Wall Street’s Revolution with Cryptocurrency Strategic Investments; Stocks Mentioned: (NYSE American: $KULR) @KULRTech , (NASDAQ: $COIN), (Nasdaq: $MSTR), (NYSE: $SQ), (NASDAQ: $RUM)
Wall Street’s Revolution with Cryptocurrency Strategic Investments; Stocks Mentioned: (NYSE American: $KULR) @KULRTech , (NASDAQ: $COIN), (Nasdaq: $MSTR), (NYSE: $SQ), (NASDAQ: $RUM)
December
27, 2024 - Investorideas.com, a
go-to investing platform covering cryptocurrency and cleantech stocks releases a snapshot looking at publicly traded
companies and how the strategic investment of cryptocurrency is reshaping their
financial futures ,featuring KULR Technology
Group, Inc (NYSE
American:KULR), a leader in advanced energy management
platforms.
Stocks
mentioned in this article: Coinbase (NASDAQ: COIN),
MicroStrategy
Incorporated (Nasdaq: MSTR), ,
Block, Inc. (NYSE:SQ),
Rumble
Inc. (NASDAQ:RUM).
Bitcoin
and other cryptocurrencies once scoffed at by Wall Street elites have now
become a part of the financial future of publicly traded companies as
President-elect Trump and his team give credibility to Bitcoin as an asset.
As
BraveNeCoin reported, “Donald Trump may issue an executive
order to make Bitcoin a United States reserve asset on his first day back in
office, according to Strike CEO, Jack Mallers.”
“If
it goes ahead, such a bold move could prompt a $20 billion BTC purchase by the
Treasury in 2025, potentially transforming the cryptocurrency landscape and
driving Bitcoin’s price to unprecedented heights. The news drove Bitcoin to a
new all-time high.”
Multiple
publicly-traded companies are following Trump’s lead and entering a new era of
cryptocurrency strategic investments.
Always
looking to the future of innovation, KULR Technology
Group, Inc (NYSE
American:KULR) just announced that it has completed the
purchase of 217.18 Bitcoin (“BTC”) for approximately $21 million, at an average
price of $96,556.53 per BTC.
This news is a paid advertisement/ news
disseminated on behalf of/issued on behalf of KULR Technology Group, Inc.
Read this news
featuring KULR in full at https://www.investorideas.com/news/2024/cryptocurrency/12271Wall-Street-Cryptocurrency-Strategic-Investments.asp
The
purchase follows the Company’s announcement on December 4th of its Bitcoin
Treasury strategy in which it announced allocating up to 90% of its surplus
cash to BTC. The $21 million of BTC purchased since the announcement is the
first of ongoing purchases the Company intends to make going forward. KULR
selected Coinbase’s (NASDAQ: COIN) Prime
platform to provide custody, USDC, and self-custodial wallet services for its
BTC.
MicroStrategy®
Incorporated (Nasdaq: MSTR), the
largest corporate holder of Bitcoin and the world’s first Bitcoin Treasury
Company, has changed the perception of Bitcoin on Wall Street by recently
becoming a member of the Nasdaq 100 equity index.
Covering
the historic news, Zacks Research
reported, “MicroStrategy holds an astounding number of 423,650
Bitcoins, making it a unique and volatile addition to the Nasdaq 100. The index
comprises the top 100 tech and non-financial companies from the larger Nasdaq
Composite index (IXIC), which houses over 2,500 firms.”
Coindesk reported that “The
Company bought 5,262 BTC for a total of $561 million in the week ended Dec. 22
to take its total holdings to 444,262 BTC.”
“The
purchase, at an average price of $106,622 per Bitcoin, was teased by Executive
Chairman Michael Saylor in a Sunday post on X. It brings the value of
MicroStrategy's holdings to $42.2 billion at current market prices and raises
the average cost to $62,257 per Bitcoin.”
According to Inside Monkey, Block,
Inc. (NYSE:SQ) is one
of the largest corporate holders of Bitcoin.
From the article: “In
the nine months ending September 30, Block (NYSE:SQ) generated Bitcoin revenue
of $7.77 billion. Moreover, the company was safeguarding assets related to
Bitcoin held for other parties worth $1.143 billion. Block holds Bitcoin for
two purposes: as a long-term investment and for facilitating customer
transactions on Cash App. As of September 30, 2024, the company owned
approximately 8,363 Bitcoins, which had a total cost basis of $241.1 million.
This was an increase from 8,038 Bitcoins, with a total cost basis of $220.0
million, held on December 30, 2023.”
From the article: “Overall,
SQ ranks 8th on our list of companies hoarding Bitcoin like there’s no
tomorrow.
Rumble Inc.’s (NASDAQ:RUM) stock
doubled in one day based on news of a
crypto strategic investment. The video-sharing
platform and cloud services provider, announced on December 20th
that it entered into a
definitive agreement for a strategic investment of $775 million from Tether
($USDT) ("Tether"), the largest company in the digital assets
industry and the most widely-used dollar stablecoin across the world with more
than 350 million users. Over the last few years, Tether has become one of the
most recognized symbols for financial inclusion.
From the
news:
The Company will use $250 million of the proceeds to support growth initiatives
and the remaining proceeds to fund a self tender offer for up to 70 million of
its Class A Common Stock, at the same price ($7.50 per share) as Tether's
investment. Following the completion of the transaction, Chris Pavlovski,
Rumble's Chairman and CEO, will retain his controlling stake in the Company.
From the news: Chris Pavlovski stated, "I could not be
more excited about this collaboration with Tether for a number of reasons.
First, many people may not realize the incredibly strong connection between the
cryptocurrency and free speech communities, which is rooted in a passion for
freedom, transparency, and decentralization. Second, the immediate commitment
of adding $250 million in cash to our balance sheet not only confirms the level
of support and commitment to a collaboration between our companies, it also
fuels our growth initiatives. And, third, this transaction provides an
immediate liquidity event for all of our stockholders who elect to participate
in the self tender offer. I truly believe Tether is the perfect partner that
can put a rocket pack on the back of Rumble as we prepare for our next phase of
growth."
From the
news:
Paolo Ardoino, CEO of Tether, added, "Tether's investment in Rumble
reflects our shared values of decentralization, independence, transparency, and
the fundamental right to free expression. In today's world, legacy media has
increasingly eroded trust, creating an opportunity for platforms like Rumble to
offer a credible, uncensored alternative. This collaboration aligns with our
long-standing commitment to empowering technologies that promote freedom and
challenge centralized systems, as demonstrated through our recent
collaborations and initiatives.
Rumble's
dedication to fostering open communication and innovation makes them an ideal
ally as we continue building the infrastructure for a more decentralized,
inclusive future. Lastly, beyond our initial shareholder stake, Tether intends
to drive towards a meaningful advertising, cloud, and crypto payment solutions
relationship with Rumble."
Searching the list of public companies adopting
strategic allocation of Bitcoin within its corporate treasury, they range from
the expected crypto miners and tech companies to the unexpected, such as
biotech and healthcare stocks.
Wall
Street in undergoing massive change with AI, and now crypto and investors are
witnessing a revolution from the old to the new.
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