Core Insights - Arch has introduced TaxShield, allowing Bitcoin holders to convert tax liabilities into income-generating mining hardware through a provision in the U.S. tax code [1][2] Group 1: Tax Benefits and Mechanism - Users can post Bitcoin as collateral for loans from Arch, using the proceeds to purchase mining rigs, which allows for a full deduction of the purchase in the first year [2] - A client with $1 million in taxable income could potentially reduce their federal tax bill by approximately $400,000 while still earning mining rewards in Bitcoin [3] Group 2: Target Audience and Market Position - The offering primarily targets high-income Bitcoin holders, aiming to provide financial services typically available in traditional finance [3][4] - Arch's long-term vision is to evolve into a private bank-like service for crypto holders, offering a comprehensive wealth management platform [5] Group 3: Company Growth and Future Plans - Arch secured $70 million in debt financing and a $5 million equity round to expand its platform [6] - The company plans to launch trading services and is considering additional card products in the near future [6]

The wind-down of defunct crypto lender Celsius coughed up almost $300 million from Tether, according to a Tuesday statement from an entity set up by GXD Labs and VanEck, the Blockchain Recovery Investment Consortium. GXD Labs, a subsidiary of Atlas Grove Partners, and asset manager VanEck established BRIC to "maximize recoveries in complex digital asset bankruptcies like Celsius," they said. BRIC continues to manage a portfolio of illiquid and litigation assets tied to Celsius, the companies said. The joi ...

Core Insights - The rise of Decentralized Finance (DeFi) has significantly impacted lending practices, leading to increased competition between Centralized Finance (CeFi) and DeFi platforms, which has resulted in deteriorating balance sheet quality for several major CeFi players [1][7][8] - The lending market has evolved, with CeFi and DeFi coexisting, each serving different segments of the market, particularly with institutional borrowers favoring CeFi for regulatory clarity [9][10] Group 1: Lending Evolution - Lending against crypto collateral is appealing due to the liquidity of top cryptocurrencies, which can be traded continuously, and the demand for leverage driven by the speculative nature of crypto [3][4] - Historical practices of collateralized lending, such as Lombard lending, have been adapted to the digital asset space, demonstrating the rapid evolution of lending models [4] Group 2: Market Dynamics - The collapse of major CeFi lenders in 2022 highlighted vulnerabilities in the sector, including poor risk management and inadequate collateral, leading to significant losses and bankruptcies [7] - Following the crisis, surviving CeFi lenders have focused on improving risk management and tightening collateral requirements, although the sector remains at about 40% of its 2021 peak [8] Group 3: Future Outlook - The DeFi market has shown resilience and recovery, with on-chain transparency restoring confidence and pushing total value locked (TVL) back toward 2021 levels [8] - CeFi is expected to grow, albeit at a slower pace than DeFi, as institutional borrowers continue to prioritize established financial counterparties due to regulatory concerns [10]

Core Insights - Coinbase has launched a lending product that offers returns of up to 10.8% on USDC deposits, with a temporary boost from DeFi lender Morpho [1][2] - Approximately 6% of the product's returns are derived from Morpho's platform, while an additional 5% is enhanced by the protocol itself [1] - The lending product's competitive yields have raised questions among users, reflecting the lingering concerns from the crypto lending contagion of 2022 [3][4] Product Details - The lending product's advertised return is significantly lower than the 20% returns previously offered by Anchor Protocol before its collapse in 2022 [4] - Morpho operates on Ethereum and Coinbase's layer-2 network Base, allowing users to create customizable markets for overcollateralized loans [6] - Steakhouse Financial is responsible for curating the vaults where users deposit funds, managing risk, and allocating USDC to various markets [6] Performance Metrics - The only vault associated with Steakhouse on Morpho's Base had $24 million in USDC deposits, offering an annual percentage yield of 5.87% and a 25% performance fee [7] - Over 98% of the vault's funds were allocated to lending markets for wrapped Bitcoin and Ethereum, including Coinbase's cbBTC and cbETH products [7]

Group 1 - Bitcoin dominance is currently at 57.79% and is expected to decrease further, despite experts predicting a rise in Bitcoin prices to new highs this year [1][6] - Following a recent Federal Open Markets Committee meeting, Bitcoin's price increased by 1% and reached a peak just below $118,000, marking its highest price in over a month [2][3] - Analysts forecast Bitcoin prices could reach between $140,000 and $145,000 by year-end, driven by rate cuts and a shift of funds into Bitcoin as a safe haven amid expectations of USD devaluation [3] Group 2 - Short-term trends indicate a rotation of traders into altcoins, particularly ahead of anticipated SEC approvals for various crypto ETFs, which may temporarily affect Bitcoin dominance [4] - Notable altcoins like XRP and BNB have seen significant price increases, with XRP rising 3% to $3.12 and BNB climbing about 5% to $996, setting a new all-time high above $1,000 [4] - Solana has experienced a substantial increase of almost 6% in the past day, reaching $248, and has risen 35% over the last month, largely due to corporate treasury purchases [5] Group 3 - Users on the Myriad prediction market are bearish on Bitcoin dominance, with 53% believing it will drop to 53% before potentially recovering to 63% [6] - The last time Bitcoin dominance was at 63% was in mid-July, coinciding with Bitcoin's previous all-time high above $112,000 [6]

The once high-flying crypto lender Voyager Digital Ltd., which filed for Chapter 11 bankruptcy in July 2022, has returned to headlines after its co-founder and former chief executive Stephen Ehrlich was ordered to pay $750,000 to former customers. On Sept. 15, the U.S. Commodity Futures Trading Commission (CFTC) announced the fine and barred Ehrlich from participating in commodity trading for three years, among other restrictions. What happened to Voyager? Voyager filed for Chapter 11 after the collapse ...

Company Overview - Gemini debuted on the Nasdaq with a valuation of approximately $4.4 billion, with shares opening at $37.01, a 32% increase from the IPO price of $28, initially giving the company a valuation of $3.32 billion [1][2] - The company raised $425 million through its IPO, which was significantly oversubscribed, with Wall Street giants Goldman Sachs and Cantor Fitzgerald serving as lead bookrunners [2] IPO Details - Gemini initially targeted a share price range of $17 to $19 across 16.6 million shares, reserving 10% of the offering for a "directed share program" for select parties [3] - The IPO marks Gemini as the 10th major crypto firm to enter public markets in the U.S. this year, following a trend that gained momentum after Circle's IPO in June [6] Founders' Background - Co-founders Cameron and Tyler Winklevoss were inspired by Bitcoin in 2012 and established Gemini to help mainstream cryptocurrency [4]

Figure Technologies shares closed above its initial offering price on Thursday, the latest indication of investors’ interest in crypto-native firms on Wall Street. The firm’s stock price rose to $31.11, a 24% gain compared to its boosted IPO price of $25, according to Yahoo Finance. That gave it a valuation of $6.58 billion. Figure shares initially changed hands at $36 apiece.  Figure CEO Michael Tannenbaum told Decrypt that the company is showing Wall Street how blockchains can be used to create more effic ...

Company Highlights - Figure, a crypto lender, has priced its IPO at $25 per share, offering 31.5 million shares, with indications currently around $35.50, valuing the company at over $5 billion [1][2] - Gemini, a crypto exchange founded by the Winklevoss twins, is set to debut with a targeted valuation of $3 billion, having increased its proposed price range to $24-$26 per share from a previous range of $17-$19 [3][4] - NASDAQ has made a $50 million strategic investment in Gemini, indicating institutional confidence in the company and its custodial services [5] Industry Trends - The appetite for crypto IPOs remains strong despite recent consolidation in major cryptocurrencies like Bitcoin and Ether [4] - Analysts are observing a shift in interest towards Solana, which has been outperforming other cryptocurrencies in recent weeks, as the market anticipates a potential rally in Q4 [6][8] - Bitcoin has maintained a stable trading range above $100,000, with some analysts suggesting it is viewed as "digital gold" [7][8]

Kinto, a blockchain project operating on Arbitrum, has announced that it will cease operations at the end of September, following a catastrophic $1.6 million hack in July that rendered the platform insolvent. The decision essentially represents a bankruptcy for the start-up, which had touted itself as a safer version of traditional DeFi because it verified users and insured wallets. The crash is the result of a smart contract loophole on Kinto's chain, which was exploited by attackers to mint 110,000 fak ...