Crypto Morning Brief: NVIDIA’s Earnings Shine, Circle’s Stock Surges 35%
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Crypto Morning Brief: NVIDIA’s Earnings Shine, Circle’s Stock Surges 35%
Top-tier university endowments, such as Harvard’s, have begun allocating funds to Bitcoin ETFs.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
Trump: Tariffs Will Remain in Place; Tariffs Will Replace Income Tax; No Congressional Action Required on Tariffs
According to JIN10 Data, U.S. President Donald Trump stated: “Tariffs will remain in place; tariffs will replace income tax; no congressional action is required on tariffs.”
Supreme People’s Court to Strengthen Judicial Response to Emerging Financial Cases Including Virtual Currencies; Enhance Financial Judicial Safeguards
According to China Daily, the Supreme People’s Court held a press conference today titled “Judicial Services and Guarantees for High-Quality Economic and Social Development by People’s Courts in Civil and Commercial Trials.” The Court announced that in the coming year, it will formulate judicial interpretations on civil compensation for insider trading and market manipulation in securities markets, conduct in-depth research into judicial responses to emerging financial cases—including private equity funds and virtual currencies—and improve the financial judicial safeguard system. Meanwhile, the Court will continue its research and guidance on optimizing the governance structure of private enterprises, further solidify the equal legal protection of private enterprises’ and entrepreneurs’ legitimate rights and interests; accelerate the issuance of supporting judicial interpretations for the newly revised Company Law; and strengthen judicial research and trial guidance for disputes involving all types of market participants. In addition, the Court will continue advancing the establishment of bankruptcy courts, refine bankruptcy trial mechanisms, and prepare judicially for the upcoming revision of the Enterprise Bankruptcy Law.
NVIDIA Q4 Earnings Shine: Quarterly Revenue Reaches $68.13 Billion, Up 22% QoQ and 75% YoY
According to JIN10 Data, NVIDIA’s Q4 earnings report shows diluted earnings per share (EPS) of $1.62, surpassing Wall Street analysts’ consensus estimate of $1.53.
The company’s total quarterly revenue amounted to $68.13 billion, up 22% quarter-on-quarter (QoQ) and 75% year-on-year (YoY), exceeding analysts’ forecast of $66.2 billion.
NVIDIA’s full-year revenue for fiscal year 2025 grew 68% to a record $19.37 billion. For the past two years, NVIDIA has consistently exceeded Wall Street’s quarterly revenue expectations.
CEO Jensen Huang stated in his announcement: “Our customers are racing to invest in AI computing.” This outlook helps ease market concerns about an AI investment bubble. Huang has repeatedly downplayed doubts regarding the sustainability of AI hardware spending growth. Wednesday’s report provides some evidence suggesting short-term concerns may be overstated.
Circle Releases 2025 Annual Financial Results: USDC Circulation Grows 72% YoY; Revenue Up 64%
Circle Internet Group (NYSE: CRCL) released its fourth-quarter and full-year fiscal 2025 financial results today. As of end-2025, USDC circulation reached $7.53 billion, up 72% year-on-year (YoY); on-chain transaction volume for USDC in Q4 totaled $11.9 trillion, up 247% YoY. Financially, total revenue and reserve income for fiscal 2025 reached $2.7 billion, up 64% YoY; Q4 revenue was $770 million, up 77% YoY. The company reported a net loss of $70 million for the year, primarily attributable to $424 million in stock-based compensation related to its IPO; adjusted EBITDA stood at $582 million, up 104% YoY.
Business highlights include: the Arc public testnet has launched with over 100 participants and daily transaction volume averaging 2.3 million; the Circle Payments Network now includes 55 financial institutions; EURC circulation reached €310 million, up 284% YoY. Circle also entered strategic partnerships with Visa and Intuit, and received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
Looking ahead, Circle forecasts USDC circulation will grow at a 40% compound annual growth rate (CAGR) in 2026; other revenue targets range between $150 million and $170 million; RLDC profit margin is expected to remain within the 38–40% range; and adjusted operating expenses are projected at $570–585 million.
Jane Street Denies Allegations by Terraform’s Liquidator, Calling Them “Baseless”
According to CoinDesk, Todd Snyder, the bankruptcy trustee for Terraform Labs, has filed a lawsuit against high-frequency trading firm Jane Street, accusing it of front-running trades using non-public information, thereby accelerating the collapse of TerraUSD (UST) and LUNA in 2022. The complaint alleges that just 10 minutes after Terraform secretly withdrew $150 million worth of UST from Curve’s 3pool, a wallet linked to Jane Street also withdrew $85 million worth of UST from the same pool—triggering UST’s de-pegging and ultimately causing $40 billion in market value to evaporate. Jane Street has denied the allegations, calling them “baseless.”
Terraform Labs filed for bankruptcy in January 2024; its founder Do Kwon pleaded guilty and was sentenced to 15 years in prison.
Aave Governance Dispute Escalates: ACI Founder Publishes “Audit” Report Questioning $51M Funding Request from Aave Labs
According to The Block, Marc Zeller, founder of the Aave Chan Initiative (ACI), published an “audit” report on Aave Labs just before the DAO’s vote on Aave Labs’ $51 million new funding request, sparking controversy. The report states that Aave Labs has received approximately $86 million in total capital, including $16.2 million raised during its ICO, $32.5 million in venture capital funding, $31.93 million directly paid by the DAO, and roughly $5.5 million in “unauthorized” exchange fees.
Zeller criticized Aave Labs’ lack of transparency, particularly noting that the Horizon market’s actual scale and performance fall far short of surface-level metrics, and accused Aave Labs of redirecting partner fees without prior governance approval. The report raises a key question: Should the DAO support this record-breaking funding request before accountability and transparency issues are resolved?
Top Universities Including Harvard Begin Allocating to Bitcoin ETFs
According to CoinDesk, facing declining return expectations for traditional assets, several university endowment funds are adjusting their investment strategies and beginning to allocate to cryptocurrency ETFs. Harvard University and Brown University have disclosed holdings in Bitcoin and Ethereum ETFs in their latest Form 13F filings. Kim Lew, CEO of Columbia Investment Management Company, noted that expected returns and alpha generation across traditional asset classes are both contracting, forcing institutions to “move further out along the risk curve” and explore new strategies. Carlos Rangel of the W.K. Kellogg Foundation pointed out that if endowments cannot achieve an 8% return, the traditional foundation model becomes unsustainable.
Tether Makes Strategic Investment in Whop—the World’s Largest Internet Marketplace—to Drive Stablecoin Payment Adoption
According to an official announcement, Tether Investments today announced a strategic investment in Whop.com—the world’s largest internet marketplace—and integrated its Wallet Development Kit (WDK) into the Whop platform. This move will enable Whop’s global user base of 18.4 million to make payments using USD₮ and USA₮ stablecoins, enabling faster and more efficient global payment settlement.
Whop currently processes $3 billion in annual transaction volume, with monthly growth averaging ~25%. Through this partnership, Whop will become a self-custodial digital wallet supporting DeFi functions such as lending and borrowing, while accelerating its expansion across Latin America, Europe, and the Asia-Pacific region.
U.S.-Listed GD Culture’s Board Approves Sale of 7,500 Bitcoins
GD Culture Group (Nasdaq: GDC) announced today that its board has authorized the sale of 7,500 bitcoins held in reserve. Proceeds will support the company’s previously announced share repurchase program dated February 18, 2026. Management will determine the timing and size of sales based on the best interests of the company and its shareholders; proceeds will be used to repurchase common shares and cover associated expenses.
Ethereum Treasury Firm FG Nexus Sells Another 7,550 ETH ($14.06 Million)
According to on-chain analytics platform Lookonchain (@lookonchain), Ethereum treasury firm FG Nexus sold another 7,550 ETH ($14.06 million) today. The firm had previously purchased 50,770 ETH ($196 million) at an average price of $3,860 between August and September 2025. On October 22, 2025, it announced plans to sell real estate assets to further accumulate ETH. However, less than a month later, it began selling ETH and has since offloaded 21,025 ETH ($55.7 million) at an average price of ~$2,649. It currently holds 30,094 ETH ($57.5 million), with cumulative losses totaling $82.8 million.
Ethereum Treasury Firm ETHZilla Rebrands as Forum Markets and Shifts Focus to RWA Tokenization Platform
According to PRNewswire, Nasdaq-listed Ethereum treasury firm ETHZilla announced its formal rebranding to Forum Markets and plans to begin trading under the new ticker symbol “FRMM” on March 2, pending Nasdaq approval. Its CUSIP number remains unchanged, and shareholders need not take any action. Following the transition, the company will strategically upgrade to become an institutional-grade real-world asset (RWA) tokenization platform, bridging traditional capital markets with blockchain financial infrastructure. Its platform will focus on aggregating and tokenizing high-quality assets generating stable cash flows. Its business model includes income generated during asset holding periods, product issuance fees, asset management fees, and potential secondary-market trading revenue.
Market Data
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