Following massive BTC purchase announcement, MicroStrategy says it may sell up to $1B in stock

The same day business intelligence firm MicroStrategy announced it would use $488 million from the proceeds of a private offering sale to buy Bitcoin, the company said it may also sell up to $1 billion of its stock for the same reason. In a Monday S-3 filing fo the U.S. Securities and Exchange Commission, MicroStrategy said it would be launching an “at the market” securities offering which would allow it to sell up to $1 billion of its Class A Common stock over time. The firm said it intended to…

Lack of crypto regulations alarming, says Italy’s stock market regulator

Paolo Savona, the chairman of the Commissione Nazionale per le Società e la Borsa (Consob) — Italy’s securities regulator — has raised alarms over crypto’s growing popularity in the absence of firm regulatory standards. According to Reuters, Savona made this position known while delivering Consob’s annual report on Monday stating that the lack of clear-cut regulations creates an opportunity for criminals to utilize crypto for illegal activities. According to Savona: “Without proper oversight, there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators.”…

GME and AMC stock surge may impact crypto meme coins, BTC not so much?

This year, stocks like the movie theater chain AMC Entertainment and video game retailer GameStop (GME) have been the vehicle for individual retail traders to show their dissent against the so-called “free market.”  Starting in late January and driven by sentiment from Reddit communities such as r/Wallstreetbets, these meme stocks have seen enormous growth this year. GameStop has shown 1,069.80% year-to-date returns, while AMC has shown 1,919.34% gains. At this rate, they should have 2,440% and 4,378% returns on an annual basis, respectively. Around the same time, Bitcoin (BTC) ventured…

MicroStrategy stock slides after announcing new $400M debt raise to buy Bitcoin

A lackluster balance sheet, excessive debt load and over-leveraged exposure to Bitcoin have crashed MicroStrategy stock by more than 63% since February already. Nevertheless, the business intelligence company has ignored the risks of its frothy valuations, and it now wants to raise more debt and buy Bitcoin with proceeds (BTC). MicroStrategy announced on June 7 that it “intends to raise $400 million aggregate principal amount of senior secured notes in private offering […] to acquire additional Bitcoins.” The company already holds more than 92,000 BTC, worth about $3.31 billion at current exchange…

AMC ‘meme stock’ frenzy may spill over to crypto as Bitcoin metric nears buy zone

Bitcoin (BTC) is slowly but surely preparing to flash “buy,” a key indicator suggests as a trading frenzy reignites memories of the GameStop debacle. In its latest report on June 3, Stack Funds highlighted the Puell Multiple nearing the green “buy” zone — a signal to enter the market. Puell multiple drops to pre-2021 levels The Puell Multiple is one of the best-known BTC price tools. Its readings judge the likelihood of a sell-off or uptick based on miner profitability. Currently, it makes little sense for miners to sell unless…

Polkadot ETP hits Swedish stock market

The mainstream financial world has taken notable strides to incorporate various crypto assets. A new exchange-traded product (ETP) for Polkadot (DOT) recently surfaced on a mainstream exchange in Sweden.  The Nordic Growth Market now hosts buying and selling for the DOT ETP, officially labeled as the “VALOUR POLKADOT (DOT) SEK,” according to a public statement provided to Cointelegraph. The ETP is a product of Valour, a company that produces digital asset-based ETPs. The product went live on the exchange on Monday. A company called DeFi Technologies is Valour’s parent company.…

Spanish stock exchange ready to test blockchain-based SME financing system

Spanish stock exchange Bolsas y Mercados Españoles, or BME is set to test its blockchain infrastructure for small- and medium-sized enterprise financing following a successful pilot run back in 2020. According to Finextra on Friday, this next set of trials by the BME will involve businesses that are part of the country’s SME financing ecosystem under the aegis of a regulatory sandbox created by Spain’s Ministry of Economic Affairs and Digital Transformation. As previously reported by Cointelegraph, this sandbox is seen as an important step in promoting greater fintech development in…

Powers On… Why Bernie Madoff should be a powerful lesson to stock and crypto memecoin investors

Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an Adjunct Professor at Florida International University School of Law, where he teaches a course on ‘Blockchain, Crypto and Regulatory Considerations.’ I was downstairs at a bar on the Upper East Side of Manhattan that Thursday evening, December 11, 2008, playing a friendly game of Texas Hold ‘em when the calls began.  One after…

PS5 stock is hard to find — but sites that accept crypto are coming to the rescue

It was one of the most-anticipated releases of a games console for years — the PlayStation 5. Sony’s latest hi-spec model also couldn’t have come at a better time. Making its long-awaited debut in November 2020, gamers had high hopes of keeping entertained during a harsh winter… and averting boredom during coronavirus lockdowns that kept us confined indoors, unable to go to restaurants, and away from our loved ones. Alas, many of us were left disappointed because of stock shortages. Around the world, PS5s would sell out instantly as soon…

Coinbase stock plunges to record low, further decoupling from crypto

Shares of Coinbase Global Inc. tumbled to fresh lows on Thursday, as Wall Street investors continued to cycle out of high-flying tech stocks. The cryptocurrency market, meanwhile, reached a record valuation over $2.4 trillion.  COIN stock bottomed at $255.15, where it was in danger of breaching the $250 reference price on the eve of its public listing on Apr. 14. After an explosive debut, COIN has been on a downward trajectory. The company now has a total market capitalization of $48.7 billion, which is roughly half of the $100 billion…