Tech Turbulence: Big Antitrust Wins, Spy Satellites & Cyber Scares

Key Facts Summary

Google’s Antitrust Victory (With a Twist): A U.S. judge ruled Google won’t be forced to sell Chrome or stop paying Apple for search dominance – a rare Big Tech win – but ordered it to share search data with competitors to boost competition ^[1]. Google’s stock jumped 7% on the news ^[2].
Chip War Escalates: Washington revoked TSMC’s special export license for its China fab, days after pulling the plug on Samsung and SK Hynix exemptions ^[3]. The U.S. aims to curb China’s tech access, though TSMC’s affected plant makes older chips (just ~2.4% of revenue) ^[4].
Space & Defense:Israel launched a new “Ofek 19” spy satellite with advanced radar imaging capabilities ^[5], enhancing its military surveillance program that dates back to 1988 ^[6].
EVs & Batteries Boom: Toyota announced it will build its first European EV in the Czech Republic, investing €680 million in the Kolín plant ^[7]. South Korea’s LG Energy Solution clinched orders to supply 107 GWh of EV batteries to Mercedes-Benz through 2037 ^[8] ^[9], expanding non-Chinese battery supply chains ^[10].
Cybersecurity Alarm: Credit bureau TransUnion disclosed a hack exposing personal data of over 4 million consumers via a third-party software breach ^[11]. Experts warn the exposure of Social Security numbers creates “far greater potential for identity theft,” elevating the breach’s severity beyond recent incidents ^[12].
Social Media & Scams: Singapore, using a new law, ordered Meta’s Facebook to step up anti-scam measures against impersonation scams – or face a S$1 million fine ^[13]. A minister blasted Facebook as “the top platform used by scammers” and demanded “more decisive action” to curb fraud ^[14].
Crypto & Fintech Moves: A Winklevoss twins-backed Bitcoin holding firm “Treasury” will go public in Amsterdam to offer European investors a pure Bitcoin play ^[15]. And in Washington, the SEC and CFTC launched a joint initiative on crypto oversight to clarify rules for digital asset trading ^[16].
(No AI news included – all developments are non-AI.)

Hardware & Devices (Chips, EVs & Gadgets)

US-China Tech Tensions: In a blow to Beijing’s chip ambitions, the U.S. Commerce Department revoked the “validated end-user” fast-track export status that had allowed Taiwan’s TSMC (and previously Samsung and SK Hynix) to import advanced American chipmaking tools into China without a license ^[17]. The privilege will end on Dec. 31, meaning TSMC’s Nanjing fab will need case-by-case export licenses for U.S. equipment thereafter ^[18]. The fab produces 16 nm “mature node” semiconductors – not cutting-edge chips – contributing only ~2.4% of TSMC’s revenue ^[19]. TSMC said it’s “evaluating the situation” and working with U.S. officials to ensure “uninterrupted operations” in Nanjing ^[20]. While South Korean rivals’ shares dipped on their own export curbs, TSMC’s stock held steady ^[21]. Analysts noted the direct impact on TSMC is minimal, but U.S. equipment suppliers like KLA and Applied Materials could see reduced sales to China ^[22]. This latest move – driven by the Trump administration’s push to ensure China “not benefit too much from advanced American technology” ^[23] – tightens the semiconductor export chokehold that began in 2022.

Toyota Goes Electric in Europe: Long a hybrid champion, Toyota took a significant EV step by announcing its first fully battery-electric vehicle to be built in Europe ^[24]. The Japanese automaker will invest about €680 million to expand its Kolín, Czech Republic plant to produce a new EV model and a dedicated battery assembly facility ^[25]. While Toyota did not reveal the model or launch date, Czech Prime Minister Petr Fiala celebrated the decision as “a key step toward keeping car manufacturing in our country” ^[26]. The Czech government is chipping in up to €64 million for the battery line ^[27]. Auto manufacturing accounts for 10% of Czech GDP, and this EV project anchors Toyota’s presence there. Toyota has been more cautious on EVs than U.S. and European rivals – a stance that actually helped it last year as global EV demand cooled ^[28]. But it’s now accelerating: the company plans nine new EV models in Europe by 2025–26 across Toyota and Lexus brands ^[29]. The Kolín factory (which currently makes Yaris hybrids and Aygo) can build ~220,000 vehicles a year ^[30], providing ample capacity for Toyota’s European EV foray.

Battery Mega-Deals: Underscoring the EV industry’s growth, LG Energy Solution (LGES) won major long-term battery orders from Mercedes-Benz. The Seoul-based battery maker’s filings show one contract to supply 32 GWh of EV batteries to Mercedes by 2035 ^[31], and another 75 GWh through an affiliate by 2037 ^[32]. (For context, 107 GWh could power well over 1.5 million long-range EVs.) The deal’s value wasn’t disclosed, but it follows LGES’s 50.5 GWh order from Mercedes last year ^[33]. LGES, which counts Tesla and GM among its clients, is aggressively expanding cell production in the U.S. and Europe to help automakers “build new supply chains… and reduce reliance on China” ^[34] for critical battery components. This week’s Mercedes win cements LGES’s role as a key player in the West’s EV battery ecosystem.

Consumer Tech @ IFA: Europe’s biggest tech expo, IFA 2025 in Berlin, kicked off its preview days with a slate of gadget launches. Among the highlights, Marshall debuted the Heston 60 – a compact $699 (£499) Dolby Atmos soundbar styled in the brand’s classic guitar-amp look ^[35]. Despite its smaller size, the Heston 60 promises “huge sound” and features mid-century design cues like tactile buttons, plus modern tech like HDMI 2.1 eARC and AirPlay 2 support. Marshall also unveiled a wireless Sub 200 subwoofer ($599) to pair with the soundbar for “foundation-shaking bass,” both set to ship later this month ^[36] ^[37]. Other IFA reveals ranged from Lenovo’s latest gaming handhelds to smart home appliances, as global brands use the event to court consumers ahead of the holiday season.

Big Tech & Digital Platforms

Google Dodges a Break-Up: In a closely watched antitrust case, U.S. District Judge Amit Mehta handed Google a major win – and a partial loss. He ruled that Google will not be forced to divest its Chrome browser or Android mobile business, nor end lucrative payments that make Google the default search on Apple devices ^[38] ^[39]. “Google won’t have to sell its Chrome browser,” the judge wrote, calling outright break-ups too speculative a remedy given rapid market changes ^[40] ^[41]. (“Here the court is asked to gaze into a crystal ball… Not exactly a judge’s forte,” Mehta quipped in his opinion ^[42].) However, Google didn’t emerge unscathed: the court ordered that Google must share some search data and ad business information with smaller rivals to level the playing field in online search ^[43] ^[44]. Regulators had argued Google’s exclusive deal with Apple stifled competition, but Mehta decided more transparency – not a ban on the deal – was sufficient. The ruling ends a five-year legal saga in which Mehta already concluded Google held an illegal monopoly in search ^[45]. Big Tech breathed a sigh of relief at the nuanced outcome: Alphabet shares spiked 7.2% in after-hours trading, as investors welcomed the avoidance of any forced breakup ^[46] ^[47]. Still, the DOJ may weigh an appeal, and Google faces separate antitrust trials over its advertising empire.

EU Court Upholds Data Pact: Over in Europe, transatlantic data flows got a legal reprieve. The EU’s General Court (its second-highest tribunal) upheld the new EU–US Data Privacy Framework ^[48], which was negotiated in 2023 to replace the defunct Privacy Shield. This framework aims to protect Europeans’ personal data stored on U.S. servers. The court “dismissed [the] action for annulment”, confirming that “the United States… ensured an adequate level of protection” for EU personal data at the time of the deal ^[49]. The decision affects thousands of companies – from tech giants to banks and carmakers – that depend on moving user or employee data across the Atlantic ^[50]. It’s a victory for regulators and businesses who feared another invalidation (the prior two EU–US data pacts were struck down in 2015 and 2020 over surveillance concerns). Privacy activists may still appeal to the EU’s highest court, but for now the legal cloud over Facebook, Google, and countless firms’ EU–US data transfers has cleared ^[51].

Zalando Tagged as ‘Very Large’ Platform: In a related EU digital regulation milestone, online fashion retailer Zalando lost its court fight against a landmark content-moderation law. The Luxembourg-based General Court ruled that the European Commission was right to designate Zalando as a “Very Large Online Platform” (VLOP) under the new Digital Services Act (DSA) ^[52] ^[53]. The label, reserved for platforms with over 45 million users, puts Zalando in the same bucket as Facebook and Google and forces it to step up policing of illegal and harmful content. Zalando had argued it’s primarily an e-shop (selling its own inventory) with a smaller third-party marketplace, claiming only ~31 million active users by its measure ^[54] ^[55]. But regulators counted over 83 million monthly users, and the court found Zalando’s user math flawed ^[56]. In dismissing Zalando’s appeal, the judges confirmed that even a retailer-marketplace hybrid must meet the DSA’s strict transparency and content oversight rules. This judgment shores up the EU’s authority to impose tougher internet rules on a broad array of platforms, beyond just social media.

Meta vs. Scammers – Singapore’s Ultimatum: Meta (Facebook) is under new pressure in Asia to clean up fraud on its platforms. Singapore’s police issued a first-of-its-kind Online Criminal Harms order compelling Meta to implement robust anti-scam measures on Facebook – specifically targeting ads, accounts and pages impersonating government officials ^[57]. If Meta fails to comply, it faces fines up to S$1 million (~US$776k) under Singapore’s new law enacted in 2024 ^[58]. “Facebook is the top platform used by scammers for impersonation scams… more decisive action is required,” warned Minister of State for Home Affairs Sun Xueling (Goh Pei Ming) in a speech outlining the order ^[59]. Authorities noted over one-third of e-commerce scams in Singapore last year occurred on Facebook, and that Facebook Marketplace had the weakest anti-scam safeguards among major online marketplaces ^[60]. Meta says it is bolstering defenses – including facial recognition to detect fake profiles – and working with law enforcement. “We’ve invested heavily in detection and take legal action against the criminals behind these scams,” a Meta spokesperson responded ^[61]. The unprecedented directive signals a more aggressive stance by governments to hold social platforms accountable for user safety. Digital platforms operating in Singapore will be watching closely as Meta formulates its response.

Amazon’s Prime Push Stalls: An exclusive Reuters analysis of internal data revealed that Amazon’s U.S. Prime membership sign-ups slowed despite an expanded Prime Day promotion ^[62] ^[63]. Amazon doubled its mid-year Prime Day sale to four days (July 8–11) and hyped “record-breaking” results, yet about 5.4 million U.S. users signed up in the 21 days around the event – roughly 116,000 fewer than last year and 106,000 below Amazon’s target (a ~2% drop) ^[64]. The slip suggests saturating growth for the $139/year Prime program in Amazon’s home market. Amazon, which closely guards Prime metrics, said membership remains strong and noted it achieved record sign-ups in the 25-day Prime Day period ^[65] – but it declined to provide numbers or clarify its timeframe. Prime Day is traditionally a key lever to onboard new subscribers with sales FOMO, and Amazon had even expanded a rural delivery initiative to entice more sign-ups ^[66]. The data hint that many deal-hunters canceled after the discounts, and Wall Street had anticipated a lukewarm Prime Day due to economic factors ^[67] ^[68]. Amazon will likely refocus on retention and added perks as U.S. Prime growth plateaus.

(In other platform news, Elon Musk’s X (Twitter) notched a legal win: a private arbitration panel ruled that 1,500 former employees must individually pursue claims over unpaid severance, sparing X a costly class-action ^[69]. And Disney agreed to pay $10 million to settle U.S. charges that its Disney+ apps illegally collected children’s personal data without parental consent ^[70] – a reminder that data privacy enforcement extends beyond Big Tech.)

Cybersecurity & Data Privacy

TransUnion Breach Hits Millions: A major data breach at TransUnion came to light, raising alarms about the safety of consumer financial data. The credit reporting giant confirmed that personal information of approximately 4.4 million Americans was compromised in a cyberattack involving a third-party software vendor ^[71]. According to letters sent to state regulators, TransUnion experienced a “cyber incident” in late July that exposed names, dates of birth, Social Security numbers and more via a vulnerability in a contractor’s Salesforce support application ^[72] ^[73]. While TransUnion stressed that no credit reports or core credit scores were stolen ^[74], the leak of SSNs and other identifiers is serious. “The compromise of SSNs creates far greater potential for identity theft, financial fraud, and long-term misuse of personal data,” warned Cory Michal, chief security officer at AppOmni ^[75]. He noted this elevates the TransUnion incident “well above other recent disclosures” that didn’t expose such critical data ^[76]. Security analysts linked the hack to a wave of breaches tied to Salesforce-integrated apps, possibly by the ShinyHunters extortion group ^[77]. In fact, TransUnion’s breach was part of a broader campaign that hit banks, airlines, and tech firms via compromised third-party plugins ^[78] ^[79]. The incident underscores the risks of supply-chain attacks. TransUnion says it “quickly contained” the issue and is working with law enforcement ^[80], but affected consumers are being notified to watch for fraud. Regulators in multiple states are investigating whether TransUnion had adequate safeguards in place ^[81] ^[82].

Cyber Business Booms: On the upside, demand for cybersecurity solutions is stronger than ever, as evidenced by cloud-security leader Zscaler’s upbeat outlook. The Silicon Valley firm told investors that surging corporate spending on security – to counter escalating hacks and protect new AI-driven systems – will propel its revenue above expectations. Zscaler now projects FY2026 revenue of $3.27–3.28 billion, topping analyst estimates (~$3.21 B) ^[83] ^[84]. “Robust demand for cybersecurity services as businesses upscale infrastructure” fueled by digital transformation is a key tailwind, the company noted ^[85]. CEO Jay Chaudhry said companies are expanding budgets to “safeguard their digital infrastructure and sensitive data” amid rising cybercrime and the rush to adopt generative AI ^[86]. Zscaler itself is rapidly adding capabilities – it just closed a $675 million acquisition of startup Red Canary to enhance its detection of threats across cloud and endpoints ^[87]. The company is also incorporating AI to help clients identify threats faster: “We are rapidly expanding our AI security portfolio to address emerging risks of AI models and applications,” Chaudhry noted ^[88]. Thanks to this momentum, Zscaler’s stock jumped 3% in after-hours trading as it beat Q4 estimates and issued the bullish forecast ^[89] ^[90]. The takeaway: even as economic clouds loom, cyber defense remains a spending priority – a trend only reinforced by incidents like the TransUnion breach.

Enterprise & Govt Security Initiatives: In other security news, a coalition of U.S. tech and telecom firms launched a “Alliance for Cybersecurity” with a zero-cost toolkit for small businesses (an initiative supported by the White House) ^[91]. And the SEC and CFTC – America’s financial regulators – announced a joint crypto oversight plan to close gaps in digital asset regulation ^[92]. The agencies will together issue guidance on how existing rules apply to crypto trading, especially for “leveraged or margined” cryptocurrency products that thus far straddled jurisdictions ^[93]. This unprecedented collaboration between the securities and commodities regulators is meant to present a united front against crypto risks and clarify gray areas that have led to recent enforcement turf wars. It’s a timely move as high-profile crypto cases flood U.S. courts and lawmakers debate new digital asset laws.

Space Tech & Aerospace

Israeli “Ofek 19” Spy Satellite: Israel’s Ministry of Defense confirmed the successful launch of a new military surveillance satellite on Sept 2 ^[94]. The Ofek 19 satellite, built by Israel Aerospace Industries, rode into orbit from a classified launch site (historically, Israel uses a coastal base for westward launches over the Mediterranean). Ofek 19 is described as a “highly advanced SAR observation satellite with enhanced capabilities”, meaning it carries a synthetic-aperture radar sensor ^[95]. Unlike optical spy sats, SAR can capture all-weather, day/night imagery – a significant upgrade for Israel’s reconnaissance abilities. After orbital insertion, Ofek 19 will undergo tests to verify its performance ^[96]. This launch continues the Ofek series Israel began in 1988 to provide independent military surveillance of the Middle East ^[97]. The last model, Ofek 16, was launched in 2020, reportedly offering ~0.5 meter resolution. Ofek 19’s radar should allow Israel to peer through clouds and camouflage, enhancing intelligence on adversaries’ activities. Defense officials hailed the mission’s success, noting that maintaining an indigenous spy-satellite program gives Israel strategic “eyes in the sky” as regional tensions remain high.

U.S. Space Command HQ Drama: (On the geopolitical front, an unexpected announcement briefly grabbed headlines: Former U.S. President Donald Trump claimed he would move U.S. Space Command’s headquarters from Colorado to Alabama ^[98] ^[99], reviving a Trump-era plan that the Biden administration had paused. However, current Pentagon leaders have not confirmed any change, and critics call the move politically motivated. The situation remains fluid pending official review.)

Commercial Space Bits: In the private sector, Amazon’s Project Kuiper (a rival to SpaceX Starlink) inched forward – the company said it aims to deploy satellite broadband services in Vietnam under a new agreement ^[100]. And SpaceX’s Starship program turned a corner: Elon Musk’s heavy rocket successfully launched a flight in late August that deployed trial satellites for the first time ^[101], a sign that Starship’s earlier test failures may be overcome. Meanwhile, launch startup Firefly Aerospace received FAA clearance to resume its Alpha rocket flights after a 2021 failure ^[102], adding a new player back into the small-satellite launch market. All told, the past week saw progress both in cutting-edge military space and the burgeoning commercial space internet arena.

Telecom & Networking

Global Telecom M&A: A notable telecom deal emerged as U.S.-based iBASIS agreed to acquire significant assets from Australia’s Telstra. The deal, announced Sept 3, will see iBASIS take over Telstra International’s wholesale voice, mobile and messaging customer contracts, marking iBASIS’s expansion into Australia and New Zealand ^[103] ^[104]. iBASIS, a communications provider owned by Tofane Global, also gains exclusive rights to handle international voice traffic for Digicel Pacific (a Telstra subsidiary serving Papua New Guinea, Fiji, Samoa, etc.) ^[105]. Essentially, Telstra is outsourcing a chunk of its global carrier business to iBASIS to streamline operations. The financial terms weren’t disclosed – Telstra declined to comment on pricing ^[106] – but the move lets Telstra focus on its core retail and enterprise units at home while iBASIS scales up in the Asia-Pacific wholesale market. The acquisition is set to close by year-end 2025 ^[107]. It reflects a broader trend of telcos divesting non-core international units and partnering to extend their reach. For iBASIS, which has been aggregating telecom assets across regions, the Telstra contracts strengthen its position as a global voice and messaging carrier, especially in the high-growth Oceania region.

(In other telecom news, Maroc Telecom and Inwi – two of Morocco’s top operators – struck a landmark deal to jointly invest ~$460 million in rolling out 5G infrastructure, sharing towers and fiber to expedite coverage ^[108] ^[109]. The partnership, approved in March, also settled a legal feud between the rivals, with Maroc Telecom paying Inwi about 4.4 billion dirhams to resolve a competition case ^[110]. This alliance exemplifies how carriers in mid-sized markets are pooling resources to make 5G economically viable. And in the U.S., Verizon and AT&T turned on new mid-band 5G spectrum in dozens of cities, promising faster connections as 5G adoption grows – though some users report incremental improvements rather than game-changing speeds so far.)

Biotech & Health Tech

Weight-Loss Drug Frenzy Shifts: The global craze for GLP-1 weight-loss drugs (like Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound) has taken an interesting turn in China. Reuters reports that at least eight Chinese API companies that previously fueled U.S. compounding pharmacies with semaglutide (Wegovy’s active ingredient) are now racing to make legitimate generic versions of the drug ^[111]. Over 2022–24, these firms shipped vast quantities of semaglutide to U.S. telehealth and compounding startups, enabling “bootleg” weight-loss injections for millions of Americans while Novo struggled to meet demand ^[112] ^[113]. “Never before had a new drug become so wildly popular that the manufacturer couldn’t keep up,” observes ex-FDA Commissioner Robert Califf of the Wegovy shortage ^[114]. This gray market is now in retreat: U.S. regulators have cracked down on off-label sales, and Novo Nordisk ramped up production, causing Chinese raw ingredient exports to plummet ^[115]. Sensing opportunity, those Chinese suppliers – including names like Sinopep and WuXi – are pivoting to develop authorized generic semaglutide as patents begin expiring in smaller markets (Canada, Brazil in 2026) ^[116] ^[117]. Beijing is also encouraging generic manufacturing of pricey Western drugs. However, any generic Wegovy from China will face strict safety trials and patent hurdles before global distribution. Industry experts say the “semaglutide gold rush” highlights how a breakthrough drug can spawn a parallel underground supply chain – and how quickly that can vanish once regulators intervene ^[118] ^[119]. Novo Nordisk, for its part, isn’t standing still: it just inked partnerships (e.g. a $550 million deal with biotech Replicate BioScience) to develop new obesity therapies using RNA tech ^[120] ^[121], aiming to stay ahead of both Lilly’s competition and eventual generics.

Pharma Deals & Trials: Pharmaceutical giants are wheeling and dealing to maintain their pipelines. On Sept 2, Novartis was rumored (via FT) to be eyeing a takeover of Avidity Biosciences – a U.S. biotech developing RNA therapies for muscular dystrophy – in a potential ~$4.6 billion bid ^[122] ^[123]. Avidity’s shares leapt ~23% on the report ^[124], though both companies declined comment and talks are said to be early ^[125] ^[126]. The interest aligns with Novartis’s 2025 strategy of beefing up its drug pipeline through acquisitions (it bought Chinook and DTx Pharma earlier in the year). Meanwhile, Merck scored a clinical win: it announced another successful Phase III trial for its oral cholesterol-lowering drug candidate, after a similar trial last month ^[127]. This boosts Merck’s prospects as it seeks to replace revenue from aging blockbusters like Januvia. And BioNTech, known for COVID vaccines, reported Q2 revenues doubling to €261 million thanks to strong demand for its updated Pfizer-partnered COVID shots ^[128]. The German biotech still posted a net loss (its cancer vaccine R&D is costly), but it reminded investors of big partnerships: BioNTech is collaborating with Pfizer on a novel RSV vaccine and with Moderna on personalized cancer vaccines ^[129] ^[130]. The overall picture in biotech: as the post-pandemic landscape shifts, companies are aggressively pursuing M&A, partnerships, and next-gen technologies (from gene therapy to AI-driven drug discovery) to drive the next wave of medical innovation – and to keep shareholders happy.

Fintech & Crypto

Stablecoins & Crypto Regulation: European Central Bank President Christine Lagarde urged the EU to tighten stablecoin regulations, warning of gaps in oversight for foreign-issued stablecoins used in Europe ^[131]. While the EU’s landmark MiCA law is set to govern crypto issuers in 2024, Lagarde told a Brussels forum that additional safeguards might be needed for large stablecoins like Tether or USDC that aren’t euro-based. She advocated for caps on stablecoin transactions if they start displacing the euro in daily use ^[132]. The comments underscore policymakers’ cautious stance as private stablecoins gain adoption in payments. Across the Atlantic, U.S. regulators made a notable joint move: the SEC and CFTC announced a coordinated initiative on crypto assets ^[133]. In a rare collaboration, the two agencies will form a joint body to clarify how they police crypto, particularly for trading platforms offering leveraged or margin crypto products ^[134]. This is aimed at closing regulatory gaps between securities (SEC’s turf) and commodities (CFTC’s domain) in the crypto realm. The unified front comes amid a flurry of U.S. crypto enforcement actions – and as Congress debates bills to decide which agency should fully control crypto. The SEC/CFTC partnership suggests they’re not waiting for lawmakers to act and instead will issue joint guidance to the industry in the coming months.

Winklevoss-Backed Bitcoin Listing: Despite crypto market volatility, Europe’s capital markets continue to attract digital asset ventures. “Treasury” – a Dutch Bitcoin holding company backed by Cameron and Tyler Winklevoss – announced plans to list on the Euronext Amsterdam exchange via a reverse takeover ^[135]. The firm, which raised €126 million in a round led by Winklevoss Capital, acts as a “Bitcoin treasury” – essentially a corporate owner of bitcoin reserves akin to how some companies hold cash ^[136]. Treasury has accumulated over 1,000 BTC so far ^[137] (worth ~$30 million at recent prices). By going public through a merger with Dutch investment company MKB Nedsense ^[138], Treasury aims to give European investors a pure-play vehicle to bet on Bitcoin’s long-term appreciation ^[139]. Europe has several crypto exchange-traded products, but their uptake has lagged U.S. spot ETFs ^[140]. The Amsterdam listing – expected to value the combined entity at a premium (shares are set for a post-merge price of €2.10, vs. Nedsense’s pre-deal €0.07) ^[141] – would mark one of the first crypto-native companies to trade on a European stock market. The Winklevoss twins (best known for their Gemini crypto exchange) appear to be diversifying bets amid a U.S. regulatory crackdown on crypto firms. Notably, this comes as Bitcoin’s price has surged to all-time highs above $120k in 2025, driven by renewed institutional interest and ETF inflows ^[142]. If successful, Treasury’s listing could pave the way for more crypto treasury and investment vehicles tapping into public equity markets in Europe.

Fintech Funding & IPOs: The fintech sector saw significant fundraising and IPO moves: U.S. blockchain lender Figure Technologies filed for a U.S. IPO aiming for a $4.1 billion valuation ^[143], despite the cooler SPAC market that scuttled its earlier listing plans. And African payments giant Flutterwave reportedly raised over $250 million at a $3 billion valuation (though down from its prior round) to fuel expansion, reflecting both challenges and resilience in emerging markets fintech.

Sources: Reuters and others as cited above. All information is from September 2–3, 2025 ^[144] ^[145] ^[146] ^[147] ^[148] ^[149] ^[150] ^[151] ^[152] ^[153] and does not include any AI-related news.