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Crypto

Prediction market operations integration could spark M&A wave, Bernstein report says

Prediction market operators bringing trading infrastructure in-house could lead to more mergers and acquisitions across crypto platforms, sportsbooks, brokerages and independent exchanges, an analysis showed. Bernstein said the sector is moving quickly into an operational integration phase as platforms seek direct control over distribution, brokerage, exchange and clearing functions. Recent moves by Robinhood, DraftKings and Coinbase reflect the trend. Bernstein said regulatory scrutiny is a key barrier to large-scale consolidation.

Crypto

DraftKings launches its own prediction market exchange DKeX

DraftKings has launched its own prediction market exchange, DKeX, The Block reported on Thursday. The company said the launch increases its control over content depth, operating efficiency and the overall customer experience, allowing it to innovate faster. DKeX uses technology from Railbird Technologies, a CFTC-licensed firm DraftKings acquired in October 2025. DraftKings said the prediction market segment posted annualised consumer trading volume of about $3.4 billion and annualised total volume of about $11.3 billion as of June 21.

Crypto

Crypto-style leverage spreads to Wall Street as SpaceX-linked token SPCX sees $50 million forced liquidations

More than $50 million in forced liquidations occurred over 48 hours in SPCX, a SpaceX-linked tokenised stock perpetual futures product, as the underlying price tested around $150, its Nasdaq reference opening level. The liquidation scale rose to behind only bitcoin and ether in crypto derivatives over the same period. The episode underscores that tokenised stocks can carry leverage, margin and funding-fee risks similar to crypto derivatives, with investors not receiving share ownership or voting rights.