The company signaled it would need the green light from California and Delaware policymakers as part of the restructuring plan. Artificial intelligence company OpenAI has signed a non-binding memorandum of understanding with its largest investor, Microsoft, to restructure its business. In a Thursday notice, OpenAI said the move, first proposed in May, would allow its for-profit arm to transition to a public benefit corporation, while the nonprofit would maintain control of the company. Under the deal, the nonprofit arm will have a stake worth more than $100 billion in the public benefit corporation. Read more
Bitcoin miners’ current rate of accumulation mirrors a pattern that fueled a 48% rally in 2023, but macroeconomic risks could cap BTC’s gains. Key takeaways: Strong Bitcoin miner and corporate BTC accumulation fuel speculation on BTC price surpassing $140,000. Investors’ rising inflation expectations and weakening consumer sentiment could prevent BTC from hitting new highs. Read more
Institutions take the wheel in 2025: HSBC and BNP join Canton, billion-dollar crypto treasuries emerge, Gemini eyes IPO and tokenized gold enters IRAs. Major financial institutions are reshaping crypto’s narrative in 2025, marking a departure from earlier cycles defined by retail speculation, memecoins and digital art alongside Bitcoin’s rise. Two of the world’s largest banks — HSBC and BNP Paribas — have joined the tokenization-focused Canton Foundation, following the likes of Goldman Sachs and other major backers as institutions push to bring blockchain-based utility to clients. At the same time, crypto markets are seeing a wave of billion-dollar shelf registrations and expanded initial public offering (IPO) plans, underscoring the race to accumulate digital assets and tap public markets. Read more
Tokenized private credit and other tokenized alternative funds continue to grow as the legacy financial system migrates onchain. Asset manager WisdomTree launched its Private Credit and Alternative Income Digital Fund (CRDT), a tokenized private credit vehicle, amid an uptick in firms expanding into the tokenized private credit niche and other tokenized real-world assets (RWAs). The fund will include credit extended to private corporations, loans made to real estate investment trusts (REITs), which are funds that track baskets of commercial properties, and debt from business development corporations, which are investment companies that offer financing to other businesses, according to Friday’s announcement. CRDT is available to retail and institutional investors, expanding access to an asset class typically reserved for institutional and sophisticated investors. Read more