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Quick Take Summary is AI generated, newsroom reviewed. Evernorth plans to raise over $1 billion through a SPAC merger to build the largest XRP treasury. Ripple, SBI Holdings, Pantera Capital, and other investors are backing the initiative. The treasury aims to increase XRP adoption, market stability, and institutional participation. Evernorth’s strategy shows how crypto and traditional finance can collaborate to boost digital asset utility.References BULLISH: RIPPLE-BACKED EVERNORTH WILL RAISE OVER $1 BILL
Quick Take Hyperliquid Strategies, a digital asset treasury firm focused on HYPE, submitted an S-1 filing with the SEC to raise $1 billion. The company plans to use the proceeds for general corporate purposes, including the accumulation of HYPE. The company is a pending merger entity formed by Sonnet BioTherapeutics and Rorschach I, aiming to launch within this year.
A Bitcoin whale known for accurately timing the October 10-11 market crash has deposited another 100 BTC to Kraken, maintaining $140 million in short positions on Hyperliquid.
Quick Take Decentralized exchange Bunni said it will shut down operations following a $8.4 million exploit last month. The team said users will still be able to withdraw assets until further notice.
- 18:52Zuckerberg appoints former head of Metaverse business to advance AI strategyAccording to Jinse Finance, the Financial Times reported that Mark Zuckerberg has appointed his long-time deputy, Vishal Shah, to a key position in Meta Platforms' (META.O) artificial intelligence team. This is the latest move in a series of executive adjustments as he advances his AI strategy. The restructuring follows the rushed launch of its AI video service, Vibes—despite Zuckerberg having recruited AI talent at high costs in recent months, the service was quickly surpassed by OpenAI's competing product, Sora. Shah joined Meta a decade ago, initially overseeing Instagram's product operations, and in 2021 transitioned to lead the company's creation of the "metaverse" virtual online world. According to an internal memo, MetaAI product head Nat Friedman announced that Shah will join his team to lead product management, with Shah reporting to Friedman.
- 18:15MegaETH ICO oversubscribed in 5 minutes, valued at $1 billion with $50 million raisedForesight News reported, citing zoomer, that the MegaETH ICO was oversubscribed within 5 minutes, receiving over $50 million in subscription commitments at a valuation of $1 billion.
- 18:15Falcon Finance integrates Tether Gold as USDf collateralForesight News reported that Falcon Finance has announced the integration of Tether Gold (XAUt) as collateral for USDf. Currently, the supply of Falcon Finance's synthetic dollar USDf has exceeded 2.1 billions USD.