Welcome to Kaupr Today

Good morning! In this newsletter, bitcoin is sending mixed signals. Prices and derivatives still flash caution, with sharp squeezes, negative funding and record shorts in proxy names like MicroStrategy, even as veterans like Adam Back frame the volatility as normal for an early adoption curve.

At the same time, the plumbing of digital finance keeps marching forward. Wall Street giants like Morgan Stanley are wiring spot crypto trading into mainstream brokerage platforms, B2B stablecoin flows are exploding in real cross‑border commerce, and firms like K33 are turning Bitcoin treasuries from passive bets into active growth engines.

Have a good read,
Morten

Kaupr Today is supported by Coinmotion, as one of our Season Partners.

AI earnings, stablecoin strength, and a global rotation out of US stocks

Nvidia earnings beat ignites AI crypto rally

CoinDesk reports that Nvidia shares climbed after the chip giant posted quarterly revenue and earnings above Wall Street expectations and issued upbeat guidance on AI demand, easing fears of an “AI top.” The surprise to the upside spilled over into crypto markets, lifting AI-linked tokens and mining/infra names tied to GPU and data-center growth as traders treated Nvidia’s results as a fresh vote of confidence in the broader AI-and-crypto risk trade.

Why it matters: Nvidia’s role as the flagship AI hardware provider means its earnings now function as a macro catalyst for both tech and crypto, with strong prints reinforcing the narrative that AI infrastructure and AI-linked digital assets remain in a powerful secular uptrend.

Source: Nvidia Rises After Earnings Beat Wall Street’s Expectations, Lifting AI-Related Crypto Stocks, CoinDesk

Circle shares jump nearly 19% on strong Q4 and USDC momentum

Circle Internet Group shares rose 18.8% after the company reported strong Q4 and full-year 2025 results, with profitability beating expectations and showing accelerating adoption of its USDC stablecoin. Investors reacted to higher revenue and reserve income, sharply improved adjusted EBITDA, and rising stablecoin circulation as signs of strengthening core business momentum.​

Why it matters: Circle’s earnings-driven rally and growing USDC usage underscore investor confidence in regulated stablecoins as core infrastructure for digital payments and onchain finance.​

Source: Circle jumps after Q4 results beat expectations and USDC growth accelerates, Quiver Quantitative​

What’s the next link you want to add to today’s backlog?

Global investors shift sharply out of US stocks and into international markets

The Kobeissi Letter notes that in 2026 only 26 dollars of every 100 dollars flowing into global equity funds is now going to US stocks, the lowest share since 2020 and down from a 92 percent peak in 2022. At the same time, international equity funds have seen record weekly inflows of about 65 billion dollars over the last month, led by an 18 billion dollar surge into South Korean equities in just six weeks as capital rotates toward non-US markets.​

Why it matters: The rapid decline in US equities’ share of global inflows and record demand for international markets signal a potential inflection point in global portfolio allocation, with investors actively reducing US concentration risk and seeking growth abroad.​

Source: Global investors are diversifying away from US stocks, X (The Kobeissi Letter)

Bitcoin’s violent shakeout, futures reset, and why pros say the cycle is still on track

Bitcoin snaps back toward 69K in violent short squeeze, but risks linger

Bitcoin jumped more than 10% from Tuesday’s lows to just under 69,000 dollars, triggering a relief rally across major tokens and crypto‑exposed stocks. Analysts say the move looks like a positioning-driven short squeeze rather than a clean trend reversal, with BTC still facing tough resistance near 70,000–72,000 dollars and a large options expiry that could add volatility.

Why it matters: The sharp bounce alongside deeply bearish positioning shows how fragile market structure remains, with crypto still vulnerable to abrupt squeezes and options-driven whipsaws until bitcoin can reclaim key resistance levels on strong spot demand.

Source: Bitcoin Snaps Back Near $69,000, but Analysts Warn the Market May Not Be Out of the Woods Yet, CoinDesk

Bitcoin futures market tilts heavily bearish as leverage resets

Bitcoin’s derivatives market has swung in favor of bears, with aggressive sell orders pushing selling pressure to a three‑month high as funding rates stay deeply negative while BTC trades between 62,000 and 68,000 dollars. CryptoQuant data shows that months of elevated leverage are now being unwound through liquidations and capitulation, even as open interest on venues like CME begins to recover.

Why it matters: Persistent negative funding, elevated selling pressure, and a gradual “leverage reset” suggest the market is still in a painful clearing phase, but also lay the groundwork for a healthier structure that has historically preceded more durable Bitcoin recoveries.

Source: Bitcoin Bears Dominate Futures Market as Selling Pressure Hits Three-Month High, U.Today via TradingView

Basis traders and Jane Street sit behind MicroStrategy’s massive short

MicroStrategy’s record short interest increasingly appears driven by sophisticated basis traders rather than classic bears, with hedge funds running long-spot‑bitcoin‑ETF/short‑MSTR arbitrage structures. Bitcoin treasury specialist Brian Brookshire points to Jane Street’s 13F filings, which show large IBIT purchases alongside a sizable MSTR position, suggesting much of the “massive position” is a paired carry trade instead of a directional bet against Michael Saylor.

Why it matters: If the bulk of MSTR’s huge short interest belongs to market-neutral basis desks like Jane Street instead of outright bears, the positioning is more about exploiting crypto-ETF arbitrage than a fundamental short on the company, which could make any unwind more mechanical and flow-driven.

Source: Strategy's The Most Shorted US Stock: Who's Behind The Massive Position?, Finviz

Adam Back says this cycle’s volatility is normal and institutional adoption is still early

At the iConnections conference in Miami Beach, Adam Back argued that bitcoin’s recent drawdown fits prior four‑year cycle patterns, with prices often sliding even as regulation and ETF news improve. He likened today’s volatility to early high‑growth tech stocks and said most institutional capital is still on the sidelines, implying future inflows could both dampen volatility and support long‑term outperformance.

Why it matters: Back’s view reframes the current chop as a feature of bitcoin’s maturation rather than a bug, reinforcing the idea that regulatory progress and ETF access have laid groundwork for a bigger institutional wave that could reshape market structure in coming cycles.

Source: What Early Bitcoin Architect Adam Back Thinks of This Cycle, CoinDesk

TradFi steps into crypto trading while stablecoins reshape corporate payments

Morgan Stanley moves to build full-stack crypto infrastructure on E*Trade

Morgan Stanley, which oversees about 9.3 trillion dollars in client assets, plans to let E*Trade users trade spot crypto directly on its brokerage platform as part of a multi‑phase digital asset roadmap. Over time, the bank aims to pull more of the stack in‑house, adding native custody, exchange‑style infrastructure, and eventually integrated lending and yield products alongside traditional portfolios.

Why it matters: A move by a top-tier Wall Street wealth manager to evolve from simple crypto “access” to full-stack custody and credit shows how institutional adoption is shifting from experimenting with third-party wrappers to directly wiring digital assets into the core of the US wealth management system.

Source: MORGAN STANLEY IS GOING FULL STACK CRYPTO, X

B2B stablecoin payments explode 730% as cross-border usage goes mainstream

New Artemis and Stablecon research shows business-to-business stablecoin payments grew over 730 percent year-over-year in 2025, with monthly volumes in the billions and already outpacing consumer usage. The United States now receives nearly 127 billion dollars in monthly stablecoin inflows for cross-border payments, signaling that dollar-pegged tokens are becoming core rails for global trade and corporate treasury.

Why it matters: The breakneck growth of B2B stablecoin flows and the outsized role of U.S.-bound payments signal that regulated, dollar-backed tokens are quietly evolving into critical infrastructure for international finance, with implications for bank messaging networks, FX markets, and future stablecoin regulation.

Source: B2B Stablecoin Payments Grew Over 730% YoY in 2025, The Defiant

Nordic news, comments and events

Bull Jenssen doubles down on Bitcoin as K33 turns treasury into growth engine

K33 CEO Torbjørn Bull Jenssen says the firm is doubling down on its Bitcoin strategy after a strong 2025, arguing that macro risks make BTC more attractive at 66,000 dollars than at 120,000. He positions K33’s BTC holdings as an operational asset powering trading, crypto‑secured lending, liquidity, and new institutional products rather than a passive speculative bet.

Why it matters: K33’s decision to actively use its Bitcoin treasury to underwrite lending, liquidity, and structured solutions — while others retreat or write down poorly integrated holdings — illustrates how a treasury strategy can evolve from simple BTC exposure into a core competitive moat and growth driver for a regulated crypto broker.​

Source: Bull Jenssen is bull on Bitcoin – K33 uses its treasury to drive growth, Kaupr

Kaupr TV Live Friday 27 February - here is your quick guide

Supported by our Season Partners:
BTCX ▪ BYBIT ▪. COINMOTION ▪ K33

Here are your quick links to where you can get more information, watch and register for Kaupr TV Friday February 27 at 12:00 - 13:00 CET
Kaupr TV landing page
Linkedin Event
YouTube
Luma Event

What to watch for

Watch how the tension between bearish market positioning and growing institutional usage resolves: futures and options stay cautious while banks, corporates and brokers quietly expand real crypto and stablecoin use.

Why it matters: If defensive positioning persists while onchain rails and treasury strategies keep compounding, the gap between sentiment and adoption could set up the next sharp turn in the cycle.

Share Kaupr Today

Thank you for reading Kaupr Today. If you find this briefing useful, please share it with a colleague or friend who should be following Nordic and European digital‑finance news more closely. Wishing you a great Thursday — and welcome back on Friday morning for the next edition of Kaupr Today.

If you want to go deeper and get a more umbrella‑level view of the digital transformation reshaping finance, make sure you’re subscribed to our Future of Finance Premium newsletter.

Best regards
Morten Myrstad
Founder & Editor