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Circle partners with JPMorgan and Citi for upcoming IPO plans

Circle is set to file for an IPO in late April, partnering with JPMorgan and Citi, aiming for a valuation between $4 billion and $5 billion. This move follows a previous attempt that was abandoned in 2022 due to market conditions and regulatory scrutiny. The anticipated IPO could be the largest in the crypto sector since Coinbase's debut in 2021.

circle internet financial plans ipo with jpmorgan and citi guidance

Circle Internet Financial, creator of the USDC stablecoin, is preparing for an IPO with guidance from JPMorgan and Citi, aiming to file documentation by late April 2025. The company seeks a valuation of $4 billion to $5 billion, a decrease from its previous $9 billion target, as it faces scrutiny over its revenue reliance on USDC reserves. With USDC's market cap surpassing $60 billion, this IPO could be the most significant in the crypto sector since Coinbase's debut in 2021.

circle prepares for traditional ipo amid stablecoin market challenges

Circle is set to publicly file for its long-awaited IPO in late April, marking its second attempt after a failed SPAC merger in 2022. The offering, which could be the largest crypto IPO since Coinbase's direct listing, comes amid a recovering market for public listings and evolving stablecoin legislation in Congress. Circle aims for a valuation between $4 billion and $5 billion, despite facing challenges, including a significant drop in USDC's market cap and reliance on interest income for revenue.

former barclays chief explores sale of fintech firm 10x

Antony Jenkins, the former Barclays chief, is considering selling his fintech company 10X, which he founded in 2016 after leaving Barclays. The firm, focused on banking-as-a-service technology, has attracted significant investment and aims for profitability by year-end, but declining tech valuations may impact its sale price.

jpmorgan and blackrock expand etfs to include private investment strategies

Major banks and fund managers, including JPMorgan Chase and BlackRock, are increasingly offering ETF products that provide access to private investment strategies traditionally reserved for high-net-worth clients. This shift comes as Main Street investors seek ways to protect and grow their assets amid market volatility, leading to a rise in demand for premium income and buffered equity strategies. With innovations in the ETF space, such as private credit ETFs and active strategies designed for downside protection, these financial products are becoming more accessible and appealing to a broader range of investors.

glass lewis criticizes goldman sachs executive bonuses as excessive and unjustified

Glass Lewis has criticized Goldman Sachs for awarding $80 million bonuses to CEO David Solomon and President John Waldron, urging shareholders to reject the proposal due to concerns over the lack of performance conditions and transparency. The advisory firm highlighted that the bonuses, which are entirely stock-based, deviate from the bank's historical practices and could lead to a public rebuke if shareholders vote against them at the upcoming annual meeting. Additionally, shareholder support for executive pay at Goldman has declined, raising further concerns about investor sentiment.

banks embrace open source to drive innovation and collaboration in finance

Open source is transforming the banking industry, with major institutions like Citi, JPMorgan Chase, and Morgan Stanley embracing code-sharing to modernize IT and enhance collaboration. The FINOS coalition, which surpassed 100 members, is leading this shift, promoting shared solutions and compliance frameworks, while banks aim to reduce technical debt and streamline operations through open-source technologies. As the industry moves away from legacy systems, the adoption of platforms like Linux is expected to rise significantly by 2028.

ubs races to catch up in bitcoin investment after blackrock launch

BlackRock has launched the iShare Bitcoin ETP for European investors, allowing access to Bitcoin without direct trading, backed by Coinbase custody. This rapid development has prompted UBS, previously skeptical of cryptocurrencies, to quickly adapt and enter the market, driven by competitive pressures and missed opportunities in the crypto boom. Chief Investment Officer Mark Haefele's past forecasts have often been inaccurate, raising questions about UBS's strategy moving forward.

asset managers urged to support climate initiatives for net zero goals

David Crawford of Nordea Asset Management emphasizes the need for asset managers to engage in climate initiatives to achieve Net Zero targets, expressing disappointment over firms withdrawing from Climate Action 100+ and the Net Zero Asset Managers initiative. Despite challenges, including a lack of support from the US government, there are significant investment opportunities in companies transitioning to sustainable practices. Recent research indicates a growing commitment among UK pension schemes to adopt net zero targets and adjust asset allocations to address climate risks.

warren buffett's cash strategy signals caution for wall street investors

Major money managers predict the US stock market will yield around 4% annually over the next decade, significantly below the historical average of 9%. Warren Buffett's $325 billion cash reserve reflects a cautious approach amid high valuations, suggesting he anticipates lower future returns. This strategy aligns with his principle that high asset prices correlate with diminished future gains, a sentiment echoed by many investors today.
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