Research Summary

The report covers a range of topics including Circle’s potential IPO, the listing of Illuvium on the Epic Games Store, the SEC’s potential approval of spot BTC ETFs, and OpenSea’s valuation reduction. It also discusses HSBC’s partnership with Ripple-owned Metaco, Robinhood’s expansion into the EU, and the Near Foundation’s partnership with Polygon Labs. Other topics include Grayscale’s Chainlink Trust, the performance of various tokens, and the growth of TVL in certain DEXs.

Key Takeaways

Circle’s Potential IPO

  • Circle’s IPO Consideration: Circle, the company behind USDC, is reportedly considering going public via an IPO in 2024. This follows a failed attempt to go public via a blank check merger deal with Concord Acquisition Corp in 2021.

Illuvium’s Listing and Game Details

  • Illuvium’s Listing and Surge: Illuvium, a game built on Immutable X, was listed on the Epic Games Store, leading to a 22% surge in the project’s token, ILV. The game, set to be available for public download on November 28th, will initially contain three different games.

OpenSea’s Valuation Reduction

  • OpenSea’s Marked Down Valuation: OpenSea’s valuation has been reduced by 90% from $13.3 billion to $1.4 billion or less by Coatue, an asset management company that co-led a $300 million round for OpenSea in 2022.

HSBC’s Partnership with Ripple-Owned Metaco

  • HSBC’s New Partnership: HSBC has partnered with Metaco, a Ripple-owned company that provides infrastructure for financial and non-financial institutions to securely build their digital asset operations. The service aims to go live in 2024.

Robinhood’s Expansion into the EU

  • Robinhood’s EU Expansion: Robinhood is set to expand its Crypto services into the EU and will be establishing a UK brokerage in the next few weeks.

Actionable Insights

  • Investigate the Potential of Illuvium: With its recent listing on the Epic Games Store and the surge in its token value, Illuvium presents an interesting case for further investigation. The game’s unique features and its upcoming public download could potentially impact its market performance.
  • Monitor the Impact of OpenSea’s Valuation Reduction: The significant reduction in OpenSea’s valuation could have implications for the broader NFT market. It would be prudent to monitor the situation and assess the potential ripple effects.
  • Consider the Implications of HSBC’s Partnership: HSBC’s partnership with Ripple-owned Metaco could potentially influence the digital asset operations landscape. The partnership’s impact on HSBC’s digital asset strategy and the broader market should be considered.
  • Assess the Impact of Robinhood’s Expansion: Robinhood’s expansion into the EU could potentially influence the crypto market in the region. The impact of this expansion on the company’s performance and the broader crypto market should be assessed.

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