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]

Core Points - HTX, a leading global crypto exchange, has launched a new campaign called "Weekly Check-in & Win" to enhance community engagement and offer interactive benefits [2][3] - The campaign started on August 8, 2025, allowing participants to enter a lucky draw by completing a simple weekly community check-in task [2][3] - The prize pool includes both digital assets and physical rewards, with the first prize being 1,888 USDT and the second prize an Apple Watch Series 10 [6] Summary by Category Campaign Details - The "Weekly Check-in & Win" campaign is designed to provide easy participation with weekly chances to win prizes by commenting on a designated post [2][3] - The task resets every week, allowing multiple opportunities for users to engage and win [2][3] Prize Structure - The prize pool consists of various rewards, including: - First Prize: 1,888 USDT - Second Prize: Apple Watch Series 10 (Glossy Black) - Third Prize: 60,000 $WIN - Fourth to Seventh Prizes: 6 $TRX, 6 $STEEM, 6 $JST, and 6 $SUN, respectively - Eighth and Ninth Prizes: 60,000 $BTT, 60,000 $NFT, respectively [6] Company Background - HTX, founded in 2013, has transformed from a virtual asset exchange into a comprehensive ecosystem encompassing digital asset trading, financial derivatives, research, investments, and incubation [7] - The company aims to provide safe and reliable services while adhering to a growth strategy focused on global expansion, thriving ecosystem, wealth effect, security, and compliance [8]

Core Insights - Coinbase Global (COIN) has acquired Deribit for $2.9 billion, positioning itself as the leading global platform for crypto derivatives, which significantly surpasses the spot crypto market in trading volumes [1][8] - The acquisition allows Coinbase to scale rapidly in the derivatives segment, diversifying its revenue streams beyond spot trading fees and enhancing its institutional capabilities [2][4] Financial Performance - Deribit generated over $30 million in transaction revenues in July, and its inclusion in COIN's third-quarter results is expected to provide a clear indication of revenue opportunities moving forward [3] - The acquisition is anticipated to be immediately accretive to adjusted EBITDA, although it will add approximately $10 million in expenses related to technology and development, as well as general and administrative costs in the third quarter [3] Strategic Positioning - The acquisition of Deribit equips Coinbase with advanced technology and a global client base, strengthening its competitive position against current leaders in derivatives, such as Binance and OKX [4] - The integration of high-margin derivatives products is expected to enhance profitability and expand market share, aligning with CEO Brian Armstrong's vision of transforming Coinbase into a comprehensive digital asset platform [4] Competitive Landscape - Competitors like Robinhood Markets (HOOD) and Interactive Brokers Group (IBKR) are also expanding into crypto derivatives, which may intensify competition in the market [5][6] - Robinhood is attracting active traders by offering perpetual futures and micro futures, while Interactive Brokers is appealing to both institutional and retail traders with Bitcoin and Ether futures and options [5][6] Stock Performance - COIN shares have increased by 27.9% year to date, outperforming the industry average [7] Valuation Metrics - COIN currently trades at a price-to-earnings ratio of 51.2, significantly above the industry average of 20.57, indicating a potentially expensive valuation [10] Earnings Estimates - The Zacks Consensus Estimate for COIN's third-quarter 2025 EPS has increased by 11.2%, while the fourth-quarter 2025 EPS estimate has decreased by 4.3% over the past month [12] - The consensus estimates for COIN's revenues in 2025 and 2026 indicate year-over-year increases, while EPS estimates show a decline [13]