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Project Overview
Gemini is a digital asset exchange and custodial services company that enables users to buy, sell, and store cryptocurrencies.
Gemini's $5 Million Settlement Rejection Overturned, Paid Fine and Permanent Injunction Upheld
Odaily reports: U.S. District Judge Alvin Hellerstein on October 15, 2026, declined to vacate the $5 million settlement agreement between crypto exchange Gemini and the U.S. Commodity Futures Trading Commission (CFTC), leaving the paid fine and permanent injunction in effect. Previously, the CFTC had stated that the original lawsuit should never have been brought.The dispute stemmed from Gemini's involvement in proposed Bitcoin futures contracts. The CFTC filed suit in June 2022, alleging that Gemini misled regulators regarding trading safeguards, customer financing, special fee arrangements, and activities that could potentially affect contract pricing; the two parties settled in January 2025, with Gemini neither admitting nor denying the allegations.In May 2026, following an internal review, the CFTC and Gemini jointly sought to vacate the settlement, citing issues with whistleblower credibility, evidence, and enforcement practices. The judge found that the relevant circumstances had existed prior to the settlement and that a change in enforcement priorities was insufficient to vacate a binding court order; the CFTC retains its enforcement discretion. (Bitcoin.com News)
Blockchain.com Plans to Raise $500 Million via IPO at Up to $6 Billion Valuation
Odaily News: Cryptocurrency exchange and wallet service provider Blockchain.com plans to raise approximately $500 million this year through an initial public offering (IPO), targeting a valuation of $4 billion to $6 billion, and may scale back the offering size if necessary to complete the listing.Blockchain.com reached a $14 billion valuation in 2022 and confidentially filed IPO registration documents with the U.S. Securities and Exchange Commission (SEC) in May of this year. Recently listed Gemini, BitGo, and eToro have seen their share prices drop approximately 50% to 80% from post-listing highs. (Cointelegraph)
Gate Ventures: Oil Breaks $100 as Inflation Exceeds Expectations, Risk Assets Under Broad Pressure
Odaily News: According to Gate Ventures' latest weekly report, last week's escalation of geopolitical conflicts in the Middle East combined with U.S. core inflation exceeding expectations significantly heightened global market volatility. Brent crude and WTI crude surged 8.33% and 9.36% respectively, returning above $100 per barrel; U.S. August core CPI rose 0.29% month-over-month, higher than expected, pushing the 10-year Treasury yield to 4.97%, with market-implied probability of a September rate hike rising to approximately 86%; spot gold fell 1.82% to $4,349.42 per ounce. U.S. stock indices — the S&P 500, Nasdaq, and Dow Jones — declined 0.80%, 0.66%, and 1.57% respectively; the crypto market weakened in tandem, with BTC and ETH dropping 4.4% and 1.5% respectively. Spot BTC ETFs saw net outflows of $462.7 million, while ETH ETFs recorded net inflows of $197.1 million. The fear index dropped from 71 to 57, indicating a cooling of market sentiment.On the industry front, India launched a $107 million tokenized corporate bond pilot program, further advancing institutional-grade RWA tokenization; Gemini obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, further expanding its regulatory footprint in the Asia-Pacific region; and the Philippine central bank plans to suspend new payment system operator registrations for 12 months, tightening oversight of VASP-related payment activities.On the funding side, a total of 9 financing deals were completed last week, with disclosed total funding reaching $158.4 million, down 88% quarter-over-quarter. Overall, energy prices and inflation expectations remain the core variables driving short-term market trends, while interest in tokenized assets and institutional-grade crypto infrastructure development remains undiminished.
Morgan Stanley: Google Trades at 12% Premium, Meta at 30% Discount as Internet Giants' Valuations Polarize
According to Chaoxiang Research, a Morgan Stanley report dated August 25 noted that the internet sector declined by an average of 2% last week, with Meta down approximately 7%, Amazon down roughly 2%, and Google virtually flat. Current forward P/E ratios for 2026 stand at 19x for Amazon, 17x for Google, and 17x for Meta, reflecting discounts of 36%, a premium of 36%, and a discount of 24% relative to historical averages, respectively. On an EV/EBITDA basis, Amazon at 11.2x represents a 12% discount to its two-year average, Google at 15.1x implies an 8% premium, and Meta at 8.7x reflects a 30% discount. Morgan Stanley maintains an "Attractive" rating on the internet sector, highlighting that AI capabilities are emerging as a core variable driving valuation divergence. The sector's overall forward EV/EBITDA is 9% below the five-year average, while EV/Sales is 16% above it, underscoring a divergence between revenue and profit multiples. After reclassifying stock-based compensation as a cash expense, the adjusted EV/EBITDA for digital media rises by approximately 36% on average, e-commerce by 30%, and travel and the sharing economy by 44%. Upcoming catalysts include the launch of Google's Gemini 4, stabilization of Amazon Web Services (AWS) growth, progress in Meta's AI ad monetization, and shifts in the interest rate environment.
Morgan Stanley: Google TPU price raised to $27 billion per GW, cloud business to contribute half of profits by 2028
According to Chaoxiang Research, Morgan Stanley's August 24 report raised its revenue assumption per gigawatt (GW) of externally sold Google TPUs from $20 billion to $27 billion, increasing the gross margin assumption from 20% to 30%. Following these adjustments, TPU-related cloud revenue is projected to reach $84 billion and $108 billion in 2027 and 2028, respectively, marking increases of 35% and 37% over prior forecasts. Morgan Stanley maintains an Overweight rating on Alphabet with a price target of $400, implying 16% upside from the current share price. The upward revision draws support from recent media reports stating that Google has pledged to supply approximately one million TPUs (equivalent to roughly 1.3 GW), generating about $35 billion in revenue. Furthermore, Google's custom silicon agreement with Marvell validates TPU pricing above previous estimates. The firm anticipates Google Cloud will contribute approximately 50% of Alphabet's consolidated EBIT by 2028. Three primary catalysts underpin the potential for valuation re-rating: the rollout of Gemini 4, inference cost reductions through optimized models, and the market deployment of GenAI offerings. The target price reflects a forward P/E multiple of approximately 22x based on 2028 consensus earnings, commanding a premium of roughly 22% relative to the peer median.
ARK Invest Exec Suggests Hyperliquid Acquire Gemini to Position as Compliant HIP-3/4 Deployer in the U.S.
Odaily Planet Daily reported that Lorenzo Valente, Head of Digital Asset Research at investment firm ARK Invest, stated that Hyperliquid is in discussions with the CFTC and SEC to facilitate the offering of perpetual futures on its public chain by U.S.-regulated companies. He suggested that Hyperliquid acquire Gemini to position it as a U.S.-regulated HIP-3/4 deployer. He noted that Gemini's current market value is approximately $450 million, representing a decline of over 85% from its $3.3 billion valuation at the time of its 2025 IPO. Hyperliquid could obtain Gemini's entire U.S. regulatory infrastructure—including the NYDFS Trust Charter, DCM, DCO, FCM, MTLs, and Broker-dealer—for approximately $450 million.He further proposed that Hyperliquid could use approximately 7.9 million HYPE tokens from its community reserve, valued at around $550 million at $70 per token, to complete the acquisition at a premium of roughly 20% over Gemini's current market value. Following the transaction, Gemini would handle KYC, custody, fiat on/off ramps, brokerage, clearing, and compliance for the U.S. market, while Hyperliquid L1 would provide the underlying market infrastructure, liquidity, and on-chain settlement. He cited Polymarket's acquisition of QCEX as a similar precedent for re-entering the U.S. market, and stated that the core of this potential deal is not acquiring an exchange, but rather securing the regulatory bridge for HIP-3/4 to enter the U.S. market.
Kalshi and Polymarket crypto event contracts hit a record $2.7 billion in weekly trading volume, with 15-minute BTC price predictions emerging as a new hotspot
According to Dune data, nominal trading volume for crypto-related event contracts on Kalshi and Polymarket reached $2.7 billion last week, setting an all-time high. Bitcoin short-term up/down contracts were particularly active, with Kalshi's 15-minute Bitcoin price prediction contracts seeing single trades exceeding $1 million, and some traders using trading bots to capture opportunities in the final seconds before contract expiration.Cryptocurrency has now become the second-largest trading category on both platforms after sports. Crypto trading platforms including Coinbase, Crypto.com, Gemini, and Kraken are expanding their businesses by applying for relevant licenses or partnering with prediction markets. Meanwhile, declining spot trading volume on centralized exchanges is also pushing crypto platforms to seek business diversification. However, as multiple U.S. states mount legal challenges against sports-related prediction contracts, the regulatory trajectory could also affect the industry's development. (Bloomberg)
Google Cloud Launches Government-Exclusive Gemini Service to Accelerate Public Sector Workflow Automation
Google Cloud has announced the preview of "Government-Specific Gemini," a custom solution developed for the public sector. The offering is designed to meet the strict compliance, data sovereignty, and confidentiality requirements of government agencies, deeply adapting general-purpose large model capabilities to public administration scenarios.
Gemini's $5 Million Settlement Rejection Overturned, Paid Fine and Permanent Injunction Upheld
Odaily reports: U.S. District Judge Alvin Hellerstein on October 15, 2026, declined to vacate the $5 million settlement agreement between crypto exchange Gemini and the U.S. Commodity Futures Trading Commission (CFTC), leaving the paid fine and permanent injunction in effect. Previously, the CFTC had stated that the original lawsuit should never have been brought.The dispute stemmed from Gemini's involvement in proposed Bitcoin futures contracts. The CFTC filed suit in June 2022, alleging that Gemini misled regulators regarding trading safeguards, customer financing, special fee arrangements, and activities that could potentially affect contract pricing; the two parties settled in January 2025, with Gemini neither admitting nor denying the allegations.In May 2026, following an internal review, the CFTC and Gemini jointly sought to vacate the settlement, citing issues with whistleblower credibility, evidence, and enforcement practices. The judge found that the relevant circumstances had existed prior to the settlement and that a change in enforcement priorities was insufficient to vacate a binding court order; the CFTC retains its enforcement discretion. (Bitcoin.com News)
U.S. Federal Judge Dismisses Gemini and CFTC's Joint Motion to Cancel $5 Million Settlement Agreement
According to Bloomberg, a U.S. federal judge denied a joint application by the Commodity Futures Trading Commission (CFTC) and cryptocurrency exchange Gemini Trust Co. to rescind a settlement agreement. The agreement was reached in January 2025 during the Biden administration and requires the Gemini exchange to pay a $5 million civil penalty.
Blockchain.com seeks approval to launch prediction markets and crypto derivatives trading
Blockchain.com is seeking approval in the U.S. market to launch prediction markets and crypto derivatives trading.
Gemini Co-founder: Zcash Hype Feels Like the 2019 Crypto Market
Odaily reports: Gemini co-founder Tyler Winklevoss said the current market hype around privacy coin Zcash is reminiscent of the 2019 crypto market, when Bitcoin had just emerged from the 2018 bear market and market attention shifted toward institutional infrastructure and custody.Zcash launched in 2016 and uses zero-knowledge proofs to enable private transactions. It has long faced regulatory scrutiny, and some exchanges have delisted it. According to CoinGecko data, the price of ZEC rose from about $511 in January 2026 to $1,335.51 on September 16. Since receiving approval from New York State in 2018, Gemini has become the first licensed exchange to offer Zcash trading and custody services.
Analyst: BTC traders' realized price rises to around $75,000, short-to-medium-term cost structure remains positive
CryptoQuant platform analyst Trdaer_Gemini posted that BTC is currently trading just above $80,000, positioned above the Trader Realized Price, which has risen to approximately $75,000 (reflecting the average acquisition cost of BTC most recently moved between 1 and 3 months ago). Historically, this level frequently serves as support during bull market pullbacks; if the price breaks below and sustains beneath it, underwater traders may exit positions as they approach breakeven, potentially flipping the level into resistance. Furthermore, when the price approaches the Upper Band, it is typically accompanied by increased profit-taking pressure and short-term pullbacks. The analyst emphasized that the Upper Band does not guarantee a market top, nor does the Realized Price guarantee a rebound; neither should be treated as automated trading signals, but rather used as observation points to identify where market participants may shift their behavior.
9.5-Year Appreciation of 128x: An Address Transfers 3,000 ETH to Kraken
Odaily reports: According to on-chain analyst Ember's monitoring, 3,000 ETH withdrawn from Gemini in 2017 was transferred to Kraken 10 minutes ago after lying dormant for 9.5 years. At the time of withdrawal in 2017, ETH was priced at $19, and the 3,000 ETH was worth $56,000; when transferred to Kraken, it was worth $7.23 million, a 128x appreciation over 9.5 years.
An ETH OG with a 151.7x return appears to have liquidated 3,000 ETH held for nine years
Odaily reports: According to on-chain analyst Ai Yi, an address withdrew 3,000 ETH from Gemini nine years ago, worth $56,400 at the time, with an entry cost as low as $18.82. The address held for years until August 2025, when it began transferring funds to exchanges in batches. Nine hours ago, it deposited the final 1,000 ETH at an average deposit price of $2,874.17. If sold, the profit would be $8.566 million, representing a 151.7x return.
Holds $104 Million in ETH, POAP Founder Transfers 18,000 ETH to Gemini in 9 Days
According to on-chain analyst Yu Jin's monitoring, POAP (@poapxyz) founder @worthalter sold another 10,000 ETH 20 minutes ago, worth $25.05 million. Since the 5th, he has transferred a cumulative 18,000 ETH to the exchange Gemini over 9 days, worth $45.86 million. He currently still holds 41,500 ETH, worth $104 million.
POAP founder holding $129 million in ETH reduced holdings by 8,000 ETH over 6 days, transferred another 4,000 ETH to Gemini 6 hours ago
Odaily News — According to on-chain analyst Ember Monitoring, POAP founder @worthalter transferred another 4,000 ETH, worth $10.02 million, to the exchange Gemini 6 hours ago. Over 6 days, he reduced his holdings by 8,000 ETH at an average price of $2,601. He currently still holds 51,468 ETH, worth $129 million.
POAP founder transfers 4,000 ETH to Gemini, still holds 55,000 ETH
According to on-chain analyst Ember (@EmberCN), @worthalter, founder of POAP (@poapxyz), transferred 4,000 ETH (approximately $10.79 million) to the exchange Gemini eight hours ago, likely as a position reduction. He currently holds 54,967 ETH, worth approximately $149 million.
U.S. Department of Justice Prosecutes Group in $240 Million Bitcoin Theft Case, Ringleader Expected to Plead Guilty
According to the Associated Press, the U.S. Department of Justice has charged Ma Long Ram and 17 other defendants in connection with a Bitcoin theft scheme valued at over $240 million. Prosecutors allege that the group carried out a social engineering attack on a Washington resident by impersonating employees of Google and cryptocurrency exchange Gemini, thereby gaining control of their accounts and security codes to steal more than 4,100 Bitcoin. The suspects subsequently laundered the proceeds through multiple trading platforms and spent the money on sports cars, mansions, luxury watches, private jet services, and nightclub expenses.
Tornado Cash founder Roman Storm questions DOJ logic, says Google and OpenAI should also be held accountable
Odaily News, Tornado Cash founder Roman Storm stated that if the logic behind the U.S. Department of Justice's (DOJ) case against him holds, tech companies Google and OpenAI should also be held liable for North Korean hackers abusing their products. Those involved reportedly used ChatGPT to write code and Google Gemini for forgery and image manipulation. Storm was convicted in August 2025 of conspiracy to operate an unlicensed money-transmitting business. He pointed out that the Tornado Cash case could set a legal precedent where software developers are penalized for criminal acts committed by users, emphasizing that criminals should be held accountable rather than the developers of tools. The CLARITY Act for digital asset markets is intended to provide protections for software developers by distinguishing developer liability from the potential misuse of protocols for illegal activities. However, although a final motion for consideration of the bill has been scheduled for a vote, its current chances of passage remain low. (Bitcoin News)
Google Gemini Spark Agent Globally Available, Can Book Flights and Organize Inbox
Google made the Gemini Spark agent available to most users globally on July 31. Integrated with the Chrome browser, the agent can use saved account passwords upon user authorization to perform web operations on behalf of the user, such as searching for flights, booking tickets, and checking saved listings. It can also organize inboxes, summarize emails, and unsubscribe from services. Spark provides two security mechanisms: it defends against prompt injection attacks and hands over sensitive operations such as payments to the user to complete. This marks a new development in Google's implementation of browser AI agents.
California Man Sentenced to 70 Months in Federal Prison for Money Laundering for “Crypto Kids” Criminal Organization
According to the LA Times, Evan Tangeman, a 22-year-old resident of California, was sentenced to 70 months in federal prison followed by three years of supervised release for laundering at least $3.5 million for the “Crypto Kids” criminal organization. The group carried out social engineering scams by impersonating employees of cryptocurrency exchanges such as Coinbase and Gemini, stealing over $263 million worth of digital assets. The illicit proceeds were used to purchase luxury vehicles, lease high-end residences, and fund extravagant spending. In addition to handling money laundering, Tangeman assisted group members in leasing luxury homes and instructed co-defendants to destroy digital devices after other members were arrested. Federal agents seized a Rolls-Royce Ghost and a Porsche GT3 RS from his residence.
Musk Leads U.S. Midterm Election Individual Donors With $446 Million, Crypto Firms Like Coinbase Join Major Contributor Ranks
According to The Washington Post, based on U.S. Federal Election Commission (FEC) data, the top 50 donors in the 2026 midterm election cycle have cumulatively contributed approximately $2.39 billion, with roughly $1.54 billion going to Republican-aligned campaigns, $590 million to Democratic campaigns, and $259 million to special interest groups. The cryptocurrency industry holds multiple spots among the top contributors. Coinbase ranked 11th with approximately $57.7 million, while Gemini founders Cameron and Tyler Winklevoss contributed a combined $55.3 million to rank 12th; Ripple came in at approximately $49.6 million, and Foris Dax at approximately $38.6 million. Among individual donors, Elon Musk leads with approximately $369 million, with his contributions primarily directed toward super PACs and related organizations that support Republican candidates.
Gemini Founders Winklevoss Brothers and DCG Founder Battle for Zcash Ecosystem Expansion
According to Bloomberg, Gemini founders the Winklevoss brothers and DCG founder Barry Silbert are expanding their presence in the Zcash ecosystem. The entities they back, Cypherpunk Technologies and Fortitude Mining, have emerged as leading ZEC miners and plan to invest tens of millions of dollars to further increase their hashrate. Currently, Cypherpunk accounts for approximately 20% of Zcash's total network hashrate; Fortitude stated that after its latest batch of equipment is deployed, its share will also reach roughly 20%.
Zerohash launches AUTH transfer service, enabling users to move crypto assets without copying wallet addresses.
According to CoinDesk, crypto infrastructure provider Zerohash has launched its AUTH service at the Money20/20 conference held in Las Vegas. When transferring crypto assets between linked exchange accounts and self-custody wallets, users no longer need to copy wallet addresses or select blockchain networks. The service supports cryptocurrencies, stablecoins, and on-chain securities such as tokenized stocks, and can connect to more than 600 accounts and wallets, including Coinbase, Robinhood, Gemini, MetaMask, and Phantom, while Kraken remains in beta testing. Ryan Bordery, General Manager of AUTH, previously served as Executive Vice President of Open Finance Global Products and Operations at Mastercard.
$5 Million Settlement Vacatur Motion Denied, Judge Rules Gemini and CFTC Failed to Show Sufficient Grounds
Odaily News: New York federal district judge Alvin Hellerstein has denied the joint motion by Gemini and the U.S. Commodity Futures Trading Commission (CFTC) to vacate a $5 million settlement agreement. Gemini and the CFTC had argued in May that the settlement reached in January 2025 violated fundamental principles of fair enforcement; the judge ruled that these grounds were insufficient to support vacating the settlement, noting that Gemini voluntarily signed the agreement three weeks before trial.
Google Launches Cutting-Edge Model Gemini 4 Argon, Opens Full Access to Developers and Enterprises
Google announced the release of its latest frontier model, Gemini 4 Argon, now available globally to developers and enterprises via the AI Studio and Gemini platform APIs, as well as to Google AI Ultra and Pro subscribers. The launch pricing is set at $2 per million input tokens and $10 per million output tokens, with cached input tokens eligible for a 95% discount.
Blockchain.com seeks approval to launch prediction markets and crypto derivatives trading
Blockchain.com is seeking approval in the U.S. market to launch prediction markets and crypto derivatives trading.
Related news
Gemini Co-Founder: Zcash Doesn't Need to Reinvent Governance Mechanisms; Privacy Is Its True Goal
Gemini co-founder Cameron Winklevoss stated that Zcash does not need to reinvent governance mechanisms, as capital markets have utilized stakeholder voting for centuries, with token holder voting simply serving as the on-chain implementation of this system. He emphasized that governance experiments are not Zcash's core mission; rather, privacy is its true objective, and he called for discontinuing the Zcash Community Grants (ZCG) to eliminate the resulting distractions and misaligned incentives.
Analyst: BTC traders' realized price rises to around $75,000, short-to-medium-term cost structure remains positive
CryptoQuant platform analyst Trdaer_Gemini posted that BTC is currently trading just above $80,000, positioned above the Trader Realized Price, which has risen to approximately $75,000 (reflecting the average acquisition cost of BTC most recently moved between 1 and 3 months ago). Historically, this level frequently serves as support during bull market pullbacks; if the price breaks below and sustains beneath it, underwater traders may exit positions as they approach breakeven, potentially flipping the level into resistance. Furthermore, when the price approaches the Upper Band, it is typically accompanied by increased profit-taking pressure and short-term pullbacks. The analyst emphasized that the Upper Band does not guarantee a market top, nor does the Realized Price guarantee a rebound; neither should be treated as automated trading signals, but rather used as observation points to identify where market participants may shift their behavior.
Kalshi and Polymarket crypto event contracts hit a record $2.7 billion in weekly trading volume, with 15-minute BTC price predictions emerging as a new hotspot
According to Dune data, nominal trading volume for crypto-related event contracts on Kalshi and Polymarket reached $2.7 billion last week, setting an all-time high. Bitcoin short-term up/down contracts were particularly active, with Kalshi's 15-minute Bitcoin price prediction contracts seeing single trades exceeding $1 million, and some traders using trading bots to capture opportunities in the final seconds before contract expiration.Cryptocurrency has now become the second-largest trading category on both platforms after sports. Crypto trading platforms including Coinbase, Crypto.com, Gemini, and Kraken are expanding their businesses by applying for relevant licenses or partnering with prediction markets. Meanwhile, declining spot trading volume on centralized exchanges is also pushing crypto platforms to seek business diversification. However, as multiple U.S. states mount legal challenges against sports-related prediction contracts, the regulatory trajectory could also affect the industry's development. (Bloomberg)
Musk Leads U.S. Midterm Election Individual Donors With $446 Million, Crypto Firms Like Coinbase Join Major Contributor Ranks
According to The Washington Post, based on U.S. Federal Election Commission (FEC) data, the top 50 donors in the 2026 midterm election cycle have cumulatively contributed approximately $2.39 billion, with roughly $1.54 billion going to Republican-aligned campaigns, $590 million to Democratic campaigns, and $259 million to special interest groups. The cryptocurrency industry holds multiple spots among the top contributors. Coinbase ranked 11th with approximately $57.7 million, while Gemini founders Cameron and Tyler Winklevoss contributed a combined $55.3 million to rank 12th; Ripple came in at approximately $49.6 million, and Foris Dax at approximately $38.6 million. Among individual donors, Elon Musk leads with approximately $369 million, with his contributions primarily directed toward super PACs and related organizations that support Republican candidates.
Gemini Founders Winklevoss Brothers and DCG Founder Battle for Zcash Ecosystem Expansion
According to Bloomberg, Gemini founders the Winklevoss brothers and DCG founder Barry Silbert are expanding their presence in the Zcash ecosystem. The entities they back, Cypherpunk Technologies and Fortitude Mining, have emerged as leading ZEC miners and plan to invest tens of millions of dollars to further increase their hashrate. Currently, Cypherpunk accounts for approximately 20% of Zcash's total network hashrate; Fortitude stated that after its latest batch of equipment is deployed, its share will also reach roughly 20%.
9.5-Year Appreciation of 128x: An Address Transfers 3,000 ETH to Kraken
Odaily reports: According to on-chain analyst Ember's monitoring, 3,000 ETH withdrawn from Gemini in 2017 was transferred to Kraken 10 minutes ago after lying dormant for 9.5 years. At the time of withdrawal in 2017, ETH was priced at $19, and the 3,000 ETH was worth $56,000; when transferred to Kraken, it was worth $7.23 million, a 128x appreciation over 9.5 years.