Core Insights - Lachlan Murdoch's recent financial maneuvers indicate a significant consolidation of power within Fox Corp. and News Corp., controlling approximately one-third of the voting shares in both companies [1][2] - The establishment of a new holding company, LGC HoldCo, involved a $1 billion loan from JPMorgan Chase to facilitate the buyout of his siblings' stakes, with a total transaction value of $3.3 billion [2][3] - The resolution of the family trust dispute allows Lachlan to solidify his leadership role, following a court ruling that favored his siblings in a challenge against their father's attempts to concentrate power [4][5] Company Performance - Fox Corp. reported a 7% increase in advertising revenue to $1.1 billion in the latest quarter, contributing to an overall revenue of $3.3 billion and a net income of $720 million, which doubled year-over-year [15] - The growth in Fox's revenue is attributed to its streaming service Tubi and Fox News, with projections indicating significant future revenue from non-cable TV sources [16] - News Corp. exceeded analyst expectations with $2.1 billion in revenue, driven by a 6.7% increase in quarterly revenue at Dow Jones and a 9% rise in digital-only subscriptions [18] Strategic Moves - Lachlan's leadership has seen successful acquisitions, such as the majority stake in fintech Credible and the ad-supported streaming service Tubi, which has grown to over 100 million monthly users [12][13] - The digital real estate unit, including REA Group, reported a 4% year-over-year revenue increase, indicating a stable performance in a mature media environment [19] - Discussions around a potential merger between News Corp. and Fox Corp. were deemed "not optimal" for shareholders, reflecting ongoing concerns about asset valuation and market performance [20][21]

Core Viewpoint - BitGo, a crypto custody provider, has filed for a U.S. initial public offering (IPO) to capitalize on renewed institutional interest in digital asset infrastructure under a favorable regulatory environment [1] Company Overview - BitGo reported $90.3 billion in assets on its platform as of June 30, 2025, serving over 4,600 institutional clients and 1.1 million users across 100 countries [2] - The company supports custody for more than 1,400 digital assets and offers $250 million in insurance coverage, alongside SOC 1 and SOC 2 audits [2] IPO Structure - The IPO will allow co-founder and CEO Michael Belshe to maintain control through dual-class shares, with Class B shares granting him 15 votes each compared to one vote for Class A stock, qualifying BitGo as a "controlled company" under NYSE rules [3] Regulatory Developments - BitGo's public filing follows its expanded license from Germany's BaFin, allowing it to provide custody, trading, staking, and transfers under the EU's new MiCA framework [4] - The IPO coincides with U.S. and European banks re-entering the digital custody space, with U.S. Bancorp relaunching its crypto custody business and Deutsche Bank planning to offer custody for cryptocurrencies starting next year [5][6] Financing and Valuation - BitGo secured financing with only a minor valuation decrease compared to prior expectations, raising $100 million at a $1.75 billion valuation in August 2024 [7] - The firm had previously raised $42.5 million in a Series B funding round in 2017 [7] Historical Context - BitGo had previously explored going public in 2021 through an acquisition by Galaxy Digital, which was terminated in August 2022 due to BitGo's failure to provide audited financial statements [8]

Core Viewpoint - BitGo has filed for an initial public offering (IPO), becoming the first dedicated crypto custodian to seek a listing on a US stock exchange, which signifies a significant step in the integration of traditional capital markets with digital asset infrastructure [1][3]. Company Overview - BitGo, based in Palo Alto, was founded in 2013 and is recognized as one of the most established custody platforms in the crypto industry, currently safeguarding $90.3 billion in digital assets for institutional clients globally [3][9]. - The company plans to trade under the ticker "BTGO" on the New York Stock Exchange [3][9]. Financial Performance - In the first half of 2025, BitGo reported $4.19 billion in revenue, nearly quadrupling year-over-year, with a net income of $12.6 million [4][5]. - Although the net income decreased from $30.9 million a year earlier, the substantial revenue growth indicates increasing demand from financial institutions entering the crypto markets [5]. - For the entirety of 2024, BitGo had reported $3 billion in revenue and $157 million in profit [5]. Market Context - The current market environment, characterized by softer regulatory barriers and heightened institutional adoption, presents a unique opportunity for crypto infrastructure providers to enter the public market [6]. - The momentum for crypto-related public offerings is increasing, with notable listings in 2025, including Circle and Etoro [7][8]. Strategic Partnerships - Goldman Sachs and Citigroup are leading the underwriting for BitGo's IPO [6].

According to Reuters, BitGo disclosed in its IPO filing with the U.S. SEC that its revenue reached $4.19 billion in the first half of 2025, nearly quadrupling year-over-year, with a net profit of $12.6 million. Founded in 2013, BitGo is one of the largest crypto custody institutions in the United States and was valued at $1.75 billion in 2023. The company plans to list on the New York Stock Exchange under the ticker BTGO, with Goldman Sachs and Citigroup as lead underwriters.https://t.co/w9zU4coUlB ...

Gemini Space Station is blasting off. The US crypto exchange led by brothers Cameron and Tyler Winklevoss priced its long-awaited initial public offering on Thursday at $28 a share, above the marketed range of $24 to $26. The sale raised $425 million and valued the company at over $3 billion, Reuters reported. Gemini will begin to trade on the Nasdaq, a New York City stock exchange, on Friday under the ticker GEMI. The listing drew investor demand, with bankers halting new orders after bids topped 20 ti ...

HASLINDA: GLOBAL STOCKS ARE LOOKING AT RECORD HIGHS FROM ASIA TO THE U.S., DRIVEN BY HOPES FOR HEAD RATE HUT -- RATE CUTS. WHAT DOES THIS R. O.E. PHORIA MEAN FOR WARNING SIGNS BEING FLASHED BY THE BOND MARKET. I FROM SINGAPORE, THIS IS INSIGHT WITH HASLINDA AMIN.ALIBABA IS NOW DRIVING THE AI RALLY IN SHINY SEX WITH THAT SHARES SURGING ON THE BACK OF A SERIES OF USED TO SHORE UP ITS ARTIFICIAL INTELLIGENCE OFFERINGS. OCBC'S HEAD OF GLOBAL MARKETS RESEARCH AND STRATEGY WILL JOIN US WITH HER ASSESSMENT OF HOW ...

Citigroup has named Shan Li chairman of Japan, Asia North and Australia, based in Hong Kong https://t.co/z1AbVzgYtB ...

Group 1 - Nebius Group plans to raise $3 billion to support growth in its artificial intelligence cloud business following a $17.4 billion deal with Microsoft [1][3] - The financing structure includes a $2 billion private offering of convertible senior notes and a $1 billion underwritten public offering of class A shares [1][2] - Goldman Sachs is the lead book-running manager for the public offering, with Morgan Stanley, BofA Securities, and Citigroup as additional managers [2] Group 2 - Nebius will utilize the raised funds to finance growth initiatives, including acquiring additional compute power and hardware, securing land plots, and expanding its data center footprint [2] - The recent deal with Microsoft involves providing GPU infrastructure capacity over a five-year term, potentially increasing the total contract value to approximately $19.4 billion [3] - Following the Microsoft deal, Nebius's Nasdaq-listed shares surged over 49% to a record high, marking a 245% increase year-to-date, although they experienced a 5.6% decline in pre-market trading [3] Group 3 - Nebius originated from a deal to split the assets of the Russian tech company Yandex [4] - There has been a significant rise in global demand for data center capacity, driven by the adoption of new technologies and the emergence of generative artificial intelligence [4]

Group 1: IPO Details - Gemini Space Station Inc. increased its IPO target to $433.3 million due to oversubscribed demand, raising the price range to $24-$26 per share from the original $17-$19 range [1] - The Winklevoss twins' crypto exchange achieved a valuation of $3.1 billion at the top of the elevated range [1] - Nasdaq committed $50 million in a private placement at the IPO price, contingent on successful closing [1][2] Group 2: Share Allocation and Management - The company maintains its 16.7 million share offering despite the significant price increase [3] - Goldman Sachs and Citigroup are leading the offering as bookrunners, with trading expected on the Nasdaq Global Select Market under the ticker GEMI [3] - Gemini allocates 20% of IPO shares for long-standing users, management, employees, and retail investors through platforms including Robinhood, SoFi, and Webull [3][4] Group 3: Company Background and Services - Founded in 2014 by Cameron and Tyler Winklevoss, Gemini now manages over $18 billion in platform assets [4] - The exchange offers various services including crypto trading, USD-backed stablecoin, digital asset custody, staking services, and crypto rewards credit cards [4] - The IPO follows Circle Internet Group's successful $1.2 billion public debut in June, which raised $583 million in net proceeds [4][5] Group 4: Financial Performance - Gemini reported a net loss of $282.5 million on total revenue of $68.6 million for the six months ending June 30, with losses increasing from $41.4 million on $74.3 million in revenue during the same period last year [6] - Despite the deteriorating financial performance, strong investor demand for the IPO remained unaffected [6] Group 5: Competitive Positioning - Gemini competes with larger global rivals like Coinbase and Binance, as well as traditional financial institutions entering crypto services [7] - The company positions itself as an institutionally friendly platform through strict security protocols and regulatory partnerships [7] - Revenue streams include trading fees, custody services, stablecoin operations, and staking commissions [7] Group 6: Business Model and Challenges - The business model relies heavily on crypto market activity and trading volumes, which fluctuate significantly with market conditions [8] - Operating expenses continue to exceed revenue as the company invests in technology infrastructure, regulatory compliance, and geographic expansion [8]

Core Viewpoint - Smithfield Foods, a subsidiary of WH Group, is conducting a secondary offering of 19,531,698 shares at a price of $23.25 per share, with the offering expected to close on September 8, 2025, subject to customary closing conditions [1] Group 1 - The shares are being sold by SFDS UK Holdings Limited, an indirect wholly-owned subsidiary of the company [1] - SFDS UK has granted underwriters a 30-day option to purchase up to 2,929,754 additional shares at the public offering price, less underwriting discounts and commissions [1] - Smithfield Foods will not sell any shares in the offering and will not receive any proceeds from the sale of shares by SFDS UK [1] Group 2 - Morgan Stanley, BofA Securities, and Barclays are acting as joint book-running managers for the offering [1] - Goldman Sachs & Co. LLC, Citigroup, and BNP Paribas are serving as co-managers for the offering [1]