Business | ForkLog

ForkLog 33 24.11.2024

Cantor Fitzgerald Secures 5% Stake in Tether, Reports WSJ

Financial firm Cantor Fitzgerald has agreed to acquire a 5% stake in stablecoin issuer Tether for $600 million, according to WSJ, citing its own sources. Howard Lutnick, CEO and principal shareholder of Cantor Fitzgerald, serves as co-chair of the transition team for U.S. President-elect Donald Trump. On November 19, Trump nominated the entrepreneur for the […]

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ForkLog 51 19.11.2024

Trump Media Eyes Acquisition of Troubled Bakkt Platform

Trump Media and Technology Group (DJT), associated with Donald Trump, is reportedly in advanced talks to acquire the struggling platform Bakkt. This information comes from sources cited by the Financial Times. The terms of the deal have not been disclosed. The acquisition will exclude the crypto-custodial business licensed by the NYDFS. Previously, Bakkt representatives indicated […]

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ForkLog 12 01.11.2024

Tether’s Net Profit Reaches $7.7 Billion in 2024

In the third quarter, Tether, the issuer of the USDT stablecoin, reported a net profit of $2.5 billion. Since the beginning of the year, this figure has reached $7.7 billion. Tether Hits $7.7 billion 2024 Nine-Month Profits, $102.5 billion in U.S. Treasury Holdings, Almost $120 billion USD₮ Circulation, and an Over $6 billion Reserve Buffer […]

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ForkLog 19 31.10.2024

MicroStrategy Aims to Raise $42 Billion for Bitcoin Purchases

In its financial results for the third quarter, MicroStrategy reported a loss of $340.2 million and unveiled a plan to raise $42 billion to continue its bitcoin acquisition strategy. The business analytics software provider’s revenue amounted to $116.1 million, falling short of the consensus estimate by about $8 million and down 10.3% from the same […]

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ForkLog 21 29.10.2024

ConsenSys to Reduce Workforce by Up to 20%

ConsenSys, the developer behind the non-custodial wallet MetaMask, is set to lay off approximately 160 employees as part of a business optimization effort, according to the company’s founder and CEO, Joe Lubin. 1/5 The broader macroeconomic conditions over the past year and ongoing regulatory uncertainty have created broad challenges for our industry, especially for US-based […]

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ForkLog 38 24.10.2024

TeraWulf to Raise $350 Million for Share Buyback

Mining company TeraWulf will issue convertible senior notes worth $350 million, maturing in February 2030. The firm will offer buyers an option to purchase an additional $75 million in corporate bonds. Interest on the notes will be paid annually. TeraWulf plans to use the funds for a board-approved $200 million share buyback program and for […]

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ForkLog 17 22.10.2024

Northern Data to Divest Mining Business and Focus on AI

The German public mining company Northern Data is considering the sale of its bitcoin mining division, Peak Mining. According to a press release, the potential transaction would strengthen the firm’s position as a specialist in artificial intelligence solutions. The company referred to its third-quarter financial results, which showed consistent growth in its cloud AI computing […]

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ForkLog 10 04.10.2024

Chainalysis CEO Departs Due to ‘Personal Reasons’

Michael Gronager, co-founder and CEO of the analytics firm Chainalysis, has stepped down from his leadership role after a decade, citing “personal issues.” This was reported by The Block. Sari Granat, the president and COO, is temporarily acting as CEO. She joined Chainalysis in April 2022 from the information services provider IHS Markit. According to […]

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ForkLog 11 02.10.2024

Bitcoin Miners’ Revenue Hits Annual Low in September

In September, miners of the leading cryptocurrency earned a total revenue of $815.7 million. This marks the lowest figure since the beginning of the year, according to data from The Block. Source: The Block. The amount of fees in miners’ revenue amounted to $13.86 million — the lowest since the BRC-20 standard emerged in March […]

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ForkLog 11 29.09.2024

Fed Rate Cut Impacts Stablecoin Issuers’ Earnings

Companies behind the five leading stablecoins by market capitalization are set to lose approximately $625 million in annual revenue due to the Federal Reserve’s September decision to cut the key rate by 50 basis points, according to calculations by CCData. /2 The top 5 centralised stablecoins hold US Treasury Bills of nearly $125bn, accounting for […]

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ForkLog 109 20.09.2024

Tether Faces Renewed Criticism Over Transparency and Business Structure

Concerns about Tether’s transparency and business structure evoke memories of the FTX collapse, according to a thread by Cyber Capital founder Justin Bons. 2/17) The potential for collapse here is greater than Terra Luna! Making it one of the biggest existential threats to crypto as a whole As we have to trust they hold $118B […]

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ForkLog 19 17.09.2024

Crypto Industry Faces Crisis, Lacks ‘Dopamine’ for Developers and Traders

The crypto industry, once a source of excitement for developers and traders, is now in crisis, unable to provide the ‘dopamine’ it once did. This is the conclusion of Ki Young Ju, CEO of CryptoQuant. Crypto Industry is in Crisis. In the past, the crypto industry itself was like a game. A game abstracts the […]

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