Welcome to Kaupr Today

Good morning. Today’s edition tracks how bitcoin’s slide into the high‑80,000s, a spike in bond yields and a 1‑billion‑dollar liquidation wave intersect with new tokenization rails, agentic commerce experiments and a tougher line on prediction markets across Europe. The line‑up also follows how Chainlink’s 24/5 equities feeds, NBX’s tokenized metals, US strategic bitcoin reserves, EU‑INC and AI‑driven checkout standards are emerging as bridges between crypto, traditional markets and geopolitics.

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Welcome!
Morten

Markets & makro risks

Bond yields jump as trade tensions and Trump policy fears resurface

The 10‑year US Treasury yield has climbed to multi‑month highs as renewed tariff threats, deficit concerns and policy uncertainty under President Trump push investors toward record‑high gold and silver.​

Why it matters: Higher sovereign yields tighten financial conditions and raise the hurdle rate for risk assets, weighing on both equities and bitcoin.​

Source: Treasury Yields Soared on Tuesday. Why That Could Be a Big Problem for Trump, Investopedia

Bitcoin drop to 89,000 dollars triggers 1 billion dollars in liquidations

Bitcoin’s fall to roughly 89,000 dollars has led to about 1.09 billion dollars in leveraged positions being liquidated over 24 hours, with more than 180,000 traders affected and almost all losses hitting long BTC bets.​

Why it matters: The wave of forced liquidations shows how crowded bullish positioning can quickly magnify downside moves when macro sentiment turns.​

Source: Bitcoin Drop to $89,000 Leads to $1 Billion Liquidations for Bullish BTC Bets, Moomoo CoinDesk syndication

​Strategy stock slides as bitcoin stack tops 700,000 BTC

Strategy (MSTR) shares fell sharply after the company disclosed it now holds more than 700,000 BTC, adding over 22,000 coins at an average price in the mid‑90,000s and funding the purchases via new equity and preferred issuance.​

Why it matters: This deepens Strategy’s concentrated bitcoin exposure and raises questions over dilution and drawdown risk if BTC extends its correction.​

Source: Strategy Stock ($MSTR) Slides 7% As Bitcoin Dip Continues, Bitcoin Magazine

Tokenization & RWAs

NBX launches tokenized gold and silver trading

Norwegian Block Exchange has opened trading in tokenized gold and silver through a partnership with Germany’s Finest Investment GmbH, giving customers fractional, on‑chain claims on LBMA‑certified bullion stored at Pro Aurum in Germany.​

Why it matters: The launch expands NBX’s RWA offering and lets Nordic investors hold and trade precious metals alongside crypto within one platform.​

Source: NBX opens for trading in tokenized gold and silver, Kaupr

NYSE prepares tokenized securities platform

The New York Stock Exchange is preparing a digital trading venue where US stocks, ETFs and mutual funds can be issued and traded as tokenized securities with near‑instant settlement and extended, potentially 24/7, trading hours, subject to regulatory approval.​
Why it matters: A tokenized securities platform from the NYSE would be a major step toward bringing mainstream assets onto blockchain rails alongside traditional market infrastructure.​

Source: New York Stock Exchange plans to launch a platform for tokenized securities, Kaupr

​Chainlink launches 24/5 U.S. equities data streams

Chainlink has introduced 24/5 U.S. Equities Streams, providing fast, cryptographically signed data for US stocks and ETFs—including pre‑market, after‑hours and overnight sessions—so DeFi apps can build always‑on equity perps, prediction markets and RWA products.​

Why it matters: Continuous, high‑fidelity equity data onchain reduces pricing blind spots and strengthens risk management for equity‑linked protocols.​

Source: Chainlink Launches 24/5 U.S. Equities Streams, Chainlink

AI, commerce & payments

Revolut Pay plugs into Google’s AP2 for agentic commerce

Revolut has made its one‑tap checkout solution Revolut Pay compatible with Google’s Agent Payments Protocol (AP2), becoming one of the first EU payment methods built for agent‑led, conversational and automated commerce.​

Why it matters: Connecting Revolut Pay to an open agentic payments standard positions it as a default rail for AI assistants completing checkouts on users’ behalf.​

Source: Revolut Pay Joins Google’s AP2 for Agentic Commerce, Fintech News Switzerland

Mastercard moves to set the rules for AI checkout

Mastercard is working with Google and Microsoft to shape standards for AI‑driven checkout, integrating its Agent Pay capability into Copilot Checkout and ChatGPT’s Instant Checkout while refocusing its Start Path program on AI‑payments and identity startups.​

Why it matters: The company is trying to anchor trust and identity in agentic commerce so card networks—not only big tech—define how AI agents spend for consumers.​

Source: Exclusive: Mastercard moves to set the rules for AI commerce, Axios

Policy and prediction markets

EU‑INC name‑drop at Davos excites founders and investors

At Davos, European Commission president Ursula von der Leyen singled out EU‑INC—a proposed pan‑European company form with a single rulebook and 48‑hour digital registration—as a central part of the EU’s startup strategy, echoing a founder‑led campaign.​

Why it matters: Putting EU‑INC into the official startup playbook signals momentum behind a unified EU company structure that could simplify scaling for fintech and Web3 founders.​

Source: Founders, investors hail EU-INC name-drop at Davos: ‘A very strong signal’, Impact Loop

Portugal orders Polymarket to halt operations

Portugal’s gambling authority SRIJ has ordered prediction market Polymarket to cease operating in the country within 48 hours after a surge in unlicensed political betting tied to the presidential election.​

Why it matters: The decision underlines growing regulatory resistance to unlicensed on‑chain prediction markets, especially where political wagers and insider‑trading concerns overlap.​

Source: Portugal joins growing list of countries cracking down on Polymarket, CoinDesk

What to watch out for

Watch how macro conditions evolve around US yields, Trump’s trade threats and “sell America” flows, and whether bitcoin’s latest 1‑billion‑dollar long wipe‑out pushes exchanges and traders toward structurally lower leverage and tighter risk controls. In parallel, track how NBX’s tokenized metals, the NYSE’s tokenized‑securities plans and Chainlink’s 24/5 equities data actually get integrated into live products, from perps and synthetics to collateral and structured RWAs.

Why it matters: Together, these shifts will determine how quickly on‑chain markets mature from speculative, highly levered trades into more resilient, institution‑ready infrastructures where tokenization, prediction markets and agentic payments can operate within clear regulatory and macro constraints.

Stay with Kaupr Today

Thank you for reading Kaupr Today – feel free to forward this briefing to a colleague or reply with news tips and perspectives from across the Nordic and European digital‑finance ecosystem. Wishing you a great Wednesday, and welcome back tomorrow morning for the next edition of Kaupr Today.​

Best regards
Morten Myrstad
Founder & Editor