Ripple has completed a $275 million private placement of senior unsecured notes, which will be issued by Ripple Prime. The funds will be used for working capital and US business expansion, and the issuance will receive a BBB investment grade rating from KBRA. Ripple Prime plans to expand its multi asset clearing, financing, and prime brokerage services.

According to Bloomberg, Bank of America analyst Vivek Arya calculated through a free cash flow split valuation model that Nvidia's current stock price is discounted by approximately 34% to 50% from its value. Nvidia has committed approximately $300 billion in funding to OpenAI Ohio Data Center Park and other projects and ecosystem partners, of which approximately $70 billion is equity investment and approximately $230 billion is residual value guarantee or repurchase commitment. Bank of America maintains a buy rating on Nvidia and a target price of $350.

[Royal Bank of Canada Increases Strategy Holdings by 46,001 Shares, Total Holdings Rise to 385,002 Shares] According to BitcoinTreasuries.NET, the Royal Bank of Canada increased its holdings in Strategy by 46,001 shares, valued at approximately $4.45 million. After the increase, the Royal Bank of Canada's total holdings reached 385,002 shares, valued at approximately $37.2 million.

The Hyperliquid Policy Center and trade [XYZ] have submitted a joint opinion letter to the US Securities and Exchange Commission, proposing the introduction of Pre IPO Perpetual Contracts (IPOPs) to provide publicly available continuous price discovery mechanisms for companies about to go public. IPOP allows traders to trade long or short around the expected stock price of a company in the days leading up to its listing, but does not grant holders shares, allotment, voting rights, or other benefits. The product will cease operation after the company's listing. Trade [XYZ] has launched 5 IPOP markets on Hyperliquid that have completed their lifecycle. The IPO price in the United States is 10.8% to 38.4% lower than the IPOP price on the day before the IPO. Both parties suggest that the US Securities and Exchange Commission study the regulatory classification, information disclosure, listing qualifications, market integrity, and openness to US investors of IPOPs.

According to Delphi Digital, the current scale of curatorial lending vaults in the DeFi field is approximately $9 billion, with Steakhouse, Sentora, and Gauntlet managing a total of approximately $6.8 billion. These institutions provide revenue product designs for multiple centralized exchanges, brokers, and DeFi applications, and are responsible for determining fund allocation and risk exposure. After some Vault recently incurred losses, funds have shifted to top curators and relatively safe collateral. Delphi Digital believes that the management organization behind Vault is exhibiting centralized characteristics similar to traditional asset management companies.