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Odaily News As Bitcoin prices have experienced a significant correction, publicly listed companies that had accumulated large BTC holdings are facing multiple challenges, including falling stock prices, debt pressures, and a deteriorating financing environment. Some of these companies are now starting to sell Bitcoin, repay debts, and even pivot towards artificial intelligence (AI) data center operations.Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, inspiring a wave of other listed companies to follow suit. However, as the BTC price has fallen approximately 50% from its peak of around $126,000 in October 2025, the stock prices of related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.This week, shareholders of London-listed company Satsuma Technology approved the liquidation of all 668 BTC, returning capital to shareholders, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay its convertible debt.Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. The company recently sold about 284 BTC, raising approximately $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for loans from Kraken, which market observers believe poses a potential risk event.Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debts, and redirect energy resources and computing infrastructure towards AI data center operations.Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and has authorized further asset sales to maintain its U.S. dollar reserves.However, Strategy remains the world's largest corporate holder of Bitcoin, with holdings exceeding 840,000 BTC. The company's CEO, Michael Saylor, stated that while it may sell some Bitcoin in the future to pay dividends, this does not mean the company is exiting its Bitcoin investment.Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies are also changing. Jack Mallers has stepped down as CEO; and Bitcoin Standard Treasury Company (BSTR), affiliated with Adam Back, failed to complete a proposed merger due to the deteriorating market environment.Analysts believe that with rising financing costs and increased BTC price volatility, the "borrowing to buy Bitcoin" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoard
crypto bank Augustus announced the completion of a $180 million funding round, bringing the company's valuation to $1 billion. The company aims to build a 24/7 financial infrastructure that connects traditional payment systems with stablecoin networks. The round was led by Tiger Global Management, with participation from investors including Hummingbird, QED, and the founding teams of Nubank, Ramp, Circle, and Deel.Augustus stated that as stablecoins gradually transform the global financial system, the traditional Correspondent Banking model is facing efficiency bottlenecks. The company aims to establish a federally chartered clearing bank for fintech companies and financial institutions, replacing traditional cross-border payment infrastructure.Unlike stablecoin issuers, Augustus does not plan to issue its own stablecoin. Instead, it aims to provide underlying banking infrastructure, enabling financial institutions to freely transfer funds between traditional payment networks and blockchain networks. Currently, Augustus offers euro clearing services through its regulated Finnish entity, processing tens of billions of euros in transactions annually. Its clients include international financial institutions, fintech companies, banks, and crypto firms, including crypto exchange Kraken. (CoinDesk)
According to CoinDesk, Goldman Sachs stated that U.S. IPO activity in 2026 doubled year-on-year, with approximately 50 companies having gone public and issuance volume reaching about $120 billion in dollar terms—matching the full-year record set in 2021. Ben Snider, Goldman Sachs’ Chief U.S. Equity Strategist, noted that this recovery is primarily driven by a wave of large-cap listings and financing demand tied to AI development—a “normal recovery” that remains fundamentally distinct from the speculative frenzy seen during the dot-com bubble. Currently, the average annual number of IPOs stands at roughly 100, far below the 250 IPOs in 2021 and the nearly 400 IPOs recorded at the peak of the 1999 bubble. Notably, crypto firms—including Payward (Kraken’s parent company), Consensys, Ledger, and Grayscale—have postponed or suspended their IPO plans amid market volatility and underwhelming post-listing performance. Meanwhile, high-profile AI- and tech-related IPOs such as SpaceX have successfully listed, drawing institutional capital away from the crypto market and into other sectors—exerting downward pressure on tokens and crypto-related stocks.
Kraken 正洽谈以 3.85 亿美元估值收购 DeFi 借贷协议 Aave 的 15% 股份，投资额约 7100 万美元。此次投资是 Payward 为潜在 IPO 推进多元化布局的一部分。
Aave founder Stani Kulechov has responded to reports suggesting Kraken's parent company Payward is interested in acquiring a 15% stake in the Aave protocol, stating that AAVE is "not going to be sold at a 70% discount."Prior reports from CoinDesk indicated that Payward was in talks to acquire a 15% stake in Aave at a valuation of $385 million. If calculated at this valuation, it would represent only approximately 30% of AAVE's fully diluted valuation, significantly below the market valuation.In a post on X, Kulechov stated that the relevant reports were not entirely accurate. He did not completely deny the possibility of Aave Labs selling a portion of its held AAVE tokens, but noted that Aave Labs does have a certain allocation of AAVE, and that multiple market participants have discussed purchasing either directly or indirectly, or engaging in deeper collaboration centered around long-term partnerships.Aave is the largest decentralized lending protocol on the Ethereum ecosystem. Kulechov stated that Aave currently generates an annualized revenue of approximately $134 million, with the relevant revenue flowing to the Aave DAO. He has also previously proposed a governance plan to redirect revenue from Aave Labs, the protocol, and its products to the Aave DAO and token holders.These rumors emerge at a time when Aave is experiencing certain pressures. Following the Kelp DAO incident in April, Aave's TVL saw a significant decline. Although Aave itself was not directly attacked, the KelpDAO cross-chain bridge attacker utilized Aave to convert the stolen rsETH into other assets.
the sports prediction app Onyx Odds has announced the completion of a $20 million funding round, led by Payward, the parent company of Kraken. The project primarily focuses on sports event predictions and is currently expanding into other trading products.
the Bitcoin treasury company Nakamoto officially announced that it generated approximately $48 million in net proceeds by selling about 600 BTC and related derivative positions, thereby repaying approximately $45 million in outstanding debt to Kraken. This move is expected to reduce annual financing costs by approximately $4 million.Following the transaction, the company signed a new loan term sheet with Kraken for the remaining 165 million USDT, with a principal of 105 million USDT deferred to June 30, 2027, and an annual interest rate that can be reduced to 7.75% upon meeting the Bitwise custodied wallet collateral threshold. Additionally, the company’s board of directors has authorized a share repurchase program of up to $25 million. Currently, the company still holds approximately 4,467 BTC on its balance sheet. Furthermore, according to a notice from Nasdaq, the company has regained compliance with listing requirements.
According to reports, SpaceX, the aerospace company led by Elon Musk, has attracted over $250 billion in investment demand for its IPO, surpassing its planned fundraising target of $75 billion. The offering is nearly 4 times oversubscribed, valuing the company at $1.8 trillion. Bankers and investors noted that long-term funds have submitted large orders. Pricing is expected to be finalized on Thursday, though demand figures could still change before orders are placed by major institutional investors. SpaceX's growth narrative is primarily tied to its satellite internet business, Starlink, which has become a significant source of revenue and profit for the company. SpaceX also highlighted that its artificial intelligence products address a market opportunity worth $23 trillion. Cryptocurrency exchanges including Binance, Coinbase, Kraken, and Bybit have listed pre-IPO perpetual futures for SPCX this month. Binance's related product has accumulated a trading volume of $2.1 billion over 18 days, covering over 130 countries. Decentralized exchange Hyperliquid recorded a trading volume of $70 million in the past 24 hours, with open interest exceeding $115 million. (Cointelegraph)
DeFi lending protocol Morpho has announced the completion of a $175 million funding round, led by a16z Crypto, Paradigm, and Ribbit Capital, with participation from Apollo Funds, Circle Ventures, VanEck, and other institutions.The report states that this funding round was priced based on the average price of Morpho tokens over the past month, corresponding to a valuation of approximately $2 billion for the protocol. Morpho allows institutions to customize lending markets and risk parameters on-chain and has already attracted adoption by institutions such as Coinbase, Kraken, Anchorage Digital, and Galaxy Digital.Data shows that Morpho's current Total Value Locked (TVL) is approximately $6.6 billion. The company stated that it will continue to expand its institutional-grade DeFi lending business and strengthen competition with lending protocols like Aave. (Fortune)
stablecoin payment infrastructure platform OpenPayd has announced a definitive business combination agreement with special purpose acquisition company (SPAC) Titan Acquisition Corp. Upon completion of the transaction, OpenPayd will be listed on Nasdaq under the ticker symbol "OP", with a post-combination enterprise valuation of approximately $1.145 billion. OpenPayd currently offers stablecoin transaction services, counting eToro, Kraken, and OKX among its clients. According to reports, assuming Titan shareholders do not redeem their shares, OpenPayd is expected to secure up to $276 million in financing to strengthen its balance sheet and expand its financial infrastructure capabilities. (Businesswire)
Binance's US stock business adopts a dual-core structure of "introducing broker + clearing broker," with Nest Trading responsible for order referral, and US fintech company Alpaca Securities handling the entire process of trade execution, clearing, settlement, and asset custody.Nest Trading, formerly known as BCI Limited, obtained a broker-dealer license from the Abu Dhabi Global Market (ADGM) FSRA at the end of 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, Nest Trading handles key Binance services such as OTC, Convert, and Earn.Alpaca is an SEC-registered broker-dealer and a member of FINRA and SIPC, commanding a 94% market share of tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversion for platforms like Ondo Finance. In January 2026, Alpaca completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status with investments from Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.Public information indicates that Binance and its core team had no prior connection with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM licensed connectivity + US compliant clearing."
Bitget Wallet has announced the completion of its RWA trading upgrade and integrated xStocks as a new source of tokenized stocks, providing users with global tokenized stock trading capabilities. From May 19 to June 14 (Beijing time), Bitget Wallet users who complete tiered trading tasks can receive up to $264 in rewards, with a total prize pool of $100,000. Additionally, users who hold, add liquidity to, or participate in the lending market for any xStocks token will receive a 20% exclusive xPoints bonus.Through this upgrade, users can now trade over 300 types of RWA tokens across Ethereum, Solana, and BNB Chain, covering various assets such as US stocks, ETFs, oil, precious metals, and country indices. The service supports 24/7 trading, low transaction fees, and gas-free execution, with trading starting from $0 and no minimum threshold requirement. Currently, Bitget Wallet supports a dual RFQ + AMM trading mechanism, enabling instant execution and effectively reducing spread slippage. It has also integrated AI market signals to assist in trading decisions.xStocks is developed in collaboration between Kraken and Backed. Its tokenized stock products adopt a 1:1 full collateral mechanism with underlying assets. Since its launch in June 2025, the platform has processed a cumulative trading volume exceeding $30 billion. This integration will further advance Bitget Wallet's "Everyday Finance, Onchain" strategy, aiming to enable users to conduct daily trading of traditional financial assets through on-chain wallets, breaking down the geographical and entry barriers imposed by traditional financial infrastructure.
Kraken's parent company, Payward, has announced layoffs of approximately 150 employees to streamline its organizational structure and prepare for its upcoming initial public offering (IPO).According to reports, the company is also seeking a new round of funding at a target valuation of around $20 billion, and plans to expand its business footprint through mergers and acquisitions to pave the way for its listing. Analysts suggest that these layoffs and capital moves indicate that Kraken is accelerating its transition towards a traditional public company governance structure to enhance profitability and market competitiveness. (CoinDesk)
according to sources familiar with the matter, MetaMask developer Consensys has postponed its U.S. IPO plans to earliest this fall. The company originally planned to submit a draft S-1 filing with the SEC by the end of February, but market demand weakened due to the market downturn in February, macroeconomic uncertainty, and Bitcoin ETF outflows. Besides Consensys, Kraken and Ledger have also paused their IPO plans.Consensys completed a $450 million funding round in 2022 at a valuation of $7 billion. Additionally, BitGo, which was the first crypto company to go public in 2026, raised $213 million but has since seen its stock price drop 36% from its $18 offering price, reflecting the public market's cautious approach toward valuing crypto infrastructure companies.
crypto wallet provider Ledger has suspended its US IPO plans, citing unfavorable current market conditions. (CoinDesk)
According to CoinDesk, French crypto hardware wallet company Ledger has suspended its U.S. IPO plans due to unfavorable market conditions. Sources familiar with the matter said Ledger was previously valued at approximately $4 billion and had engaged Goldman Sachs, Jefferies, and Barclays as IPO advisors—but it has not yet filed any registration documents with the SEC. The company may instead consider private fundraising. Earlier, Kraken also paused its IPO citing market conditions, while publicly listed BitGo’s stock price has fallen roughly 36% from its offering price, indicating a broad cooling of enthusiasm among crypto firms for U.S. listings.
Franklin Templeton, the parent company of Kraken and a global asset management giant, has announced a collaboration with Kraken to develop on-chain investment products and advance the tokenization of traditional financial assets. The two parties will combine Franklin Templeton's experience in asset tokenization and compliant fund issuance with Kraken's trading, custody, and global user infrastructure, focusing on launching compliant products such as tokenized funds and on-chain wealth management. This initiative aims to bridge the connection between traditional finance and the crypto market. (Coindesk)
Odaily Odaily News According to the latest weekly report from Gate Ventures, global markets continued to strengthen last week, driven by the technology sector. Both the S&P 500 and the Nasdaq index hit new record highs, with the S&P 500 gaining 2.36% for the week and the Nasdaq rising 4.52%. In the crypto market, BTC rose 4.6% last week, ETH rose 2.1%, spot BTC ETFs recorded net inflows for the fifth consecutive week, and market sentiment recovered to the neutral range. Additionally, the total market cap of cryptocurrencies excluding the top ten assets increased by 12.6% for the week.On the macroeconomic front, the ISM Services Price Index rose to 70.7, a two-year high, coupled with energy price fluctuations and the Federal Reserve's policy expectation of "keeping interest rates higher for longer," leading to increased market focus on a "stagflation" environment. On the industry level, Payward, the parent company of Kraken, has applied to the OCC for a national trust charter, highlighting the increasingly evident trend of industry compliance. In terms of investment and financing, 10 deals were completed last week totaling $34.2 million, primarily concentrated in the DeFi and infrastructure sectors. Among them, OpenTrade completed a $17 million funding round to accelerate the development of institutional-grade stablecoin yield infrastructure; OnRe secured a $5 million Series A round to advance its Solana-based tokenized reinsurance product offerings.
According to CoinDesk, Payward, Kraken’s parent company, is seeking new funding at a $2 billion valuation. Payward has recently accelerated its acquisition efforts, acquiring stablecoin payments firm Reap and digital asset derivatives platform Bitnomial—both transactions valued the company at $2 billion. Earlier, in 2025, Payward completed its $1.5 billion acquisition of U.S. retail futures platform NinjaTrader. Payward has confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission in preparation for a potential IPO. Kraken declined to comment on the latest funding round.
According to Bloomberg, Payward Inc., Kraken’s parent company, has agreed to acquire Hong Kong-based Reap Technologies for $600 million in cash and stock. Reap Technologies is a provider specializing in stablecoin-based cross-border and commercial payment services. Arjun Sethi, Co-CEO of Payward and Kraken, stated that the Payward stock issued in this transaction is valued at $2 billion. The acquisition aims to expand Payward’s presence in the Asian market.