The crypto exchange capped proceeds at $425 million after reportedly halting new orders, with Nasdaq among its investors. Gemini’s upcoming initial public offering (IPO), expected Friday, has reportedly been oversubscribed more than 20 times, as crypto and blockchain companies continue to attract investor attention. According to Reuters on Thursday, citing people familiar with the matter, Gemini and its bankers stopped accepting new orders for shares on Thursday, ahead of the crypto exchange’s debut. The move, called “unusual” in an IPO, reportedly capped proceeds at $425 million. Gemini had initially upped its raise to $433 million, with its prospective listing share price ranging between $24 and $26, from $17 to $19 floor price. Read more
Almost two years after Sam Bankman-Fried was sentenced to 25 years in prison for his role in the downfall of crypto exchange FTX, the former CEO's lawyers will return to court. Former FTX CEO Sam “SBF” Bankman-Fried, serving a 25-year sentence after his conviction on seven felony counts, will take the next step in his appeals process with a hearing scheduled for November. According to a Wednesday notice in the US Court of Appeals for the Second Circuit, Bankman-Fried’s appeals case has been calendared for arguments on Nov. 4. The court proceeding will mark the first significant movement in the former CEO’s criminal case since his transfer from a New York City facility in March to one in California. The hearing in the Second Circuit had been expected since Bankman-Fried’s lawyers filed a notice of appeal in April 2024 over his 2023 conviction and 25-year sentence. Bankman-Fried’s legal team argued in his appeal filed in September 2024 that the former CEO was “never presumed innocent,” also claiming that prose...
ETH price and spot ETF flows have perked up, but a rally to $5,000 depends on how investors feel about the US and global economy. Key takeaways: Ether struggles to gain bullish momentum despite S&P 500 gains and spot Ethereum ETF inflows. Institutional accumulation continues, but network activity declines, leaving $5,000 ETH target uncertain. Read more
BlackRock is reportedly exploring tokenized ETFs after Bitcoin fund success, as Wall Street giants tout tokenization as a game-changer for finance. BlackRock, the world’s largest asset manager, is reportedly exploring ways to tokenize exchange-traded funds (ETFs) on the blockchain, following the strong performance of its spot Bitcoin ETFs. Citing sources familiar with the discussions, Bloomberg reported Thursday that the company is considering tokenizing funds with exposure to real-world assets (RWA). Any such move, however, would need to navigate regulatory hurdles. ETFs have become one of the most popular investment vehicles — so widespread, in fact, that they now outnumber publicly listed stocks, according to Morningstar. Read more