OSL Research Daily Brief | 2026.02.25

1. Market Update: BTC and ETH rebounded strongly overnight; BTC is up ~2.7% and ETH up ~4.3%. Gold is trading at ~$5,185/oz (+0.9%), and Silver at ~$89/oz (+2.5%).

2. MicroStrategy: Has become the most shorted stock in the US, with an unrealized paper loss of ~$7 billion on its Bitcoin holdings.

3. Stripe M&A: Considering acquiring all or part of PayPal's business; discussions are in early stages with no certainty of a deal.

4. Payoneer: Applied to the OCC to establish PAYO Digital Bank, planning to issue a PAYO-USD stablecoin and provide custody services.

5. Stripe Outlook: Expects 2025 stablecoin payment volume to double to ~$1.9 trillion (60% B2B), serving over 5 million businesses, with a revenue suite target of $1 billion annually.

6. RWA Growth: Real World Asset size surpassed $25 billion, growing over 6.6% in the past 30 days, led by US Treasuries (>$10 billion).

7. Institutional Flows: In 2025 Q4, institutions reduced Bitcoin ETF holdings via 13F filings, selling a total of ~25,000 BTC, with advisors and hedge funds selling the most.

8. Vitalik's Sales: Vitalik sold 4,326 ETH ($8.12M) in the past 4 days; cumulative sales since February total 11,284 ETH ($22.78M).

9. Ethereum Foundation: Vitalik stated the focus is on supporting permissionless, open-source, privacy-first, and safe DeFi, emphasizing that protocols must pass the "walkaway test" for sustainability.

10. Crypto.com: Donated another $5 million to a pro-Trump PAC in January (totaling $35 million), subsequently receiving favorable regulatory news in the US.

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