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AI, Ethereum and tokenized cash – Tuesday, 13 January 2026

Your daily window into global moves shaping investments and payments in the Nordics

Author

Morten Myrstad
January 13, 2026

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Good morning – and welcome to your weekday briefing at the intersection of bitcoin, policy and Nordic digital finance. This first stretch of 2026 has already featured bitcoin trading in a tight high‑80s to low‑90s range, big‑bank moves into tokenized deposits, and fresh policy signals on both sides of the Atlantic that will shape how Nordic institutions build their digital‑asset rails.

This is your quick, curated daily window into the Nordic future of finance and the internet. You’re receiving this because you’ve engaged with Kaupr Today; if it turns out this newsletter isn’t for you, you can unsubscribe at any time using the link in the footer.​

If you’re new to Kaupr Today or missed the first issues, you can jump straight into the latest editions from 4 - 12 January via the Kaupr Today home page.​

Welcome!
Morten

A16z: crypto’s future is in markets, AI and “staked media,” not just new chains

Andreessen Horowitz’s crypto arm a16z argues that the next phase of crypto will be defined less by launching new layer‑1 blockchains and more by embedding cryptographic primitives into markets, computing and media. Their 2026 outlook highlights three themes: much larger, AI‑enhanced prediction markets; verifiable computing using SNARKs and zkVMs as a new enterprise building block; and “staked media,” where creators and commentators lock tokens or tie claims to on‑chain prediction markets to prove skin in the game.​

Why it matters: For Nordic builders and media platforms, this vision lines up directly with opportunities around data‑native news, tokenized incentives and on‑chain credibility, suggesting that the most interesting use‑cases may sit at the intersection of crypto, AI and information markets rather than yet another general‑purpose chain.​

Analyst says ETH‑BTC bottomed in April as Ethereum activity and stablecoins surge

Market analyst Michaël van de Poppe argues that the ETH‑BTC ratio bottomed around 0.017 in April 2025 and then rallied to about 0.043 in August before retracing to roughly 0.034 after an October market‑wide crash. He points to a more than 65% increase in Ethereum‑based stablecoin supply in 2025, over 163.9 billion dollars of stablecoins outstanding and around 8 trillion dollars in Q4 2024 stablecoin transfer volume as evidence that Ethereum remains core settlement infrastructure despite bearish sentiment.​

Why it matters: For Nordic allocators and builders, the combination of rising stablecoin and RWA flows, heavy protocol usage and a potentially inflecting ETH‑BTC ratio strengthens the case for treating Ethereum not just as “beta to bitcoin” but as structural exposure to programmable settlement and tokenization rails.​

BNY launches tokenized deposits for institutional client

BNY, the world’s largest custodian with more than 55 trillion dollars in assets under custody, has launched a tokenized deposit service that mirrors institutional clients’ cash balances on a private, permissioned blockchain. The on‑chain representations can be used for collateral and margin workflows and, over time, 24/7 programmable payments, while the underlying deposits remain on traditional ledgers under the bank’s existing risk and regulatory framework.​

Why it matters: For Nordic banks, treasurers and market infrastructures, a global systemically important bank putting tokenized deposits into production is a strong signal that “on‑chain cash” is moving from pilots to live rails, raising expectations for similar offerings in Europe and for how these rails will interact with stablecoins and CBDC experiments.​

Source: BNY Launches Tokenized Deposits, Banking Exchange

H100 targets Swiss bitcoin treasury foothold with Future Holdings deal

H100 Group AB has signed a letter of intent to acquire all shares in Swiss Future Holdings AG, a dedicated bitcoin treasury company, in a share‑based transaction valued at about 600,000 Swiss francs, expected to close in January 2026. The deal would give H100, the Nordic region’s leading bitcoin treasury player, its first foothold in Switzerland by combining its listed Nordic structure with Future’s local experience and investor network in Lugano.​

Why it matters: For Nordic treasurers and allocators, H100’s move shows how regional bitcoin balance‑sheet players are using cross‑border M&A to scale holdings, tap Swiss institutional capital and build more transparent, institutional‑grade treasury platforms in Europe.​

EU’s new DAC8 rules switch on for crypto platforms

From 1 January 2026, EU cryptoasset service providers must comply with new tax‑reporting obligations under the DAC8 directive, collecting and reporting data on EU‑resident customers’ crypto transactions. The rules widen the net beyond traditional exchanges to a broader set of CASPs, tightening transparency around capital gains and cross‑border flows across the single market.​

Why it matters: Nordic exchanges, brokers and neobanks now have to align their reporting stacks with DAC8 from day one, which will influence product design, data architecture and how easily retail and institutional users can move in and out of digital assets.

U.S. interest bill hits $276 billion in three months as tariffs do heavy lifting

The U.S. Treasury spent 276 billion dollars on net interest in just the first quarter of the 2026 fiscal year (October–December 2025), or about 92 billion dollars per month, up 13% from a year earlier. While total outlays rose, the deficit fell by 110 billion dollars versus the same period a year ago, helped by a 70‑billion‑dollar surge in customs‑duty income as Trump‑era tariffs generated more than four times last year’s revenue and now face imminent Supreme Court scrutiny.​

Why it matters: Elevated interest costs on a 38.4‑trillion‑dollar debt pile, combined with heavy reliance on tariff income and legal uncertainty about those tariffs, adds a layer of macro and fiscal risk that bitcoin treasurers, allocators and FX‑exposed Nordic institutions must factor into 2026 playbooks.​

US senators revive developer‑protection push in market‑structure bill

In Washington, a bipartisan group of senators is moving ahead with a major crypto market‑structure package, with hearings and a markup scheduled this week. One component is the Blockchain Regulatory Certainty Act, which would clarify that software developers who do not control customer funds should not be treated as money transmitters, aligning Senate efforts with earlier House proposals.​

Why it matters: Clearer US rules on who is – and is not – a regulated intermediary could de‑risk open‑source development for Nordic teams that ship globally, while shaping how cross‑border platforms structure custody, brokerage and protocol work.

What to watch out for

The key macro focus this week is the US inflation print and the Senate Banking Committee’s digital‑asset markup on January 15, all against a backdrop of rising interest costs and tariff‑driven revenues that could be reshaped by an upcoming Supreme Court ruling. In markets, watch whether bitcoin holds the high‑80s to low‑90s band and how BNY’s tokenized deposits, a16z’s “beyond blockchains” roadmap, Vitalik’s stablecoin checklist, a possible U.S. national bitcoin reserve, EU DAC8 and H100’s Swiss move begin to hard‑wire new treasury and settlement rails.​

Why it matters: The way these macro, policy and infrastructure shifts play out will shape whether bitcoin and broader digital assets function as reliable reserve and allocation tools for Nordic treasurers and asset managers in 2026​

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Thanks for reading – and feel free to reply with story tips, Nordic launches or people and projects that should be on the community’s radar. Forward today’s briefing to a colleague who watches bitcoin, policy and Nordic digital finance, and help grow this community at the edge of markets and the internet.

Best regards
Morten Myrstad
Founder & Editor