Asian Stock Markets Open Lower

According to CNBC, Tarek Mansour, CEO of prediction market platform Kalshi, confirmed the company is in the early stages of potential IPO planning, but will not go public in 2026. Mansour noted it is reasonable to start considering an IPO given Kalshi’s current financial standing and growth rate. He said: "A company with our financial position and growth trajectory will have these discussions. People will start asking the question. We’re basically thinking about this, but obviously don’t have answers yet." Earlier, The Information reported that Kalshi was in early discussions about a potential IPO, with a possible listing timeline of late 2027 or 2028. Mansour did not provide a more specific timeline on Wednesday, only stating that an IPO will not occur in 2026. Kalshi has grown rapidly over the past year. At the end of June 2025, the company was valued at $2 billion; in May this year, Kalshi announced the completion of its Series F financing round, lifting its valuation to $22 billion. Prediction market observers point out that one factor driving the valuation increase is market opportunities brought by institutional traders. While retail users have fueled Kalshi’s growth, the company has begun adjusting its messaging and product development direction to boost its appeal to Wall Street. Regarding potential insider trading issues in prediction markets, Mansour said Kalshi has taken measures to enhance market integrity, including strengthening efforts to identify traders’ employers and enforcing KYC verification requirements. Kalshi has filed cases against individuals to show its efforts to curb insider trading concerns are working. Building market integrity for prediction market platforms is "a difficult problem, but not an impossible one."

According to an official announcement, Bitget has launched two stock perpetual contracts—SONY (Sony Group) and MVLL (Marvell Technology 2x Long ETF)—to meet users’ diversified investment demands. Both contracts are settled in USDT, support up to 20x leverage, and offer 24/7 trading. For more details, please refer to Bitget’s official platform.

According to an official announcement, Binance has decided to withdraw its MiCA license application submitted in Greece and will seek authorization in another EU member state.

Computing power market infrastructure firm Ornn has closed a $33 million seed funding round, led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, and SV Angel, while existing backers Vine Ventures, Crucible Capital, Link Ventures, and Box Group also contributed. Ornn stated that mature commodity markets first require reliable pricing data; price discovery enables subsequent risk transfer, which in turn supports more efficient capacity allocation. Its OCPI, a transaction-based computing power index, is designed to deliver a unified, credible price benchmark for the computing power market eligible for settlement. Partners including ICE can facilitate risk transfer by directly referencing OCPI-based futures and options contracts. Ornn also unveiled Ornn Compute, a physical capacity layer for the computing power market that aggregates dedicated GPU capacity from multiple neoclouds onto a single platform, offering unified onboarding processes, a secondary transfer market, and on-demand subletting features. Operators can access diversified demand from multiple tenants via an underwriting contract, while buyers can view the location, hardware configuration, and terms of their reserved clusters. The platform will turn dedicated GPU capacity into liquid assets and unlock previously idle capacity for utilization.

According to data from Coinglass, as Bitcoin fell below $61,000, the crypto market saw a wave of rapid liquidations. Over the past hour, global crypto liquidations hit $134 million, with long positions accounting for $126 million and short positions totaling $8.53 million.

According to HTX market data, Bitcoin has fallen below $61,000, with a 2.85% decline in the past 24 hours.