Linera has begun winding down its operations after a token sale attracted nearly $900,000 in commitments but failed to meet the minimum funding threshold.

Linera token sale falls below minimum threshold

Linera team members said on Discord that the project’s token sale on Sonar received close to $900,000 in commitments from participants. The total did not reach the minimum amount required for the sale to proceed, prompting the team to return all committed funds.

Because the offering did not close, participants did not receive tokens through the sale. The refund also left Linera without the fresh capital it expected to use as it worked toward its mainnet launch.

After the sale fell short, the team approached potential backers for emergency financing. Linera said those discussions did not produce enough money to maintain development at its previous pace or carry the project through to mainnet.

The team has therefore started reducing its operations in stages. Applications connected to the project will be closed, while its Discord community will also be taken offline as part of the process.

Linera did not describe the move as an immediate end to all protocol work. Team members said they still hoped to complete the technology and launch applications at a later date, though they did not provide a new timetable or identify another source of funding.

User points will remain without promised rights

For community members who collected points through Linera’s programs, the team said existing balances would remain recorded. However, it could not promise that the points would provide tokens, financial benefits, or any other rights in the future.

The distinction matters because project points are often used to measure early participation before a token launch. Linera’s statement only confirms that balances will be retained; it does not establish a conversion rate, distribution plan, or claim against the project.

Users who committed money to the Sonar sale stand in a different position because the team said the funds have already been refunded. The shutdown plan therefore centers on unfinished applications, community access and uncertain point balances rather than outstanding token-sale proceeds.

Operational closures can require different steps depending on the service involved. In February, crypto.news reported that Magic Eden set separate deadlines for its Bitcoin and EVM marketplaces and moved its multichain wallet into export-only mode before ending support. Linera has so far disclosed a gradual closure but has not published a comparable schedule for each application.

Its public website remained accessible at the time of reporting and continued to describe Linera Markets as a platform for trading crypto assets and exchange-traded funds through short-duration markets. The site said the markets operate around the clock and pay out after each market resolves.

Although the website lists active product features, the Discord announcement establishes that applications will be taken down as the team cuts operations. Users would therefore need to rely on the shutdown notices and any service-specific instructions issued by Linera.

Linera had raised $12M from major crypto investors

Before the unsuccessful token sale, Linera had secured about $12 million across earlier funding rounds, according to tokenized asset data platform RootData.

The investor list included a16z Crypto, GSR, Tribe Capital, Flow Traders and Laser Digital. Backing from that group gave the project access to both venture capital and firms active in digital-asset trading and market infrastructure.

A previous financing round and a public token sale serve different purposes. Venture rounds generally provide capital directly to the company or development organization under privately negotiated terms, while a token sale raises money from participants under the rules set by the issuer and its launch platform.

Linera’s earlier $12 million total consequently does not mean that the Sonar sale had already met its threshold. The team’s update indicates that continued operations depended on additional funding and that its existing resources were not sufficient to reach the planned mainnet launch.

The project was developed by Zefchain Labs, which is also named in the copyright notice on Linera’s website. Public company information describes Linera as blockchain infrastructure designed for fast, parallel activity, including markets that respond to events in real time.

Rather than processing all user activity through one shared execution stream, Linera’s technical model centered on smaller chains that could handle separate workloads. The project presented the design as infrastructure for applications requiring quick responses and many simultaneous interactions.

Reaching mainnet would have moved that work into a production-stage network. Linera’s announcement shows that the financial shortfall occurred before the team completed that step, leaving the protocol and its applications without a confirmed launch schedule.

US exposure comes through a16z Crypto backing

For U.S. readers, Linera’s clearest connection is a16z Crypto, the digital-asset investment arm of Silicon Valley venture firm Andreessen Horowitz. RootData lists the firm among Linera’s past investors, placing part of the project’s private financing within the U.S. venture market.

The team’s announcement does not identify the nationalities of Sonar participants, whether U.S. residents were eligible for the sale, or how much each investor committed. It also does not disclose the sale’s legal structure, token terms, or minimum target beyond saying that nearly $900,000 was insufficient.

Because all committed sale funds were refunded, the immediate update does not describe holders receiving a new Linera token through Sonar. Community points remain separate from the cancelled offering, and the team has not promised that they will create future token rights.

RootData also names GSR and Flow Traders, both active in global digital-asset markets, alongside Tribe Capital and Laser Digital. Linera has not stated whether any existing investor participated in the emergency financing talks or whether earlier backers will continue supporting limited protocol development.

For developers, the team’s stated hope of finishing the protocol leaves open the possibility of future work, but no replacement funding plan has been announced. The mainnet launch also remains unfinished, while the project proceeds with closing applications and its Discord community.

Anthropic has moved its planned initial public offering to November as investors discuss a deal that could value the Claude developer at roughly $2 trillion and raise up to $100 billion.

Anthropic IPO could become one of the largest listings

The Wall Street Journal reported the delay, saying Anthropic now expects to pursue its IPO in November rather than the October window discussed earlier.

People familiar with the preparations told the newspaper that the extra time would allow Anthropic to present third-quarter financial results to prospective investors. The company is expected to begin sharing more detailed financial information in the coming weeks, although the final timetable will depend on market conditions and investor demand.

Under the figures being discussed, Anthropic could seek a valuation of about $2 trillion and raise up to $100 billion. A transaction of that size would rank among the largest public offerings on record, but the valuation, share count and final proceeds remain subject to change.

Investor meetings are expected to test demand before Anthropic settles the terms of the proposed sale. As part of that process, prospective shareholders are likely to examine the company’s revenue growth, computing costs, customer concentration and spending required to train and operate advanced AI models.

Reuters separately reported on Friday that Anthropic could move the offering until after the U.S. midterm elections in November. Two people familiar with the matter told Reuters that the election was not expected to have a major effect on the listing, leaving the exact timing open.

No public registration statement has been identified for the proposed offering. Until Anthropic files offering documents, details such as the exchange, ticker, underwriting banks, and number of shares will remain unconfirmed.

Revenue growth supports Anthropic’s proposed valuation

Annualized revenue at Anthropic exceeded $65 billion by the end of July, up from about $9 billion at the end of 2025, according to Reuters. The figure measures the revenue pace at a particular point rather than revenue already collected over a full year.

Investors cited by The Wall Street Journal expect the annualized total to rise above $110 billion by the end of 2026. Claude subscriptions, application programming interface access and business contracts account for much of the company’s sales.

Corporate demand will be central to the valuation case presented to public-market investors. Anthropic earns most of its revenue from organizations using Claude and related tools for software development, research, customer support and other business tasks.

Competition remains a material part of that case. Reuters reported that Anthropic was considering releasing another AI model as OpenAI’s GPT-6 Astra gained traction among business customers. Data tracked by Ramp placed Astra at about 13% of enterprise AI spending, compared with 8% for Claude Fable, according to the report.

Anthropic’s annualized revenue run rate still exceeded OpenAI’s reported $40 billion rate in July. Reuters also said Anthropic had projected revenue of roughly $190 billion to $200 billion for 2028, though long-range internal forecasts can change with product demand, pricing and computing expenses.

Serving that demand requires large additions to Anthropic’s infrastructure. Investors cited by The Wall Street Journal expect the company to have access to about five gigawatts of computing capacity by the end of 2026, followed by close to twice that amount at the end of 2027.

Such expansion could increase the amount of capital needed for data centers, chips and electricity. Public filings would give investors more information about those commitments, including how Anthropic funds them and whether cloud providers account for a large part of its costs or revenue.

AI safety debate complicates the IPO case

Chief executive Dario Amodei has continued to call for tighter controls on advanced AI even as Anthropic prepares to sell shares to public investors.

Amodei has asked AI developers to slow the release of increasingly capable systems while governments and companies strengthen safety measures, Reuters reported. His position creates a question for prospective shareholders because slower model releases could affect the speed of commercial growth while reducing the risks linked to deploying systems without adequate testing.

Anthropic and Accenture also announced a commitment of at least $2 billion over five years to support independent evaluation of frontier models, according to a Reuters report. Faculty, Accenture’s AI unit, will conduct evaluations, red-team testing and safety alignment work under the arrangement.

The program calls for independent evaluators to work closely with AI developers so they can study systems with access similar to company employees. Anthropic has described such access as necessary for identifying risks and weaknesses that outside reviewers may otherwise miss.

Safety policies could become financially relevant if Anthropic enters the public market. Investors would need to assess whether limits on model releases affect sales, while the company would have to explain material operational, competitive and regulatory risks in its securities disclosures.

U.S. investors would gain access to Anthropic disclosures

For U.S. investors, a domestic public offering would provide access to financial and governance information that Anthropic does not have to release as a private company.

An issuer pursuing a U.S. listing typically files a registration statement with the Securities and Exchange Commission. The filing gives investors information about the company’s business, audited financial statements, risks, management, major shareholders and intended use of proceeds before shares begin trading.

Circle CEO Jeremy Allaire supported an Anthropic listing, arguing that public markets require audited accounts, regular reporting, independent board oversight and stronger accountability.

Drawing on Circle’s transition into a listed company, Allaire said public-market structures allowed institutions and business partners to assess the stablecoin issuer through familiar financial and governance standards. Circle completed its New York Stock Exchange debut in June 2025 under the CRCL ticker after raising approximately $1.05 billion in an upsized offering.

Allaire also said disclosure rules should not replace government regulation of advanced AI. In his view, securities reporting and AI-specific rules serve separate purposes, as model capabilities, safety procedures, computing commitments and corporate governance attract more public attention.

Anthropic would remain subject to any applicable AI, privacy, cybersecurity, and competition rules regardless of whether it completes the offering. A listing would add securities-law obligations, including periodic financial reports and disclosure of material risks to shareholders.

Key Takeaways

• Federal Reserve officials pushed back the date they expect inflation to descend to a 2% annual rate.

• It was the fifth time since 2021 that the Federal Open Market Committee has extended the timeline to meet its inflation goal.

• Although inflation has fallen from its 2022 peak, a return to the 2% target has proved elusive.

Victory in the Federal Reserve’s war on inflation is just over two years away. Will it always be?

Officials at the Fed predicted inflation, as measured by the Personal Consumption Expenditures price index, will finally fall to the central bank’s target of a 2% annual increase in 2029. That’s later than the Federal Open Market Committee’s projections in June.

Fed officials revised their forecasts on Wednesday after recent economic data showed inflation remains stubbornly high at 3.7% in July. With diesel prices surging to record highs because of the Iran war, inflation seems unlikely to subside on its own. The central bank raised its key interest rate by a quarter-point this week in a bid to blunt the steeper-than-usual consumer price increases.

What This Means For The Economy

Financial markets can expect interest rates to remain higher for longer as the Fed wages an extended campaign to bring down inflation.

The figure shows the median projection from Federal Open Market Committee participants. Fed Chair Kevin Warsh has not taken part in the exercise so far in his tenure. It was the sixth time since 2021 that the Fed has pushed back the long-awaited date.

The Federal Reserve has a mandate from Congress to maintain “price stability” in the economy, and since 2012, has explicitly defined price stability as a 2% annual inflation rate.

Inflation Goal Is a Moving Target

Inflation had stayed near or under the Fed’s 2% target in the years leading up to the pandemic. Then, in March 2021, government stimulus spending and the Fed’s easy-money policies cranked up demand in an economy still snarled by pandemic-related supply chain disruptions. It was a recipe for inflation to take off, and it did.

In March 2021, annual PCE inflation suddenly jumped to 2.7%, its highest in nearly a decade. That same month, Fed officials forecast the outburst would quickly subside, returning to the 2% target the very next year. Instead, it just kept rising. The next time officials projected inflation, in June 2021, they said it would stay above 2% until after 2023. In September, that date moved again to after 2024. And so on.

Although inflation has fallen from its recent peak in 2022, it’s hovered stubbornly above the ever-elusive 2% mark, as tariffs, the Iran war, and other setbacks have kept higher inflation gnawing at household budgets and the overall economy.

At a press conference on Wednesday, Warsh tackled a question about why the Fed has moved the anticipated date once again, and how that squared with the Fed’s statement that the rate hike would support a “timelier return.” Warsh, noting that he didn’t make a projection himself, said that call had been up to his colleagues, and he restated his determination to wrestle inflation down to 2%.

“Today’s action starts to show we’re serious about this, and we will deliver on the price stability objective,” he said.

Some experts thought moving the target date signals that the Fed is accepting a gradual cooling of inflation rather than planning to crank up interest rates rapidly to quash it. The Fed’s main policy tool, the fed funds rate, influences borrowing costs on all kinds of other loans. Raising it discourages spending and, in theory, allows supply and demand to rebalance.

“Is the Fed really willing to put enough pressure on the economy with rate hikes to pull inflation to target by hitting demand?” Byron Anderson, head of fixed income at Laffer Tengler Investments, wrote in a commentary. “We don’t get back to trend until 2029, which doesn’t say aggressive rate hikes.”

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Quick Read

• Five covered-call ETFs yield 8% to 14% monthly by writing options against large-cap U.S. equity portfolios, putting them at double to triple the 10-year Treasury rate near 5%.

• Nasdaq-100 funds post higher yields than S&P 500 funds because greater implied volatility generates fatter option premiums, but they cap upside during rallies.

• QQQI delivers the group’s top 14% yield with roughly 99% of 2025 distributions classified as return of capital, deferring taxes rather than creating current income.

• Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)

Income investors heading into the fourth quarter face a market where the 10-year Treasury yield is near 5%, yet a cluster of options-income ETFs still pays roughly double to triple that rate every month. The five funds on this list — JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI), Global X S&P 500 Covered Call ETF (NYSEARCA:XYLD), Goldman Sachs Nasdaq-100 Premium Income ETF (NASDAQ:GPIQ), NEOS S&P 500 High Income ETF (NYSEARCA:SPYI), and NEOS Nasdaq-100 High Income ETF (NASDAQ:QQQI), all sit in an 8% to 14% trailing yield band while distributing cash monthly.

What distinguishes them is the machinery underneath. Each writes call options against a large-cap U.S. equity portfolio, but they differ on the index (S&P 500 versus Nasdaq-100), the option style (systematic, actively managed, or SPX/NDX index options), and how much upside they surrender in exchange for premium. That mix determines whether a fund functions as a bond substitute, a hybrid equity income sleeve, or a high-octane distribution engine that trades price appreciation for cash.

Why Covered-Call ETFs Look Different This Quarter

Option premiums scale with implied volatility, so higher-vol underlyings such as the Nasdaq-100 support fatter distributions than the S&P 500. That is why the Nasdaq-based funds in this group post the top headline yields while the S&P 500 funds sit lower. The tradeoff, always, is capped upside: when the underlying rallies through the strike, the option overlay gives back part of that gain.

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The Q4 setup matters because a rising rate environment (the 10-year is at roughly its 100th percentile for the trailing year) pressures long-duration growth names inside the Nasdaq while broadening the S&P 500’s leadership. Investors who want equity participation without paying the volatility tax get a specific answer from each of these funds.

JEPI: The Conservative Anchor

JEPI is the largest and most defensively constructed member of the group, with roughly $44.7 billion in net assets. JPMorgan runs an actively selected low-volatility equity book paired with equity-linked notes that synthesize S&P 500 call writing, sidestepping a full-index overwrite. The result is a portfolio dominated by names like Howmet Aerospace, Johnson & Johnson, Eaton, and Trane Technologies, weighted more toward quality industrials, healthcare, and staples than the cap-weighted index.

That construction shows up in the distribution and the price. Monthly payouts have ranged from roughly $0.34 to $0.45 across 2026, adding to a trailing 12-month total of $4.58. Against a share price near $56, that works out to roughly an 8.2% trailing yield. JEPI is also the only fund on the list with a full five-year record, having delivered a 41% total return over that stretch. Investors who want the lowest equity beta in this peer set, and are willing to accept the smallest headline yield, will find JEPI the most aligned fit.

XYLD: The Pure-Index Overwrite

XYLD is the textbook version of the strategy. Global X holds the full S&P 500 and systematically writes at-the-money calls on 100% of the notional value every month at a 0.6% expense ratio. That mechanical overwrite maximizes premium collection but essentially caps monthly upside at the strike, which is why long-term price appreciation tends to lag the underlying index even as distributions run hot.

The trailing 12-month payout of $4.33 against a $41 share price puts the distribution yield near 10.5%. XYLD’s 9.2% year-to-date total return shows the fund is participating in the broader rally, though a look at the five-year figure of 44% illustrates how the ceiling compresses long-run price gains. XYLD is the cleanest reference point for anyone who wants to know what a pure S&P 500 covered-call program delivers, with no active manager judgment layered on top.

GPIQ: The Nasdaq Play That Keeps More Upside

GPIQ is Goldman’s answer to the Nasdaq-100 income category, and its design choice matters. The managers write calls on only a portion of the notional, keeping room for appreciation. That is visible in the numbers: GPIQ produced a 14.2% year-to-date total return and 20% over the trailing year — the strongest price performance on this list.

The equity book leans heavily into megacap tech, led by NVIDIA at 7.5%, Apple at 6.6%, and Micron Technology at 5.6%. The trailing distribution of $5.71 against a $56 price lands the yield near 10.2%. Sitting on $5.1 billion in net assets, GPIQ is the pick for investors who want Nasdaq exposure and monthly income without fully sacrificing capital appreciation.

SPYI: Tax-Efficient S&P 500 Income

SPYI, run by NEOS, holds an actively managed S&P 500 equity portfolio and layers on an SPX index options overlay. The key structural feature is tax treatment: SPX options qualify for Section 1256 60/40 tax treatment, and NEOS characterizes a large share of the distribution as return of capital. That combination often produces a more favorable after-tax outcome than XYLD, which writes standard SPX options but generally distributes as ordinary income.

The equity sleeve, roughly $10.4 billion in net assets, tracks the S&P 500 closely with familiar top weights in Apple, Microsoft, Amazon, Alphabet, and Broadcom. SPYI paid a trailing $6.33 in distributions, working out to roughly a 12% yield at the $52 share price, while returning 8% year-to-date. For taxable accounts holding an income sleeve, SPYI is the sharpest S&P 500 tool on this list.

QQQI: The Highest Payer in the Group

QQQI applies the same NEOS methodology to the Nasdaq-100 and, thanks to the underlying volatility, generates the highest headline yield in the peer set. Trailing distributions reached $7.65 per share against a $53 price, putting the yield near 14.3%. The fund now holds $13.1 billion in net assets, concentrated in NVIDIA at 7.7%, Apple at 6.6%, Micron at 5.6%, Microsoft at 4.4%, and AMD at 4.1%.

NEOS documents the tax structure directly. For fiscal year 2025, roughly 98.9% of each monthly QQQI dividend was characterized as return of capital, which defers taxation and reduces cost basis instead of generating current ordinary income. QQQI carries full exposure to Nasdaq drawdowns, so tax-sensitive investors seeking the largest monthly check on this list will find it the standout choice, provided they can tolerate that volatility.

Matching the Fund to the Job

The right choice depends on what an investor is actually solving for. Retirees who want equity income that behaves more like a bond substitute should favor JEPI, where a lower-volatility equity book blunts drawdowns. Income buyers who want the maximum S&P 500 premium capture with no active overlay belong in XYLD. GPIQ suits investors who want Nasdaq income but are unwilling to give up appreciation, as evidenced by its year-to-date performance leading the group. Taxable accounts targeting the S&P 500 tilt toward SPYI for the Section 1256 treatment, while QQQI is for investors who want the largest monthly distribution and can tolerate Nasdaq volatility in exchange.

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Contact editorial@247wallst.com for any questions or corrections.

The Commodity Futures Trading Commission sent a crypto market structure rulemaking to the White House for review on Sept. 17, pressing ahead without Congress after the Senate failed to advance the CLARITY Act.

The filing, titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, was received by the Office of Information and Regulatory Affairs, the Office of Management and Budget division that reviews federal regulations before publication. It is listed at the prerule stage, the earliest point in the regulatory pipeline, and discloses no details of the planned rules. The CFTC declined to comment.

Agencies move without a new law

The White House filing lands days after the Senate blocked the CLARITY Act in a procedural vote this week. The bill would have set up a federal framework for crypto markets. CFTC Chair Michael Selig had pre-committed to the fallback: in August he said he directed staff to begin exploring rules to codify a CFTC market structure for crypto assets using the agency’s existing authorities. The day after the Senate vote he posted on X that the agency was “locked in and ready to ship” rules for crypto markets.

In his August speech, Selig described a framework that could let current registrants as well as unregistered exchanges be designated a type of designated contract market called a crypto asset market, offering leveraged or margined trading under CFTC oversight. Those details come from the speech, not the filed document. He also said the framework could reach crypto wallets and trading interfaces offering perpetual and event contracts.

What happens next

The proposal stays at the prerule stage through the review. It faces potential revisions at the Office of Management and Budget, then a CFTC vote, a public comment period and a final rule that also requires commission approval.

The CFTC is not moving alone. SEC Chair Paul Atkins said in a Sept. 16 post that the SEC will act “with or without legislation” within its statutory authority. The SEC separately granted temporary, conditional exemptive relief on Sept. 17 letting certain platforms trade tokenized stock without registering as exchanges, and the CFTC the same day issued a no-action position for developers of passive trading software.

Image: generated editorial illustration.

On September 15, Needham analyst James Ricchiuti lifted the firm’s price target on Teledyne Technologies Incorporated (NYSE:TDY) to $760 from $750, and reiterated a Buy rating. The revised price target reflected an upside of 27% from the close of the note.

According to TipRanks, the analyst told investors that the company was well placed to gain from a broadening short cycle recovery and opportunities in modern defense applications. Needham further added that the stock offers a 2.6-to-1 risk/reward skew at current levels.

The adjustment is largely in line with the broader analyst community. As of the close on September 16, TDY is a Moderate Buy based on the consensus of 10 analysts. It has a one-year average share price target of $758.20, representing an upside of 26%.

Bull Case

Needham noted ‘broadening’ improvements in the company’s short cycle businesses, which suggests that momentum is spreading across product lines, rather than being limited to any one particular segment.

During the Q2 earnings call, the management noted that short-cycle commercial markets were beginning to show growth inflections after recent headwinds and lifted its short-cycle portfolio’s growth outlook to mid-single-digits for the year, up from earlier estimates of flat to low-single-digit growth.

The analyst’s reference to prospects from modern defense applications hints toward exposure to new and advanced programs, away from legacy military expenditure. This could mean a less cyclical and more stable revenue moving forward.

Lastly, the firm’s 2.6-to-1 risk/reward appears to be a well-researched and calculated claim rather than a vague assessment. It must be noted that Ricchiuti inherited coverage from another analyst and independently validated the thesis, resulting in a price target increase.

Bear Case

Skeptics may argue that a price target lift from $750 to $760 is a mere 1% increase on scale. This is a modest adjustment that is more of a reaffirmation carried through than an improved outlook.

The ‘broadening short cycle recovery’ statement is a risk if it does not hold up, and improvement stays concentrated instead of spreading. Such a scenario would significantly weaken the bull thesis.

The comment about the opportunities in modern defense applications is just a qualitative assessment, without any solid figures to back it up. Therefore, it should only be viewed as a supporting narrative and not a major catalyst.

Moreover, the 2.6-to-1 risk/reward is Needham’s own estimate. The ratio would only hold if the firm’s downside assumptions are correct. The skew could compress in no time should there be a reassessment of risk.

Hedge Fund Ownership Trends

According to Insider Monkey, 51 hedge funds held a stake in Teledyne Technologies Incorporated (NYSE:TDY) at the end of the second quarter, a small decline from 52 in Q1.

Maren Capital is the largest investor in the company with shares worth over $251 million, as of June 30. The fund increased its stake by 15% during the second quarter.

Despite trimming its position by 18%, Select Equity Group climbed up a spot to second position with a holding of nearly $98 million, while Point72 Asset Management stood at third with an investment of $87 million.

Closing Take

Needham maintaining a Buy rating and modestly lifting its price target reflect the firm’s confidence in Teledyne Technologies Incorporated (NYSE:TDY)’s trajectory. The two main drivers, short-cycle recovery and defense exposure, also justify the positive risk/reward analysis.

Hedge fund sentiment largely remains consistent, although some new firms added positions while others trimmed their stakes, likely due to valuation concerns as the stock trades at a forward price-to-earnings ratio of 24.20, a tad above the sector median of 22.08.

Considering the elevated valuation and narrative-driven catalysts, current shareholders are suited to hold their positions, while new money should wait for the forward price-to-earnings ratio to pull back closer to the stock’s five-year average of 23.33.

This was Needham’s fifth price target increase on TDY within the last 12 months. A majority of those updates followed the quarterly results. The next test of the pattern will be when the company reports Q3 earnings towards the latter part of October.

While we acknowledge the potential of TDY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: RTX Corporation (RTX) Doubles Down on Defense Manufacturing — Is the Stock Still a Buy? and American Airlines Group (AAL) Chases the High-Spend Flyer — But Can Margins Follow?

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Crypto.com has moved its U.S. derivatives business closer to single-stock futures after North American Derivatives Exchange filed a Form 1-N with the SEC on Sept. 14, with the notice registration becoming effective that same day.

The SEC notice says Nadex registered as a national securities exchange solely for trading security futures products under Section 6(g) of the Securities Exchange Act, while the regulator formally acknowledged receipt of the filing on Sept. 16.

The distinction is important to the factual status of the rollout. Under the SEC’s own rules, Form 1-N is a notice registration, not a conventional application requiring the Commission to approve the exchange through an affirmative vote. The SEC previously explained that the filing does not require it to make a specific determination that every exchange rule or proposed product complies with the Exchange Act.

Nadex registration opens the security-futures route

Nadex filed under its legal name, North American Derivatives Exchange, Inc., doing business as Crypto.com Derivatives North America. Its 515-page Form 1-N identifies the Chicago-based exchange as an existing CFTC designated contract market seeking SEC notice registration for security futures.

Registration under Section 6(g) is available to a CFTC-designated contract market that limits its securities activity to security futures and certain permitted futures or options products. The SEC states that registration becomes effective at the same time the Form 1-N notice is submitted, which puts Nadex’s effective registration date at Sept. 14 rather than the Sept. 16 acknowledgement date.

Nadex already operates under CFTC oversight. The regulator’s current records list the exchange as a designated contract market dating to 2004, while its clearing arm is registered as a derivatives clearing organization permitted to clear margined futures and fully collateralized derivatives.

The filing says direct security-futures access will be restricted to qualified exchange members. Firms carrying customer accounts for the products must be registered futures commission merchants and SEC-registered broker-dealers, while some market makers can connect through approved clearing members.

Orders will run through a fully electronic matching system using price-and-time priority. The exchange plans to accept market and limit orders, with clearing taking place through qualified members connected to a registered clearing agency.

Crypto.com filing names 10 proposed stock futures

The Form 1-N contains considerably more detail than the SEC’s two-page acknowledgement. Exhibit I says Crypto.com Derivatives North America plans cash-settled futures on individual equities and may later include exchange-traded funds.

Its initial schedule names 10 proposed reference securities: Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla and SpaceX. Nine are publicly traded companies, while SpaceX remains privately held.

The filing does not say all 10 products are currently trading. It states that Nadex plans to submit listing standards, terms and conditions under Section 19(b)(7) of the Exchange Act before listing the security futures.

A separate operational exhibit says the exchange expects to charge $0.10 for each one-share security-futures contract. Nadex may impose other regulatory, data, connectivity and related fees on qualified members.

Trading hours have not been fixed uniformly for the proposed stock products. The filing says Nadex operates some fully collateralized and margined products around the clock when reliable underlying-market pricing is available, while individual security futures will follow trading hours specified in their own product filings.

One filing detail appears dated. Nadex wrote that it intended to launch security futures on Sept. 9, five days before Form 1-N was submitted on Sept. 14. No later public Nadex announcement reviewed for this report confirmed that the proposed stock contracts began trading on Sept. 9.

A search of the CFTC’s current security-futures product database did not surface a Nadex certification for the ten contracts listed in Exhibit I. The database does show security-futures certifications from CME during June and July, including contracts on Apple, Amazon, Nvidia, Tesla and other stocks.

U.S. stock perpetuals remain a separate plan

Crypto.com CEO Kris Marszalek said after the SEC acknowledgement that the company is working with both the SEC and CFTC on perpetual futures tied to individual U.S. stocks.

“We are working with the SEC and the CFTC to offer single-stock perps in the U.S.,” Marszalek wrote, adding that the company wants to combine digital-asset market structures with U.S. capital markets. His statement describes work with regulators, not an approved perpetual-futures launch.

Perpetual futures do not have the fixed expiration dates used by conventional futures. Funding mechanisms are commonly used to keep their prices near the value of the underlying reference asset.

Stock-linked perpetuals raise an additional regulatory question because products based on individual securities fall within the joint SEC-CFTC security-futures framework. Crypto.com has not disclosed proposed leverage, funding-rate rules, supported stocks or a launch date for its planned perpetual contracts.

Coinbase has taken a similar path. As Coinbase stock perpetual filing coverage reported, Coinbase Derivatives filed its own Form 1-N while Coinbase Financial Markets submitted a related broker-dealer notice as the company works toward U.S. single-stock perpetuals. The filings did not identify a launch date or leverage limits.

Kalshi has gone further in crypto perpetuals and has separately discussed equity-linked products. In Kalshi stock perpetual plans coverage, the company was reported to be preparing around 60 perpetual futures tied to stocks and ETFs, including Tesla, Apple and Nvidia. Those proposed equity contracts had not received final approval at the time of that report.

CME entered the single-stock futures market through traditional dated contracts earlier in 2026. CFTC records show certified products tied to companies including Apple, Amazon, Meta, Microsoft, Nvidia and Tesla, providing an existing regulated U.S. reference point for the product category Nadex plans to enter.

OG.com now owns the Nadex exchange entity

Nadex’s SEC filing shows a corporate structure that changed earlier this year. Exhibit F states that OG Markets US, Inc. acquired 100% ownership of Crypto.com Derivatives North America on June 15, while the exchange’s day-to-day operations remain under its own management team.

The filing describes Nadex as operating two brands for its CFTC-regulated business: Crypto.com Derivatives North America and OG.com. OG Markets US is identified as Nadex’s direct parent.

OG.com later described itself as an independent company following a strategic spin-off from Crypto.com. In a Sept. 8 release, the company said a Citadel Securities investment valued OG.com at $5 billion as part of a wider Crypto.com transaction.

Robinhood agreed under the same announcement to route part of its U.S. prediction-market volume through OG.com’s regulated exchange and clearing infrastructure and to take equity stakes in both OG.com and Crypto.com. The first OG-backed event contracts on Robinhood began rolling out Sept. 8.

For the proposed stock futures, Nadex still must file the product-level listing standards and terms referenced in its Form 1-N. Crypto.com has not announced when the first of the 10 named cash-settled contracts will begin trading, and Marszalek’s proposed single-stock perpetuals remain under discussion with the SEC and CFTC.