Blockchain.com targets $6 billion IPO

According to new reporting from Bloomberg, the London-based crypto exchange is looking to raise ~$500 million at a valuation of $4 – $6 billion amid discussions with prospective investors. This, after the company confidentially filed with the SEC in May. The company has reportedly posted three consecutive years of adjusted profitability, yet an IPO at a $6 billion valuation would be significantly less than the $14 billion valuation it raised at in 2022. Read more →

The CFTC approved Coinbase Clearing LLC as a derivatives clearing organization yesterday, giving Coinbase (COIN) a clearinghouse of its own in the U.S. This means that Coinbase now owns the exchange, the broker, and the clearinghouse. In short, it will allow the company to “create and settle fully collateralized contracts directly” for the first time rather than being dependent on a third party. This keeps clearing fees in-house and lets them launch products without waiting on someone else's rails. It’s a pretty big deal. Read more →

A report from Senate investigators led by Democrat Richard Blumenthal alleges USDT plays a central role in Iran’s shadow banking network—and that Tether repeatedly failed to freeze suspect wallets. Investigators said 87% of the 757 wallets they identified as implicated in Iranian terrorism financing predominantly used USDT. The report also questions whether Tether’s ties to the Trump administration, including through Cantor Fitzgerald, have softened oversight, though that remains an allegation. Tether countered that it helped freeze nearly $550 million in Iran-linked USDT over the past year. Read more →

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