TGIF Monthly Wrap: August 2026
Polymarket Targets US$20B Valuation, Danantara Targets IDX Stake, SK Hynix Announces US$28.6B Buyback, EMAS Acquires Chinese Gold Equipment
By Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra
August 28th, 2026 at 16:30 GMT+7
Polymarket Logo | Source: Blockchaincapital
Polymarket is in early-stage discussions to raise approximately US$1 billion, valuing the company above US$20 billion, increasing significantly from April's US$15 billion funding round. Annualized revenue has tripled to over US$1.2 billion since April, with US daily trading volume topping US$100 million and its international platform reaching US$150 million. Competition is intensifying with rival Kalshi being valued at US$22 billion and reportedly seeking funding near US$40 billion, while Coinbase and Robinhood enter the space. Polymarket also faces a CFTC investigation into its marketing practices and possible unauthorized US trader access.
Danantara Begins to Assess IDX Ownership Portion | Source: Kompas
Danantara Indonesia seeks to acquire a stake in the Indonesia Stock Exchange (IDX) following its planned demutualization, part of broader structural reforms aimed at building a more credible capital market. Through Danantara Investment Management, it has formally expressed interest, aligning with its mandate to optimize state assets, following international practices of sovereign funds holding stakes in stock exchanges. With nearly 30% of IDX's market cap from state-owned enterprises, stronger governance is seen as key to credibility. Danantara is in discussions with OJK and IDX,, though ownership size remains unfinalized, the acquisition is expected to proceed once demutualization and regulatory frameworks are completed.
SK Hynix Logo| Source : SK Hynix
SK Hynix's Board approved a ₩40 trillion or approximately US$28.6 billion treasury share repurchase and cancellation of 24.07 million shares, representing 3.3% of total issued shares, to be executed between August and November 2026. The transaction marks the largest treasury share cancellation by a South Korean listed company and advances SK Hynix's revised shareholder return program, which now exceeds 50% of cumulative free cash flow. Following the announcement, SK Hynix shares fell approximately 10% amid broader market concerns over AI spending sustainability. The company has nonetheless affirmed that the current share price does not fully reflect the company's intrinsic value, supported by a strong net cash position of nearly ₩69 trillion as of Q2 2026.
EMAS Expands Pani Gold Mine with CN¥1.02 Billion Equipment Purchase | Source: CNBC
EMAS Invests CN¥1.02 Billion in Pani Gold Expansion
PT Merdeka Gold Resources Tbk (EMAS) plans to acquire gold extraction equipment from China through its subsidiary, PT Pani Industri Nusantara (PIN). The equipment will be supplied by Vision Green Energy (Beijing) Tech Co., Ltd. for CN¥1.02 billion. The transaction represents 40.26% of EMAS’ equity as of 31 March 2026 and is classified as a material transaction. The equipment will support the development of a Carbon-in-Leach (CIL) facility at the Pani Gold Mine in Gorontalo. The facility is expected to increase processing capacity to 12 million tonnes annually. Meanwhile, EMAS recorded gold production of 15,594 troy ounces in Q2 2026.
Sources:
Bloomberg
CNBCDanantara
IDNFinancialKontan
Reuters
SK Hynix
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