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Today’s Menu

• Ex-OpenAI CTO raises massive funding for stealth AI company approaching product launch

• Crypto markets surge as corporate treasury adoption accelerates beyond Bitcoin

Markets

TODAY IN AI

Ex-OpenAI CTO raises massive funding for stealth AI company approaching product launch

Former OpenAI CTO Mira Murati has announced a staggering $2 billion seed funding round for her startup Thinking Machines Lab AI, valuing the secretive company at $12 billion less than a year after its creation. The massive valuation comes despite having no publicly available product and minimal information about the company's strategic direction.

Murati revealed that TML will share its first product "in the next couple of months," featuring "a major open-source component" designed for researchers and startups building custom AI models. This open-source approach contrasts with the increasingly closed development strategies adopted by major AI companies, potentially attracting developers seeking alternatives to proprietary systems.

The company is developing multimodal AI that collaborates with users through natural conversations and visual interactions, suggesting a focus on more intuitive human-computer interfaces. The Information recently reported that TML plans to develop custom AI models specifically designed to help businesses increase profits, indicating a clear commercial focus beyond pure research.

The $2 billion seed round represents one of the largest early-stage funding rounds in AI history, reflecting extraordinary investor confidence in Murati's vision and track record. Her experience leading technical development at OpenAI during its most successful period provides credibility that investors are willing to back with unprecedented capital commitments.

The valuation also highlights the premium investors place on proven AI leadership talent. With fierce competition among current AI leaders, investors recognize that former OpenAI executives possess unique insights into successful AI development strategies and market positioning.

Despite minimal public information, Murati has reportedly received significant investor and acquisition interest, demonstrating the market's hunger for alternatives to existing AI platforms. The startup's first product release will be closely watched as a potential catalyst for broader AI industry disruption.

TODAY IN CRYPTO

Crypto markets surge as corporate treasury adoption accelerates beyond Bitcoin

Bitcoin has climbed 2% to $119,000 over the past 24 hours despite U.S. consumer price data suggesting tariffs are contributing to inflation pressures. The continued rally demonstrates crypto's resilience against traditional macroeconomic headwinds as institutional adoption accelerates across multiple digital assets.

Corporate treasury adoption has reached significant scale, with companies now holding 859,993 Bitcoin worth over $100 billion according to BitcoinTreasuries data. This corporate accumulation provides structural demand that supports prices regardless of short-term market volatility or economic uncertainty.

The corporate adoption trend is expanding beyond Bitcoin, with Cantor Fitzgerald Chairman Brandon Lutnick reportedly in late-stage talks for a $3 billion Bitcoin treasury deal. Meanwhile, companies are increasingly considering Ethereum for treasury allocation, with SharpLink Gaming recently overtaking the Ethereum Foundation as the largest corporate ETH holder.

Ethereum has outperformed Bitcoin with a 6% gain in 24 hours, surging past $3,100 to reach its best level since February. Strategic Ether Reserve data shows companies now hold 1.6 million ETH, while spot Ethereum ETFs added $192 million yesterday for a weekly total of $451.3 million.

The broader altcoin market is demonstrating strength, with the CoinDesk 20 index up 3.5% as investors recognize opportunities beyond Bitcoin and Ethereum. This diversification suggests maturing institutional adoption strategies that embrace multiple digital assets rather than Bitcoin-only approaches.

U.S. spot Bitcoin ETFs continue attracting significant inflows, with $700 million in total net inflows this week alone. The sustained institutional demand occurs despite inflation concerns and dollar strength, indicating crypto's growing role as a hedge against traditional financial system risks.

Crypto investors are monitoring the House debate on the GENIUS Act, bipartisan legislation that could halt yield-bearing U.S. stablecoins while providing regulatory clarity for stablecoin issuers. President Trump has indicated that Republican lawmakers who previously objected to crypto bills are now prepared to support them.

If the legislation passes, funds currently chasing stablecoin yields may pivot to staking and other Ethereum-based strategies. As 10x Research founder Markus Thielen noted, this "would potentially reinforce Ethereum's importance within the digital asset ecosystem."

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Until next time,

Damon James