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Nasdaq has issued a formal letter of reprimand to TON Strategy, citing a breach of listing rules after the company raised equity and used nearly half its privately raised funds to acquire a large holding in Toncoin without obtaining required shareholder approval. According to the regulatory filing, the company’s issuance of new common stock and warrants during a private investment in public equity transaction in August exceeded the 20 per cent threshold of outstanding shares that triggers an approval requirement.

The issuer, formerly known as Verb Technology and re-branded earlier this year to become a listed vehicle focused on digital asset treasury strategy, announced a $558 million PIPE closed on 7 August. The company disclosed that approximately 48.78 per cent of those proceeds were used to purchase Toncoin.

Nasdaq’s notice pointed out the omission of shareholder approval, which is required when share issuances exceed thresholds designed to protect existing investors and maintain transparency. The exchange concluded that while the misstep was a violation, it did not appear to reflect intentional avoidance of rules and therefore did not recommend delisting the company’s securities.

Toncoin’s market price reacted sharply, declining more than 5 per cent to around $2.165 following the notice, and trading volumes surged, which analysts interpreted as heightened investor concern about governance risks in crypto-linked public-company structures.

In a briefing, TON Strategy CEO Veronika Kapustina had warned that the nascent model of publicly traded cryptocurrency treasury firms could be showing “early indications of a bubble”, pointing to rising valuation and risk of complacency in transparency.

The leadership change within TON Strategy also drew attention: on the closing date of the PIPE, the firm appointed Manuel Stotz, former president of the TON Foundation, as Executive Chairman. The combination of leadership transition, major token purchase, and share issuance without vote has raised questions around alignment of interests and governance framework.

Market observers say the incident underscores a broader trend where public companies are adapting treasury models that hold large cryptocurrency positions, creating novel intersections of asset-class risk, corporate finance and regulatory oversight. Each of these linkages raises fresh scrutiny as traditional exchanges apply inspection regimes developed for conventional equity markets. One analyst commented that “crypto treasury firms now face the same listing rigour as any industrial company, but with far less precedent to guide them”.

For TON Strategy and its shareholders, immediate focus will be on how the company responds within the 45-day window typically afforded by Nasdaq to submit a corrective plan. The notice does not affect the company’s listing status so long as it meets other requirements, but revisions may include retroactive shareholder approval or altered future financing protocols.

A leading enterprise-artificial-intelligence firm, Fractal Analytics, is preparing to launch a public share sale of around ₹4,900 crore and is targeting a market valuation near US $3 billion. The move comes as the company positions itself at the forefront of the AI-analytics sector and seeks to capitalise on growing investor demand for technology listings. The proposed offering would comprise fresh shares worth about ₹1,280 crore and an offer-for-sale by existing investors totalling approximately ₹3,620 crore as part of its entry into public markets.

Fractal Analytics was founded in 2000 by five graduates of the Indian Institute of Management Ahmedabad. Today only two of the original founders remain with the company: Group Chief Executive Officer Srikanth Velamakanni and Chief Executive Officer Pranay Agrawal, each holding roughly 10 per cent of the company’s equity and not looking to sell in the upcoming offering. The firm achieved unicorn status in 2022 and generates more than 90 per cent of its revenues outside its home market, meaning its exposure to global enterprise clients is strong.

Advising banks on the share sale include major names such as Axis Bank, Goldman Sachs, Kotak Mahindra Capital and Morgan Stanley, signalling the IPO is being positioned among marquee listings. Industry data show that new-listing proceeds in the Indian market have already approached US $16 billion in 2025, with expectations that this year could surpass the US $21 billion record set in the prior year.

In financial terms, Fractal has posted a turnaround in performance. According to regulatory disclosures, its revenue rose from about ₹2,043.7 crore in FY23 to approximately ₹2,816.2 crore in FY25, reflecting a compound annual growth rate of around 17.4 per cent. Meanwhile, profitability returned in FY25 with a net profit of ₹220.6 crore after a loss of ₹54.7 crore in the previous year. The firm’s adjusted EBITDA margin improved from 6.8 per cent in FY23 to 17.4 per cent in FY25, and operating cash-flow rose substantially to ₹397 crore in FY25 from the previous year.

Fractal’s service model is built around large global enterprises, which in FY25 included 113 “must-win clients”—companies with annual revenues in excess of US $10 billion or customer bases over 30 million. About 65 per cent of the firm’s FY25 revenues were derived from the United States, underlining its dependence on Western markets. To maintain growth momentum the company intends to channel IPO proceeds into further research and development, strategic acquisitions, expansion of its R&D centres in locations such as Bengaluru, Gurugram, Pune and Noida, and boosting its sales-and-marketing capabilities.

Despite the strong metrics the IPO plan carries risks. The business remains heavily concentrated: its top ten clients contributed 53.8 per cent of revenue in the Fractal. ai segment in FY25. Losing a major client could have a disproportionate impact on its results. The firm is also operating in a rapidly evolving global AI landscape dominated by large diversified IT-service providers as well as specialist startups. Its heavy reliance on the U. S. market exposes it to foreign-exchange volatility and regulatory shifts abroad. Analysts comment that an IPO valuation near US $3 billion may leave little margin for error if market sentiment weakens or growth decelerates.

Citigroup Inc. and Coinbase Global Inc. have announced a collaboration to expand digital-asset payment services for the bank’s corporate clients, signalling a deeper institutional embrace of blockchain-based money transfers. The partnership will first focus on facilitating conversions between fiat currencies and digital assets, including stablecoins, and improving access to on- and off-ramps for firms that move large volumes of funds.

The deal between Citi and Coinbase addresses a prominent pain point in global payments: the cost, time and complexity of moving funds across borders or between fiat and crypto systems. Under the agreement, the participants will work on streamlining pay-ins and pay-outs for institutional clients, simplifying the flow between traditional bank accounts and Coinbase’s digital-asset platform.

“With more than 300 payment-clearing networks across 94 markets globally, we see collaborating with Coinbase as a natural extension of our ‘network of networks’ approach,” said Debopama Sen, Citi’s head of payments and services. Brian Foster, global head of crypto-as-a-service at Coinbase, added that the collaboration “reflects our commitment to building the infrastructure needed for the next generation of financial services.”

Analysts view the move as part of a broader trend in which leading financial institutions are shifting from cautious observation of digital assets to actively integrating crypto and stable-coin infrastructure. Citi had already signalled interest earlier this year in issuing its own stablecoin and providing custody services for crypto assets backing investment funds.

Stablecoins—cryptocurrencies pegged to fiat currencies—currently serve mostly trading and settlement within crypto markets. The new collaboration suggests an ambition to extend their use into cross-border payments, treasury operations and institutional settlements. In this case, the plan explicitly includes exploring mechanisms to directly link fiat balances to on-chain stable-coin payouts for corporate clients.

While the partnership presents opportunity, it also raises regulatory and operational challenges. Financial regulators have increased scrutiny of stable-coin issuance, backing reserves and the potential risks to payments stability. Traditional banks entering the crypto space must manage compliance, money-laundering controls and cyber security in new systems. For instance, a consortium of ten major banks—including Citi—are together exploring stable-coin issuance tied to G7 currencies, with regulatory oversight a key consideration.

From an operational standpoint, integrating digital-asset infrastructure into a global bank’s existing payments network is complex. Citi’s model involves multiple clearing networks and real-time settlement expectations; adding 24/7 on-chain rails demands robust coordination, governance and risk management frameworks. The collaboration acknowledges this by focusing first on institutional clients and later expanding to broader corporate use.

For Coinbase, this partnership enhances its positioning as a trusted infrastructure provider for institutions. The firm has made several moves to support institutional adoption, including acquiring technology to expand capital markets presence and forming strategies around tokenised credit products. By joining forces with a major bank like Citi, Coinbase gains access to a wide international payments network and the bridge between traditional finance and digital assets.

Market reaction has been positive; following the announcement, Coinbase’s shares rose, reflecting investor appetite for digital-asset infrastructure deals with legacy banks. For corporate clients of Citi, the collaboration means access to a potentially faster, lower-cost payment model that combines fiat and crypto rails and the possibility of 24/7 global transfers.

In examining trends, the deal fits into a pattern where banks are no longer sidelined observers of cryptocurrency innovation but active participants. As one executive at Citi observed, the financial-services landscape is changing fast, and institutional demand for real-time, border-less payments is driving innovation. That said, the extent and pace of adoption will depend on regulatory clarity, technological readiness and client acceptance.

The company formed by Hyperliquid Strategies Inc. has filed a registration statement with the U. S. Securities and Exchange Commission, seeking to raise up to US$1 billion by issuing up to 160 million shares of common stock. According to the filing, the share-offering will be handled underwritten by Chardan Capital Markets LLC, acting as financial advisor for the transaction.

HSI is the combined entity formed via the business combination between Sonnet BioTherapeutics, Inc. and Rorschach I LLC, a special-purpose vehicle affiliated with Atlas Merchant Capital LLC and Paradigm Operations LP. That merger agreement valued HSI at approximately US$888 million, comprising roughly US$583 million in the native token HYPE and at least US$305 million in cash.

In its S-1 filing, HSI states the capital will support “general corporate purposes, including the acquisition of HYPE tokens and other digital-asset treasury activities.” Analysts interpret this as an indication that HSI intends to deepen its exposure to the HYPE ecosystem and position itself as a publicly-listed vehicle for crypto-asset treasury management.

Leadership for the combined company is drawn from the sponsors behind Rorschach I. At closing, the board will include Bob Diamond and David Schamis. Current independent directors from Sonnet will also roll over into the new board structure.

Market observers point out that the transaction marks a significant shift from the biotech credentials of Sonnet to a crypto-treasury focus at HSI. At the time of the agreement, the value of HYPE tokens held by HSI was based on a spot price of approximately US$46.37. The shift has drawn scrutiny: one investor-rights law firm is investigating whether the minority stakes to legacy Sonnet shareholders create equity fairness issues.

The $1 billion raise is notable for several reasons. First, it underscores the trend of publicly-listed companies forming or converting into crypto treasury vehicles, providing regulated-market access to digital-asset exposure. Second, by aligning its strategy around HYPE token accumulation, HSI is building a sector-specific reserve, akin to what several other companies have done with Bitcoin in prior years. Third, the timing — amid heightened regulatory discussions around crypto infrastructure and token-linked public entities — places HSI at a crossroads of capital-markets innovation and regulatory risk.

By Nantoo Banerjee     There is nothing to be particularly shocked about Tata Capital stocks declining 2.4 percent below the company’s IPO issue price of Rs. 326 per share a day after its debut in intraday trade on the Bombay Stock Exchange. Tata Capital, a Tata Sons subsidiary, made a flat debut on Dalal Street on […]

The article SEBI Fails To Prevent Aggressive IPO Pricing To Protect Investors appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Dubai-based Emirates NBD PJSC is poised to acquire a 60 per cent stake in India’s RBL Bank via a $3 billion investment, marking the largest foreign direct investment ever recorded in India’s banking sector. The move, announced on 18 October 2025, is structured through a preferential share issuance of up to 959.04 million shares at ₹280 each and is subject to regulatory approvals.

RBL Bank’s management expects the deal to close within five to eight months, positioning the infusion within the current financial year, according to statements made by the lender’s leadership. Emirates NBD will assume promoter status at RBL, gaining board-nomination rights and solidifying its long-term presence in the Indian market.

The deal comes as India’s financial sector registers a surge in cross-border deals, with total deal-value reaching approximately $8 billion from January to September 2025—a 127 per cent increase over the same period last year. For its part, RBL Bank, a private lender headquartered in Mumbai with assets estimated at ₹1.46 trillion and a customer base of over 15 million, will benefit from the capital uplift and expanded ecosystem access.

Emirates NBD’s group chief executive, Shayne Nelson, said the investment underscores the bank’s confidence in India’s financial services growth trajectory and reflects its ambition to leverage RBL’s domestic franchise alongside Emirates NBD’s regional reach. RBL’s managing director & CEO, R Subramaniakumar, described the alliance as providing “an enormous opportunity” to move from mid-sized to large-bank status in India, reinforcing its ambitions to enter wealth management and strengthen corporate and retail lending.

Under the terms of the agreement, Emirates NBD will first subscribe to a preferential issue up to 60 per cent of RBL Bank, and then launch a mandatory open offer to public shareholders of up to 26 per cent at the same ₹280 per share price. The final stake will depend on maximum permissible foreign-investment limits and minimum public shareholding norms. The Indian regulatory framework allows up to 74 per cent foreign investment in private banks, but typically limits individual foreign investors to a maximum of 15 per cent unless an exemption is granted by the Reserve Bank of India, which is reported to have given informal backing to the deal.

Analysts say the deal is transformative for both parties: RBL stands to enhance its capital adequacy ratio—projected around 40 per cent post-transaction—and may scale up its corporate banking, digital payments and branch network expansion, tapping into ties between India and the Middle East. For Emirates NBD, the acquisition consolidates its Indian market access and complements its existing footprint in the Middle East, North Africa and Turkey.

Challenges remain. The transaction is subject to regulatory approvals in India and requires compliance with public-shareholding rules, which could complicate the open-offer structure. In addition, RBL has grappled with governance concerns in the past—its former CEO stepped down abruptly in 2021 following regulatory scrutiny—which means integrating under a foreign majority owner will require careful management of culture, controls and strategic alignment.

Observers suggest the deal may set a precedent for greater foreign involvement in India’s mid-sized banking sector, with implications for capital flows, market consolidation and competition. Brokers in Mumbai noted that the infusion of “confidence capital” into RBL could unlock higher credit growth and improve investor perception of the Indian private-banking sector. Meanwhile, the broader wave of cross-border activity, including Japanese and UAE groups entering Indian banks, highlights the shifting dynamics of the India-Middle East-Europe economic corridor.

Bitcoin’s price dropped below $105,000 early Friday in London trading, recovering marginally later but signalling mounting pressure in crypto markets. Bloomberg data showed a fall of as much as 3 percent before a modest bounce. The slide comes after a week of heightened volatility that has dragged digital-asset valuations lower.

The crypto sector has shed billions. Total market capitalisation fell to its lowest point since July, as institutional and leveraged positions faced heavy liquidations. Ethereum, the second-largest token, also fell sharply, trading under $3,800.

One key driver has been intensifying stress in U. S. regional banks. Shares of Zions Bancorp plunged after it disclosed a $50 million loan impairment, while Western Alliance is embroiled in fraud allegations tied to borrowers. Those troubles have sparked a “flight to safety” across risk assets, nudging investors away from speculative trades.

The collapse in derivatives markets was steep: over $1 billion in long and short positions were wiped out in rolling liquidations, especially on exchanges with aggressive leverage mechanics. The drop below the 200-day moving average—around $107,500—has undermined a long-term support zone, fuelling further anxiety among traders.

At the same time, trading volume surged. Weekly volume for Bitcoin hit its highest level since March, suggesting heavy participation even amid panic. Some analysts see that as a sign of re-accumulation by institutional players, though it remains unclear whether those inflows will stabilise prices.

Technical watchers are eyeing potential floor zones near $100,000, while others suggest $88,000 could act as an “open target” if selling accelerates. Meanwhile, on-chain data reveals that wallets holding between 100 and 1,000 BTC—sometimes called “shark wallets”—are accumulating aggressively, marking the fastest rate of inflow since 2013. Those trends echo previous panic phases, which often preceded longer rallies.

Some observers caution that Bitcoin’s repeated failure to behave as a “safe harbour” during market stress undermines one of its selling points. Still, others argue that the fundamentals remain intact—citing diminishing supply on exchanges, renewed institutional interest, and the durability of blockchain infrastructure.

Volatility is unlikely to subside soon. The week ahead includes major U. S. economic data releases and potential policy statements from central banks that could sway risk sentiment. In parallel, geopolitical frictions—particularly over trade and supply chains—may further rattle markets already in flux.

Citizens Bank has launched coverage of SharpLink Gaming, assigning it a “market outperform” rating and a price target of $50, implying upside in excess of 200 percent from current levels.

The bank’s analysis hinges on SharpLink’s positioning as a publicly traded entity that actively manages an Ether treasury, combining yield-bearing deployment strategies with equity-market mechanisms to enhance value. Citizens projects that ETH’s long-term price trajectory, together with SharpLink’s operational model, could underpin substantial growth.

Citizens expects SharpLink’s net asset value to rise as the company compounds returns from staking, liquid restaking, and other on-chain yield strategies. The bank cites management’s capacity to issue equity above NAV or repurchase shares when trading below NAV as a leverage point for shareholder value.

SharpLink is led by Ethereum co-founder Joseph Lubin, who serves as Chairman, and Joseph Chalom, formerly of BlackRock, as Co-CEO. The bank underscores this combination of crypto ecosystem pedigree and traditional capital markets acumen as a competitive advantage.

In its report, Citizens forecasts ETH could exceed $7,000 by 2026, potentially pushing beyond $20,000 by 2030, and argues that SharpLink offers one of the few pure-play equity vehicles tied to Ether exposure. The bank describes SharpLink’s operating model as a “flywheel” in which yield-generated returns accelerate NAV per share, further facilitating growth capital.

Citizens’ valuation assigns a premium multiple to SharpLink’s NAV, justified by management execution and the structural optionality inherent in an actively managed ETH treasury. The report points to the possibility that investor recognition of this optionality could drive valuation multiple expansion.

SharpLink has also taken steps consistent with the thesis. It has initiated a share buyback programme, repurchasing approximately 939,000 shares at an average price of $15.98, and the board has authorised up to $1.5 billion in share repurchases for capital allocation flexibility. In tandem, SharpLink disclosed it holds around $3.6 billion in ETH, nearly all staked to produce yield.

Meanwhile, B. Riley has initiated coverage of SharpLink with a “Buy” rating and a $32 target, casting some contrast in outlook. B. Riley emphasises that the company’s discount to modified NAV is attractive — currently trading at 0.8× mNAV — and expects upward re-rating to 1.5× mNAV within 12 months, contingent on ETH accumulation and damping equity issuance dilution.

Multiply Group, the Abu Dhabi investment holding firm, will acquire 2PointZero and Ghitha Holding via a share-swap deal, creating a combined enterprise with an estimated valuation of AED 120 billion. The transaction involves issuing around 23.36 billion new shares, lifting Multiply’s share capital from AED 2.8 billion to AED 8.64 billion and expanding the total shares to 34.56 billion. Approval from shareholders and regulators is pending.

The decision follows board sanction and aligns with a broader move by IHC to consolidate its leading portfolio companies—Multiply, 2PointZero, and Ghitha—into a unified listed entity under the name 2PointZero Group PJSC. The merger is pitched as an effort to streamline governance, deepen synergies across sectors, and accelerate growth. The transaction is slated for completion by mid-November 2025, contingent on formal clearances.

Under the proposed structure, Multiply will absorb full ownership of 2PointZero and a majority of Ghitha Holding. The merged entity will retain its listing on the Abu Dhabi Securities Exchange. With combined operations across energy, mining, financial services, agrifood, consumer goods, media, logistics, and related verticals, the new 2PointZero Group aims to harness diversification and integrated scale.

2PointZero brings to the table AI, energy transition, mining and financial services capabilities. Its role as a facilitator in cleantech and future resource assets is central to the logic of the merger. Ghitha Holding contributes a robust agriculture, food production, processing and distribution footprint—one of the UAE’s key players in national food security. Multiply already has stakes in sectors including mobility, media & communications, retail/apparel, packaging, and beauty.

Syed Basar Shueb, Chairman of Multiply, called the deal “a natural evolution of our portfolio strategy,” emphasising the aim to “optimise scale and strengthen the platforms we have built.” Samia Bouazza, Group CEO and Managing Director, framed the merger as aligning capital with megatrends, stating the unified entity would “grow bottom line both organically and inorganically, unlock value through AI, and deliver consistent long-term returns.” The new group will operate across more than 85 countries and target service to one billion people globally.

IHC’s own communications parallel Multiply’s narrative. The parent firm describes the merger as a means to craft a “next-generation investment powerhouse” anchored in a dual focus on energy and consumer sectors, intended to enhance operational efficiency and strategic scale. Sheikh Tahnoon bin Zayed Al Nahyan, IHC Chairman, cited the move as reaffirming IHC’s role as a catalyst of transformation, leveraging AI and value networks. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, said the consolidation would further the mission of driving energy transition, enabling AI, and empowering communities.