As we close out 2025 and look ahead to 2026, we find ourselves at a historic inflection point for the Bitcoin economy and, in turn, for Stacks. Bitcoin's "Digital Gold" narrative has evolved, driving institutional appetite at an unprecedented velocity. Near the start of the year, we launched the Stacks Asia Foundation with a clear mission: to deepen relationships across Asia and the Middle East and make Bitcoin the most productive asset in the world.

2025 was characterized by the first meaningful scaling of Bitcoin-native assets on Stacks. Following the 2024 Nakamoto Upgrade, the measured rollout of sBTC reached a milestone of 5,000 BTC in productive use nearly instantaneously as safety caps were removed. This was further bolstered by the launch of Dual Stacking, enabling native BTC yield, and core upgrades like Clarity 4, which brought near-real-time finality to the network. Our institutional footprint expanded via Circle, BitGo, Hex Trust, Copper, and others, while market presence reached new heights through the Coinbase 50 Index (#22) and the public trading of the Grayscale® Stacks Trust.

Through these strategic milestones and a relentless global tour, Stacks helped turn Bitcoin into a programmable, yield-bearing engine for institutional finance. Yet, while it is clear that the era of productive Bitcoin is here, we have far more to do. With our infrastructure solidified, the recent announcement of the SIP-031 funding marks a pivotal shift from building core infrastructure to strategically preparing for large-scale capital deployment. We are now standing at the edge of the next frontier, ready to jump into active market expansion and deep institutional integration.

But before we begin, let's first look at how we worked to establish that footprint through our 2025 efforts in Asia and the Middle East.

A Regulatory First: The ADGM Milestone
One of our defining moments this year was our official registration within Abu Dhabi Global Market (ADGM). Operating as the Stacks Asia DLT Foundation, we became the first Bitcoin-based foundation recognized under ADGM's pioneering Distributed Ledger Technology (DLT) framework.

This wasn't just a paperwork victory; it was a signal to global institutions that Bitcoin Layer 2s are ready for prime time. By establishing a home in the UAE’s Capital, Abu Dhabi, we have created a regulatory-compliant bridge between the emerging Middle East, the U.S. capital markets, and Asia's technical builders.

Strategic Partnerships: Bridging Capital and Markets with EVG, Aspen, and DeSpread
Our 2025 strategy was built on three pillars: Relationships, Markets, and Adoption. To drive these, we forged deep alliances with the region's most influential players.

• In partnership with Everest Ventures Group (EVG) and Aspen Digital, we published two seminal research reports—Unlocking Bitcoin's Trillions and Demystifying How Bitcoin Capital Is Deployed. These reports, along with several regionally hosted closed-door investor roundtables and webinar series, provided a structured framework for family offices and fund managers looking to transition from passive holding to active BTCFi strategies.
• Continuing a long-standing relationship in the region, the Stacks Asia Foundation collaborated with DeSpread throughout 2025 to maintain Stacks’ presence in South Korea, one of the world's most active markets. This "ground game" focused on local BTCFi education, technical localization, community-driven AMAs, and foundational events like Building on Bitcoin Seoul to ensure the Korean community remained deeply informed and engaged with the evolving ecosystem.

And a special shoutout to Tiger Research, HASHED, Blockdaemon, Hex Trust, Pacific Meta, Presto, Calandan, SNZ, Coin98, and many more incredible regional industry partners who supported the ecosystem in furthering our mission to advance Bitcoin’s future as the most productive asset in the world.

The 2025 Stacks Asia Tour
Throughout the year, we didn't just build from behind a screen; we met the community where they live. Our team spoke at 10+ major conferences, several dozen regional summits, and hosted 5+ investor roundtables in every major financial hub—from New York and Dubai to Hong Kong and Tokyo. To name a few:

The Orange Envelope: A New Standard for Alpha
This year, we launched The Orange Envelope, our premier regional newsletter. It has quickly become a must-read for thousands of subscribers across APAC and MENA, providing deep-dive analysis on everything Bitcoin, from Japan's evolving regulatory landscape to the rise of stablecoins in Southeast Asia.

Through The Orange Envelope, we've also kept our community informed on Stacks' technical advances, the latest ecosystem partnerships, new products (including Dual Stacking, which allows BTC holders to earn enhanced yields), and our integration with Circle's xReserve to bring native USDC liquidity to the Stacks network.

Check out the latest in our December issue.

Looking Ahead: The Era of Bitcoin Utility
We began 2025 with a vision to make Stacks the premier Bitcoin layer in Asia. As we look toward 2026, we are narrowing our lens to three high-ROI target markets to maximize TVL and user stickiness: The United Arab Emirates (UAE), South Korea, and Hong Kong. We look forward to sharing the specific strategic roadmaps for these regions shortly.

While we continue to monitor the high-potential hubs of Japan, Vietnam and others, our immediate mandate is clear: institutional depth and retail velocity. Bitcoin is no longer just waiting for a price move; it is moving the world.

Thank you for building alongside us.

Onward to 2026.