Wednesday, March 13, 2024
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A monster day for the spot Bitcoin ETFs with over $1B in inflows. Truly a sign of things to come. In today's news:
Brian's big bet 🎲 It's getting Tensor! 🖼️
Read on! | | 24h Hot Searches Worldwide 🔥 | | Where AI Crypto Coins Are Most Popular | | US, UK and Türkiye are the countries most interested in AI crypto coins this year, accounting for a third of global interest.
Southeast Asia has shown particularly outsized interest in the AI crypto narrative, with Philippines, Singapore, Indonesia and Vietnam ranking among the top 15. | | |
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Brian's big bet 🎲 A fork of a different kind? We highlighted Microstrategy's convertible debt offering yesterday in order to raise capital to buy more BTC, and today crypto exchange Coinbase announced that it is also planning to sell up to $1B in convertible notes to potential lenders.
The notes will largely follow the same structure as Microstrategy's offering, where investors will have the opportunity to convert them notes into Coinbase shares upon their expiry in 2030.
However, the interest rate, initial conversion rate for the shares, and other terms have yet to be finalized until the offering has been priced.
Funds from the debt offering will be used to repay their existing loans as well as to cover capital expenditures and working capital.
Should the sale be a success, Coinbase would increase its total debt by 33% to $4B.
Following the crypto market's impressive run thus far, stocks of Coinbase have been on a tear since the start of the year, surging by 66.8% from $156.88 to $256.14 today.
Editor's Take:
While Coinbase won't be using the funds raised to buy more Bitcoin, the success of such an offering would also be beneficial to the crypto space as a whole. Funds used for increasing personnel, bolstering existing services and developing new ones will allow Coinbase to accommodate the next incoming wave of retail and institutions who may already be here. | | | In this video, we take a look at historical bitcoin price action around the previous halving. Will it give clues for what to expect for the incoming halving right around the corner? | | | It's getting Tensor! 🖼️ The Tensor token is coming.
The Solana-based NFT marketplace announced that they will be launching their governance token, TNSR, but nothing much has been revealed as of yet. Besides being used as a governance token, TNSR will be used to promote partnerships in creating a diverse ecosystem of creators and builders.
According to the team, the Tensor protocol has facilitated over $2B in trading volume for Solana NFTs to date.
However, we may see this number rise rapidly in the near future as users may start increasing their trading volumes in hopes of getting a bigger potential airdrop.
Since the announcement, the floor price of Tensor's own NFT collection, Tensorians, has soared by 49.9 SOL (~$7,500) to 60.4 SOL (~$9,200). | | | Trade Like a Champ!
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Join now | | | Ethena Labs is a synthetic dollar protocol (USDe) that achieves stability through shorting ETH. The Shard Campaign tracks how much a user contributes to the ecosystem based on their activities involving USDe — find out how to earn Shards in today's article. | | | In Other News... Telegram going public? The Open Network's TON token jumped 38% in over a day after the CEO of messaging app Telegram revealed a potential ICO ahead.
Fund acquisition. European fund manager CoinShares completes acquisition of Valkyrie Funds LLC.
Spreading the word. Drake shared Michael Saylor's bullish take on BTC to his 146M Instagram followers.
Opening its borders. Thailand allows asset firms to access spot Bitcoin ETFS for professional investors.
Undergoing tests. After nearly a year after launching, Goldman Sachs, BNY Mellon, and Cboe Global Markets tested the blockchain-based, communication system called Canton Network with several other firms and banks.
Unicorn soon? Elixir raised $8M in a Series B round co-led by Mysten Labs and Maelstrom.
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