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Clarity Act stumbles, Strategy trims again, and the fight nobody saw behind Mastercard’s $1.8 billion BVNK buy
The cryptocurrency industry is undergoing a significant stress test, with events like a major Bitcoin outflow due to a Coldcard wallet attack, the failure of the Digital Asset Market Clarity Act to pass the Senate, and multiple corporate treasury sales of Bitcoin. Despite these challenges, institutional interest remains, with Fidelity proposing staking rewards for its Ether ETF and Goldman Sachs acquiring NEOS. Meanwhile, Bybit has sued North Korea over a $1.5 billion hack, and over 100 crypto projects have shut down this year, indicating a market shakeout.
Goldman Sachs Pays Up to $2.25B for NEOS, Inheriting $1B in Bitcoin Income ETFs
Goldman Sachs has agreed to acquire NEOS Investments for up to $2.25 billion to gain access to its cryptocurrency income ETFs, including Bitcoin High Income ETF and Ethereum High Income ETF. The acquisition, expected to close in early 2027, is part of Goldman Sachs' broader strategy in structured products and derivative-income ETFs. NEOS's co-founders, Garrett Paolella and Troy Cates, will join Goldman Sachs Asset Management.
TD Cowen gives the Clarity Act just a 1-in-4 shot this September
TD Securities estimates the Clarity Act, a crypto market structure bill, has only a 25% chance of becoming law in September, citing potential procedural hurdles and Democratic opposition. The bill's path forward is described as difficult, with a 75% probability of failure. Key points of contention include amendments related to ethics and anti-money-laundering provisions.
Goldman’s Varadhan lays out a three-part case for staying in the market
Ashok Varadhan, co-head of global banking and markets at Goldman Sachs, advises investors to remain invested despite concerns about interest rates, energy costs, and economic expansion. He predicts interest rates will stay on hold, oil prices will fall below $70 a barrel, and the economy will remain durable, potentially boosted by AI productivity gains.
OpenAI IPO filing could reportedly come as soon as Friday
OpenAI, the creator of ChatGPT, is reportedly preparing to file for an Initial Public Offering as soon as Friday. The company is working with investment banks Goldman Sachs and Morgan Stanley on the IPO process.
PCB prices have risen by up to 40% due to war in Iran, according to Reuters' industry sources
According to Reuters industry sources, the conflict in Iran has significantly impacted the supply of materials essential for Printed Circuit Boards (PCBs), leading to price increases of up to 40%. The disruption stems from a halt in production of a critical base material used in PCB laminates, coupled with shipping challenges in the Strait of Hormuz. These factors, combined with existing demand from AI server companies, have contributed to rising prices for various PC components.
ESA's iicon conference expands speaker lineup, with EA's Andrew Wilson joining CEOs of Ubisoft, Take Two, Riot, Savvy Games and more
The Entertainment Software Association's new iicon conference has expanded its speaker lineup, adding Electronic Arts CEO Andrew Wilson. He will join other industry leaders including Yves Guillemot of Ubisoft, Strauss Zelnick of Take-Two Interactive, Dylan Jadeja of Riot Games, and Brian Ward of Savvy Games Group. The event focuses on interactive entertainment and its expansion opportunities across various industries.
Banks working on the SpaceX IPO reportedly have to subscribe to Grok
Banks and law firms working on the upcoming SpaceX Initial Public Offering are reportedly required by Elon Musk to subscribe to his AI chatbot, Grok. Some financial institutions have agreed to this condition, which involves significant financial commitment, as part of the privilege to participate in the IPO. SpaceX's IPO is expected to be a major financial event, potentially raising over $50 billion.