Gemini Receives U.S. License for Prediction Markets
As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the "Crypto Currents" weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.GEMINI RECEIVES U.S. LICENSE FOR PREDICTION MARKETS:Gemini Space Stationannounced Wednesday that Gemini Titanfrom the Commodity Futures Trading Commission, which will allow Gemini to begin offering prediction markets to U.S. customers. Gemini first applied for a DCM license on March 10, 2020."Today's approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini," remarked Gemini's CEO Tyler Winklevoss. "We thank President Trump for ending the Biden Administration's War on Crypto and Acting Chairman Pham for her hard work and dedication to help realize President Trump's vision for making America the crypto capital of the world. It's incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America."STRATEGY BUYS MORE BITCOIN:Strategyannounced Monday that during the period of December 1 to December 7, it acquiredat an average purchase price of $90,615 per bitcoin. As of December 7, the company's aggregate bitcoin holdings were 660,624 bitcoin, acquired for a total of $49.35B at an average price of $74,696 per bitcoin.Bernstein lowered the firm's price target on Strategyon the shares. The firm remains convinced market concerns on Strategy are overstated, given its over-collateralized balance sheet and 21 months cash reserves. Bernstein believes Strategy is becoming close to a bitcoin-reserved financial operating business, delivering fixed income yield and savings products for investors.On Wednesday, Strategy wrote a letter to the MSCI Equity Index Committee in response to MSCI's proposed eligibility test that would exclude companies whose digital asset holdings represent 50% or more of total assets. Strategy arguedof digital asset treasury companies, stating that they are operating businesses, not investment funds. The company urged MSCI to reject the proposal, claiming it is discriminatory, unworkable, and would stifle innovation.KLARNA, PRIVY PARTNER FOR CRYPTO WALLET:Klarnaannounced Thursday it hasto explore, research and co-design potential wallet solutions to power a new generation of crypto products for Klarna users. The agreement follows Klarna's recent launch of its own stablecoin, KlarnaUSD, in partnership with Tempo and Bridge. Now, the company is exploring building a wallet to make it easier for everyday people to actually use, store, and transact with crypto, lowering the barrier for mainstream adoption."Millions already trust Klarna to help them manage everyday spending, saving and shopping. That puts us in a unique position to bring crypto into the financial lives of normal people, not just early adopters. The technology has matured, and with Privy we plan to build products that feel as intuitive as any other Klarna feature. This is how mainstream adoption happens: simple, safe, and part of daily life," said Sebastian Siemiatkowski, CEO.PNC TO LAUNCH DIRECT BITCOIN ACCESS:PNC Bankannounced Tuesday thefor eligible clients of PNC Private Bank. Powered by Coinbase'sCrypto-as-a-Service infrastructure, PNC has enabled clients to buy, hold and sell bitcoin directly through PNC's own digital banking platform. The first generation of PNC's new "crypto for clients" solution integrates Coinbase's institutional-grade CaaS infrastructure within the PNC Private Bank Online platform. Through Portfolio View, eligible clients can now access crypto custody capabilities to directly buy, hold and sell bitcoin.On Thursday, Coinbase announced the selection of Chainlink's Cross-Chain Interoperability Protocol as theenabling cross-chain transfers and expansion.Additionally on Thursday, Bloomberg's Olga Kharif reported that Coinbase will announce next week that it willciting a person familiar with the matter. Tokenized stocks will be launched in-house, not through partners, the report stated. Robinhoodand the crypto exchange Kraken also have tokenized US stocks and exchange-traded funds, and the trading in tokenized equities, which are digital stocks tied to blockchain, has been rising, with monthly transfer volume up 32% in the last 30 days to $1.45B.Meanwhile, BofA lowered the firm's price target on Coinbaseon the shares. Looking ahead to 2026, the firm now favors the alternative asset managers to online brokers due to what it sees as a better valuation and positioning setup combined with a stronger macro backdrop, the analyst said in a note on the brokers, asset managers and exchanges group.Barclays lowered the firm's price target on Coinbaseon the shares. The firm adjusted targets in the brokers, asset managers and exchanges group as part of its 2026. Market conditions "look constructive" going into 2026, particularly for the alternative asset managers and wealth brokers, the analyst said. Barclays sees a more mixed outlook for the exchanges and traditional asset managers.GALAXY DIGITAL INITIATED WITH OUTPERFORM:Citizens JMP initiated coverage of Galaxy Digitalwithrepresenting 130% potential upside from the current share price. Galaxy offers "dual exposure" to the two "secular megatrends" of digital asset institutionalization and artificial intelligence-driven infrastructure, the analyst said. The firm believes this creates a "powerful multi-engine growth model." Citizens thinks Galaxy is positioned to capture "outsized share of two of the most transformative markets of the next decade."Additionally on Wednesday, State Street Investment Managementand Galaxy Asset Management announced the forthcominga tokenized private liquidity fund that will unlock the potential for 24/7 onchain liquidity by utilizing PYUSD stablecoins for subscriptions and redemptions, subject to availability from the fund's portfolio. SWEEP will be available to qualified purchasers that meet certain eligibility criteria and minimum investment amounts. Ondo Finance is anticipated to seed the fund with approximately $200M."SWEEP is a game-changing collaboration that will offer digital investors an onchain liquidity fund option, reimagining the way institutional DeFi investors hold cash and manage their operations," said Steve Kurz, global head of asset management at Galaxy. "We're proud to be working with a longtime leader in cash management like State Street to make this innovative approach to digital assets a reality."OTHER CRYPTO NEWS:Circle Internetpartners with Bybit toBitmine ImmersionannouncesFigureprice target loweredat BofAAmerican Bitcoinincreases, initiatedVivoPowerexecuteswith Lean VenturesSoluna Holdingsupgradedat H.C. WainwrightCanaaninitiatedHiveachievesin NovemberStriveinitiatedExodus Movementreports, introducesSequansinitiatedTwenty One CapitaldebutsCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Strategy, Riot Platformsand TeraWulf.PRICE ACTION:As of time of writing, bitcoin rose roughly 4% this week at $92,195 in U.S. dollars, according to CoinDesk.
