Friday March 28, 2025
All eyes are on CoreWeave as it makes its public debut this morning, trading under the ticker $CRWV. One of the most anticipated AI infrastructure plays, shares were priced 15% below the expected range, signaling a much more cautious reception than many had anticipated.
Adding fuel to the conversation, reports indicate that major shareholder Nvidia $NVDA had to step in and anchor the offering—an unusual move that suggests this deal may have been on the verge of slipping through.
The question now is: does this reflect cracks in the AI trade, or is it a broader sign of fragility in the IPO market itself? Maybe it is just investors questioning CoreWeave’s long term prospects. Whatever the case, this morning’s listing could set the tone for risk appetite in both AI and tech IPOs heading into Q2.
◾ AI cloud provider CoreWeave priced its IPO at $40 a share raising $1.5 billion in the largest US tech offering since 2021. (CNBC)
◾ SEC Chair nominee Paul Atkins pledged to create “clear rules of the road” for digital asset firms during yesterday’s hearing, despite facing Democratic pushback over his connections to Wall Street and crypto companies. (Bloomberg)
◾ Tencent $TCEHY agreed to invest €1.16 billion ($1.25 billion) for a 25% stake in new Ubisoft $UBSFY subsidiary which will hold IP licenses for major titles like Assassin’s Creed and Tom Clancy’s Rainbow Six. (Bloomberg)
Government & NGO Actions
◾ Senator Ted Cruz (R-TX) introduced a bill prohibiting the Federal Reserve from issuing a CBDC. (Senate.gov)
◾ The European and Occupational Pension Authority (EIOPA) recommended that a one-to-one capital requirement be applied to the crypto holdings of EU (re)insurers. (EIOPA)
◾ The FBI seized $201,400 in crypto linked to Hamas. (Justice.gov)
◾ The SEC has closed its investigation into Crypto.com without taking any action. (X)
◾ South Carolina lawmakers launched a bill to establish a strategic digital asset reserve. (X)
◾ Alberta is scrapping its plans to introduce a tax credit for video game developers. (TheLogic)
Financial Notices & Public Company Releases
◾ Tether has raised its stake in South American agricultural firm Adecoagro $AGRO to 70% of outstanding shares. (PRNewswire)
◾ Bitfarms $BITF reported revenue of $56 million with adjusted EBITDA of $14 million. (GlobeNewswire)
◾ The NYSE triggered a Short Sale Restriction (SSR) on GameStop $GME after short selling volume surged by 234%. (FXLeaders)
Restructuring, Hacks, Losses & Legal News
◾ AI-powered personal finance assistant Cleo AI agreed to pay the FTC $17 million to settle charges that it misled users about cash advance amounts, delivery speeds, and how it managed its cancelation processes. (Reuters)
AI Announcements
◾ ChatGPT’s new image generation feature is overwhelming servers, causing GPUs to “melt” under the load. (CNBC)
◾ Grocery delivery service Instacart $CART expects to use AI to check grocery store inventory levels. (Instacart)
◾ Garmin $GRMN is adding a premium tier to its app that will offer AI-powered insights. (TheVerge)
Protocols, Applications & Business News
◾ Intercontinental Exchange $ICE is working with Circle to explore product innovation using USDC and USYC digital assets. (TheIce)
◾ French state bank Bpifrance is planning to invest €25 million ($26.9 million) into French cryptocurrency projects. (Bpifrance)
◾ Digital asset finance firm HashKey is partnering with Bosera Asset Management to offer the world first tokenized money market ETFs. (PRNewswire)
◾ A database containing 100,000 personal records tied to the Gemini exchange is being offered on the dark web. (DarkWebInformer)
◾ Ripple is joining with Chipper Cash to offer crypto-enabled payments across Africa. (ChipperCash)
Metaverse & Gaming Briefings & Activations
◾ Nintendo $NTDOY announced a feature allowing users to lend titles on the Switch platform. (GamesIndustry.biz)