China just discovered a massive trove of gold worth $83 billion, according to state-run media. The gold was found in central Hunan province and according to the region’s geological bureau, it is estimated to weigh about 1,000 tonnes, reports Xinhua news. Prospectors say many of their core drillings show visible gold, with dozens of veins […]
The post Massive $83,000,000,000 Pile of Gold Discovered in China – Here’s How Much It Will Increase Supply appeared first on The Daily Hodl.
Billionaire Warren Buffett is pouring hundreds of millions of dollars into two new investments. Berkshire Hathaway’s new 13F filings show the firm’s holdings as of September 30th, confirming Buffett has dumped another 100 million shares of Apple (AAPL) and 243.8 million shares of Bank of America (BAC). After several massive sales across multiple quarters, Berkshire […]
The post Billionaire Warren Buffett Pours $752,000,000 Into New Assets After Dumping Apple, Bank of America appeared first on The Daily Hodl.
Fundstrat’s Tom Lee says markets are getting a boost from $6 trillion that’s been sitting on the sidelines. In a new interview on CNBC’s Squawk Box, Lee says that the massive amounts of liquidity at the ready may now be more relevant for determining whether markets remain in an uptrend than macroeconomic data. “We’ve kind […]
The post $6,000,000,000,000 in Sidelined Cash Boosting Stock Market, Making Macro Data Less Important: Investor Tom Lee appeared first on The Daily Hodl.
The 10th-largest bank in the US is preparing to pay a $3.1 billion fine after becoming the first in American history to plead guilty to conspiracy to commit money laundering. TD Bank’s American-based unit has also admitted to violating the Bank Secrecy Act, and will hand $1.8 billion to the Department of Justice and $1.3 […]
The post 10th-Largest US Bank Paying $3,100,000,000 Fine in Historic Admission of Guilt After Criminals ‘Dump Piles of Cash’ on Banks’ Counters appeared first on The Daily Hodl.
A groundbreaking new report shows the US government is losing a staggering amount of money to fraud every year. The Government Accountability Office’s (GAO) first “Fraud Risk Management” report estimates the federal government’s annual losses to fraud fall somewhere between $233 billion and $521 billion. The GAO uses fiscal data from 2018 through 2022 for […]
The post US Government Losing $233,000,000,000+ To Fraud Every Year, According to First-Ever Estimate From America’s Accountability Office appeared first on The Daily Hodl.
A US bank is reportedly setting aside an additional $2.6 billion while preparing to pay a major penalty to regulators. TD Bank is being investigated over accusations that Chinese gangs relied on the lender to launder $650 million worth of illegal narcotics proceeds from 2016 to 2021. Now, the bank is preparing for a total […]
The post Banking Giant Prepares for $3,000,000,000 Fine Over Role in Massive Money Laundering Scheme: Report appeared first on The Daily Hodl.
On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed. Wild Volatility for ARB Token: […]
According to statistics, the stablecoin BUSD saw a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD’s supply has been reduced by more than $5 billion, going from $21.84 billion to its current level of $16.77 billion. Stablecoin […]
Coinbase has sold $2 billion worth of corporate bonds in an offering that saw $7 billion worth of bids placed.
Leading U.S.-based cryptocurrency exchange Coinbase has seen enormous demand for its junk bond offering, with the firm increasing the size of the sale by one-third from $1.5 billion to $2 billion.
According to Economic Times, at least $7 billion worth of orders were placed in competition for equal quantities of seven and 10-year bonds, offering interest rates of 3.375% and 3.625% respectively.
The publication cites an anonymous source as claiming the interest rates were cheaper than the initial quotes offered by Coinbase, with the influx of demand suggesting buyers hold a higher opinion of the company’s credit-worthiness than initially suspected by the exchange.
“The strong demand is clearly a big endorsement by debt investors,” commented Bloomberg Intelligence analyst Julie Chariell.
However, the exchange’s bonds were rated one rank below investment-grade, with Bloomberg bond indexes indicating that similar debt offerings fetch a 2.86% yield on average.
Junk bonds refer to corporate debt issued by a company that does not have an investment-grade credit rating. Due to the reduced credit rating, junk bonds command higher interest rates than investment-grade corporate bonds.
Coinbase announced its debt offering on Sept. 13, stating the funds may be used for “continued investments in product developments” and “potential investments in or acquisitions of other companies, products, or technologies” the firm may identify in the future.
Related: Coinbase plans to raise $1.5B via debt offering
Coinbase is only the second major crypto firm to complete a junk bond offering, with MicroStrategy Inc. issuing $500 million worth of notes to fund further Bitcoin accumulation as the markets crashed in June.
Since trading as high as $342 on its opening day, Coinbase’s COIN stock last traded for $243. However, COIN is up roughly 20% since late June.
The recently bullish investor sentiment surrounding Coinbase comes in spite of the U.S. Securities and Exchange Commission (SEC) threatening to take legal action against the exchange should it launch a USDC lending product.
Prior to the SEC’s warning, the exchange had intended to launch its crypto lending product ‘Lend’ in only “a few weeks.”
