Intercontinental Exchange, the operator of the New York Stock Exchange and the owner of Bakkt digital asset platform, has sold its 1.4% stake in the newly Nasdaq-listed cryptocurrency firm Coinbase. Announcing the news Thursday on a financial-results call for the first quarter of 2021, ICE chief financial officer Scott Hill said that the company sold its Coinbase stake for $1.2 billion. The executive noted that the sale generated approximately $900 million net after taxes. Hill said that the proceeds were used to reduce ICE’s debt at the end of the first quarter. He noted that the company’s pro forma leverage, …
In a market once dominated by a handful of BTC vehicles, there are now a growing number of products offering investors access to gains from popular altcoins like Polkadot. Yesterday, Osprey Funds announced the launch of the Osprey Polkadot Trust. The fund, which will be available to accredited investors with a $25,000 minimum, is set to be listed on the OTCQX market “as soon as possible,” per a press release from the company. Coinbase will serve as the fund's custodian. The fund will give investors access to one of the largest layer one smart contract chains via familiar rails, and …
Wall Street banking giant Goldman Sachs has identified an emerging cluster of crypto-related stocks that are performing much better than the S&P 500 itself. In a note to investors on Tuesday, analysts at the investment bank highlighted 19 United States stocks that had a market capitalization of more than $1 billion and close ties to the cryptocurrency and blockchain industry. Goldman’s investment gurus stated that many of these stocks have “dramatically outperformed” the broader stock market, with the firms averaging a return of 43% this year, which is more than three times the 13% that the S&P 500 has gained …
Bitcoin (BTC) is keeping bulls and bears guessing as it opens a new weekly candle in the green, heading away from $50,000. After an uneventful but uninspiring weekend, BTC/USD has begun Monday by reclaiming $53,000 for the first time since Thursday. What could lie in store? Cointelegraph takes a look at five factors that could shape BTC price action in the coming days. Stocks steady but dollar dives Stocks are once again cool this week as the macro picture presents a familiar mixture of hope and misery driven by the coronavirus. While Asian markets had an uneventful day on the …
Top crypto asset exchange Binance has announced it will list three new stock tokens over the coming week, following the launch of tokens tracking the performance of Tesla and Coinbase shares earlier this month. On Monday, Binance announced it will launch tokenized stock pairings for leading business intelligence firm MicroStrategy (MSTR) in addition to multinational tech firms Apple (AAPL) and Microsoft (MSFT). The tokens will allow users to trade fractionalized units of the share tokens, with minimum trade sizing set at one one-hundredth of a token. Binance’s MSTR tokens are slated to go live at 1:30 pm UTC on Monday, …
Bitcoin’s (BTC) recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform Bitcoin in the short term. Over the past few months, the price action from altcoins seems to be disengaging from Bitcoin. Take for example, Ether (ETH), which hit a new all-time high today even as Bitcoin price is down 20% from its all-time high. The major factor that could have tilted the scale in favor of altcoins is the massive rise in the popularity of the …
The scheduled delisting of Coinbase shares from the German Deutsche Boerse stock exchange appears to have been averted. The platform announced on Wednesday that Coinbase would be removed from the Xetra and Frankfurt stock exchanges this week after it was discovered the cryptocurrency exchange had not submitted proper reference data for its shares. The removal date was originally scheduled for Friday at the close of the day’s trading session. The Legal Entity Identifier, or LEI, code is a prerequisite for firms conducting financial transactions within the country. The stock exchange operator did state that the mix-up came down to an …
The Deutsche Boerse Group has said it will delist Coinbase's stock listing on its Xetra digital stock exchange as well as the Frankfurt Stock Exchange. According to Reuters, Deutsche Boerse said it would delist Coinbase Global from the two exchanges due to "missing reference data" for the shares. The group said someone involved in listing the Coinbase shares used an incorrect Legal Entity Identifier, or LEI, code. The code is a regulatory requirement for any companies participating in financial transactions. Unless Coinbase or Deutsche Boerse takes action, the stock will no longer be listed on Xetra or the Frankfurt Stock …
April 14 was considered by many crypto enthusiasts all over the world as a watershed moment for the digital asset industry, as it marked the day when Coinbase, one of the largest crypto trading platforms in the world, made its debut on Nasdaq via a direct listing. As one can imagine, the lead up to the moment was replete with a market-wide surge, with Bitcoin (BTC) scaling up to a price point of $64,800 a day before the listing went live. In the run-up to Coinbase’s Nasdaq debut, COIN’s reference price was set at just $250, with all of the …
Less than one week after the largest crypto exchange in the U.S. was listed, Nasdaq is set to start trading options for Coinbase Global. According to an April 19 Reuters report, a representative for Coinbase stated that the COIN.O options will start trading on Nasdaq on Tuesday, April 20. The launch of equity options will offer a new way for investors to bet on the fortunes of Coinbase. Equity options represent the right, but not the obligation, to buy or sell a stock at a certain price, known as the strike price, on or before an expiration date. The news …
MicroStrategy’s continuous Bitcoin acquisition has drawn the ire of investment banking giant HSBC. Despite being one of the largest business intelligence firms in the world, HSBC has stated that MicroStrategy is now a “virtual currency product,” a designation akin to the pseudo-Bitcoin exchange-traded fund status attached to the company on account of its sizable Bitcoin (BTC) balance sheet. Since August 2020, MicroStrategy has embarked on a Bitcoin acquisition spree and now holds more than $5 billion worth of BTC. Michael Saylor, the company’s CEO, has also become an outspoken Bitcoin proponent. Saylor’s Bitcoin evangelism has included attempts to encourage other …
After much anticipation, Coinbase listed on the Nasdaq on Wednesday via a direct listing. Skybridge founder Anthony Scaramucci thinks the event should have been met with more attention from banks. “What I’m surprised about, frankly, is there isn’t a wake-up call at the banks, the commercial banks, like there was for the Netscape IPO in 1995 at Microsoft,” Scaramucci told CNBC on Friday after noting Coinbase’s connection with Bitcoin (BTC), in line with the asset’s growth and technical framework. He added: “Bill Gates thought the internet was a fad. He then realized what was happening with the Netscape IPO, and …