Digital Assets

Kraken, a major crypto exchange, has confidentially filed for a U.S. IPO, following successful debuts by Bullish and Gemini. Founded in 2011, Kraken offers digital asset trading and tokenized equities. A recent $800 million funding round, including investment from Citadel Securities, valued the company at $20 billion. Kraken plans to use the funds for global expansion and enhanced payment services. The IPO’s outcome could indicate future success for other crypto firms seeking public listings amid regulatory scrutiny and market volatility.

Key takeaways include potential delays in economic data releases due to government shutdown impacts on labor market reports and concerns over “ghost jobs.” A proposed tariff rebate faces skepticism, while importers await a Supreme Court ruling on tariffs. The Senate is drafting digital asset market structure legislation. On, a sportswear company, reported strong earnings, while Oura projects significant sales growth. Consumer sentiment is linked to stock ownership levels.

A bipartisan digital asset market structure bill is gaining traction in the U.S. Senate, outlining regulations for the crypto industry. Spearheaded by Senators Boozman and Booker, the draft grants favorable status to cryptocurrencies like Bitcoin and Ether, mandating fund segregation for crypto firms and amplifying the CFTC’s regulatory authority. It also proposes fees for the CFTC and establishes token listing standards. The bill aims to foster innovation while safeguarding investors, marking a significant step towards institutional crypto adoption in the US.

Ripple Labs, under CEO Brad Garlinghouse, is aggressively bridging Web3 and traditional finance. Speaking at Ripple Swell 2025, Garlinghouse outlined a strategy leveraging blockchain’s benefits for financial services, fueled by acquisitions like Hidden Road and GTreasury, totaling $4B. The company launched Ripple Prime, a brokerage for U.S. institutions. This move aligns with increased institutional digital asset interest and a more favorable regulatory environment. Ripple also aims to license XRP Ledger technology, despite regulatory delays hindering broader institutional adoption.

Ripple secured $500 million in funding, valuing the company at $40 billion. Led by Fortress Investment Group, Citadel Securities, and others, the funding reflects institutional interest and a perceived favorable shift in US crypto regulation. Ripple will use the capital to expand its product portfolio beyond payments through strategic acquisitions. While not currently focused on an IPO, Ripple aims to deepen relationships with financial partners and contribute to its ongoing “record year of growth”, focusing on digital asset solutions for institutions including crypto asset custody and stablecoins.

Metalpha Technology (MATH) and Avenir Group, a major Bitcoin ETF holder, announced a strategic MOU to collaborate on digital asset innovation. The partnership will focus on developing advanced technology solutions in areas like digital asset management, trading infrastructure, and liquidity. By combining Metalpha’s technological expertise with Avenir’s market influence, the collaboration aims to accelerate institutional adoption and drive growth within the digital asset ecosystem, creating next-generation infrastructure for the digital economy.

Standard Chartered CEO Bill Winters predicts blockchain will underpin almost all global transactions, digitizing money and transforming finance. The bank is actively expanding its digital asset presence, offering custody services, trading platforms, and tokenized products. Winters praised Hong Kong’s proactive approach to digital asset regulation, highlighting the city’s ambition to become a crypto hub. Standard Chartered is involved in launching a Hong Kong dollar-backed stablecoin, aligning with the city’s new regulatory framework. Other fintech leaders see tokenization as a revolution for investing, increasing efficiency and access to illiquid assets.

Dynamix Corporation III raised an upsized $175 million in its IPO, potentially reaching $201.25 million with additional shares. The SPAC targets acquisitions in AI, energy, or digital assets, aiming for companies valued at $1 billion or more. Advisors from Prologis and Nvidia will aid in identifying suitable targets. This debut occurs during a cautious recovery phase for the SPAC market after a period of decreased activity and scrutiny, requiring Dynamix III to demonstrate strong valuation and synergies to investors.

Prenetics (PRE) acquired 100 Bitcoin after a $44M equity offering, increasing its holdings to 378 BTC. CEO Danny Yeung highlights a strong balance sheet ($127M liquidity, zero debt) fueling growth, especially for its IM8 supplement brand, which reached $100M ARR in 11 months. The company aims to combine health innovation with digital asset treasury management, pioneering a “health-and-wealth” platform. Yeung released a manifesto advocating Bitcoin accumulation as a treasury strategy and expects IM8 to generate $180-200M revenue in FY2026.

Securitize, the platform behind BlackRock’s tokenized fund, will go public via a SPAC merger with Cantor Equity Partners II, valuing the company at $1.25 billion. CEO Carlos Domingo highlights the lack of publicly traded, pure-play tokenization companies, anticipating strong market performance and offering investors direct exposure to the tokenization trend. The move follows the surge in tokenized real-world assets (RWAs), with the market growing significantly. Securitize aims to digitize its own equity and believes blockchain will transform finance within a decade, creating a more efficient and transparent system.