Bitcoin traders are hedging against potential losses ahead of today’s U.S. consumer price index (CPI) release, which could influence Federal Reserve rate cut expectations.

Bullish, the digital-asset exchange operator and owner of CoinDesk, has increased the size and price range of its planned initial public offering, targeting up to $990 million in proceeds.

Paxos has applied for a national bank trust charter with the U.S. Office of the Comptroller of the Currency (OCC), aiming to shift from New York state oversight to federal regulation.

Top stories in the Crypto Roundup today:

• Bitcoin Traders Hedge Against CPI Shock
• CoinDesk Owner Bullish Targets $990M in Expanded IPO Plan
• Paxos Seeks Federal Oversight With New National Bank Trust Charter Bid

Bitcoin Traders Hedge Against CPI Shock as $115K Puts See Surge in Demand

Bitcoin traders are hedging against potential losses ahead of today’s U.S. consumer price index (CPI) release, which could influence Federal Reserve rate cut expectations.

July’s CPI is expected to show a 2.8% annual increase, with a 0.2% monthly gain. A hotter reading could weigh on risk assets, including bitcoin, while a softer number may add further support for a September rate cut.

QCP Capital said demand has surged for short-dated bitcoin puts between $115,000 and $118,000, a defensive move against a sharp drop. 

Traders are also covering short call positions, signaling caution on both downside and upside risks.

CoinDesk Owner Bullish Targets $990M in Expanded IPO Plan

Bullish, the digital-asset exchange operator and owner of CoinDesk, which owns CryptoCompare, has increased the size and price range of its planned initial public offering, targeting up to $990 million in proceeds.

In a filing with the U.S. Securities and Exchange Commission on Monday, the Cayman Islands-based firm said it now plans to sell 30 million shares at $32 to $33 each, up from 20.3 million shares at $28 to $31. 

At the high end, Bullish’s market value would reach $4.8 billion, compared with about $4.2 billion under its earlier plan.

Bullish had previously sought a public listing via a special purpose acquisition company in 2021, in a deal that would have valued it at $9 billion, but abandoned the plan in 2022.

The IPO is being led by JPMorgan Chase, Jefferies and Citigroup. Bullish plans to list on the New York Stock Exchange under the ticker BLSH.

Paxos Seeks Federal Oversight With New National Bank Trust Charter Bid

Paxos has applied for a national bank trust charter with the U.S. Office of the Comptroller of the Currency (OCC), aiming to shift from New York state oversight to federal regulation.

The company, which issues the PYUSD stablecoin for PayPal and co-founded the Global Dollar (USDG) token, said in a Monday statement that OCC supervision would strengthen its long-standing focus on safety and transparency. 

CEO Charles Cascarilla called the move a step toward “maintaining the highest standards” in stablecoin operations.

The push toward federal oversight follows the recent passage of the GENIUS Act, signed by President Donald Trump, which sets new rules for stablecoins and their issuers.

Paxos previously received conditional approval for a national charter in 2021, but the authorization lapsed in 2023 before full approval was granted. If successful, the new charter would place Paxos under the same federal oversight as its largest U.S. rivals.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.