News linked to both this project and an event.
Odaily News - After Coinbase's Q2 results fell short of market expectations, the stock briefly dropped to a roughly two-and-a-half-year low on Friday morning before paring losses to around $150. Over the past year, the stock is still down approximately 57%.Wall Street generally believes Coinbase underperformed this quarter, but opinions differ on the cause: some analysts attribute it mainly to a weak crypto market environment, while others have begun to question whether the company's growth strategy beyond its trading business can deliver.JPMorgan stated that Coinbase's results reflect a "challenging crypto environment," with new products contributing limited value to the income statement. The bank lowered its December 2026 price target for Coinbase from $196 to $148, while maintaining an "Overweight" rating. JPMorgan believes the company faces pressure across multiple business lines, with weak trading volumes dragging down transaction revenue and subscription and services revenue also under strain.Bernstein, on the other hand, believes Coinbase's long-term strategy remains attractive, but investors want to see more compelling execution, particularly in new business areas such as prediction markets and tokenized stocks.Mizuho warned that Robinhood is emerging as the mainstream alternative for retail crypto trading. Overall, Coinbase is still viewed as an important representative of U.S. crypto compliance infrastructure, but its valuation recovery increasingly depends on proving it is more than just a crypto exchange reliant on trading cycles.
According to the UK's Financial Times, AI concept stocks have recently continued to correct, and Wall Street banks have required some hedge funds with concentrated positions and high leverage to post additional collateral to maintain existing financing levels. The Nasdaq 100 Index fell by as much as 10% from its early June highs, while the Philadelphia Semiconductor Index has cumulatively dropped about 25% since the end of June. Against the backdrop of sharp declines in related individual stocks, long-short and multi-strategy hedge funds recorded significant single-day drawdowns, reflecting that risks from crowded AI trades and leverage are being exposed at an accelerated pace.
According to CoinDesk, Swiss digital asset bank AMINA is partnering with Wall Street firm Cantor to evaluate potential listing options. Sources familiar with the matter said the company had explored paths such as mergers with special purpose acquisition companies, but currently favors entering the public market through a reverse acquisition by a digital asset treasury company. However, AMINA stated that relevant discussions are still ongoing and no final decision has been made; the core goal at this stage is to raise capital to support strategic growth, rather than pushing for a rapid listing.
AI chip startup Etched announced the completion of a $300 million Series C funding round, valuing the company at $10.3 billion. The round was led by Sequoia Capital, with participation from Andreessen Horowitz (a16z), SK Hynix, Jane Street, and Diffusion Capital.Founded in 2022 by three Harvard dropouts, Etched was valued at approximately $5 billion when it raised $500 million in December 2025, meaning its valuation has doubled in just about seven months. Etched stated that it focuses on building specialized chip systems for AI model inference. The company has recently completed mass production of its self-developed chips and begun having customers test the first complete systems, while also securing approximately $1 billion in orders. (TechCrunch)
According to people familiar with the matter cited by The Wall Street Journal, BlackRock is leading a debt financing deal of at least $12 billion to fund a large-scale data center project in El Paso, Texas, jointly supported by BlackRock and Meta Platforms.
According to The Wall Street Journal, following Moonshot AI's release of the low-cost, high-performance large model Kimi K3, Wall Street has once again seen concerns about a "DeepSeek-style shock," with the AI chip sector facing selling pressure. Morgan Stanley stated that the market may experience AI industry turbulence similar to that triggered by DeepSeek in early 2025, where the rise of low-cost, high-performance AI models could challenge top U.S. model developers such as OpenAI and Anthropic, while simultaneously weakening demand for the large-scale compute infrastructure underpinning the U.S. AI investment boom.
According to The Wall Street Journal, data analytics software company Databricks is completing a $3 billion funding round led by Coatue Management, with the company's valuation reaching $188 billion. Compared to the $134 billion valuation in December 2025, this represents an increase of approximately 40%. The report indicated that the artificial intelligence boom has driven growth in market demand for Databricks' data analytics software.
Strategy's newly launched Bitcoin Banking Adoption Index shows Fidelity leading at 71%, followed by BNY at 46% in second place, and Goldman Sachs at 45% in third. JPMorgan, Morgan Stanley, and Citigroup each stand at 43%. The index evaluates the adoption of Bitcoin-related services across trading, custody, digital asset products, financing, and corporate participation among 25 major global institutions, with an overall adoption rate of 32%.The remaining institutions scored between 13% and 38%, with Wells Fargo at 38%, Banco Santander and Société Générale both at 35%, Charles Schwab and TD Bank both at 32%, BNP Paribas, HSBC, Crédit Agricole, and UBS each at 30%, Bank of America, Barclays, and Standard Chartered each at 28%, State Street at 27%, Mizuho and Deutsche Bank both at 22%, MUFG at 18%, Lloyd’s at 17%, and SMBC and Royal Bank of Canada both at 13% (Bitcoin.com News).
According to Fortune, DeFi asset management and risk analysis company Gauntlet completed a $125 million financing round, exclusively invested by Japanese financial group SBI Holdings. The financing was completed in June this year, and the specific valuation was not disclosed. This is Gauntlet's largest financing round since its establishment in 2018, far exceeding its $24 million Series B round in 2022 led by Ribbit Capital at a $1 billion valuation. Gauntlet was founded by former Wall Street quantitative trader Tarun Chitra. It initially focused on providing stress testing and vulnerability analysis services for DeFi protocols. Later, as the DAO governance model waned, it gradually transitioned to a "treasury curation" business—assessing yield strategy risks through quantitative analysis to help institutional investors manage digital asset allocation. Currently, its clients include asset management giant Apollo, Coinbase, and stablecoin issuer Circle.
Jeremy Grantham, renowned investor, co-founder, and chief investment strategist at GMO, stated that the market might look back on the SpaceX listing in 50 years with a sense of "mockery," calling it "the most outrageous IPO in human history."Grantham believes that SpaceX’s grand vision of "making humanity a multi-planetary species," coupled with the market’s current strong enthusiasm for the company, could be viewed by investors in the future as excessive optimism. "Everyone is lining up to tell you to buy the most outrageous IPO in human history. 50 years from now, people will quote paragraphs from the prospectus and laugh about it," he said.Since SpaceX joined the Nasdaq-100, it has garnered significant institutional attention, but its stock price has faced pressure recently. Currently, SpaceX’s stock is down about 7% from its one-month high, hovering around $150, only slightly above its IPO target price of $135.Wall Street institutions are divided on SpaceX’s future valuation. Morgan Stanley reportedly has given it a $300 price target, while Goldman Sachs analysts estimate a target of around $205. JPMorgan Chase believes that Elon Musk’s goal of achieving $1 trillion in revenue by 2031 is "theoretically achievable" but would require extremely strong execution capabilities.Grantham also pointed out that one of SpaceX’s biggest risks is its heavy reliance on Musk’s personal leadership. He noted that Musk holds approximately 82% of the voting control, which serves as both a key driver of SpaceX’s culture and innovation capability, and a source of risk related to governance structure and leadership changes.However, Grantham acknowledged that SpaceX’s inclusion in the Nasdaq index could generate additional buying pressure. He said that as a large amount of funds tracking the Nasdaq index are forced to allocate to SpaceX stock, market demand may exceed supply, thereby pushing the stock price up.Nevertheless, he believes that in the long run, SpaceX still faces significant challenges. If the valuation logic for the company ultimately holds, the future world could undergo drastic changes driven by the development of artificial intelligence and automation technologies. Conversely, if expectations fail to materialize, this IPO would also become a landmark event in financial history. (Fortune)
as the 25-day quiet period following SpaceX's (SPCX) June IPO comes to an end, Wall Street analysts have begun releasing formal research reports. Multiple major brokerages have issued favorable ratings, indicating institutional investors remain optimistic about the company's long-term growth potential.As IPO underwriters, both Goldman Sachs and Morgan Stanley have assigned buy-equivalent ratings to SpaceX. Goldman Sachs analyst Eric Sheridan set a price target of $205, while Morgan Stanley analyst Adam Jonas gave a target of $300. Additionally, institutions such as Bank of America, Citigroup, Deutsche Bank, JPMorgan, and UBS have also initiated coverage with buy or equivalent ratings. Among them, Raymond James Financial provided the most optimistic forecast; analyst Brian Gesuale initiated coverage of SpaceX with a "Strong Buy" rating and a price target as high as $800, believing SpaceX will become "one of the most representative industrial infrastructure companies of the 21st century."Analysis suggests that market optimism towards SpaceX is primarily based on its布局 (layout/foundation) in areas such as rocket launches, Starlink satellite internet, and government contracts. At the same time, the company's communications business can provide a sustainable source of revenue and support future expansion of launch scale.As of March 31, 2026, SpaceX holds 18,712 Bitcoins. Wall Street believes that the concentrated coverage following the end of the IPO quiet period provides a window for institutional investors to conduct their first systematic assessment of SpaceX's valuation. The fact that nearly all major institutions simultaneously issued positive ratings is relatively rare for large-scale IPOs. (CoinDesk)
Wall Street investment bank Cantor Fitzgerald stated that the key to Strategy restarting its capital expansion cycle lies in restoring its preferred stock STRC back to the $100 par value level. The bank pointed out that repairing the STRC price is a core prerequisite for restarting the company's Bitcoin accumulation "capital engine" and will help stabilize the overall capital structure.After a meeting with Executive Chairman Michael Saylor, Cantor Fitzgerald expressed increased confidence in management's plans to stabilize the balance sheet and restore financing capabilities. In the current market, STRC is trading at approximately $87.79, Strategy's stock price fell 3.4% to $97.34, while Bitcoin is trading around $61,800.Cantor believes that STRC is the foundational tool of Strategy's financing system, and its repair will drive benefits for both preferred and common shares, further enhancing the company's ability to continue accumulating Bitcoin. Currently, Strategy has raised approximately $216 million through Bitcoin sales to fund preferred stock dividends and is expected to continue increasing its cash reserves to support dividend stability. (CoinDesk)
Odaily reports: AI chip startup Etched has completed a roughly $800 million funding round, with investors including quantitative trading giant Jane Street and a venture capital firm affiliated with Taiwan Semiconductor Manufacturing Company (TSMC). The company is currently testing its AI inference chip product and plans to begin shipping to select customers this summer. It has also signed sales contracts totaling approximately $1 billion, though specific customers were not disclosed.Founded in 2022, the company positions itself as a potential competitor to NVIDIA in the field of AI computing chips, focusing on designing customized chip architectures for large model inference scenarios. It is collaborating with TSMC to develop "low-voltage inference" technology aimed at reducing energy consumption and heat dissipation pressure.This funding round, previously reported to have a valuation of around $500 million, includes participation from Stripes, funds associated with Peter Thiel, and several quantitative firms. Jane Street is said to have invested over $100 million in total, with subsequent additional contributions. (Bloomberg)
Odaily Wall Street investment bank TD Cowen has lowered its price target for Bitcoin treasury company Strategy (STRC) from $400 to $260, a reduction of approximately 35%, while maintaining a "Buy" rating. The firm noted that the company's newly launched digital credit capital framework is constructive, with continuous improvements in credit transparency and capital flexibility.Analysts explained that this valuation adjustment is unrelated to the new capital framework, but is primarily driven by lowered Bitcoin price expectations: the BTC price forecast for end-2026 has been reduced from $140,000 to $100,000, and the end-2027 forecast from $190,000 to $135,000. Even after the adjustment, the $260 price target still implies over 200% upside from the closing price of $92.68. The investment bank also acknowledged that this valuation differential appears relatively high.On the capital front, Strategy has rebuilt $2.55 billion in USD reserves. Last week's issuance of 12 million common shares was not used to increase Bitcoin holdings. Existing cash can cover more than 17 months of interest and preferred stock dividends, and combined with BTC monetization capacity, can cover 26 months of expenses. The company has received approval for $1 billion in common stock buybacks and $1 billion in preferred stock buybacks, marking a shift from one-way equity issuance to proactive capital structure optimization. The $1.25 billion in Bitcoin monetization proceeds will replenish cash reserves, while the preferred stock dividend rate has been raised from 11.5% to 12%, alleviating the previously significant 26% discount issue. (TheBlock)
According to The Wall Street Journal, Xiaohongshu, a Chinese lifestyle and video-sharing platform, plans to list in Hong Kong as early as the end of this year. Its major investors are seeking a valuation of over $70 billion, following recent private secondary-market transactions in which the company’s valuation exceeded $50 billion.
John Wang, Head of Crypto Business at prediction market platform Kalshi, stated on X that it is widely believed Sam Bankman-Fried (SBF) was a "top-tier venture capitalist" who successfully invested in star projects like Anthropic and Cursor. However, Wang argued this narrative is inaccurate. The real "core figure" driving these investment strategies and early resource allocation was actually "AI stock guru" Leopold Aschenbrenner, not SBF himself.Analysis suggests that this remark has sparked discussion within the crypto and venture capital circles, once again bringing the attribution of SBF's influence on early-stage investments in Silicon Valley and the crypto industry into the spotlight. It is reported that the AI fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, has grown to over $20 billion in scale, with quantitative giant Jane Street making a rare capital injection. Situational Awareness has achieved a year-to-date return rate of 270% and cumulative returns exceeding 1,000% since its inception. Equity bets on Anthropic have contributed the most successful returns, accounting for one-fifth of its assets. Beyond public markets, Situational Awareness also co-led an investment round in AI chip company MatX with Jane Street and participated in the latest funding round of AI cloud computing provider Fluidstack.
According to sources cited by The Wall Street Journal, Chinese AI large-model company StepFun is expected to file its IPO application with the Hong Kong Stock Exchange as early as June 8, with a valuation of approximately $12 billion assigned by its major investors. The IPO aims to raise roughly $500 million, and the company has already begun consultations with multiple financial advisors regarding the listing. Previously, StepFun had initiated the dismantling of its offshore VIE structure to pave the way for its Hong Kong listing.
According to a report by the Wall Street Journal, Morgan Stanley predicted in a research report distributed to top-tier investors that SpaceX—owned by Elon Musk—could generate $3.4 trillion in revenue by 2040, setting a $1.77 trillion valuation target for its IPO. The report notes that banking professionals are presenting this valuation rationale to investors based on SpaceX’s long-term growth prospects.
According to the Wall Street Journal, AlphaSense, an AI-powered market intelligence platform, has raised $350 million in funding, achieving a new valuation of $7.5 billion—marking a significant increase from its previous round in 2024, which valued the company at $4 billion. Investors in this round include Accenture and the asset management division of JPMorgan Chase. Jack Kokko, CEO of AlphaSense, stated that the company may pursue an initial public offering (IPO) in the future.
: VanEck's tokenized U.S. Treasury fund, VBILL, has officially launched on the DeFi lending protocol Euler. The fund is issued and tokenized by Securitize. Investors can now use tokenized Treasury bonds as collateral for on-chain lending and liquidity operations, while meeting compliance restrictions.This move reflects that DeFi protocols are accelerating their transition towards institutionalization and compliance to attract traditional financial capital into the on-chain market. Data shows that the market size of tokenized U.S. Treasury bonds has surpassed $15 billion, growing approximately 150% over the past year. Traditional asset management giants such as BlackRock, Franklin Templeton, and Janus Henderson have all launched on-chain treasury or money market products.Euler has previously integrated Securitize's DS Protocol to support the inclusion of tokenized securities with investor qualification restrictions and transfer rules into its lending market. DeFi protocols like Aave are also expanding into institutional-grade RWA businesses.Institutions estimate that the market size for asset tokenization could reach $18.9 trillion by 2033. A Securitize executive stated that as traditional financial institutions enter the crypto space, DeFi protocols must find a balance between openness and compliance requirements. (CoinDesk)