Crypto Research

Horizen is a blockchain platform structured as a cross-chain network that provides infrastructure and tools to support the creation of third-party decentralized applications ("dApps") with elective privacy features. At the beginning of Q4 2020, we released our primer report Horizen: Web 3.0 Platform Targeting Big Tech Super App Disruption, followed by an update note at the end of Q4 2020 Horizen Update: ZEN Moving Higher As Halving Approaches. Since our last note's...

Founded in 2013, Modernity Financial Holdings Ltd. (“MaiCoin,” or the “Company”) is a leading cryptocurrency exchange in Taiwan. The Company offers brokerage services through MaiCoin, wallet and exchange services via MaiCoin Max, and merchant services to retail and institutional clients through AMIS Technologies. MaiCoin also owns a minority stake in MaiCapital, a regulated cryptocurrency investment vehicle.ADOPTION TAILWINDS. The global digital assets market has transformed from a monetary thought experiment to...

New Venture Capital funds raised an aggregate $2.76 billion this week. Gaming projects raised $13.5 million in capital, while Ethereum-based building companies raised $250 million this week. Bitcoin mining company Bitdeer will go public via a SPAC valued at around $4 billion. Iris Energy is a Bitcoin mining company that went public via an IPO and upsized its offering to be valued at roughly $1.5 billion at the time of...

After Bitcoin reached a new all-time high of $69,000, we have seen a reset in futures funding markets, and spot demand start to waiver.These pullbacks are not uncommon in bull markets. Since June 2020, there have been 34 daily drawdowns (open to close) of over 5%, largest of which were 14% in May and 13% in January.On chain data further supports our view. As we noted last week, long-term holders...

Gaming projects raised $825 million in capital this week, compliance projects raised over $25 million in aggregate funds, decentralized protocols brough in $37.2 million this week.DEAL OF THE WEEK: Forte. io has raised a $725 million Series B funding round. The Company had raised a $185 million round at a $1 billion valuation in May.Argo Blockchain, a cryptocurrency miner, will sell up to $57.5 million in bonds maturing in 2026.Active...

Wave Financial (“Wave” or the “Company”) is an SEC registered digital asset wealth manager and fund provider for individual investors and crypto protocols with over $1 billion in assets under management (AUM). Since its launch in 2018, Wave’s capabilities have expanded to include a full-service wealth management platform and a suite of in-house crypto investment funds. The Company is leveraging traditional investing and risk management strategies in innovative ways to...

Bitcoin had a whirlwind of a week, reaching new all-time highs on the back of a historical CPI print, reaching $69,000.Overzealous traders created leveraged long positions margined in crypto and were wiped out in the face of Evergrande headlines.Long-term holders start to take profits as short-term holders enter to fold to provide exit liquidity. This is historically the sign of the early stages of a bull market.We analyze the forward...

Will McEvoy, Digital Asset Strategy Senior Associate, sheds light on Bitcoin supply coming off the recent Bitcoin all-time highs. RESEARCH: INTO THE ETHER