Hey crypto addicts,

Last year, it felt like every public company wanted to become a Bitcoin treasury. Buy BTC, watch the stock pump, repeat. That strategy looked unstoppable... until it wasn't.

Now the tide is turning.

A growing number of digital asset treasury (DAT) firms are ditching the Bitcoin playbook and pivoting into AI infrastructure and data centres instead. With crypto prices under pressure and treasury premiums shrinking, many companies are chasing the next narrative that Wall Street is willing to pay for. Some firms have already announced major AI transitions, but investors haven't been impressed, with several stocks continuing to slide despite the change in direction.

It just goes to show that markets don't reward yesterday's trend forever. Whether it's Bitcoin, AI, or the next big thing, narratives change quickly. The real winners aren't the companies chasing hype... they're the ones that can survive after it fades. ☕

What we’ve covered for you today:

Would you spend years in court over just $32? Most people wouldn't... but for Tesla, the real prize was never the money.

The electric vehicle giant has won a landmark appeal in the UK's Supreme Court over a dispute involving 5G patent licensing. Although the case centred on a fee of just $32, the ruling reinforces that owners of standard-essential patents must continue offering licences on fair and reasonable terms. The decision is expected to influence future negotiations between technology companies, smartphone makers, automakers, and patent holders around the world.

The case highlights an important lesson in business: small disputes can carry massive long-term consequences. While the immediate dollar amount was insignificant, the legal precedent could shape how billions of dollars worth of intellectual property is licensed in the years ahead. Sometimes the biggest victories come from fighting battles that seem insignificant on the surface. ☕

Decentralized exchanges are built on the promise that no single party is in control... but how decentralized are they really?

A new governance audit has put Hyperliquid under the microscope, examining who actually controls one of crypto's largest perpetual trading platforms. The report shows the network has expanded from just a handful of foundation-run validators at launch to 27 active validators today, with foundation-controlled stake now sitting below 50%. While that's a significant improvement from earlier levels of concentration, critics argue there is still work to do, pointing to the relatively small validator set, closed-source node software, and identity requirements for some participants.

The report concludes that Hyperliquid has made meaningful progress toward decentralization, but the debate is far from over. As the platform continues handling hundreds of billions of dollars in monthly trading volume, governance and transparency will remain just as important as speed and liquidity. In crypto, trust isn't just built through performance... it's built by proving that no one truly holds all the keys. ☕

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Crypto payments are no longer just about people sending money to each other. The next evolution could be AI agents making transactions on our behalf.

Coinbase is doubling down on what it calls "agentic finance" as activity on its Base network continues to accelerate. Base has now processed more than $100 million in payments, highlighting growing demand for on-chain payment infrastructure that can support autonomous AI agents. Rather than simply acting as digital wallets, these AI systems could eventually pay for services, access data, execute trades, and interact with applications without requiring constant human approval.

The move signals that Coinbase is thinking beyond the traditional crypto exchange model. As AI and blockchain become increasingly intertwined, the companies building the rails for machine-to-machine payments could be just as important as those building the AI itself. If agentic finance becomes mainstream, the future of crypto may be driven as much by autonomous software as it is by human users.☕

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Hong Kong-based HashKey has merged its regional exchanges into a single platform and app, bringing together its Hong Kong, Singapore, Dubai, Bermuda and global operations under one interface. Instead of separate regional exchanges, users will now access one application while the platform automatically applies the relevant local regulatory requirements based on their jurisdiction.

Circle has agreed to acquire IBM's blockchain patent portfolio, adding more than 680 patent families and nearly 1,000 issued patents to its intellectual property portfolio. The deal makes Circle one of the largest blockchain patent holders in the US and strengthens its position as it expands products like USDC and its on-chain financial infrastructure.

Brazilian federal police have launched a major operation targeting an international drug trafficking network accused of laundering billions of dollars through cryptocurrency. Authorities carried out raids across several states, freezing assets and arresting suspects believed to have used digital assets to move illicit funds across borders.

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Me: "I bought the dip." Bitcoin: "Which one?"…