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3469 result(s) found.

MicroStrategy Defies Bearish Bets with Tripling Stock Price and Outperforms Bitcoin Amidst New ETF Introductions

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Despite a notable short interest, MicroStrategy, led by Michael Saylor, continues to witness significant attention from investors, holding $6.9 billion in major short positions as reported by institutions.

As per data from investment research firm Fintel, as of June 6, MicroStrategy features prominently with 18 short positions on Fintel’s “The Big Shorts” list, a compilation of substantial short positions disclosed to the U.S. Securities and Exchange Commission.

The largest of these short positions against MicroStrategy stands at about $2.4 billion, ranking as the 27th-largest net short position among institutions.

This figure is notably less than Amazon’s highest net short position of $3.59 billion, while the largest net short position in the U.S. targets the SPDR S&P 500 Trust ETF, valued at a staggering $114.06 billion.

Despite this backdrop of aggressive short-selling, the sentiment among short-sellers seems to be changing.

The short-interest ratio for MicroStrategy’s stock has halved over the past six months, plummeting from 3.1 days to 1.5 days, indicating a decrease in short-seller interest and reduced risk of a short squeeze.

This ratio measures the average number of days required for short sellers to cover their positions, with a lower figure suggesting waning interest.

Amid these dynamics, MicroStrategy’s stock performance has been robust.

READ MORE: Meta Faces 11 Complaints Over AI Data Use Without Consent, Potential EU Privacy Violations

According to Google Finance, since December 2023, the stock price has surged from $570 to $1,656, effectively tripling in value.

This rally coincides with developments in the cryptocurrency sector, where the launch of spot Bitcoin ETFs in 2024 led investment firm Kerrisdale Capital to speculate on the decreasing necessity of trading MicroStrategy shares as a proxy for Bitcoin exposure.

Kerrisdale Capital highlighted this shift in a March 28 analyst note, stating, “The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over.”

This sentiment reflects a broader market adjustment to new financial products that offer direct exposure to Bitcoin, potentially diminishing MicroStrategy’s appeal as an indirect investment option.

Adding to the narrative of success, a recent report by Cointelegraph highlighted that MicroStrategy has substantially outperformed Bitcoin itself over the past year.

The stock has risen by approximately 469%, compared to a 168% increase in Bitcoin’s value, underscoring a period of significant financial growth for the firm amidst a challenging and evolving investment landscape.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Keith Gill’s GameStop Trades Propel Him Toward Billionaire Status Amid Market Manipulation Probe

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Keith Gill, famously known for his role in the GameStop short squeeze of 2021, has reemerged in the financial spotlight as his recent trading activities propel him towards billionaire status.

Trading under the monikers “Roaring Kitty” and “DeepFuckingValue,” Gill disclosed on June 2 that he had resumed trading in GameStop stocks, commanding a hefty sum of $180 million.

The details of his investment were shared on his Reddit account, where Gill showcased a $115.7 million investment in GameStop shares and $65.7 million in call options.

This revelation stirred the stock market, notably boosting GameStop’s value. Following his post, GameStop’s stock price leapt by 19% in overnight markets operated by Robinhood, and has since surged by 38.8% in 2024.

Analysts from The Kobeissi Letter, a respected source in global capital markets analysis, predict that Gill’s financial trajectory could see him become a billionaire.

They pointed out that with GameStop’s stock reaching $67.50 per share after hours, Gill’s holdings could approximate $1 billion if the stock opens at similar levels.

Furthermore, the stock analysts noted that since June 6, GameStop’s stock has closed up 110%, adding $9.5 billion to its market capitalization within just 12 hours.

This dramatic increase places GameStop’s valuation at around $20 billion, categorizing it as one of the top 400 public companies in the U.S.

However, Gill’s aggressive market tactics have not gone without scrutiny.

READ MORE: Fidelity Strategist Matt Horne Recommends Small Bitcoin Allocation for Investors

On June 3, Citron Research, a prominent critic and short-seller of GameStop, accused him of market manipulation in a post on X.

They suggested that Gill must be collaborating with other financiers, stating, “We believe someone is backing Gill — there’s no way he made this size trade alone.

His reported finances don’t support this trade. Investors will see through this roaring Icarus.”

The following day, Massachusetts’ securities regulator initiated an investigation into Gill’s recent market activities.

Lisa Braganca, a former official at the Chicago Securities and Exchange Commission, mentioned in a CNBC interview that the probe will likely explore whether Gill’s actions constituted market manipulation.

She elaborated, “They are concerned that this is an effort to manipulate the market and for him to make money for himself through illegal disclosures,” indicating a thorough review of Gill’s communications across various platforms, including Reddit and X, will be part of the investigation.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

2024 U.S. Elections Could Determine Fate of Future Solana and Other Altcoin ETFs

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The potential for another altcoin exchange-traded fund (ETF) in the U.S. could hinge on political shifts following the 2024 presidential election.

Despite the SEC approving spot Ether ETFs on May 23, SEC Chair Gary Gensler noted that “it will take time” for these ETFs to launch.

Speculation has already begun, with Solana emerging as a leading candidate for the next crypto ETF.

Ophelia Snyder, co-founder and president of 21.co, cautioned against high expectations for new altcoin ETFs.

“It’s unlikely that the approval of ETH will result in a large wave of approvals,” she told Cointelegraph.

Nonetheless, strong demand from institutional investors might drive ETF issuers to submit applications.

An April report by CoinShares revealed that hedge funds and wealth managers have significantly increased their altcoin holdings, particularly in Solana.

Snyder emphasized the substantial interest in 21.co’s Solana ETP on European exchanges, with nearly $990 million in assets under management.

The SEC remains hesitant to embrace additional cryptocurrencies for future ETFs. The approval of spot Ether ETFs was already challenging for the commission.

Approving an altcoin ETF could be even more difficult, but political factors, like the upcoming U.S. elections, might influence this.

Bloomberg ETF analyst Eric Balchunas explained that the SEC follows a specific timeline for approving ETFs, which could mean years before another altcoin ETF is approved.

He mentioned the crucial role of Chicago Mercantile Exchange (CME) data in assessing market integrity.

“The analysis used a 32-month sample, which required significant tenure of the asset on CME,” said CCData research lead Joshua de Vos.

Balchunas noted that the U.S. elections could be a significant variable.

Donald Trump’s pro-crypto stance contrasts with President Joe Biden’s more restrictive approach.

A Trump victory could lead to a more favorable environment for altcoin ETFs. Balchunas speculated, “If Trump wins, we could see other coins as ETFs.”

However, if Democrats maintain power, the prospects for an altcoin ETF remain slim, even with a new SEC chair.

READ MORE: Robust U.S. Job Growth and ECB Rate Cut Shape Bitcoin Market Dynamics; ETF Inflows Offer Hope for Recovery

Beyond the elections, altcoin ETFs must meet requirements such as liquidity, decentralization, and resistance to price manipulation.

Market manipulation remains a concern, but Balchunas believes ETFs can handle some level of it.

Liquidity is another issue. Altcoin markets often lack the volume seen in Bitcoin or Ether.

Balchunas pointed out that ETFs can exist with lower liquidity, as seen with junk bond ETFs.

However, low liquidity can lead to premiums and discounts, which market makers can mitigate.

A basket of altcoins might be a solution, though investors prefer single asset trackers.

Snyder stated, “More demand for single asset trackers” exists than for altcoin baskets. Regulatory engagement would likely be required for such ETF wrappers.

Solana is seen as the leading contender for the next altcoin ETF due to its high market cap.

However, centralization issues and previous outages pose challenges.

If current regulators remain after the elections, a spot Solana ETF will face significant barriers.

Solana’s fundamentals must improve to meet U.S. regulatory standards and become a viable ETF option.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Nigerian Crypto Enthusiasts Warn Against Halting Naira Trading, Advocate for Balanced Regulation

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Some Nigerian crypto enthusiasts believe that halting naira trading on cryptocurrency exchanges will worsen the volatile fiat currency’s situation.

Rume Ophi, executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), told Cointelegraph that blaming global cryptocurrency platforms for the naira’s depreciation is impractical.

Ophi emphasized that Nigeria can regulate the cryptocurrency industry effectively through a framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022.

The naira’s rapid decline and the resulting inflation rate of 29.9%, a nearly three-decade high, have led the government to focus on platforms providing cryptocurrency services.

These platforms have become popular for trading and establishing an informal value for the naira.

In an opinion piece, Iwa Salami, an associate professor at the University of East London, argued that cryptocurrency has been unfairly blamed for devaluing national currencies.

She suggested that Nigerian authorities adopt a balanced regulatory approach rather than a complete ban.

Salami noted that while crypto is associated with money laundering and the drug trade, it has never been directly linked to currency devaluation:

“Nigeria needs a balanced approach to regulation if the industry is to thrive without harming financial and monetary stability.

READ MORE: CoinGecko Suffers Data Breach at Third-Party Email Vendor, Over 1.9 Million Users’ Contact Details Exposed

A stable financial system can allocate resources efficiently and manage financial risks.

The approach must protect consumers and investors.”

Cointelegraph previously reported on Nigeria’s crackdown on cryptocurrency trading platforms.

Authorities blamed these platforms for the naira’s rapid depreciation earlier in 2024, scrutinizing Binance, which faced several charges, including tax evasion.

Salami emphasized that Nigerian authorities could achieve their goals through regulation instead of prohibition.

By leveraging the 2022 regulatory framework established by the Nigerian SEC, authorities can require cryptocurrency exchanges to reveal the identities of wallet holders connected to suspicious activities, balancing oversight and innovation.

According to Salami, the global adoption of international standards for crypto assets, such as the Financial Stability Board’s recommendations, would provide a unified solution to concerns raised by Nigerian authorities and other regulators worldwide.

This would promote clarity and consistency in regulating crypto asset activities.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Keith Gill’s Bold GameStop Trades Propel Him Toward Billionaire Status Amid Market Manipulation Probe

/

Keith Gill, famously known for his role in the GameStop short squeeze of 2021, has reemerged in the financial spotlight as his recent trading activities propel him towards billionaire status.

Trading under the monikers “Roaring Kitty” and “DeepFuckingValue,” Gill disclosed on June 2 that he had resumed trading in GameStop stocks, commanding a hefty sum of $180 million.

The details of his investment were shared on his Reddit account, where Gill showcased a $115.7 million investment in GameStop shares and $65.7 million in call options.

This revelation stirred the stock market, notably boosting GameStop’s value. Following his post, GameStop’s stock price leapt by 19% in overnight markets operated by Robinhood, and has since surged by 38.8% in 2024.

Analysts from The Kobeissi Letter, a respected source in global capital markets analysis, predict that Gill’s financial trajectory could see him become a billionaire.

They pointed out that with GameStop’s stock reaching $67.50 per share after hours, Gill’s holdings could approximate $1 billion if the stock opens at similar levels.

Furthermore, the stock analysts noted that since June 6, GameStop’s stock has closed up 110%, adding $9.5 billion to its market capitalization within just 12 hours.

This dramatic increase places GameStop’s valuation at around $20 billion, categorizing it as one of the top 400 public companies in the U.S.

However, Gill’s aggressive market tactics have not gone without scrutiny.

READ MORE: Fidelity Strategist Matt Horne Recommends Small Bitcoin Allocation for Investors

On June 3, Citron Research, a prominent critic and short-seller of GameStop, accused him of market manipulation in a post on X.

They suggested that Gill must be collaborating with other financiers, stating, “We believe someone is backing Gill — there’s no way he made this size trade alone.

His reported finances don’t support this trade. Investors will see through this roaring Icarus.”

The following day, Massachusetts’ securities regulator initiated an investigation into Gill’s recent market activities.

Lisa Braganca, a former official at the Chicago Securities and Exchange Commission, mentioned in a CNBC interview that the probe will likely explore whether Gill’s actions constituted market manipulation.

She elaborated, “They are concerned that this is an effort to manipulate the market and for him to make money for himself through illegal disclosures,” indicating a thorough review of Gill’s communications across various platforms, including Reddit and X, will be part of the investigation.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

MicroStrategy Defies Bearish Bets with Tripling Stock Price, Outperforms Bitcoin Amidst New ETF Introductions

//

Despite a notable short interest, MicroStrategy, led by Michael Saylor, continues to witness significant attention from investors, holding $6.9 billion in major short positions as reported by institutions.

As per data from investment research firm Fintel, as of June 6, MicroStrategy features prominently with 18 short positions on Fintel’s “The Big Shorts” list, a compilation of substantial short positions disclosed to the U.S. Securities and Exchange Commission.

The largest of these short positions against MicroStrategy stands at about $2.4 billion, ranking as the 27th-largest net short position among institutions.

This figure is notably less than Amazon’s highest net short position of $3.59 billion, while the largest net short position in the U.S. targets the SPDR S&P 500 Trust ETF, valued at a staggering $114.06 billion.

Despite this backdrop of aggressive short-selling, the sentiment among short-sellers seems to be changing.

The short-interest ratio for MicroStrategy’s stock has halved over the past six months, plummeting from 3.1 days to 1.5 days, indicating a decrease in short-seller interest and reduced risk of a short squeeze.

This ratio measures the average number of days required for short sellers to cover their positions, with a lower figure suggesting waning interest.

Amid these dynamics, MicroStrategy’s stock performance has been robust.

READ MORE: Meta Faces 11 Complaints Over AI Data Use Without Consent, Potential EU Privacy Violations

According to Google Finance, since December 2023, the stock price has surged from $570 to $1,656, effectively tripling in value.

This rally coincides with developments in the cryptocurrency sector, where the launch of spot Bitcoin ETFs in 2024 led investment firm Kerrisdale Capital to speculate on the decreasing necessity of trading MicroStrategy shares as a proxy for Bitcoin exposure.

Kerrisdale Capital highlighted this shift in a March 28 analyst note, stating, “The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over.”

This sentiment reflects a broader market adjustment to new financial products that offer direct exposure to Bitcoin, potentially diminishing MicroStrategy’s appeal as an indirect investment option.

Adding to the narrative of success, a recent report by Cointelegraph highlighted that MicroStrategy has substantially outperformed Bitcoin itself over the past year.

The stock has risen by approximately 469%, compared to a 168% increase in Bitcoin’s value, underscoring a period of significant financial growth for the firm amidst a challenging and evolving investment landscape.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Animoca Brands Raises $20 Million for The Sandbox, Valuing Subsidiary at $1 Billion Amid Expanding Metaverse Initiatives

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Animoca Brands and its subsidiary Bacasable Global, operators of The Sandbox metaverse platform, have successfully secured $20 million in a funding round, achieving a valuation of $1 billion.

This round saw contributions from prominent investors including Kingsway Capital, LG Tech Ventures, and True Global Ventures, with the funds raised through convertible promissory notes.

These notes offer investors the option to convert their investments into equity in Bacasable Global under the same terms as the existing preference shares.

This fundraising event marks a significant milestone for The Sandbox, especially considering its ambitious valuation targets nearly two years ago when it sought to raise $400 million at a valuation of $4 billion.

According to The Sandbox’s official announcement, the newly acquired funds are earmarked for enhancing the platform’s creator economy and the development of its decentralized mobile metaverse, which is slated for release in 2025.

The Sandbox plans to introduce a range of new features, including social functionalities, enhanced avatar skills, and improved versions of its existing Game Maker and VoxEdit 3D editing tools.

Additionally, the platform is set to enhance its multiplayer experience with a new rules system expected to enter beta testing later in 2024 and launch fully in 2025.

Since its Alpha version went live in November 2023, The Sandbox has seen significant user engagement, with over 1,000 user-generated experiences developed and a robust user base of 5.7 million accounts connected to cryptocurrency wallets.

READ MORE: CryptoUK Releases Comprehensive Guide to Navigate U.K.’s Crypto Travel Rule Compliance

Despite the general downturn in the metaverse sector following the 2022 bear market, The Sandbox has demonstrated considerable growth, adding over 330,000 unique creators who have utilized its no-code Game Maker in the past year.

Animoca Brands co-founder Yat Siu emphasized the uniqueness of The Sandbox, contrasting it with other popular gaming platforms: “Many popular games, such as Minecraft and Roblox, with millions of daily users, don’t offer their users digital property rights,” he noted.

He then highlighted The Sandbox’s role in advancing user-generated content (UGC) games into an era of digital ownership.

Despite a slowing metaverse market, which saw companies like Facebook rebrand without achieving expected traction, investment firm McKinsey & Company remains optimistic about the metaverse’s potential, projecting its growth to reach $5 trillion by 2030.

Meanwhile, a report from Futurism pointed out that Meta’s $1.2 billion metaverse initiative managed only 38 daily users in 2022, showcasing the challenges faced in the sector.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Trump Pledges to Become the “Crypto President” in 2024 Campaign

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Former United States President Donald Trump is amplifying his support for cryptocurrency as a key part of his 2024 presidential campaign, aiming to become the “crypto president,” according to a recent Reuters report.

On June 7, sources revealed that Trump announced his intentions to be the “crypto president” at a fundraising event in San Francisco.

The event was hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya.

Reportedly, this event helped Trump raise $12 million for his campaign ahead of the November 5 U.S. presidential election.

During the event, Trump reiterated his commitment to advancing the crypto industry and criticized the Democratic Party’s stance, which he characterized as imposing harsh regulations.

He highlighted the Democratic approach as “regulation by enforcement,” a term used within the U.S. crypto industry.

This announcement follows a contentious decision by current U.S. President Joe Biden.

Biden recently faced backlash from the crypto community after vetoing a resolution aimed at overturning the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.

READ MORE: Zilliqa Unveils Groundbreaking 2.0 Upgrade: Faster, Eco-Friendly Blockchain with Enhanced Interoperability Set for 2024 Launch

This bulletin mandates that institutions holding crypto assets must record them as liabilities on their balance sheets, a requirement that has sparked controversy.

Trump’s support for the crypto industry has been consistent.

On May 26, Cointelegraph reported that Trump emphasized the importance of the U.S. leading the crypto industry.

“Our country must be the leader in the field, there is no second place,” Trump declared in a May 25 post on Truth Social, a platform owned by Trump Media and Technology Group.

He further stated, “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry.”

With his renewed focus on cryptocurrency, Trump is positioning himself as a pro-crypto candidate, aiming to attract support from the growing community of crypto enthusiasts.

His ongoing advocacy marks a significant shift in his campaign strategy as he seeks to leverage the momentum of the crypto movement in his bid for the presidency.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Sky Mavis Recovers $5.7 Million from Ronin Bridge Hack with Aid of Norwegian Authorities

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Sky Mavis, the creator of the renowned play-to-earn game Axie Infinity, has successfully recovered $5.7 million linked to last year’s Ronin Bridge hack, with substantial aid from Norwegian law enforcement.

The company revealed that Norway’s Økokrim, a central unit for combatting economic and environmental crimes, played a key role in freezing and returning the stolen funds on June 7.

The recovery operation involved collaboration between various parties, including law enforcement, legal teams, accountants, and blockchain forensic experts like Chainalysis.

Sky Mavis expressed gratitude towards both the Norwegian government and the U.S. Federal Bureau of Investigation for their efforts in tracking down and securing the assets.

Sky Mavis disclosed their plans for the retrieved funds, stating, “15% of recovered assets will be used to cover costs and expenses incurred by those involved in the recovery efforts.

The remaining 85% of recovered funds will be deposited into the Axie Infinity treasury.”

This move aims to reallocate the funds back into the game’s operational budget, while also compensating those who contributed to the recovery efforts.

READ MORE: Meta Faces 11 Complaints Over AI Data Use Without Consent, Potential EU Privacy Violations

Further developments in the ongoing case include the freezing of an additional $40 million in digital assets by law enforcement, though Sky Mavis indicated that reclaiming these funds could be a lengthy process without a definitive timeline for their return.

The Ronin Bridge incident, which occurred on March 29, 2022, remains one of the most significant security breaches in the cryptocurrency realm.

The breach involved the unauthorized withdrawal of 173,600 Ether and 25.5 million USD Coin, valued at $612 million at the time, using compromised private keys.

In response to the financial impact on users, Sky Mavis raised $150 million in April 2022 through a funding round led by Binance to compensate affected stakeholders.

Post-incident, the company has enhanced the security of the Ronin blockchain, integrating additional validators including Google Cloud, to bolster its defense against future attacks.

Despite the setback, Ronin continues to be a prominent blockchain platform for non-fungible tokens (NFTs), currently ranking third in all-time NFT sales behind leaders Solana and Ethereum.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

CoinGecko Suffers Data Breach at Third-Party Email Vendor, Over 1.9 Million Users’ Contact Details Exposed

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CoinGecko, a cryptocurrency data aggregator, has reported a security breach at its third-party email service provider, GetResponse.

This incident occurred shortly after news of a fresh round of cryptocurrency airdrop scams.

The breach, confirmed on June 5, allowed unauthorized access to over 1.9 million user contacts from CoinGecko’s database due to a compromised employee account at GetResponse.

CoinGecko relayed the specifics of this breach in a statement:

“An attacker had compromised a GetResponse employee’s account, leading to a breach.

“We received confirmation from the GetResponse team on 6 June 2024, at 11:58 AM UTC, that a data breach had occurred.”

The data accessed includes names, email addresses, IP addresses, locations where emails were opened, and other metadata like sign-up dates and subscription plans.

Importantly, CoinGecko confirmed that user accounts and passwords were not compromised.

In addition to the breach, the attackers exploited the situation by sending out 23,723 phishing emails. CoinGecko clarified the extent of this phishing campaign:

“The attacker exported 1,916,596 contacts from CoinGecko’s GetResponse account and sent phishing emails to 23,723 emails from another GetResponse client’s account (alj.associates).”

Phishing attacks often target sensitive information such as crypto wallet private keys.

Other sophisticated forms of phishing include address poisoning, where scammers coax users into sending funds to fraudulent addresses.

In response to these threats, experts advise heightened vigilance.

READ MORE: Robinhood Expands into Crypto with $200 Million Bitstamp Acquisition Amid SEC Scrutiny

Hakan Unal, a senior blockchain scientist at Cyvers, emphasized the importance of verifying the authenticity of suspicious emails and securing accounts with robust measures like two-factor authentication (2FA):

“The immediate concern is the risk posed to individuals who might receive these compromised emails.

“To stay safe, users should verify the authenticity of such emails and enable multifactor authentication on all crypto accounts.”

Recent trends in cryptocurrency-related hacks have shown a significant vulnerability due to private key leaks.

Merkle Science reported that over 55% of digital asset losses in 2023 were due to these leaks.

Mriganka Pattnaik, CEO of Merkle Science, noted the increasing risk:

“The biggest security concern right now is the rapid increase in losses due to private key leaks… hackers may be looking for easier targets that require less technical knowledge to exploit, such as stealing private keys.”

This breach highlights the ongoing challenges in securing digital assets and the importance of comprehensive security measures to protect sensitive user data and prevent unauthorized access.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

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