Core Insights - Ledger is preparing for a US IPO, potentially valuing the company at over $4 billion, more than double its 2023 valuation [4] - The company has hired major investment banks, including Goldman Sachs, Barclays, and Jefferies, to assist with the IPO process [4][6] - Ledger is rebranding from "hardware wallet" to "signers" to position itself as a key player in the "Internet of Value" [7] Company Overview - Ledger has emerged as a popular hardware wallet provider, allowing users to self-custody their crypto assets securely [1] - The company experienced a significant increase in revenue, reaching triple-digit millions in 2025 [6] Industry Context - The US regulatory environment for crypto has become more favorable, particularly after the approval of the GENIUS Act in July 2025 [5] - The planned IPO comes at a time when investors are seeking exposure to crypto infrastructure without the volatility associated with holding cryptocurrencies [8]

Core Insights - The entry of institutions into the crypto market necessitates heightened caution, particularly regarding compliance and the need for regulated custodians to secure assets [1] - BitGo's public investment listing has generated excitement in both retail and institutional communities, marking it as the first major crypto company to list on a US exchange in 2026 [3][6] - Despite the positive reception of BitGo's IPO, Bitcoin's price remained stable at around $90,000, indicating a cautious market response [4] Company Overview - BitGo is a crypto custodian that manages over $100 billion in assets under custody, providing high-security storage solutions for hedge funds, exchanges, and ETFs [5] - The company raised over $212 million through its IPO by selling 11.8 million Class A shares, with shares debuting at $18, indicating strong demand [7][6] - The IPO was led by major financial institutions including Goldman Sachs and Citigroup, with additional support from Deutsche Bank and Mizuho [8] Market Implications - BitGo's successful IPO serves as a litmus test for other crypto firms, with major players like Grayscale and Kraken closely monitoring its market reception as they consider their own public listings [6] - The strong demand for BitGo shares reflects Wall Street's appetite for crypto infrastructure, even amid a changing regulatory environment [7]

In H2 2025, COIN, the stock behind Coinbase, one of the world’s largest crypto exchanges, tanked by nearly -50%. Starting off 2026 decently, is Coinbase ready to defy gravity? Looks like so. After days of sideways chop, there are hints of strength. On Monday, COIN jumped by about +8% after Goldman Sachs upgraded COIN from “neutral” to “buy” and raised its 12‑month target from $294 to $303. The stock traded around $255 after the move, which implies roughly +18% upside if Goldman’s new target plays out. ...

BlackRock’s (NYSE: BLK) latest global outlook makes one thing clear: crypto is no longer being treated as a speculative side bet, but as infrastructure quietly reshaping how money moves. In its 2026 outlook, the world’s largest asset manager describes digital assets, especially stablecoins, as infrastructure underpinning payments and settlement - effectively the financial system’s plumbing. Instead of focusing on price action or hype cycles, BlackRock’s framing centers on function. The firm argues that ...

Core Thesis - IREN Limited is positioned as a compelling investment opportunity due to its strong presence in the crypto infrastructure and cloud service provider markets, with a current share price of $47.81 and trailing and forward P/E ratios of 27.48 and 40.82 respectively [1][2] Business Model and Market Position - IREN operates a vertically integrated data center business in Australia and Canada, focusing on co-location deals priced at $1.75 million per MW, with potential to achieve $7 million+ per MW as a neocloud operator [2] - The company's superior land portfolio and integrated model position it to potentially surpass competitors like CRWV in market capitalization, suggesting a possible 5x upside to reach parity [3] Financial Projections - By 2026, IREN is projected to generate significant EBITDA across various segments: $1 billion from BTC mining, $800 million from 200 MW of co-location deals at $4 million per MW, $1 billion from 60,000 GPUs in Canada, and $1.7 billion from 100,000 GPUs in Texas [4] - These projections indicate an enterprise value of approximately $68 billion to $75 billion, derived from $6 billion from BTC mining, $8 billion from co-location, and $54 billion from CSP operations [4] Price Target and Investment Potential - Depending on CAPEX financing and deployment strategy, the price target for IREN in 2026 ranges from $150 to $300 per share, with a long-term outlook exceeding $550, reflecting the company's operational scale and favorable monetization of its infrastructure [5] - IREN represents a unique investment opportunity where strategic positioning, vertical integration, and multiple high-margin revenue streams create a highly asymmetric risk/reward profile for investors [5] Historical Performance - The stock price of IREN has appreciated approximately 424.23% since previous coverage, driven by the successful expansion of its compute capacity [6][7]

citadel securities processes 47% of us equity volume. just dropped $500m on ripple at $40b valuation. their first crypto infrastructure bet ever. franklin templeton's xrp etf decision hits in 3 weeks. citadel doesn't deploy half a billion without knowing which way regulatory winds blow. xrp at $0.52. ...

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Mastercard remains on the hunt for potential acquisitions, but the card network’s executives declined Thursday to comment on a report the company may acquire the crypto infrastructure business Zerohash. The card network is in the late stages of talks to buy the startup for as much as $2 billion, the digital magazine Fortune reported Thursday, citing unnamed sourc ...

Mastercard to acquire crypto infrastructure startup Zerohash in deal worth up to $2 billion: Fortune https://t.co/2OXVfIim8E ...

Core Insights - Cathie Wood's ARK Invest is experiencing significant gains in 2025, with the ARK Innovation ETF (ARKK) up over 57% year-to-date, ARK Next Gen Internet up nearly 65%, and ARK Autonomous Tech & Robotics up 47%, all outperforming the S&P 500's 15% total return [1] Group 1: Investment Strategy - Cathie Wood's investment approach is characterized by large bets on disruptive technologies and a willingness to endure market volatility, which has aligned well with current narratives in AI and software [2] - ARK Invest has made substantial investments in Chinese tech companies, particularly Alibaba and Baidu, indicating confidence in the recovery of China's tech sector [3][4] Group 2: Recent Transactions - On October 2, ARK Innovation ETF purchased 45,478 shares of Baidu for $6.25 million and 14,453 shares of Alibaba for $2.64 million, reflecting a strategic focus on Chinese tech leveraging AI [4] - ARKQ, the Autonomous Technology & Robotics ETF, also made a smaller investment in Kodiak, a robotaxi company, indicating diversification within the tech sector [5] Group 3: Portfolio Adjustments - ARK trimmed its position in Roku by selling 64,782 shares worth $6.71 million, despite Roku's 39% year-to-date rally, suggesting a cautious outlook on the streaming platform [6] - ARK exited 44,209 shares of Brera Holdings for $1.09 million, securing profits after a 320% surge, following significant investments in the company for its pivot into crypto infrastructure [7] Group 4: Recent Activity in Chinese Tech - In the last 30 days, ARK has made multiple purchases in Baidu and Alibaba, reinforcing its commitment to Chinese tech, with significant buys recorded on September 22 and 30 [8][9]

Regulatory Advantage - Double Zero (代号 $2Z) 获得 SEC 无异议函花费 18 个月和 200 万美元法律费用，竞争对手复制需要相同的时间 [1] - $2Z 在加密基础设施领域获得 18 个月的监管垄断期 [1] Institutional Adoption - Coinbase 和 Galaxy 已经运行验证器，因为合规部门已批准 [1] - 机构在部署前需要 3-6 个月的内部审查 [1] Strategic Implication - 行业应抢先应对合规滞后 [1]