Bitcoin Falls 3% as Yields Spike; Cerebras Debuts at $350 on Nasdaq
NDAQ•Bitcoin dropped 3% to about $79,500 and Ethereum slid 4% to $2,220 after the 30-year Treasury yield climbed to 5.114% and the two-year reached 4.075%. Nasdaq listings included Cerebras’s $350 opening price (double its $185 IPO) and IREN’s $3 billion convertible senior note offering.
1. Crypto Market and Treasury Yields
Bitcoin fell 3% to around $79,500 and Ethereum dropped 4% to $2,220 as the 30-year Treasury yield rose over 10 basis points to 5.114% and the two-year climbed eight basis points to 4.075%, pressuring risk assets across exchanges.
2. IREN’s $3 Billion Convertible Note Deal
IREN completed a $3 billion convertible senior note offering maturing in 2033 with a 1% coupon to fund its AI cloud computing expansion, enhancing its capital structure for growth in data center operations.
3. Cerebras Systems’ Blockbuster IPO
Cerebras Systems priced its IPO at $185 per share and opened trading at $350 on Nasdaq, nearly doubling its offering price and achieving a market capitalization above $100 billion on debut.
4. Gemini’s $100 Million Winklevoss Investment
Gemini’s Class A shares jumped 25% after Winklevoss Capital Fund invested $100 million by purchasing stock at $14 apiece paid in Bitcoin, signaling strong investor backing for the crypto exchange’s growth plans.
