Public keys: Crypto Ipos Sizzle, Missing Gensler Texts Grizzle

Public Keys is a weekly roundup of Decrypt That follows the most important listed crypto companies.

Gemini’s IPO Pop

Crypto Exchange Gemini achieved a rating of $ 4.4 billion on his Nasdaq debut on Friday. At the time of writing, the shares of the company – which trades under the Gemi Ticker symbol – float around $ 34. That is a profit of 22.6% compared to then the share began to act.

Gemini was founded in 2014 and the following year granted a bitlicence by the New York State Department of Financial Services. The company raised $ 425 million via his IPO, according to Decrypt Calculations based on legal archives. Reuters Was the first to report yesterday that the IPO of the company had been considerably overwritten.

But drama has been brewed between the founders of the company, Tyler and Cameron Winklevoss, and raw materials and futures trading commission chairman nominated Brian Qutenz.

The CFTC -nominated shared screenshots of a text thread in July with Tyler on X. The messages show that Qutenzz was contacted about a complaint that Gemini filed with regard to alleged misconduct to the regulator.

Gemini paid $ 5 million to arrange his CFTC right case in January, just a few weeks before the process would start. But in June, the company’s lawyers filed a complaint that claimed that the CFTC was wrong to have gone the exchange in the first place.

“I believe these texts make clear what they were looking for me, and what I refused to promise,” he wrote. “I understand that after this exhibition they contacted the president and asked that my confirmation would be paused for reasons other than what is reflected in these texts.”

There were a few people in the thread that cried on his timing, especially in view of the fact that his current company, Andreessen Horowitz, has a great importance in the direct competitor of Gemini, Coinbase.

An attractive figure

Gemini is the most recent, but not the only crypto company that is making its great public debut this week.

Crypto Lender Figure started acting on Thursday on the Nasdaq under the Figr -Ticker and saw shares rise 24%. The company got into public trade with an even greater valuation of $ 5.3 billion.

The share price prior to the last bell on Friday is approximately $ 33.46, about 33% above the IPO price of $ 25.

“Our IPO showed what is possible when Blockchain meets the capital markets: speed, transparency, efficiency,” said the company on Friday on X. “Ipo Day was a celebration of our people, partners and the vision that drove us ahead, and we are even more enthusiastic about what the next is.”

Figure CEO Michael Tannenbaum told Decrypt That the Wall Street company shows how block chains can be used to create more efficient markets for assets in practice, while investors also help to better understand concepts such as tokenization.

Tokenization-that means, taking real assets such as shares and creating blockchain-based equivalents-has been given a lot of buzz lately. According to a recent report in BloombergBlackRock is considering to Token his ETFs. No, not just Puidl, the flagship -tokenized fund launched with Securitize in 2024. The scope for this movement would be much wider – and bring trillions of dollars.

Even Nasdaq has shown the SEC interest in allowing tokenized shares to act at his stock exchanges. The company suggested that issuers could opt for having tokenized versions of their securities trade.

Which Gensl texts?

Crypto Exchange Coinbase has claimed that the SEC has done “irreparable damage” by destroying documents from the Gary Gensler Age.

“The Genler SEC destroyed documents they had to keep and produce,” wrote Coinbase Chief Legal Officer Paul Grewal on Thursday, next to a link to the court application. “We now have proof of our own inspector general of the sec.”

A report last week by the SEC office of the Inspector General discovered that almost a year of the then chairman Gary Gary’s SMS messages were permanently removed between October 2022 and September 2023.

Coinbase has longed for internal sec documents pursued by the Freedom of Information Act and charged when the supervisor refused her requests.

Other Keys

That worked: Newly beaten Digital Asset Treasury Gamestop noted a Q2 loss in his income report – but not as bad as it could have been. The company noted that his $ 500 million in Bitcoin increased to $ 528 million by the end of the quarter.

Land of rising BTC: Japanese Bitcoin Treasury Metaplanet wants to pick up $ 1.45 billion to buy more BTC. In the announcement, the company repeated its laser statement by pointing out “increased levels of national debt, extended real negative interest rates and a continuous depreciation of the yen.”