Crypto Rallies Following Israel-Iran Ceasefire, Polymarket To Raise $200M, and Metaplanet Doubles Down On Bitcoin Treasury Strategy

Takeaways

• Bitcoin pushes back toward $110,000: After dipping below $100,000 as Israel and Iran waged war, the price of bitcoin rallied mid-week when President Donald Trump announced a ceasefire and US Senators introduced a regulatory framework bill for digital assets.
• Peter Thiel’s Founders Fund is reportedly nearing an agreement to lead a $200 million-plus round in Polymarket at a pre-money valuation of around $1 billion: The prediction-market platform has achieved unicorn status despite a US ban.
• ProCap Financial, led by Anthony Pompliano, will go public via a $1 billion SPAC merger with Columbus Circle Capital, after raising $550 million in preferred equity and $225 million in convertible notes: The firm aims to build one of the largest publicly traded bitcoin treasuries and generate returns through yield-driving strategies on its BTC holdings.
• Digital Asset raised $135 million in a round led by DRW Venture Capital and TradeWeb Markets to accelerate institutional and DeFi use cases for its Canton Network: The round, which included Goldman Sachs and BNP Paribas, will fund real-world asset integrations.
• Metaplanet will allocate $5 billion to its newly established US subsidiary to accelerate its bitcoin treasury strategy: The Japanese firm now holds 11,111 BTC and aims to build an integrated international treasury model.

Sign up for a Gemini account

The secure way to buy, sell, store and convert crypto. Millions use Gemini to diversify their portfolios.

Bitcoin Pushes Higher As Israel and Iran Pause Fighting, Crypto Legislation Introduced

The news also appeared to have a positive impact on Ethereum and XRP, with prices pushing back above $2,400 and $2.19, respectively.

Meanwhile, the crypto sector appears poised to benefit from an improving regulatory picture. This week, US Senators Tim Scott (R-SC) and Cynthia Lummis (R-WY) introduced a bill that sets a regulatory framework for digital assets. It reportedly specifies when crypto assets are a security or commodity, gives regulatory power to the Commodity Futures Trading Commission (CFTC), and lessens the authority of the Securities and Exchange Commission.

The legislation comes after the Senate passed stablecoin legislation last week.

Polymarket Nears $1B Valuation in $200M Funding Round

At a pre-money valuation of near $1 billion, the round would confer unicorn status on Polymarket, which currently does not allow US users following an agreement with federal authorities three years ago.

Last November, Polymarket handled $2.6 billion in trading volume, as users worldwide wagered on outcomes including the US presidential election. Active markets today include bets on the Democratic nominee for New York mayor and the likelihood of a recession in the US in 2025. The FBI’s seizure of founder Shayne Coplan devices last year also underscored regulatory scrutiny over possible unauthorized US trades.

Polymarket has solidified its position as a hugely popular indicator of collective sentiment. Its new capital injection follows an earlier undisclosed $50 million raise and builds on over $100 million previously secured. The platform also recently partnered with Elon Musk’s X to serve as its official predictions market.

Pompliano’s ProCap Merges With SPAC for $1B Bitcoin Treasury Debut

The SPAC deal positions ProCap Financial as a leading public bitcoin treasury vehicle, targeting up to $1 billion in valuation based on its planned BTC purchases.

In a record initial fundraise for a bitcoin-focused public company, ProCap secured $550 million through preferred equity and $225 million via convertible notes. The commitments grant future shareholders exposure to bitcoin, with the assets held in custody until transaction completion.

The transaction is expected to have closed before the end of the year pending SEC approval.
Pompliano said ProCap Financial will bridge digital assets and traditional markets, not only by holding bitcoin but also by deploying the balance sheet into risk-mitigated, yield-generating crypto-financial strategies.

Digital Asset Secures $135M in Goldman Sachs-Backed Round

The new capital will be deployed to expand Canton’s Layer 1 blockchain into the institutional and DeFi sectors, enabling on-chain issuance and trading of real-world assets including bonds.

Participants including DRW, Goldman Sachs and BNP Paribas have all contributed to Canton’s governance and infrastructure, with Goldman Sachs’ Head of Digital Assets stating the firm’s strong support in Canton Network. GS will also utilize the network as the foundation for its Digital Asset Platform. Canton network now reportedly has around 400 members of its ecosystem, and its most recent fundraising efforts could be instrumental in this number continuing to grow throughout the year.

Metaplanet Approves $5B Injection into US Unit to Drive Bitcoin Expansion

The infusion, to be funded through the exercise of existing stock acquisition rights, follows last month’s launch of the Miami unit created to expand Metaplanet’s bitcoin treasury operations across the world.

Since adopting its accumulation strategy in April 2024, Metaplanet has steadily increased its holdings, most recently adding 1,111 BTC to reach a total of 11,111 BTC. Metaplanet is now the eighth-largest corporate bitcoin holder globally, just behind Tesla. Metaplanet maintains that this capital deployment is required to help pioneer corporate bitcoin adoption in Japan and beyond and hopes to contribute to a globally integrated bitcoin treasury model.

-Team Gemini