TL;DR

Coinbase acquires Deribit, SEC launches “Project Crypto,” and Galaxy Digital secures $1.4B for AI data center.

Highlights

• Coinbase acquired Deribit for $2.9B, gaining control of 87% of BTC and 94% of ETH options markets 1.
• Galaxy Digital secured $1.4B in debt financing to expand its Texas AI data center, targeting a 15-year, $1B+/year contract with CoreWeave 2.
• Eli Lilly signed a $1.3B AI drug discovery deal with Superluminal Medicines for obesity and cardiometabolic drugs 3.
• SharpLink raised $400M to expand its Ethereum treasury to $3.3B (~1% of ETH supply); Joseph Lubin named chairman 4.
• OpenAI’s Sam Altman flagged plans to raise and spend “trillions” on AI data centers, and signaled a potential IPO 5.
• SEC Chair Paul Atkins announced “Project Crypto” to provide regulatory clarity and promote the US as a digital-asset hub 15.
• CoreWeave shares fell 22% post-IPO lockup as major holders, including JPMorgan, sold shares 9.
• Grab invested in WeRide to deploy Level-4 robotaxis in Southeast Asia, with phased rollout planned 6.
• Nakamoto and KindlyMD merged to form Nakamoto Bitcoin Treasury, securing $540M PIPE funding; $NAKA stock doubled 7.
• FAA cleared SpaceX Starship Flight 10 for late-August launch, removing regulatory barriers for commercial and NASA missions 10.
• Joby Aviation shares rose after completing the first piloted eVTOL flight between US airports 11.
• FDA granted full approval to Precigen’s Papzimeos, the first therapy for recurrent respiratory papillomatosis; shares up 60–75% 12.
• Goldman Sachs is offering 10–15% stakes in Millennium Management ($78B AUM) to HNW investors via SPV 14.

Commentary

The week’s headlines reflect a continued surge in large-scale capital formation and strategic positioning across digital assets, AI infrastructure, and regulated finance. Coinbase ’s acquisition of Deribit consolidates crypto derivatives markets under a single US-listed entity, which, combined with the SEC’s “Project Crypto” initiative, could accelerate institutional participation and US-based product innovation in digital assets 115. The regulatory shift may reduce risk premiums for US crypto startups and infrastructure providers, potentially increasing deal flow and valuations for early- and growth-stage companies 15.

AI infrastructure remains a capital-intensive battleground. Galaxy Digital ’s $1.4B financing for its Texas data center, anchored by a long-term CoreWeave contract, and OpenAI’s comments on raising “trillions” for future data centers, underscore the scale required for competitive advantage 25. However, the post-IPO volatility in CoreWeave highlights liquidity and exit risks for late-stage VC-backed AI infra companies, especially as lockups expire and insiders seek liquidity 9.

Healthcare deal activity remains robust. Eli Lilly ’s $1.3B partnership with Superluminal and Precigen’s FDA approval for Papzimeos both validate investor appetite for AI-enabled drug discovery and rare disease therapies 312. These developments are likely to drive continued interest and competitive tension in biotech and digital health rounds, particularly for companies with differentiated platforms or regulatory momentum.

Mobility and space are showing tangible progress, with Grab ’s investment in WeRide for Southeast Asian robotaxis and Joby Aviation ’s successful eVTOL flight between US airports 611. The FAA’s clearance for SpaceX’s Starship Flight 10 removes a key regulatory overhang, potentially accelerating timelines for commercial space and satellite ventures 10.

VCs should monitor: the SEC’s evolving crypto framework and its impact on US-based digital asset startups 15; capital markets and secondary activity in AI infrastructure 29; pharma’s continued AI-enabled dealmaking 312; and regulatory milestones in mobility and space as signals for scaling or exit opportunities 61011.