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Crypto Daily | Crypto Exchange Gemini Raises US IPO Target to $433 Million; GOP Lawmaker Seeks Reviews of Two Bitcoin Mining Machine Makers

TigerSep 10, 2025 6:07 AM

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Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

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SharpLink Pauses Ethereum Buys Amid $1.5B Stock Repurchase, Bitmine Accelerates Accumulation

SharpLink Gaming held its Ethereum reserves steady at 837,230 ETH as of September 10, marking no increase from the prior week. The slowdown comes as the company launched a $1.5 billion stock buyback program, repurchasing about 1 million shares, citing undervaluation.

In contrast, rival Bitmine boosted its holdings by 206,900 ETH in the same period, bringing its total to 2.07 million ETH.

Crypto Exchange Gemini Raises US IPO Target to $433 Million

Gemini Space Station Inc. increased the potential size of its initial public offering to $433.3 million, after the oversubscribed listing drew a private placement from another exchange operator.

The cryptocurrency firm led by the billionaire Winklevoss twins raised the price range to $24 to $26 per share from $17 to $19, according to a filing with the US Securities and Exchange Commission on Tuesday. The company is still offering 16.7 million shares in the IPO.

At the top of the elevated IPO range, Gemini would have a market value of $3.1 billion based on the outstanding shares listed in its filing. The offering is well oversubscribed, people familiar with the matter have said.

GOP Lawmaker Seeks Reviews of Two Bitcoin Mining Machine Makers

A Republican lawmaker has called for a federal review of two companies that manufacture Bitcoin mining hardware, saying that their increasing presence in the US could present a national security risk, according to a letter reviewed by Bloomberg News.

One of the companies is Bitmain Technologies Ltd., a China-based firm that is the world’s leading manufacturer of cryptocurrency mining machines. The other, Cango Inc., is a potential acquisition target for Bitmain, Representative Zachary Nunn of Iowa wrote.

Cboe Plans to Offer ‘Continuous’ Futures for Bitcoin, Ether

Cboe Global Markets Inc. is pushing to bring one of crypto’s most speculative trading tools into mainstream US markets. The exchange said it plans to launch long-dated versions of perpetual Bitcoin and Ether futures on Nov. 10, pending regulatory approval.

Perpetual futures, which never expire, have long been the engine of offshore crypto bets, powering massive trading volume on venues such as Binance and OKX. They let traders make constant, leveraged bets on prices without ever taking delivery of the tokens.

Vietnam Experiments With Crypto Trading Market In Five-Year Pilot

Vietnam has approved a five-year pilot for cryptocurrency trading, opening a tightly controlled gateway into a market that has grown rapidly without formal rules.

The resolution allows only Vietnamese companies to operate platforms. Additionally, it requires all issuance, trading and payments of crypto assets to be settled in the local dong, according to a government announcement Tuesday.

Only Vietnamese firms can issue tokens, and they may sell them solely to foreign investors.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $23.05 million. The total net asset value of Bitcoin spot ETFs is $144.30 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.50%.

The Bitcoin spot ETF with the highest net inflow on Sep 9 was iShares Bitcoin Trust ETF , with a net inflow of $169.31 million.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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