Boring but profitable

Bloomberg says Kraken is in talks with a strategic investor committing $200–$300 million at a ~$20 billion valuation, with the deal contingent on market conditions. It comes on the heels after Fortune reported Kraken closed a $500 million round at a $15 billion valuation earlier this month. If both hold, Kraken just marked up from $15B → $20B within weeks as it gears up for a listing. Read more →

Leaked a16z decks uncovered by Newcomer revealed that the firm generated at least $25 billion net to its LPs since its inception in 2009. That number reportedly includes an impressive $422 million in staking revenue across its four crypto funds (outpacing even some portfolio company earnings), with over $30 million from staking SOL in a quick three-month span. While a16z was likely a very early mover, it shows how staking can rake in legitimate yield for large allocators. Read more →

Whether or not CZ is “officially” back at Binance, tokens in his orbit have ripped higher. Before the recent market correction, BNB hit a fresh ATH, the first few BNB DATs were launched, and a token tied to a new perps DEX had a solid debut. The common thread, according to Blockworks, is CZ’s $10 billion family office, YZi Labs (formerly Binance Labs). Big picture? CZ is increasingly the face of BNB – for better or worse – and his capital plus endorsements are moving markets. Read more →

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