Gemini has filed for a Nasdaq IPO under the ticker GEMI, revealing a $282.5 million net loss for the first half of 2025.

The exchange also disclosed a $75 million credit agreement with Ripple in the Aug. 15 filing submitted to the US Securities and Exchange Commission (SEC),

The exchange, founded by Cameron and Tyler Winklevoss, joins a wave of crypto companies seeking public market access following President Donald Trump’s return to the White House. 

The filing disclosed financial details that position Gemini as the third potential US crypto exchange to trade publicly after Coinbase and Bullish.

Bitwise chief investment officer Matthew Hougan had predicted this movement in December 2024, naming 2025 the “Year of the Crypto IPO” with at least five crypto unicorns expected to go public in the US. 

Hougan and the firm’s head of research, Ryan Rasmussen, identified “growing investor demand, institutional adoption, a favorable macro environment, and a warmer political environment” as the main catalysts driving crypto companies to pursue public listings following Trump’s election victory.

Financial performance and Ripple partnership

Gemini’s losses widened considerably from $41.4 million in the first half of 2024 to $282.5 million during the same period in 2025. 

The exchange posted total revenue of $67.9 million for the six months, down from $74.3 million year-over-year. For the full year 2024, Gemini recorded a net loss of $158.5 million on revenue of $142.2 million.

The filing revealed the exchange entered a credit agreement with Ripple Labs in July. The deal permits lending requests of at least $5 million each up to an aggregate commitment of $75 million.

The agreement allows increases up to $150 million based on specific metrics. 

Once the initial commitment exceeds $75 million, lending requests may utilize USD-denominated Ripple’s RLUSD stablecoin upon mutual consent. 

All lending bears interest rates of 6.5% or 8.5% annually and requires collateral security with repayment in US dollars.

Industry momentum under

The crypto IPO trend gained momentum after Trump’s Jan. 20 inauguration, with multiple exchanges and crypto-native companies pursuing public listings. 

Circle completed its NYSE debut in June, raising over $1.2 billion and seeing shares surge 472% relative to Bitcoin since launch. 

The stablecoin issuer’s market capitalization reached $66.9 billion, exceeding its USDC circulating supply of $61.27 billion.

Hougan and Rasmussen specifically identified Circle, Kraken, Anchorage Digital, Chainalysis, and Figure as the five strongest candidates for IPO listings in 2025. 

Their prediction proved prescient as Circle completed its blockbuster NYSE debut in June, Bullish followed in August, and now Gemini is pursuing its public offering. 

Galaxy Digital had already transferred its listing from Toronto to Nasdaq in May, while crypto trading platform eToro debuted with services including crypto investments.

The momentum reflects broader institutional confidence in crypto’s regulatory outlook under Trump. 

Hougan emphasized that the Trump administration’s pro-crypto stance creates unprecedented opportunities for digital asset companies to access traditional capital markets. Additionally, he stated that 2025 represents a “warmer political environment” for crypto IPOs compared to previous years.

Regulatory strategy and structure

Gemini plans to operate through a dual-entity structure, separating operations between New York-based Gemini Trust and Florida-based Moonbase. 

The Moonbase entity will serve as the primary platform for most users, allowing the exchange to navigate New York’s restrictive BitLicense regulations that limit staking services.

This structure reflects the company’s approach to maintaining operational flexibility while addressing complex state-level regulatory requirements.

Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serve as lead bookrunners for the offering. The IPO terms remain undisclosed, with completion subject to SEC review and market conditions.

Mentioned in this article

An Arizona couple is reportedly out $20,000 after a Chase Bank employee accidentally unfroze funds taken by a scammer.

In March, the couple received a text asking if they authorized a $399 Zelle payment to “Susan Smith,” according to a new report from 12 News.

They replied “No” and were given a number to call. After calling the number, someone on the other line who was claiming to be a bank employee said the couple’s account had been flagged for fraud. The scammer on the phone also told the couple that it looked like it was  an “inside job.”

Following instructions, the couple went to a Chase Bank and withdrew $20,000 and then opened a new account through Apple Wallet, depositing the money there.

The scammer then stole the money, but employees at Chase Bank managed to freeze the funds later that day. A few days later, however, someone at the bank unfroze the account, allowing the con artist to make off with the money.

Chase has contacted the couple and told them that their case is still open. Peoria police tell 12 News that they’ve identified a suspect in Florida.

A similar incident in Arizona occurred last month when a scammer reportedly drained $27,000 in life savings from a man in Arizona by pretending to be his bank representative.

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ether (eth) The market is at a critical time as whales snapped the ether (eth) It is worth millions and is bullishly positioned against the first weekly loss of cryptocurrency for more than a month.

According to Coindesk data, Ether, a native token for the programmable blockchain Ethereum, fell nearly 10% this week, reaching a low of under $3,400 at one point. This decline follows a robust five-week winning streak, followed by Wall Street losses, and will lead to profits and de-leverage.

But bearishness contrasts with a strong signal of long-term convictions from whales. According to on-chain data tracked by Arkham Intelligence, a single entity snapped a massive amount of ether worth $300 million as prices fell and performed a major “Dip The Dip” operation.

That’s the case of bullish divergence. While weekly price action suggests an immediate upward momentum and a loss of potential profit acquisition, significant whale purchases demonstrate the belief that the recent recession is merely a temporary recession.

The message is clear. If a price drop blows a weaker hand, and decisions from high convicted entities are determined, the process.

A fresh match between macro jitters, triggered by the buoyant US dollar and disappointing US employment data on Friday, put the crypto market behind.

Bitcoin, the largest digital asset by market value, was relatively resilient, down just 4.5% a week. BTC’s out-performance relative ETH confirms the market’s emotional emotions change with respect to ETH initially signaled by the options market.

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After coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000. With BTC experiencing price swings, short-term holders have begun to offload their holdings, indicating panic selling among these investors.

Losses Mount For Short-Term Bitcoin Holders

As Bitcoin battles with growing bearish pressure, Darkfost, an author and market expert, has outlined a negative behavior among short-term BTC holders. BTC’s recent price fluctuations seem to be taking a toll on short-term holders, with many going on a selling spree.

According to the market expert, BTC continues to remain in a range that has lasted for almost a month. In the meantime, a couple of small downward wicks have inflicted pressure on some short-term BTC holders, which ultimately caused the investors to offload their holdings.

With BTC’s price dropping again, Darkfost stated that these investors are currently selling at a loss once again. Such actions from these newer investors, who are typically more sensitive to volatility, mark a growing sign of capitulation in the midst of waning price performance.

The selling spree at a loss indicates fading confidence and rising interest among the group to exit the market prior to extended declines in price. Meanwhile, the actions of short-term players could provide early warning signs of more significant changes in market sentiment.

Data shared by Darkfost after examining the Bitcoin Short-Term Holder P&L to Exchange revealed that more than 50,000 BTC were recorded on July 15 to be in losses. In addition, over 37,000 BTC were observed to be in losses on July 25.

As Bitcoin continues to range, the market expert underscored the possibility of the behavior becoming worse, which could deepen short-term corrections that have already been fueled by profit-taking. Considering the development, Darkfost claims that the trend needs to be monitored closely.

A Shift From Long-Term Holders To Short-Term Holders

Another crucial trend observed in the Bitcoin market is the ongoing transition of supply held by BTC investors. In an X post, Maartunn, an on-chain expert at CryptoQuant, reported a shift in Bitcoin supply from long-term holders to short-term holders.

The expert highlighted that over 223,602 BTC moved from long-term holders to short-term holders in the last 30 days. This redistribution is a sign of a shifting investment environment as newer players enter the market and more experienced holders start to realize profits or realign their holdings. 

According to Maartunn, the trend from LTH to STH is gaining momentum.  In the meantime, this pattern marks a significant change in the market structure of Bitcoin and could influence the course of its price in the near term.

At the time of writing, data from CoinMarketCap shows that BTC is slowly regaining upside momentum after facing a drop to $116,000 on Wednesday. While the price has witnessed a 0.34% in the past day, its trading volume has risen by over 10% within the same period.

Featured image from Pixabay, chart from Tradingview.com

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Key points: 

• Bitcoin’s price compression and the Bollinger Bands suggest a range expansion will occur soon. 

• This week’s early price weakness is likely the result of traders cutting risk ahead of Wednesday’s FOMC and a White House update on its crypto policy and Bitcoin strategic reserve.

Bitcoin (BTC) continued to trade within the $117,000 to $120,000 range on Tuesday, and it looks poised for a daily close below $118,000. Some analysts have called for BTC to retest underlying support at $114,000 to $110,000, and while technicals do support such a move, Wednesday’s FOMC minutes and a long-awaited White House report on US crypto policy and a strategic Bitcoin reserve could reverse the downtrend.

The report should reveal the exact number of Bitcoin currently held by the US government, and traders are hopeful that President Trump will take further steps toward enacting an official strategic Bitcoin reserve. 

In addition to comments from the Fed, quarterly earnings for Meta Platforms, Ford, Robinhood and Microsoft are posted on Wednesday, along with US economic data on Nonfarm Payroll, the Purchasing Managers’ Index (PMI), GDP, consumer sentiment, and the ISM report on manufacturing and services.

Federal Reserve Chair Jerome Powell is also scheduled to speak, following the Fed’s decision on interest rates. Currently, CME Group’s FedWatch metric shows Fed funds futures pricing in a 98% chance that the central bank will leave rates unchanged within the 4.25% to 4.5% range. Despite intensifying pressure from President Trump to immediately cut rates, Powell appears committed to staying the course and leaving the Fed with the option of hiking or cutting rates based on economic data. 

As has been the case in previous trading days before the FOMC, crypto traders appear to have cut risk, and most large-cap tokens sold off today. Data from TRDR shows Bitcoin’s aggregate open interest falling to $49.58 billion, from $50.58 billion at the Wall Street opening bell. Long liquidations in the futures market accelerated the selling, and data from Coinglass shows $173.8 million in longs magin called over the past 12 hours.  

Related: Bitcoin bulls aim to chase liquidity at $122K, but Q3 seasonality could stall breakouts

Will good news trigger a breakout? 

In the past three weeks, Bitcoin price has seen a near 45% reduction in intraday volatility as its daily high to low range has narrowed to $2,300 from $4,200 on July 14. This price compression, although typical for periods of consolidation, tends to terminate with a strong directional move, and in this case, FOMC minutes that align with the markets’ expectation and perhaps bullish news from the White House crypto report could be the catalyst for upside.

The Bollinger Bands are also near pinched to a close, reinforcing Bitcoin’s price compression and brewing range expansion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

]]> https://earlybirdsinvest.com/bitcoin-momentum-loss-is-pre-fomc-derisking-not-a-trend-change/feed/ 0 50418 https://earlybirdsinvest.com/old-wallet-big-loss-bitopro-hit-with-11-5-million-crypto-theft/ https://earlybirdsinvest.com/old-wallet-big-loss-bitopro-hit-with-11-5-million-crypto-theft/#respond Tue, 03 Jun 2025 00:13:43 +0000 https://earlybirdsinvest.com/old-wallet-big-loss-bitopro-hit-with-11-5-million-crypto-theft/

Cryptocurrency exchange BitoPro

$29.26M

has confirmed it lost over $11.5 million in crypto during a security breach on May 8.

The stolen funds were taken from the exchange’s online wallets, commonly used to handle day-to-day transactions across Ethereum
ETH


$2,599.36

, Solana
SOL


$156.23

, Tron
TRX


$0.2675

, and Polygon
MATIC


$0.2190

networks.

BitoPro made no public announcement at the time. On May 9, BitoPro briefly paused operations for maintenance, which was resolved within a few hours. However, users reported being unable to withdraw USDT
USDT


$0.9959

.

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It was not until June 2 that BitoPro publicly acknowledged the breach. In a message posted on Telegram, the company explained that the incident happened during an internal update to its wallet system. While moving funds around, an older hot wallet was left exposed, which gave the attacker a chance to access the assets.

Additionally, blockchain analyst ZachXBT reported on June 2 that the stolen tokens were moved to decentralized exchanges, where they were swapped. From there, the funds were either mixed through Tornado Cash or sent through THORChain
RUNE


$1.72

to Bitcoin
BTC


$105,478.83

.

BitoPro has stated that its reserves are large enough to cover the loss and that users can continue to withdraw funds without restrictions. Trading services, deposits, and withdrawals have stayed online the whole time.

The company also mentioned that it has hired a blockchain security firm to track down the stolen funds.

On May 22, Cetus, a decentralized exchange (DEX), paused operations following a suspected $200 million exploit, with $63 million bridged to Ethereum. How did the attacker manage to pull it off? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

---

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated: 

May 24, 2025

Crypto trader James Wynn has closed a massive $1.25 billion Bitcoin long on Hyperliquid—built with 40x leverage—at a $13.4 million loss, despite briefly sitting on $40 million in paper profits. The trade, one of the largest ever on the platform by a single trader, had a liquidation price of $105,179.

Trader Cuts Losses After Bitcoin Dips on Hyperliquid

Wynn began his Bitcoin long position with $830 million on May 21, trimming $400 million in profits the same day. By May 22, the trader increased the position back up to $1.1 billion as BTC crossed $110,000 and gained nearly $40 million in unrealized profits. He later sold 540 BTC for $60 million, securing a $1.5 million profit.

The crypto trader confirmed on X that he “cut his losses” on closing his highly leveraged long positions.

Before going all in on Bitcoin, James Wynn had closed a long position on PEPE for a profit of $25.19 million.

Bitcoin was cruising to new all-time highs this week before it dipped on Trump’s 50% tariff announcement on all EU imports. The leading cryptocurrency saw a local bottom at $107,431 on late Saturday. At the time of writing, Bitcoin is trading at $108,238.

Hyperliquid Sees One of Biggest Trades by a Single Trader

The decentralized crypto exchange Hyperliquid saw one of the biggest trades by a single trader when James Wynn opened a long position that reached $1.25 billion. This long bet signifies a shift among traders as trust of DEX increases. The native token of the exchange HYPE saw its demand rise as the price increased to $34.64, up 4.2% in the last 24 hours.

Moody’s has downgraded deposit ratings of top US lenders JPMorgan Chase, Bank of America and Wells Fargo just days after stripping the nation of its triple-A rating.

In a new report by Bloomberg, the lenders’ long-term deposit ratings were lowered to Aa2, a one-step decrease and Moody’s third-highest level.

The reason cited by Moody’s for the downgrade is the government’s weakened ability to support the banks.

On Friday, Moody’s downgraded America’s credit rating from AAA to AA1 while changing the country’s outlook from negative to stable. Moody’s attributes the downgrade to the United States’ soaring national debt and interest payment ratios that exceed those of other countries with the same credit rating.

“As deficits and debt have grown, and interest rates have risen, interest payments on government debt have increased markedly. Without adjustments to taxation and spending, we expect budget flexibility to remain limited, with mandatory spending, including interest expense, projected to rise to around 78% of total spending by 2035 from about 73% in 2024.”

Other bank rating downgrades included the senior unsecured debt ratings for some rated subsidiaries and branches of Bank of America. Moody’s also cut the long-term counterparty risk ratings for some units of Bank of America, JPMorgan and Wells Fargo, lowering them to Aa2 from Aa1.

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