Bitcoin rips, chips bleed as retail dumps tech for SpaceX IPO
Canton's builder pulled in $355M from a16z, Citadel Securities, and Abu Dhabi's sovereign fund to put Wall Street on blockchain rails.
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Institutions are building the rails while retail chases the next moonshot.
Digital Asset landed $355 million and Citigroup is launching tokenized private company shares on the blockchain.
Meanwhile, traders are cashing out AI names to make room for the upcoming mega-IPO.
Here's what's moving markets today.
Digital Asset raises $355M to put Wall Street on blockchain rails
Andreessen Horowitz led the round with a $100M check of its own.
Citadel Securities and Abu Dhabi's sovereign fund also joined, betting that Digital Asset's Canton network can rewire how traditional finance settles trades.
When hedge funds and sovereign wealth start co-signing the same blockchain startup, the "institutional adoption" narrative stops being hypothetical.
Markets
SpaceX IPO sucks oxygen from chip stocks as Bitcoin rips past $63K
Retail traders sold individual stocks for three straight days, the longest such streak since March 2020.
Semiconductor and AI names took the bulk of the hit as investors stockpiled dry powder ahead of SpaceX's listing.
Crypto ignored the noise. BTC shot to $63,500, ETH flatlined below $2,000 and SOL squeezed past $67.
Citigroup to bring private company shares on-chain
Citi built a blockchain platform letting wealthy investors trade tokenized stakes in private companies.
The timing isn't subtle. SpaceX and Anthropic are both eyeing massive public listings.
If it works, pre-IPO investing stops being a game only venture capitalists get to play.
On Our Radar
The credit turn: Crypto OTC desks are quietly becoming lenders, not just traders.*
Nakamoto’s comeback: David Bailey's firm dusts off its Nasdaq listing and burns cash productively.
Japan’s crypto pivot: Parliament finally agreed to slash tax rates down to 20%.
*sponsored
ICYMI
Meme of the Day
That’s a wrap.
Vi
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