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Yahoo
8 minutes ago
- Yahoo
Gemini files IPO bid amid crypto rally while bleeding $282m
US-based Gemini crypto exchange is striking while the iron is hot, filing for an initial public offering in a raging crypto bull market even as it racks up heavy losses. The Winklevoss-led company lost $282 million in the first half of 2025, according to its IPO filing made public Friday. Gemini plans to list on Nasdaq under the ticker GEMI and said it may use the proceeds to repay debt. The firm reported $2.1 billion in liabilities as of June 30, including loans from Galaxy and NYDIG. Despite the mounting losses, Gemini is betting that favourable market conditions and renewed investor interest in crypto stocks will help it land a successful debut. The exchange generated just $68.6 million in revenue in the first six months of 2025, down from $74.3 million during the same period last year, while losses ballooned more than sixfold. One of us Gemini's filing comes on the heels of Bullish's blockbuster IPO, which raised $1.1 billion and saw shares surge 228% on the first day of trading, giving it a $10 billion valuation. The Peter Thiel-backed exchange became the second publicly traded crypto exchange in the US, after Coinbase. Gemini will be the third once it lists. Gemini's filing adds to a wave of digital asset firms tapping public markets as investor appetite in all things crypto rebounds. Stablecoin issuer Circle went public in June and quickly hit a $40 billion market cap, becoming the first publicly traded stablecoin firm in the US. It has since slipped to just over $37 billion. Galaxy Digital, led by Mike Novogratz, also joined the Nasdaq this year to gain deeper access to US capital markets. Galaxy shares dipped in the days following its IPO but have since rebounded, gaining around 12% since then. Crypto market movers Bitcoin has lost 1% in value over the past 24 hours and is trading at $117,710. Ethereum is down 4% in the same period to $4,460. What we're reading New York's top lawyer said Ethereum is a security. A crypto lawyer is coming for her job — DL News Citigroup considers custody and payment services for stablecoins, crypto ETFs — Reuters DeFi Tokens Surge — But These Hidden Gems Could Shine Next — Unchained Why Ethena's USDe got a 1,250% risk weighting in S&P Global's Sky credit rating — DL News Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
I Asked ChatGPT and a Financial Advisor How To Become a Millionaire: Here's How Their Advice Compared
For all of the transformative capabilities of artificial intelligence (AI), AI chatbots are still in their infancy stage. While applications like ChatGPT provide generic information that can be used to jump-start research or clarify terms, trusting it with a serious matter like a person's finances would certainly be foolish. Or would it? To test ChatGPT's accuracy on a unique and universally desired financial end goal for many Americans, GOBankingRates asked it how to become a millionaire and received an answer detailing things like how much you would need to invest and at what return, paths to use (consistent investing, growing a business, building high-income skills), and the importance of living below your means and avoiding wealth killers. Read Next: Find Out: GOBankingRates then sought a professional to speak on the subject, asking veteran wealth advisor Jake Falcon, CRPC, where the application succeeded and where it failed. Here's what the founder and CEO of Falcon Wealth Advisors had to say about ChatGPT's answer on how to become a millionaire. Where ChatGPT Succeeds What Falcon liked about ChatGPT's advice was its emphasis on practicalities. The nuts and bolts of sound planning and wealth building aren't a mystery, but they need to be adhered to if you're going to make any progress toward your financial objective. 'ChatGPT's response to 'How to Become a Millionaire' is surprisingly solid for a general audience — it's structured, motivational, and covers the basics well,' Falcon said. 'That said, there are a few areas where it shines and others where it falls short from my perspective.' Here are three examples where ChatGPT provided solid basic guidance, according to Falcon. Learn More: Emphasizing Consistency and Time 'The breakdown of how monthly investments compound over time is a great way to demystify wealth-building,' Falcon said. 'It reinforces the idea that becoming a millionaire is more about discipline than luck.' Highlighting Multiple Wealth Paths 'ChatGPT does a good job outlining the common routes — investing, entrepreneurship, real estate, and high-income skills,' Falcon explained. 'This gives readers a menu of options to explore based on their strengths.' Promoting Financial Hygiene 'Advice like 'live below your means,' 'avoid lifestyle inflation,' and 'track every dollar' is timeless. These are foundational habits I encourage with many clients,' he said. Where ChatGPT Falls Short Financial advisors know that investing is a highly personal activity, so ChatGPT's 'underplaying of behavioral finance' doesn't sit well with Falcon. 'Becoming a millionaire isn't just about math — it's about mindset. ChatGPT doesn't address emotional biases, fear of loss, or the discipline needed to stay invested during downturns. That's where human advisors add real value,' he said. ChatGPT falters in the details, those which financial advisors give such high priority for their clients. Here are three instances where ChatGPT fell flat for Falcon. Oversimplified Math 'While the investment projections are directionally correct, they lack nuance,' Falcon said. 'For example, assuming a flat 7% return ignores market volatility, inflation, and sequence-of-returns risk. Real-world planning requires stress testing — something ChatGPT can't do reliably.' No Personalization Similar strategies can't be used for every investor. 'The advice is generic,' Falcon stated. 'A 25-year-old software engineer and a 55-year-old teacher need very different strategies. As a wealth advisor, I tailor plans based on income, risk tolerance, tax situation, and life goals.' Missing Tax Strategy and Asset Location 'There's no mention of Roth vs. traditional accounts, capital gains, or tax-efficient withdrawals,' Falcon said. 'These are critical to maximizing wealth and often overlooked in DIY plans.' A Financial Advisor's Take A million dollars doesn't go quite as far as it used to, but hitting that wealth threshold is still the ultimate goal for many Americans. Unless you're a master tactician when it comes to creating comprehensive financial plans that cover the essentials — retirement, insurance, taxes, estate planning and major life transitions — you should see a human advisor before consulting ChatGPT for specific strategies on any important financial matter, including how to become a millionaire. 'ChatGPT is a great starting point for financial literacy. It can help people get motivated and understand the basics,' Falcon admitted. 'But when it comes to execution — especially for high earners or those nearing retirement — there's no substitute for personalized advice. 'You can Google 'How to change your car's oil,' but asking the internet on how to build the car probably isn't going to work. The same applies to wealth-building.' More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money 5 Strategies High-Net-Worth Families Use To Build Generational Wealth 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I Asked ChatGPT and a Financial Advisor How To Become a Millionaire: Here's How Their Advice Compared Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
10 minutes ago
- Business Insider
'Shark Tank' star Kevin O'Leary's next project is movie acting. He says he loves it when 'people say I can't do something.'
Kevin O'Leary plans to keep working until the day he dies — and beyond. "I'm never going to retire," he told Business Insider in a wide-ranging interview. "That's because I'm a vampire," he quipped, playing up his reputation as a cold-blooded capitalist, earned from years as a "Shark Tank" investor. O'Leary is known for cofounding SoftKey in the mid-1980s, building it into The Learning Company, then selling the educational-software business to Mattel for $4.2 billion in 1999. He's also the founder of O'Leary Funds and O'Leary Ventures, and has invested in companies such as Basepaws on "Shark Tank." The 71-year-old said that working, especially past 60, keeps people's minds sharp, and that doing things "outside of your comfort zone" that cause you some "stress" has been key to his staying healthy in body and mind as he's aged. The self-proclaimed "Mr. Wonderful" said he relishes competing and "being in the game." When others predict he'll fail at a challenge, it "just motivates me to go kick ass" in that industry, he said. "I just love it when people say I can't do something," he added. O'Leary's latest adventure isn't investing or starting a company: he has a major role alongside Timothée Chalamet in " Uncut Gems" director Josh Safdie's next movie, "Marty Supreme." The celebrity investor told Business Insider he initially balked at the idea as he had no experience performing from a script. He recalled the producers replying, "We don't care, we're not asking you to act. We're looking for a real asshole, and you're it. We just want that guy that we know from 'Shark Tank.'" O'Leary said he "never looked back" and was soon on set. O'Leary's performance is prominent in the movie's trailer, which gives him fourth billing behind Chalamet, Gwyneth Paltrow, and Odessa A'zion. "I think that helped me in business. I think it helped me be disciplined," O'Leary said of the "remarkable" experience. Wine and worry Asked what keeps him up at night, O'Leary replied that his "one sin" is "drinking wine too close to bedtime." O'Leary said he's " really into longevity" — minding what he eats, not smoking or taking drugs, and trying to exercise daily. But he said he's found "the older I get, the better the wine gets." Sleep is so vital that you "can't let your problems keep you awake, because that's very unhealthy," O'Leary said. O'Leary told Business Insider that there are always good and bad days, describing that as "volatility" in business, relationships, and life. He said he'd recently received a "catastrophic" call from one of the entrepreneurs he had invested in, saying their company was being sued. Twenty minutes later, he learned on another call that one of his team's investments six years ago would be going public, and he stood to make 43 times his money. "So there's utter despair, and a few minutes later, utter euphoria," he said. "Sometimes the poo-poo hits the fan one hour. And then something beautiful happens the next. You've got to roll with it," he added.
