TLDR

MARKET RECAP → Stocks closed mixed on a volatile day of trading Wednesday as the highly-anticipated Fed interest rate decision led to a 0.25% cut to 4.00-4.25%. The FOMC expects two more quarter-point cuts this year and one in 2026.

💹 STUBHUB TAKES OFF → StubHub (STUB) raised $800M, opened 8% above its IPO price, valued around $9B, but with sluggish 3% revenue growth and continued losses, debt reduction is the priority.

💥 BITCOIN TREASURY CRASHES → A firm with a high-profile Bitcoin (BTC) treasury saw its stock collapse ~96%, shattering the belief that BTC holdings alone can sustain market value—real fundamentals still matter.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

Chart of the Day

IPO

StubHub Takes Off

📊 Strong NYSE debut. StubHub (STUB) priced its IPO at $23.50 per share and opened at $25.35, an ~8% pop at market open. The sale raised about $800 million from 34 million shares.

💼 Valuation & strategy. The IPO valued StubHub between $8.6 and $9.3 billion. Proceeds will primarily go toward paying down debt and supporting its global ticketing expansion.

⚠️ Growth slow but steady. Revenue grew just ~3% in the first half of 2025, a sharp slowdown from 29% growth in 2024. Losses remain, making the IPO more about balance-sheet repair than turbo-charging growth.

CRYPTO

Bitcoin Treasury Crashes

💥 Massive stock collapse. Kindly MD, Inc. (NAKA), a company that made headlines for holding large amounts of Bitcoin (BTC) in its treasury saw its stock drop over 70% in the last five trading days, undercutting the idea that simply owning BTC is enough to prop up valuations.

⚠️ Misplaced narrative exposed. The dramatic fall shows that the “Bitcoin treasure chest” story isn’t always a shield—market sentiment, earnings, and other fundamentals still dominate investor behavior.

📉 Investor lessons emerge. Companies riding the Bitcoin narrative may be over-leveraged on hype; sustainability likely depends on how well they run their core businesses, not just how many bitcoins they hold.

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KEEP READING

Fed rate cut: Here’s what it means for your mortgage rate, credit cards, savings accounts and more (CNBC)

Oracle and Silver Lake part of TikTok investor group as Trump extends deal deadline (CNBC)

New Trump appointee Miran calls for half-point cut in only dissent as rest of Fed bands together (CNBC)

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