Welcome to Kaupr Today

Good morning. Today’s edition follows how US rules like CLARITY could reshape tokenization and stablecoin yields, how gold and Ethereum are showing up in institutional portfolios, and how Nordic players are stepping up with new ETPs and institutional capital.

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Kaupr Today is your daily briefing on digital assets, fintech, and web3 with a strong Nordic lens. It brings concise, high‑signal updates on markets, products, companies, community initiatives, and standout content from Kaupr’s channels (including Kaupr TV and events) and leading regional players.​

Have a good read,
Morten

CLARITY at the tipping point

The CLARITY Act could give green light for large‑scale tokenization

CLARITY could both trigger a much larger wave of institutional tokenization of financial assets and sharply narrow today’s passive “park‑and‑earn” stablecoin yield models. The bill is emerging as the central roadmap for how the US will regulate exchanges, stablecoins and tokenized assets, with Jefferies calling it an “inflection point” for institutional tokenization even as critics warn it will mean tighter limits on stablecoin rewards and stricter rules for issuers and platforms.​

Why it matters: If passed, CLARITY would pull crypto closer to mainstream finance while shrinking the grey zones that enabled high‑yield stablecoin products and lightly regulated DeFi venues to thrive.​

Source: The CLARITY Act nears a decision in Congress – could give the green light for large‑scale tokenization of financial assets, Kaupr.

What the CLARITY Act could mean for users, builders and banks

The CLARITY bill would make digital dollars non‑interest‑bearing, even when fully backed by interest‑bearing assets like US Treasuries, pushing the yield to remain upstream with banks, government securities or separate investment products. US‑regulated platforms would no longer be able to offer the simple “hold dollar, get interest” product; users who want returns on dollar exposure would instead need to use tokenized money‑market funds, T‑bill products or DeFi strategies that sit clearly under securities and funds rules rather than as embedded features of the payment token.​

Why it matters: CLARITY would push digital dollars toward safer, non‑yielding payment tokens while forcing yield‑seeking into clearly regulated investment products that preserve bank deposit economics.​

Source: What the CLARITY Act could actually mean for users, builders and banks, Kaupr.​​

Fed stress tests meet Bitcoin

Bitcoin edges toward Fed’s 2026 stress tests

Analysis suggests that as bank exposure to Bitcoin via ETFs, custody and intermediation grows, the Federal Reserve may be forced to treat BTC as an explicit risk factor in its 2026 supervisory stress tests. A three‑tier path is outlined where Bitcoin first appears as a trading‑book shock for G‑SIB dealers before potentially becoming a broader supervisory variable as exposures become recurring in bank risk models.​

Why it matters: Including Bitcoin in stress tests would standardise how large banks model crypto‑related capital and liquidity risk, tighten governance over crypto‑facing business lines and tacitly acknowledge that BTC is too embedded in regulated balance sheets to ignore.​

Source: Bitcoin hits Federal Reserve’s 2026 stress tests, creating a massive capital risk for banks, CryptoSlate

Big bets on gold and Ethereum

Tether now holds more gold than many central banks

Tether’s gold holdings have grown large enough to surpass those of many national central banks, reflecting the scale of its reserves as its stablecoin market cap has risen 22.4% over the relevant period. The piece emphasises how a private stablecoin issuer now sits alongside traditional monetary authorities in terms of allocated gold, blurring lines between public and private reserve managers.

Why it matters: A stablecoin issuer holding more gold than many central banks raises questions about transparency, systemic importance and the oversight such entities should face relative to traditional reserve managers. It also feeds the narrative of reserve‑heavy digital assets as part of the discussion about what “safe” collateral looks like in a tokenized, multi‑asset financial system.

Source: Tether now holds more gold than many central banks as its market cap rose 22.4%, Kitco.

Tom Lee’s BitMine makes biggest Ethereum buy yet in 2026

BitMine Immersion Technologies has made its largest Ethereum purchase of 2026, adding over 40,000 ETH and lifting its holdings to more than 3.5% of the circulating supply, with a significant share already staked.​

Why it matters: One aggressive buyer controlling and staking a large share of ETH highlights how big institutional players can influence market structure, liquidity and network security.​

Source: Tom Lee’s BitMine Makes Biggest Ethereum Buy Yet in 2026, Decrypt.

Yield-hungry ETFs and DeFi

BlackRock files to launch iShares Bitcoin Premium Income ETF

BlackRock has filed to launch the iShares Bitcoin Premium Income ETF, an actively managed fund that aims to track Bitcoin’s price while generating additional income by selling call options on its IBIT spot ETF holdings and, at times, on indices that track Bitcoin ETPs. The strategy collects option premiums that are passed through to investors alongside BTC exposure, competing with existing income products like NEOS Bitcoin High Income ETF, Roundhill Covered Call ETF and other options‑based BTC funds.​

Why it matters: Income‑oriented Bitcoin ETFs let investors combine spot BTC exposure with yield in a regulated wrapper, at the cost of higher fees and capped upside. This shows ETFs quickly splitting into low‑fee beta products and higher‑risk, options‑based income strategies for investors who prefer more predictable cash flows.​

Source: BlackRock Files With SEC to Launch iShares Bitcoin Premium Income ETF, Decrypt

Kraken rolls out ‘DeFi Earn’ in US, EU and Canada

Kraken has launched DeFi Earn for users in the US, EU and Canada, offering up to 8% annualised returns by routing client funds into yield‑generating vaults powered by infrastructure provider Veda. Initial strategies are USDC vaults run by Chaos Labs and Sentora, allocating to on‑chain lending and liquidity protocols such as Aave, Morpho, Sky and Tydro, while Kraken abstracts wallets and protocol interactions behind its exchange interface.

Why it matters: Embedding audited, risk‑managed DeFi vaults in a major exchange makes on‑chain yields easier to access but concentrates protocol access and risk in a few providers. It speeds up adoption while raising new questions on transparency, counterparty risk and regulation of these hybrid yield products.

Source: Kraken rolls out ‘DeFi Earn’ in US, EU and Canada tapping yield‑bearing Veda vaults, The Block.

​Nordic ETPs and institutional capital

Virtune AB launches Virtune BNB ETP on Nasdaq Stockholm

Virtune is listing Virtune BNB ETP on Nasdaq Stockholm, offering investors a physically backed, 1:1 SEK‑denominated way to gain exposure to BNB through a Swedish‑regulated crypto asset manager. The product is fully backed by BNB held in institutional‑grade custody, charges a 1.95% management fee and starts trading on January 26, 2026 under ticker VIRBNB (ISIN SE0027598202).​

Why it matters: A locally listed, physically backed BNB ETP on the Nordic region’s largest exchange broadens regulated altcoin exposure for European investors and shows issuers racing to cover major non‑BTC, non‑ETH assets. It reinforces Stockholm’s role as a hub for regulated crypto ETP innovation as demand grows for exchange‑traded access to broader L1 ecosystems.​

Source: Virtune AB (Publ) is launching Virtune BNB ETP on Nasdaq Stockholm, Virtune

Hilbert Group secures second allocation from sovereign wealth fund

Hilbert Group has received a second allocation from one of the world’s leading sovereign wealth funds into its institutional digital‑asset strategies, building on a first mandate that performed as expected. The renewed investment reflects growing confidence in Hilbert’s quantitative approach, governance and risk management.​

Why it matters: A repeat allocation from a top‑tier sovereign wealth fund signals that real institutional capital is moving beyond ETFs and venture into active digital‑asset mandates, with Nordic managers like Hilbert well‑positioned to capture that flow.​

Source: Hilbert Group Receives Second Allocation from One of the World’s Leading Sovereign Wealth Funds, Hilbert Group

What to watch for

Markets will be watching whether the Fed can prove it still runs on data rather than politics, and whether large investors treat the latest adoption signals as a reason to stay the course or an opportunity to quietly de‑risk into a softer macro backdrop.

Why it matters: That choice will decide if bitcoin and the wider crypto stack move closer to being a normal part of portfolio construction, or get pushed back into the bucket of trades you cut first when the cycle turns.

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 Monday, and welcome back tomorrow morning for the next edition of Kaupr Today.​

Best regards
Morten Myrstad
Founder & Editor