Wintermute said it has enabled OTC trading for tokenized gold products Tether Gold and Paxos Gold for institutional clients. The firm reported $126 billion in tokenized gold volume in Q4 2025 and, per CEO Evgeny Gaevoy, projects the market could reach $15 billion in 2026, amid debate over what this means for Bitcoin.

Bitwise CIO Matt Hougan says the market slipped into a disguised bear phase in January 2025 as large institutional demand offset underlying weakness. He estimates 744,000 BTC, about $75 billion, were absorbed, leaving major assets down 10–20% while many retail-led altcoins fell 60–75%, and he expects stabilization to form into early 2026.

The state of Nevada has filed a civil enforcement lawsuit against prediction market firm Kalshi in state court after the U.S. Court of Appeals for the Ninth Circuit denied Kalshi's request to block state regulatory action. Kalshi is seeking to move the case to federal court, arguing it falls under the exclusive jurisdiction of the Commodity Futures Trading Commission, while Nevada's gaming regulator claims the firm offers unlicensed sports wagering in violation of state law. The dispute follows a cease-and-desist order issued last year that led to earlier federal court proceedings over Kalshi's sports event contracts.

U.S. Commodity Futures Trading Commission Chair Mike Selig stated in a Tuesday video that the agency, not individual states, holds primary authority over event‑contract and prediction‑market platforms such as Polymarket and Kalshi, and pledged to defend that jurisdiction in court. His remarks follow state-level enforcement actions, an adverse federal ruling in Nevada that is under appeal, growing interest from firms including Coinbase and Trump Media & Technology Group, and sharp criticism from Utah Governor Spencer Cox and Senator Elizabeth Warren.

Bitwise and GraniteShares filed prospectuses with the U.S. SEC on Tuesday for six prediction market-style ETFs, according to the filings. The funds would track binary event contracts on CFTC-regulated exchanges, settling at $1 or $0, with exposure to outcomes across the 2026 congressional races and the U.S. presidential election on November 7, 2028.

Over the past 30 days, tokenized real-world assets on public blockchains rose 13.5%. Ethereum leads with about $178.9 billion in tokenized value, while Solana, BNB Chain, and Arbitrum also expanded; Ethereum added $1.7 billion in the period. Tokenized U.S. Treasuries exceed $10 billion as investors tilt toward yield.

Trading platform eToro saw its shares close 20.4% higher at $33.07 on Tuesday after posting a fourth-quarter 2025 earnings beat, with results largely powered by its crypto business. The firm reported Q4 net income of $68.7 million, earnings per share of $0.71 and revenue of $3.87 billion, most of which came from $3.59 billion in crypto-related revenue, while full-year figures also showed solid growth.

On February 18, 2026, the Commodity Futures Trading Commission submitted an amicus brief to the Ninth US Circuit Court of Appeals asserting that it holds sole federal authority over prediction markets. The filing supports Crypto.com in a dispute with the Nevada Gaming Control Board over sports event contracts and argues that event contracts are commodity derivatives governed by the Dodd-Frank Act rather than gambling products. The clash with multiple US states, where nearly 50 cases target firms offering event contracts, has turned federal versus state control into a central issue for the rapidly growing prediction market sector.