Crypto Biz: Are We Witnessing a True Bear Market?

Bitcoin’s price dropped below $90,000, leading to concerns that the bull run might be over. Despite this, significant investments are still flowing into the crypto market, indicating that institutions remain keen in the sector.

Republic Technologies recently secured $100 million in financing, allowing it to add Ether to its reserves. The funding comes through a zero-interest convertible note, where Republic does not incur interest and is insulated from default risk.

“Republic’s raise, while distinctive, might not establish a new standard in crypto fundraising. It’s, however, a sign that the market is maturing,” said Kaden Stadelmann, Chief Technology Officer of Komodo.

Moreover, Kraken successfully raised $800 million at a $20 billion valuation, with Citadel Securities investing $200 million.

Republic Technologies Raises $100 Million

Republic Technologies has raised $100 million through a unique zero-interest convertible note to bolster its Ether assets. This arrangement minimizes shareholder dilution while enabling significant investments in the digital currency market.

The company’s efforts stand out against other Ether-oriented firms such as BitMine Immersion, which raised $365 million but included warrants that could dilute shareholders significantly.

In total, 18 publicly traded companies are holding Ether assets, according to industry reports.

Republic Technologies Source: Republic Technologies

Michael Saylor’s Strategy Buys the Dip

Strategy, the business-intelligence firm turned Bitcoin supporter, made headlines this week by acquiring an additional 8,178 BTC for $835.6 million at an average price of $102,171 per Bitcoin. This acquisition marks the largest for the company since July.

With nearly 650,000 BTC in its possession, Strategy leads as the largest corporate holder of Bitcoin. Despite recent market fluctuations, the firm is expected to be on track for S&P 500 inclusion by December per insights from Matrixport.

Strategy Source: Strategy

Tether Expands into Commodity Lending

Tether, known for its stablecoin operations, is branching into the commodity-trade lending sector with a $1.5 billion deployment in credit, covering both cash and stablecoins.

Paolo Ardoino, CEO of Tether, highlighted that the firm plans to “expand dramatically” within the commodity trade finance space, which includes agricultural products and oil. Tether’s recent ventures include a tokenized gold product, Tether Gold, reflecting its influence amidst the current market conditions.

Tether Source: Cointelegraph

Kraken Moves Toward IPO in the US

Kraken has taken steps for a public offering by submitting a confidential draft S-1 registration statement to the US SEC. This submission follows the recent $800 million funding round, which values the company at about $20 billion. Kraken’s offer details, including stock size and pricing, remain undisclosed due to the confidential nature of the filing.

Crypto Biz provides insights into the business aspects of blockchain technology and cryptocurrency each week.