Core Viewpoint - Gemini has raised its IPO price range to $24 to $26 per share, aiming for a valuation of approximately $3.2 billion and targeting to raise around $435 million [1][2]. Group 1: IPO Details - The initial public offering (IPO) price range has been increased from $17 to $19 to $24 to $26 per share [1]. - The total share count remains at 16.7 million, which means at the top end of the new price range, Gemini would raise roughly $435 million, an increase from the previous target of about $317 million [1][2]. Group 2: Institutional Support - Nasdaq has committed to invest $50 million in the IPO, indicating strong institutional backing for Gemini as it prepares to go public under the ticker GEMI [3]. - This partnership is viewed as a sign of confidence in Gemini's long-term prospects and reflects Wall Street's increasing acceptance of digital asset platforms [3]. Group 3: Market Context - The IPO is occurring amidst a surge of fintech listings and a renewed interest in digital asset companies [4]. - Investor enthusiasm for Gemini's IPO will depend on the company's ability to stabilize its finances while navigating a changing regulatory landscape [4]. Group 4: Regulatory Challenges - The IPO is set against a backdrop of regulatory controversy, particularly involving allegations against Tyler Winklevoss by CFTC nominee Brian Quintenz [5]. - Quintenz disclosed private messages showing Winklevoss's attempts to influence his confirmation regarding a long-standing dispute with the CFTC, which adds pressure on Gemini as it seeks to assure investors and regulators of its stability [6].

Core Insights - American crypto exchange Gemini has increased its expected IPO share price to a range of $24-26, potentially valuing the firm at over $3 billion upon market entry [1] - The firm plans to offer 16,666,667 common shares of GEMI at the updated price range, up from an initial expectation of $17-19 [1] Company Positioning - Founders Tyler and Cameron Winklevoss emphasized the transformative nature of digital assets in a letter, stating that Gemini is building a "super app" for the crypto frontier and is uniquely positioned for future contributions [2] - The exact date for the IPO remains unspecified, but the firm aims to proceed "as soon as practicable" following the effective filing date [2] Market Context - Gemini's IPO intentions were first announced in June, following the successful IPO of stablecoin issuer Circle, which also increased its offering price due to high demand [3] - The IPO is being underwritten by major financial institutions including Goldman Sachs, Cantor, and Morgan Stanley, with GEMI set to trade on Nasdaq [3] Share Allocation - The firm has requested that 10% of the IPO shares, approximately 1.67 million shares, be reserved for a directed share program aimed at specific individuals and entities [4] - Additionally, Gemini has entered into an agreement with Nasdaq Inc. to sell $50 million worth of shares at the IPO price, minus underwriting discounts and commissions [4]

Gemini, the crypto exchange run by Tyler and Cameron Winklevoss, has boosted the price range for its planned Friday IPO, the company said in an updated S1 filing on Tuesday. The firm now expects to sell 16.67 million shares between $24 and $26 each in the public offering versus the previous range of $17-$19. At the high end of the new range, Gemini would raise more than $430 million at about a $3.1 billion valuation. Goldman Sachs, Citigroup, Morgan Stanley and Cantor are the lead underwriters on the IPO ...

Core Insights - Franklin Templeton and Binance announced a partnership to develop new digital asset products, aiming to enhance regulatory standing and market offerings [1][3] - The collaboration combines Franklin Templeton's asset management expertise with Binance's trading infrastructure, which handled an average daily volume of $36.6 billion in Q1 2025 [3] - The partnership is expected to accelerate the adoption of tokenized securities, particularly in fixed income and alternative investments [6] Company Overview - Franklin Templeton manages $1.6 trillion in assets and has been active in the blockchain space, previously launching tokenized money market funds [3][4] - Binance is the world's largest crypto exchange with over 275 million users and is focused on connecting crypto with capital markets as part of its compliance strategy [1][5] Strategic Implications - The partnership positions Franklin Templeton to compete with major players like BlackRock and Fidelity in the digital asset space [6] - Executives from both firms emphasized the need for reliable solutions for investors curious about digital assets [5] - Specific product details from the collaboration are yet to be disclosed, indicating ongoing developments in the partnership [6][7]

Core Insights - Kraken has launched xStocks, a tokenized securities trading product aimed at European investors, facilitating access to popular stocks and ETFs [1] - xStocks are available exclusively to EU-based clients who meet specific criteria and are not registered under the U.S. Securities Act, thus cannot be sold to U.S. persons [2] - Each xStock token mirrors the market price of real-world U.S. stocks and ETFs, backed 1:1 by the underlying security, but does not confer shareholder rights [3] Product Offering - Kraken initially offers 60 assets through xStocks, including 55 stocks and 5 ETFs, featuring well-known companies like Tesla, Apple, and GameStop [4] - xStocks can be traded 24/5, with plans for weekend trading support, enhancing accessibility beyond traditional market hours [5] - The minimum investment for xStocks is set at €1, allowing broader participation from retail investors [5] User Control and Security - Kraken supports self-custody of xStocks, enabling users to withdraw holdings to compatible on-chain wallets, ensuring direct control over assets [6] - xStocks are secured through audited reserves and robust custody arrangements, with plans to expand support for additional blockchain standards [7] Industry Trends - The rise of tokenized securities reflects a growing trend in real-world asset (RWA) tokenization, aiming to modernize markets by combining traditional asset stability with blockchain efficiency [8] - Initiatives like Kraken's xStocks may significantly alter how global investors engage with equities and digital finance [8]

Bullish (BLSH) secured a regulatory victory this week as its German subsidiary obtained a license under the European Union's Markets in Crypto-Assets Regulation (MiCAR) from BaFin, Germany's financial regulator. This approval allows Bullish to capitalize on Europe's rapidly growing institutional demand for regulated digital asset trading. The MiCAR license enables Bullish to operate across the entire European Union under regulatory oversight, addressing concerns about compliance and security. With headqua ...

Market Overview - The S&P 500 has shown a year-to-date increase of just under 10%, recovering from a drop of nearly 14% in April due to various market factors [1][2] - Gold has emerged as one of the best-performing assets in 2025, with a year-to-date increase of 36%, significantly outperforming Bitcoin, which is up 21% [2][3] - Newmont Mining's stock has more than doubled year-to-date, making it one of the few S&P 500 constituents to achieve such growth [2] Gold Market Insights - Newmont Mining's profitability remains strong, with production costs significantly lower than the current gold prices, trading at about eight times enterprise value to EBITDA [3] - Market volatility tends to favor gold and similar assets, with factors such as tariff fluctuations and interest rate uncertainties contributing to gold's price increase [4][5] Figma's IPO and Earnings Report - Figma's stock has declined approximately 17% following its earnings report, reflecting concerns over decelerating growth, with revenue growth dropping from 46% at IPO to 41% in the latest quarter, and an expected 33% for the next quarter [8][9] - The net dollar retention rate has also decreased from 132% at IPO to 129%, indicating a slowdown in customer spending growth [8][9] - Figma's valuation remains high at around 26 times expected revenue, raising concerns about future growth sustainability [9][10] Upcoming IPOs - Upcoming IPOs include notable companies such as Gemini, a crypto exchange founded by the Winklevoss Twins, which has innovative products but faces a crowded market [15][16] - Black Rock Coffee Roasters is another company going public, showing strong same-store sales growth but has a complex corporate structure that may not be favorable for minority shareholders [16][17] - Figure Technologies aims to innovate lending using blockchain technology, currently focusing on home equity lines of credit, but faces challenges with accounting weaknesses [17][18]

#USELESS coin on one of Indonesia's largest crypto exchanges 👀indodax (@indodax):We are pleased to announce a new Crypto Asset that will be added to the INDODAX marketplace, Useless Coin (USELESS) @theuselesscoin, Aura (AURA) @auracoinsolana, Vine Coin (VINE) @VineCoinproject, Sahara AI (SAHARA) @SaharaLabsAI, AUSD (AUSD) @withAUSD, and Diverge Loop (DLC) https://t.co/spFyyvSKLP ...

Core Insights - Coinbase Global (COIN) is focusing on inorganic growth through strategic acquisitions, enhancing its capabilities and diversifying revenue streams [1] - The recent $2.9 billion acquisition of Deribit positions Coinbase as a significant player in the crypto derivatives market, adding new revenue streams [2] - Acquisitions like Liquifi and One River Digital are expanding Coinbase's reach into tokenization and institutional services, supporting its growth strategy [3][4] Acquisition Strategy - The acquisition of Deribit enhances Coinbase's offerings in futures, options, and perpetual trading, complementing its existing spot exchange [2][8] - The purchase of Liquifi extends Coinbase's capabilities in token management and digital cap table solutions, potentially paving the way for a U.S. launchpad [3] - Previous acquisitions, such as One River Digital, have strengthened Coinbase's institutional offerings and advanced cryptographic expertise [3][4] Financial Performance - Coinbase's revenue mix is diversifying, with subscriptions and services revenues steadily increasing [4] - The company has a robust balance sheet with over $7 billion in cash and digital assets, supporting its acquisition strategy [4] - COIN shares have gained 20.9% year to date, outperforming the industry, although the price-to-earnings ratio of 48.52 is above the industry average of 24.3 [7][8][9] Earnings Estimates - The Zacks Consensus Estimate for COIN's third-quarter 2025 EPS has increased by 10.7%, while the fourth-quarter estimate has decreased by 0.4% [10] - Full-year 2025 EPS estimates have risen by 93.6%, but 2026 estimates have decreased by 6.8% [10][11] - The consensus estimates indicate year-over-year revenue increases for 2025 and 2026, but a decline in EPS for the same periods [11]

Company Overview - Bullish stock surged after its IPO, initially priced at $37 per share, and now trades at approximately $70 per share, with potential to double to $140 based on growth factors [1][4] - The company focuses on institutional investors, combining decentralized finance protocols with centralized platform safeguards, differentiating itself from retail-heavy competitors like Coinbase [4][5] Financial Performance - Revenues increased from $39 million in 2023 to $97 million in 2024, representing over 140% growth [4] - Trading volumes rose significantly to $250 billion in 2024 from $72.7 billion in 2022, with Q1 2025 volumes up another 78% [4] - The company has seen over $1.25 trillion in total trading activity since launch [4] - Despite a net loss in Q1, Bullish projects net income between $106 million and $109 million for Q2, indicating a potential shift to profitability [4] Market Potential - The institutional crypto market is expected to grow significantly, with institutional trades accounting for over 70% to 80% of turnover in equities and bonds [5][6] - The trend is shifting from retail-driven crypto adoption to institutional involvement, aided by the rollout of crypto ETFs and clearer regulations [5][6] - Bullish's focus on Bitcoin and Ethereum trading positions it well to attract long-term investors, potentially reducing volatility compared to retail-focused exchanges [6] Valuation and Future Projections - If revenues grow by about 50% annually over the next four years, Bullish could reach around $500 million by 2028, translating to approximately $200 million in net income [7] - At a valuation of 100x earnings, Bullish could trade at around $20 billion, equating to roughly $140 per share [8] - Comparatively, Coinbase's revenue and net income figures highlight the potential for Bullish to achieve similar margins and valuations in the future [7][8] Timeline for Growth - The projected timeline for achieving the high-return scenario is around four years, with stock price responding positively to revenue expansion and margin improvements [9]