BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is borrowing a page from Strategy’s financing playbook and launching a $300 million preferred stock offering as crypto treasury firms search for new ways to secure funding. According to a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the…
SpaceX is planning to set the price of its initial public offering at $135 per share in a deal that would raise a record $75 billion and value the company at $1.75 trillion, the company said in a filing with the U.S. Securities and Exchange Commission. The aerospace company plans to sell 555.6 million shares…
Bitcoin’s BTC$65,482.08 recent struggles to rise in tandem with U.S. stocks has sparked a wave of explanations, from concerns about Michael Saylor’s Strategy (MSTR) selling bitcoin to questions about whether institutional demand is beginning to fade. Charles Schwab director of digital currencies research and strategy Jim Ferraioli sees a simpler explanation: Bitcoin is losing the…
Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether (ETH), is staring at nearly $9 billion in losses as the token’s slide below $1,800 drags down the value of its massive treasury. Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, slipping below $17 and extending their decline to 28% since early May….
Another crypto-focused political action committee, the Defend Developers PAC, has joined the field of campaign-funding operations that have in recent years put the industry on the political map. The new entrant won’t rival the sector’s leading super PAC, Fairshake, nor is it expected to jump to the scale of the mid-level committees that include the…
Julian Sawyer, CEO of Zodia Custody, described Standard Chartered’s ongoing acquisition of the firm as a “major validation” that highlights a growing reality in mainstream finance: legacy banks cannot build institutional-grade digital asset custody safely or efficiently without proper software. Instead of treating crypto as an isolated sector, Sawyer noted that the industry is hitting…
Welcome to our institutional newsletter, Crypto Long & Short. This week: Alex Tapscott on the stalling of the CLARITY Act and how it’s impacting the average American consumer. Aisha Hunt writes that crypto will grow by upgrading Wall Street’s trusted products rather than replacing them. Top headlines institutions should pay attention to by Helene Braun…
A physical bitcoin BTC$66,803.93 from the legendary 2011-2013 Casascius mint had its hologram seal removed on Wednesday and the 25 BTC stored inside, worth $1.70 million at current prices, transferred to a new wallet. Casascius coins were physical tokens created by software engineer Mike Caldwell in denominations of 0.5, 1, 5, 10, 25, 100 and…
Strategy’s (MSTR) recent bitcoin BTC$66,856.83 sale has had an outsized impact on market sentiment, but Wall Street bank Citi does not see the move as changing the company’s long-term strategy. The bank said the sale was anticipated after Strategy signaled plans to dispose of certain tax-disadvantaged bitcoin holdings during its first-quarter earnings call as part…
After briefly falling below $66,000 on Wednesday, bitcoin BTC$66,815.13 is trading near the bottom of the Power Law corridor, a level that has historically come shortly before rebounds in the price of the largest cryptocurrency. The model, popularized by physicist Giovanni Santostasi and refined by Porkopolis Economics, plots bitcoin’s price against time on a logarithmic…
