The Daily: Polymarket reportedly nears $1 billion unicorn valuation, Ledger unveils ‘spare key’ recovery device for crypto wallets, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.Happy Tuesday! Bitcoin and Ethereum surged overnight after President Trump announced a ceasefire deal between Israel and Iran, sparking a broad crypto rally. Despite ongoing confusion over the agreement, analysts say the spotlight now shifts to macro signals — like ETF flows and dollar strength — to determine whether the momentum can last.In today's newsletter, Polymarket is reportedly set to raise $200 million at a $1 billion valuation, Ledger unveils Recovery Key for its crypto hardware wallets, Metaplanet plans a $5 billion capital injection into its U.S. subsidiary, and more.Meanwhile, stablecoins become South Korea's new national endeavour. But why now, and what's the risk? Danny Park investigates in The Block's latest feature piece.Let's get started.Polymarket nears $200 million raise at $1 billion unicorn valuationPolymarket is reportedly finalizing a $200 million funding round that would push its valuation to $1 billion, according to The Information, citing people familiar with the matter.The fresh raise suggests investor interest in decentralized prediction platforms could be resurging following Polymarket's election-driven trading boom in late 2024.While activity dipped after the U.S. presidential election, Polymarket has posted three consecutive months of rising trading volume since March.The funding would build on Polymarket's $45 million Series B round in May 2024 and its earlier $25 million Series A led by General Catalyst.The firm also considered an additional $50 million raise last September and launching a token that users could use to resolve wagers, The Block previously reported.New York City-based Polymarket continues to grow outside of the U.S. after winding down domestic operations following a $1.4 million CFTC fine.Ledger unveils 'spare key' recovery device for crypto walletsLedger has introduced Recovery Key, a physical tap-to-recover backup device for its touchscreen wallets, Flex and Stax.Via a Ledger device, users can set up an always-offline "spare key" protected by a PIN, using secure NFC wireless channels with no intermediaries — using the same secure element technology that powers its crypto hardware wallets.The Recovery Key adds to Ledger's optional recovery toolkit alongside its Ledger Recover service, with users able to choose one, both, or simply rely on their 24-word seed phrases, the firm said.The device's code and whitepaper are already public, and the Paris-based firm plans to make the device available for sale shortly.Metaplanet plans $5 billion capital injection into US subsidiaryJapanese investment firm Metaplanet approved a $5 billion capital injection into its U.S. subsidiary to accelerate the global expansion of its bitcoin treasury strategy.It plans to fund the contribution through the exercise of stock acquisition rights, with limited impact expected in this fiscal year.Metaplanet framed the move as a shift into an aggressive expansion phase following the launch of its Miami-based U.S. unit last month.The company currently holds 11,111 BTC — worth around $1.2 billion — making it the eighth-largest publicly traded bitcoin holder, just behind Tesla.Democratic senator introduces bill targeting Trump's crypto tiesSenator Adam Schiff introduced the COIN Act on Monday to ban top public officials and their families from endorsing or issuing crypto assets during and for a period surrounding their terms.The bill follows growing scrutiny over President Trump's financial gains from crypto, including $57 million earned from World Liberty Financial's token sales.Schiff's move comes just a week after he voted in favor of the GENIUS Act, a landmark stablecoin bill previously halted due to scrutiny over Trump's crypto interests.Despite support from other Democrats, like similar legislation, the bill faces an uphill battle, with the party currently in the minority in both chambers of Congress.Ethereum ETFs surpass $4 billion in cumulative inflows as first anniversary approachesU.S. spot Ethereum ETFs surpassed $4 billion in cumulative net inflows on Monday, just one month shy of their first anniversary.The Ethereum ETFs have overcome more than $4 billion in net outflows from Grayscale's converted and higher-fee ETHE fund to reach the milestone.While the U.S. spot Bitcoin ETFs hit $34.7 billion in cumulative net inflows in their first 11 months after launch, on a market cap-weighted basis, the ETF inflow figures are more comparable.In the next 24 hoursU.S. mortgage data are out at 7 a.m. ET on Wednesday.U.S. Federal Reserve Chair Jerome Powell testifies on the economic outlook and recent monetary policy actions before the Joint Economic Committee again at 10 a.m.Permissionless continues in New York.IOTA and Venom are set for token unlocks.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.