Insider Finance - Business - Wall Street: Traders can’t quit crypto

The latest in finance.
View in browser
INSIDER
Subscribe

10 THINGS ON WALL STREET

Welcome back! Dan DeFrancesco in NYC. 

REMINDER: Tomorrow is Valentine's Day! But don't panic. Here's a list of 57 of the best gifts for that special someone.

On tap, we've got stories on how a little-known executive helped Microsoft orchestrate its deal with OpenAI, Tiger Global defends those startup bets, and everything you wanted to know about "The 4-hour Workweek" without having to read "The 4-hour Workweek."

But first, I wish I knew how to quit you.


If this was forwarded to you, sign up here. Download Insider's app here.


Getty image of older man holding up bitcoin and money

1. Just can't quit crypto.

A bunch of high-profile Wall Street investors just piled into a startup that pledges to fix a major issue in the crypto industry.

If that feels like a headline from 2021, you wouldn't be wrong. And while plenty of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn't stopped Wall Street. If there is one thing that finance firms love, it's being successful at something where others have failed miserably. 

Which brings us to C3, a new crypto exchange whose investors are a who's who of some of the top trading and investment firms on the Street.

As Insider's April Joyner reported, some of the firms involved in C3's $6 million seed round include Two Sigma Ventures, Jane Street Capital, Hudson River Trading, Flow Traders, and GoldenTree Asset Management, along with crypto-focused subsidiaries of traditional players like Jump Crypto of Jump Trading Group and Cumberland of DRW. 

While I've never been a crypto evangelist, I also didn't buy into the notion that crypto was going to go away completely after the FTX debacle. The incident, while obviously detrimental to the industry, also didn't feel like the death knell some made it to be. 

That being said, it's interesting to see the caliber of names that have gotten onboard for C3.

Granted, this type of an investment is a rounding error for these firms, but their involvement shows the appetite for the space is still high. As Insider's Dakin Campbell previously wrote, FTX was, ironically, the favored trading place of plenty of "smart money." 

Click here to read more about a new crypto startup that's got backing from some of Wall Street's top trading firms. 


In other news:

Cheman Cheung in front of ocean.

2. Everything you could possibly want to know about how Microsoft inked its now-famous deal with ChatGPT's OpenAI. Insider's Ashley Stewart has the ultimate inside story about how an under-the-radar executive was the mastermind behind the tie-up that has Microsoft going head-to-head with Google. Read it all here.

3. The Goldman shuffle. Yet another high-profile exec has departed the bank's consumer group, with Peeyush Nahar announcing to staff that he'll take on an advisory role, Bloomberg reports. Meanwhile, one of Goldman's top tech bankers is moving into asset management, per Bloomberg.

4. Tiger Global's startup investments aren't that bad, according to Tiger Global. The Financial Times has a report on Tiger's annual letter to investors that defends the way the firm calculates valuations for private companies in its portfolio. More on that here.

5. Walmart's nepo baby. Lukas Walton, grandson of the founder of Walmart, is the world's 68th-richest person, according to the Bloomberg Billionaires Index. Here's everything you need to know about the fiercely private heir to the Walmart empire. And while we're on nepo babies, here's a rundown of billionaire investor Nelson Peltz's 10 kids.

6. German exchange teams up with Google Cloud Platform. Deutsche Börse Group and GCP announced a 10-year tie-up that makes the cloud provider the trading venue's go-to cloud partner. For a breakdown of all the key partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals.

7. This $150 million mansion in Connecticut that just went on the market is probably Ray Dalio's, but I can't say that for sure. The house, which sold for $120 million in 2014, is owned by a limited liability company that has a Bridgewater email address, Bloomberg reports. And a member of the Dalio Family Office recently filed paperwork for said company. But I'm sure it's just a massive coincidence. Check out the house that's definitely not Ray Dalio's here.

8. Who's next in line for the Disney throne after CEO Bob Iger, part II. It's déjà vu all over again. The executive recently announced a restructuring of the company that has some wondering who could succeed Iger. Here's the rundown

9. She read "The 4-Hour Workweek" so you didn't have to. Here are 4 of the biggest takeaways from the book that can help you manage work and life. We just cut it down to the 3-hour workweek. 

10. A former finance analyst at JPMorgan details why he quit his job to give himself a reset. Cheman Cheung left Wall Street after his father passed away to recover from a state of "mental chaos." Here's how he found his way again. 


Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

 

Older messages

Goldman Sachs partners are pissed

Sunday, February 12, 2023

Plus: AI is destroying search, and the $$ of Super Bowl ads. View in browser Subscribe February 12, 2023 Welcome to the new Sunday edition of Insider Today! I'm Matt Turner, the editor in chief of

AI is changing how people date

Saturday, February 11, 2023

Plus: Super Bowl bets, and meet the editor of Wordle. View in browser Subscribe February 11, 2023 Hello, Insiders. A quick announcement if you missed it: We're expanding this newsletter to Sundays.

Microsoft declares war on Google

Friday, February 10, 2023

Plus: Startups to bet your career on, and a fugitive billionaire auction. View in browser Subscribe February 10, 2023 Hello, Insiders. One thing before I begin: We're expanding this newsletter to

Wall Street: The death of the i-banker

Friday, February 10, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Happy Friday? It's Dan DeFrancesco, and these days I get the "Friday scaries" more than the

Online search is about to be destroyed

Thursday, February 9, 2023

Plus: Musk's cost cuts backfire, and police 'street crime' squads. View in browser Subscribe February 9, 2023 Hello, Insiders. I'm highlighting videos from our “Risky Business”

You Might Also Like

🇨🇳 The US is out, China is in

Tuesday, March 11, 2025

Citigroup's forecast for US and Chinese stocks, Lego stacked bricks, and Boeing's investigation | Finimize Hi Reader, here's what you need to know for March 12th in 3:10 minutes. Citigroup

The Under-the-Radar Threat to Your Retirement

Tuesday, March 11, 2025

Nearly half of older adults are burdened by bad debt ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

15 Years Since We Bought Our Toxic Asset

Tuesday, March 11, 2025

In a new Planet Money plus episode, former Planet Money hosts David Kestenbaum and Chana Joffe-Walt look back at a pioneering series that sought to explain a major source of the 2008 financial crisis.

👋 Investors ditched the S&P 500

Monday, March 10, 2025

The US president didn't rule out a recession, but TSMC eased some of investors' other worries | Finimize Hi Reader, here's what you need to know for March 11th in 3:07 minutes. TSMC's

💳 Find a new credit card

Monday, March 10, 2025

Let's get those rewards ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Text and Telos

Monday, March 10, 2025

Plus! Diff Jobs; Scaling; Retail Investors; Comparative Advantage; Transaction Costs and Corporate Structure; DeepSeek Governance Text and Telos By Byrne Hobart • 10 Mar 2025 View in browser View in

Longreads + Open Thread

Saturday, March 8, 2025

Personal Essays, Lies, Popes, GPT-4.5, Banks, Buy-and-Hold, Advanced Portfolio Management, Trade, Karp Longreads + Open Thread By Byrne Hobart • 8 Mar 2025 View in browser View in browser Longreads

💸 A $24 billion grocery haul

Friday, March 7, 2025

Walgreens landed in a shopping basket, crypto investors felt pranked by the president, and a burger made of skin | Finimize Hi Reader, here's what you need to know for March 8th in 3:11 minutes.

The financial toll of a divorce can be devastating

Friday, March 7, 2025

Here are some options to get back on track ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Too Big To Fail?

Friday, March 7, 2025

Revisiting Millennium and Multi-Manager Hedge Funds ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏