GM. Kraken has confidentially filed for an IPO after raising $800m at a $20bn valuation, marking crypto’s latest leap onto Wall Street’s main stage.

Meanwhile, Aster launched “Machi Mode” for liquidated traders, Pump’s “Mayhem Mode” fizzled, and Monad’s token sale risks falling short on Coinbase.

We got raises, memes, and mixed momentum heading into midweek. 👇

Kraken Files for IPO at $20B Valuation After $800M Raise

Crypto exchange Kraken has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Commission, the firm confirmed Wednesday. The filing comes just hours after it announced an $800 million raise led by Citadel Securities, valuing the company at $20 billion.

Founded in 2011, Kraken said the new capital will support global expansion and diversification beyond cryptocurrencies into equities and institutional services. The IPO submission follows years of speculation and coincides with a broader wave of crypto listings under the Trump admin's pro-market stance.

Kraken’s draft S-1 leaves timing, share count, and pricing undisclosed, with next steps depending on the Securities and Exchange Commission (SEC) review and market conditions. The exchange reported over $1.5 billion in 2024 revenue, exceeding that figure in the first three quarters of 2025.

The move marks a defining step in Kraken’s evolution from early crypto pioneer to publicly traded financial infrastructure firm. It joins Gemini, Bullish, and Circle in pursuing Wall Street listings that embed crypto more deeply within traditional market structures.

Aster Unveils “Machi Mode” for Liquidated Traders

Decentralized exchange Aster introduced “Machi Mode”, a new feature rewarding traders with points when their positions are liquidated. The update, launching next week, directly references influencer Machi Big Brother, known for frequent liquidations across major DeFi platforms. Aster said the feature reflects crypto’s speculative culture, inviting users to “get rekt” and still earn rewards.

According to Lookonchain, Machi Big Brother leads Hyperliquid’s liquidation rankings with 71 liquidations since early November. The phenomenon has turned high-risk losses into a community meme celebrated within crypto’s more reckless circles. Aster said the system gamifies loss events to encourage engagement while highlighting the absurdity of extreme leverage trading.

Pump’s “Mayhem Mode” Fails to Lift Token Activity

Pump Fun’s new “Mayhem Mode” failed to meaningfully boost token launches or revenue during its first operational week. The optional feature allows an automated agent to trade newly created tokens for 24 hours to improve price discovery. Since implementation, daily token launches averaged 17,800, only slightly higher than the prior week’s 17,300.

Analysts said the limited uptick suggests users remain cautious amid muted overall market sentiment. Revenue also declined as protocol fee collection slowed, reducing buybacks that support Pump’s native token price. Observers added that stronger ranking tools or curated launch windows may be required for Mayhem to generate sustained adoption for Pump Fun.

Monad Token Sale Faces Undersubscription on Coinbase

Monad’s public token sale on Coinbase has slowed considerably, raising concern that the event may end undersubscribed. Data shows roughly 64% of the 7.5 billion MON tokens had sold by Tuesday evening. The project raised about $43 million on day one but momentum weakened sharply as investor enthusiasm faded.

Co-founder Keone Hon said the offering seeks broad distribution rather than rapid fundraising, emphasizing transparency through Coinbase’s allocation model. Market analysts attributed the slowdown partly to European trading restrictions and concerns over Monad’s prior financing rounds. Unsold tokens will be reallocated to ecosystem development if demand fails to meet the full target.

Data of the day

Bitcoin dipped below $90,000 on Tuesday as heavy retail selling and ETF outflows pressured prices into year-end. Analysts described the decline as a technical reset rather than a structural reversal, citing accumulation from large long-term holders. Over 31,000 Bitcoin moved to exchanges at losses this week, signaling capitulation among short-term traders.

Research from 21Shares said Bitcoin’s drawdown mirrors prior consolidation phases that preceded renewed rallies. Institutional inflows remain muted, yet whale accumulation and reduced long-term holder selling indicate stabilization. Analysts highlighted $85,000 as near-term support and $100,000 as key resistance defining Bitcoin’s trajectory into the first quarter.

More breaking news

• Ondo received approval from Liechtenstein’s financial regulator to offer tokenized US stocks and ETFs to more than 500 million investors across 30 European countries.

• 21Shares launched its Solana ETF under the ticker TSOL on CBOE, joining Fidelity, Bitwise, and others amid growing inflows and optimism for crypto-based funds.

• Federal prosecutors charged Virtual Assets LLC founder Firas Isa with laundering $10 million through Bitcoin ATMs, alleging conversion of fraud and narcotics proceeds into crypto.

• Malaysia’s national utility firm uncovered over $1.1 billion in electricity theft tied to illegal Bitcoin mining across nearly 14,000 premises between 2020 and August 2025.

• Saudi developer Dar Global will tokenize up to 70% of its $300 million Trump-branded Maldives resort, targeting US investors through blockchain-based real estate offerings.

• BlackRock’s Bitcoin ETF IBIT recorded $523 million in single-day outflows, its largest since launch, even as Bitcoin prices briefly climbed above $93,000.

• Ethereum Foundation unveiled its Interop Layer prototype, aiming to unify fragmented Layer 2 networks and make Ethereum applications operate seamlessly as a single blockchain.

• Revolut expanded its partnership with Polygon to power stablecoin remittances and crypto payments for more than 65 million users across Europe and supported global regions.

• Hyperliquid delayed a shareholder vote on its $888 million treasury merger by two weeks, seeking sufficient support to finalize the $1 billion HYPE token initiative.

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