Core Insights - Franklin Resources, Inc. (BEN) and Binance have launched a new off-exchange institutional collateral program to enhance the safety and capital efficiency of digital asset trading, stemming from their strategic partnership announced in September 2025 [1][9] Group 1: Program Details - The program allows eligible institutional clients to use tokenized money market fund shares from Franklin's Benji Technology Platform as collateral for trading on Binance [2] - The custody and settlement infrastructure for this collaboration is supported by Ceffu, Binance's institutional crypto-native custody partner [2] Group 2: Rationale and Benefits - This initiative addresses a significant challenge for institutional crypto traders, as traditional collateral usage required asset transfers to exchanges, increasing custody and counterparty risks [3] - The value of tokenized money market fund shares is reflected in Binance's trading system while the actual assets are securely held off-exchange, allowing institutions to earn yield on their holdings while backing digital asset trades [4] Group 3: Statements from Executives - Roger Bayston, head of Digital Assets at Franklin Templeton, emphasized that the program allows clients to utilize their assets in a regulated environment while earning yield [5] - Catherine Chen, head of VIP & Institutional at Binance, noted that using traditional financial instruments on-chain creates new opportunities for investors and enhances market efficiency [5] Group 4: Strategic Implications - The collaboration strengthens Franklin and its Benji platform by integrating tokenized money market funds into the digital market, bridging traditional finance and digital assets [6] - For Binance, the initiative supports safer trading and attracts traditional financial institutions, meeting the demand for stable, yield-generating collateral with 24/7 settlement [7] Group 5: Market Performance - Shares of Franklin Resources (BEN) have increased by 23.6% over the past three months, contrasting with a 1.4% decline in the industry [8]

Core Viewpoint - BitGo Holdings is targeting a valuation of up to $1.96 billion in what could be the first cryptocurrency initial public offering (IPO) of 2026, with share pricing set between $15 and $17 [1] Company Overview - BitGo is offering approximately 11.8 million shares, potentially raising up to $201 million at the upper end of the pricing range, with Goldman Sachs as the lead underwriter and Citigroup managing the offering [2] - The company estimates its revenue for the end of 2025 to be around $16.05 billion, a significant increase from $3.08 billion in 2024, primarily driven by digital asset trading [3] Financial Performance - BitGo's operations generated $2.6 million in income for the first nine months of 2025, with net income reaching $35.3 million after accounting for unrealized gains on digital asset holdings [3] Regulatory Developments - The IPO follows BitGo's receipt of conditional approval from the Office of the Comptroller of the Currency on December 12, 2025, allowing it to convert to a nationally chartered trust bank [4] - BitGo was one of five crypto firms to receive federal charter approvals on that day, with the CEO describing the approval as a landmark step for financial infrastructure [5] Market Position and Governance - Assets on BitGo's platform dropped 22% in Q4 2025 to $81.6 billion from $104 billion in Q3 2025, with approximately 80% of assets concentrated in five tokens, including Bitcoin at 42.8% [6] - BitGo will operate as a "controlled company" under NYSE rules, with CEO Michael Belshe holding about 55.5% of voting power through a dual-class share structure despite owning roughly 7.7% economic interest [6] Industry Context - Kraken filed confidentially for a US IPO in November 2025 after raising $800 million at a $20 billion valuation, targeting Q1 2026 for its offering [7] - BitGo intends to list on the New York Stock Exchange under the ticker symbol "BTGO" [7]

Core Insights - Ripple is expanding its institutional services in the U.S. by launching digital asset spot prime brokerage services following the acquisition of Hidden Road, now rebranded as Ripple Prime [1][2] - Ripple Prime aims to provide U.S.-based institutions with access to over-the-counter (OTC) spot execution for various cryptocurrencies, including XRP and RLUSD [2] - The integration of Ripple's blockchain expertise with Hidden Road's prime brokerage capabilities allows for efficient execution of complex trading strategies in a regulated environment [3] Institutional Trading Platform - The platform covers multiple asset classes, including foreign exchange (FX), digital assets, derivatives, swaps, and fixed income, enhancing the trading capabilities for institutional investors [3] - Ripple Prime's OTC spot functionality allows clients to cross-margin their holdings and trades across various digital asset instruments, streamlining account management [4] Addressing Institutional Challenges - The prime brokerage model addresses key challenges in the crypto space, such as fragmented liquidity and collateral inefficiency, by integrating spot and derivative markets [5] - Ripple's entry into U.S. prime brokerage signifies a milestone in the crypto industry's maturation, responding to the increasing demand for regulated and efficient digital asset services [6] Broader Ecosystem Integration - Ripple Prime's infrastructure is part of a larger ecosystem that includes Ripple Payments and Ripple Custody, designed to enhance liquidity, settlement efficiency, and compliance for institutional clients [7]

Core Insights - The execution of the first-ever over-the-counter cryptocurrency options trade between DBS Bank and Goldman Sachs marks a significant advancement in integrating digital assets into traditional finance [1] Group 1: Trade Details - The trade involved cash-settled Bitcoin and Ether options, designed to help both banks hedge exposures related to crypto-linked products [2] - DBS reported that its clients executed over $1 billion in crypto options and structured note trades in the first half of 2025, with trading volumes increasing nearly 60% quarter-over-quarter [4] Group 2: Institutional Demand - Goldman Sachs anticipates increased institutional demand for crypto derivatives, indicating a new phase in the evolution of digital asset markets [5] - The collaboration between DBS and Goldman Sachs lays the groundwork for an interbank crypto options market, with expectations of growing demand as financial institutions seek compliant exposure to cryptocurrencies [5][6] Group 3: Market Integration - Major crypto firms are pursuing closer integration with the US banking system, as evidenced by Crypto.com joining other firms in seeking US federal bank charters [7] - Regulatory support for cryptocurrency entities in the US is highlighted by recent political developments, including a controversial pardon related to Binance [7]

Core Insights - Deribit, a crypto derivatives exchange acquired by Coinbase, is collaborating with Komainu to enable continuous trading for institutions without moving assets off custody [1][2] - The partnership integrates Deribit with Komainu Connect, allowing institutional clients to trade while keeping their funds within Komainu's regulated custody, addressing counterparty and settlement risks [2][4] - The crypto derivatives market is moving towards mainstream financial adoption, with expectations of increased institutional participation from Europe and the U.S. [3] Company Insights - Komainu, supported by Laser Digital and associated with Nomura, provides secure, bankruptcy-remote segregated wallets and accommodates various collateral types, including tokenized Treasury funds and staked ether [4] - The integration between Deribit and Komainu is aimed at fulfilling the growing demand for secure and compliant digital asset trading among institutions [4] - Deribit's chief commercial officer emphasized the importance of security and efficiency for clients, highlighting the benefits of the partnership with Komainu [5]

Core Insights - CME Group will launch 24/7 trading for its cryptocurrency futures and options products in early 2026, pending regulatory review, to meet increasing client demand for continuous risk management in the cryptocurrency market [1][8] Client Demand - Tim McCourt, global head of equities, FX, and alternative products at CME Group, highlighted the necessity of aligning regulated markets with the fast-paced digital asset sector to cater to client needs [2][3] Trading Operations - The cryptocurrency futures and options will trade continuously on the CME Globex platform, with only a two-hour weekly maintenance pause scheduled over the weekend [3] - Any trades conducted during weekends or holidays will be recorded with the following business day as the official trade date, ensuring consistent clearing, settlement, and regulatory reporting [4] Market Activity - CME Group reported record growth in its cryptocurrency derivatives complex, with notional open interest reaching $39 billion in September 2025 [5] - August 2025 saw an average daily open interest of 335,200 contracts, a 95% year-on-year increase, representing $31.6 billion in notional value, and an average daily trading volume of 411,000 contracts, a 230% increase from the previous year, equivalent to $14.9 billion in notional value [6] Market Expansion - CME Group offers a wide range of benchmark products across various asset classes, including digital assets, and operates through CME Globex, BrokerTec, and EBS, supported by CME Clearing [7] - The introduction of continuous trading for cryptocurrency products reflects the growing maturity of digital assets and strengthens CME's role as a bridge between traditional finance and the 24/7 nature of the crypto economy [8]

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on January 25, 2023 Registration No. 333-267568 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 6 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Iris Energy Limited (Exact name of registrant as specified in its charter) Not Applicable (Translation of registrant's name into English) Australia 6799 Not applicable (State or other jurisdiction of incorporation or organization) (Prima ...