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Cantor

Nikhilesh De
Crypto Trends

Gemini Hires Goldmans (GS), Citi (C), Morgan Stanley (MS) and Cantor as Lead Bookrunners For its IPO

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Crypto exchange Gemini filed an updated registration statement for its initial public offering effort, sharing a few more details in its push to become a publicly traded firm.

Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor acting as lead bookrunners on the IPO, Gemini said in a press release Friday.

Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company and Rosenblatt are also acting as bookrunners, the company said. Academy Securities and AmeriVet Securities are acting as co-managers.

The S-1 published on Friday follows a confidential filing submitted to the U.S. Securities and Exchange Commission back in June, and confirms “Gemini Space Station,” co-founded by Cameron and Tyler Winklevoss, intends to sell an undisclosed number of Class A shares.

Gemini’s filing indicated that it had generated total revenue of $142.2 million in 2024, up from $98.1 million the prior year. For the six months ending on June 30, 2025, the total revenue was $68.6 million, down from $74.3 million in the first six months of 2024.

Its net loss in 2024 stood at $158.6 million, compared to $319.7 million in 2023. That figure stood at $282.5 million for the first six months of 2025.

Its earnings before interest, taxes, depreciation and amortization for 2024 stood at a loss of $13.2 million, and a loss of $113.5 million for the first half of 2025.

Like other crypto firms, Gemini pointed to standard risks in the risk portion of the filing, including the general nature of blockchain networks and how banks and regulators view the industry.

“Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks,” the filing said.

Gemini is only the latest crypto company to try and go public this year, following Circle (CRCL), eToro (ETOR) and CoinDesk parent company Bullish (BLSH). BitGo has filed for paperwork to go public as well.

Gemini plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.

Read more: Billionaire Winklevoss Twins-Backed Exchange Gemini Files With SEC For Planned IPO



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Cantor Sees 75% Upside in Solana-Focused Stocks With New Analyst Coverage

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In brief

  • Cantor rated three public companies “overweight,” with price targets implying 60–75% upside.
  • Analysts said Solana’s architecture is superior to Ethereum’s, avoiding fragmentation and retaining more value on-chain.
  • DFDV was highlighted as the strongest pick due to its validator infrastructure and crypto-native leadership.

Cantor Fitzgerald has launched coverage on three public companies that hold substantial reserves of Solana, suggesting the stocks could rise by as much as 75% as investors seek new ways to gain exposure to the fast-growing blockchain network.

The investment bank rated DeFi Development Corp (DFDV), Upexi (UPXI), and SOL Strategies (HODL) as “overweight,” meaning it expects the shares to outperform. It assigned price targets of $45 for DFDV, $16 for UPXI, and C$4 (US$2.95) for HODL.

DFDV is currently valued at $31.06, UPXI is priced at $9.84, while HODL sits at C$2.48 (US$1.83), Google Finance data shows.

“We believe Solana treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana,” Cantor analysts wrote in a 72-page report on Monday.

The analysts also took aim at Ethereum, writing that its reliance on external scaling networks has rendered the system inefficient and less unified compared to Solana’s all-in-one design.

“If we are comparing Layer-1s, Solana’s technology is meaningfully better than Ethereum across every metric,” the analysts wrote.

Solana is a blockchain known for fast and cheap transactions. Unlike Ethereum, which relies on external tools, known as Layer 2s, to scale, Solana operates entirely on its base layer. That allows it to avoid fragmentation and keep fees low, the analysts noted.



Cantor said these companies deserve to trade above the value of their Solana holdings due to their ability to stake tokens and earn rewards, a process where users lock up crypto to help secure the network and receive payments in return.

“Solana treasury companies provide exposure to staking through organic accumulation and increases in SOL-per-share,” the analysts said, referring to how these firms can grow their holdings without raising new money.

Among the three, Cantor named DFDV the best positioned, citing its experienced management team and ownership of Solana infrastructure. The company runs two validator nodes, which process transactions on the network and earn additional fees.

UPXI, which holds the largest SOL balance, does not operate validators but benefits from its U.S. listing and trading volume. 

HODL, based in Canada, operates four validators and has established several ecosystem partnerships, including those with MoonPay and Pudgy Penguins.

Cantor said Solana-linked stocks could become “the next generation of Bitcoin-style corporate reserve plays,” referencing firms like Michael Saylor’s Strategy that buy Bitcoin as part of their balance sheet strategy.

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Solana Will be ‘Chain of Choice;’ DFDV, UPXI, HODL Initiated at Overweight: Cantor

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Cantor initiated coverage of the three largest solana

treasury companies DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (HODL) with an overweight rating, the Wall Street firm said in a research report Monday.

The broker has a $45 price target for DeFi Development, a C$54 objective for Sol Strategies, and a $16 price target for Upexi.

“We believe SOL treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana,” analysts led by Thomas Shinske wrote.

Solana’s biggest competitor is the Ethereum blockchain, Cantor noted, but its technology is meaningfully better than its larger peer on every metric.

“Developer growth on SOL has far exceeded that on ETH recently, and we expect this to continue,” the authors wrote.

Therefore, using solana as a treasury asset makes more sense than using ether

, the report said.

The report added that companies that have adopted solana as a treasury asset believe that the crypto can overtake ether, which currently has a market cap 2.5 times larger than SOL.

Read more: DeFi Adding $5B of Solana Buying Power With New Line of Credit



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Cantor Fitzgerald to launch Bitcoin fund with gold price protection
GameFi Guides

Cantor Fitzgerald to launch Bitcoin fund with gold price protection

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Cantor Fitzgerald Asset Management is preparing to launch a new fund that combines Bitcoin exposure with downside protection tied to the price of gold.

The Cantor Fitzgerald Gold Protected Bitcoin Fund, L.P. will be the firm’s first investment product focused on Bitcoin (BTC), the company said.

Structured as a five-year vehicle, the fund is designed to offer investors full upside participation in Bitcoin while providing 1-to-1 protection against losses, based on the price of gold.

Hedge strategy linking different asset

The hybrid approach aims to address investor concerns about Bitcoin’s volatility.

By linking downside protection to the price of gold, Cantor Fitzgerald is positioning the fund as a hedge strategy that bridges traditional safe-haven assets with high-growth digital assets.

Cantor Fitzgerald recently partnered with Tether, Bitfinex, and SoftBank to launch a $3 billion Bitcoin investment firm called 21 Capital.

The companies contributed Bitcoin and planned to raise additional funds through a convertible bond and private equity round. The venture, led by Brandon Lutnick, aimed to capitalize on a pro-crypto shift in U.S. policy under the Trump administration.

“At Cantor, we are focused on delivering innovative products that support clients seeking exposure to digital asset investments,” said Chairman Brandon G. Lutnick.

The fund will begin accepting investor capital in the coming weeks, the company said.



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Maple Finance taps Cantor for Bitcoin-backed credit
Crypto Trends

Maple Finance taps Cantor for Bitcoin-backed credit

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Maple Finance has closed the first tranche of a Bitcoin-backed financing facility from global investment bank Cantor Fitzgerald.

The deal is part of Cantor’s $2 billion Bitcoin financing initiative, which also included a facility for FalconX. The program aims to provide institutional leverage against Bitcoin (BTC) holdings, reviving confidence in crypto lending after collapses like Celsius and BlockFi in 2022.

“This financing facility through Cantor enables Maple to accelerate its growth and expand its reach as a provider of digital asset credit,” said Sidney Powell, CEO and Co-Founder of Maple, in a note to crypto.news.

 The company positions itself as a crypto-native asset manager with institutional experience, targeting rising demand for regulated crypto credit access.

It’s time to ‘unlock Bitcoin’s full potential’ 

Cantor, now active in several crypto-focused ventures—including a partnership with Tether and SoftBank to launch Bitcoin accumulator Twenty One Capital—views this initiative as a strategic move to scale digital asset finance.

 “We are excited to unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets,” said Michael Cunningham, Head of Bitcoin Financing at Cantor.

Anchorage Digital served as custodian on the Maple Finance (SYRUP) transaction, ensuring regulated settlement and storage of the Bitcoin collateral.

Crypto-backed lending markets are showing signs of recovery, with total outstanding loans rebounding to $36.5 billion by Q4 2024, up from a post-crash low but still under the 2021 peak of $64.4 billion, according to Galaxy Research.

Maple’s participation in Cantor’s facility signals renewed momentum in institutional crypto lending, driven by structured financing and renewed market confidence.



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