Spark’s Q4 2025 financial report is out!
Below please find the full breakdown of the protocol’s performance, with detailed analysis of revenues, costs, and treasury growth.
Key highlights:
- Gross protocol returns: $45.4M (aggregate returns across all protocol components)
- Net protocol returns: $9.87M (gross returns less cost of capital)
- Net protocol surplus: $6.57M (gross returns less operating expenses)
- Spark Protocol treasury (end of quarter): $43.22M
- $4M strategic investment in Arkis
Let’s dive in 🧵

Twitter

Author: Xie Zhaoqing, Tencent Finance "Deep Dive" The cryptocurrency market has given back all the gains brought by Trump's inauguration, experiencing an epic crash that has brought back the word "risk," temporarily forgotten by greed, to stare at all investors with its most menacing face.

Over the past week, Bitcoin experienced its biggest weekly drop in three years. February 5th was an unexpected day for crypto market investors: Bitcoin fell by 13%, marking its largest single-day drop since June 2022, and briefly dipped below $61,000 in the early hours of February 6th.

In this sharp correction...

Cryptocurrency Crash: Veteran Crypto Yi Lihua Loses $700 Million in a Week

Original article | Odaily Odaily(@OdailyChina)
Author｜Azuma (@azuma_eth)
In 2014, CZ, who had only been exposed to the concept of cryptocurrency for a year, made the most daring investment of his life—selling his apartment in Shanghai and "All In" on about 1,500 BTC for a three-figure price. Twelve years later, if CZ had never sold, this investment would have brought in a substantial profit of hundreds of millions of dollars (peak return of about $189 million).
Compared to the later establishment of Bina...

The day CZ missed his best investment, Crypto missed out on AI.

BitMEX co-founder Arthur Hayes publicly spoke to Multicoin Capital on the X platform [...]
The article, "Arthur Hayes Bets on Multicoin Founder: HYPE Will Outperform All Altcoin in Six Months with a $100,000 BET," was originally published on BlockTempo, the most influential blockchain ABMedia media.