Odaily News: Pharos, a Layer 1 public chain project building inclusive RealFi, announced a strategic partnership with GCL New Energy (00451.HK). Pharos will subscribe to 186.5 million new shares issued by GCL New Energy by providing future equity and token subscription rights, with a total value of nearly HKD 193 million. Pharos will grant GCL New Energy future equity rights to acquire Pharos shares under specific conditions, as well as the right to purchase digital tokens issued by Pharos at an agreed price.
It is reported that Pharos is a Layer 1 public chain company building inclusive RealFi. This collaboration will leverage Pharos's Data Asset Token (DAT) framework to transform real-world energy data into standardized financial assets on the blockchain, exploring the application of Web3 technology in the new energy sector.
Odaily News Upexi Chief Strategy Officer Rudick stated that Digital Asset Trusts (DATs) may attempt to create value by generating returns, developing new revenue streams, and pursuing selective mergers and acquisitions, but he does not anticipate widespread consolidation.
"I don't expect a significant amount of M&A among DATs because sellers lack the incentive to sell below 1.0x mNAV (multiple of net asset value), as they can sell the assets at par in the market," Rudick said. "At the same time, buyers lack the rationale to acquire a DAT above 1.0x mNAV, as they can simply purchase those assets directly in the market."
Odaily Planet Daily reports that Nasdaq-listed iPower has announced a $30 million convertible note financing agreement to launch its Digital Asset Treasury (DAT) strategy. The company disclosed that the initial $9 million of this financing will be used, with $4.4 million intended for purchasing Bitcoin and Ethereum. The remaining funds will be used to increase working capital and bolster the balance sheet. 80% of subsequent funds will be used for continued acquisitions of digital assets. (Globenewswire)
Odaily Planet Daily reports that Coinbase Institutional has released its 2026 Crypto Market Outlook report.
The report indicates that Coinbase holds a cautiously optimistic view of the crypto market in the first half of 2026, believing that the US economy remains resilient and the market setup is more like "1996" than "1999." Regarding institutional participation, the report suggests the potential launch of a "DAT 2.0" model in 2026, suggesting that institutions will shift from simple asset allocation to more specialized trading, custody, and blockchain space acquisition.
In terms of technological development, the report predicts that the growing demand for privacy will drive the development of zero-knowledge proofs (ZKPs) and fully homomorphic encryption (FHE) technologies, and that autonomous transaction proxy systems will emerge in the AI × cryptocurrency field. Application-specific blockchains will reshape the competitive landscape of crypto infrastructure, and tokenized stocks are expected to grow rapidly due to their atomic composability advantages.
In terms of market opportunities, the composability of cryptocurrency derivatives, prediction markets, and stablecoin payments are key areas of focus. The report predicts that the total market capitalization of the stablecoin market could reach a target range of $1.2 trillion by the end of 2028.
Odaily Planet Daily reports that Lily Liu, Chair of the Solana Foundation, stated at the Solana Breakpoint 2025 conference:
"Solana was the first blockchain platform to establish a policy research institute. Today, developing a digital asset strategy is essential for every institution. As these institutions enter the blockchain space, they are increasingly choosing Solana. Western Union, which processes over $60 billion in remittances annually, has chosen Solana. Pfizer, which processes $2 trillion in merchant payments annually, has also chosen Solana. Other institutions are following suit."
Of course, ETFs are a major theme this year. We've finally seen the arrival of physically backed Solana-collateralized ETFs—they launched in large numbers on the Solana ecosystem about six weeks ago, and within just six weeks, their assets under management have approached $1 billion. Despite the overall market underperformance, we've seen net inflows for three consecutive weeks. There are already six physically backed Solana-collateralized ETFs listed in the US market alone.
Another important, albeit somewhat controversial, theme this year is DAT (Crypto Treasury Companies). Many view DAT as a short-term liquidity tool, but we hold the opposite view. This is because Solana is one of the few platforms that allows businesses to build both at the infrastructure and asset layers. We believe DAT companies will be long-term ecosystem companies, acting as bridges connecting Solana to public markets, building infrastructure, asset management systems, and integrating all these functionalities into a unified whole.
