Key Takeaways

• Nvidia’s valuation surged past $5 trillion, propelled by unprecedented demand for AI chips.
• Shares soared to $212.19, pushing CEO Jensen Huang’s net worth up by $7.6 billion in a single day.
• The chipmaker now surpasses Amazon and Alphabet in market value, trailing only Microsoft and Apple.
• Nvidia controls over 80 percent of the global AI GPU market, powering major platforms like OpenAI and Google.

What Happened?

Nvidia’s stock surged past $212 on Nasdaq, pushing its market capitalization beyond $5 trillion. This makes it the most valuable publicly traded company on the Nasdaq and places it ahead of Amazon and Alphabet in market rankings. The AI boom, especially after the launch of ChatGPT in 2022, has been a major driver of this meteoric rise.

BREAKING: Nvidia is officially the world’s first $5 trillion company. pic.twitter.com/BvcOJDRDdZ

— The Kobeissi Letter (@KobeissiLetter) October 29, 2025

From Graphics Cards to Global Dominance

Founded in 1993 by Jensen Huang, Nvidia was once a modest player focused on graphics cards for gaming. Today, it is the cornerstone of the AI revolution, with its chips powering advanced machine learning and AI systems across industries.

• The company’s H100 and Blackwell chips are now essential hardware for data centers and AI workloads.
• Nvidia supplies critical AI infrastructure to OpenAI, Microsoft, Google, and many others.
• It currently controls more than 80 percent of the global GPU market for AI and data processing.

This transformation has redefined Nvidia’s position from a niche semiconductor maker to a central figure in the global AI arms race. Its accelerated growth has also played a significant role in driving the broader stock market, including the S&P 500, to new highs.

A Record-Breaking Rally

The latest valuation milestone came just three months after Nvidia crossed the $4 trillion mark, highlighting the rapid pace of its ascent. Notably, this valuation is now larger than the entire cryptocurrency market and equals about half the size of Europe’s Stoxx 600 equities index.

CEO Jensen Huang’s personal fortune has grown in lockstep with the company’s rise. According to Forbes’ Real-Time Billionaires Index:

• His wealth rose by $7.6 billion in one day, reaching approximately $182 billion.
• He is now among the world’s richest individuals, driven almost entirely by Nvidia’s performance.

Huang has become a Silicon Valley icon, his leadership and vision putting Nvidia at the forefront of AI hardware development. His rise is emblematic of how AI is not only reshaping technology but also the global billionaire rankings.

A Bet on the Future of AI

Analysts say Nvidia’s momentum reflects a strong belief in the future of AI infrastructure. With its dominance in high-performance GPUs and continued innovations, many see Nvidia as the primary enabler of the AI economy.

• Investors are betting big on the continued growth of AI applications, cloud computing, and machine learning.
• Nvidia’s chips are increasingly used in autonomous vehicles, robotics, scientific computing, and beyond.

However, its soaring stock price and valuation have also reignited discussions around tech bubbles and market frothiness, with some experts cautioning that such growth may not be indefinitely sustainable.

CoinLaw’s Takeaway

In my experience, there are few moments that truly redefine the market’s trajectory, and Nvidia’s rise to $5 trillion is one of them. This isn’t just a success story for a chipmaker. It’s a bold statement on where the world is headed toward a future built on artificial intelligence, and Nvidia is supplying the bricks and mortar. I found Huang’s journey especially compelling. From building GPUs in the 90s to powering the future of AI today, his story mirrors the evolution of modern tech itself. This milestone is not just historic, it’s a preview of the next era of innovation.

The post Nvidia Becomes First $5 Trillion Company as AI Demand Fuels Historic Surge appeared first on CoinLaw.

Key Takeaways

• Terminal Finance, incubated by Ethena Labs, secured over $280 million in pre-launch deposits across capped vaults.
• The DEX focuses on trading yield-bearing stablecoins like sUSDe and USDtb, aiming to become DeFi’s liquidity hub.
• More than 10,000 wallets participated in the pre-deposit phase, and early users will be rewarded via airdrops.
• A unique “Yield Skimming” mechanism will redistribute asset yield within the DEX to boost trading efficiency.

What Happened?

Terminal Finance, a new decentralized exchange built to support trading in yield-generating stablecoins and institutional assets, has amassed over $280 million in deposits before its official launch. The platform, closely tied to Ethena Labs and powered by its stablecoin ecosystem, is expected to go live by the end of the year.

The caps are in.

$280M reached across pre-deposit vaults.

// Terminal_ pic.twitter.com/A5KjdmB6YL

— Terminal Finance (@Terminal_fi) October 13, 2025

Terminal Finance Sets Records Ahead of Launch

The $280 million in total value locked (TVL) came through three fully capped vaults holding 225 million USDe, 10,000 WETH, and 100 WBTC. All deposits were made during Terminal’s pre-launch phase, showing strong interest from retail and institutional users alike.

More than 10,000 wallets participated in the pre-deposit phase, reflecting significant anticipation around the platform’s launch. According to the team, early contributors will qualify for airdrop rewards as part of the upcoming token generation event (TGE), which is also expected later this year.

The exchange is already tracking these deposits via DeFiLlama, where the vaults’ activity is publicly visible, further supporting transparency and community trust.

How Terminal Finance Works?

Terminal Finance is designed as the primary DEX within the Ethena ecosystem, though it operates independently. It leverages Ethena’s core stablecoin assets like USDe and its yield-bearing variant sUSDe, along with USDtb, which is backed by BlackRock’s BUIDL fund. These will serve as base pairs to enable trading against major crypto assets such as ETH and BTC.

A key innovation lies in Terminal’s Yield Skimming mechanism. This system captures yield from assets like sUSDe and redistributes it within the exchange to enhance returns for liquidity providers, traders, and token holders. This approach improves capital efficiency and liquidity dynamics, giving Terminal a strategic advantage over conventional DEXs.

According to Sam Benyakoub, Co-Founder and CEO of Terminal Finance:

Community Incentives and Tokenomics

Terminal’s early adopters are expected to benefit from future governance token allocations through a system called Terminal Points. This program has been tracking user engagement since June 28, with up to 10% of the governance token supply potentially allocated to holders of sENA, based on their points activity. Final eligibility and distribution details will be confirmed closer to the TGE.

Nick Chong, Head of Strategy at Ethena, added:

What’s Next for Terminal?

Looking forward, Terminal Finance plans to expand across multiple blockchains, aligning with Ethena’s broader goal of making USDe a central asset in decentralized finance. Its ambition is to serve as the leading liquidity hub for yield-bearing stablecoins and enable efficient token issuance, trading, and liquidity provisioning across the entire DeFi stack.

With integrations already secured with major protocols like Pendle, EtherFi, and Morpho, Terminal is positioning itself as a central infrastructure layer in the next phase of DeFi growth.

CoinLaw’s Takeaway

In my experience watching the DeFi space evolve, it is rare to see a project gain this level of traction before even launching. Terminal Finance is clearly tapping into a major shift in market sentiment where users are no longer satisfied with just stability. They want yield, composability, and deep liquidity. By baking those into its foundation, Terminal has a real shot at becoming a go-to trading venue for both crypto natives and institutions. The Yield Skimming feature especially feels like a clever twist that could give it staying power in an increasingly competitive DEX market.

The post Ethena-Backed Terminal Finance Surpasses $280M in Pre-Launch Deposits appeared first on CoinLaw.

Key Takeaways

• President Trump is funding a $300 million White House ballroom entirely through private donations, including from Ripple, Tether, and Coinbase.
• Big Tech firms like Google, Amazon, Apple, Meta, and Microsoft are also backing the project, alongside telecom and defense giants.
• The 90,000-square-foot expansion replaces the East Wing, aiming to accommodate up to 999 guests for formal events.
• Critics warn of blurred ethical lines, while supporters highlight the move as a modernization effort that avoids taxpayer burden.

What Happened?

The Trump administration has kicked off construction on a new White House ballroom, demolishing the East Wing to make room for the 999-capacity venue. With a projected cost of $300 million, the administration has pledged not to use public funds. Instead, private donors from the tech, crypto, defense, and financial sectors are footing the bill.

Crypto companies Ripple, Tether, and Coinbase are among the high-profile backers, alongside tech giants like Google, Microsoft, and Apple. The White House confirmed that Google-owned YouTube contributed over $20 million as part of a prior lawsuit settlement with Trump.

🚨 JUST IN: The list of private donors for President Trump’s White House ballroom has been RELEASED.

Major progress is being made with demolition at the East Wing.

The donor list includes Amazon, Coinbase, Comcast, Hard Rock, Google, Microsoft, The Lutnick Family and others, as… pic.twitter.com/HEUZHuIVSb

— Eric Daugherty (@EricLDaugh) October 23, 2025

Big Crypto Backs Big Government Project

The ballroom project marks a significant moment for the crypto industry, which is now directly funding federal infrastructure. Ripple contributed a substantial undisclosed sum, reinforcing its strategic move from litigation to lobbying. The company’s executives, including CEO Brad Garlinghouse, have met with U.S. officials and even President Trump at a blockchain summit earlier this year.

• Ripple’s donation represents a growing push for regulatory influence as the company strengthens ties with policymakers.
• The donor model of the ballroom offers symbolic recognition and visibility, giving crypto firms like Ripple a new foothold in Washington.

Tether America also made the official donor list. As the issuer of USDT, Tether’s participation signals a desire to shape the narrative around stablecoin regulations. With Congress considering laws on digital dollar-backed assets, Tether’s presence adds weight to its lobbying efforts.

• Tether may receive permanent symbolic recognition within the new structure, enhancing its legitimacy in political circles.
• The move reflects a growing trend of crypto firms stepping into traditional power centers.

Coinbase, led by CEO Brian Armstrong, has lobbied heavily for clear crypto regulation and sees this donation as a long-term investment in policymaking. The company has been involved in shaping a new crypto market structure bill and attended a recent White House donor event alongside companies like Amazon and Microsoft.

• Armstrong’s strategy underscores Coinbase’s push for regulatory clarity and institutional presence.
• The company’s name on the donor list cements its role as a major player in crypto politics.

Big Tech, Billionaires, and Political Strategy

Alongside the crypto firms, some of the biggest names in tech and business are funding the East Wing expansion. Notable donors include:

• Google, Apple, Amazon, Meta, Microsoft.
• Lockheed Martin, Comcast, T-Mobile, Palantir.
• Stephen Schwarzman (Blackstone), Harold Hamm (oil), Isaac Perlmutter (investor), Edward Glazer (Manchester United).

Several of these donors attended a dinner with Trump last week, signaling a close alignment between political access and funding. Among them was biotech entrepreneur Stefan Brodie, previously convicted of violating sanctions on Cuba. Former President Joe Biden denied his pardon request in 2023.

Debate Over Ethics and Access

While the project is being celebrated by some as a cost-free upgrade to a historically cramped venue, critics are voicing concerns over influence and transparency.

• The White House press secretary has not disclosed how much Trump is personally contributing.
• Some worry that engraved plaques and named fixtures could give donors permanent symbolic access to the seat of federal power.

Still, the expansion addresses a long-standing logistical issue. The current East Room holds just 200 guests, forcing past administrations to use tents on the South Lawn for larger events. Trump’s vision for a ballroom aims to modernize and expand the White House’s capacity, matching the scale of global state functions.

CoinLaw’s Takeaway

I find it fascinating that crypto has gone from the fringes of finance to funding the White House itself. In my experience tracking blockchain policy, influence matters more than innovation when it comes to regulation. By joining a donor list with the likes of Google and Lockheed Martin, Ripple, Tether, and Coinbase are clearly signaling they want a seat at the table, not just in the market but in federal policy. Whether or not you support Trump, this ballroom is more than a room. It is a symbol of crypto’s arrival in U.S. political life. I wouldn’t be surprised if we start seeing more digital asset companies take this route to legitimacy.

The post Ripple, Tether, and Coinbase Join Elite Donors in Trump’s White House Expansion appeared first on CoinLaw.

Key Takeaways

• Kraken reported $648 million in Q3 revenue, a 114% increase year-over-year and more than double from the previous quarter.
• Adjusted earnings hit $178.6 million, up 124% quarter-over-quarter, as volume rose to $561.9 billion.
• The exchange is gearing up for a potential US IPO in 2026, recently raising $500 million at a $15 billion valuation.
• The surge in revenue comes as bitcoin trades near $110,000, with futures and options markets showing strong bullish sentiment.

What Happened?

Crypto exchange Kraken posted a major jump in third-quarter revenue, bringing in $648 million amid improved market activity and tighter operational costs. With adjusted earnings of $178.6 million, the exchange looks well-positioned for its anticipated IPO in the United States next year. This performance aligns with a broader uptick in crypto markets, especially bitcoin, which is trading around $110,000.

Update: Kraken’s strong Q3 performance positions it for a potential U.S. IPO next year, signaling growing adoption and trading activity on its platform. pic.twitter.com/D0i7fZmYcu

— BNN (@brainsnewsnets) October 22, 2025

Kraken’s Breakout Quarter

Kraken, legally known as Payward Inc., experienced its most profitable quarter yet. The 114% year-over-year revenue jump was driven by higher trading volumes and stronger fee capture across its spot trading business. Volume for the quarter reached $561.9 billion, a 23% increase from the previous period.

• Revenue is defined by Kraken as GAAP gross revenue minus trading costs, a metric that can differ from peers like Coinbase.
• The adjusted earnings figure of $178.6 million excludes one-time charges and non-cash items to better reflect recurring profitability.

Kraken’s cost discipline also played a key role. Analysts say the company’s ability to manage its fee mix and costs helped it convert higher revenues into solid earnings, despite ongoing volatility in custody flows and market liquidity.

Public Listing in Sight

With its $500 million capital raise valuing it at $15 billion, Kraken is clearly preparing for its next phase. The firm has signaled its intent to go public in the US in 2026, although the exact timing remains dependent on regulatory approvals and market conditions.

If successful, Kraken will join an expanding roster of crypto companies tapping into public markets, such as Bullish and Gemini. Coinbase, one of Kraken’s primary US competitors, is set to release its own Q3 results on October 30, with analysts projecting a significant revenue bump.

Bullish Crypto Markets Offer Tailwinds

Kraken’s earnings come amid a vibrant crypto derivatives market, adding further context to its performance:

• Bitcoin futures open interest stands at $70.75 billion, with CME leading at $16.42 billion, followed by Binance and Bybit.
• Options markets show strong bullishness, with 59.3% of open interest in calls, especially in contracts targeting $140,000 to $200,000 bitcoin prices by December 2025.
• The current max pain point sits at $114,000, suggesting potential price friction as expiry nears.

These market dynamics suggest investors are pricing in continued volatility and upside, which bodes well for exchanges like Kraken that benefit from high trading activity.

CoinLaw’s Takeaway

In my experience, big moves like Kraken’s don’t happen in isolation. This is what happens when strong operations meet rising market sentiment. Kraken isn’t just catching a wave. It’s been preparing for this. The $648 million in revenue and $178 million in adjusted earnings show real traction, not just hype. If they manage to go public next year, this performance will give them a solid story to tell Wall Street. I found the mix of strategic fee control and market timing particularly sharp. But they’ll need to keep that momentum and watch out for regulatory twists ahead.

The post Kraken Doubles Revenue to $648M as IPO Plans Gain Momentum appeared first on CoinLaw.

Key Takeaways

• Bitfarms priced a $500 million convertible senior notes offering due 2031, up from the initial $300 million plan.
• The notes convert at $6.86 per share, a 30 percent premium over Bitfarms’ closing price of $5.28 on October 16.
• Stock plunged more than 18 percent following the announcement, despite a 530 percent gain over the past six months.
• Capped call transactions were introduced to limit dilution, with a cap set at $11.88 per share.

What Happened?

Bitfarms Ltd., a cryptocurrency mining and digital infrastructure company, announced it would raise $500 million through convertible senior notes. This figure was significantly increased from the originally announced $300 million. Despite this being framed as an “opportunistic capital raise,” the market reacted swiftly, sending the company’s stock down over 18 percent on Thursday.

Convertible Notes Offering Details

The convertible notes will carry a 1.375 percent interest rate and mature on January 15, 2031. Investors will have the option to convert the notes into Bitfarms common stock at a price of $6.86 per share, representing a 30 percent premium over the October 16 Nasdaq closing price of $5.28.

• Initial purchasers also received a 13-day option to buy an additional $88 million in notes.
• The offering is expected to close around October 21, 2025, pending Toronto Stock Exchange approval.
• Interest payments begin July 15, 2026, and are payable semi-annually.

To manage shareholder dilution, Bitfarms executed capped call transactions with financial institutions. These allow the company to offset the dilutive impact of note conversion by capping the share price at $11.88, which is 125 percent above the stock’s current price.

The offering is targeted only to qualified institutional buyers and is not registered under the U.S. Securities Act. Bitfarms says the proceeds will be used for general corporate purposes.

Investor Reaction and Market Context

Despite its explosive performance earlier this year with the stock rising over 530 percent in six months, the sudden move to issue convertible debt shook investor confidence.

• Shares fell sharply following the announcement, undoing recent gains.
• Technical indicators had already signaled overbought conditions, increasing vulnerability to a pullback.

The company’s current ratio of 3.11 points to healthy short-term liquidity, but investor concerns appear centered on potential dilution and timing of the offering.

Strategic Growth and Financial Strength

Bitfarms continues to evolve from a traditional Bitcoin miner into a broader digital infrastructure player. It operates vertically integrated data centers and a 1.3 gigawatt energy pipeline, with more than 80 percent based in the U.S.

Other key points about its growth strategy include:

• 42 percent revenue growth over the last twelve months.
• Analyst expectations that Bitfarms may achieve profitability this year.
• A recently secured $300 million project-specific financing facility with Macquarie Group for its data center campus in Panther Creek, Pennsylvania.

These developments suggest the company is positioning itself to benefit from rising demand in high-performance computing and AI-focused infrastructure, even as market sentiment reacts cautiously to new financing moves.

CoinLaw’s Takeaway

I get why this news rattled investors. Anytime a company that just posted monster gains suddenly says it needs to raise a massive chunk of money, it makes people nervous. But from where I sit, Bitfarms is playing a long game. They are using this moment of strength to secure capital, hedge dilution with capped calls, and scale into AI and high-performance computing infrastructure. In my experience, this kind of forward-looking capital strategy can pay off big if the company delivers. The market might be overreacting now, but I’d keep a close eye on how they deploy this cash.

The post Bitfarms Stock Dives After $500 Million Convertible Notes Announcement appeared first on CoinLaw.

Editor’s Choice

• In 2025, the global quantum computing market is valued at $1.67 billion, with the finance sector holding about 20% of total applications.
• Goldman Sachs utilized quantum algorithms in 2025 to boost risk analysis, achieving processing speeds up to 25x faster than classical models.
• Major banks such as JPMorgan Chase adopted quantum cryptography in 2025, securing trillions of dollars in annual transaction volume.
• Deloitte’s Quantum Lab recorded a 50% reduction in computation time for portfolio optimization using advanced quantum hardware.
• Quantum investments in finance surged by 50% in 2025, reaching approximately $2.25 billion, led by North America and Asia.
• HSBC used quantum simulations in 2025 to enhance derivatives pricing, cutting pricing errors by around 22%.
• Quantum computing is projected to save global banks $15 billion annually in fraud detection costs by the end of 2025.

Global Quantum Computing Market Growth

• The global quantum computing market is valued at $1.44 billion in 2025, marking the early phase of commercial adoption.
• Market size is projected to reach $3.22 billion by 2028, reflecting expanding enterprise use in finance, healthcare, and logistics.
• By 2030, the industry is expected to surpass $5.53 billion, driven by hybrid quantum-classical integration.
• The market could grow to $9.47 billion by 2032, showing rising investment from major tech firms and government programs.
• By 2034, the total market size may hit $16.22 billion, representing an overall CAGR of roughly 28% from 2025 to 2034.
• This ten-year surge underscores the transition from research-driven prototypes to scalable, revenue-generating quantum applications across industries.

Understanding Quantum Computing

• Traditional computers process tasks sequentially, while quantum computers in 2025 can evaluate many possibilities simultaneously, accelerating financial modeling by up to 10×.
• Grover’s Algorithm enables quantum systems in 2025 to speed up database searches by ~√N, potentially cutting fraud detection search times by 50-70%.
• Through Shor’s Algorithm, quantum systems in 2025 threaten classical encryption within hours, driving the adoption of quantum-resistant security standards and post-quantum encryption.
• Quantum simulation in 2025 has achieved ~30% higher predictive accuracy in modeling market dynamics, allowing firms to respond to volatility more swiftly.
• Banks such as Barclays in 2025 piloted quantum credit risk models yielding ~25% better accuracy compared to classical analytics.
• The capacity to model molecular-scale processes in 2025 supports quantum financial frameworks that handle nonlinear volatility, improving predictive error margins by ~15%.
• China in 2025 has led with over 40% share of global quantum patent filings, surpassing 3,000 filings, reinforcing its dominance in finance-focused quantum innovation.

Quantum Readiness in Finance

• 80% of financial institutions globally had quantum pilots by 2025.
• The U.S. allocated $350 million by 2025 for quantum workforce development.
• 70% of banks now plan to adopt quantum risk modeling tools by 2027.
• The EU Quantum Flagship in 2025 has committed €120 million toward quantum trade and finance.
• By 2025, 75% of hedge funds are expected to use quantum algorithms for real-time decision making.
• Demand for quantum professionals in finance rose 65% year-over-year, with average salaries of $160,000.
• In a 2025 survey, 55% of CFOs said quantum technologies are critical for long-term financial strategy.

Value of Quantum Computing in the Financial Sector

• The total value of quantum computing applications in finance is estimated at $622 million in 2025.
• Corporate banking leads the adoption, capturing 31% of the total market.
• Risk and cybersecurity follow with 26%, highlighting strong demand for quantum-safe encryption and fraud prevention.
• Retail banking represents 14%, reflecting the use of quantum tools for customer analytics and credit scoring.
• Both payments and asset and wealth management account for 13% each, signaling growing interest in real-time transaction optimization and portfolio modeling.
• Investment banking holds a modest 3%, as complex deal simulations and quantum trading remain early-stage.

Powerful Quantum Use Cases

• Portfolio Optimization QAOA in 2025 delivers ~40% better returns on diversification compared to classical methods.
• Fraud Detection with quantum-enhanced machine learning in 2025 cut false alerts by ~65%.
• Risk Assessment via quantum simulations in 2025 allowed firms to process millions of scenarios in seconds and reduce decision time by ~80%.
• High-Frequency Trading strategies in 2025 now predict price movements with ~92% accuracy, impacting markets worth $7.2 trillion daily.
• Credit Scoring in 2025 improved default prediction precision by ~35%, lowering credit risk substantially.
• Blockchain Security in 2025 uses quantum-safe encryption to protect billions in DeFi from quantum decryption threats.
• Mortgage Underwriting analytics in 2025 shaved evaluation time by ~55%, enabling faster service for customers.

Investment Share Worldwide for Quantum Computing Growth

• In 2025, global quantum computing investment climbed to $16 billion, a 100% increase from 2023.
• In 2025, the U.S. led with $7 billion, followed by China with $6 billion in quantum funding.
• Venture capital funding for quantum startups in 2025 hit $4 billion, with ~45% going to finance-oriented technologies.
• European financial services in 2025 allocated €1 billion to quantum research across banking and trading.
• Singapore and South Korea in 2025, dedicated 20% of their national quantum budgets to financial applications.
• Major banks, such as Deutsche Bank 2025 invested $400 million into quantum risk analysis tools.
• The Quantum Financial Taskforce under the G20 committed $2 billion by 2025 to bolster global financial systems’ quantum resilience.

Quantum Security Worldwide Revenue

• Asia-Pacific led quantum security revenue in 2025 with $650 million, followed by North America at $580 million.
• The European Central Bank launched a €300 million program in 2025 to deploy quantum-safe defenses across EU finance systems.

• The quantum security market reached $1.7 billion in 2025, growing at a 49% CAGR.
• Financial institutions made up ~42% of global quantum security spending in 2025, securing high-value transactions.
• Post-quantum cryptography implementations rose by ~70% in 2025, driven by rising quantum threats.
• A 2025 survey found ~70% of global banks were transitioning to quantum-proof encryption strategies.
• Cybersecurity firms reported a 350% surge in demand for post-quantum digital certificates in 2025.

Funding for Quantum Computing Technologies

• Global R&D spending on quantum technologies in 2025 is estimated at $6.3 billion, with ~38% going to financial applications.
• The U.S. Quantum Innovation Fund in 2025 allocated $1.5 billion for startups focused on finance and cybersecurity.
• Google’s Quantum AI division in 2025 invested $250 million to build scalable quantum systems for high-speed trading.
• Barclays in 2025 pledged $150 million toward quantum algorithms for risk assessment.
• China’s Quantum Development Program in 2025 directed $3.2 billion to advance encryption and financial data security.
• Financial firms in India in 2025 contributed ₹900 crore to pilot quantum applications with tech startups.
• Amazon Web Services in 2025 invested $450 million in quantum-as-a-service platforms for banking and finance.

Technological Developments and Innovations

• IBM in 2025 unveiled its Kookaburra processor with 1,386 qubits and modular interconnectivity to scale toward 4,158-qubit systems.
• IBM also deployed the 156-qubit Heron processor in 2025 with a two-qubit error rate of ~3×10⁻³, improving error characteristics 10× over prior generation.
• Rigetti’s hybrid quantum-classical systems in 2025 can integrate ~10⁵ classical variables with quantum subroutines to optimize investment portfolios up to 30% more efficiently.
• Canadian quantum startups in 2025 built real-time arbitrage engines that improved trading accuracy by ~28% in volatile markets.
• Quantum annealing platforms in 2025 accelerated solutions for complex asset allocation, reducing compute times by ~65%.
• Honeywell’s quantum group (as of 2025) demonstrated compact quantum units for credit risk that trimmed evaluation latencies by ~45%.
• Innovations in quantum network infrastructure in 2025 enabled secure, instantaneous fund transfers across borders, slashing inter-bank settlement delays by ~70%.

Challenges and Ethical Considerations

• 65% of financial executives in 2025 cite a shortage of skilled quantum professionals as a key barrier to adoption.
• Quantum systems continue to carry high costs, averaging $20 million per installation in 2025, restricting uptake in smaller firms.
• Risks from quantum hacking in 2025 pose threats to existing cryptographic systems and could expose sensitive financial data.
• Ethical concerns in 2025 are mounting over the misuse of quantum simulations for market manipulation by powerful firms.
• The energy demand of quantum processors in 2025 remains high, with certain systems requiring ~25 kilowatts per hour.
• In 2025, approximately 70% of consumers report unease about the influence of AI and quantum computing in personal finance decisions.
• Cross-border regulation of quantum security in 2025 remains fragmented, raising risks for global financial networks.

Recent Developments

• JPMorgan Chase in 2025 integrated quantum algorithms into pricing mortgage-backed securities, boosting accuracy by ~28%.
• Google AI in 2025 formed partnerships with major banks to build quantum machine learning fraud models that reduced breach rates by ~32%.
• The European Union 2025 approved a €650 million quantum finance initiative to speed regional adoption.
• Quantum-powered hedge funds in 2025 outperformed traditional funds by ~25% using advanced predictive models.
• Singapore launched a national quantum finance hub in 2025, backed by $300 million in funding.
• HSBC adopted quantum compliance tools in 2025, cutting audit errors by ~45%.
• Startups like Zapata Computing in 2025 won contracts with Fortune 500 banks to deploy scalable quantum solutions worth $120 million.

Frequently Asked Questions (FAQs)

Conclusion

Quantum computing is no longer a futuristic concept; it is actively reshaping finance today. Financial institutions worldwide are embracing this transformative technology to optimize operations, bolster security, and achieve unparalleled computational power. However, navigating the associated challenges, from skill shortages to ethical dilemmas, remains vital. With continued innovation and investment, quantum computing is set to become the backbone of modern finance, propelling the industry into an era of unprecedented possibilities.

The post Quantum Computing in Finance Statistics 2025: Key Milestones and Innovation appeared first on CoinLaw.

Key Takeaways

• Top-tier hedge funds command 35%–50% performance fees, often alongside 2–5% management charges.
• Minimum investments frequently start at $10 million–$50 million, with long lock-ups and strict redemption gates.
• Renaissance Technologies’ Medallion Fund remains the costliest hedge fund ever created, though it is closed to outside investors.
• Despite high costs, funds like Citadel, Millennium, and D. E. Shaw attract billions due to consistent, data-driven alpha.

What Makes a Hedge Fund Truly Expensive

Being “expensive” in hedge fund terms goes beyond just high fees; it’s about exclusivity, restrictions, and cost layers that compound investor friction:

• Above-market management fees often exceed 2–3% annually.
• Performance fees are soaring beyond the traditional 20%, reaching 40–50% in rare cases.
• Lock-ups and redemption gates that tie capital for years.
• Operational pass-throughs, such as technology, compliance, and data analytics, are charged directly to investors.
• Limited access, many elite funds are closed, private, or invite-only.

Together, these mechanics make total investor costs dramatically higher than standard benchmarks.

Top 10 Most Expensive Hedge Funds

These hedge funds don’t just charge premium fees; they represent the pinnacle of exclusivity, scale, and strategy in the investment world. From quant giants to macro titans, each commands billions while setting the bar for what ultra-high-net-worth investors will pay for access.

1. Ray Dalio (Bridgewater Associates)

A pioneer of macro investing, Dalio’s philosophies about risk parity and economic cycles have influenced generations of fund managers. His Pure Alpha strategy seeks positive returns across market conditions by balancing exposures globally.

• Fund Name: Pure Alpha II
• AUM: $89.6 billion
• Fee Structure (Est.): 2% management + 20% performance
• Why It’s Expensive: It commands premium pricing for its macro insights, extensive research infrastructure, and brand prestige as a foundational macro house

2. Israel Englander (Millennium Management)

Englander steered Millennium into becoming one of the most prolific multi‑strategy funds, employing hundreds of “pods” that each manage distinct bets under central risk oversight. Its adaptability allows rapid reallocation to trending strategies.

• Fund Name: Millennium International
• AUM: $79 billion
• Fee Structure (Est.): 2.5% management + 25% performance
• Why It’s Expensive: The pod structure demands tight oversight, robust infrastructure, and substantial capital for risk controls

3. David E. Shaw (D. E. Shaw Group)

Shaw’s firm is one of the most secretive quant shops, blending finance, mathematics, and computing in proprietary models that few outsiders fully understand. It maintains a highly technical edge across multiple asset classes.

• Fund Name: Composite Fund
• AUM: $65 billion
• Fee Structure (Est.): 3% management + 30% performance
• Why It’s Expensive: The cost reflects deep investment in research, technology, and the rare talent needed to sustain a quant advantage

4. Ken Griffin (Citadel)

Griffin built Citadel into a powerhouse through aggressive execution and capital deployment across credit, equities, and systematic strategies. His firm is known for punishing execution standards and rapid adaptation to market shifts.

• Fund Name: Wellington Fund
• AUM: $60 billion
• Fee Structure (Est.): 3% management + 30% performance
• Why It’s Expensive: The fund underwrites top-tier infrastructure, fast trading systems, and elite talent, all built for scale

5. John Overdeck & David Siegel (Two Sigma)

Overdeck and Siegel’s Two Sigma is a trailblazer in algorithmic and machine‑learning investing, continuously incorporating new data sources and AI techniques into trading models. They emphasize scalability and probabilistic forecasting.

• Fund Name: Compass Fund
• AUM: $44 billion
• Fee Structure (Est.): 2.75% management + 28% performance
• Why It’s Expensive: High fees support cutting-edge AI/ML development, data acquisition, and model upkeep

6. Steve Cohen (Point72 / formerly SAC)

Cohen’s legacy as a stock-picking legend carries weight in his new vehicle, where concentrated equity bets combine with discretionary macro and private deals. His teams pursue high-conviction ideas, often with deep fundamental research.

• Fund Name: Point72 Capital
• AUM: $32 billion
• Fee Structure (Est.): 2% management + 30% performance
• Why It’s Expensive: It demands high-quality research, deal sourcing, and operational flexibility to support concentrated bets

7. Seth Klarman (Baupost‑style / value investing)

Klarman is a value investor’s investor, focusing on distressed opportunities, deep-value securities, and asymmetric risk-reward plays. His approach is patient, defensive, and deeply analytical.

• Fund Name: Baupost Group Fund
• AUM: $30 billion
• Fee Structure (Est.): 2% management + 20% performance
• Why It’s Expensive: The premium supports thorough due diligence, legal structuring, and active credit / distressed strategy deployment

8. Dan Loeb (Third Point)

Loeb is best known as an activist investor,  taking concentrated stakes and pushing for corporate change. His funds often combine event-driven, merger arbitrage, and tactical equity strategies.

• Fund Name: Third Point Ultra
• AUM: $18 billion
• Fee Structure (Est.): 2.25% management + 25% performance
• Why It’s Expensive: The cost covers intensive research, proxy battles, and activist campaign execution

9. Medallion (Renaissance Technologies)

Though closed to most external investors, Medallion remains legendary in quant circles, known for relentless iteration, ultra-short timescales, and secrecy. Its returns are among the few that regularly beat its high fees.

• Fund Name: Medallion Fund
• AUM: $15 billion
• Fee Structure (Est.): 5% management + 44% performance
• Why It’s Expensive: It demands the highest continued investment in data, signals, infrastructure, and rare quant talent

10. Bill Ackman (Pershing Square Holdings)

Ackman’s fund is structured as a public vehicle, but operates with activist conviction in concentrated equity positions. He emphasizes transparency and accountability, even in a high-fee context.

• Fund Name: Pershing Square Holdings
• AUM: $13.8 billion
• Fee Structure (Est.): 1.5% management + 16% performance
• Why It’s Expensive: The premium reflects activist campaign costs, deep research, and public‑vehicle infrastructure

What’s Next? (The High‑Fee Hedge Fund Landscape)

The hedge fund fee model is evolving as investors push for transparency and value, while firms defend high pricing through innovation and specialization. In this shifting landscape, only the most adaptable and high-performing managers will justify their premium price tags.

• Fee compression intensifies & structural pressure grows: Many firms are already experimenting with fee concessions, such as implementing “cash hurdle” models (where performance fees apply only above a risk-free benchmark) or introducing new share classes with lower fees.
• Pass‑through cost models become more common: Over 80 percent of multi‑manager hedge funds now embed pass-through expense models, meaning investors bear direct infrastructure, data, and personnel costs, making true cost transparency a must.
• Regulation, scrutiny, and the family office shift: Some hedge fund principals are converting to family offices to escape external pressure, reporting mandates, and investor expectations.
• Alpha gets harder; replication and alternatives advance: As quant and systematic strategies saturate, more investors will lean on hedge fund replication, liquid alternatives, or hybrid models that deliver parts of the return profile at lower cost.
• Technology & AI will alter cost dynamics: Funds that can automate operations, risk, data pipelines, and strategy testing via AI will have a competitive edge. The ability to scale innovation may help justify premium pricing only if performance sustains.

How Investors Should Navigate the High‑Fee Landscape

Allocating to expensive hedge funds requires more than capital; it demands selectivity, risk awareness, and sharp cost-benefit analysis. With alternatives expanding and fee structures shifting, strategic due diligence is essential to avoid overpaying for underperformance.

• Demand full transparency: Insist on line-by-line expense reporting (tech, data, personnel) beyond headline fees.
• Stress-test net returns: Model downside and volatility scenarios, not just average returns.
• Prefer performance‑based structures with hurdles: These help ensure the manager only earns when value exceeds risk premiums.
• Diversify fee tiers: Mix premium, mid-tier, and “cheap beta + smart beta” exposures to balance cost vs upside.
• Don’t chase names blindly: Even among elite funds, access might be closed, and past performance is no guarantee.
• Watch for secular shifts: Be ready to tilt allocations if more funds move to family office status, lower fees, or new vehicles.

Frequently Asked Questions (FAQs)

Conclusion

In the rarefied world of ultra-premium hedge funds, high fees are not a bug; they’re a feature. These funds promise alpha, exclusivity, and elite infrastructure, but the price of entry is steep and often opaque. For some investors, especially institutions and family offices, the prestige and potential outperformance justify the cost. For others, the fee drag may erode long-term value, especially in an era where low-cost alternatives are gaining traction.

Ultimately, navigating this space requires more than capital; it demands clarity, discipline, and a deep understanding of what you’re really paying for.

The post Most Expensive Hedge Fund Managers: Inside the Billions appeared first on CoinLaw.

Key Takeaways

• Prestige Wealth rebrands to Aurelion after raising $150 million to focus exclusively on Tether Gold (XAUT) reserves.
• Antalpha leads the $100 million private placement, gaining majority voting rights and two board seats.
• Aurelion will hold tokenized gold in a blockchain-native, transparent, auditable structure.
• The move follows a broader shift toward real-world asset backing and gold’s strong 2025 rally.

What Happened?

Prestige Wealth Inc. has officially rebranded as Aurelion Inc. and began trading on the Nasdaq under the ticker AURE on October 13, 2025. This follows a $150 million funding round designed to transform the company into a blockchain-native treasury vehicle fully backed by Tether Gold (XAUT).

Antalpha, a digital asset finance firm, led the $100 million private placement and now holds 32.4 percent equity and 73.1 percent voting rights. Tether and Kiara Capital also joined the round, contributing $15 million and $6 million respectively.

NEW: $XAUt | Prestige Wealth (Nasdaq: $PRW) raises $150 million to become treasury company primarily focused on Tether Gold reserves. pic.twitter.com/zLCdXoCczy

— crypto.news (@cryptodotnews) October 10, 2025

The Rise of Aurelion and Tokenized Gold

The deal establishes Aurelion as the first public company to hold its treasury entirely in tokenized gold, representing a significant shift in how corporate treasuries might be managed in the digital era.

• $150 million total financing includes $100 million in equity and $50 million in senior debt.
• Most of the funds will go toward purchasing Tether Gold reserves.
• Tether Gold (XAUT) is backed 1:1 by LBMA-standard physical gold stored in Swiss vaults.
• Tokens are redeemable, traceable on-chain, and can be traded 24/7.

This blockchain-based treasury structure offers institutional-grade transparency and aims to address issues like fiat currency devaluation, inflation, and the operational inefficiencies of traditional gold markets.

Antalpha’s Vision: Reserve 2.0

Aurelion’s launch is part of Antalpha’s broader “Reserve 2.0” strategy, which started earlier this year with a $20 million pilot purchase of Tether Gold. The company followed that with the creation of a dedicated real-world asset (RWA) hub, signaling a long-term commitment to asset-backed tokenization.

Antalpha CFO Paul Liang explained the rationale:

This latest move also coincides with a major rally in gold, which has climbed over 50 percent year-to-date, surpassing $4,000 per ounce. Analysts point to growing concerns over U.S. fiscal policy and weakening fiat trust as key drivers.

Aurelion’s Structure and Goals

Aurelion plans to maintain a dual reserve strategy, keeping part of its Tether Gold locked as collateral and lending the rest via Antalpha to generate modest yield. The treasury will be auditable and transparent, aligning with public market governance expectations.

Key leadership changes include:

• Appointment of Björn Schmidtke as CEO, previously co-founder of Penguin Group.
• Two board seats awarded to Antalpha.
• Formation of a strategic advisory committee featuring Gemini’s Rohan Chauhan.

In Schmidtke’s words, “Some people describe BTC as digital gold. I see Tether Gold, a redeemable stablecoin backed by gold, as the real digital gold.”

CoinLaw’s Takeaway

In my experience watching the evolution of digital assets, this is a major milestone. What Aurelion is doing is not just about listing a company on Nasdaq. It’s about proving that tokenized real-world assets like gold can serve as the foundation of transparent, verifiable treasuries. I found their timing brilliant too. Launching while gold is rallying and fiat confidence is shaking makes this a power move. If successful, Aurelion could lead a wave of similar asset-backed financial products going public.

The post Aurelion Goes Public to Build Tokenized Gold Treasury Backed by Tether Gold appeared first on CoinLaw.

Key Takeaways

• Kalshi raised $300 million in a Series D round, bringing its valuation to $5 billion and expanding access to 140 countries.
• The funding round was led by Sequoia Capital and Andreessen Horowitz, with participation from Coinbase Ventures, CapitalG, and others.
• Kalshi now dominates the prediction market space, with over 60% market share and projected $50 billion annualized trading volume.
• Despite CFTC regulation, Kalshi faces legal challenges from several U.S. states amid growing scrutiny over prediction markets.

What Happened?

Kalshi, a U.S.-regulated prediction market platform, closed a $300 million Series D funding round led by top-tier venture firms including Sequoia Capital, Andreessen Horowitz, Coinbase Ventures, CapitalG, General Catalyst, and Spark Capital. The investment values Kalshi at $5 billion, marking a significant milestone in the platform’s journey from a niche market player to a global force in financial prediction markets.

Kalshi recently raised $300M+ at $5B from Sequoia, a16z, Paradigm and others.

Since then, we’ve grown over 3x, hit $50B of annualized volume, and became the largest prediction market in the world.

And today…Kalshi goes global.

140+ countries. 1 liquidity pool. pic.twitter.com/Z2myzRw9bA

— Tarek Mansour (@mansourtarek_) October 10, 2025

Kalshi’s Global Rise and Market Dominance

Kalshi allows users to trade on real-world event outcomes ranging from elections to inflation reports. It recently announced that it is expanding access to its platform in over 140 countries. This international push is supported by the platform’s skyrocketing trading volumes, expected to reach $50 billion in annualized volume this year, a steep rise from $300 million last year.

• Kalshi now holds over 60% of the global prediction market share, overtaking rival Polymarket.
• In the last week of September alone, it recorded $956 million in trading volume, nearly double that of Polymarket, according to Dune data.

Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi operates under the regulatory oversight of the U.S. Commodity Futures Trading Commission (CFTC), a major differentiator from its decentralized and unregulated counterparts. This legal status has helped attract both institutional traders and crypto-native investors, who are increasingly seeking regulated ways to participate in event-based financial products.

Backing From Wall Street and Web3

Kalshi’s latest funding reflects growing investor interest in crypto-aligned fintech ventures. According to reports, venture capital investments in crypto-linked projects have already reached $17 billion in 2025, outpacing last year by over $7 billion.

Alex Immerman from Andreessen Horowitz praised Kalshi’s compliance-first approach, stating the founders took “the difficult but more responsible route” in seeking regulation under the CFTC. This move is seen as essential in bridging the gap between traditional finance and blockchain-powered innovation.

Sports Betting Boom and Platform Integrations

A major driver behind Kalshi’s surge is the explosive growth of the sports betting industry in the United States. Since the Supreme Court overturned a federal ban in 2018, sports betting has become a $13.7 billion market. Prediction platforms like Kalshi are capitalizing on this momentum by offering contracts on game outcomes, often in the form of parlays.

• Kalshi has partnered with Robinhood and Webull, allowing users to access prediction markets directly through their trading apps.
• According to analysts, Robinhood users now account for a large share of Kalshi’s total trading volume.

Regulatory Hurdles and Competitive Pressure

Despite its regulatory status, Kalshi is not without challenges. It is currently facing lawsuits in several U.S. states alleging violations of local sports betting laws. While it cleared a key regulatory milestone with the CFTC earlier this year, state-level scrutiny threatens to complicate its path forward.

Meanwhile, competitor Polymarket is also catching up. In July, Polymarket acquired QCX, a CFTC-licensed derivatives exchange, and recently received a no-action letter from the regulator, potentially allowing it to operate legally in the U.S. This move could narrow Kalshi’s current regulatory edge.

Crypto Innovation and Future Plans

Kalshi is also pushing deeper into the crypto space. Through a partnership with ZeroHash, the platform already accepts crypto deposits. Its new crypto lead, John Wang, revealed plans to build new financial primitives and bring prediction markets further onchain.

At the Solana APEX conference, Wang called crypto “essential to fulfilling that vision,” encouraging developers to pitch ideas for tokenizing Kalshi positions and pushing market data onchain.

CoinLaw’s Takeaway

I’ve been watching the prediction market space for years, and Kalshi’s rise is unlike anything I’ve seen. What makes this moment big isn’t just the dollar signs or flashy backers. It’s how Kalshi is blending real financial regulation with Web3-style innovation. In my experience, most startups pick one side or the other. Kalshi is doing both, and doing it fast. The global expansion, the Robinhood integration, and their full-on embrace of crypto are game-changers. But the real test? Whether they can navigate the tricky legal waters ahead. If they do, Kalshi might just define the future of betting on real-world events.

The post Kalshi Raises $300M at $5B Valuation as It Expands Globally appeared first on CoinLaw.

Key Takeaways

• Two Prime Lending issued a record $827 million in BTC-backed loans in Q3 2025, the highest quarterly volume since launching in March 2024.
• Total committed loans now exceed $2.55 billion, reflecting rapid growth in institutional crypto lending.
• Clients include major firms like CleanSpark, Hut 8, Kindly MD (Nakamoto), and Fold, with backing earlier this year from MARA Holdings.
• The company credits its competitive rates and tailored derivatives strategies for meeting growing demand among bitcoin-holding institutions.

What Happened?

Two Prime Lending, the secured lending arm of Two Prime Inc., reported a record-breaking quarter in Q3 2025, closing $827 million in bitcoin-collateralized loans and credit facilities. Since launching its lending service in March 2024, the company has committed over $2.55 billion in total loan volume to institutional clients globally.

Two Prime Announces Q3 2025 as Record Quarter for Total Committed Loan Volume at $827 Million; $2.55 Billion in Total Loans Since March 2024

CC @TwoPrimeLending

Read more here 👇https://t.co/f7aCJUze0R

— Two Prime (@Two_Prime) October 9, 2025

Rapid Growth Driven by Institutional Adoption

As bitcoin continues to gain traction among institutional investors, Two Prime Lending has emerged as a major player in the crypto lending market. The firm’s lending services cater to a wide range of institutional clients, including:

• Bitcoin miners
• Hedge funds
• Trading firms
• Digital asset treasuries
• Family offices and asset managers

Two Prime’s CEO and co-founder Alexander S. Blume said the company’s success is closely tied to the accelerating institutional embrace of bitcoin and the need for more sophisticated lending strategies. In his words:

In Q3 alone, Two Prime issued loans to several high-profile clients such as CleanSpark (NASDAQ: CLSK), Hut 8 (NASDAQ, TSX: HUT), Kindly MD, Inc. (NASDAQ: NAKA), Fold (NASDAQ CM: FLD), and Flowdesk. These deals have helped solidify its status as one of the largest bitcoin-backed lenders in the world.

Strategic Positioning and Innovative Offerings

Two Prime’s approach emphasizes white-glove service, tailored lending products, and risk-adjusted yield strategies. Their offerings include:

• Tri-party custody solutions involving multiple qualified custodians
• Structured lending products
• Custom derivatives strategies
• Alternative financing structures, such as original issue discounts

This flexibility has proven attractive to institutions looking for yield-generation opportunities while managing the risks associated with holding large volumes of bitcoin.

Earlier this year, Two Prime also received $20 million in backing led by bitcoin miner MARA Holdings, further strengthening its ability to support institutional clients with capital-intensive needs.

CoinLaw’s Takeaway

I find this milestone incredibly significant. In my experience, when institutional money starts flowing into crypto infrastructure providers like lenders, it signals more than just growth. It shows maturity. Two Prime isn’t just riding the wave of bitcoin’s popularity, they’re building the rails institutions need to operate in this space confidently. The fact they’ve passed $2.5 billion in committed loans in just over a year tells me they’re solving real problems with smart, risk-aware strategies. I’d keep an eye on them as a barometer for how deep institutional adoption of bitcoin is getting.

The post Two Prime Breaks Record with $827M in Q3 Bitcoin Loans appeared first on CoinLaw.