Registration No. 333-289870 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 As filed with the Securities and Exchange Commission on December 12, 2025. __________________________________ Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement is declared effective. AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | Delaware | 2085 | 83-4558219 | | --- | --- | --- | | (State or other ju ...

Market Overview - The stock market is experiencing a pullback from record highs, with the Dow down 204 points and the NASDAQ down 1.5% for the week [1][2][3] - The S&P 500 is down about 0.5%, while the Russell 2000 has seen a gain of 1.5% over the last five days [3][4] - The bond market has shown significant movement, with the 10-year yield at 4.19% and the 30-year yield at 4.86%, the highest level in three months [4][5] Sector Performance - Consumer staples and discretionary sectors are showing limited gains, while technology and energy sectors are underperforming, with XLK down 2.7% [5][6] - Broadcom is a major drag on the NASDAQ, down 11.8% after failing to meet high expectations [6][7] Company Highlights - Oracle has denied reports of delaying data center projects for OpenAI, maintaining that all milestones are on track [29] - Wealthfront made its public debut on NASDAQ, raising approximately $485 million with an opening share price of $14 [30] - Costco reported better-than-expected earnings, with comparable sales climbing 6.4%, although membership fees saw a slight decrease [31] Investment Insights - Carvana, Robinhood, and Coinbase have made significant recoveries and are being added to the S&P 500, with Carvana's stock up 11,000% from its lows [13][15][18] - The Fed cut rates by 25 basis points, with expectations for one or two more cuts by the end of the year [20][21] - Analysts suggest that the market is currently focused on the Fed's actions and the implications for inflation and employment [21][22] Future Outlook - Rivian is focusing on developing custom self-driving chips as part of its AI strategy, aiming for a significant shift in transportation technology [33][34] - The bond market outlook for 2026 suggests a potential increase in yields, with a focus on the 5-30 year yield curve [68][70] - Concerns about credit dispersion in the corporate market are rising, with some sectors expected to struggle in 2026 [75][76]

Crypto is well and truly becoming a part of the financial system. On Friday, five crypto companies were granted conditional approval to become national banking charters. The Office of the Comptroller of the Currency, which regulates and supervises all national banks, announced it had conditionally approved applications for USDC issuer Circle’s First National Digital Currency Bank and Ripple National Trust Bank. BitGo, Fidelity Digital Assets, and Paxos Trust Company already have state charters and await ...

Market Overview - Ether dropped more than 3% while Bitcoin slightly increased, maintaining the $90,000 level, as US equities pulled back [2] - For the week, Bitcoin and Ether saw gains of under 1% and nearly 1.5% respectively, while XRP fell under 2% [2] Legal Developments - Doan, co-founder of Terraform Labs, was sentenced to 15 years in prison for orchestrating a $40 billion fraud related to the failed stablecoin TerraUSD [3][4] - In addition to the prison term, he was ordered to forfeit over $19 million from his illegal activities [5] Prediction Markets Coalition - A coalition for prediction markets has been formed, including members like Crypto.com, Coinbase, and Robinhood, aiming to promote safe access to these markets [6] - The coalition reported nearly $28 billion in combined trading volume through October [6] Tokenization Services - The Depository Trust and Clearing Corporation (DTCC) received a no action letter from the SEC, allowing it to offer tokenization services for real-world assets for three years [9][10] - The initial focus will be on tokenizing the Russell 1000 index, treasuries, and ETFs tracking major indices like the S&P 500 and NASDAQ 100 [19][20] Industry Engagement - DTCC aims to engage with member firms to explore blockchain needs and client demands, leveraging the regulatory clarity provided by the SEC [25][30] - The industry is in a discovery phase regarding the integration of blockchain technology, with a focus on maintaining the integrity of the financial services system [29][31]

The Office of the Comptroller of the Currency (OCC) gave the green light on Friday for five crypto companies to have national trust bank charters under certain conditions, bringing some of the industry's biggest players ever closer to the traditional banking sector. Under conditions, the OCC approved applications submitted earlier this year by stablecoin issuer Circle Internet Group (CRCL) and crypto firm Ripple (RIPL.PVT) to establish their national trust banks, First National Digital Currency Bank and R ...

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btw, this was Toly's final testtechnically speaking: Solana is now mainnetno more mainnet beta!beta must officially be dropped from all sitesSolana (@solana):BREAKING: After 3 years of development, Firedancer is now live on Solana Mainnet, and has been running on a handful of validators for 100 days, successfully producing 50,000 blocks 🔥💃 https://t.co/Y0WxxEj2WL ...

Core Insights - Tether is considering tokenizing its stock to provide liquidity for investors and is aiming to raise $20 billion at a $500 billion valuation [1][4] - A shareholder expressed interest in selling at least $1 billion worth of equity at a $280 billion valuation, raising concerns among management about potential impacts on fundraising efforts [2] - Tether's valuation ambitions would place it among the most valuable private companies globally, comparable to OpenAI and SpaceX [4] Company Developments - Tether's management is taking steps to prevent unauthorized sales of equity, emphasizing the importance of following established processes led by Tier 1 global investment banks [3] - The company has seen its USDT stablecoin reserves grow to approximately $186 billion, an increase of $46 billion over the past year [5] - Tether's closest competitor, Circle, went public at a $6.9 billion valuation, which has generated interest in the stablecoin market [4] Investment Interest - Companies like SoftBank and Ark Investment Management are reportedly considering investments in Tether [5] - Tether has not yet provided a timeline for a potential public offering, indicating that strategic decisions are still in development [5]

Core Viewpoint - New Hampshire has approved a $100 million Bitcoin-backed municipal bond, marking the first instance of such a bond being collateralized by cryptocurrency, pending final approval from the governor and state Executive Council [1][2]. Group 1: Bond Structure and Mechanism - The proposed bond structure requires borrowers to post 160% of the bond's value in Bitcoin as collateral, ensuring a buffer against market fluctuations [2]. - A liquidation mechanism is in place to sell the cryptocurrency if its value falls below 130% of the bond's value, protecting bondholders from potential losses [3]. Group 2: Economic and Technological Implications - The bond aims to create a Bitcoin Economic Development Fund through transaction fees, which will be used to invest in business growth and financial innovation programs in New Hampshire [2]. - New Hampshire has positioned itself as a leader in digital finance by being the first state to establish a strategic Bitcoin reserve and allowing the state treasurer to invest up to 5% of state funds in digital assets with a market capitalization of $500 billion or more [4][5]. Group 3: Collaboration and Future Outlook - The bond was developed in collaboration with digital asset companies like BitGo and Wave Digital Assets, indicating a partnership between public and private sectors to unlock the value of digital assets [6][7]. - The initiative is viewed as the opening of a new debt market, showcasing innovative financial solutions that could reshape investment opportunities [7].

Core Insights - The introduction of zero-knowledge privacy on the XRP Ledger (XRPL) is a significant development that allows institutions to conduct transactions with confidentiality while still complying with regulatory requirements [5][26][27] Group 1: Institutional Adoption and Privacy Features - Banks and large corporations are seeking technical privacy solutions rather than relying on policy promises, enabling them to share data only with auditors or regulators when necessary [2][6] - The zero-knowledge proofs technology allows institutions to validate transactions without disclosing sensitive information, enhancing their confidence in using XRPL for sensitive financial flows [3][6] - The planned privacy layer on XRPL arrives at a crucial time, as it enables institutions to settle and audit transactions without exposing sensitive details to competitors [4][5] Group 2: Competitive Advantage of XRPL - XRPL's privacy features run directly on the main network, allowing for fast settlement times of 3-5 seconds without the need for bridges, which is a significant advantage over other blockchain networks [9][8] - Other blockchain solutions often come with trade-offs that hinder institutional adoption, while XRPL's approach provides a cleaner and more efficient path for private transactions [8][9] Group 3: Implications for Financial Operations - The privacy layer enhances the safety of On-Demand Liquidity (ODL) payments, allowing banks to conduct cross-border settlements and treasury operations without revealing their strategies [12][13] - Corporations can manage multi-currency treasury operations privately, which helps in risk management without exposing their financial strategies [13][15] Group 4: Market Outlook and Price Predictions - The potential for XRP to reach a price range of $6-$8 by 2026 is contingent on the successful adoption of privacy features and the expansion of institutional use [21][22][27] - A balanced scenario predicts XRP trading between $3.50 and $4.50, while a bearish outlook suggests a drop to $1.25-$1.50 if economic conditions worsen [23][24]