Wu's Daily Selection of Crypto News - Gemini plans to lay off approximately 30% of its staff, reducing headcount to 445 employees this year, with an annual loss of about $585 million, and is advancing AI cost reduction efforts.

1. Gemini reports approximately 30% layoffs this year, reducing staff to about 445 employees, and is implementing AI tools to improve efficiency; the company expects a full-year loss of around $585 million, with Q4 revenue of about $60 million but increased losses. Previously, it announced about 25% layoffs, exited the UK, EU, and Australian markets, and replaced several executives.

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2. Morgan Stanley advances Bitcoin ETF application with second revised S-1 filing

Morgan Stanley submitted a second revised S-1 filing to the U.S. Securities and Exchange Commission for its Bitcoin ETF application, confirming that Morgan Stanley Bitcoin Trust will be listed on NYSE Arca under the ticker “MSBT,” with a basket size of 10,000 shares and an initial seed share of 50,000 shares, aiming to raise approximately $1 million. It has previously disclosed that BNY Mellon and Coinbase will serve as custodian and related functions for Bitcoin; this revision indicates progress but does not guarantee approval. If approved, Morgan Stanley could become the first major U.S. bank to directly issue a spot Bitcoin ETF.

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3. Iran attack damages 17% of Qatar’s LNG capacity; repair takes 3 to 5 years

Reuters reports that QatarEnergy CEO Saad al-Kaabi stated Iran’s recent attack on Qatar has damaged about 17% of its LNG export capacity, with facilities at Ras Laffan severely damaged. Repairs are expected to take 3 to 5 years. The plant had previously halted operations due to a drone attack, and this strike further escalates Middle East conflict. Anticipated supply disruptions caused European natural gas futures to rise about 35%, doubling pre-war prices, indicating ongoing impacts on energy supply and inflation; meanwhile, a large LNG supply gap will force Asian buyers to seek alternative sources.

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4. Ledger hires former Circle executive John Andrews as CFO to prepare for potential IPO

Crypto hardware wallet manufacturer Ledger has appointed former Circle executive John Andrews as Chief Financial Officer (CFO) to prepare for a potential initial public offering (IPO). Andrews previously managed Circle’s capital markets and investor relations and participated in its IPO efforts. Ledger is also establishing an office in New York to expand its U.S. operations and has engaged multiple investment banks; the IPO valuation could exceed $4 billion. Andrews stated that, given current market volatility, the company’s IPO plans might be delayed.

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5. Google: DarkSword iOS attack chain reused by multiple parties, posing encryption data theft risks

Google Threat Intelligence Group revealed that a full-chain iOS attack tool called DarkSword has been reused by multiple parties since November 2025. The attack chain targets iOS versions 18.4–18.7, exploiting six vulnerabilities to fully control devices and deploy various malicious programs. Payloads like GHOSTBLADE can steal sensitive data, including encrypted wallet information, private keys/mnemonics, transaction history, and account details. The related vulnerabilities have been patched, and Google recommends users update their systems promptly or enable Lockdown Mode.

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