Nvidia is discussing a massive $10 billion investment into Anthropic ahead of a planned IPO. Meanwhile, financial firms face operational adjustments, with Bitcoin Suisse cutting half its local Swiss staff and Bitwise closing its Dogecoin ETF. Additionally, Revolut suffered a security breach involving customer data, while Kalshi and Robinhood expand their product offerings and trading volumes.
01Market mover
Nvidia Considers Up to $10 Billion Investment in Anthropic IPO
Financing its primary tenant's listing creates a circular capital flow that inflates compute demand expectations while anchoring Nvidia's own data center hardware backlog.
Nvidia is in talks to invest up to $10 billion as an anchor investor in Anthropic's upcoming initial public offering. Anthropic is seeking to raise as much as $100 billion at a near $2 trillion. The proposed transaction would surpass SpaceX's June listing to become the largest public debut on record. Nvidia's potential check closes a loop where the primary provider of compute infrastructure helps finance its largest tenant's public exit. The chipmaker previously committed up to $10 billion to Anthropic in November 2025 alongside 1 gigawatt of compute capacity on Grace Blackwell and Vera Rubin systems. Bankers are the offering using 2028 forecasts projected between $190 billion and $200 billion. Nvidia reported quarterly revenue with sales at strong levels, leaving the company ample to fund the investment.
Revolut Confirms Customer Data Breach Triggered by Fake Government Requests
Relying on compromised state email domains exposes neo-banks to targeted high-net-worth identity theft, converting trusted government channels into a zero-day vector for crypto transaction tracking.
Revolut disclosed sensitive customer data after falling for a fraudulent information request sent from a legitimate government agency email domain. The compromised files included passports, driver licenses, verification selfies, birth dates, phone numbers, and full transaction histories including activity. While the company stated that systems and customer funds remained unaffected, it did not disclose the exact number of individuals impacted. security researcher ZachXBT reported that the breach appeared targeted at high-net-worth users. Revolut blocked the offending email address, notified affected customers, and alerted law enforcement and regulators.
Bitcoin Suisse to Cut Up to 50% of Swiss Workforce in Restructuring
Offshoring technical development from Zug to lower-cost hubs reveals how crypto wealth managers must alter their operational footprint to maintain high-touch Swiss client services.
Suisse is cutting up to 60 jobs in Switzerland, eliminating half of its local workforce as the financial services firm shifts software development and back-office operations overseas. The Zug-based company is closing its IT development site in Copenhagen while consolidating technical and administrative functions into an existing hub in Bratislava and a newly planned hub in Vietnam. CEO Andrej Majcen stated that the restructuring supports international expansion and a strategic push into wealth and management for institutional clients and high-net-worth individuals. The reductions leave client-facing roles anchored in Switzerland while shifting lower-cost operational execution to jurisdictions with larger technical labor pools. The affected employees face a consultation period lasting until September 20, with layoffs expected before the end of the year.
Insight Partners Diversifies Investment Portfolio Beyond OpenAI and Anthropic
Resisting follow-on rounds for frontier model developers in favor of smaller vertical AI checks reflects a refusal to let inflated infrastructure valuations dilute software fund returns.
techcrunch.com reports that Insight Partners manages $90 billion in while maintaining a investment strategy rather than concentrating solely in frontier labs like OpenAI and Anthropic. Devin Parekh, who has co-run the firm for 26 years, states that Insight has avoided major buyouts since 2024 due to high , unreceptive software markets, and compressed exit multiples. Instead of chasing fast-moving, high- follow-on rounds with minimal incremental data, the firm writes smaller early-stage checks ranging from $20 million to $25 million to compound wins over time. While artificial intelligence infrastructure talent remains heavily concentrated in San Francisco, vertical artificial intelligence spans diverse geographies, as demonstrated by New York-based financial services firm Ramp and Stockholm-based legal-tech company Legora. Parekh notes that backing both OpenAI and Anthropic generated internal debate regarding investment stages rather than foundational strategy, as the firm operates off the board at later rounds.
When ETF closures hit meme-coin products first, it demonstrates that wrapper availability cannot substitute for institutional cash flows when underlying asset utility fails to sustain primary-market creation.
Bitwise Management is shuttering its Dogecoin ticker BWOW after less than a year of trading, underscoring how regulatory access does not guarantee sustained altcoin demand. According to a Form 8-K filed with the SEC, trading on NYSE Arca will cease on October 14, with remaining shares redeemed for cash based on the net asset value calculated on October 21. The fund launched on November 26, 2025, but failed to build scale, holding just $721,815 in assets and about 8.2 million DOGE by September 8. Net assets fell from $1.15 million at the end of 2025 to $473,547 on June 30, with zero share creations and 20,000 redemptions during the first half of 2026. While U.S. Dogecoin ETFs generated about $300 million in cumulative trading volume by September 10, they lagged far behind newer altcoin products like Hyperliquid ETFs at $2.1 billion and Zcash funds at $1.5 billion. Bitwise cited product optimization amid evolving investor needs for the closure, leaving issuers to focus on tokens that sustain and repeat inflows.
U.S. Altcoin ETF Cumulative Volume ($B)
Dogecoin ETFs trail far behind newer altcoin products in cumulative volume.
Kalshi Seeks Regulatory Approval for Single-Stock Perpetual Futures
Joint SEC-CFTC authorization for single-stock perpetuals would import crypto-native derivatives mechanisms into traditional equities markets, bypassing standard settlement cycles and challenging existing insider trading surveillance frameworks.
Kalshi plans to seek U.S. regulatory approval for approximately 60 perpetual contracts tied to major stocks and exchange-traded funds, including Tesla, Apple, and Nvidia. If approved, the offering would introduce the first regulated single-stock perpetual futures in the United States, enabling round-the-clock leveraged trading on with market capitalizations of at least $100 billion. Perpetual futures never expire, utilizing periodic funding payments between traders to track the underlying rather than settling on a scheduled date. Because the underlying are securities, the proposed contracts require joint authorization from both the Securities and Exchange Commission and the Futures Trading Commission. Citadel Securities warned in a regulatory letter that placing equity-linked perpetuals outside SEC oversight could establish a parallel shadow market with weaker surveillance against insider trading. The push follows Kalshi receiving CFTC approval for a perpetual contract in May 2026 and launching and silver perps with up to 15 times .
Robinhood Reports August Crypto Volume Jump Despite Equity Trading Decline
Relying on Bitstamp's volume and event contracts to mask native app weakness exposes Robinhood to prediction-market regulatory pushback against blurring gambling with retail investing.
Robinhood reported $17.5 billion in total trading volume for August, marking a 61% increase from July that still left the monthly figure 38% below the same period last year. The consolidated total relies heavily on Bitstamp, the exchange Robinhood acquired, which contributed $10.1 billion of the August volume while growing 53% month-over-month. Native activity on the main Robinhood app told a softer story, handling $7.4 billion to sit down 46% year-over-year even as it rose 72% from July. Beyond crypto, the platform hit $384 billion in total and saw loans climb 72% annually to $21.5 billion. Event contracts emerged as a primary driver, trading 4.7 billion times during the month to register roughly fifteen times the volume from a year earlier. That surge comes as lawmakers on Capitol Hill press forward with bills targeting prediction markets over concerns that mixing wagers with brokerage accounts blurs investing and gambling. Robinhood shares slipped 0.83% following the release, despite price target upgrades from analysts at Mizuho and StoneX.
August Crypto Trading Volume ($B)
August crypto volume rebounded 61% from July but remained down annually.
Firms are aggressively expanding AI and derivative offerings while cutting costs and shuttering low-demand crypto products. Unresolved is whether regulatory approvals for new retail leverage instruments like perpetual futures will offset growing operational and cybersecurity risks.
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