million strategic funding round from ParaFi Capital.

The deal was settled in JupUSD, Jupiter’s stablecoin, with ParaFi buying JUP tokens at spot price and committing to an extended token lockup, the protocol said.

On Sunday, Jupiter said on X that prediction market Polymarket will come to Solana through its platform.

You’re reading the latest instalment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.

IREN and AMZ down on earnings miss, as BTC equities bounce back

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IREN and AMZ down on earnings miss, as BTC equities bounce back

IREN (IREN) earnings showed weaker than expected headline results, with the company missing consensus on both revenue and earnings per share (EPS) as it accelerates its transition from bitcoin mining to AI Cloud.

Financially, Q2 revenue declined to $184.7 million, missing expectations and down from $240.3 million in Q1, while the company reported a net loss of $155.4 million, also below consensus.

IREN secured $3.6 billion of GPU financing for its Microsoft contract which together with a $1.9 billion customer prepayment is expected to cover around 95% of GPU related capex.

Tech giant Amazon (AMZ) also missed expectations on EPS but beat on revenue, according to investing.com. Investor focus shifted to management’s plan to spend around $200 billion on capex in 2026, primarily AI related. Amazon shares are down 10%.

Pre-market update

Bitcoin rebounded from around $60,000 to $66,000, driving a broad rally across crypto exposed equities. Strategy (MSTR), the largest publicly traded holder of bitcoin, rose 7% in pre-market trading, mirroring a 7% gain for Galaxy (GLXY) and MARA Holdings (MARA) while Coinbase (COIN) increased by 6%.

Playnance Launches Secure Non-Custodial Gaming Platform for 30+ Studios

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Playnance Launches Secure Non-Custodial Gaming Platform for 30+ Studios

Playnance, a Web2‑to‑ Web3 gaming infrastructure whose model separates gameplay from value custody, ensuring all balances are secured in audited smart contracts rather than studio servers. Decoupling Gameplay from Value Custody In the rapidly evolving world of Web3 gaming, the term non-custodial is often used as a marketing buzzword. Yet for a platform hosting thousands […]

Ooredoo Fintech Integrates Western Union to Boost Remittance Options in Qatar

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Ooredoo Fintech Integrates Western Union to Boost Remittance Options in Qatar

Ooredoo Fintech has entered into a strategic partnership with global money transfer giant Western Union, integrating its services directly into the Ooredoo Money app.

The collaboration launches initially in Qatar with plans to expand across other Ooredoo Fintech markets in the region. The move is designed to provide Ooredoo Money customers with a broader range of options for sending and receiving money, enhancing flexibility for users who rely on the platform for remittances.

Expanding financial inclusion
Aziz Fakhroo, chairman of Ooredoo Fintech

The partnership aligns with Ooredoo Fintech’s broader strategy to drive digital financial inclusion across the Middle East and North Africa (MENA) region. By embedding Western Union’s global network into its app, Ooredoo aims to bridge the gap between digital wallets and global cash or bank transfer networks.

Aziz Fakhroo, chairman of Ooredoo Fintech, commented on the strategic value of the integration: “This partnership reflects our commitment to providing customers with more choice, convenience, and access to essential financial services. By integrating Western Union into the Ooredoo Money app, we are giving users greater freedom in sending and receiving money in Qatar… It’s a key step in delivering the flexible, best-in-class digital financial services our customers deserve.”

A regional rollout plan
Giovanni Angelini, President, Europe, Middle East, Africa & Asia–Pacific at Western Union

While the service is now live for customers in Qatar , both companies have confirmed this is the first phase of a wider regional rollout.

Giovanni Angelini, president, Europe, Middle East, Africa & Asia–Pacific at Western Union, highlighted the shared mission of the two entities: “With Ooredoo Fintech we share the same mission of making the financial services our customers need and deserve more accessible. I am delighted then that today’s announcement will enable Ooredoo customers to connect to their families and loved ones across the world seamlessly… As we launch our partnership in Qatar, one of the Middle East’s main innovation and fintech hubs, I am looking forward to the expansion of the partnership across the region.”

Ooredoo Fintech, a wholly owned subsidiary of Ooredoo Group, was established to build an integrated fintech ecosystem across the MENA region. Western Union’s network spans more than 200 countries and territories, connecting millions of digital wallets and bank accounts globally.

Customers in Qatar can access the new service immediately by downloading the latest version of the Ooredoo Money app.

Top 5 CEXs Hold Firm in 2025 as Bitget Beats Coinbase, CoinGecko Shows

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Top 5 CEXs Hold Firm in 2025 as Bitget Beats Coinbase, CoinGecko Shows

  • CoinGecko ranks Binance (39.2%), Bybit (8.1%), MEXC (7.8%), Gate (7.5%), and Crypto.com (7.2%) as the top five CEXs by spot market share in 2025.
  • Binance’s (39%) share dwarfed every other venue, while positions 2 through 10 sat in a tight band roughly between 5.5% and 8.1%.
  • The study reports $18.7 trillion spot trading volume across the top 10 CEXs in 2025, up 7.6% YoY.

The global pecking order among centralized crypto exchanges held largely steady through 2025. The same five platforms dominated spot-market share even as the battle for the next tier intensified and liquidity continued to concentrate in a handful of platforms.

Binance remained the largest centralized exchange by spot trading volume, accounting for 39.2% of the top-10 market in 2025, according to CoinGecko Research. It was followed by Bybit (8.1%), MEXC (7.8%), Gate (7.5%), and Crypto.com (7.2%)—a top five that, in CoinGecko’s data, stayed firmly in place.

The more notable shift came just below that group. Bitget finished 2025 with a 6.4% market share, edging Coinbase at 6.1%, as exchanges outside the top tier fought for incremental gains that can be self-reinforcing in markets where spreads, depth and execution quality often determine where flow lands.

A tightening race behind Binance

CoinGecko’s ranking—based on spot trading volume from Jan. 1 to Dec. 31, 2025—shows the competitive “pack” behind Binance has become unusually dense, with nine of the top 10 venues clustered between roughly 5% and 10% share.

That compression helps explain why exchanges are leaning harder on product design and market-structure tactics—fee schedules, fast listings, and derivatives-to-spot funnels—to defend engagement. In CoinGecko’s year-end table, Bitget’s rise occurred in a cohort that also included OKX (6.3%), HTX (6.0%) and Upbit (5.5%).

Volumes rose, but the year was uneven

Overall activity expanded in 2025, though it didn’t move in a straight line. CoinGecko estimates the top 10 exchanges generated $18.7 trillion in spot trading volume in 2025, up 7.6% from 2024.

Monthly data from CCData illustrates how quickly volumes could cool even in a broadly higher year. In September 2025, combined spot and derivatives volumes on centralized exchanges fell 17.5% to $8.12 trillion, marking the first decline after three months of increases.

Bitget’s growth pitch: multi-asset “one screen”

Bitget’s statement around the ranking leaned on two claims: a sharp year-over-year expansion and a strategic shift toward a broader trading offering.

CoinGecko’s report shows Bitget’s 2025 spot trading volume rose 45.5% year over year, second only to MEXC’s 90.9% jump among the top 10.

“We’re proud to see Bitget’s continued growth reflected in CoinGecko’s report,” Bitget CEO, Gracy Chen, said in statement shared with AlexaBlockchain.

“The trust community has placed in us is attributed to the security we’ve built over the years, holding one of the largest market shares in crypto means we build to scale and with UEX we see this come into real life,” she added.

Bitget also highlighted a “Universal Exchange” strategy—framing recent efforts as a move to keep traders inside a crypto-native interface while they express macro views through instruments tied to commodities, indices, FX and metals, alongside crypto spot and derivatives.

Why Coinbase is still in the mix—despite slipping to No. 8

Coinbase’s position in CoinGecko’s 2025 spot market-share table—No. 8 at 6.1%—doesn’t necessarily translate into weakness in its core U.S. franchise, where regulatory posture and institutional relationships are central differentiators.

Coinbase continues to benefit from its status as the only publicly traded U.S. crypto exchange. From a U.S. policy environment that was seen as becoming more favorable to the sector—while competition also intensified as other firms explored public listings.

In practice, Coinbase is often competing on a different axis than offshore-heavy derivatives leaders: perceived compliance, custody and institutional access versus aggressive fee and leverage-driven growth.

The real engine: derivatives dominance keeps growing

The spot market-share table is only part of the story. Across the industry, derivatives—especially perpetual futures—continued to dominate crypto trading in 2025, shaping the incentives and revenue mix for the largest venues.

CoinGecko’s 2025 annual industry report estimates that perpetual futures trading volume on centralized exchanges rose 47.4% in 2025 to $86.2 trillion, a record.

That derivatives-heavy structure tends to reward exchanges that can offer deep liquidity, robust risk systems, and capital-efficient margining—features that can spill over into spot-share gains as active traders consolidate activity on fewer platforms.

A convergence trade: tokenization and “24/7 markets”

Bitget’s emphasis on tokenized stock futures and multi-asset access fits a broader trend: crypto venues and traditional market operators are both moving toward round-the-clock, on-chain or quasi-on-chain market access.

Intercontinental Exchange (ICE), the NYSE owner, is developing a platform for 24/7 trading and on-chain settlement of tokenized securities, citing demand for around-the-clock access to U.S. equities. Separately, TD Securities has argued that perpetual-futures style instruments could become a key building block for tokenized equities, given crypto’s established 24/7 derivatives rails.

That convergence matters for centralized exchanges because it suggests the next leg of competition may be about workflow ownership: who becomes the default venue where traders manage crypto exposure, macro hedges and tokenized representations of traditional assets.

The article “Top 5 CEXs Hold Firm in 2025 as Bitget Beats Coinbase, CoinGecko Shows” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/top-5-cexs-hold-firm-in-2025-bitget-beats-coinbase/

Read Also: Fear, Liquidations, Fed Reset: Why Bitcoin Is Stuck Near $78K

Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.

Image Credits: Shutterstock, Canva, Wiki Commons

Vietnam Draft Rules Propose 0.1% Tax on Crypto Transfers

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Vietnam Draft Rules Propose 0.1% Tax on Crypto Transfers

Vietnam is preparing to introduce a tax framework for cryptocurrency transactions that would align digital assets with securities trading, according to a draft policy circulated by the Ministry of Finance.

Under the proposal, individuals transferring crypto assets through licensed service providers would face a 0.1% personal income tax on the value of each transaction, local outlet The Hanoi Times reported. The structure mirrors the levy currently applied to stock trades in the country.

According to the report, the draft circular, released for public consultation, classifies crypto transfers and trading as exempt from value-added tax. However, the turnover-based tax would apply to investors regardless of residency status whenever a transfer is executed.

Companies operating in Vietnam would be taxed differently. Institutional investors earning income from crypto transfers would be subject to a 20% corporate income tax, calculated on profits after deducting purchase costs and related expenses, per the report.

Related: No companies apply for Vietnam crypto pilot amid high barriers

Vietnam formally defines crypto assets

Authorities also reportedly provided a formal definition of crypto assets, describing them as digital assets that rely on cryptographic or similar technologies for issuance, storage and transfer verification.

The draft also outlines strict requirements for operators. Firms seeking to run a digital asset exchange would need at least 10 trillion Vietnamese dong (about $408 million) in charter capital, a threshold higher than that required for commercial banks and far above capital standards in many other industries. Foreign ownership would be permitted but capped at 49% of an exchange’s equity.

Vietnam is ranked fourth in the world for crypto adoption. Source: Chainalysis

The proposed rules come as Vietnam began a five-year pilot program for a regulated crypto asset market launched in September 2025. On Oct. 6, 2025, Vietnam’s Ministry of Finance confirmed that no companies had applied to participate in the five-year crypto pilot at that time, citing high capital requirements and strict eligibility conditions.

Related: Vietnam central bank expects credit growth amid rapid crypto adoption

Vietnam opens licensing for crypto exchanges

Last month, Vietnam started accepting applications for licenses to operate digital asset trading platforms, marking the operational launch of its planned pilot program for a regulated crypto market.