Core Insights - JPMorgan analysts have raised concerns about investing in companies that primarily function as Bitcoin funds rather than traditional operating businesses, highlighting potential risks in the crypto treasury sector [1][3] - MicroStrategy's recent rejection from the S&P 500 Index is seen as a significant setback for both the company and other corporate crypto treasury firms [1][4] Investment Risks - The sustainability of the corporate model for crypto treasury firms is increasingly questioned, with a growing correlation between Bitcoin price movements and the volatility of crypto-related stocks [3][4] - Increased scrutiny from traditional financial institutions is evident, with Nasdaq implementing stricter supervision on firms transitioning to Bitcoin proxies [4] Market Trends - Companies with operational business models, such as exchanges or miners, are preferred by JPMorgan over pure crypto treasury plays, indicating a shift in investor sentiment towards more sustainable business practices [5] - Notable gains have been observed in companies like Galaxy Digital and Bitfarms, driven by strategic moves into AI and high-performance computing, contrasting with declines in pure BTC treasury vehicles [6]

Blockchain lender Figure Technology is the latest crypto company to go public. On Thursday, Figure debuted on the Nasdaq after raising $787.5 million in its IPO. The company’s shares listed at $25 but soared almost 30% to trade at $32 Thursday afternoon. That means the company, whose ticker is FIGR, is trading at about a $6 billion valuation. Founded in 2018, Figure’s business centers around putting mortgages on the blockchain, which the company says speeds up the granting and funding of home loans. From ...

Company Overview - Figure Technologies is a blockchain lender that has begun trading on Nasdaq under the ticker symbol "FIGR" after raising $787.5 million through an initial public offering (IPO) [1] - The company sold 31.5 million shares at $25 each, valuing Figure at $5.29 billion with 211 million shares outstanding [2][3] - Figure claims to be the largest non-bank provider of home equity financing, having originated $16 billion in home loans since its inception in 2018 [4] IPO Details - The IPO was upsized from an initial target range of $20 to $22 per share for 26 million shares, indicating strong demand [2][3] - Figure itself raised $587 million from the IPO, as it is not receiving proceeds from shares sold by existing investors [3] - The lead underwriters for the IPO included Goldman Sachs and BofA Securities [3] Market Position and Technology - Figure utilizes a blockchain-based platform to facilitate lending, allowing for quicker approval and funding for home equity lines of credit (HELOC) [5] - The company has $11.7 billion in outstanding loans represented on-chain, significantly higher than its competitors, Tradable and Maple Finance, which have $2.1 billion and $1.2 billion in loans, respectively [5] - Figure's HELOC loans are represented by tokens that rank among the largest cryptocurrencies by market capitalization, currently valued at $12.5 billion [6]

As stablecoins gain mainstream traction, global banks, fintechs and crypto firms are raising pay, offering perks and dangling token-based bonuses to lure talent https://t.co/NMqKcTqq9d ...

Core Insights - Avalanche has emerged from a 213-day consolidation phase, with plans to raise $1 billion through two US-based digital asset treasury companies [1] - The first treasury, led by Hivemind Capital, aims to raise $500 million, while the second, backed by Dragonfly Capital, also targets $500 million via a SPAC [2] - Market analysts view this fundraising as a buyback strategy that could reduce circulating supply and increase AVAX price momentum [3] Fundraising Details - Hivemind Capital's treasury is advised by financier Anthony Scaramucci and is targeting $500 million through a Nasdaq-listed firm [2] - Dragonfly Capital's treasury also plans to raise $500 million using a SPAC, facilitating quicker fund deployment and potential mergers [2] Market Reaction - The announcement has led to a 100% increase in 24-hour trading volume, reaching $1.93 billion, with AVAX experiencing a 9% daily gain [4] - Analysts speculate that AVAX could rise towards the $50 mark, with current trading around $28.70, approximately 45% below its yearly peak [5] Technical Analysis - The RSI for AVAX is nearing the overbought threshold of 70, indicating strong buying pressure but potential for a correction [5] - Bollinger Bands are expanding, suggesting a continuation of the current trend, with a sustained move above $28.22 potentially pushing prices towards $35–$40 [6] - The 20-day SMA at $24.99 serves as support, with a failure to hold above this level possibly leading to a drop to $22 or lower [6]

Group 1 - Figure Technology, a stablecoin issuer, raised $787.5 million in a U.S. initial public offering [1] - This marks the latest instance of a crypto firm accessing the public markets [1]

Core Insights - Backpack's crypto exchange is set to debut in the U.S. this year, starting with spot trading in several states, as confirmed by CEO Armani Ferrante [1] - The company, established by former employees of FTX, has been focusing on markets in Japan and the EU while preparing to obtain necessary licenses for U.S. operations [1][2] - The U.S. market is prioritized by Backpack due to its size and familiarity to the CEO, who believes it offers the best opportunity for rapid market share growth [2][7] Company Operations - Backpack's self-custodial wallet has been available in the U.S. since its establishment in 2022, with a focus on regions like Dubai for crypto trading expansion [2] - The European arm of Backpack is registered in Cyprus and has begun offering perpetual futures under the MiFID II framework after acquiring FTX EU earlier this year [3] - The exchange has facilitated $170 billion in trading volume since 2024, indicating significant operational scale [7] Competitive Edge - Backpack aims to differentiate itself through "trust minimization," providing daily proof-of-reserve updates to enhance transparency and trust among users [4] - The company emphasizes the need for financial systems to be transparent and verifiable in real-time, contrasting with the opaque systems that have led to industry failures [5] - Despite regulatory challenges, Backpack maintains a strong presence in the U.S. with more employees than in any other country, indicating its commitment to the market [6]

Market Overview - The crypto market showed stability with Bitcoin (BTC) recovering above $112,000, while smaller coins like IP, MNT, and PUMP experienced double-digit gains, indicating the potential start of an altcoin season as CoinMarketCap's altcoin season index reached nearly 60% [1][3] - Traders are anticipating U.S. inflation data to influence asset prices, with a moderate range expected to favor risk assets, while any overshoot in inflation could pressure BTC and ETH [2][3] Derivatives Positioning - BTC's futures open interest remained steady, while open interest in ETH, SOL, and HYPE increased by over 2%, indicating a mixed sentiment among traders [3] - Notional open interest in BTC options on the CME reached a record $5.6 billion, with subdued futures activity, while BTC and ETH puts traded at a premium to calls, reflecting downside concerns [3] Altcoin Season Dynamics - The altcoin season is characterized by capital rotation into speculative tokens, with the altcoin season index rising to 59/100, surpassing August's high of 57, despite a generally bearish sentiment [3][4] - Historical patterns suggest that altcoin seasons occur when Bitcoin consolidates, allowing traders to invest in speculative assets without missing significant BTC movements [4]

My post about Tempo today was intentional not just to source some bots to block, but also to get more Tempo content to show up on my feedTwo main takeaways:- a bunch of ppl who “made it” in past cycles either by smart/lucky trading or just “being early” were taking shots at it- a bunch of ppl who actually work in the industry (particularly American-based crypto companies) think it’s really cool/interestingMethinks that one’s opinion on it largely hinge upon whether you are a “decentralization at all costs” ...

Fonte’s SETF includes:> Regulated international exposure to SOL> Built-in staking yield> Licensed custody by BitGoKazakhstan hosts one of the most crypto-forward jurisdictions on earth, and this marks a big step towards making Solana accessible across global markets. https://t.co/5mCxmMaqeL ...