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Cointime News Wrapup-Afternoon Version: Crypto Bank Silvergate to Close, Return all Deposits; Becomes Latest Victim of 2022 Crypto Turmoil
To smooth and facilitate the reading experience for all users, we hereby compose this wrapup, especially for users who cannot check out what’s going on in a timely manner.
Bitcoin treasury company Strive (Nasdaq code ASST) announced the launch of a $450 million public offering plan to increase its Bitcoin holdings and raise the proportion of Bitcoin per share. This issuance is part of the company's total $950 million capital initiative, which also includes a $500 million stock buyback plan to enhance balance sheet flexibility. Strive currently holds 69 Bitcoins, worth approximately $7.9 million, and can raise an additional $750 million in the next 12 months through warrants. The company stated that it will issue preferred shares through a registration structure to purchase additional Bitcoins, increasing shareholder exposure to Bitcoin and enhancing shareholder value.
in response to Base's announcement of exploring the launch of a network token, Coinbase CEO Brian Armstrong clarified on X platform that they are indeed exploring the Base network token. They hope that this token can become an excellent tool to accelerate the growth of creators and developers in decentralization and ecosystem expansion. However, it should be pointed out that at this stage, there is no specific plan for the related token, and disclosing the information is just for public update of the concept.
Ripple announced a donation of $25 million to two non-profit organizations in the United States, Accion Opportunity Fund and Hire Heroes USA. This funding will be provided in the form of Ripple's dollar stablecoin Ripple USD (RLUSD), aimed at expanding financing channels for underserved small business owners.
Google rose more than 3%, hitting a record high, with a total market value exceeding $3 trillion for the first time. As of now, there are 4 listed companies in the U.S. with a total market value exceeding $3 trillion, including Nvidia ($4.26 trillion), Microsoft ($3.79 trillion), Apple ($3.53 trillion), and Google.
U.S. stock market opened, with the Dow rising 0.03%, the S&P 500 rising 0.34%, and the Nasdaq rising 0.45%. Tesla (TSLA.O) rose 6.74%, with Musk investing about $1 billion to buy over 2.5 million shares of the company's stock last Friday. Nvidia (NVDA.O) fell 1.32%, while Oracle (ORCL.N) rose 4.12%.
Nasdaq-listed company Reliance Global Group announced that its board of directors has approved a strategic expansion into the digital asset and blockchain fields, and is establishing a digital asset treasury that includes portfolios of BTC, ETH, and SOL. The company plans to purchase up to $60 million worth of digital assets in the first phase, followed by another $60 million, totaling up to $120 million. These assets will be managed by its newly formed cryptocurrency advisory committee.
Yuga Labs and Improbable announced the migration of Otherside Metaverse to Improbable's Msquared, which is Improbable's interconnected Metaverse network. By rebuilding Otherside, Yuga Labs will provide the community with the ability to build in large-scale environments and interoperability. Improbable and Yuga Labs also announced other news about the development of Otherside, including a large multiplayer game event in July and the launch of Otherside development toolkit World Builder ODK.
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