Wintermute Plans ~$1 Billion Investment Over Five Years to Expand AI and High-Frequency Trading, Non-Crypto Revenue to Exceed 50% by 2027
Crypto market maker Wintermute plans to invest approximately $1 billion over the next five years in AI infrastructure and high-frequency trading systems, while expanding into equities, commodities, FX, and prediction markets. The company aims to grow non-crypto revenue to over 50% of total revenue by the end of 2027.
Wintermute founder and CEO Evgeny Gaevoy said the company plans to fund the investment with retained earnings. Wintermute's average daily trading volume this year is around $10 billion, down from approximately $15 billion last year; non-crypto business currently accounts for about 10% of revenue.
Bullish Q2 Adjusted Revenue Up 62% Year-Over-Year, Plans End-to-End Security Tokenization Platform
Digital asset exchange Bullish has released its Q2 2026 financial results. Bullish CEO Tom Farley stated that the global securities market, approaching $300 trillion in scale, is shifting toward public blockchains, and Bullish wants to collaborate with issuers to drive this process. Upon completion of the proposed acquisition of Equiniti, the company will form an integrated platform covering security token issuance, listing, trading, and tracking.
Financial data shows Bullish's Q2 digital asset sales volume was $32.6 billion, down from $58.6 billion in the same period last year; net loss was $280 million, compared to a net profit of $108.3 million in the year-ago period, translating to a diluted loss of $1.78 per share.
Project Updates
Tether Completes Largest Financial Audit in Its History, Reserve Assets Exceed Liabilities by $6.814 Billion
Digital asset company Tether announced the completion of a full independent audit by KPMG U.S. of Tether International, S.A. de C.V.'s financial statements for the period ending December 31, 2025. KPMG U.S. issued an unqualified audit opinion.
The audit covered transactions, systems, ownership records, valuations, counterparties, and financial statement evidence, and reviewed the balance sheet, income statement, statement of changes in equity, and cash flow statement. KPMG U.S. also physically counted and inspected every gold bar held by Tether.
Tether CFO Simon McWilliams stated that the 2025 audited financial statements show reserve assets exceeding liabilities by $6.814 billion.
OpenAI's Annualized Revenue Surpasses $40 Billion, Nearly Doubling in 7 Months
OpenAI's annualized revenue run rate has surpassed $40 billion, nearly doubling from over $20 billion at the end of 2025, with July revenue alone growing more than 20% month-over-month.
Beyond ChatGPT subscriptions, this revenue growth is also driven by increasing contributions from AI coding products like Codex, while its nascent advertising business has started generating revenue. Demand for recently launched agent products such as ChatGPT Work and Codex has also seen significant growth.
For comparison, Anthropic disclosed annualized revenue exceeding $47 billion in May this year, though the two companies' accounting methodologies may differ, making direct comparisons unreliable. Both companies have confidentially filed for IPOs, with Anthropic potentially going public as early as this fall.
Solstice Finance Launches strcUSX on Solana, Splitting STRC Yield and Price Risk, with JR Token Targeting APY Above 20%
Solstice Finance has launched strcUSX on Solana, splitting the dividend income and price risk of STRC, the Series A perpetual preferred stock of Nasdaq-listed Strategy, into senior and junior tokens. STRC has an annual dividend yield of 12%.
The senior tranche, SR-strcUSX, targets an annualized yield of approximately 7%, with priority claims on dividend income and principal repayment. The junior tranche, JR-strcUSX, absorbs the first losses from market value fluctuations and captures residual income after senior payments, targeting an annualized yield exceeding 20%.
Gemini Posts Fourth Consecutive Quarterly Loss of $108 Million, Q2 Revenue Up 37% Year-Over-Year
Gemini Space Station Inc., the digital asset platform led by billionaires Tyler Winklevoss and Cameron Winklevoss, went public last year. The latest financial report shows the company has now posted losses for four consecutive quarters, with a Q2 net loss of $108 million, or $0.89 per diluted share; the year-ago period saw a loss of $133 million. The company's Q2 revenue grew 37% year-over-year to $45.5 million.
Robinhood Chain Approaches $1 Billion TVL, with Uniswap Providing Nearly All Liquidity
Robinhood Chain, the blockchain project under Robinhood, has seen its total value locked (TVL) approach $1 billion. Standard Chartered analyst Geoffrey Kendrick noted that nearly all of its liquidity is provided by Uniswap V2, V3, and V4, making it the fastest-growing blockchain by this metric.
Protocol fees generated on Robinhood Chain via Uniswap have become the largest source of UNI token burns. Since Robinhood-related fee switches were enabled on July 27, UNI's annualized burn rate is approximately $90 million, equivalent to roughly 25 million UNI burned annually at about $3.50 per token, representing slightly over 4% of circulating supply.
Fundraising & Investments
Kalshi Plans to Raise at Least $750 Million at $40 Billion Valuation
Prediction market platform Kalshi is in negotiations for a new funding round, planning to raise at least $750 million at a $40 billion valuation. Sources familiar with the matter say Sequoia and Wellington Management are in talks to serve as co-lead investors, with Wellington Management potentially joining as a new investor.
AMD Plans $5 Billion Bond Offering to Boost AI Infrastructure Investment
Chip giant AMD plans to raise up to $5 billion through a four-part bond offering, which would be one of the largest bond financings in the company's history if completed.
AMD is increasing capital expenditure to meet rapidly growing demand for AI computing. The company has already secured major partnerships with Anthropic and Microsoft (MSFT), committing up to $5 billion in support to Anthropic. Proceeds from this bond offering will be used for general corporate purposes, including potential debt repayment. AMD has approximately $875 million in bonds maturing next month.
Databricks Completes $5 Billion Funding Round Led by Coatue
AI data infrastructure company Databricks announced the completion of a $5 billion strategic funding round, valuing the company at $190 billion post-money. This valuation is higher than the previously disclosed $188 billion proposal, and the funds will be used to advance AI infrastructure, product development, and potential acquisitions.
The round was led by Coatue, with participation from Blackstone, MGX, and T. Rowe Price, and Sixth Street Growth joining as a new investor. Databricks co-founder and CEO Ali Ghodsi said the company's current annualized revenue run rate exceeds $7 billion, growing more than 80% year-over-year.
AI Architecture Company Pathway Raises $30 Million Seed Round with Participation from Id4 Ventures and Others
AI architecture development company Pathway announced the completion of a $30 million seed funding round, with participation from Id4 Ventures, TQ Ventures, Red Bridge Ventures, Kadmos Capital, and WS Investment, the investment arm of Wilson Sonsini. Databricks Chief AI Scientist Jonathan Frankle joined as an angel investor.
AI Security Company Corma Raises $60 Million Seed Round Led by Sequoia Capital
AI security startup Corma announced the completion of a $60 million seed funding round, led by Sequoia Capital, with participation from Khosla Ventures and Coatue.
AI Code Verification Startup Blacksmith Raises $45 Million Series B Led by Peak XV Partners
AI code verification startup Blacksmith announced the completion of a $45 million Series B funding round, led by Peak XV Partners, with participation from GV and Y Combinator, valuing the company at $550 million.
AI Code Review Platform CodeRabbit Raises $143 Million Led by Atomico and Others
NVIDIA-backed AI code review platform CodeRabbit announced the completion of a $143 million funding round at a $1.5 billion valuation. The round was co-led by Atomico and Smash Capital, with participation from BMW i Ventures and Datadog. CodeRabbit's cumulative funding now exceeds $200 million.
AI Investment Platform Thrive Holdings Raises $2 Billion with SoftBank Participation
AI investment platform Thrive Holdings announced the completion of a $2 billion funding round, valuing the company
