Is This The Beginning of the Santa Rally? Markets Jump in Asia Session

The crypto market is green again going into the weekend.

Bitcoin rose to $51,500 on Friday in the Asia trading session during the winter festival season with thin liquidity.

While sentiments are turning, Bitcoin hasn’t got out of its range yet and is still down 25.6% from its all-time high of $69,000.

Ether meanwhile went past $4,150 and is still keeping above $4,100. But cryptos that are leading the greens involve SAND (24%), AR (22%), and LUNA (17%). Even DeFi coins like SUSHI and AAVE are seeing a spike in their value.

The total market cap has now jumped back above $2.5 trillion.

The crypto fear and greed index is also slowly recovering in tandem with prices. At a reading of 41, the sentiments have recovered into just fear territory, while just last week, there was ‘extreme fear’ in the market at a reading of 23.

This could also be in open interest for Bitcoin futures which have reached $20 bln yet again, from under $16.5 bln at the end of the first week of December. However, we still have a way to go with the all-time high sitting at $28 bln from last month.

All this while, the funding rate is still low, with the highest being 0.0125% on OKEx for USDT margined Bitcoin contracts while lowest at -0.0113% on OKEx again but for token margined contracts.

For Ether, OI has climbed to $11.36 bln, up from $9.50 bln just over a week back and fast climbing towards $14.5 bln ATH in early November.

The crypto market’s latest gains came amidst the wider positive sentiment in financial markets. Risky sentiments have improved in global markets, as seen in Thursday’s record-high close for the S&P 500.

While the receding tide of central bank liquidity is expected to put a dent in demand for risky assets, it is yet to be seen in the market as prices go up.

“Even in an environment where the Fed raises interest rates, investors and businesses will be hungry for the high-yield opportunities offered through digital assets. So expect to see institutional adoption of digital assets balloon — directly, through ETFs, or custom yield-generating products,” said Jeremy Allaire, CEO of Circle, in an interview with CNBC.

Most Asia share markets edged higher on Friday while the greenback headed for its worst week since September as risk assets record gains amidst ebbing concerns over the severity of the new COVID-19 variant Omicron.

Meanwhile, the US stock market and Treasury markets will be closed on Friday for a holiday, but the Nasdaq and S&P 500 futures gained 0.8% and 0.66%, respectively, in Asian hours.

“Cautious optimism that Omicron is less severe than Delta is supporting risk assets,” said FX analysts at CBA in a note.

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Author: AnTy

Metaverse Platform, InfiniteWorld, Going Public on Nasdaq; Owns $93 Million in Cryptocurrencies

Metaverse Platform, InfiniteWorld, Going Public on Nasdaq; Owns $93 Million in Cryptocurrencies

Metaverse infrastructure platform for brands, InfiniteWorld has announced that it is going public via a Special Purpose Acquisition Company (SPAC), Aries, at a valuation of $700 million and will be listed on the Nasdaq under the ticker “JPG.”

Aries is a black check company that completed its $145 million IPO in May this year. Thane Ritchie, Chairman of Aries said,

“With up to $15 trillion of wealth expected to flow into digital assets over the next 10 years, we are witnessing the birth of a new global asset class and economic system with significant implications for brands aiming to capture mind and wallet share of consumers.”

InfiniteWorld provides the infrastructure to create digital assets and NFTs and engage with customers in the Metaverse. Its NFT architecture is built on top of the SUKU protocol and provides a secure transfer of ownership of digital assets.

Under this transaction, up to $171 million of cash will be provided to the combined company. The deal is expected to close in the first half of next year.

All of InfiniteWorld’s stockholders will roll 100% of their equity holdings into it, and they will represent 74.5% of the ownership of the combined company.

InfiniteWorld also owns cryptocurrencies valued at about $93 million.

It currently has 130 employees and has partnered with more than 75 brands, including Wintermute, GSR, Morgan Creek Digital, Coinvestors, Bill Shihara, among others. Recently, it combined with one of the key strategic partners, DreamView.

“Branded content will be king in the Metaverse,” said Nathaniel Hunter, Chief Operating Officer of InfiniteWorld.

The company is already creating digital content for leading brands like Amazon, Disney, Wayfair, Mattel, Target, Warner Brothers, Bleacher Report, and others.

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Author: AnTy

Bitcoin Acting Like A Risk Asset, Struggling with Rising Macro Uncertainty

ETHBTC, meanwhile, is going up to the 2021 high of 0.0873, currently at 0.869, as it remains less affected by global market jitters.

Price action in the crypto market has yet to stabilize or even change its course as Bitcoin goes back under $49k on Wednesday. Ether is also around $4,250.

This is despite the stock market being in the green. S&P 500 spiked 1.18% today to 4,687, up from 4,500 on Friday. Tech-heavy Nasdaq also added 1.13% gains on Wednesday in the early market while up 4.8% since Dec. 3. Much like these two indexes, Dow Jones is also on an uptrend, on track to wipe out all the losses.

As for other assets, gold is currently around $1,790 per ounce, while at 96.2, the US dollar index is inching upwards to a 17-month high of almost 97.

The crypto market also recovered initially from the losses last week when Bitcoin went under $42,500 and Ether below $3,600. Meanwhile, ETHBTC is going up to the 2021 high of 0.0873, currently at 0.869.

The reason for the same is that Bitcoin is acting more like a risk asset, as it dipped alongside equities affected by the macro-environment thanks to its institutionalization, while Ether is less affected by global market jitters, the same can be said about Solana (SOL). And risk assets are grappling with rising uncertainty.

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Global markets have been on edge ever since the Federal Reserve acknowledged that inflation isn’t transitory anymore. Also, disappointing job growth in the US and the new Omicron variant affected the market sentiments.

While the possibility of accelerated tapering is impacting the market, based on past experience, the markets are hopeful it won’t stay that way much longer.

“I distinctly recall the taper announcement of December 2013. Everybody was panicking about it. A mammoth rally in risk assets started as soon as the taper was officially announced,” said trader and economist Alex Kruger.

As we reported, China contributed to the risk-on tone as the People’s Bank of China (PBOC) said it would lower the amount of cash banks must hold in reserve to boost economic growth.

While risk-on sentiments may remerge soon, it may not be that fast. During the recent market crash, Bitcoin’s perpetual futures open interest plunged by more than 23% in just one hour.

In USD terms, affected by the price drop, of course, OI has crashed back to $17 billion to early October level, while in BTC terms, the OI is at 346.45k. In comparison, this OI was 375.74k and $11.81 billion back in mid-July. The OI is still much higher on CME at 66.21k ($3.26 bln), higher than July’s 39k ($1.23 bln).

With so much wipe-out of leverage, funding rates, which are the cost of holding a long position, are now near September lows, suggesting overall bearish sentiment. With this lack of long in the market, we might see “low/negative funding for a good while,” as per trader CL.

While CL is not bullish, he isn’t bearish either due to the lack of liquidity in the market after the wipeout of OI and there being fewer participants in the market. “Need giga catalyst,” for the same, he added.

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Author: AnTy

Gary Gensler Says SEC is “Going to Use the Enforcement Tool” If Crypto Firms Do Not Register

Gary Gensler Says SEC is “Going to Use the Enforcement Tool” If Crypto Firms Do Not Register

Because DeFi tokens offer some kind of return, the watchdog needs to have oversight on them, said the Chair, as “the public is not as protected as it could be.”

Securities and Exchange Commission (SEC) Chair Gary Gensler again called for more oversight of cryptocurrency trading platforms.

This week, Gensler reiterated the need for crypto exchanges to register with the watchdog while saying they are open to working with platforms around issues like custody of digital assets. And if they do not “work to get registered within the law,” the SEC is “going to use the enforcement tool,” he added.

“Work with us,” Gensler told former SEC Chairman Jay Clayton on Wednesday during the Digital Asset Compliance and Market Integrity Summit, sponsored by crypto firms.

“These platforms need to come in, get registered, come within the investor protection remit.”

Both Gensler and Clayton said they see a productive future for crypto but only in an “environment of trust” and as the crypto space centralizes and consolidates.

According to Gensler, much like in the early days of the internet, which saw competition in the 1990s leading to high concentration — which was “just the fact of the economics of networks,” — the two sides of the market will be brought together on online trading of crypto assets.

During the fireside chat at Solidus Labs’ and CryptoCompare’s DACOM conference, Gensler drew parallels between the wild banking era when many unregulated institutions issued their own forms of currency, leading to the centralization of the dollar and the central bank. Now, as crypto projects raise money while looking to “skirt” authorities, “that’s similar to the Wild West,” he said.

With crypto remaining outside of the regulatory perimeters, Gensler said he’s worried about the spill that could come in the form of stablecoins, lending, or lack of sufficient information to investors.

“Right now the public is not as protected as it could be, as it ought to be,” he said. “Technologies don’t long exist outside of public policy norms. People get hurt. It’s far better inside the public policy framework.”

As for decentralized finance (DeFi), Gensler said many DeFi tokens offer some kind of return; as such, the watchdog needs to have oversight on them. For this, he is looking at how the commission dealt with the digitization of their activities that fell under their purview and “similar activity should have similar regulation.”

Amidst this, Congresswoman Maxine Waters (D-CA) announced that the top executives of eight major crypto firms will testify before the U.S. House Financial Services Committee on Dec. 8 at the hearing entitled, “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”

These executives include Jeremy Allaire, CEO of Circle; Sam Bankman-Fried, FTX CEO; Brian Brooks, Bitfury CEO; Chad Cascarilla, Paxos CEO; Denelle Dixon, CEO Stellar Development Foundation; and Alesia Haas, Coinbase CFO.

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Author: AnTy

“We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps

“We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million

Robinhood will not follow Coinbase in listing as many coins as they can legally for “short-term gain” as it might not be “worth the long-term trade-off” for users.

Robinhood Markets (HOOD) now has a total of 1.6 million people on the waitlist for its cryptocurrency wallet, up from 1 million just a few weeks ago, said Christine Brown, chief operating officer of Robinhood Crypto, at a conference.

The company’s crypto wallet will allow its users to move the crypto assets in and out of Robinhood’s brokerage account. She added that it is currently on track to be launched late in the first quarter of next year.

During the event, Brown was also asked when the trading app plans to list meme coin Shiba Inu (SHIB).

“The first thing is that we’re not going to talk about it,” said Brown, who assumed her role in the company in April.

According to her, Robinhood does not intend to follow Coinbase, which has been aiming to list as many coins as they can legally.

“I also think that our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now,” she added. “We think that the short-term gain we might get is not worth the long-term trade-off for our users.”

Currently, there are a limited number of cryptocurrencies listed on the platform, seven to be exact with Dogecoin (DOGE), a popular meme coin, and Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin SV (BSV), and Bitcoin Cash (BCH).

Dogecoin competitor SHIB has rallied ​​95,678,052% in the past year, and its enthusiasts have urged Robinhood to list the coin too. Brown, however, emphasized that they are a “safety-first company” and are “assessing everything from a regulatory perspective really well.”

While Brown pushed for customer safety, on Monday, Robinhood confirmed that it was hacked last week, and more than five million customer email addresses and two million customer names were exposed in this data breach.

The company said that a malicious hacker socially engineered a customer service representative over the phone earlier this month to get access to customer support systems.

The hacker “demanded an extortion payment,” but Robinhood said it instead notified law enforcement. The company has also hired security firm Mandiant to investigate the breach.

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Author: AnTy

Cryptocurrency Market Dips, Bitcoin’s Correlation with Commodities Climbs

Early on Wednesday, the markets took a dip that saw Bitcoin’s price going down to nearly $58,000, from $63,800. Trading around $59k as of writing, exactly a week back, the cryptocurrency hit a new all-time high at $67,000.

The stock market, including S&P 500, the Dow Jones Average, and tech-focused Nasdaq, all edged down as well on Wednesday after closing at a record high on Tuesday.

Same as Bitcoin, Ether went to $3,940 but is already back above $4k. In tandem with the leading cryptocurrency, the majority of the coins fell too, dragging the total crypto market cap to $2.57 trillion. Last week, the crypto market capitalization climbed to a new peak of $2.76 trillion.

While price is down, fundamentals are strong, as seen in the Bitcoin hash rate, which climbed to 172.7 TH/s earlier this week, last seen in April and near mid-May ATH of 197.6 TH/s.

Meanwhile, this latest drop in prices ended up liquidating 175,983 traders for $742.25 million in the last 12 hours and $890 million in the last 24 hours – the highest since September 19.

With this, the funding rate has also normalized to the highest for Bitcoin perpetual contracts currently on Bybit at 0.0551%.

Its effect was also seen in open interest but not much. The total OI on Bitcoin futures has slid to $24.38 bln from a $26.47 bln high last Wednesday. While the OI on CME, which hit a new ATH at $5.75 bln on Monday, has now fallen to $4.95, it still leads the market, with Binance coming in second at $5.35 bln, according to Skew.

Amidst this, Bitcoin’s correlation with commodities continues to climb. The correlation has been rising ever since the start of Q3, noted crypto data provider Kaiko in its latest report.

Historically, Bitcoin’s correlation with commodities has performed well during times of unexpected inflation. And with inflation continuing to rise, it makes sense.

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Officials, however, maintain that they haven’t lost control of inflation, with Treasury Secretary Janet Yellen saying this week,

“On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened. But I expect improvement by the middle to end of next year – second half of next year.”

Bitcoin’s 30-day rolling correlation with industrial copper and oil has been increasing since September. Both the commodities rose over the past few weeks boosted by growing demand and record low inventories. The report states,

“By contrast, Bitcoin’s correlation with safe-haven gold has been mostly negative this year despite briefly turning positive in September.”

The precious metal is up 3.72% this month compared to Bitcoin’s more than 34% uptrend. This year, Bitcoin is also up 112%, while the bullion is down by 5.34%.

As we reported, JPMorgan Chase analysts have attributed the perception of Bitcoin as a better inflation hedge than gold for the recent price rally rather than ETF euphoria.

In its previous report from earlier this month, Kaiko had noted that Bitcoin is no longer in inverse correlation with the U.S. Dollar. In September, the dollar strengthened for the second month in a row and peaked at over a year high of 94.56 on Oct. 11. This week, the USD Index is back on the rise at 94.

Historically, Bitcoin has moved in the opposite direction to the DXY, a trend that seems to have largely dissipated in 2021. Now both are on an upward trajectory in contrast to traditional equities.

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Cohen Not Going to Miss “Incredibly Transformational” Crypto While Dalio Finds BTC as A Cash Alternative

Steven Cohen Isn’t Going to Miss “Incredibly Transformational” Crypto While Ray Dalio Finds Bitcoin as an Alternative to Cash

While Point72 founder’s “cryptomaniac” helped him understand crypto, Bridgewater Associates founder continues to reiterate that Bitcoin “could still be controlled” and that it “could be tulips in Holland.”

Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, reiterated that he owns some Bitcoin but expressed concern that there’s a danger of governments destroying the cryptocurrency market.

On CNBC during the SALT conference in New York, Dalio said,

“I think at the end of the day if it’s really successful … they will try to kill it. And I think they will kill it because they have ways of killing it.”

His comments came as US regulators are looking to increase oversight on the $2 trillion cryptocurrency market. Just this week, SEC Chair Gary Gensler said that the top securities regulator is working overtime and crafting rules to bolster regulation of crypto assets.

It, however, wasn’t the first time that Dalio raised concerns about political government action against Bitcoin. Previously he said that the government could ban the cryptocurrency as they would want to clamp down on alternative currencies that could challenge the dominance of the US dollar.

He further said that while El Salvador has become the world’s first nation to adopt Bitcoin as legal tender, India and China are “getting rid of it” while the US is talking about how to regulate it, so overall, “it could still be controlled,” Dalio said.

“It Could Be Tulips In Holland”

According to Dalio, cryptocurrencies represent diversification which “is a good thing,” noting portfolios need to be spread across more asset classes.

Dalio yet again called cash trash and warned that investors shouldn’t become too reliant on it. And he thinks Bitcoin is a good alternative to cash.

“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin.”

“It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.”

However, he also said that the leading cryptocurrency lacks intrinsic value or fundamental and objective worth. Then he likened it to the tulip bubble saying, in a historical perspective, there are many things that didn’t have any intrinsic value but had perceived value and went hot and cold.

“You just have to know what it is. It could be tulips in Holland.”

According to CNBC, Dalio owns a smaller percentage of bitcoin compared to gold holdings in his portfolio.

Not Going To Miss This

SALT conference host Anthony Scaramucci’s alternative investment firm, SkyBridge’s co-chief investment officer, Ray Nolte, meanwhile said at the event that they have a 12% investment in bitcoin.

Earlier this week at the conference, billionaire investor Steven Cohen also said that he hopes to not miss out on opportunities presented by digital currencies.

Cohen, the founder of Point72 Asset Management, shared that he was a bit of a skeptic when it came to cryptos until recently when his son, a “cryptomaniac,” helped change his mind.

“Once I decided there were opportunities, and I thought this could be a space like the internet — it could be incredibly transformational — I wasn’t going to miss this.”

Cohen, who has a net worth of $11.1 billion, is venturing deeper into the crypto world in both personal capacity and at his firm. He is also interested in the metaverse where “your mind can run wild.”

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Author: AnTy

Treasury Yields Flip Negative as Crypto Lending Takes Off: Kaiko Report

Real yields that recently hit their lowest levels since 2003 are going down as consumer prices increase at their slowest pace in six months, making fixed-assets in classic portfolios underperform.

The crypto market has been recovering from the July 21 low of just under $1.3 trillion, having reached $2.47 trillion when earlier last week, the market experienced a small hiccup yet again.

In the past week, the market has been trying to make its way back up again but is currently struggling to break out strongly above.

Still, Bitcoin is currently trading around $46,800 and Ether at about $3,400, while the total crypto market cap is now past $2.2 trillion.

Amidst this, as we reported, lending in the cryptocurrency sector has been taking off, with DeFi stablecoins’ interest rates continuing to increase. Stablecoins’ total market cap has also grown to $123.68 billion, from less than $6 billion in March 2020.

“Treasury yields flip negative as crypto lending takes off,” noted crypto data provider Kaiko in its latest report.

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US Treasury yields went down on Tuesday after data showed that consumer prices increased at their slowest pace in six months. The consumer price index, a key inflation report, showed a 5.3% year-over-year increase for August, and Core CPI, which excludes volatile food and energy prices, rose 0.1% month over month – both slightly less than the expectations.

In reaction to this, the yield on the benchmark 10-year Treasury note fell to 1.285%, and the yield on the 30-year Treasury bond slid to 1.867%. Yields move inversely to prices.

Nonfarm payrolls, however, grew by just 235,000 in August, well below expectations of 720,000 new positions.

The Federal Reserve is currently monitoring the inflation, which it wants to see hit its 2% target and looking for strong employment results to start paring the monthly bond purchases.

Kaiko noted in its report that the Fed’s emergency monetary accommodation is what has put significant downward pressure on long-term bond returns over the past year.

“As global inflation increased and growth expectations worsened, real yields turned negative hitting their lowest levels since 2003 this past August.”

While fixed-income assets have been offering steady income flows, low volatility, and protection against falling equity valuations in a diversified portfolio over the past years, now that yields are drifting lower, the fixed-income allocation in the classic 60/40 portfolio is likely to underperform.

This combination of the ongoing low yield environment and the rising demand for liquidity in crypto markets is making the nascent crypto lending industry popular among market participants, it said.

In comparison to 0.7% per year paid by a typical savings account, even the centralized options in the crypto offer sizable returns ranging from 3% to 12%, which can get astronomical for big risk-takers.

In DeFi, the popular lending protocols Compound Finance and Aave have already launched their services specifically for institutions.

“Crypto lending allows users to supply cryptocurrencies in exchange for earning an annualized return, even in the absence of price appreciation.”

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Author: AnTy

Macro Suggests Crypto Cycle Top Might Not be In, Risk-on Could Become a Key Narrative Once Again

After going to nearly $40,000, Bitcoin is down at $38k yet again today. Meanwhile, Ether, currently above $2,600, went as high as $2,770 late on Wednesday ahead of its much anticipated London upgrade that will activate EIP 1559.

The total crypto market cap is also back near $1.7 trillion, up from a $1.29 trillion low a fortnight back.

As crypto asset prices make a strong recovery, the fear of a prolonged 3-year bear market, like after the 2017 bull market, following the new all-time highs in April and May, has been subsidizing. Some traders and investors expect to see a repeat of the first half of 2021.

“Hard to see the cycle top while the Fed remains dovish,” said trader and economist Alex Kruger.

“The Fed remains dovish even as it starts to discuss tapering as it’s concerned with jobs, while it sees inflation as transitory. Jobs are taking longer to recover as remote work has increased productivity. NFP data is key.”

As we have reported, Federal Reserve Chair Jerome Powell has assured the market at every turn that there is still a way to go before fiscal support is removed as employment targets are not met yet. He will tell in advance when the tapering would officially begin.

Divided Views

Fed Vice Chair Richard Clarida, a key architect of the US central bank’s new policy strategy, also said this week that an interest rate hike was likely in 2023, while he could “certainly” see an announcement on a taper “later this year.”

“Commencing policy normalization in 2023 would, under these conditions, be entirely consistent with our new flexible average inflation targeting framework,” he said in a webcast discussion hosted by the Peterson Institute for International Economics.

Fed officials, however, seem divided over when to start tapering, with St. Louis Fed President James Bullard calling for a quicker reduction of the bond-buying. Bullard said earlier on Wednesday,

“So you’d be sitting here next summer, with inflation well above target and jobs on the way back to pre-pandemic levels. That sounds to me like that’s something we should be prepared for.”

While Dallas Fed President Robert Kaplan is also endorsing tapering to start “soon,” his views differ from Bullard in the sense that he wants to pare the pace of purchases gradually.

Market at Glance

Amidst the tapering talks, the dollar has gained strength as it trades above 92.2 while spot gold is around 1,811.62 per ounce.

S&P 500 meanwhile fell from its record high of 4,429 hit on July 29 to 4,402 after data signaled a slowdown in job growth last month. The benchmark index has been on the rise ever since the March sell-off when it fell to 2,200.

Robinhood Markets (HOOD) is actually leading after having a slow start of its debut when it opened at $33, but on Wednesday, it went as high as $85 and is currently trading at $70.39.

The actual yield on 10-year Treasuries fell to a record low as corners over the outlook for economic growth mounts. The exact rate which removes the expected impact of inflation over the next decade is at minus 1.13%

Meanwhile, the cryptocurrency market is also enjoying recovering after experiencing a sharp pullback, 50% to as high as 95%, despite the ongoing regulatory scrutiny. Kruger said,

“Family offices and HNI (high net worth individuals) still coming in. Real yields just hit a new historical low (negative) that pushes speculators out the risk curve. Could become a key narrative once again.”

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Author: AnTy

Major US Bitcoin Mining Company Going Public at $4.3B Valuation via SPAC Backed by BlackRock

Major US Bitcoin Mining Company Going Public at $4.3B Valuation via SPAC Backed by BlackRock

100% net carbon neutral miner, Core Scientific, which mined 928 BTC in Q2 and over 3,000 BTC so far in 2021, is also planning to expand to more states.

Core Scientific Holding is going public through a merger with a blank-check company that puts its valuation at $4.3 billion.

Rival public cryptocurrency miners Marathon Digital and Riot Blockchain have market capitalizations of $2.25 billion and $2.18 billion respectively.

A major US cryptocurrency mining company, Core Scientific, is signing a deal with Power & Digital Infrastructure Acquisition Corp, which is backed by BlackRock Inc. This deal will fetch $300 million in cash proceeds, but they didn’t disclose a private investment in public equity (PIPE) round.

Core plans to funnel this fresh capital back into the company to fund growth.

Special purpose acquisition companies (SPACs) have become a popular way to go public where pools of capital are raised through initial public offerings to merge with a private company and take it public.

Power & Digital raised $345 million in an upsized IPO in February.

The company mined 928 BTC in Q2 and a total of over 3,000 BTC so far in 2021 compared to Marathon mining, a total of 846 BTC and Riot 1,167.

In 2020, it generated $60 million in revenue and forecast revenues of $493 million and $1.1 billion for fiscal 2021 and 2022, respectively.

Core is currently adding capacity at its existing sites, which operates about 80,000 rigs and will be extended to the past 300,000 miners by the end of 2022. The company is also looking to build more facilities in potentially one to two more states.

“We’re all sold out. Every bit of infrastructure we can build — and we’re the biggest — we have demand for,” co-chairman and CEO Mike Levitt said in an interview.

“We’re basically sold out of capacity through 2022, and we’re building more.”

Core Scientific, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, said it was 100% net carbon neutral, with 56% of its electricity coming from sustainable sources, including solar, wind, hydro, and nuclear. It buys carbon credits to offset the rest.

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Author: AnTy