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[SpaceX memo confirms merger with xAI, resulting in a combined valuation of $1.25 trillion]
According to sources familiar with the matter, Elon Musk plans to merge SpaceX with xAI, a move aimed at consolidating his growing strategic footprint in artificial intelligence and space exploration. The deal was announced in a memo, sources said. The combined entity is valued at $1.25 trillion. SpaceX is valued at $1 trillion, and xAI at $250 billion. The merger will be an all-stock transaction.
This move further intertwines Musk's various businesses. He acquired the social media platform Twitter (later renamed X) in late 2022, and subsequently merged it with xAI for $33 billion. xAI also operates the chatbot Grok. The merger with SpaceX will integrate funding, talent, and computing resources, potentially realizing Musk's vision of deploying data centers in space to support complex AI computing.
As previously reported, Reuters, citing sources familiar with the matter, stated that Musk is pushing for a stock-swap merger between SpaceX and xAI to prepare for SpaceX's planned blockbuster IPO. While the deal has not yet been finalized, Musk has already established a merger entity in Nevada, indicating that integration is in its substantive stages. If the merger is completed, SpaceX's rockets and space infrastructure will be deeply integrated with xAI's Grok big data model and X platform data, building an integrated "space + AI" business system.
Tom Lee : Crypto may be bottoming out, and the sell-off is gradually losing momentum.
Tom Lee said in an interview with CNBC's "Squawk Box" on Monday that the sell-off in the crypto market may be losing momentum.
All the conditions are in place, and cryptocurrencies may be bottoming out, Lee said, adding that he believes the fundamentals of the crypto industry remain strong, particularly highlighting the increasingly active Ethereum network. If this is the case, crypto asset prices should subsequently rebound.
Goldman Sachs: Ethereum fundamentals are strong; daily new addresses in January far exceeded those during the DeFi Summer.
After earlier losses on Monday, other cryptocurrencies such as Bitcoin, Ethereum, and Solana saw a modest rebound. Interestingly, Goldman Sachs noted that despite the weak price performance, on-chain activity painted a different picture, particularly on the Ethereum and Solana networks:
The Ethereum network's daily active addresses, new addresses, and number of transactions increased by 27.5%, 26.8%, and 36.0% respectively compared to the previous period.
Solana's daily active addresses and transaction volume increased by 24.3% and 8.2% respectively compared to the previous period.
Ethereum's daily new address count has hit a record high. In January, the average daily new addresses reached 427,000—compared to an average of 162,000 during the DeFi summer of 2020. Currently, Ethereum has 1.2 million active addresses daily—another all-time high based on a 7-day moving average.
Goldman Sachs also specifically pointed out that Ethereum's current market capitalization is now lower than its realized market capitalization (i.e., the total value calculated based on the price of each token at the time of its last on-chain movement, representing the total cost basis), which means that most ETH holders are currently at a loss.
Timothy Misir, research director at digital asset analytics firm BRN, stated that stable ETF inflows are a key indicator to monitor for cryptocurrencies. Without this support, any rebound is unlikely to be sustainable.
The Chicago Board Options Exchange plans to relaunch binary options in order to enter the prediction market.
According to The Block, the Chicago Board Options Exchange (Cboe) is in early discussions with retail brokers and market makers to relaunch binary options contracts in an effort to compete in the rapidly growing prediction market.
Kalshi and Polymarket saw trading volume reach a record $17 billion in January. Cboe, which launched the product in 2008 but subsequently discontinued it, is now seeking to reposition it through a compliant design as a starting point for retail investors entering the options market. This plan will be subject to regulation by the SEC or CFTC.
HyperCore Proposal HIP-4: Building Native Outcome Trading Infrastructure for On-Chain Prediction Markets
Hyperliquid officially announced on social media that HyperCore will support outcome trading (HIP-4).
The result is reportedly a fully collateralized contract whose settlement price is capped within a fixed range. This is a general-purpose basic trading component suitable for applications such as prediction markets and bounded options instruments. Significant user demand already exists in both of these areas, and developers are likely to create novel applications.
The resulting trading introduced non-linear payoff structures, forward contracts, and a derivatives trading format that does not involve leverage or forced liquidation. This fundamental component expands the expressive power of HyperCore and can be used in combination with other fundamental components such as portfolio margin and HyperEVM.
The results-based trading functionality is still under development and is currently being tested only on the testnet. A standard market based on an objective settlement source will be deployed once the technology is fully developed, and will be denominated in USDH. After collecting user feedback, the infrastructure will be expanded to a permissionless, open deployment model.
Strategy's BTC holdings have a floating profit of $1.332 billion, while BitMine's ETH holdings have a floating loss of $6.5 billion.
According to on-chain analyst Ember, Bitcoin treasury firm Strategy (MSTR) purchased 855 BTC last week at $87,974 (US$75.22 million). They now hold a total of 713,502 BTC (US$5.4263 billion), with an average cost of $76,052 and a paper profit of US$1.332 billion.
Ethereum treasury firm BitMine purchased 41,787 ETH last week at approximately $2,601 each ($108 million). They now hold a total of 4,285,125 ETH ($9.941 billion), with an average cost of $3,837, resulting in a paper loss of $6.5 billion.
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