Polymarket, Kalshi seek funding; Gemini IPO

Crypto markets grabbed headlines last week, from billion-dollar fundraising pushes at Polymarket and Kalshi to Gemini going public.

Tether also staked its claim in the U.S. with a new regulated stablecoin, Coinbase turned up the heat on regulators, and Binance deepened Wall Street ties with Franklin Templeton.

Meanwhile, Avalanche and HashKey unveiled ambitious treasury plans, OpenSea edged closer to its long-awaited token, and Michael Saylor’s firm continued to pile into Bitcoin as German authorities faced scrutiny over a missed multibillion-dollar BTC haul.

Prediction platforms target billion-dollar valuations

• Polymarket received offers valuing the company at up to $9 billion.
• Kalshi is simultaneously exploring capital raising opportunities at a $5 billion valuation.

Gemini’s public debut exceeds market expectations

• The cryptocurrency exchange raised $425 million through its initial public offering, with shares opening at $37.01 on Nasdaq, which is 32% above the $28 pricing level.
• Trading reached intraday highs of $45.89 before closing at $32 and valuing Gemini at around $3.3 billion.
• The IPO pricing surpassed both the week’s expected range of $24-26 and the initial range of $17-19.

Tether introduces US-regulated stablecoin infrastructure

• The world’s largest stablecoin issuer unveiled USAT, a dollar-backed token compliant with US regulations.
• The company also appointed former White House crypto advisor Bo Hines to lead American operations.
• Anchorage Digital will serve as the federally regulated issuer while Cantor Fitzgerald manages reserve assets
• Hines, previously director of President Trump’s Crypto Council, will oversee Tether’s new US entity as the company expands into regulated American markets.

Coinbase still hung up on Gensler

• On Sept. 11, the exchange requested federal court intervention for an “expedited, proper search” of former Securities and Exchange Commission (SEC) Chairman Gary Gensler’s erased text messages spanning one year.
• Coinbase chief legal officer Paul Grewal addressed the matter on X: “The Gensler SEC destroyed documents they were required to preserve and produce. We now have proof from the SEC’s own Inspector General.”
• Gensler stepped down as SEC Chair on Jan. 20. On Feb. 27, the SEC dismissed all civil enforcement action against Coinbase.

Avalanche Foundation plans billion-dollar treasury

• The blockchain foundation aims to raise $1 billion for two cryptocurrency treasury companies holding substantial AVAX (AVAX) token positions purchased at discounted rates.
• The structure would allow the foundation to monetize its token holdings and also create institutional investment vehicles for AVAX exposure.

Binance partners with Franklin Templeton

• The world’s largest cryptocurrency exchange announced a collaboration with the $1.6 trillion asset manager to develop tokenized asset products
• The partnership combines Franklin Templeton’s securities tokenization experience with Binance’s global trading infrastructure and distribution networks.

Defunct Movie2K still has 47k Bitcoin

• Arkham Intelligence revealed that piracy website Movie2K retains 45,000 Bitcoin (BTC) that German authorities “failed to seize” during early 2024 confiscation operations involving nearly 50,000 Bitcoin.
• The blockchain analytics firm identified additional wallets likely connected to Movie2K, which operated between 2008 and 2013 before shutting down.

OpenSea advances token generation preparations

• The NFT platform entered the “final phase” of pre-token generation event rewards, with additional details scheduled for release in early October.
• The announcement coincides with OpenSea’s mobile app release, integrating on-chain trading capabilities with traditional NFT marketplace functions.

Strategy maintains Bitcoin accumulation pace

• Michael Saylor’s company purchased 1,955 BTC for $217.4 million at an average price of $111,196 per Bitcoin during the latest acquisition period.
• Total holdings reached 638,460 Bitcoin, maintaining Strategy’s position as the largest publicly traded corporate Bitcoin holder.

HashKey launches digital asset treasury fund

• The Hong Kong-regulated exchange announced plans for a $500 million investment fund targeting digital asset treasury companies holding mainstream cryptocurrencies.
• Initial focus will concentrate on Bitcoin and Ethereum (ETH) treasury operations, building a diversified portfolio of corporate cryptocurrency holders.