IPO
Tether just put on a suit
Hey, it’s Marc & 51 team, For a decade, Tether (USD₮) was the “offshore casino chip,” massive, liquid, but operating in the regulatory shadows. Wall Street ignored it; regulators hunted it. But on January 27, 2026, Tether launched USA₮, a federally chartered stablecoin backed 1:1 by short-term Treasuries, held at Anchorage Digital Bank, and custody by Cantor Fitzgerald. The Fed didn’t lose control. It delegated it. Now $186.2B in private-sector dollars can settle 24/7 across blockchains witho
The U.S. crypto battlefield
Hey, it’s Marc & 51 team, Jamie Dimon interrupted Brian Armstrong’s coffee with Tony Blair at Davos. The JPMorgan CEO got in Armstrong’s face and told him he was “full of sh*t” for claiming banks were sabotaging crypto legislation. While CEOs traded insults in Switzerland, SEC Chair Atkins is building the regulatory framework: the GENIUS Act is live. Project Crypto just formalized SEC-CFTC coordination. DTCC launched its tokenisation pilot. OCC greenlit five crypto-focused national trust banks
Hong Kong built the rails. Will the trains arrive?
Hey, it’s Marc & 51 team, Hong Kong’s crypto market doesn’t look like a casino anymore. It looks like a bank. Over the past two years, the SAR methodically dismantled the unregulated exchange model, pushed out crypto-native giants like OKX and Bybit, and rebuilt itself as an institutional settlement hub. By Q1 2026, it has completed the infrastructure: VATP licenses, stablecoin regulations, Project Ensemble. But here’s the problem: it built a $20M per-license fortress for a market that still
Buy Bitcoin. Then What?
Hey, it’s Marc & 51 team, January 2026 just separated the digital asset treasury sector into winners and losers. The industry is now split into two corporate realities: firms turning treasuries into financial franchises, and firms caught in liquidity and valuation death spirals. “Buy Bitcoin” stopped being a strategy. What matters now is what you do with the Bitcoin once you own it: how you structure the balance sheet, how you fund accumulation, whether you generate yield independent of token
Crypto's $2.1B Custody IPO
Hey, it’s Marc, Crypto custody has come a long way from scribbled seed phrases and anonymous exchanges. Today, it’s a multi‑billion‑dollar institutional industry led by players like BitGo, which now safeguards over $100 billion in digital assets. BitGo just accomplished what few thought possible on Wall Street: becoming a $2.1 billion federally chartered custody bank and now, with its $212.8 million IPO last week, it’s taking crypto infrastructure into the institutional era. This isn’t just a