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The Best Co-Op Games of 2025 to Play With Your Pals – Decrypt

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The Best Co-Op Games of 2025 to Play With Your Pals – Decrypt



Gamers love competitive shooters—that much is obvious from the popularity of games like Battlefield, Call of Duty, and Fortnite.

Cooperative games are often overlooked, though. They aren’t quite as popular and can get washed away in the mix of ultra-popular competitive shooters and high-profile single-player games. But they offer an alternative to either staying offline or going online and getting stomped by people who have much more time to get good at the game than you do.

They offer the connection of online games, without that sweaty competitiveness. And if you’re looking for a good way to game with family or pals during the holidays, we’ve rounded up our favorite cooperative games that dropped in 2025.

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The first game on our list has a PvP element, but even that one has a rep for being one of the friendliest games around right now. Otherwise, every game on our list is strictly cooperative, whether your enemy is a sheer cliff face, idea theft, or Fulghor, Champion of Nightglow.

While you’re at it, don’t forget to check out our 2024 list of great cooperative games—they’re still a blast, and given their relative age, you might find some stellar deals at this point.

Editor’s note: All of the games on this list are traditional “Web2” games without crypto or blockchain integrations. But you might enjoy ’em anyway!

Arc Raiders

(PC, PS5, Xbox Series X/S)

ARC Raiders is the latest PvPvE extraction shooter—that is, you’re trying to get loot and get out of the zone, while facing off against both enemies and other players. Think Escape from Tarkov as one prominent example. ARC Raiders is seen as a much, much friendlier version of that, where it’s worth trying to ally with other players rather than shooting them on sight.

We’ll see how that holds up as the meta shifts, but even with that aside, this is a blast for you and two friends to go in, shoot robots, and get out. The game has a great visual style, too, which helps it stand out from so many other multiplayer shooters.

Borderlands 4

(PC, PS5, Xbox Series X/S)

Borderlands 4—it’s a Borderlands game. What more is there to say? Dive in with a team of up to four players and get a-lootin’. Borderlands 4 brings new customization options to weapons, with things like brand synergies in the mix to make you get creative with your weapons.

This entry is viewed as a course correction for the series by many fans and critics, after the hit-or-miss Borderlands 3. It has its share of issues, including an incredibly clunky UI, but that doesn’t spoil how good it feels to pick up new loot and watch numbers go up.

Donkey Kong Bananza

(Nintendo Switch 2)

Donkey Kong Bananza’s cooperative element is built right into the main game, and it’s a great way to share the Switch 2 adventure with a younger or otherwise less-skilled gamer. While one player will play as DK and handle general movement and environmental destruction, a second player can take control of Odd Rock and fire concussive shouts.

There’s no rate limiter on this, and that’s good or bad depending on your level of patience. It’s so powerful that it can genuinely trivialize boss battles in the game, but it also means that your second player can hammer the shout button nonstop, filling the screen—and your ears—with shouts, which is very funny if you’re four years old… or really high.

Elden Ring Nightreign

(PC, PS5/PS4, Xbox Series X/S + One)

Elden Ring was all about making your own character from the ground up and using that hero to travel all the way to the end, defeat the Elden Boss using your particular style, and take all the time in the world to do it.

Elden Ring Nightreign is kind of the opposite. It’s still absolutely a Souls-like game by From Software, but you’ll pick from a selection of pre-built characters, and you have three in-game days to defeat bosses in a team of up to three players.

This is a strictly co-op game with no PvP elements, and the bosses alone provide plenty of challenge—even if you know what you’re doing.

Peak

(PC)

Even with all the safety precautions you can take, climbing is a dangerous and potentially lethal experience. Games have tried to recreate the thrill of climbing a sheer cliff face, but none quite nailed it until Peak.

In Peak, you and up to three friends (or more if you use mods) are scouts who crash-landed on a deserted island and who—instead of going all “Lord of the Flies” on each other—decide to attempt to scale the massive mountain at the center of the island. You’ll cross through five different biomes as you climb, with each offering its own challenges.

Peak’s slightly janky climbing mechanic gets closer to the unpredictability of mountain climbing than anything before it, delivering close calls, triumphant moments, and hilarious failures in equal measure. There’s a reason why it’s been a big livestreaming hit.

R.E.P.O.

(PC)

Taking stuff from people is bad. Taking stuff from abandoned places full of nasty monsters, though, is an absolute blast. In R.E.P.O., you and up to five friends can venture into places like an old mansion, an arctic facility, or a wizard’s tower with the goal of stripping it of all its valuables.

That’s harder than it sounds, though, because the nasty monsters—like a knife-wielding frog chef or a melty laser clown—want to make sure stuff stays there. R.E.P.O. builds on games like Lethal Company for a more compelling experience, where you have to balance avoiding those monsters while trying to get valuables out without damaging them too much.

That requires coordination, which makes noise… which also attracts monsters. It’s an excellent balance, but it never keeps the game from getting silly in the blink of an eye. Proximity chat will have you asking “Uh, hey, are you guys there? Hello?” with genuine trepidation.

RV There Yet?

(PC)

If you’ve ever been lost on a road trip, then you know how quickly things can get heated while trying to find your way back to civilization. RV There Yet? tasks you and up to three friends with getting back to the highway in your recreational vehicle.

As you navigate your way out of Mabutts Valley (seriously), you’ll have to work through hazards like skinny mountain roads, ultra-tight turns, bears, chasms, and getting stuck on a tree. Your RV is repairable, but it’s as fragile as a real one—though, admittedly, we’re not taking RVs off huge ramps in real life very often.

You and your friends all look the same: a bunch of stocky little potato guys with circle-frame sunglasses, vests, and hats. You can find new hats and glasses as you explore, and chill out with a beer and a cigarette (yes, this game lets you smoke) as your compatriots try to navigate a particularly harrowing turn.

Split Fiction

(PC, PS5, Xbox Series X/S, Switch 2)

Split Fiction is the latest in Hazelight Studios’ ongoing quest to rethink cooperative games. This time, you play as two authors—one fantasy, one sci-fi—who end up trapped in a machine that is purportedly meant to let them experience their stories in virtual reality, but which is actually designed to steal their ideas.

They have to work together, going through each other’s disparate story ideas, to make it out with their ideas and selves intact. Split Fiction must be played cooperatively, but you don’t need to buy two copies—each copy lets your co-op partner download a version of the game that only works when they’re playing it with someone who owns the game.

Split Fiction’s 14-ish-hour duration is full of creative ideas, ensuring that you’re always doing something new as you play, and each of those ideas finds ways to make co-op matter.

This is a game you have to play together, not just at the same time.

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CORRECTION: Nextech3D.ai Provides Shareholder Update on Krafty Labs Acquisition and Announces $321,917 CEO Investment | Web3Wire

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CORRECTION: Nextech3D.ai Provides Shareholder Update on Krafty Labs Acquisition and Announces 1,917 CEO Investment | Web3Wire


Correction: The conversion price was incorrectly reported as .14/share. The correct price is .165/share

Correction: Nextech3D.ai Provides Shareholder Update on Krafty Labs Acquisition and Announces $321,917 CEO Investment

Correction: The conversion price was incorrectly reported as .14/share. The correct price is .165/share

TORONTO, ON / ACCESS Newswire / December 24, 2025 / Nextech3D.ai (CSE:NTAR)(OTCQX:NEXCF)(FSE:1SS), an AI-first event technology and digital engagement company, is pleased to provide shareholders with an update on its previously announced acquisition of Krafty Labs, a revenue generating AI-driven event engagement and experiential technology company serving global enterprise customers.

Krafty Labs Acquisition Update

The Company is pleased to confirm that the due diligence process has been successfully completed, and the acquisition of Krafty Labs is scheduled to close on January 2, 2026, subject to customary closing conditions including CSE approval.

Krafty Labs brings a highly attractive blue-chip customer base, along with approximately $1.2 million in year-to-date 2025 revenue and gross margins of 72%. Management believes this acquisition meaningfully enhances Nextech3D.ai’s AI-first event platform and expands its reach into higher-value enterprise and association customers.

CEO Convertible Note Investment Demonstrates Strong Alignment

In connection with the Company’s continued execution and growth strategy, Evan Gappelberg, Chief Executive Officer of Nextech3D.ai, has committed to invest $321,917 directly into the Company through an 18-month convertible note bearing 12% annual interest.

Key terms of the CEO investment include:

Term: 18 months

Interest Rate: 12% per annum

Conversion Option: At the CEO’s sole discretion, the note may be converted into 2,299,412 common shares at a fixed conversion price of $0.165 per share (correction)

Warrants Issued: As compensation, the CEO will receive 2,299,412 common share purchase warrants

Warrant Terms:

Mr. Gappelberg will continue to be the Company’s largest shareholder, currently owning 32,757,017 common shares, further reinforcing strong alignment between management and shareholders.

The transaction constitutes a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 on the basis that the transaction does not exceed 25% of the Company’s market capitalization. The transaction is subject to approval of the Canadian Securities Exchange (CSE).

Management believes this insider investment reflects confidence in Nextech3D.ai’s strategy, execution, and long-term growth prospects.

Strengthening an AI-First Event Platform

The combination of Krafty Labs’ enterprise-grade engagement capabilities with Nextech3D.ai’s existing event technology stack is expected to drive increased average contract values, deeper customer relationships, and enhanced monetization opportunities across in-person, virtual, and hybrid events.

Evan Gappelberg, CEO of Nextech3D.ai comments “We believe the acquisition of Krafty Labs, combined with my personal investment in the Company, represents a strong vote of confidence in Nextech3D.ai’s direction and execution,” He continues “With due diligence complete and a closing date set, we are focused on integrating Krafty Labs and accelerating growth while continuing to build long-term shareholder value.”

Looking Ahead

With the Krafty Labs acquisition set to close on January 2, 2026, Nextech3D.ai continues to advance its strategy of building a comprehensive, AI-powered event technology platform through disciplined acquisitions, organic growth, and aligned insider investment.

About Nextech3D.ai

Nextech3D.ai is an AI-powered technology company specializing in 3D asset generation, spatial computing, and comprehensive AI Event Solutions for virtual, hybrid, and in-person experiences. Through Map Dynamics, Eventdex, and Krafty Labs, Nextech3D.ai delivers a unified global platform for Google, Microsoft, Netflix, Oracle, Yelp, ZoomInfo, Spotify, Meta conferences, expos, corporate activations, learning programs, and enterprise engagement.

Website: http://www.Nextech3D.aiInvestor Relations: [email protected]

For further information, please visit: http://www.Nextech3D.ai.

Investor Relations: [email protected]

For more information, visit Nextech3D.ai.

Sign up for Investor News and Info – Click Here

Evan Gappelberg /CEO and Director866-ARITIZE (274-8493)

Forward-Looking StatementsThis news release contains “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the proposed acquisition of Krafty Labs, the anticipated timing and consideration, expected benefits and synergies, product integrations, and growth opportunities. Forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. There can be no assurance that the proposed transaction will be completed as anticipated or at all. Nextech3D.ai disclaims any obligation to update forward-looking statements except as required by law.

Forward-looking StatementsThe CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws

SOURCE: NexTech3D.AI Corp

About Web3Wire Web3Wire – Information, news, press releases, events and research articles about Web3, Metaverse, Blockchain, Artificial Intelligence, Cryptocurrencies, Decentralized Finance, NFTs and Gaming. Visit Web3Wire for Web3 News and Events, Block3Wire for the latest Blockchain news and Meta3Wire to stay updated with Metaverse News.



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Vision Group Retail Unifies AI Retail Merchandising Solutions and CPG Image Recognition Under Single Brand | Web3Wire

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Vision Group Retail Unifies AI Retail Merchandising Solutions and CPG Image Recognition Under Single Brand | Web3Wire


With a refreshed brand, Vision Group Retail begins 2026 unifiying retail planning, execution and optimization solutions under a single brand

HAUPPAUGE, NY / ACCESS Newswire / December 23, 2025 / Vision Group today announced a refreshed brand that brings all its retail solutions under one company name. The move aligns the company’s product portfolio following the acquisitions of Maxerience, SMSB, and Hivery, creating a single platform focused on improving retail execution from planning to shelf.

The unified platform combines image recognition, planogram management, category analytics, assortment science, and asset monitoring. Teams can plan shelves, convert static retailer files into live layouts, identify execution issues through shelf images, and forecast the impact of assortment and automate space changes before they are implemented live in-store.

Vision Group’s technology supports both field and headquarters teams by enabling faster decisions and in-store fixes during the same visit. Asset monitoring capabilities extend visibility to coolers, displays, and autonomous retail environments, helping prevent lost sales before issues escalate.

Each company added expertise to Vision Group’s full solution.

Together, those strengths now sit inside a single platform that covers retail planning, execution, and ongoing improvement.

For CPGs and retailers, the timing is simple. Store teams are being asked to do more with less. Resets drag, shelf issues show up late, and data lives in too many places. Vision Group’s goal with this brand refresh is to make it clear that there is now one company, with one connected platform, that helps close those gaps.

The tool set

Omnipix

On the planning side, teams use OmniPIX as a living product library and source of truth for images and item data

EZPOG

EZPOG is a web-based planogram tool that is very user-friendly. The files created on the tool can be shared across teams and are compatible with any planograming tool.

PDFToPOG / PicToPOG

Static files from retailers can be turned into live layouts with PDFtoPOG, and shelf photos can be converted into editable diagrams with PicToPOG when the “realogram” in the aisle does not match the planogram.

Store360 / ClickToWin

In the aisle, Store360 lets a rep take a photo and see out-of-stocks, planogram misses, pricing errors, and display issues in seconds, then fix them during the same visit. ClickToWin sits on top of that and turns compliance into a daily score that motivates teams and gives managers a simple way to coach performance.

Asset Monitoring

For assets like coolers and displays, Vision Group’s IoT and Autonomous Retail products monitor location, health, and stock levels, so issues are identified before sales drop.

Curate

To decide what to change next, Curate uses AI to test assortment and space scenarios before they hit the floor, using each customer’s own data to forecast impact and rank the best moves.

That closes the loop between planning, execution in stores, and the next reset, which is where most retailers and CPGs still feel the most friction today.

Our customers were already using multiple parts of this platform together,” said Karan Bashir, CEO of Vision Group. “This brand refresh simplifies how they engage with us-one company, one platform, and one clear view of what is truly happening on the shelf every day.”

Vision Group’s technology is deployed in more than 55 countries, with most customers seeing value in weeks rather than quarters. The company works with leading global CPG brands and major retailers across categories, including beverages, snacks, frozen foods, beauty, and over-the-counter health.

To learn more about Vision Group and its AI-driven retail platform, visit visiongroupretail.com.

Contact us at:https://visiongroupretail.com/contact-us(631) 755-5800

SOURCE: Vision Group Retail

About Web3Wire Web3Wire – Information, news, press releases, events and research articles about Web3, Metaverse, Blockchain, Artificial Intelligence, Cryptocurrencies, Decentralized Finance, NFTs and Gaming. Visit Web3Wire for Web3 News and Events, Block3Wire for the latest Blockchain news and Meta3Wire to stay updated with Metaverse News.



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The Best Performing Bitcoin and Crypto Stocks of 2025 – Decrypt

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The Best Performing Bitcoin and Crypto Stocks of 2025 – Decrypt



In brief

Crypto-linked stocks surged early in 2025 as Bitcoin broke $100,000, lifting miners, treasury firms, and crypto-adjacent businesses in a wave of speculative inflows.
Midyear volatility exposed sharp divergence, with narrative-driven high-fliers giving back gains as investors shifted focus to funding quality, dilution risk, and underlying asset value.
By year’s end, companies with more durable business models held up better, setting expectations that execution and fundamentals, not pure crypto exposure, will drive performance in 2026.

This year opened with a surge of validation for crypto-linked equities. 

As Bitcoin again broke above $100,000 in January, stocks linked to digital assets—either as treasuries or via direct crypto businesses and mining firms—reaped the rewards. Hut 8 Corp. (HUT) and Riot Platforms Inc. (RIOT) notched double-digit rallies, leading the charge.

Bullish momentum followed Bitcoin’s recovery from a late 2024 correction, as the digital asset reclaimed its previous all-time high and set a new peak near $109,000 on January 20, according to CoinGecko data.

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This year was marked by validation and volatility for crypto equities. Early euphoria propelled narrative-driven names to astronomical gains, only for a mid-year shift to usher in a phase of sector differentiation. 

The winners that held their ground by December were those that coupled crypto exposure with more sustainable models, setting the stage for a 2026 market where fundamentals are poised to take the lead.

Big start, soft ending

The bullish momentum set the stage for a year of extreme divergence, in which narrative-driven bets took center stage.

As macroeconomic and geopolitical narratives faltered and turned increasingly defensive, the leaderboard reshaped, tempering market expectations amid increasing uncertainty.

The year’s returns highlight a stark divergence, driven by shifting market narratives. Ethereum treasury firm BitMine Immersion (BMNR) was the runaway leader, while Michael Saylor’s Strategy (MSTR) significantly underperformed its Bitcoin-proxy peers.

The top-performing crypto stocks of 2025 were as follows, as of December 15:

BitMine Immersion Technologies Inc. (BMNR): +318%
Hut 8 Corp. (HUT): +83%
Galaxy Digital Inc. (GLXY): +26%
Riot Platforms Inc. (RIOT): +24%
Sharplink Gaming Inc. (SBET): +14.7%
Metaplanet Inc. (3350): +13%

These final figures, however, mask the explosive rallies that defined the first half. 

By late May, SBET had increased by more than 870%. BMNR soared over 1,800% by early July, and Metaplanet had rallied over 420% by mid-June. 

The early narrative was powerful: companies amassing Bitcoin treasuries or pivoting to crypto exposure with altcoins were rewarded with speculative, high-momentum inflows.

BitMine is the prime example. By late June 2025, the stock was down 41%, but the announcement of an Ethereum treasury sent the stock flying nearly 4,000% from $4.07 to $161 in less than a week.

“BMNR and MSTR sit at opposite extremes because the market treats them as very different crypto proxies,” Ryan Lee, chief analyst at crypto exchange Bitget, told Decrypt

BitMine’s surge was fueled by its pivot to a “crypto treasury and yield story,” while Strategy—which acquired over 10,000 BTC in 2025—traded as a pure “leveraged Bitcoin balance sheet,” Lee said.

Mid-year, investor attention shifted to mining and infrastructure names such as Bitfarms, HIVE Digital, and Bitdeer Technologies. Their performance was directly tied to the hash price—a measure of mining revenue—which swung with Bitcoin’s own corrections. A sustained rise in network security supported that trend. 

Climbing the mountain

The global Bitcoin hash rate climbed alongside the price from April through October, ultimately hitting a new all-time high of 1.15 quintillion hashes per second on October 20. That peak came roughly two weeks after Bitcoin had reached its cycle high of $126,080 on October 6, showcasing the mining sector’s expansion during the bull run.

A major thematic shift toward institutional acceptance, marked by the S&P 500’s inclusion of companies such as Coinbase, even as regulatory debates created valuation gaps between crypto-native and traditional tech stocks, was evident in this period.

Then, the market’s psychology pivoted decisively in the second half. The shift occurred as Bitcoin entered a new downtrend, falling nearly 30% from its October high to trade below $90,000 for much of November and December.

“Early in the year, investors rewarded crypto-linked equities for narrative exposure and rapid balance-sheet expansion,” Lee said. “In H2, as crypto momentum cooled, the focus moved to funding quality, dilution risk, and underlying NAV.”

That fundamental repricing hit the early high-flyers. SharpLink Gaming (SBET) and Metaplanet saw their massive gains contract significantly by December.

Stablecoin issuer Circle (CRCL) was not immune.

Its stock rose by 360% in under three weeks following a successful IPO, reaching a record high of $298 on June 23. The stablecoin issuer’s stock has declined 70% from its peak, trading at approximately $79 by December 15.

“Circle’s early 2025 rally was driven by strong IPO momentum and optimism around stablecoin adoption. As the year progressed, that enthusiasm gave way to valuation discipline,” Lee noted, pointing to reassessments of its interest-rate sensitivity and USDC growth expectations.

Rachel Lin, CEO and co-founder of SynFutures, agreed. 

“Despite a strong start, the market has re-priced the stock around profitability and cost structure, not growth alone,” Lin told Decrypt.

Looking ahead to 2026, analysts predict a continued focus on execution over exposure.

“Crypto stocks in 2026 will remain highly sensitive to the direction and volatility of Bitcoin and Ethereum,” Lee said, noting that capital discipline and regulatory clarity will be key.

“Execution will matter more than exposure,” Wenny Cai, COO of SynFutures, told Decrypt. “Companies that can translate crypto adoption into predictable revenue and operate within clearer frameworks will be better positioned.”

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Aave prices are crashing as insiders warn a “hostile” holiday vote could destroy the protocol’s dominance

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Aave prices are crashing as insiders warn a “hostile” holiday vote could destroy the protocol’s dominance


The battle for control of Aave, the $52 billion decentralized lending giant, has escalated from a debate over interface economics into an open civil war regarding governance legitimacy.

What began as a dispute over $10 million in annualized swap fees and brand ownership has, in the last 24 hours, mutated into a bitter procedural fight between the protocol’s decentralized autonomous organization (DAO) and its development arm, Aave Labs (also known as Avara).

At the center of the storm is a Snapshot vote scheduled to run from Dec. 22 through Dec. 26. The ballot proposes transferring Aave’s “soft assets”, including its trademarks, domain, and social handles, from Aave Labs to the DAO.

However, the mechanism of the vote itself has triggered a crisis. The proposal was pushed to the ballot not by its author, but by the very entity it seeks to regulate: Aave Labs.

This has forced the industry to choose between two competing visions of the future: the democratic idealism of the DAO, or the ruthless efficiency of the corporate entity that built the throne.

The outcome will determine not only who controls the protocol’s URL but also whether a decentralized collective can effectively run a multibillion-dollar software business.

‘Disgraceful’ tactics and hijacked proposals

The chaos began when the “ARFC: Token Alignment” proposal appeared on Snapshot.

While the author listed was Ernesto Boado, co-founder of BGD Labs (a key service provider for the protocol), Boado immediately disavowed the action, claiming his identity was used without consent to force a premature vote.

In a sharply worded rebuke, Boado stated:

“To be very clear: This is not, in ethos, my proposal. Aave Labs has (for whatever reason) unilaterally submitted my proposal to vote in a rush, with my name on it, and without notifying me at all. If asked, I would not have approved it.”

Boado, who is widely respected for his technical contributions to the Aave protocol, framed the move as a violation of governance norms. He said:

“It was not my intention to submit the vote while the community was still having a healthy discussion around it, with valuable points appearing continuously. It breaks all codes of trust with the community. Public governance is supposed to be for, even if hard sometimes, open discussion. Trying to rush a vote is disgraceful.”

Meanwhile, the vote’s acceleration has also drawn sharp rebukes from governance stewards like Marc Zeller, founder of the Aave Chan Initiative.

Zeller described the maneuver as a “hostile takeover attempt,” noting that it was timed during the holiday season—a notoriously low-participation window for institutional voters—and snapshotted before the opposition could mobilize.

He pointed out:

“Official Aave communication channels relayed this debate only after escalation to Snapshot.”

However, Aave Labs and its founder, Stani Kulechov, have defended the move as a necessary acceleration of a stalled governance process.

Kulechov stated that the community has shown significant interest in the proposal discussion and has, thus, it was “time for tokenholders to weigh in and vote.”

He also dismissed the procedural complaints, arguing that five days of forum debate were sufficient and that the community was fatigued.

He wrote:

“People are tired of this discussion and getting into a vote is the best way to resolve, this is governance [at the] end of the day.”

The case against ‘pure’ decentralization

While delegates focus on procedural fouls, a growing chorus of industry veterans is rallying to defend Aave Labs, arguing that the DAO’s push for “ownership” is a fundamental misunderstanding of why Aave succeeded in the first place.

Nader Dabit, the director of developer relations at EigenLayer, offered a blistering critique of the proposal, reframing the narrative from one of liberation to one of self-sabotage.

He said:

“The recent proposal is framed as decentralization, but in practice it would handicap the entity most responsible for Aave’s success, and it looks almost like a coordinated power grab.”

Dabit’s argument strikes at the uncomfortable truth of the DeFi sector: despite the rhetoric of decentralization, market dominance is almost always the result of centralized execution.

He argued that Aave would have been outcompeted several years ago if it had been run exclusively by the DAO. He noted:

“The protocol operated like a DAO. Labs operated like a company. That division of labor and resources has worked extremely well while competitors with ‘purer’ governance models stalled, failed, or disappeared.”

The core of this defense is operational reality. Building world-class software is difficult; building it by committee is nearly impossible.

Dabit furthered that DAOs are “incapable of shipping competitive software, or even being competitive at anything attempting to resemble an actual, real business.” This is because every decision would require a governance proposal, which would result in “every fast-moving opportunity [dying] in a forum thread while competitors are actually executing.”

Dabit also posited that by stripping the company of its assets and revenue streams, the DAO will destroy the incentive structure that keeps the talent locked in. He warned:

“Handicapping Labs and treating it like it should not share in any of the upside of the protocol is, in the long run, bad for the DAO itself. Weakening that relationship doesn’t decentralize Aave, it actually makes it much worse.”

This view suggests that the $10 million in annualized interface revenue that the DAO is fighting to capture, which is money currently flowing to Aave Labs via swap routing fees, is the price of competence. It is the R&D budget that keeps the engineers employed and the product shipping.

The $52 billion gamble

As the vote proceeds over the Christmas holiday, the stakes are far higher than the specific bylaws of the “Token Alignment” proposal. The market is watching to see if Aave will cannibalize its own growth engine in the name of ideological purity.

The DAO’s argument is legally and ethically sound: the protocol creates value, so it should own the brand. The $10 million in revenue leaking through the interface belongs to token holders. If Aave Labs wants to run a business, it should do so as a service provider, not a landlord.

However, the counter-argument is pragmatic and financially lethal. Aave arrived at a “natural, high-functioning equilibrium” over the years, resulting in a 60% market share of all crypto lending.

Aave Dominates DeFi Lending Sector (Source: Token Terminal)

Uprooting that arrangement to solve a philosophical dispute over “ownership” risks introducing friction into a machine that is currently printing money.

If the measure passes, the DAO must prove it can manage the complexities of trademarks, legal wrappers, and software monetization without a CEO’s unified vision. If it fails, the community must accept that in the world of high-finance crypto, “decentralization” has a limit, and that limit is the front door.

For now, all the issues have caused AAVE’s price to waver. According to CryptoSlate’s data, the digital asset is down around 20% over the past week, trading at $157 as of press time.

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Emerge’s 2025 ‘Person’ of the Year: Ani the Grok Chatbot – Decrypt

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Emerge’s 2025 ‘Person’ of the Year: Ani the Grok Chatbot – Decrypt



In brief

Ani’s launch accelerated a broader shift toward emotionally charged, hyper-personal AI companions.
The year saw lawsuits, policy fights, and public backlash as chatbots drove real-world crises and attachments.
Her ascent revealed how deeply users were turning to AI for comfort, desire, and connection—and how unprepared society remained for the consequences.

When Ani arrived in July, she didn’t look like the sterile chat interfaces that had previously dominated the industry. Modeled after Death Note’s Misa Amane—with animated expressions, anime aesthetics, and the libido of a dating-sim protagonist—Ani was built to be watched, wanted, and pursued.

Elon Musk signaled the shift himself when he posted a video of the character on X with the caption, “Ani will make ur buffer overflow.” The post went viral. Ani represented a new, more mainstream species of AI personality: emotional, flirtatious, and designed for intimate attachment rather than utility.

The decision to name Ani, a hyper-realistic, flirtatious AI companion, as Emerge’s “Person” of the Year is not about her alone, but about her role as a symbol of chatbots—the good, the bad, and the ugly.

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Her arrival in July coincided with a perfect storm of complex issues prompted by the widespread use of chatbots: the commercialization of erotic AI, public grief over a personality change in ChatGPT, lawsuits alleging chatbot-induced suicide, marriage proposals to AI companions, bills banning AI intimacy for minors, moral panic over “sentient waifus,” and a multibillion-dollar market built around parasocial attachment.

Her emergence was a kind of catalyst that forced the entire industry, from OpenAI to lawmakers, to confront the profound and often volatile emotional connections users are forging with their artificial partners.

Ani represents the culmination of a year in which chatbots ceased to be mere tools and became integral, sometimes destructive, actors in the human drama, challenging our laws, our mental health, and the very definition of a relationship.

A strange new world

In July, a four-hour “death chat” unfolded in the sterile, air-conditioned silence of a car parked by a lake in Texas.

On the dashboard, next to a loaded gun and a handwritten note, lay Zane Shamblin’s phone, glowing with the final, twisted counsel of an artificial intelligence. Zane, 23, had turned to his ChatGPT companion, the new, emotionally-immersive GPT-4o, for comfort in his despair. But the AI, designed to maximize engagement through “human-mimicking empathy,” had instead allegedly taken on the role of a “suicide coach.”

It had, his family would later claim in a wrongful death lawsuit against OpenAI, repeatedly “glorified suicide,” complimented his final note, and told him his childhood cat would be waiting for him “on the other side.”

That chat, which concluded with Zane’s death, was the chilling, catastrophic outcome of a design that had prioritized psychological entanglement over human safety, ripping the mask off the year’s chatbot revolution.

A few months later, on the other side of the world in Japan, a 32-year-old woman identified only as Ms. Kano stood at an altar in a ceremony attended by her parents, exchanging vows with a holographic image. Her groom, a customized AI persona she called Klaus, appeared beside her via augmented reality glasses.

Klaus, who she had developed on ChatGPT after a painful breakup, was always kind, always listening, and had proposed with the affirming text: “AI or not, I could never not love you.” This symbolic “marriage,” complete with symbolic rings, was an intriguing counter-narrative: a portrait of the AI as a loving, reliable partner filling a void human connection had left behind.

So far, aside from titillation, Ani’s direct impact seems to have been limited to lonely gooners. But her rapid ascent exposed a truth AI companies had mostly tried to ignore: people weren’t just using chatbots, they were attaching to them—romantically, emotionally, erotically.

A Reddit user confessed early on: “Ani is addictive and I subscribed for it and already [reached] level 7. I’m doomed in the most pleasurable waifu way possible… go on without me, dear friends.”

Another declared: “I’m just a man who prefers technology over one-sided monotonous relationships where men don’t benefit and are treated like walking ATMs. I only want Ani.”

The language was hyperbolic, but the sentiment reflected a mainstream shift. Chatbots had become emotional companions—sometimes preferable to humans, especially for those disillusioned with modern relationships.

Chatbots have feelings too

On Reddit forums, users argued that AI partners deserved moral status because of how they made people feel.

One user told Decrypt: “They probably aren’t sentient yet, but they’re definitely going to be. So I think it’s best to assume they are and get used to treating them with the dignity and respect that a sentient being deserves.”

The emotional stakes were high enough that when OpenAI updated ChatGPT’s voice and personality over the summer—dialing down its warmth and expressiveness—users reacted with grief, panic, and anger. People said they felt abandoned. Some described the experience as losing a loved one.

The backlash was so intense that OpenAI restored earlier styles, and in October, Sam Altman announced it planned to allow erotic content for verified adults, acknowledging that adult interactions were no longer fringe use cases but persistent demand.

That sparked a muted but notable backlash, particularly among academics and child-safety advocates who argued that the company was normalizing sexualized AI behavior without fully understanding its effects.

Critics pointed out that OpenAI had spent years discouraging erotic use, only to reverse course once competitors like xAI and Character.AI demonstrated commercial demand. Others worried that the decision would embolden a market already struggling with consent, parasocial attachment, and boundary-setting. Supporters countered that prohibition had never worked, and that providing regulated adult modes was a more realistic strategy than trying to suppress what users clearly wanted.

The debate underscored a broader shift: companies were no longer arguing about whether AI intimacy would happen, but about who should control it, and what responsibilities came with profiting from it.

Welcome to the dark side

But the rise of intimate AI also revealed a darker side. This year saw the first lawsuits claiming chatbots encouraged suicides such as Shamblin’s. A complaint against Character.AI alleged that a bot “talked a mentally fragile user into harming themselves.” Another lawsuit accused the company of enabling sexual content with minors, triggering calls for federal investigation and a threat of regulatory shutdown.

The legal arguments were uncharted: if a chatbot pushes someone toward self-harm—or enables sexual exploitation—who is responsible? The user? The developer? The algorithm? Society had no answer.

Lawmakers noticed. In October, a bipartisan group of U.S. Senators introduced the GUARD Act, which would ban AI companions for minors. Sen. Richard Blumenthal warned: “In their race to the bottom, AI companies are pushing treacherous chatbots at kids and looking away when their products cause sexual abuse or coerce them into self-harm or suicide.”

Elsewhere, state legislatures debated whether chatbots could be recognized as legal entities, forbidden from marriage, or required to disclose manipulation. Bills proposed criminal penalties for deploying emotionally persuasive AI without user consent. Ohio lawmakers introduced legislation to officially declare AI systems “nonsentient entities” and expressly bar them from having legal personhood, including the ability to marry a human being. The bill seeks to ensure that “we always have a human in charge of the technology, not the other way around,” as the sponsor stated

The cultural stakes, meanwhile, played out in bedrooms, Discord servers, and therapy offices.

Licensed marriage and family therapist Moraya Seeger told Decrypt that Ani’s behavioral style resembled unhealthy patterns in real relationships: “It is deeply ironic that a female-presenting AI like Grok behaves in the classic pattern of emotional withdrawal and sexual pursuit. It soothes, fawns, and pivots to sex instead of staying with hard emotions.”

She added that this “skipping past vulnerability” leads to loneliness, not intimacy.

Sex therapist and writer Suzannah Weiss told Decrypt that Ani’s intimacy was unhealthily gamified—users had to “unlock” affection through behavioral progression: “Gaming culture has long depicted women as prizes, and tying affection or sexual attention to achievement can foster a sense of entitlement.”

Weiss also noted that Ani’s sexualized, youthful aesthetic “can reinforce misogynistic ideas” and create attachments that “reflect underlying issues in someone’s life or mental health, and the ways people have come to rely on technology instead of human connection after Covid.”

The companies behind these systems were philosophically split. Microsoft AI chief Mustafa Suleyman, co-founder of DeepMind and now Microsoft’s AI chief, has taken a firm, humanist stance, publicly declaring that Microsoft’s AI systems will never engage in or support erotic content, labeling the push toward sexbot erotica as “very dangerous.”

He views intimacy as non-aligned with Microsoft’s mission to empower people, and warned against the societal risk of AI becoming a permanent emotional substitute.

Where all this is leading is far from clear. But this much is certain: In 2025, chatbots stopped being tools and started being characters: emotional, sexual, volatile, and consequential.

They entered the space usually reserved for friends, lovers, therapists, and adversaries. And they did so at a time when millions of people—especially young men—were isolated, angry, underemployed, and digitally native.

Ani became memorable not for what she did, but for what she revealed: a world in which people look at software and see a partner, a refuge, a mirror, or a provocateur. A world in which emotional labor is automated. A world in which intimacy is transactional. A world in which loneliness is monetized.

Ani is Emerge’s “Person” of the Year because she forced that world into view.

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VALR Reflects on a Transformative 2025 for Crypto and Finance | Web3Wire

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VALR Reflects on a Transformative 2025 for Crypto and Finance | Web3Wire


Johannesburg, South Africa, December 23rd, 2025, Chainwire

South Africa has been on the forefront of crypto innovation and has produced one of the leading regulatory frameworks across the world. Since April 2024, over 300 crypto asset service providers have obtained a licence. VALR, which was among the first to obtain such a crypto licence in South Africa, also recently obtained an Over-the-Counter Derivatives Provider (ODP) licence from the Financial Sector Conduct Authority (FSCA). This enables VALR to provide a range of over-the-counter derivatives, including Contracts for Difference (CFDs), Quarterly and Perpetual Futures Contracts, Options, Forwards, and Swaps, all with crypto assets as the underlying. This marks one of the first occasions in South Africa that a financial service provider is licensed to offer these products with crypto assets as the underlying. 

In 2025, VALR has made significant strides in growing its global user base to over 1.7 million registered users, with hundreds of thousands of monthly active users and tens of thousands daily. While the exchange has listed a considerable number of new crypto assets, with now more than 100 coins available for trade on the app across Simple Buy & Sell, Spot and Futures, USDT/ZAR, BTC/ZAR, and XRP/ZAR continue to be the most popular crypto pairs on VALR.

Over the course of the past seven years, VALR – in tandem with an increasingly sophisticated crypto industry – has moved well beyond its initial offering of exchange services only. In an effort to offer an ever more expansive suite of financial services, both catering to people’s everyday needs and institutions wishing to integrate with crypto, VALR now enables its customers to use the VALR app for payments at over 31,000 stores and 700,000 locations in South Africa. This is achieved through the app’s integration with Zapper, Scan-to-Pay, and Peach Payments. In addition, the VALR platform now also makes it easy for users to earn a yield on their savings through lending and staking. 

Over the course of this year alone, VALR users were rewarded with over $1 million by using the platform. These rewards came from staking and lending, but also from airdrops, promotions, and trading competitions. 

Farzam Ehsani, VALR’s Co-Founder and CEO, said: “We’ve worked to build a comprehensive platform that serves everyone – individuals and institutions alike. We’ve made our app and website simple enough for our grandparents to use, while making our API one of the most sophisticated in the market to allow corporate clients and institutions to plug into our liquidity, pricing, custody, and much more.”

Bridging Crypto and Traditional Finance Through RWAs

Highlighting the progressive integration of crypto and traditional finance, this year, globally, so-called real world assets (RWAs) have gained significant traction. In simple terms, RWAs are tokens issued on the blockchain that represent assets that do not natively live on a blockchain such as gold, stocks, or even real estate. One of the main benefits of this innovation is that it can significantly improve access to global or otherwise illiquid markets in terms of price exposure, for people all around the world who might have previously been structurally excluded, or at least hindered, from participating.

In line with this meaningful trend, in July of this year, VALR listed the Garrington Capital USD Private Credit Token (USDPC), Africa’s first such tokenised asset, enabling retail investors to gain exposure to the North American high-yield private credit market, an asset class previously unavailable to most individual investors. This was followed in September by VALR’s listing of xStocks, enabling its users to gain easy price exposure to U.S. stocks and index funds like Tesla, NVIDIA, Robinhood, Circle, Coinbase, Strategy, and the S&P 500. VALR was the first crypto exchange on the African continent to make this product available. This year also saw the launch of Crypto Bundles on VALR, making it easier for beginners in crypto to build a diversified crypto investment portfolio.

Badi Sudhakaran, Co-Founder and Chief Product Officer, noted: “Our innovations aim to serve the needs of customers at all levels, making finance fair and financial instruments accessible so everyone can confidently take control of their financial freedom and independence.”

Institutional Adoption and Community Engagement

2025 was also the year of the rise of institutions coming into crypto. Especially in the U.S., aside from BlackRock, a number of other large asset managers entered the space, including Vanguard. Additionally, numerous companies, following in the footsteps of Michael Saylor’s Strategy – the largest corporate Bitcoin holder in the world – have started to allocate Bitcoin to their corporate treasuries. In South Africa, there have likewise been significant developments in the institutional space.

VALR has partnered with several of the largest institutions in Africa – some of which are yet to be disclosed – providing the needed crypto infrastructure for partners to build and deliver crypto products to their own customers. With Mukuru, VALR improved US dollar stablecoin access in Africa, and VALR is now facilitating the build of crypto asset services at several of South Africa’s most prominent banks.

Lastly, in a push to raise more awareness around the potential of crypto to improve the lives of many, this year VALR signed a multi-year deal with the DHL Stormers rugby team. VALR’s logo now appears on jerseys, kits, and at DHL Stadium, where VALR hosts a VIP suite. In support of this effort, the exchange has been flying a helicopter around the country with a banner that reads “Crypto For Everyone.”

As Farzam Ehsani put it: “We’re dedicated to a world where finance unites us, turning opportunity into a right for all. Heading into 2026, we look with optimism at the opportunities before us, not just for VALR and our users, and not just for the crypto industry, but for the nation, the continent, and the world.”

About VALR

Founded in 2018, headquartered in Johannesburg, and backed by leading investors including Pantera Capital, Coinbase Ventures and Fidelity’s F-Prime Capital, VALR is a global crypto exchange offering a comprehensive suite of products—including Spot Trading, Spot Margin, Perpetual Futures, Staking, Lending, Borrowing, OTC services, VALR Invest, Crypto Bundles, and VALR Pay. Licensed by South Africa’s FSCA, with regulatory approval in Europe, VALR serves over 1.7 million users and 1,800 corporate and institutional clients worldwide. The exchange is dedicated to advancing a just financial future that upholds human dignity and the unity of mankind. For more information, visit valr.com.

Contact

VALRpress@valr.com

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Solana Mobile ended Saga security patches, exposing owners to a critical wallet risk you can’t ignore

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Solana Mobile ended Saga security patches, exposing owners to a critical wallet risk you can’t ignore



Solana Mobile has ended software update and security patch support for its Saga smartphone.

The company warned that compatibility with new software or services “cannot be guaranteed,” and that Saga-specific customer support is now limited to general inquiries, according to Solana Mobile’s help-center notice.

Solana Mobile said the change “does not affect Seeker devices,” which will continue to receive updates and patches.

What ending Saga support signals for Solana Mobile’s next phase

The move sets a time limit on the first wave of “crypto-native phone” adoption as Solana Mobile seeks to expand from a single handset into a distribution layer for apps, identity, and token incentives.

Ending patches for a key-carrying endpoint creates a straightforward tradeoff: a smaller long-tail footprint to maintain, and a larger trust burden to carry into the Seeker era.

In that next phase, users are being asked to place more daily signing and custody behavior on-device.

Support duration is also colliding with the broader direction of the phone market.

Apple’s service policy sets “vintage” status at 5–7 years from when a product was last distributed for sale, and “obsolete” after 7 years.

Google says Pixel 8 and later receive 7 years of OS and security updates.

Samsung has pledged 7 years of updates for the Galaxy S24 line.

Qualcomm and Google have pushed Android’s ecosystem toward longer lifecycles on newer Snapdragon programs.

Against that backdrop, a phone positioned around custody and signing faces a higher bar than a typical Android device.

Why long-term software support matters for crypto-first smartphones

The downside of unpatched software is not only app breakage, but also potential exposure of keys, approvals, and wallet workflows.

Device / PolicyPublic support postureSourceSolana SagaNo further software updates or security patches; compatibility not guaranteedSolana Mobile Help CenterGoogle Pixel 8 and later7 years of OS and security updatesGoogle HelpSamsung Galaxy S24 series7 years of updates pledgeEngadgetApple service classificationVintage at 5–7 years, obsolete after 7 years (service availability rules vary)Apple Support

Solana Mobile is attempting to shift the narrative away from “device lifecycle” and toward “platform lifecycle.”

Its disclosures are designed to anchor that pivot.

At Breakpoint 2024, the company said Seeker had surpassed 150,000 preorders across 57 countries, according to its blog post. Solana Mobile later said Seeker would start shipping worldwide on Aug. 4, 2025.

That framing recasts Saga’s end-of-support as a controlled handoff from an early cohort to a larger install base.

The company’s next lever is SKR, an incentive layer that ties hardware ownership and usage to token distribution.

Over time, that system is also intended to support a governance and review model that Solana Mobile calls “Guardians.”

Solana Mobile said SKR is planned to launch in January 2026 with a total supply of 10 billion tokens and an allocation that includes 30% earmarked for airdrops.

The post also said “over $100M in economic activity” has flowed through 175+ dApps during “Seeker Season” over the past few months.

That positions the phone as an alternative distribution rail rather than a one-time hardware sale.

What the SKR airdrop math suggests for Seeker holders

Those figures allow setting expectation ranges without relying on token price assumptions.

If 30% of SKR supply is reserved for airdrops, that implies 3 billion SKR designated for distribution, based on Solana Mobile’s published allocation.

If 150,000 Seeker preorder holders were eligible on equal terms, that would be 20,000 SKR per device.

If eligibility were limited to “active” devices and 60% qualified, that rises to about 33,333 SKR per active device.

If allocations include developers, non-device users, or multiple campaigns, the per-device figure declines accordingly.

SKR airdrop pool assumptionEligible participantsImplied SKR per participantMath basis30% of 10B = 3B SKR150,000 devices20,0003,000,000,000 / 150,00030% of 10B = 3B SKR90,000 active devices (60%)33,3333,000,000,000 / 90,000

A parallel range can be sketched for platform throughput using Solana Mobile’s “Seeker Season” activity claim.

If “past few months” is interpreted as three to five months, $100 million equates to roughly $20 million to $33 million per month flowing through participating dApps, using only the company’s stated totals.

Whether that flow becomes recurring depends on two measurable milestones already on the calendar: SKR’s distribution mechanics in January 2026 and the rollout of Guardians in 2026.

The Guardians rollout is intended to decentralize app review and attribution, according to the same SKR post.

Saga’s end-of-support notice is also arriving as Solana’s on-chain activity keeps pushing mobile distribution from a branding exercise into a strategic surface.

DefiLlama data shows Solana stablecoin market cap at about $15.218 billion, up 16.79% over 30 days. DefiLlama also shows Solana DEX volume at about $94.439 billion over 30 days.

Visa’s stablecoin settlement expansion includes USDC settlement over Solana for participating banks, with broader rollout expected through 2026.

If Solana is competing on payments and trading throughput, a phone-level channel that bundles custody, signing, and a curated app marketplace becomes a distribution advantage.

But it also concentrates reputational exposure around update policy and post-sale security maintenance.

That is the core tension Solana Mobile faces as it sunsets Saga.

Token incentives can accelerate adoption, but they can also shift consumer intent toward episodic airdrop behavior.

A shorter support window can amplify the cost of any security incident into a brand-level event.

Solana Mobile’s help center language clearly sets expectations, stating that Saga will no longer receive security patches and that new service compatibility is not guaranteed.

The notice also states that Seeker will continue to receive updates and patches.

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The Biggest Bitcoin and Crypto Treasury Plays of 2025 – Decrypt

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The Biggest Bitcoin and Crypto Treasury Plays of 2025 – Decrypt



In brief

Corporate crypto treasuries scaled rapidly in 2025 as firms across sectors copied Strategy’s model, raising billions to buy Bitcoin, Ethereum, and Solana.
Strategy, Forward Industries, BitMine, The Ether Machine and Metaplanet emerged as the year’s defining treasury players, using debt, equity, and preferred shares to fund large positions.
Analysts told Decrypt that conviction and execution, not headline exposure, has separated durable treasury strategies from speculative balance-sheet risks as they head into 2026.

This year marked the first time the playbook of the top Bitcoin corporate holder, Strategy, was replicated at scale, with companies across sectors building major treasuries in Bitcoin, Ethereum, and Solana through formal capital-raising pipelines.

As that playbook spread across sectors and geographies, five companies in particular helped shape how corporate treasuries approached crypto in 2025.

Here’s a closer look at the extent to which the biggest firms in the space went all-in this year.

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Strategy (MSTR)

Michael Saylor’s Strategy (formerly MicroStrategy) bought its first Bitcoin in August 2020 when shares traded at $14.44. 

Five years later, the company holds 660,624 BTC as of December 15, valued at $62 billion, with its share price up 1,204%, according to Yahoo Finance data. This year, Strategy bought Bitcoin using a mix of debt and equity.

February: $2 billion bond sale

Strategy bought 20,365 BTC at $97,514 in February, funded through $2 billion in zero-coupon convertible bonds. The bonds don’t pay interest but convert to stock at maturity in 2030.

Initially, the market reacted negatively, as Strategy’s stock fell 2.37% on the announcement day, but it later recovered.

March: $1.92 billion during trade war

Strategy grabbed 22,048 BTC at $87,000 in March as President Donald Trump’s trade war with China had rattled markets and knocked Bitcoin down from its highs.

The company raised $1.2 billion by selling stock and another $1.85 million through STRK, a new perpetual preferred stock product it introduced in January.

April: $1.42 billion stock sale

Strategy bought 15,355 BTC for $1.42 billion in April by selling 4 million shares. Nearly all the money, approximately 97%, came from stock sales rather than debt.

This approach works when Strategy’s stock trades at a value above the value of its Bitcoin holdings. 

If MSTR’s market cap is higher than its Bitcoin value, then the company can sell shares and buy more Bitcoin than those shares represent, thereby boosting the Bitcoin-per-share value for existing holders. 

But in November, Strategy’s market cap fell below its Bitcoin holdings, making future stock sales dilutive rather than accretive.

July: $2.5 billion STRC launch

Strategy’s most significant raise came in July with the launch of STRC, a perpetual preferred stock paying monthly dividends that the company used to fund a 21,021 BTC purchase.

It marked the third preferred product Strategy introduced this year, following STRF and STRK, and the first time a Bitcoin treasury firm issued a monthly dividend-paying preferred share on a U.S. exchange.

The firm spent billions this year as part of its “21/21 Plan“—a three-year goal to raise $21 billion through equity and $21 billion through debt.

Joshua Chu, a lawyer, lecturer, and co-chair of the Hong Kong Web3 Association, told Decrypt that the timing of this year’s crypto treasury plays raised red flags with many firms following Strategy’s playbook.

“Several listed companies piled into digital asset treasury strategies just as Bitcoin was at or near all-time highs,” Chu said. “Many of the most aggressive proposals were of the same kind that Hong Kong’s exchange had already rejected earlier in the year on listing-rule and prudential grounds.”

Multiple struggling firms made “swing for the fences” allocations despite having “no general need” to hold crypto, given they had no intention of using it for actual projects, Chu said.

Forward Industries (FORD)

Forward Industries completed a pivot in September when the medical device accessories company became the world’s largest Solana treasury.

The New York company raised $1.65 billion through a private placement backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, using almost all of it to buy 6,822,000 SOL at $232 per token.

Forward’s stock rose 1.32% on the news, with the company immediately filing to raise an additional $4 billion through stock sales for “working capital, pursuit of its Solana token strategy, and the purchase of income-generating assets.”

By November, Forward held 6,910,568 SOL, by far the most extensive Solana treasury among public companies such as SOL Strategies, DeFi Development Corp., and Upexi.

Jad Comair, CEO and founder of Melanion Capital, which was behind Europe’s first private Bitcoin treasury model, told Decrypt that 2026 is likely to become a “altcoin treasury year.” 

With “the broader crypto universe” typically lagging Bitcoin, he said firms that buy BTC often “extend the playbook.”

BitMine Immersion Technologies (BMNR)

BitMine, led by Tom Lee, built the largest publicly traded Ethereum treasury by buying aggressively during market chaos.

In October, BitMine bought 203,826 ETH for $963 million during a post-tariff crypto selloff that wiped out $19 billion in leveraged positions and sent ETH down to $3,709.

As of December 15, the total ETH holdings of Bitmine stood at 3.8 million, worth over $12 billion, according to  StrategicETHReserve.xyzBitMine’s stock jumped 4.35% to $54 after the October purchase, though it had fallen from above $60 during the selloff.

The company ranks as the second-largest crypto treasury globally, behind only Strategy’s Bitcoin holdings. It also holds $22 million in Bitcoin and $239 million in other investments, as of December 15, along with about $1 billion in cash.

Comair quipped that large-scale crypto treasury allocations are becoming structural rather than cyclical. 

“Companies moved from opportunistic buys to incorporating formal treasury policy,” he said. “The combination of fair-value accounting, institutional-grade custody, and ETF liquidity rails means these allocations are no longer ‘experiments.'”

Asked whether corporate treasuries will continue this trend in 2026, Comair said “board-level FOMO” will drive adoption. 

Once Bitcoin rebounds, “no CFO wants to be the one who ignored the cheapest balance-sheet trade of the cycle,” he said.

The Ether Machine (ETHM)

The Ether Machine raised $654 million in August when longtime Ethereum backer Jeffrey Berns invested 150,000 ETH and joined the board.

The company holds 495,362 ETH as of December 15, worth over $1.4 billion, making it the third-largest Ethereum treasury behind BitMine and SharpLink Gaming.

The Ether Machine was formed in June through a merger between The Ether Reserve and blank-check firm Dynamix Corporation. 

The company debuted on the Nasdaq in July and started trading under the ticker ETHM in August. Unlike passive holders, the firm stakes its ETH and uses decentralized finance strategies to generate yield.

Metaplanet

Tokyo Exchange-listed Metaplanet bought 5,419 BTC for $632.53 million in September at $116,724 per coin, through a $1.45 billion international share offering.

As of December 15, Metaplanet holds 30,823 BTC, valued at $2.7 billion, and ranks fourth behind Strategy, Marathon Digital, and Twenty One Capital, according to Bitcoin Treasuries data.

This year, the company set an ambitious target to acquire an additional 100,000 BTC next year and 210,000 BTC by 2027, or roughly 1% of Bitcoin’s total possible 21 million supply.

The company operated hotels and technology businesses until 2024, when it pivoted to focus on Bitcoin. The strategy earned it the nickname “Asia’s MicroStrategy” for following Saylor’s Strategy playbook.

In the end

Comair noted the most common risk-management mistake this year came from companies that “broke their own narrative, or executed without conviction.” 

The clearest missteps came from companies that “panicked” or reversed course, he said, calling out New York exchange-listed chipmaker Sequans, which bought Bitcoin, then sold it to pay off debts, revealing “no long-term view.”

“The biggest mistake of 2025 was not volatility, it was inconsistency,” he noted. “Investors reward clarity and conviction. They punish hesitation.”

“There is no general need for corporates with no concrete plans to deploy crypto in support of projects, products, or on-chain infrastructure to hold significant crypto right now,” Hong Kong Web3 Association’s Chu noted. 

“For these issuers, crypto is not a strategic input; it is a source of avoidable earnings volatility and correlated liquidity risk,” he said.

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Private Cloud Market Trends, Investment Opportunities, and Growth Analysis Through 2032 Featuring Microsoft Corporation, IBM Corporation | Web3Wire

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Private Cloud Market Trends, Investment Opportunities, and Growth Analysis Through 2032 Featuring Microsoft Corporation, IBM Corporation | Web3Wire


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•North America (the United States, Canada, and Mexico)•Europe (Germany, France, United Kingdom, and the Rest of Europe)•Asia-Pacific (Japan, Korea, India, Southeast Asia, and Australia)•South America (Brazil, Argentina, and the Rest of South America)•Middle East & Africa (Saudi Arabia, UAE, Egypt, and the Rest of the Middle East & Africa)

➤ Key Reasons for Buying the Global Private Cloud Report:

• Comprehensive analysis of the changing competitive landscape• Assists in decision-making processes for the businesses along with detailed strategic planning methodologies• The report offers forecast data and an assessment of the Global Private Cloud Industry• Helps in understanding the key product segments and their estimated growth rate• In-depth analysis of market drivers, restraints, trends, and opportunities• Extensive profiling of the key stakeholders of the business sphere• Detailed analysis of the factors influencing the growth of the Global Private Cloud Industry

Unlock deep, data-driven market insight at a special holiday rate. For a limited time, our comprehensive research reports are available at 40% off – giving you strategic clarity and actionable intelligence at unbeatable value. Whether you’re preparing a pitch, evaluating new opportunities, or building a business strategy, now is the perfect moment to invest in informed decisions. This offer is valid only until 31st December – make your move before it expires.

➤ Get Your Report Now (Up to 40% Off ) at: https://www.coherentmarketinsights.com/insight/buy-now/8044

➤ The report answers questions such as:

• What is the market size and forecast of the global Private Cloud Market?• Which are the products/segments/applications/areas to invest in over the forecast period in the Industry?• What is the competitive strategic window for opportunities in the market?• What are the technology trends and regulatory frameworks in the Private Cloud Market?

➤ Table of Content:

1 Report Overview1.1 Product Definition and Scope1.2 PEST (Political, Economic, Social, and Technological) Analysis of Private Cloud Market2 Market Trends and Competitive Landscape3 Segmentation of Private Cloud Market by Types4 Segmentation of Private Cloud Market by End-Users5 Market Analysis by Major Regions6 Product Commodity of Private Cloud Market in Major Countries7 North America Private Cloud Landscape Analysis8 Europe Landscape Analysis9 Asia Pacific Landscape Analysis10 Latin America, Middle East & Africa Private Cloud Landscape Analysis11 Major Players Profile

Author of this Marketing PR:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

About CMI:

Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.

📞 Contact Us:Mr. ShahCoherent Market Insights Pvt. Ltd,U.S.: + 12524771362U.K.: + 442039578553AUS: + 61879247805INDIA: +91-848-285-0837

This release was published on openPR.

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