Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack. GM! Today’s top news: Crypto majors fall after recent rally; BTC at $123,000 Gold makes new ATH at $4,070 up 50% on year Monad’s MON token debuts pre-market at $15B FDV Polymarket raises $2B at $9B from NYSE parent, gains massive distribution S&P set to unveil new index featuring 35 stocks and 15 digital assets 🟣 Polymarket Secures up to $2B From NYSE Parent ICE It looks like the recent raise rumors for Polymarket were true. And they came with an even more bullish twist for the leading prediction market. 📌 What Happened The New York Stock Exchange’s parent, Intercontinental Exchange (ICE), will invest up to $2B in Polymarket at a $9B valuation. And arguably more importantly, become the global distributor of its event-market data. ICE said it will take a stake valuing Polymarket around $8–9B and pipe Polymarket’s event-driven data to institutions worldwide, with collaboration on tokenization also on the table. The deal lands as Polymarket readies a regulated U.S. relaunch via its acquisition of QCX/QC Clearing and a CFTC no-action letter that clears near-term listing mechanics. 🗣️ What They’re Saying “We are excited to announce that Intercontinental Exchange (ICE) — the parent company of NYSE, is making a $2b strategic investment at a $9b post-money valuation. Together, we’re building the next evolution of markets.” - Polymarket on X “Our partnership with ICE marks a major step in bringing prediction markets into the financial mainstream. But in addition to that, it’s a monumental step forward for DeFi. ICE is the one remaining founder-led exchange company, and Jeff is all-in on utilizing his assets, including NYSE, to usher in a new financial era of tokenization. We’re humbled to be working together on this endeavor. ICE will also begin distributing Polymarket data to thousands of financial institutions around the world. There is so much to build when you combine the force of ICE’s institutional scale and credibility with Polymarket’s consumer + cultural savvy and distribution.” - Shayne Coplan on X “The polymarket story is interesting because it forces you to believe in something. It is probably the first time (after stables) that we see a primitive break through to the mainstream and define a new market category.” - X user Joel John 🧠 Why It Matters ICE operates one of finance’s largest data pipes (the ICE Global Network / ICE Consolidated Feed), which aggregates and distributes content from 600+ global sources to banks, asset managers, ISVs and terminals. Putting Polymarket’s odds into that fabric means real distribution. Brokers, quant desks, risk systems, and analytics platforms all seeing live event probabilities next to equities, rates and FX, powered by Polymarket. Add Polymarket’s Stocktwits tie-up for retail reach, and you’ve got institutional and consumer channels lighting up at once. This is less “betting site gets cash” and more information market becomes an asset-class data feed. Combine this partnership with the expected US app launch any day now, and Polymarket looks to be on a mega-upwards trajectory. And $9B may be very cheap in hindsight…  🌎 Macro Crypto and Memes A few Crypto and Web3 headlines that caught my eye: Crypto majors are red but rebounding after a big Tuesday selloff; BTC -1% at $123,000, ETH -4% at $4,500, BNB +1% at $1,313, SOL -4% at $221 CAKE (+5%), SPX (+4%) and MNT (+4%) led top movers Gold hit a new ATH at $4,070 overnight as its run accelerates The BTC ETFs have seen $5.3B in net inflows over the past 7 sessions Deutsche Bank said it expects both Bitcoin and gold to become part of central bank reserves by 2030 Polymarket secured up to $2B from NYSE owner ICE, putting valuation near $9B and unlocking institutional data distribution ahead of a U.S. push SEC Chair Paul Atkins said that their formal “innovation exemption” could be finalized by end of year The S&P Dow Jones is set to debut Digital Markets 50 Index blending 15 cryptocurrencies with 35 crypto-linked equities, with partner Dinari issuing an on-chain tracker token The American Labor Union warned that the Senate Crypto Bill lacks worker protections and offers only “the facade of regulation” Meanwhile raised $82M led by Pantera and Haun Ventures for its Bitcoin life insurance product In Corporate Treasuries / ETFs CEA Industries revealed a 480,000 BNB treasury now worth ~$611M, as it looks to become the leading BNB DAT Dogecoin treasury firm CleanCore lifted its holdings above 710M DOGE (~$182M) and plans to acquire 1B+ The TRUMP token deployers plans to raise $200M for a TRUMP DAT In Memes Memecoin leaders are mostly red; DOGE -4%, Shiba -4%, PEPE -6%, PENGU -5%, BONK -4%, TRUMP -4%, SPX +6%, and FARTCOIN -13% BNB memes soared again led by 币安人生 which hit $500M (+120%) and 4 (+37% to $208M); new runner BSC soared 10x to $12M BubbleMaps reported that 70% of BNB wallets are in profit trading BNB memes 💰 Token, Airdrop & Protocol Tracker Here’s a rundown of major token, protocol and airdrop news from the day: Monad’s MON token started trading on Hyperliquid pre-market, opening at a $15B fdv YZi Labs announced a $1B Builders Fund to support founders in the BNB ecosystem Rug Radio announced that is has officially deprecated its Rug Radio NFTs and RUG token and that a snapshot has been taken for conversion of those assets into the upcoming $MYR token Arbitrum announced another Kaito Earn season with 700k ARB ($310,000) up for grabs 🚚 What is happening in NFTs? Here is the list of other notable headlines from the day in NFTs: NFT leaders were mostly red; Punks +1% at 48.4 ETH, Pudgy -4% at 9.5, BAYC -2 at 8.81 ETH; Hypurr’s -5% at 1,260 HYPE Moonbirds Mythics (+10%) were notable top movers Punk Strategy fell another 30% on the day to $130M, as founder Rhynotic did announce a new cadence of releases starting next week Pain Strategy (PAINSTR) debuted, running as high as $5M at peak before settling at $3M ahead of today’s CheckSTR launch XCOPY ‘Last Selfie’ edition of 10 reportedly sold for $2.6M + a Hoodie Punk (~$3.5M) The FWOG artist Groowut teased a new NFT mint coming soon on OpenSea