PA Daily｜Ledger plans to go public in New York, with a valuation exceeding $4 billion; TikTok announces U.S. plan: ByteDance retains algorithm intellectual property rights

Today’s Headlines:

SEC and CFTC to Host Joint “Regulatory Coordination” Crypto Event on January 27 at 23:00

Hardware Wallet Company Ledger Plans NY IPO, Valuation May Exceed $4 Billion

BitGo Shares Rise About 20% on First Day of NYSE Listing, Intraday Valuation Reaches $2.6 Billion

CZ: AI Will Make You Unemployed, Crypto Will Make You Workless

TikTok Announces US Partnership, Co-Operates with Two Companies, ByteDance Retains Algorithm IP

Fintech and Asset Tokenization Firm Superstate Completes $82.5 Million Series B Funding

Dogecoin Foundation-Backed 21Shares Spot DOGE ETF Listed on Nasdaq

Analysis: Bitcoin in Deep Bear Market Relative to Gold, Historical Data Suggests Downtrend May Persist

Regulation & Macro

SEC and CFTC to Host Joint “Regulatory Coordination” Crypto Event on January 27 at 23:00

According to SEC official announcement, SEC Chair Atkinson and CFTC Chair Selig will hold a public event titled “SEC-CFTC Harmonization” from 23:00 on January 27 to 00:00 on January 28(UTC+8) at CFTC headquarters, discussing coordination efforts between the two agencies and their efforts to fulfill President Trump’s promise to make the US the global crypto capital. Hosted by Eleanor Terrett. The event is open to the public, held at CFTC headquarters, and streamed live on the SEC website. No registration required for online participation.

US Q3 Core PCE Price Index Final Annualized Quarterly Rate 2.9%, Expected 2.9%

According to Jintou, the US Q3 core PCE price index final annualized quarterly rate is 2.9%, expected 2.9%, previous 2.90%. US Q3 real GDP annualized quarterly rate final 4.4%, expected 4.30%, previous 4.30%. US initial jobless claims for the week ending January 17 were 200,000, expected 210,000, revised from 198,000 to 199,000. Later news reports that US November core PCE price index annual rate is 2.8%, expected 2.8%.

Bank of Japan maintains interest rate at 0.75%, in line with market expectations

The Bank of Japan kept the benchmark interest rate unchanged at 0.75%, in line with market expectations. The decision was approved by an 8-1 voting ratio. BOJ Governor Takada Sōji opposed. Takada believes the price stability goal has been largely achieved, and given the ongoing recovery of overseas economies, Japan’s inflation faces upside risks. He proposed raising the short-term interest rate target from 0.75% to 1.0%. The BOJ states: the median forecast for core CPI for FY2025-2027 is 2.7%, 1.9%, and 2.0% respectively (compared to 2.7%, 1.8%, and 2.0% in October last year). The median forecast for real GDP growth for FY2025-2027 is 0.9%, 1.0%, and 0.8% (vs. 0.7%, 0.7%, and 1.0% in October). If economic and price trends align with forecasts and improve, policy rates will continue to be raised.

Trump: If Europe Sells US Bonds and Assets, Will Face Large-Scale Retaliation

According to Jintou, former US President Trump stated that if Europe sells US bonds and assets, it will face large-scale retaliation.

Later, Trump announced that tariffs of 25% will be imposed on all countries engaging in trade with Iran.

India Bans Privacy Coins, Demands Crypto Platforms Remove Anonymous Tokens

According to The Economic Times, India’s Financial Intelligence Unit (FIU) under the Ministry of Finance has ordered domestic crypto exchanges and platforms to cease offering anonymous enhanced tokens (ACE), prohibit deposits or withdrawals of such tokens, and classify them as “unacceptable assets” under risk mitigation frameworks. FIU also warns that mixing coins via tools like tumbler or mixer, or transferring to self-custody wallets, may facilitate funds from sanctioned or blacklisted addresses entering the system and make tracking difficult. Platforms must collect data related to non-custodial wallets and assess whether to set transfer limits.

Shenzhen People’s Procuratorate Files Public Prosecution Against 30 People Including Ding Yifeng and Sui Guangyi

According to the official WeChat account of Shenzhen People’s Procuratorate, after legal review, they have filed public prosecution with Shenzhen Intermediate People’s Court against 30 defendants including Sui Guangyi and Ma Xiaoqiu for illegal fundraising crimes committed through Shenzhen Ding Yifeng Asset Management Co., Ltd., Hong Kong Ding Yifeng International Holdings Group Ltd., and related companies, involving charges of fund-raising fraud, illegal public deposit absorption, and money laundering. Previously, Fuyuan Branch of Shenzhen Public Security Bureau issued a notice stating that “Ding Yifeng” and its related companies issued false financial products and “DDO digital options”( are “air coins”) engaged in illegal activities, and assets including properties, vehicles, equity, and bank accounts related to “Ding Yifeng” and its affiliates have been sealed, seized, or frozen.

Project Updates

TikTok Announces US Partnership, Co-Operates with Two Companies, ByteDance Retains Algorithm IP

According to Yicai, TikTok announced the establishment of TikTok US Data Security Joint Venture LLC. The joint venture will handle data protection, algorithm security, content review, and software support for TikTok in the US. The announcement states that ByteDance, Silver Lake Capital, and MGX each hold 15% of the joint venture. Other investors include Vastmere Strategic Investment Limited (related to Haina International Group), Alpha Wave Partners, and others. ByteDance retains 19.9% of shares, remaining the largest single shareholder. The joint venture will be managed by a seven-member board, including TikTok CEO Zhou Shouzi.

Nasdaq Applies to US SEC to Remove Position Limits on Bitcoin and Ethereum ETF Options

According to Cointelegraph, Nasdaq has submitted a rule change application to the US SEC to remove position limits on options contracts linked to a basket of spot Bitcoin and Ethereum ETFs. Previously, these options had a cap of 25,000 contracts. Nasdaq believes this move will give digital asset options equal treatment with other eligible listed options, eliminating unfair treatment without harming investor protection. The proposal was submitted on January 7 and took effect Wednesday, with the SEC waiving the standard 30-day waiting period, allowing immediate implementation, but retaining the authority to suspend the rule within 60 days if necessary. The SEC has opened a review period for the proposal, with a final decision expected in late February unless the rule is suspended for further review.

Anthropic Releases 80-Page “Claude Constitution” to Upgrade AI Alignment Framework

AI large model company Anthropic recently published a new version of the “Claude Constitution” under CC0 1.0 public domain license, serving as the “highest authority” for training, used to generate synthetic training data and ranking feedback; shifting from “listing principles” to explaining “why,” to improve generalization to new scenarios. The document is organized into tiers: broad safety > broad ethics > adherence to guidelines > sincere helpfulness, listing “hard constraints”( such as not providing substantial help for biological weapons), and adding chapters on virtues, psychological safety, and model self-awareness, emphasizing transparency and continuous iteration.

Morningstar Ventures Calls for Refunds and Transparency on Space Project

Morningstar Ventures, an investment firm focused on space, urges the Space team to prioritize community and public sale participant interests, and to launch a refund page by January 27 as previously promised, returning at least 50% of raised funds, and encouraging the team to refund as much as possible within current funds. All public sale users can opt for partial refunds; also calls for disclosure of fund usage, current balances, and future roadmap, stating it is not a lead investor but a small investor, and is pushing the team to refund as much as possible and release the first public version of the product on schedule. Yesterday, Space responded to community questions about fundraising limits and transparency, deciding to refund $7.3 million excess funds.

Google Photos Launches “Me Meme” AI Emoji Generation Feature

According to 9to5Google, Google Photos has launched the “Me Meme” experimental feature on Android and iOS, allowing users to generate emoji packs from selfies via generative AI. Users select an official template or upload a reference image, then choose a well-lit, front-facing portrait, and after generating, can edit, save to gallery, regenerate, or share. The feature is gradually rolling out to US users; Google has not disclosed detailed scope or future plans. “Me Meme” is one of the AI creation tools under the Create tab in Google Photos.

World Liberty Financial Partners with Spacecoin for Token Swap, Combining DeFi and Satellite Internet

Related to the Trump family, World Liberty Financial and Spacecoin have formed a strategic partnership and are conducting a token swap, aiming to combine DeFi with satellite internet for remote area payments and settlements; Spacecoin, a crypto satellite startup, provides “permissionless” internet via low-earth orbit satellites, with WLFi using USD1 stablecoin( with a market cap of about $3.2 billion) and lending services. Spacecoin reports launching three low-earth orbit satellites, with WLFi supporting online user transactions via compliant DeFi tools.

Dogecoin Foundation-Backed 21Shares Spot DOGE ETF Listed on Nasdaq

According to Decrypt, the 21Shares spot DOGE ETF supported by the Dogecoin Foundation was listed on Nasdaq on January 22, trading under the ticker TDOG. It is the first US-approved spot DOGE ETF, allowing retail and institutional investors to access Dogecoin through traditional brokerage accounts. 21Shares President states that the ETF’s main target customers are young, wealthy mainstream investors. This is the third spot DOGE ETF to enter the US market after products from Bitwise and Grayscale.

Sentient Opens SENT Token Airdrop

According to official news, open-source AI platform Sentient has opened the SENT token airdrop, and all eligible users who complete registration can claim their tokens.

North Korean Hackers Attack 3,100+ IPs Related to AI, Crypto, and Financial Firms via Fake Job Interviews

According to Cryptopolitan, security firm Recorded Future’s latest research shows that North Korea-linked hacker group PurpleBravo has launched cyber espionage targeting over 3,100 IP addresses of AI, crypto, and financial service companies via fake job interviews. The group disguises as recruiters or developers, using technical interviews to lure targets into executing malicious code. Attackers claim to be from crypto or tech firms, requesting candidates to review code, clone repositories, or complete programming tasks. Researchers identified 20 victim organizations from South Asia, North America, and other regions. The group uses multiple aliases and disguises as Ukrainian Odessa residents. They employ remote access Trojans like PylangGhost and GolangGhost to automatically steal browser credentials and cookies. The hackers also use malicious GitHub repositories, Astrill VPN, and 17 service providers to host malware servers. Additionally, investigations found related Telegram channels selling LinkedIn and Upwork accounts, and interactions with crypto exchange MEXC.

Binance Wallet Launches Three New AI-Driven Features: Topic Rush, Social Buzz, and AI Assistant

According to official announcement, Binance Wallet (web version) has launched three new AI-powered features to help users identify emerging hot topics and market trends: Social Buzz ranks tokens supported on-chain based on social attention and buzz metrics; Topic Rush highlights emerging topics and related tokens on BNB Smart Chain (BSC) or Solana via AI-generated topic cards; AI Assistant is an AI-powered widget that summarizes all key information about tokens for quick, comprehensive insights.

Fabric to Launch ROBO Token, Public Sale on Kaito on January 26

According to official info, Fabric, a general robot open network under OpenMind, will launch its native token ROBO, which will be publicly sold on Kaito Capital Launchpad, targeting eligible individuals and partner communities. The public sale begins at 20:00 Beijing time on January 26, with a fully diluted valuation (FDV) of $400 million, aiming to raise $2 million, offering up to 0.5% of total token supply, with 100% unlocked at TGE. Minimum and maximum individual subscriptions are $1,000 and $250,000 respectively. In this sale, 40% of tokens are allocated as “priority distribution” to the Fabric Foundation and partner communities including Kaito AI, Virtuals, and SurfAI.

Binance Finance, One-Click Buy, Instant Swap, VIP Borrowing, Leverage, and Contracts Launch Sentient (SENT)

Binance: SPACE’s Alpha airdrop threshold is 227 points, trading begins tonight at 18:00

According to Binance Wallet, Binance Alpha will support Spacecoin(SPACE), with Alpha trading starting at 18:00 on January 23(UTC+8). Users holding ≥227 Alpha Points can claim 6,720 SPACE tokens on a first-come, first-served basis; if not all are claimed, the threshold will automatically decrease by 5 points every 5 minutes. Claiming costs 15 points, and users must confirm within 24 hours on the event page, or forfeit.

Binance Contracts to Launch SPACEUSDT and FIGHTUSDT U-Perpetual Contracts

Coinbase to Launch FIGHT(FIGHT) and Sentient(SENT) Spot Trading

Coinbase to Launch ImmuneFi(IMU) Spot Trading

Coinbase to Launch Sentient(SENT) Perpetual Contracts Trading

Robinhood Legend Adds $ASTER and $LDO

Analysis & Opinions

Michael Saylor: Consider Buying More Bitcoin

Strategy founder Michael Saylor posted on X: “Consider buying more Bitcoin.” Previously, it was reported that as of January 19, 2026, Strategy holds 709,715 BTC, with a total purchase cost of about $53.92 billion, averaging approximately $75,979 per coin.

CZ: AI Will Make You Unemployed, Crypto Will Make You Workless

Binance CEO CZ posted this morning that AI will cause unemployment, while crypto will make people workless, and advised “buy and hold now, retire in a few years,” emphasizing “not financial advice.”

Analysis: Bitcoin in Deep Bear Market Relative to Gold, Historical Data Suggests Downtrend May Continue

According to CoinDesk, Bitcoin’s price relative to gold is in a deep bear market phase, performing weaker than gold, challenging its “digital gold” narrative. Currently, the BTC-to-gold ratio is about 18.46, down roughly 55% from its peak in December 2024, and about 17% below its 200-week moving average (~21.90). Over longer periods, gold’s returns over the past year and five years outperform Bitcoin. Historical data shows that during previous major bear cycles, the BTC-to-gold ratio fell more than 30% below its 200-week average (2022) and remained below for over a year. The current dip began in November 2025; if history repeats, the ratio may stay below the average throughout 2026. However, past maximum drawdowns in cycles reached 77% in 2022 and 84% in 2018, deeper than now.

Analysis: Strategy’s Credit Risk Eases as Preferred Shares Surpass Convertible Bonds

According to CoinDesk, Strategy’s credit risk has eased as its perpetual preferred shares with a face value of $8.36 billion exceed $8.2 billion in convertible debt. This capital structure shift toward permanent capital reduces refinancing risk and balance sheet volatility. Convertible bonds carry maturity refinancing risk and stock-price-linked volatility, while perpetual preferred shares do not require principal repayment and pay fixed dividends, with higher priority than common equity but below debt. The preferred share portfolio includes four instruments, with annual dividends totaling about $876 million. Strategy also holds $2.25 billion in reserves to improve dividend coverage and reduce short-term financing risk. The common stock has increased from 76 million shares in 2020 to over 310 million, potentially easing future dilution from bond-to-equity conversions.

Analysis: Bitcoin Has Broken Below 0.75 Supply Cost Baseline Quantile and Failed to Reclaim, Selling Pressure Rising

According to Glassnode, Bitcoin has broken below the 0.75 supply cost-basis quantile and failed to recover above it. The spot price is now below the cost basis of 75% of supply, indicating increasing selling pressure. Risks are significantly elevated; unless the price rebounds above this level, the downtrend will dominate.

Analysis: Bitcoin’s Return and Risk Mismatch, Similar to 2022

According to CoinDesk, CryptoQuant data shows Bitcoin’s Sharpe ratio has plunged into negative territory, reaching levels seen during the 2018-2019 and 2022 market crashes, indicating poor risk-adjusted performance. The indicator measures excess return over risk-free rate relative to volatility. Turning negative means Bitcoin’s returns no longer compensate for its high price volatility. Despite the price retreat from over $120,000 in October 2025 to around $90,000, market volatility remains high.

Investment & Financing

Ledger, Hardware Wallet Maker, Plans NY IPO, Valuation May Exceed $4 Billion

According to Financial Times, French hardware wallet maker Ledger has hired Goldman Sachs, Jefferies, and Barclays to prepare for a US IPO, with valuation possibly exceeding $4 billion, potentially within 2026. The company reports record revenue in recent years driven by investor demand for hacking protection, with a 2023 valuation of about $1.5 billion after funding.

Later, ZachXBT criticized Ledger: multiple data leaks and product issues, still seeking to maximize gains via IPO.

Superstate, Fintech and Asset Tokenization Firm, Completes $82.5 Million Series B

According to Cointelegraph, Superstate announced closing an $82.5 million Series B led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and others. The company plans to use the funds to build a comprehensive on-chain issuance layer on Ethereum and Solana for issuing and trading SEC-registered stocks, aiming to make fundraising and listing more efficient via blockchain. Superstate manages over $1.23 billion in assets, operating two tokenized funds. As an SEC-registered transfer agent, it supports direct issuance and sale of digital stocks on public blockchains by listed companies via its “Opening Bell” platform, enabling real-time management of issuance, settlement, and ownership records by late 2025.

Bitcoin Payment Startup ZBD Completes $40 Million Series C, Blockstream Capital Leads

According to Forbes, Bitcoin payment startup ZBD announced closing a $40 million Series C, led by Blockstream Capital (which invested $36 million), with other investors and valuation undisclosed. ZBD, based in New Jersey, provides payment software solutions for gaming, supporting multiple cryptocurrencies including Bitcoin. It does not involve NFTs or crypto-based gaming but focuses on blockchain as a payment channel to help developers and players establish direct financial relationships, enabling transfers and in-game rewards. The company has 70 employees and partnered with 55 games by 2025. Funds will be used to expand its payment suite over the next year.

River Completes $12 Million Strategic Funding, Including Maelstrom Fund and Spartan Group

River announced closing a $12 million strategic funding round, with investors including Tron DAO, Justin Sun, Maelstrom Fund (founded by Arthur Hayes), The Spartan Group, and several Nasdaq-listed US and European companies. The funds will support River’s expansion into EVM and non-EVM ecosystems, including networks like TRON and Sui, and continue building on-chain liquidity infrastructure.

YZi Labs Makes Strategic Investment in BitGo IPO

According to YZi Labs, it participated in the IPO strategic placement of BitGo(NYSE:BTGO), emphasizing key infrastructure like compliant custody. BitGo reports platform assets of about $82 billion, serving over 5,100 institutions across 100 countries, offering custody, staking, and stablecoin issuance.

USD.AI Approves Up to $500 Million GPU Financing for Sharon AI

According to USD.AI, it approved up to $500 million in asset-backed, non-recourse debt financing to Australian AI compute provider Sharon AI, using on-chain credit systems and stablecoins for GPU deployment; earliest deployment expected in Q1 2026, with initial draw of about $65 million.

Institutions

Bitmine Further Stakes 171,264 ETH, Total Staked About $5.73 Billion

According to OnchainLens, Bitmine has staked an additional 171,264 ETH (~$5.03 billion); total ETH staked now 1,943,200 (~$57.3 billion).

Hyperliquid Strategies Has Increased Holdings of $HYPE Tokens by About $67.6 Million Since Early December

According to Mlm onchain, US-listed Hyperliquid Strategies (ticker HSI) has purchased 3,071,560 HYPE tokens since early December, worth about $67.6 million. About half (~1.5 million HYPE) was bought directly from Hyperliquid’s OTC wallets. These figures are estimates based on on-chain data, not officially confirmed. All transactions processed via Flowdesk.

Metalpha Withdraws 8,500 ETH (~$24.85 Million) from CEX

According to Onchain Lens, Metalpha withdrew 8,500 ETH (~$24.85 million) from Kraken and Binance.

BlackRock Deposits 3,970 BTC and 82,813 ETH into Coinbase Prime