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There’s a mini-boom happening in fintech.

After a multi-year IPO slowdown triggered by rising rates and valuation resets, some of the emerging players in online stock trading, banking, lending and crypto-related services are hitting the public market, or at least preparing for a debut.

The next test of Wall Street’s enthusiasm is expected to come on Thursday, when Chime is slated to start trading on the Nasdaq. The provider of online banking services offered a price range of $24 to $26 a share, which would equate to a market cap of about $9.1 billion in the middle of the range, though that number would be higher on a fully diluted basis. The IPO pricing is scheduled for later Wednesday.

That’s a big step down from where venture investors like Sequoia Capital valued the company in Chime’s last fundraising round in 2021, when private tech markets were raging. The reported valuation at the time was $25 billion, and Chime’s IPO prospectus says the share price was $69. It’s a dynamic that’s playing out across the industry, as tech executives and investors reckon with a new reality.

David Golden, a longtime fintech investor and partner at Revolution Ventures, said that in 2021, capital was so abundant that “equity was basically free,” making it possible to sell stock “for any price under any circumstances.”

“You saw a valuation reset in the market,” said Golden, who previously led JPMorgan Chase’s tech investment banking practice. Now the window appears to be open, and “they basically said, ‘Look, we don’t really need the money, but we think it’s time,'” Golden said.

A Chime spokesperson declined to comment.

Chime files to go public on NASDAQ under CHYM

There are reasons for optimism.

Lat month, trading app eToro debuted on the market and jumped 29% on its first day, though the stock hasn’t done much since. That same week Mike Novogratz’s crypto firm Galaxy Digital finally made its U.S. debut, uplisting from the TSX.

Then came crypto company Circle, whose blockbuster listing helped solidify what now looks like a true reopening of the fintech IPO market. Circle is trading at over $118 for a market cap of $26 billion, after pricing its offering at $31.

Others are on the horizon. Klarna, a provider of buy now, pay later loans, filed its prospectus in March but then delayed its offering a month later after President Donald Trump’s sweeping tariffs roiled markets. The company hasn’t provided an update on its timing, but in May reported nearly $100 million in quarterly losses.

Gemini, the crypto firm founded by the Winklevoss twins, said last week that it confidentially filed for an IPO. Bullish, a crypto exchange backed by Peter Thiel, has also filed confidentially for an IPO, according to a report on Tuesday from the Financial Times. 

Going public for companies like Chime requires a recognition that the market has fundamentally changed from where it was a few years ago. For Sequoia, SoftBank and Tiger Global, who all wrote checks in Chime’s 2021 financing round, that means taking a haircut on that investment and hoping Wall Street helps them recover.

Stripe, the most highly valued U.S. fintech, has almost gotten back up to its peak. After raising at a $95 billion valuation in 2021, the company slashed that number by almost half to $50 billion in 2023. Early this year, it climbed back to $91.5 in a tender offer for employees and shareholders. But Stripe has shown no urgency to hit the public market, as it’s able to regularly hold secondary offerings.

‘Acquisition currency’

For Chime, revenue in the latest quarter climbed 32% from a year earlier to $518.7 million. Net income narrowed to $12.9 million from $15.9 million a year ago.

“They believe there’s enough support in the public markets to raise meaningful capital and gain an acquisition currency to go out and acquire other companies,” Golden said.

Even with the lowered valuation, Chime’s IPO will still create big paydays for earlier backers like DST Global and Crosslink Capital, the biggest outside investors in the company.

Silicon Valley investors are desperate for returns after an extended drought. While exits for venture firms in the first quarter hit their highest quarterly value since the fourth quarter of 2021, nearly 40% came from a single IPO, according to the National Venture Capital Association and PitchBook. That IPO was CoreWeave, a provider of artificial intelligence infrastructure.

Ryan Gilbert, general partner at Launchpad Capital, said “sponsors and advisors are very realistic” about the market conditions and “realize the window is open.”

But I don’t think they know how high the window is up from the floor,” Gilbert said. “And I think would much rather get the IPO done and start trading than risk aggressive pricing.

He said that Chime is a business that spent a lot of money on luring customers, which is a big challenge for smaller companies that lack universal brand recognition. According to its prospectus, Chime paid the NBA’s Dallas Mavericks roughly $33 million over three years to have its logo worn as a patch on player jerseys.

Chime now has to prove it can take advantage of all that marketing spend and retain customers as it competes with incumbents like Square, PayPal and SoFi.

While Chime isn’t a bank, most of its services sit at the core of consumer banking. It primarily generates revenue through interchange-based fees on debit and credit card transactions.

“It’s pretty simplistic,” said Dan Dolev, an analyst at Mizuho. “I’m actually surprised by how unsophisticated that business model is.”

How well the market receives that model and Chime’s story could have a big influence on the rest of the fintech space.

“I think they’re going to look at Chime as a potential canary in the coal mine,” Golden said. “If it goes well — and you’ll know that in the next two to three months — I think you’ll see much more receptivity” from other companies in the pipeline, he said.

“If it doesn’t go well,” Golden added, “I think they’ll continue just to sit on their hands and wait it out.”

WATCH: Lot of appetite for IPOs

Lot of appetite for IPOs and a sign for good things to come, says Notable Capital's Jeff Richards

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If you don’t know which type of e-bike to buy, you should probably get this one

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If you don’t know which type of e-bike to buy, you should probably get this one

I’ve been working in the e-bike industry for over 15 years now, and so I’ve seen a thing or two. I also get about a dozen emails a day from people asking what type of e-bike would be best for them, so it’d probably be more efficient to simply tell everyone the correct answer all at once.

If you ask me, there’s one e-bike style that will work for more people than just about anything else on the market. I’m not saying it’s the perfect choice for everyone – there’s no such thing – but if you’re staring at a dozen browser tabs of e-bike specs and feeling decision fatigue, this is the style I’d point you toward.

The correct answer, for the largest number of people, is the 20″ folder e-bike.

By that, I mean a folding e-bike with 20-inch diameter tires. That’s the best-selling e-bike category in the US, and it does the widest number of things for the largest number of people.

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And if we’re narrowing it down even further, you’d probably be best served by a front suspension folder with 20×3″ tires. I’ll show you several, and if you want to get fancy with rear suspension too, there are also options there. But as an all-around, jack-of-all-trades electric bike? This format checks more boxes for more riders than almost anything else on two wheels.

First of all, they’re all pretty similar

I know that we tend to dissect small differences and stress over spec sheets, but if you take a step back for a second, try to see that most of the e-bikes in this category are actually pretty similar. I know the companies will hate me for saying that, and there are unique advantages to each, but in the grand scheme of things, they’re basically all 500W/750W folders that go the same speed and offer the same basic feature set and roughly the same battery ranges per charge.

These are the best four options below, and as someone who has ridden hundreds of e-bikes, I can tell you they all basically do the same thing for you, though some have more elegant solutions or slightly larger batteries.

These are basically the best options on the market, both in terms of the bikes themselves and the fact that they come from real companies with real customer service departments – not fly-by-night startups. And just because an e-bike isn’t in the list above doesn’t mean you shouldn’t consider it. It may be a fine bike, but those above are the main players in this category.

The Goldilocks of wheel and frame sizes

First, those 20×3” tires.

They’re big enough to feel stable, roll over potholes without rattling your teeth, and add a nice cushion of air volume for comfort. But they’re small enough to keep the bike compact when folded and nimble in tight spaces. A true fat tire bike (think 4-inch wide rubber) can be fun off-road, but it’s overkill for a lot of city riders and adds unnecessary weight.

The 20-inch diameter also makes the frame geometry more accessible to riders of different heights. Most of these bikes have low step-through options that work for someone who’s 5’1” or 6’3” – no special sizing chart required. That’s huge if the bike might get shared between family members.

Of course, for folks on the taller end of the spectrum, you might not get the most perfect pedaling ergonomics you can imagine. For that, you’d be better served by a full-size e-bike with 26″ to 29″ tires. They can accommodate bigger frames (I’m talking about both the bike and the rider). But unless you’re the type of cyclist who takes out a tape measure to set your seat height each time you try a new bike, you’ll probably be fine with “comfortable but not 100% ideal” pedaling geometry… if you even plan to pedal at all.

Let’s just say my 6’2″ brother-in-law, who crushes me in a bear hug, fits just fine on his Lectric XP and he commutes on it daily. I mean every. Single. Day. And that’s a bike that I also regularly see petite girls riding, too.

The folding factor: not just for apartments

A folding frame is the secret weapon here. Yes, it’s a lifesaver if you live in a small apartment and want to stash the bike in a closet or behind the couch. But folding isn’t just for space-starved city dwellers.

It means you can throw the bike into the trunk of a hatchback or the back seat of a sedan without a bike rack on the back of the vehicle. You can load two or three into an SUV for a weekend trip without needing a pickup truck. While full-size e-bikes can be a pain to fit inside anything but a large SUV, a 20″ folding e-bike will fit in just about any vehicle sold in the US, though it may have to go in the backseat if the car has a smaller trunk. Though considering the sorry state of the current US car market, I don’t think there are any sedans with small trunks left for sale.

I love that with most large SUVs or minivans, I can simply fold the handlebars down and leave the middle of the frame extended, with the bike simply rolling down the middle tunnel of the vehicle.

And it’s not just car travel. You can even easily check a folding bike as oversized luggage for air travel (just prepare for some battery shipping headaches). Sure, you can do it with larger e-bikes, but packing them is more of a pain and the travel bags are more expensive. Folders just fold to more conveniently fit life.

For RVers, boat owners, or anyone with a vacation home, the foldable frame turns an e-bike into a portable adventure buddy.

Now, there’s a caveat here that I should also mention: despite folding e-bikes being the best-selling style in the US, I have a suspicion that less than half of owners ever fold them. If you park in a garage and don’t need to bring it anywhere in a vehicle, you’ll probably never fold it. That’s fine, since it’s hard to find many non-folding 20″ wheel e-bikes out there (though there are some), so you’re basically just carrying around a pound or two extra in folding hardware you don’t use.

Adaptable to just about anything

Out of the box, a folding 20×3” e-bike is a solid recreational ride. Take it to the park, cruise the boardwalk, or commute to work. You can ride nature trails for fun. You can ride rough and pot-holed city streets on your commute. You can put it in lower power mode and get real, honest-to-goodness exercise on it.

But here’s where it gets even more fun: accessories. If you get an e-bike from one of the major US-based brands, you’re going to have a ton of accessory options. It’s partly because that’s how they make a lot of their profit, but it’s also because it adds serious value in customizing an e-bike to fit your exact needs.

For cargo duty, you can add a front and/or rear rack, or even pannier bags. Suddenly, you’ve got a capable grocery-getter. Some brands even sell bolt-on baskets that turn your bike into a rolling shopping cart.

Need to take the kids to school? With a sturdy rear rack and a quality child seat, you can take a kid to daycare or school. Some of these bikes can even carry two small passengers with the right setup of a seat in the front and rear.

If you regularly ride nature trails, try swapping to a suspension seatpost, or just go all-in on something like the Heybike Ranger 3.0 Pro with full suspension, and suddenly that compact little folder is tackling gravel roads and light trails.

As a winter commuter, throw on studded tires and you’ve got a winter-ready ride that is ice/snow ready and that still won’t take up your whole mudroom. Note: it’s a lot easier to find studded winter tires in 4″ width than 3″ width, so if that’s a concern for you, a 20×4″ tire folding bike might be a better option.

This modular personality is one of the main reasons the 20″ folding e-bike style is so popular – the same bike can wear half a dozen different hats and perform so many different ‘jobs’ without taking up the space of larger (or multiple) e-bikes.

Comfort without complication

Most folding 20×3” tire e-bikes have upright handlebars, cushy saddles, and relaxed geometry. They’re not trying to put you in an aggressive race-bike crouch, and they don’t punish you for wearing normal clothes. They’re like an American take on Dutch bikes – upright and comfortable, but for people who don’t really want to pedal all day (i.e., the powerful motor and throttle).

The gear range and pedal assist levels on these e-bikes are usually tuned for casual, pleasurable riding rather than intense workouts. You can still get exercise, but the bike will happily do the heavy lifting on hills or into a headwind.

That’s why they work just as well for older riders returning to cycling as they do for college students zipping around campus. They are more transportation machines than they are ‘bicycles’ in the traditional sense. Yes, you can get a workout, but they’re designed first and foremost for getting people around and doing so comfortably.

Transporting kids, pets, and gear

This is where the versatility really shines.

For kids, as long as the bike’s rack is rated for the weight, you can mount a popular model seat like a Thule Yepp, Hamax, or other child seat and turn school drop-off into a breezy ride instead of a traffic jam. Some riders even fit two small kids on a long rear deck with extended racks or bench seats, though you’re looking more at a cargo bike like the XPedition 2.0 or Xtracycle Hopper at that point.

My brother-in-law takes both of my nephews to school on his Lectric XP. He has the older kid in a child seat on the rear rack for elementary school drop-off and then cruises to daycare with the smaller one in a front child seat. That’s three people on one folding e-bike. Every day.

For pets, front baskets or cargo trailers make it easy to bring along your dog (or even a cat if you have a brave one). Some companies even have dog-specific trailers. And speaking of trailers, these bikes can tow small cargo trailers for everything from camping gear to a week’s worth of groceries.

They just fit into more people’s lives

When you look at the big picture, the reason folding 20×3” e-bikes fit so many riders’ needs is simple: they balance convenience, capability, and cost.

A full-size cargo bike might be better for someone hauling multiple kids every day, but it’s harder to store and transport, and usually costs more. A lightweight road-style e-bike might be great for speed and efficiency, but it’s less comfortable, less adaptable, and can’t carry much.

The 20×3” folder lands in that sweet spot where it does enough of everything without being great at just one thing.

Cost and value

Another big plus: these bikes are often more affordable than you’d expect. The Lectric XP 4.0 starts at $999, and even the more premium folding models like the Aventon Sinch 2.5 hover in the $1,500–$1,800 range, depending on sales. That’s still well below what many mid-tier commuter or cargo e-bikes cost, and you’re getting a complete package with fenders, racks, and lights included in many cases.

When you factor in that you don’t need a car rack, storage unit, or garage space to own one, the value proposition gets even stronger.

The exceptions to the rule

Of course, no one bike fits everyone.

If you’re over 6’4”, you might want something with larger wheels and a longer wheelbase for comfort. If you’re racing mountain trails every weekend, a dedicated full-suspension MTB will be better suited. And if you’re hauling 400 lbs of cargo, a longtail or front-loader cargo bike is probably a better friend, even if folders are sometimes rated for that level of load.

So yes, please don’t fill my comment section with “But this wouldn’t work for me because XYZ…” I get it, they aren’t for everyone. But for the 80% of riders who just want something to get around, carry some stuff, and have fun? This format nails it.

How can I be so confident?

I’ve tested literally hundreds of e-bikes. I’ve built e-bikes. I’ve toured dozens of e-bike factories. I eat, breathe, and sleep this stuff. There are some years when I throw a leg over one hundred models just that year. I’ve been in this industry longer than just about anyone on the internet. And I keep coming back to this category as the easiest recommendation for the widest range of riders. A folding 20×3” e-bike is like the Swiss Army knife of micromobility – compact, versatile, affordable, and just plain fun.

And it’s not just me saying this. 20″ folders are the best-selling category of e-bikes in the US. I’m not making this stuff up; these are the facts on the ground. More people simple migrate towards a model that fits the most common types of riding.

Whether you’re commuting, running errands, exploring trails, or packing it in the car for a road trip, it’s the bike that doesn’t need a special reason to own. It just works for everything. And when friends or family ask me what e-bike they should get, especially when they “don’t really know what they want yet,” this is the style I almost always suggest first.

And it almost always sticks the landing.

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EU double standards on Russian LNG or economic reality?

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EU double standards on Russian LNG or economic reality?

Several European countries including Germany, Italy, Greece, the Netherlands and France have announced new LNG projects or the expansion to existing ones in response to shutdown of Russian gas pipelines.

Michael Sohn | Afp | Getty Images

So I’m sure you would have all seen U.S. President Donald Trump this week urged the European Union to impose tariffs of up to 100% on India and China to stop them buying cheap Russian oil.

A move that the U.S. administration said it would also match in an approach designed to ratchet up pressure on Russian President Vladimir Putin to talk seriously about peace in Ukraine.

This makes sense in many ways, as we all know – stop the flow of oil money, increase economic problems for Putin and force him to the peace table.

So far, so good…. and yet the accusations of double standards soon started flying out of New Delhi and elsewhere, and it’s fair to say India and other buyers of Russian commodities have a fair point.

Part of the problem is having the adequate supply of infrastructure to bring other kinds of energy sources into Europe, according to Italgas CEO Paolo Gallo.

And Italy is a “clear example [of] how we were able to significantly, massively reduce the importation of Russia, of Russian gas. But that is thanks to our speed to Eni, but thanks to our infrastructure. If we didn’t have the infrastructure, we couldn’t have switched from Russia to other source of LNG,” Gallo told me on Thursday.

Italy’s been going strong at building out its LNG infrastructure to reduce its dependency on Russian gas. Now, a big part in that effort’s come from energy firm Eni, in which the Italian government has a major share.

Let me remind you that Europe still imports vast quantities of Russian commodities, including liquified natural gas. In fact, Europe is still the biggest buyer of Russian LNG on the world market.

Yes, three years into the war and Europe is still buying 51% of Russian LNG!

Pres. Trump says U.S. and India continue to negotiate trade deal

And before we start pointing the finger at the usual recalcitrant EU suspects, let us remember that it’s not Slovakia or Hungary who are the biggest single country importers. No, this falls squarely on the shoulders of countries like France, Spain and Netherlands.

Astounded, confused disappointed? Well wait for this bit.

Despite promising to cut out all Russian LNG from the EU by the end of 2027, in the first six months of 2025 Europe grew — yes, grew — it’s hiked Russian LNG imports from 3.47 billion euros ($4 billion) to 4.48 billion euros’ worth.

As for the bloc’s bilateral trade with Russia? It was hitting 67.5 billion euros last year. You had imports from the region at 35.9 billion euros, properly dominated by fuel and mining products, and then you had EU exports to Russia not that far behind at 31.5 billion euros in 2024.

Double standards, hypocrisy, economic reality? I’ll let you make up your mind.

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US EV sales smash records in August as Tesla loses ground

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US EV sales smash records in August as Tesla loses ground

US EV sales set yet another record in August, with 146,332 EVs sold, according to the latest numbers from Cox Automotive’s Kelley Blue Book.

That gave EV sales in August a 9.9% share of total new car sales, up from 9.1% in July and the highest yet. With the federal EV tax credit set to expire on September 30, analysts say Q3 2025 is shaping up to be the strongest quarter for EV sales in US history. The current record holder is Q4 2024, when 365,824 EVs were sold.

Prices ticked higher, too. The average transaction price (ATP) for an EV in August was $57,245, 3.1% more than July’s revised lower ATP of $55,562. Year-over-year, though, EV prices were basically flat, down just 0.1%. The wave of EV sales also helped push up the overall market’s ATP.

Incentives, while not as high as July’s record, remained hefty. EV buyers received discounts averaging over $9,000 in August, equal to 16% of ATP. That’s more than double the incentive rate in the overall auto market and up from 13.6% a year ago.

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Tesla, still the US EV sales leader by far, is under pressure. Its ATP rose 2.9% in August to $54,468, which was still down 5.5% year-over-year. Tesla sales dropped 6.7% year-over-year, and the company’s share of the US EV market slid to 38% – its lowest point ever.

Stephanie Valdez Streaty, senior analyst at Cox Automotive, said, “The one constant in the automotive business is that fresh product sells well. While Tesla’s Model Y update has slowed the company’s sales decline, it’s not getting easier for the EV pioneer because the market is now flooded with all-new, fresh EVs from mainstream competitors – consumers have more choice than ever. The current surge in EV sales is being driven by product innovation, motivated dealers, and an urgency ahead of the IRA tax credit phase-out.”

Read more: Tesla leads price cuts as US EV sales post 2nd-best month ever


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