PORTFOLIOS Source: Bloomberg, Fundstrat Source: Artemis, Fundstrat EXECUTIVE SUMMARYBitGo is a cycle-tested institutional crypto infrastructure platform, founded in 2013, with a custody-first, full-stack offering spanning qualified custody, staking, prime brokerage, settlement, and stablecoin infrastructure.The company went public on Thursday, raising approximately $200 million in primary proceeds at $18 per share, implying a ~$2.1bn market cap.BitGo uses qualified custody as a wedge to onboard institutional clients, then increases monetization per dollar of assets on the platform through higher-value services such as...

PORTFOLIOS Source: Bloomberg, Fundstrat Source: Artemis, Fundstrat THE BREAKDOWN Entering January, my view on crypto was still measured from a cyclical perspective, but tactically constructive. In my January 6th strategy note, I argued that while the broader setup for 2026 still pointed to a choppier first half and a more compelling accumulation opportunity later in the year, the near-term risk reward had begun to skew favorably. The key drivers behind that view were straightforward:Liquidity conditions were turning supportive, driven by...

DISCUSSED IN TODAY'S VIDEO:SPOT BUYING NOT TRANSLATING INTO PRICE STRENGTH: Strategy acquired approximately $3.4B OF BTC over the past two weeks, yet Bitcoin failed to sustain momentum above ~$95K, suggesting ample incremental supply and/or weakening marginal demand.REGULATORY OPTIMISM FADING: Senate market structure efforts remain alive but face meaningful industry pushback and procedural hurdles, making them unlikely to serve as a near-term catalyst.RATE EXPECTATIONS BECOMING A HEADWIND: Strong U.S. growth and rising uncertainty around future Fed leadership and FOMC composition are pushing forward rate expectations higher, tightening...