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[Bloomberg: Jump Trading will act as a market maker for Polymarket and Kalshi in exchange for shares]
According to Bloomberg, Jump Trading is reportedly investing in two of the largest prediction markets, Kalshi and Polymarket. The terms of the deal are not yet clear, but Bloomberg reports that Jump will provide market-making services in exchange for shares in both companies.
Bloomberg, citing anonymous sources, reported that the company will acquire "a certain number of shares" in Kalshi and may gradually increase its investment in Polymarket over time.
Jump Trading is a significant player in the cryptocurrency market, acting as a market maker, investor, and R&D arm. Following the collapse of Terra, one of its major investments, the company has noticeably reduced its investments in the cryptocurrency space. Nevertheless, Jump continues to make numerous contributions to crypto technology, including leading the development of the Firedancer Solana client and the multi-chain bridge Wormhole.
Bitmine has purchased another 20,000 ETH from FalconX , worth $41.07 million.
According to Arkham data, Bitmine purchased another 20,000 ETH (worth $41.07 million) from FalconX in about 7 hours.
Backpack is in talks to raise $50 million at a pre-money valuation of $1 billion.
According to a report by Axios on Monday, Backpack, a cryptocurrency exchange founded by former FTX employees, has become the latest cryptocurrency trading platform to join the ranks of unicorns. The company is reportedly in talks to raise $50 million in a new funding round at a pre-money valuation of $1 billion. Backpack is a regulated spot and derivatives cryptocurrency exchange and multi-chain wallet, and has also begun expanding into lending and prediction markets.
Backpack previously announced its tokenization plan, which included reserving 37.5% of its total 1 billion exchange token supply for the company's treasury "post-IPO." Co-founder Armani Ferrante pointed out that the plan aims to prevent "selling shares to retail investors" and ensure long-term alignment of interests. Another 37.5% supply will circulate in the market before the listing (i.e., "pre-IPO"), based on measurable goals such as expanding to new regions and launching new products.
While the exchange has not yet determined the date for the token generation event, it stated that it will airdrop 250 million tokens to early backers (including Backpack Points program participants), with another 1 million tokens reserved for Mad Lads NFT holders.
Bitcoin miner Cango sells $305 million worth of Bitcoin to fuel its AI transformation.
Publicly traded Bitcoin miner Cango (CANG) announced the sale of 4,451 bitcoins, worth approximately $305 million, this weekend to fuel its expansion in providing computing power to the artificial intelligence (AI) boom. The company will use all proceeds to repay part of its Bitcoin-backed loans. In a statement, Cango said, "The company is leveraging its globally accessible grid-connected infrastructure to provide distributed computing power to the AI industry, thus enabling a strategic transformation."
In addition to the sale, the company also announced the appointment of Jack Jin, former CTO of video conferencing software company Zoom, as its new CTO to help expand its artificial intelligence business line. Following the announcement, shares of the Dallas-based mining company fell nearly 3%, recently trading below $0.95. The company's stock has fallen 62% in the past six months.
[SBF issues another statement to defend itself: FTX has always been solvent, but has been targeted for funding Republicans]
FTX founder SBF posted on social media that he was being persecuted in Biden's political and legal campaign, and the reasons for being targeted included:
Biden dislikes cryptocurrency, while SBF is a prominent figure in the American crypto community.
SBF shifted from being a Democratic funder to supporting the Republican Party.
SBF has repeatedly confronted SEC Chairman Gensler in Washington.
The Biden administration lied, claiming that SBF stole billions of dollars from users, causing FTX's bankruptcy, but in reality, the money was always there, and FTX remained solvent.
Prosecutor Sassoon (who was later fired by the Trump administration) wrote a 70-page document listing a large amount of evidence that was not allowed to be seen by the jury (including FTX's solvency, legal opinions, etc.).
Stripe's valuation is expected to reach $140 billion in the next round of takeover bids.
According to Bloomberg, payments giant Stripe Inc. is preparing a tender offer that would value the company at least $140 billion, more than $30 billion higher than its valuation of approximately $107 billion last year. Sources familiar with the matter indicated that the terms of the offer are still subject to change. Stripe declined to comment.
Since 2024, the company has frequently made tender offers to allow employees to sell their shares without going public. This transaction suggests that Stripe may continue to postpone its IPO process. Co-founder and President John Collison stated in January that he was happy to remain private and was "still in no hurry to go public." In January, Stripe laid off approximately 300 employees, about 3.5% of its total workforce, which the company described as part of restructuring and stated that it still plans to continue hiring and expanding its workforce.
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