A U.S.-based crypto infrastructure solutions provider announced in a recent press release that it has signed a definitive agreement to acquire a venture-backed, Bermuda Monetary Authority-regulated issuer of a U.S. dollar-denominated stablecoin. The acquisition, which is subject to closing conditions and regulatory approvals, is reportedly designed to expand the acquiror’s stablecoin capabilities and its ability to service stablecoin adoption by traditional and crypto-native institutions.
In another acquisition announcement, a major U.S. fintech company has reportedly entered into an agreement to acquire a Toronto Stock Exchange-traded crypto trading platform in an all-cash transaction. According to a press release, the target company’s offerings, which include crypto trading, staking and custody services, are viewed as complementary to the acquiror’s business and will provide the acquiror with access to Canada’s growing crypto trading market. The acquisition is subject to closing conditions and regulatory approvals and is expected to close in H2 2025.
A third recent press release announced that a global investment management firm has launched its first tokenized investment fund in partnership with a real-world asset tokenization-focused fintech company. The fund is designed to provide institutional and qualified investors with access to a blockchain-based alternative to money market funds backed by U.S. Treasuries and will offer 24/7 liquidity and real-time settlement. Access to the fund will initially be available to institutional and qualified investors on several well-known blockchains.
And in a final notable item, an institutional digital asset prime broker recently announced a strategic partnership with a cross-border banking group. Through the partnership, the prime broker will integrate the banking group’s enterprise-grade banking infrastructure and will gain access to a broad range of currency pairs, which will enable it to enhance the speed of cross-border settlement for its institutional clients.
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The institutional investor division of a major U.S. cryptocurrency exchange recently published a report that provides its views on what it describes as bitcoin’s (BTC) rising significance in geopolitics. The report suggests that shifting dynamics in the global monetary system, including what it describes as “eroding investor confidence in the USD as a store-of-value and global reserve currency,” are creating an opportunity for BTC to become a “viable supranational unit of account for international trade.” The report also references recent international efforts to create strategic bitcoin reserves at the national level as being indicative of BTC’s growing political importance.
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A recent blog post by Coin Center, a crypto advocacy organization, addresses the implications for crypto of a proposed 5 percent remittance tax being considered by the U.S. Congress. According to the blog post, the current proposal would not apply to crypto transactions using self-hosted wallets and possibly may not apply to some transactions at trusted intermediaries. The blog post notes several unintended consequences of the proposal for the crypto sector, including with respect to privacy and regulatory arbitrage, and proposes various suggestions to address the issues identified.
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According to recent reports, the U.S. Department of Justice (DOJ) “has determined not to proceed” on its prosecution of certain charges brought in May 2024 against two brothers who hacked the Ethereum blockchain and stole $25 million in a matter of seconds. Last month, the defendants reportedly sought to dismiss the charges based on a recent DOJ memo that in part instructs prosecutors to avoid “superimposing regulatory frameworks on digital assets.”
In enforcement news from Germany, according to recent reports, Germany’s Federal Criminal Police Office (BKA) has seized $38 million in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen in the $1.4 billion hack of the Bybit exchange. The action is reportedly the third-largest seizure of crypto funds by the BKA.
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According to reports, the smart contract for the Mobius token, a digital asset on the BNB Chain network, was recently hacked. The hackers reportedly stole $2.15 million in MBU tokens.
Another recent report provides investigative findings on Xinbi Guarantee, a Chinese-language illicit marketplace that operates on a popular messaging application and that serves fraudsters in Southeast Asia, including those responsible for so-called pig-butchering scams. Among its findings, the report notes that the USDT stablecoin is the primary payment method for Xinbi Guarantee, with the market having received $8.4 billion in transactions to date.
In a final notable item, Solidus Labs recently published a report titled The 2025 Rug Pull Report: Rug Pulls and Pump-and-Dumps on Solana. According to the report, “approximately 98.7% of tokens on Pump.fun and 93% of liquidity pools on Raydium have exhibited characteristics of pump-and-dump schemes or rug pulls.” The report goes on to provide various findings on risks related to tokens that are launched and traded on the Pump.fun and Raydium platforms.
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AI could diminish the power and influence boards have over organizations, according to a series of interviews conducted by Harvard Business Review. While it may seem routine to use AI applications so that board chairs can automate tasks like developing meeting agendas and forming board committees, HBR researchers wrote, that could actually lead to what HBR called “encroaching risk,” which happens when “the use of AI ends up weakening or eroding the board chair’s influence over power-conduit tasks.”.
The researchers interviewed 27 board chairs of companies listed on the Toronto Stock Exchange, with average assets of $9.04 billion and average revenues of $3.7 billion. Industries included industrials, energy, materials, real estate, IT, finance, consumer discretionary, and healthcare.
Three power-conduit tasks board chairs use
HBR identified three power-conduit tasks board chairs have: managing the agenda, summarizing the discussion, and reviewing board member performance.
“Leaving the task of creating the agenda to AI — based on, for example, how long each item has taken to discuss in the past — completely bypasses the chair’s strategic thinking,’’ HBR said. Chairs also use behind-the-scenes influence over the flow of information that AI can’t easily replicate. Summarizing discussions is something AI could easily do, “but it’s a powerful way for the chair to shape how the board understands things and the conclusions they reach.” In contrast, AI can miss nuances, such as what people don’t say or mood shifts, which an effective chairperson will pick up on by reading the room.
The technology is also not equipped to ensure the whole board is functioning well and has the right mix of skills and expertise.
Three ways to minimize encroachment risk
Some leadership positions, such as board chairs and C-suite executives, could be most susceptible to encroachment from AI, the article maintains. It’s important to figure out who should shape the organization’s direction instead of just carrying out day-to-day operations.
Once strategic roles have been identified, “work with those individuals to pinpoint tasks that are central to their ability to exert influence — and therefore not good candidates for automation with AI,’’ HBR recommended.
The ability to define the company’s long-term mission and vision requires a deep understanding of market trends, social values, and the motivations of key stakeholders.
It’s important to craft clear policies for where AI can be used and when to maintain oversight by humans to ensure the technology supports strategic decision-making, rather than replacing it, HBR said.
While AI may offer suggestions for how to structure an agenda, the board chair should make the final decision. Similarly, AI may generate summaries of discussions, but the chair should review and enhance them to ensure they are in line with the board’s objectives.
The goal is to use AI to enhance automation rather than erode leaders’ influence. A recent PwC article also offers guidance for boards on the strategic use of AI to provide effective oversight and align with business objectives, while considering risks.
Crypto-turned-colo firm Galaxy Digital has listed on the Nasdaq stock exchange.
The company is dual-listed as of May 16, keeping its original listing on the Toronto Stock Exchange (TSE). Despite being based in New York, its public debut was made on the TSE in 2020 because its crypto-centric business unsettled American regulators.
Its share price on Nasdaq opened at $23.50.
CEO Mike Novogratz said during the company’s recent Q1 earnings call that the listing was pursued primarily because the US has “the deepest capital market in the world,” saying that the company’s growth had previously been driven by insufficient investing or trading profits, which had capped its growth.
Greater access to retail trading platforms, inclusion in market indices, and greater visibility were also cited as reasons.
Novogratz also told CNBC that the listing, which he described as “un-American, unfair [and] infuriating,” had taken four years and cost more than $25 million. It should be noted that the company had made its first filing in 2021 before the release of ChatGPT.
He cited Donald Trump’s election victory as a turning point, saying that “the flip got switched… the old regime knew the new regime was coming, and so they started to be much more supportive.”
Proof of the President’s friendliness towards crypto is abundant: since his inauguration, Trump has signed an order calling for the creation of a strategic crypto reserve, pardoned former executives of crypto exchange BitMEX, who had been convicted of violating the Banking Secrecy Act, and relaxed enforcement in the sector. Concerns about potential conflict of interest, particularly regarding his eldest son’s Bitcoin mining business, have arisen.
Ahead of its listing, Galaxy also settled a case with the New York attorney general over its promotion of Luna, a failed cryptocurrency, for $200m.
The company’s hunt for capital markets occurs as it looks to pivot its data centers away from cryptomining to AI workloads.
It was revealed in November 2024 that its flagship cryptomining data center, Helios in West Texas, would be optimized for AI workloads. AI cloud firm CoreWeave is set to occupy 393MW of capacity in the facility.
However, CFO Tony Paquette stated that the company does not expect to “generate revenue from [the data center segment] until sometime early in 2026.”
CIO Chris Ferraro also said that 1.7GW worth of projects were currently under study, with the average size of a potential facility varying from 100MW to 500MW.
Galaxy joins the ranks of crypto firms like Core Scientific, Hive Digital Technologies, and Northern Data, which have also pivoted into the data center business. While firms like Galaxy have maintained a hybrid model, some others, like CoreWeave, have abandoned their crypto roots in response to the AI boom.
May 16 – Canada’s main stock index hit a record high on Friday, closing firmer for a sixth consecutive week, as worries about a global trade war eased after the U.S.-China tariff truce over the weekend.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 74.45 points, or 0.29%, at 25,971.93. The index touched 25,992.89 on Friday, topping Thursday’s record high.
For the week, the index gained 2.5%.
The index’s gains tracked those of Wall Street’s main indexes, which rose for the fifth straight day.
This week, the 90-day pause in the US-China tariff dispute, along with the recent US-UK trade agreement, sparked optimism for future US trade deals and helped ease recession concerns.
“There’s a lot of optimism right now. The markets are being driven by momentum,” said Michael Dehal, senior portfolio manager at Dehal Investment Partners of Raymond James.
“But when you look at the sentiment of how people feel, it’s not really matching the momentum. I think people are still a bit cautious, still kind of questioning this rally.”
Data showed the U.S. consumer sentiment slumped further in May, while one-year inflation expectations surged.
On Friday, U.S. President Donald Trump said U.S. officials will send letters to countries in the coming weeks, outlining the costs associated with doing business in the United States, though he did not provide additional details.
On TSX, MEG Energy’s surged 18.7%, making it the day’s biggest gainer, after rival Strathcona announced plans to launch a C$5.93 billion hostile takeover bid of the Canadian oil and gas producer. The energy index gained 0.54%.
Healthcare stocks gained 3%, powered by a 9.7% gain in cannabis company Tilray Brands.
This article was generated from an automated news agency feed without modifications to text.
Galaxy Digital, which has traded on the Toronto Stock Exchange since 2020, shifted its shares to Nasdaq through a direct listing under the ticker GLXY.
CEO Mike Novogratz told CNBC that Galaxy’s value now centers on two high-growth areas: cryptocurrency and artificial intelligence.
The U.S. listing follows a costly, drawn-out process with the SEC, stretching to 1,320 days and costing the company more than $25 million, Novogratz said.
Mike Novogratz‘s crypto firm Galaxy Digital started trading on the Nasdaq on Friday under the ticker GLXY. The stock opened at $23.50 per share on the U.S. exchange.
Galaxy Digital, which has been traded on the Toronto Stock Exchange since 2020, shifted its shares to the Nasdaq through a direct listing — a move that follows a grueling, multiyear battle with U.S. regulators.
“These are the two most exciting growth areas in markets, right. AI and the infrastructure needed for AI to exist and crypto finally … at the brink of institutional adoption,” he said. “We have built our company for this moment, so I couldn’t be more excited.”
Read more about tech and crypto from CNBC Pro
Novogratz said Galaxy is effectively two businesses now: “We are a data center company and a crypto company.”
The Nasdaq listing comes after four years of regulatory delays, with Galaxy spending more than $25 million and enduring nine rounds of back-and-forth comments with the U.S. Securities and Exchange Commission, according to Novogratz. What should have taken at most, 90 days, stretched to 1,320, he said.
“You needed to be very well capitalized — and a pretty big, strong company — just to stay in the game,” Novogratz told CNBC.
The billionaire also pointed to the U.S. market’s unmatched depth, saying Galaxy’s visibility in Canada was one-thirtieth of what it could achieve in the United States.
“If we had been in the U.S. markets those four years, we’d be a different company,” he said.
The listing follows eToro‘s successful Nasdaq debut this week, signaling renewed investor appetite for crypto-adjacent firms after years of regulatory caution.
The public market debut of eToro on Wednesday and Hinge Health’s expected IPO next week are giving startup investors signs of hope.
After an extended drought, the IPO market appeared poised to open up early this year until President Donald Trump’s tariffs announcement in April sent stocks plummeting.
Fintech company Chime filed its prospectus this week after delaying its plans following the new tariffs.
Yoni Assia, co-founder and CEO of eToro Group Ltd., center, and Ronen Assia, co-founder of eToro Group Ltd., center left, ring the opening bell during the company’s initial public offering at the Nasdaq MarketSite in New York, May 15, 2025.
Yuki Iwamura | Bloomberg | Getty Images
The IPO market has repeatedly tricked investors into believing it’s reopening after an extended drought dating back to early 2022. There are, once again, signs of hope.
Shares of stock brokerage platform eToro jumped nearly 29% in their Nasdaq debut Wednesday after the Israel-based company priced its IPO above the expected range. That same day, in its first earnings report as a public company, artificial intelligence infrastructure provider CoreWeave reported 420% revenue growth, topping estimates.
CoreWeave shares rocketed about 60% this week and have doubled in value since the company’s March IPO.
It’s a big momentum swing from a month ago.
Early in President Donald Trump’s second White House term, bankers and venture investors were bullish on a reinvigorated IPO market. But after the rollout and subsequent pause of Trump’s sweeping tariff policy rocked the market in April, companies including online lender Klarna and ticket marketplace StubHub delayed their long-awaited offerings.
Exits for venture firms in the first quarter hit their highest quarterly value since the fourth quarter of 2021, but nearly 40% came from the CoreWeave IPO, according to the National Venture Capital Association and PitchBook.
“Although we anticipated a resurgence in IPO activity as the year progressed, that outlook has diminished due to the imposed tariffs,” the NVCA and PitchBook wrote in their first-quarter report in mid-April. “As public market investors shift toward less risky investments, many VC-backed companies may struggle to generate the demand necessary to meet their high market valuations.”
The second quarter is seeing more action.
Klarna and StubHub haven’t provided updates, and both companies declined to comment for this story. But the successful debut of eToro, which had also put its plans on hold, could encourage others to follow.
Fintech company Chime on Tuesday filed its prospectus to go public on the Nasdaq, after it had delayed IPO plans following the tariffs announcement. Digital health company Omada Health filed to go public last week.
“The market is going to come back,” Rachel Gerring, Ernst & Young’s Americas IPO leader, told CNBC. “It’s just a matter of when. It’s not a matter of if.”
Gerring said optimism has started to rebound. Part of that is tied to Trump’s 90-day pause on its most stringent trade policies, and a drastic reduction on tariffs from China in the meantime.
However, there’s still plenty of uncertainty, which Gerring said can be difficult for companies to manage, especially as they’re preparing to hit the market. She’s advising clients to focus on preparedness so they’re able to capitalize on the market when the time is right.
Big week ahead
In digital health, all eyes next week will be on Hinge Health.
The virtual physical therapy company filed its initial prospectus in March. Hinge updated the document this week with an expected pricing range of $28 to $32, which would value the company at about $2.4 billion in the middle of the range, not including some of its potential outstanding shares.
Digital health has been a particularly tough market over the last few years, following a Covid-era pop, when consumers and patients shifted to virtual solutions. Growth has since slowed dramatically.
AI is a different story, and chipmaker Cerebras provided an update of sorts this week.
Cerebras filed to go public in September, but the process was slowed due to a review by the Treasury Department’s Committee on Foreign Investment in the U.S., or CFIUS. Cerebras CEO Andrew Feldman said Thursday at a company event that his “aspiration” is to take the chipmaker public this year now that it’s obtained necessary clearance from the committee.
And digital assets company Galaxy Digital started trading on the Nasdaq on Friday, switching over from the Toronto Stock Exchange. The New York-based firm went public in Canada in 2020, as U.S. regulators were wary of crypto.
Galaxy CEO Mike Novogratz said the switch will help “enable us to attract a broader investor base,” according to a release.
Still, for tech IPO activity to really pick up, more large-scale, growth-oriented companies need to come to market, Gerring said.
“The IPO market might be one of the latter ones to return as the market starts to recover, just given the risk around IPOs,” Gerring said. “We’re trending in the right direction.”
