It was a week of fortunes made, and fortunes lost, at CoinDesk.

On the one hand, we had Circle, long a leading crypto company, hurtling to IPO and making bank. Its shares were priced at $110 at press time (up from $31 Wednesday), leading many to expect a summer and fall of crypto-themed IPOs.

On the other, we saw HyperLiquid trader James Wynn go from having a $100 million BTC position one day to a massive loss the next. (Kids, beware the big, bad leverage monster).

Most of the market portents looked good, though. Crypto money-raising season was in full swing.

Groups doubled-down on the Bitcoin Treasury Strategy, not least Metaplanet, Japan’s answer to Michael Saylor’s Strategy. Pump.Fun, Solana’s memecoin juggernaut, said it was lining up $1 billion at a $4 billion valuation. One of it

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