Author: ChainThink

Key Highlights from Yesterday to Today

SBF's early $200K investment in Cursor’s funding was liquidated at original price, now valued at approximately $3B

Kalshi and Polymarket announce launch of perpetual contracts, accelerating prediction market platforms’ expansion into derivatives

SpaceX announces $6B acquisition of AI coding startup Cursor

Tencent and Alibaba negotiate investment in DeepSeek, valuation potentially exceeding $20B

Digital bank Revolut IPO valuation could reach up to $200B

Detailed Analysis

AAVE Founder: Multiple Recovery Strategies Underway for Aave’s Orderly Restoration, $70M ETH Recovered

AAVE founder Stani posted on X that the team is collaborating with multiple partners to advance several initiatives aimed at achieving orderly restoration to normal market conditions and ensuring optimal outcomes for users.

The Arbitrum Security Council has recovered ETH worth $70M, significantly reducing potential risk exposure. Multiple discussion paths and solutions are currently under consideration. Stani emphasized his focus remains on Aave users and the protocol, expressing gratitude for support from the developer community. Updates will be shared continuously via @aave.

Tencent and Alibaba Negotiate Investment in DeepSeek, Valuation May Exceed $20B

According to The Information, Tencent and Alibaba are in negotiations to invest in DeepSeek, which is reportedly valued at over $20B.

Robinhood Ventures Invests $75M in OpenAI

As reported by The New York Times, Robinhood Ventures has invested $75M in OpenAI.

Yi Lihua: Current Rally Weak, Exhibiting Bear Market Rebound Characteristics

Liquid Capital founder Yi Lihua stated that the current crypto rally continues, but overall performance remains relatively weak compared to S&P index record highs and MicroStrategy’s sustained Bitcoin purchases, indicating a bear market rebound pattern.

He noted that MicroStrategy’s aggressive financing strategy to accumulate Bitcoin may be effective in the short term, but could face uncertainty in the medium term amid escalating macro-financial risks. Meanwhile, he believes there is no need for pessimism—opportunities often emerge during bear markets.

SBF’s Early $200K Investment in Cursor Funding Liquidated at Original Price, Now Valued at ~$3B

SpaceX announced today it has reached an agreement with AI coding startup Cursor, granting SpaceX the right to acquire Cursor at $6B later this year or pay $1B to advance collaboration.

Cursor’s developer Anysphere completed a $400K Pre-Seed round in April 2022, co-invested by Alameda Research and Heroic Ventures. Alameda contributed $200K, securing approximately 5% equity.

This equity was sold at original price during FTX’s bankruptcy liquidation. Based on a $6B valuation, if not sold, the stake would now be worth approximately $3B.

Kalshi and Polymarket Announce Launch of Perpetual Contracts, Prediction Platforms Accelerate Expansion into Derivatives

According to CoinDesk, prediction market platform Kalshi is preparing to launch cryptocurrency trading services in the U.S., expanding beyond its core prediction market business. Sources indicate the platform plans to first introduce perpetual contracts tied to Bitcoin and other cryptocurrencies.

This move positions Kalshi in more direct competition with crypto platforms like Coinbase, which currently does not offer true perpetual contracts in the U.S., though it has launched long-term “perpetual-style” futures and expressed intent to bring advanced derivative products to the American market.

Kalshi holds multiple licenses from the U.S. Commodity Futures Trading Commission (CFTC) and recently received approval for margin trading, fulfilling prerequisites for entering the derivatives market. Sources say the company expects to begin with crypto-linked perpetual contracts, with future expansion possible into other asset classes.

Kalshi’s competitor Polymarket also announced plans to launch perpetual futures on its platform via X, though details remain undisclosed. The video in the post shows users can leverage long/short positions on assets including gold, NVIDIA, BTC, and AAPL, and claims early access is available upon registration.

Bloomberg: Li Lin Transfers 20-Person Trading Team to Hong Kong-listed Bitfire

Li Lin is transferring his family office Avenir Group’s approximately 20-person trading team entirely to Bitfire Group, a Hong Kong-listed wealth management firm. It is reported that Li Lin owns 30% of Bitfire, aiming to help attract private banking clients.

Bitfire CEO Livio Weng stated that Bitfire will acquire the team and its trading systems from Avenir Group. Avenir confirmed the transaction. With the new team’s integration, Bitfire has secured initial investment intentions totaling around $500M from both family office and public company sources.

Revolut IPO Valuation Could Reach Up to $200B

UK digital bank Revolut plans to seek a valuation between $150B and $200B in its upcoming IPO, a significant increase from its previous $75B valuation. CEO Nik Storonsky also revealed Revolut is preparing a secondary share offering in late 2026, with a potential valuation exceeding $100B.

Earlier reports indicated Nik Storonsky said the company’s listing timeline is at least two years away, possibly delayed until 2028, with no immediate IPO plans. He emphasized Revolut is currently prioritizing expansion into the U.S. market, including applying for a banking charter to gain access to Fed payment rails and expand lending and credit card offerings. The company already holds a full banking license in the UK.

SpaceX Announces $6B Acquisition of AI Coding Startup Cursor

SpaceX posted on X that it has reached an agreement with AI coding startup Cursor, which grants SpaceX the right to acquire Cursor at $6B later this year or pay $1B to advance collaboration. Cursor is a rapidly growing AI startup focused on developing code-writing software.

U.S. Bipartisan Lawmakers Introduce PACE Act to Establish Unified Payment License for Fintech and Crypto Firms

According to Cointelegraph, bipartisan lawmakers have unveiled the PACE Act, proposing a unified national payment license for fintech and cryptocurrency firms, to be regulated by the Office of the Comptroller of the Currency (OCC).

Michael Saylor: Strategy Achieves 47,079 BTC Gain, Yield of 6.2%

Michael Saylor posted on X that Strategy achieved a BTC gain of 47,079 BTC in the first three weeks of April, yielding 6.2%, equivalent to approximately $3.6B at current prices.

Michael Saylor stated that BTC gain is the closest metric to net income within a Bitcoin-denominated accounting framework.

Bloomberg: Near $300M Crypto Hack Over Weekend May Dampen Wall Street’s Interest in Blockchain Technology

Bloomberg cited a Jefferies LLC report stating that a weekend hack draining nearly $300M from a small crypto project, coupled with a $10B liquidity run on the largest decentralized lending platform, may slow Wall Street’s enthusiasm for blockchain technology.

Jefferies’ digital assets research team analyst Andrew Moss noted that banks, asset managers, and payment institutions have spent the past year developing blockchain products similar to those exploited by North Korean hackers.

While the report suggests this event is unlikely to impact traditional financial markets, it warns that traditional financial institutions may pause their blockchain initiatives and reassess associated risks before further advancing blockchain ventures.

AI Research Lab NeoCognition Raises $40M Seed Round, Led by Cambium Capital

AI research lab NeoCognition announced a $40M seed round, led by Cambium Capital and Walden Catalyst Ventures, with participation from Vista Equity Partners. Angel investors include Intel CEO Lip-Bu Tan and Databricks co-founder Ion Stoica.

Headquartered in Palo Alto, California, the company was co-founded by Associate Professor Yu Su from The Ohio State University, along with Xiang Deng and Yu Gu, focusing on enhancing the reliability of AI agents. Their approach involves enabling agents to build domain-specific “world models” during real-world use, adapting to specific business environments rather than relying solely on general pre-trained models. Currently serving enterprise clients, the company plans to embed sustainable-optimizing AI agents into SaaS products, though no public product has been released yet.