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Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

December 5, 2023 Coin Telegraph

Bitcoin miner Phoenix surges 50% after 1M Abu Dhabi IPO

Bitcoin mining

Crypto mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange, with the stock opening at $0.6.

Cryptocurrency mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange (ADX), becoming one of the Middle East’s first publicly listed industry firms.

The Phoenix Group stock (PHX) opened at 2.25 dirhams (AED) — or $0.6 — on Dec. The PHX stock has soared as much as 50% from the initial public offering (IPO) price of 1.50 AED, or $0.41, as per the Phoenix IPO prospectus.

The public listing comes a few weeks after Phoenix Group successfully closed its IPO with an oversubscription of 33 times on Nov.

The Phoenix cryptocurrency miner aims to use the IPO proceeds to fund its future growth and deliver positive returns for investors. According to Phoenix Group co-founder and CEO Bijan Alizadeh, the company’s ambitions are anchored by four pillars, including “innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities and strategic acquisitions.”

Founded in 2015 by Alizadeh and Munaf Ali, Phoenix is a major company in the Middle East blockchain industry, collaborating with major authorities in the region. In August 2023, Phoenix signed an agreement to build a $300 million crypto-mining farm in Oman, in the presence of Omani Minister of Transport Saeed Al Maawali and chairman of the Abu Dhabi Stock Exchange, Hisham Malak.

One of the main aspects of Phoenix’s vision is its commitment to sustainability in cryptocurrency mining, or using renewable sources for cryptocurrency mining. 95% of Phoenix’s power comes from renewables, primarily hydropower, Alizadeh said in September 2023.

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures’ in revenue

December 5, 2023 Coin Telegraph

Coin Telegraph

The trading platform posted a sharp rise in monthly crypto trading volumes in November, while CEO Vlad Tenev said he hopes to eventually reel in “nine figures” in annual revenue.

Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.

In an 8-K filing to the Securities and Exchange Commission on Dec.

The activity however equity trading volumes and options contracts traded were roughly flat in the same month compared to October.

The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.

As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million.

*Robinhood’s 8-K report showing preliminary operating data for November 2023. Source: SEC*

Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.

Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.

Coinbase, Marathon stocks surge as Bitcoin lights ‘fire in the cauldron’

December 5, 2023 Coin Telegraph

Coin Telegraph

The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron" for crypto, said Zerocap investment chief Jon de Wet.

Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.

Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.

Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

*A visual map of the one-day price of S&P 500 stocks shows mixed results on Dec. 4 Source: Finviz*

Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec.

Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec.

The crypto-related stocks are well below their all-time highs, however.

IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000 — it has already hit a 19-month high.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

ARK offloads $5.2M in Coinbase stock amid 18-month high

November 28, 2023 Coin Telegraph

ARK offloads .2M in Coinbase stock amid 18-month high

Coin Telegraph

Cathie Wood’s ARK Invest has sold another 43,956 Coinbase shares as the stock hits an 18-month high at $119.7 per share.

ARK Invest, one of the companies that filed an application for a spot Bitcoin exchange-traded fund (ETF), is again taking profits on its Coinbase shares as the stock price surges.

On Nov. 27, ARK sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF, according to a trade notification seen by Cointelegraph. Coinbase stock reached $119.7 per share at the time of the sale, giving the transaction a value of $5.3 million, data from TradingView shows.

Coinbase crypto exchange has seen its shares jump to an 18-month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States on Nov. 21, 2023.

According to data from TradingView, Coinbase stock is up 168% over the past year, surging more than 220% since January 2023. The stock is still down about 70% from its all-time high of $319 posted in September 2021, or a few months after its trading launch in April 2021.

*Coinbase price chart over the past year. Source: TradingView*

ARK has been repeatedly selling Coinbase stocks throughout 2023. Cathie Wood’s investment firm previously offloaded 63,675 Coinbase shares in October from its ARK Next Generation Internet ETF (ARKW), totaling $5.1 million.

ARK was also actively selling Coinbase shares in July 2023 when the stock was trading around $90. According to ARK’s trading data, the firm off-loaded more than $103 million in Coinbase shares in July.

ARK has also been actively selling off Grayscale Bitcoin Trust (GBTC) stock. On Nov. 24, the ARKW dumped 94,624 GBTC shares for roughly $3 million after selling nearly 700,000 GBTC shares in one month.

According to Bloomberg’s ETF analyst Eric Balchunas, ARK’s sales of GTBC are not an indication that the firm is not bullish on Bitcoin (BTC) or making room for its upcoming spot Bitcoin ETF, the ARK Invest and 21Shares. “Neither is true,” Balchunas wrote on X (formerly Twitter) on Nov. 27, referring to his previous observations that ARK was likely selling winners and vice-versa to maintain desired weightings.

“Since GBTC is up 76% since August ARK has to sell many shares to keep a 9%-ish weighting. And even with that selling, its weighting has gone up,” the ETF analyst noted.

While selling Coinbase and GBTC, ARK has concurrently been bagging some crypto-related stocks. On Nov. 27, ARKF acquired 252,421 shares of the crypto-friendly banking app SoFi. Year to date, ARK bought a total of 1.6 million SoFi shares, worth $11 million at today’s prices, according to TradingView. ARK has also been accumulating shares of the crypto-friendly investment app Robinhood, buying $1.1 million worth of the stock on Nov. 8.

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Coinbase shares hit 18-month high after Binance charges

November 27, 2023 Coin Telegraph

Binance

The price high comes after rival exchange Binance pleaded guilty and traders seemingly priced in Coinbase’s custodian agreements for a slate of spot crypto ETFs.

Crypto exchange Coinbase (COIN) shares have hit an 18-month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States.

On Nov. 27, Coinbase closed at $119.77, its highest since May 5, 2022, when it closed at $114.25, according to TradingView data. It has seen little movement in after-hours trading.

The number puts Coinbase shares up around 256.5% year-to-date, although is still down 65% from its Nov. 12, 2021, all-time high of nearly $343.

*Coinbase share price since May 2022. Source: TradingView*

Coinbase’s share surge comes just shy of a week since Binance and founder Changpeng “CZ” Zhao pleaded guilty to money laundering, violating U.S. sanctions and running an unlicensed money-transmitting business.

Zhao and Binance settled with the U.S. for $4.3 billion, which included Zhao stepping down as CEO and Binance agreeing to DOJ and Treasury compliance monitors for up to five years.

Over the past year Coinbase has also secured a significant windfall with to-be-approved U.S. spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).

Analysis from Bloomberg ETF analyst James Seyffart shows Coinbase is custodian to 13 of the 19 spot crypto ETFs currently pending with the Securities and Exchange Commission.

*Coinbase is the custodian of 70% of the 19 spot crypto funds. Source: James Seyffart/X*

Coinbase, however, faces a lawsuit from the SEC which claims the exchange didn’t register with the regulator and listed several tokens that violated U.S. securities laws.

Coinbase had attempted to dismiss the suit and called into question the SEC’s authority to police crypto.

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Crypto asset manager Valkyrie amends spot Bitcoin ETF filing

October 31, 2023 Coin Telegraph

Coin Telegraph

With the latest spot BTC ETF amendments by Valkyrie and VanEck joining at least six others to make similar changes, five other spot Bitcoin ETF filings are yet to be amended.

Digital asset manager Valkyrie Investments is the latest firm to amend its spot Bitcoin (BTC) exchange-traded fund (ETF) filing with United States securities regulators.

Valkyrie filed an updated spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) on Oct. 30, according to the SEC database.

The updated form S-1 registration statement for the Valkyrie Bitcoin Fund aims to offer investors an opportunity to invest in common shares backed by Bitcoin. The shares represent units of fractional undivided beneficial interest and ownership of the trust and are expected to be traded under the ticker symbol “BRRR” on the Nasdaq Stock Market.

“The information in this prospectus is not complete and may be changed,” Valkyrie stated in the filing, adding that the firm is not allowed to sell BRRR securities until the registration statement is effective.

The amended filing comes about a month after the SEC delayed its decision on the Valkyrie Bitcoin Fund in late September.

Valkyrie’s updated spot Bitcoin ETF joins at least six other recently amended spot BTC ETF filings made by Bitwise, BlackRock, Fidelity, Grayscale, VanEck and ARK Invest.

According to online crypto ETF analysts, the ongoing Bitcoin ETF amendments could be translated as a “good sign” of progress and impending approvals. Valkyrie’s latest spot Bitcoin ETF update is yet another evidence of movement happening behind the scenes, Bloomberg ETF analyst James Seyffart believes.

UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
— James Seyffart (@JSeyff) October 30, 2023

Following the recent amendments, at least five of the rest of the known spot Bitcoin ETF filers have not updated their filings, including firms like WisdomTree, Invesco and Galaxy, Global X, Hashdex and Franklin Templeton.

The SEC currently has eight to 10 filings of possible spot Bitcoin ETFs waiting for the regulator’s consideration, SEC chair Gary Gensler reportedly said in late October.

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