Monday, 5 January 2026 - Kaupr Today: Bitcoin’s new year bounce ++

Crypto and Bitcoin start 2026 in the green

Bitcoin is trading around 91–93k this Monday morning, roughly 6.2% higher year‑to‑date after starting 2026 near the 86k–87k range. The price has climbed back above the 91k level and briefly pushed toward 93k overnight, reinforcing the sense that the market is stabilising after the October peak near 126k.​
Why it matters: This early‑year rebound sets the tone for risk appetite across digital assets, from tokens to listed Bitcoin vehicles, and will shape how Nordic investors and treasuries think about exposure in Q1.​

 Bitcoin Treasury companies in crisis

Kaupr reports that nearly 40% of the largest Bitcoin Treasury companies (DATCOs) are now trading below the value of their Bitcoin holdings, after an aggressive accumulation wave through 2025. Flagship players like Strategy, MARA Holdings, Metaplanet and Twenty One Capital face dilution, unrealised losses and even potential forced selling as discounts to NAV widen and index‑exclusion risks grow.
Why it matters: The crisis challenges the entire “issue equity, buy Bitcoin” model and may push institutional investors toward ETFs and other structures with less embedded leverage and governance risk, changing how listed BTC exposure is structured in 2026.

Recommended: Bitcoin Treasury Companies in Crisis (Kaupr – English, Norwegian, Swedish, Danish).

Walmart moves into Bitcoin payments

Walmart is preparing to roll out Bitcoin payments for selected online and in‑store purchases in 2026, turning crypto from a pilot‑scale experiment into a mainstream checkout option at one of the world’s largest retailers. The move aligns Walmart with a broader trend of big‑box and e‑commerce players testing digital assets as part of their payment mix and customer‑loyalty strategy.​
Why it matters: When a retailer of Walmart’s scale leans into Bitcoin payments, it accelerates the shift from pure speculation to everyday usage and puts competitive pressure on Nordic and European merchants, payment providers, and banks to respond.

Recommended: Walmart‑backed OnePay to add Bitcoin and Ether trading (CoinDesk).

On‑device AI versus the data center

Perplexity’s CEO Aravind Srinivas says AI that runs directly on phones and laptops could become the biggest long‑term threat to large cloud data centers, calling it a “$10 trillion question” for the industry. As models get smaller and hardware improves, he argues that companies like Apple and Qualcomm could capture more of the value that currently flows to hyperscale cloud providers.​
Why it matters: If intelligence shifts from the cloud to the device, it will reshape digital infrastructure, cost models and privacy expectations for financial and internet services that Nordic users rely on every day.

Recommended: On‑device AI threatens data centers as industry faces a “$10 trillion question” (Benzinga/Yahoo Finance).

Latvia stakes its claim in the EU crypto market

Latvia has issued its first two EU‑level crypto‑asset licences under the new regime, granting BlockBen and Nexdesk permission from the central bank to offer services that can be passported across the single market. The country is positioning itself as an early MiCA‑aligned hub, promoting itself as a regulated gateway for crypto‑asset firms targeting all 27 EU member states.​
Why it matters: Early movers under MiCA will influence where serious crypto‑asset businesses choose to base themselves, which in turn affects how Nordic firms structure their EU access and competitive positioning.

Recommended: Latvia stakes its claim in the crypto‑asset market (LIAA / Invest in Latvia).

Macro lens on the Venezuela crisis

Danish macro analyst Andreas Steno Larsen uses the latest flare‑up around Venezuela and neighbouring territories to question simplistic “resource‑grab” narratives and highlight the broader geopolitical and macro forces at play. He argues that how markets interpret the crisis will matter more for asset prices than any one commodity story.​
Why it matters: The framing investors choose here will drive positioning in energy, emerging‑market assets and safe‑haven trades in early 2026, and shows how quickly global risk sentiment can swing for Nordic and European markets as well.

Recommended: No, Venezuela is not a cobalt or antimony prize – it’s another AI‑birthed narrative (Andreas Steno Larsen, LinkedIn).

Watch today: Trump’s Venezuela gamble and geopolitical risk pricing

The surprise US capture of Venezuela’s Nicolás Maduro is a major political shock, but oil prices have so far reacted only modestly, with no lasting spike that would signal real panic about supply. Broader risk sentiment in equities and credit is also holding up, suggesting markets currently see this as a contained regional story rather than the start of a systemic crisis.​
Why it matters: When a headline this dramatic barely moves oil, stocks or safe‑haven assets, it signals that investors are heavily discounting geopolitical risk – a complacency that could be tested quickly if the situation escalates or spills over into wider US–Latin America or energy‑market tensions.​

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Best regards
Morten Myrstad
Founder & Editor