Citadel Securities Buys Into Crypto.com

Crypto.com landed a $400 million strategic investment from Citadel Securities, valuing the exchange at $20 billion. It’s the company’s first institutional funding round in a decade and says the capital will fund its expansion into tokenized securities, derivatives, prediction markets, and other RWAs. The funding also comes only eight days after Citadel dropped a long-running crypto lawsuit. Read more →

Brokerage and financial infrastructure startup Alpaca has raised $135 million in equity and $300 million in debt, as it looks to expand to expand the rails used by exchanges and tokenization platforms to offer U.S. stocks onchain. This follows the company’s $150 million Series D in January that valued the company at $1.15 billion (the new valutation was not reported). Alpaca clears or custodies roughly 94% of tokenized U.S. equities. Read more →

Circle’s bull case is meeting fresh skepticism with Mizuho’s Dan Dolev downgrading the stock and JPMorgan lowered earnings estimates, citing pressure on USDC’s underlying economics. To be clear though, Dolev is the same analyst who for years said that Coinbase was a dud – so take his analysis lightly. Furthermore, not everyone is bailing: Bernstein reiterated its Outperform rating and $190 price target on Circle, arguing that Open USD validates stablecoins as a growing asset class rather than posing a competitive threat. Read more →

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