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Public Keys: Ethereum Treasuries Soar, Bitcoin ETFs’ $1 Billion Bleed, Crypto IPO Chatter

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In brief

  • Crypto stocks surged on Fed Chair Powell’s dovish Jackson Hole speech hinting at September rate cuts, with Ethereum treasury companies and Bitcoin miners leading gains of 8-15%.
  • Bitcoin ETFs bled $1 billion over five consecutive days while Ethereum ETFs rebounded with $288 million in net inflows on Thursday.
  • Blockchain lender Figure Technologies filed for an IPO, seeking to go public after processing over $16 billion in home loans on its Provenance blockchain.

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

Wings of a Dove

Crypto stocks (and the rest of the crypto and stock market) are soaring thanks to a big boost from Federal Reserve Chair Jerome Powell’s dovish speech at the Jackson Hole Symposium on Friday morning.

Crypto and stocks tend to get a boost when the Fed lowers rates because it triggers a rotation of funds from treasury bonds and into risk-on assets.

During his remarks, Powell said the “shifting balance of risks may warrant adjusting our policy stance.” In other words, he opened the possibility for a rate cut when the Federal Open Markets Committee meets again in September.

Crypto exchange Coinbase’s shares gained about 6% and Bitcoin hoarding behemoth Strategy rose 5% on the day—a nice reversal from earlier in the week.

But it’s Bitcoin miners and Ethereum treasury companies that won the day. The two largest Ethereum treasuries—former Bitcoin miner BitMine Immersion and online gambling marketer SharpLink—  gained 12% and 15.6%, respectively.



Bitcoin mining rig manufacturer Canaan’s stock gained 12%, and Bitcoin miners Riot Platforms and Iris Energy picked up 7.7% and 9.3%, respectively.

Katalin Tishhauser, head of research at Sygnum Bank, noted that while crypto markets had a “swift and positive” reaction to the news, she flagged that the underpinning economic data still shows signs of trouble.

“Even if a September cut does not materialize, the market has proven resilient in digesting past disappointments while still setting new highs. Momentum may continue, albeit with higher volatility,” she told Decrypt. “Meanwhile, spiralling debt and rising inflation remain unresolved structural issues—factors that strengthen the case for safe-haven assets over the longer term.”

$1 Billion Bleed

Bitcoin ETFs just spent five days in the red and shed $1 billion—even as their Ethereum counterparts staged a turnaround. On Thursday, Ethereum funds stopped the bleed and pulled in $288 million worth of net deposits.

The dominance of Ethereum in the current market narrative is very much warranted, according to the latest note from M31 Capital.

The private equity and venture capital fund pointed out that infrastructure, DeFi, L1 and L2 networks, and Web3 companies were all in the green—and all came out ahead of Bitcoin.

But nothing short of another all-time high for BTC was going to top last week’s record-setting run to $124,128.

Figure on the runway

Just as Bullish makes its $1.15 billion debut, there’s a new crypto company ready to test its wings.

Blockchain lender Figure Technologies has filed  paperwork for an initial public offering.

Now, it’s important to make a distinction about what Figure does given the history of crypto lenders in the space: Figure uses its platform to enable lending outside the traditional scope of the crypto industry, such as real estate.

The company says that its the largest non-bank provider of home equity lines of credit in the U.S. and that its software has been used for more than $16 billion worth of home loans.

Illia Otychenko, the lead analyst at CEX.IO, told Decrypt earlier this week that the company “dominates the tokenized private credit space, with more than 70% market share and over $11 billion in active loans on its Provenance blockchain.”

Figure is co-founded by SoFi co-founder and former CEO Mike Cagney, who left the bank in 2017 amid sexual harassment allegations. The IPO would mark his return to leading a publicly traded company.

“The IPO is one step in a long process to bring blockchain to all aspects of capital markets,” he said in the company’s SEC filing. No word yet on share pricing, though.

Other Keys

Timber: Nasdaq has delisted drug developer Windtree Therapeutics, which announced last month that it would buy $700 million worth of Binance’s BNB token. The company said in an SEC filing that its shares stopped trading on the Nasdaq for failing to maintain the $1-per-share minimum bid price required by the exchange.

USA Made: Bitcoin miner Bitdeer confirmed it’s going to begin manufacturing mining rigs in the U.S. this year. That news came as two of its competitors—Iris Energy and CleanSpark—have been hit with letters from U.S. customs asking for millions in tariffs on Chinese-manufactured rigs purchased in 2024.

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CFTC Opens Next Phase of Crypto Sprint, Seeks Public Input on Broader Rules

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In brief

  • Acting chair Caroline Pham said Thursday the sprint expands to custody, leveraged retail trading, and consumer protections, with feedback due October 20.
  • The initiative is part of a four-phase process that began August 1, running alongside the SEC’s Project Crypto.
  • Observers told Decrypt the U.S. is shifting from enforcement to enablement, positioning itself to set global standards in digital asset markets.

The Commodity Futures Trading Commission is proceeding with the third phase of its “crypto sprint,” a series of accelerated rulemaking efforts designed to implement recommendations from the President’s Working Group on Digital Asset Markets.

“The Administration has made it clear that enabling immediate trading of digital assets at the Federal level is a top priority,” acting CFTC chair Caroline Pham wrote in a statement on Thursday.

The CFTC’s latest sprint expands beyond spot crypto trading to address all remaining recommendations from the working group’s report on strengthening American leadership in technologies such as crypto and digital assets.



The CFTC appears to be “trying to lay a regulatory bedrock by seeking to establish a unified, federal-level spot market for crypto assets,” Andrew Rossow, a public affairs attorney and CEO of AR Media Consulting, told Decrypt.

“It begins to address this state-by-state fragmentation and long-time occupancy of this grey zone,” Rossow said, adding that he thinks the moves are made as part of a “federal legitimacy strategy” to create “foundational reform.”

Still, retail investors would “most likely benefit from heightened protections,” once the “federal handcuffs” are lifted to restore trust in a space “long tarnished by poor oversight,” he added.

What’s it all about

The report seeks to provide a unified federal framework for digital asset markets, addressing gaps in market structure, custody, stablecoin regulation, and anti-money laundering standards.

Remaining sprints are expected to tackle unresolved issues around DeFi oversight, banking access, tax clarity, and inter-agency coordination.

Thursday’s announced sprint is the third in a four-part series. The first, on August 1, laid the framework. The second, on August 4, launched the spot trading initiative. 

The latest expands to broader rulemaking, while a forthcoming fourth sprint is expected to translate stakeholder feedback into formal rules and supervisory guidance.

“The U.S. is asserting control over digital dollars and setting the standards others may follow,” Ray Youssef, CEO of crypto messaging and P2P trading app NoOnes, told Decrypt. “Countries that once hesitated may be pushed to adopt similar frameworks or risk falling behind in the race to modernize finance.”

The CFTC has set an October 20 deadline for comments on the broader set of recommendations. The federal agency did not immediately respond to Decrypt’s request for comments.

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CSGOEmpire owner Monarch loses $19M in the largest public poker game ever

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The biggest poker match ever streamed played out on YouTube as Counter-Strike mogul Ossi ‘Monarch’ Ketola battled poker legend Dan ‘Jungleman’ Cates in a marathon session that ended with Monarch dropping $19 million.

Broadcast live on Onyx Live’s YouTube channel from Merit Royal Diamond on August 19, the spectacle featured six nosebleed stakes matches with buy-ins climbing as high as €5 million. Thousands tuned in as the pair collided in what is now being called the largest public poker game in history.

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Cates struck first in a €2 million opener, but Monarch bounced back in the next two contests, including a €3 million buy-in where he steamrolled Jungleman with back-to-back coolers and some fearless bluffs.

Record pots and brutal swings

As the night escalated, so did the buy-ins. The two traded massive blows, including a €2.8 million pot where Monarch flopped quads against Cates’ full house.

The games continued, with Jungleman pulling off an impressive bluff with 5-3, making Monarch fold his pair of Aces.

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Not long after, they battled in a staggering €7.7 million hand, the largest pot of the entire session.

Despite Monarch holding the lead at that point, the tide soon turned. Jungleman locked in key pots down the stretch, winning four of the six matches and leaving with a €13 million profit, equal to around $15 million USD.

For Monarch, he ended up losing $19M throughout the marathon in one of the most expensive single-night defeats ever publicly witnessed in poker. Still, the CSGOEmpire founder isn’t exactly strapped for cash.

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“lol rip ~$19m in one sitting,” he commented on X following the stream. “Worth the content though.”

The Finnish entrepreneur has been running businesses since he was 14 and built his fortune in 2016 when he launched the Counter-Strike skin gambling site that exploded in popularity.

While Jungleman walked away with the glory, the night cemented both players in poker history and gave fans a rare glimpse at the highest stakes the game has ever seen.

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U.s. Treasury Seeks Public Input On Genius Stablecoin Bill
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U.S. Treasury Seeks Public Input on GENIUS Stablecoin Bill

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The U.S. Treasury has launched a public consultation on the GENIUS Act, a new law that aims to regulate stablecoins, digital dollars with a fixed value, and improve the role of America in global digital finance.

The Treasury is seeking the input of citizens, businesses, and professionals regarding the regulation of stablecoins, including the use of artificial intelligence, blockchain surveillance, digital identity verification, and application programming interfaces (APIs).

Today, Treasury issued a Request for Comment required by the GENIUS Act, which furthers the Administration’s policy of supporting the responsible growth and use of digital assets, as outlined in President Trump’s Executive Order on “Strengthening American Leadership in Digital…

— Treasury Department (@USTreasury) August 18, 2025

These inputs will assist in evaluating the advantages, expenses, privacy threats, and cybersecurity issues of these technologies. The deadline to submit is October 17, 2025, and submissions will be published on regulations.gov.

The GENIUS Act, signed earlier this year on July 18, 2025, creates a clear framework for U.S.-based stablecoin issuers. It builds on the U.S. President Donald Trump’s Executive Order 14178, which also allowed crypto investments in 401(k) retirement plans. 

Treasury Secretary Scott Bessent called the law a “win-win-win” for users, issuers, and the government, saying it will expand global access to the U.S. dollar and boost demand for U.S. Treasuries, the bonds backing stablecoins.

Implementing the GENIUS Act is essential to securing American leadership in digital assets.

Stablecoins will expand dollar access for billions across the globe and lead to a surge in demand for U.S. Treasuries, which back stablecoins.

It’s a win-win-win for everyone involved:… https://t.co/p5nRQpBfnw

— Treasury Secretary Scott Bessent (@SecScottBessent) August 18, 2025

Industry leaders have praised the move. Jeremy Allaire, CEO of Circle, a major stablecoin issuer, called it “more than financial legislation,” emphasizing that it shows the U.S. is ready to embrace innovations that make finance safer, more transparent, and inclusive. 

He credited policymakers, developers, and Circle’s team for driving the effort and described the law as the “starting gun” for a new era in financial technology.

The GENIUS Act signals that the U.S. is serious about leading in digital assets. By regulating stablecoins, the law aims to make digital dollars secure for billions worldwide while encouraging technological innovation in the financial system. 

Public participation now will shape how the law is implemented and how stablecoins grow globally.

Also Read: Banks call for action on GENIUS Act stablecoin yield loophole





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Treasury seeks public input on detection of illicit activity in digital assets
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Treasury seeks public input on detection of illicit activity in digital assets

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The United States Department of the Treasury is seeking public feedback on innovative methods and tools for detecting illicit activity in the digital assets industry.

Summary

  • U.S. Treasury has asked for public comments on tools used to detect and monitor illicit activity in the digital assets ecosystem.
  • The public have until October 17, 2025 to share their input as required under the GENIUS Act.

The U.S. Treasury said in a press release that interested members of the public have an opportunity to provide comments on the techniques or strategies that regulated institutions use to detect and mitigate illicit finance risks in the crypto space. 

Focus areas of the public input will be on four key aspects of the ecosystem. These are: application programming interfaces, digital identity verification, artificial intelligence, and blockchain technology use and monitoring.

Why public input?

The notice fulfills a requirement under GENIUS Act, the landmark U.S. stablecoin law President Donald Trump signed into law in July 2025. According to the government agency, the public have 60 days from the date of publishing the request for comment notice in the Federal Register to give their input, with this deadline set for October 17, 2025.

Public feedback on this matter helps the administration’s quest for policy that supports responsible growth and use of cryptocurrencies. Treasury’s move aligns with Trump’s executive order on “Strengthening American Leadership in Digital Financial Technology,” signed on January 23, 2025.

“Today’s request for comment fulfills Treasury’s obligation pursuant to section 9(a) of the GENIUS Act, which creates a comprehensive regulatory framework for stablecoin issuers in the United States. The GENIUS Act and E.O. 14178 together promote U.S. leadership in digital assets and bolster U.S. national security,” the U.S. Treasury noted.

The GENIUS Act requires the Treasury to use feedback from the public input to inform its research on aspects such as effectiveness of tools, costs involved, privacy features, and the cybersecurity risks of the tools.

In the cryptocurrency and blockchain security and analytics ecosystem, platforms such as Chainalysis and TRM Labs have become critical components with tools to detect and alert on potential threats and risks.



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The 10 Public Companies With the Biggest Bitcoin Portfolios

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For many years, the idea that publicly traded corporations might buy Bitcoin for their reserves was considered laughable. The top cryptocurrency was considered too volatile, too fringe to be embraced by any serious business.

That taboo has been well and truly broken, with a number of major institutional investors buying up Bitcoin in recent years.

The floodgates first opened when cloud software company Strategy (formerly MicroStrategy) bought $425 million worth of Bitcoin in August and September 2020. Others followed suit, including payments processor Block and electric car manufacturer Tesla.

Per BitcoinTreasuries, public companies holding Bitcoin now account for nearly 4.5% of the total supply of 21 million BTC. These are the biggest holders as of this writing.

1. Strategy

Strategy, a prominent business analytics platform turned Bitcoin treasury company, has adopted BTC as its primary reserve asset. The company is perhaps better known as MicroStrategy, but changed its name in February 2025 with co-founder Michael Saylor citing the “power and positivity” of “strategy.”

The firm, which produces mobile software and provides cloud-based services, has aggressively pursued a Bitcoin buying spree, scooping up millions of dollars worth of the cryptocurrency. As of this writing in August 2025, it holds 628,946 BTC in reserve, equivalent to more than $73 billion and more than 2.8% of the total number of Bitcoin that will ever be issued.

At one point, Strategy Executive Chairman Michael Saylor said, he was buying $1,000 in Bitcoin every second. In the company’s Q1 2024 earnings call, Saylor claimed that the company’s adoption of a “Bitcoin strategy” had enabled it to deliver 10x to 30x the performance of rival enterprise software companies in the business intelligence sector.

Unlike other executives who typically shy away from discussing their personal investments, Saylor has made it public that he personally purchased 17,732 BTC—currently worth over $1.6 billion and still holds them as of September 2024. It’s something of an about-face for the Strategy co-founder, who in 2013 claimed that Bitcoin’s days were numbered.

“We’re at the beginning of the stage of rapid institutional adoption of digital property in the form of Bitcoin,” Saylor said during the company’s Q1 2024 earnings call. He added that in the future, Bitcoin won’t compete against other crypto assets, but against, “gold, art, equities, real estate, bonds, and other types of store-of-value money in wealth creation, wealth preservation, and the capital markets.”



Strategy plans to buy even more Bitcoin in the near future, as it’s in the midst of raising a planned $42 billion to do just that, and Saylor is making the pitch to other public companies as well—like Microsoft, though shareholders ultimately voted against the proposal.

Perhaps the loudest Bitcoin proponent out there, Saylor has already said the firm will be “buying the top forever.”

2. Marathon Digital Holdings Inc.

Bitcoin mining company Marathon Digital, unsurprisingly, is also a large holder of Bitcoin, with 50,639 BTC in its corporate treasury according to a recent social update. That’s worth nearly $6 billion at today’s prices.

The company, which aims to build “the largest Bitcoin mining operation in North America at one of the lowest energy costs,” originated as a patent holding firm (and was often referred to as a patent troll) before its pivot into crypto mining.

The firm noted that it is accelerating its growth plans following the 2024 Bitcoin halving, in a bid to “mitigate the impact” of receiving half the BTC rewards per each successfully mined block.  The firm had said that it aimed to double the scale of its mining operations in 2024.

The company increased its revenue by 64% in Q2 2025, marking its highest ever revenue quarter at $238.5 million. It recently raised nearly $2 billion via convertible notes, most of which has been used to buy Bitcoin.

3. Twenty-One (XXI)

The Jack Mallers-led Twenty One (XXI) expects to hold 43,514 Bitcoin—over $5 billion worth currently—when transactions are finalized and it begins trading publicly. 

Set to launch via a planned SPAC merger with Cantor Equity Partners, the firm is also working alongside stablecoin giant Tether, crypto exchange Bitfinex, and Japanese investment firm SoftBank to build its Bitcoin treasury.

Unlike other treasury firms that may accumulate Bitcoin for their balance sheets while operating non-crypto businesses, Twenty One’s primary focus will be on acquiring BTC and providing Bitcoin-related services to help differentiate itself from others.

The firm pledges a long-term focus with plans not to “outperform inflation,” but instead “render the concept of inflation irrelevant.”

4. Bitcoin Standard Treasury Company

Bitcoin Standard Treasury Company (BSTR) is another soon-to-be public entity that will launch with more than 30,000 Bitcoin when its transactions finalize, expected to take place in Q4 2025.

The firm, which will be led by early Bitcoiner and BTC whale Adam Back, is the result of a merger between BSTR and the Cantor Fitzgerald-linked special purpose acquisition company, Cantor Equity Partners I.

As part of the merger, Back and founding shareholders will contribute 25,000 Bitcoin to the company, with another 5,021 Bitcoin provided via an in-kind PIPE, or private investment in public equity.

“We are putting unprecedented firepower behind a single mission: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption,” Back said of the firm, in a statement.

In addition to its 30,031 Bitcoin, currently valued at $3.5 billion, the firm also announced it could raise up to $1.5 billion in funding for more purchases.

5. Riot Platforms, Inc.

Another crypto mining outfit, U.S.-based Riot Platforms, holds 19,273 BTC—worth $2.25 billion at today’s prices.

With its valuation surging from below $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed company went on an aggressive expansion drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, eventually expanding further in 2022 before rebranding to Riot Platforms to diversify its business model in 2023.

In 2024, it warned shareholders that there was “no guarantee” the Bitcoin halving would improve profitability and while RIOT shares traded briefly around $18 in the early part of the year, the stock fell gradually before ranging below $10 from August until late October. After such, it gained alongside a resurgence for Bitcoin mining stocks and the broader cryptocurrency market after Donald Trump was named President-elect in November.

The company also reached a settlement with Bitcoin mining firm, Bitfarms, as it attempted a hostile takeover of the rival in 2024.

6. Metaplanet

Metaplanet, a Tokyo-listed firm nicknamed the “Asian Strategy,” now holds 18,113 Bitcoin after its latest purchase, worth over $2.1 billion at today’s prices. 

Outside of its Bitcoin operations, the company owns and operates a hotel that is being rebranded to the “Bitcoin Hotel,” and claims that it is the first and only publicly listed Bitcoin treasury company in Japan. 

Following in Strategy’s footsteps, the firm has aggressively added to its Bitcoin holdings of late, increasing its reserves more than 10x from less than 400 BTC in September 2024 to more than 4,500 in April 2025. It then more than tripled that number in just a couple months as it heads towards a goal of owning more than 210,000 Bitcoin by 2027.

In other headline news, the company added President Donald Trump’s son Eric Trump to a Strategic Advisory Board in March.

7. Trump Media & Technology Group

President Trump’s publicly traded media and technology firm is the 7th largest holder of Bitcoin with an estimated 15,000 BTC, according to data from Bitcointreasuries.net.

That number is likely derived from the firm’s recent $2 billion purchase of Bitcoin and Bitcoin-related securities in July—although it has not publicly detailed exactly how much of that purchase is denominated in BTC itself.

Trump Media has been leaning into crypto heavily since the president returned to the White House in January.

In addition to its Bitcoin purchases, it also teased the launch of a crypto token and wallet for its Truth Social platform, and has filed to launch multiple crypto ETFs.

8. CleanSpark

U.S. Bitcoin mining firm CleanSpark holds 12,703 BTC as of July 31, worth just under $1.5 billion at today’s prices.

Ahead of the 2024 Bitcoin halving, the firm expanded its operations, snapping up three Bitcoin mining facilities in Mississippi for $19.8 million and adding up to 2.4 EH/s to its mining capacity. The company also added a third facility in Dalton, Georgia to its lineup, with a further 0.8 EH/s.

Today $CLSK reported fiscal year third quarter 2025 results (ended 6/30/25).

*Quarterly revenue: $198.6 million (up 90.8% from same prior fiscal quarter)

*Quarterly bitcoin production: 2,012

*Quarterly average revenue per coin: $98,753

Full press release here:… pic.twitter.com/PcZ0wXPUZA

— CleanSpark Inc. (@CleanSpark_Inc) August 7, 2025

In June 2024, CleanSpark revealed that it had mined 417 BTC in the month of May, claiming to have “outperformed industry expectations” in its first full month of production following the halving. The company added that it would further expand to a site in Wyoming.

While other public companies on the list have made it a habit of buying Bitcoin for their treasuries, CleanSpark CFO Gary Vecchiarelli said in February 2025, “We continue to invest in ourselves, because why buy Bitcoin at current spot prices when we can mine it for $34,000?”

9. Coinbase

Arguably the best-known crypto firm in this list, crypto exchange Coinbase went public in a landmark direct listing on the Nasdaq in April 2021.

Ahead of its listing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its balance sheet. As of its most recent 10-q filing, it holds 11,776 BTC in its treasury for investment, currently worth nearly $1.4 billion.

The company’s stock has charged back towards its previous all-time high in the wake of the 2024 Presidential election, later surpassing the mark in June 2025 and pushing to a new high again in July.

It continues to innovate with Bitcoin, recently announcing its own wrapped Bitcoin product, cbBTC. Coinbase also recently restarted Bitcoin lending services.

10. Tesla

Electric vehicle manufacturer Tesla joined the ranks of companies holding Bitcoin in December 2020, with an SEC filing revealing that the company invested “an aggregate $1.5 billion” in Bitcoin. Today the company holds 11,509 BTC according to its July 2025 10-Q, or about $1.35 billion worth.

After its first purchase, the company sold 10% of its Bitcoin holdings in Q1 2021; according to CEO Elon Musk, this was “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

The company’s Bitcoin play followed months of speculation, after CEO Elon Musk took to Twitter (aka X) to discuss the cryptocurrency. In late 2020, Strategy’s Saylor offered to share his “playbook” for Bitcoin investing with Musk, after arguing that a move into Bitcoin would be doing Tesla shareholders a “$100 billion favor.”

However, Musk and Tesla have had an on-and-off relationship with Bitcoin. After announcing that Tesla would accept payments in Bitcoin for its products and services in March 2021, just two months later the CEO abruptly announced that the company would no longer accept the cryptocurrency for payments.

Arkham Intelligence believes the acceptance of Bitcoin payments fueled a jump in the Tesla Bitcoin holdings, placing its current treasury at 11,509 BTC compared to a once widely reported 9,720 BTC based on its previous purchases and ensuing sales. Tesla’s latest financial reports validate the total of 11,509.

It remains to be seen whether Tesla will add to its balance sheet, but Musk has said that “he’s open to increasing its Bitcoin holdings in the future.”

Musk is perhaps best known as a keen advocate of another cryptocurrency, Dogecoin. Tesla has enabled Dogecoin purchases for some merchandise, plus Musk led the Department of Government Efficiency (DOGE) earlier this year, spawning new meme coins and a swift movement upward for Dogecoin.

Additional reporting by Daniel Phillips

Editor’s note: This article was first published in July 2022 and last updated with new details on August 15, 2025.

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Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom

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Cryptocurrency exchange Gemini announced Friday that it has submitted a public S-1 filing with the SEC to launch a planned initial public offering, two months after previously revealing a confidential filing with the regulator.

Gemini, which was founded in 2014 by billionaire Bitcoin investors Tyler and Cameron Winklevoss—perhaps best known for their role in the creation of Facebook—plans to list via the Nasdaq Global Select Market under the ticker GEMI.

Details on the number of shares to be offered or the price range have yet to be announced. Similarly, no timeline for the planned IPO has been shared as of yet.



Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will serve as lead bookrunners, according to a press release, along with several additional bookrunners. Academy Securities and AmeriVet Securities will be co-managers.

The initial confidential SEC filing came soon after the blockbuster IPO of USDC stablecoin issuer Circle, which saw its share price almost immediately triple from the $31 offering mark after trading began in June. It went on to peak at approximately $299, though shares in CRCL have since settled to a price of $149 as of Friday’s markets close.

We saw a similar appetite for crypto IPOs just this week when Bullish, a crypto exchange focused on institutional investors, saw its share price more than triple from the $37 offering mark on the first day of trading. BLSH traded hands at just under $70 at the close of trading Friday.

Crypto firms like OKX, Grayscale, and Kraken have also signaled plans to go public, while major crypto-centric public companies like Coinbase and Strategy have set records in recent weeks.

The regulatory environment has dramatically improved for crypto since President Trump returned to the White House in January, with the SEC abandoning nearly all of its lawsuits against crypto firms and Trump signing the GENIUS Act stablecoin bill into law last month.

Editor’s note: This story was updated after publication with additional details.

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Ready to try Apple’s iOS 26? Here are all the compatible iPhones that can run public beta 2 today

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Soon after the Apple iPhone event takes place, we’ll finally have access to iOS 26 and iPadOS 26 — both of which are bringing huge upgrades to your iPhone and iPad’s operating systems. One you might be thrilled to play around with is the visual update: Liquid Glass. (It’s like the better-executed version of Windows Vista.) We spent two weeks test-driving it — you can check out our detailed hands-on iOS 26 preview, or you can try it out yourself by downloading and installing the public beta 2. That software is a more stable iteration of the separate developer version, which recently hit the beta 6 waypoint, and offers a few more flashy features not yet available in the public version. (While the public beta is open to everyone and quite stable, always remember there’s a degree of risk involved with beta software.) Additionally, there are credible reports that iOS 26 could bring a new live translation feature to AirPods, too. Not ready to upgrade your smartphone or tablet this year? No worries, we’ll help you find out if your devices will be able to run iOS 26.

While Apple didn’t nix any iPhones from its eligibility list last year, that’s not the case for 2025 — a few models are getting cut this time. All iPhone 8 models and the iPhone X were the last to get the boot in 2023, and this year the 2018 models are getting left behind. If you have an ineligible device, you won’t be able to download iOS 26 when it becomes available this fall.

We’ll get to the bottom of which iPhones and iPads will support iOS 26 and iPadOS 26 this year. To see what’s coming with the latest OSes, check out everything announced at Apple’s WWDC June 9 event. One thing you shouldn’t immediately expect is Apple’s updated version of Siri, though the company is reportedly working on a ‘stripped-down’ AI chatbot to compete with ChatGPT.

These three iPhones won’t be compatible with iOS 26

Unlike last year, several iPhone models won’t be eligible to download the newest iOS when it makes its debut this fall. This trio of models first released in 2018 won’t be coming to the iOS 26 party:

iPhones compatible with iOS 26

While we don’t yet know the new iPhones Apple will be dropping this fall — though there are iPhone 17 rumors — we do know, per Apple’s site, that the phones listed below will be compatible with iOS 26. Basically, if you have an iPhone that was announced in 2019 or later, you’re in the clear:

  • iPhone SE (second generation or later)

iPads compatible with iPadOS 26

The iPads listed below, and any iPads released later this year, are eligible to download iPadOS 26.

  • iPad Pro 12.9‑inch (3rd generation and later)

  • iPad Pro 11‑inch (1st generation and later)

  • iPad Air (3rd generation and later, including M2 and M3)

  • iPad (8th generation and later, including A16)

  • iPad mini (5th generation and later, including A17 Pro)

What if I don’t want to buy a new iPhone?

If you want to continue using your older iPhone that isn’t supported by iOS 26, that’s fine. However, you’ll miss out on security updates which could potentially put your phone at risk for malware and other threats. Additionally, some apps may stop working if they require a certain version of iOS or later. And of course, you won’t be able to access the latest features iOS 26 offers.

When will iOS 26 become available?

Apple usually rolls out its latest iOS in mid-September, just a few days before the new iPhones hit store shelves. Last year, it released iOS 18 on Monday, Sept. 16. Expect a confirmation of the release date at the iPhone 17 event, expected in early September.

iOS 26 features we’re excited about

Liquid Glass design: Your home screen is getting revamped with new app icons, including dark mode and all-clear options. You’ll also notice buttons with a new floating design. Liquid Glass was designed to make all of Apple’s OSes more cohesive.

Phone app redesign: You’ll finally be able to scroll through contacts, recent calls and voicemail messages all on one screen. It also comes with a new feature called Hold Assist that’ll notify you when an agent comes to the phone so you can avoid the elevator music.

Live Translate: iOS 26 is bringing the ability to have a conversation via phone call or text message with someone who speaks another language. Live Translate will translate your conversation in real time.

Polls feature: Coming to group messages in the Messages app, chat members will be able to create polls. This can help prevent the unwanted 30+ messages when it comes to deciding which restaurant you’re meeting at this weekend.



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Dune: Awakening's first major patch has entered public testing, so you can give some Deep Desert PvE a go
Game Updates

Dune: Awakening’s first major patch has entered public testing, so you can give some Deep Desert PvE a go

by admin


A work-in-progress version of Dune: Awakening’s first big post-release patch is now testable on Steam, so you can hop in and check out the changes Funcom’s making early doors before it rolls out for everyone in a few weeks.

A bunch of the changes the game’s devs teased or confirmed during their recent AMA and letter to players haven’t found their way into the patch, or at least this early version. Though, you’ll at least be able to try out PvE in the Deep Desert, something folks have demanded en-masse.

Alongside pointing folks to the freshly launch Dune: Awakening Public Test Client on Steam, where you can now test out patch 1.1.10.0, Funcom have released the notes outlining what’s in it.

Among the highlights is the news that “the PvE area near the shield wall has been expanded to cover row A, B, C, D and half of E within the Deep Desert.” So, you’ll be able to check out some Deep Desert PvE, which folks had been calling for to avoid being forced into PvP during Awakening’s endgame, when you’re hunting for the best gear and resources.

Sleepers, we have news!

Patch 1.1.10.0 is now live on the new Public Test Client. Be among the first to experience the changes, and help us hunt down technical issues.

🔽 Read more about the Public Test Client and get the patch notes here: https://t.co/b504leiKl6 pic.twitter.com/TZn6ntZrHy

— Dune: Awakening (@DuneAwakening) June 25, 2025

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I have noticed a few folks on the social arguing that this PvE expansion is too big an adjustment – we’ll have to see what the consensus is. Outside of that, Funcom have “reduced the frequency of Harkonnen attacks on certain Atreides bases (and vice versa) in Hagga Basin”, set up the main menu’s play now button to filter out private servers, and made sure “sandworms now linger for a bit around spicefields that have been recently harvested from”.

Meanwhile, you can now use, claim and list items straight to and from the inventory of your Ornithopter in the exchange. There are a bunch of handy minor tweaks to everything from base building to vehicles, combat and the UI. However, if you’re hungry for the big PvP changes that the devs have teased, adjustments to the Landsraad, or just the ability to deposit all of your stuff at once, you’ll have to keep waiting.

In the meantime, why not listen to the radio and read our DA review?





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Anthony Pompliano’s ProCap BTC files 8-K with U.S. SEC to go public via merger
GameFi Guides

ProCap BTC files 8-K with U.S. SEC to go public via merger

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Anthony Pompliano’s Bitcoin-focused firm, ProCap BTC, has filed an 8-K with the U.S. Securities and Exchange Commission to go public through a merger with Columbus Circle Capital Corp I, a blank-check company.

A June 25 announcement, shared by Pompliano on X, outlines a business merger that would form ProCap Financial, Inc., a Nasdaq-listed entity. The move comes after a series of high-profile events for the company, demonstrating its intention to develop institutional infrastructure around Bitcoin (BTC). 

Just a day before the filing, ProCap disclosed the purchase of 3,724 BTC, worth approximately $387 million, at an average price of $103,785 per coin. In addition, the company recently raised more than $750 million, which included $225 million in convertible debt and $550 million in equity. The funds will support its long-term strategy of treating Bitcoin as a primary treasury asset, according to investor materials.

ProCap aims to differentiate itself from traditional financial firms by generating yield on Bitcoin holdings while offering products for institutional investors. If the merger is completed, ProCap would become one of the top 15 publicly traded corporate Bitcoin holders globally, according to data from Bitcointreasuries.com.

The special-purpose acquisition company merger route comes as more crypto-native companies explore public listings amid increasing regulatory clarity in the U.S. ProCap’s planned listing joins several digital asset firms seeking market legitimacy through public offerings.

As part of the process, Columbus Circle and ProCap will submit a registration statement to the SEC, including a joint prospectus and proxy materials. Investors and stakeholders are encouraged to review those filings once available.

Pompliano, a long-time Bitcoin advocate, has positioned ProCap as a pure-play on BTC’s future as institutional demand grows. With significant capital raised and a clear focus on Bitcoin-native financial services, the firm is shaping up to be one of the most closely watched crypto listings of 2025.





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