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CNA
an hour ago
- CNA
BitGo joins crypto IPO rush as sector hits $4 trillion in market value
Crypto custody startup BitGo said on Monday it has confidentially filed for a U.S. listing, joining a wave of companies looking to capitalize on strong market momentum. The crypto sector's climb to a $4-trillion market value has reignited interest for initial public offerings, with clearer regulation, corporate treasury adoption, and institutional inflows fueling a new wave of new listings. Bitcoin, the world's largest and best-known cryptocurrency, recently hit an all-time high and breached the $120,000 mark. "These are the best market conditions the crypto space has seen in years, and companies want to take advantage of that," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "These startups know that the IPO window can shut unexpectedly, especially in a volatile space like crypto, so they're looking to strike while the iron's hot." Founded in 2013, BitGo is one of the largest crypto custody firms in the United States. It stores and protects digital assets for clients, a role that has gained importance as institutional interest in crypto grows. In mid-2023, it raised $100 million at a $1.75 billion valuation. CRYPTO IPO BOOM The sector's rapid ascent has opened the floodgates for IPO filings, with crypto exchange Bullish recently disclosing its IPO paperwork. Crypto-focused asset manager Grayscale and Gemini, the digital assets exchange founded by Tyler and Cameron Winklevoss, have also confidentially filed to go public. "Many crypto companies have matured. After more than a decade, they've built stable client bases, some with SaaS-like margins and predictable cash flows," said Kat Liu, vice president at IPO research firm IPOX. Last week, U.S. President Donald Trump signed a law to create a regulatory regime for stablecoins, potentially allowing the dollar-pegged digital assets to become an everyday way to make payments and move money.
Straits Times
an hour ago
- Straits Times
South African president removes minister criticised by key coalition partner
Find out what's new on ST website and app. FILE PHOTO: South African President Cyril Ramaphosa attends a press conference, after his White House meeting with U.S. President Donald Trump, in Washington, D.C., U.S., May 21, 2025. REUTERS/Leah Millis/File Photo JOHANNESBURG - South African President Cyril Ramaphosa has removed the higher education minister from her position, his office said on Monday, after his party's key coalition partner accused her of misconduct. The removal of Nobuhle Nkabane from her post could help defuse tensions between Ramaphosa's African National Congress (ANC) and the Democratic Alliance (DA), the two biggest parties in the coalition government, ahead of a budget vote this week. The DA alleges that Nkabane helped engineer the appointment of ANC-connected individuals to the boards of skills development organizations and lied to parliament to cover that up. Nkabane has denied the allegations against her, according to local television station eNCA. She said in a statement that it had been a privilege to serve in her position. The DA welcomed Nkabane's dismissal. The party stepped up its criticism of the minister after Ramaphosa fired its deputy trade minister for not receiving presidential permission for an overseas trip, in the latest spat between the two main governing parties. The DA threatened to vote against the budgets of departments led by ANC ministers it has accused of wrongdoing, including Nkabane, potentially disrupting the national budget. Lawmakers are due to consider the last major piece of budget legislation, the Appropriation Bill, on Wednesday. REUTERS Top stories Swipe. Select. Stay informed. Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Asia At least 19 killed as Bangladesh air force plane crashes at college campus Singapore ST Explains: What does it mean for etomidate to be listed under the Misuse of Drugs Act? Business Why Singapore and its businesses stand to lose with US tariffs on the region Singapore NTU to have compulsory cadaver dissection classes for medical students from 2026 World US authorities probing passenger jet's close call with B-52 bomber over North Dakota Singapore Jail for man who conspired with another to bribe MOH agency employee with $18k Paris trip Singapore New research institute will grow S'pore's talent in nuclear energy, safety
Straits Times
an hour ago
- Straits Times
Brazil to establish tax advisory office in China amid deepening ties
Find out what's new on ST website and app. FILE PHOTO: Chinese President Xi Jinping shakes hands with Brazil's President Luiz Inacio Lula da Silva after a signing ceremony and a joint press conference, at the Great Hall of the People in Beijing, China, May 13, 2025. REUTERS/Tingshu Wang/Pool/File Photo BRASILIA - Brazil will establish a tax advisory office in China, the Brazilian Finance Ministry said, highlighting the strategic importance of the move as the two nations deepen their ties. The decision underscores Brazil's growing focus on its relationship with China, its largest trading partner, as tariffs introduced by U.S. President Donald Trump escalate global tensions. A draft was seen by Reuters of the presidential decree that will create the new post in Beijing, as well as preparatory documents that cite the "growing complexity" of bilateral trade and the need to enhance cooperation on tax and customs matters. The move coincides with mounting trade tensions between the U.S. and Brazil, after Trump linked fresh 50% tariffs on Brazilian imports to the prosecution of his ally and former President Jair Bolsonaro, leaving limited options for Latin America's largest economy to negotiate a deal. Tax advisory offices or attaches play a "strategic role" in international cooperation by exchanging information critical to combating tax and customs violations, the ministry said. They also provide technical guidance on Brazilian legislation to foreign investors and citizens abroad, helping to improve legal certainty and the business environment, it added. While Brazil's trade overtures to the U.S. have gone unanswered so far, relations with China have deepened. Since taking office in 2023, leftist President Luiz Inacio Lula da Silva has met with President Xi Jinping three times. The two countries have also agreed to explore transportation integration, including a proposed bi-oceanic rail corridor linking Brazil to the Chinese-built port of Chancay in Peru. Top stories Swipe. Select. Stay informed. Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Asia At least 19 killed as Bangladesh air force plane crashes at college campus Singapore ST Explains: What does it mean for etomidate to be listed under the Misuse of Drugs Act? Business Why Singapore and its businesses stand to lose with US tariffs on the region Singapore NTU to have compulsory cadaver dissection classes for medical students from 2026 World US authorities probing passenger jet's close call with B-52 bomber over North Dakota Singapore Jail for man who conspired with another to bribe MOH agency employee with $18k Paris trip Singapore New research institute will grow S'pore's talent in nuclear energy, safety Asked why Brazil is only now establishing a tax office in China - its top trading partner since 2009 - the ministry denied any link to the ongoing trade war. "There is no political motivation," said the ministry, noting that the initiative reflects the importance of bilateral trade and the need for deeper cooperation on tax and customs issues. Brazil currently has four tax and customs attachés abroad - in Washington and Buenos Aires, both set up in 2000, and in Asuncion and Montevideo, established in 2002. The United States remains Brazil's top source of foreign direct investment, while Argentina, Paraguay, and Uruguay are its Mercosur bloc co-founders. The Finance Ministry said discussions around the attaché in Beijing began in 2023 and have involved technical reviews by multiple ministries since January 6 this year. REUTERS
