Bitcoin on the Balance Sheet? Corporate Buying Might Become a Global Trend
Bitcoin and ether (ETH, -0.73%) purchases by companies in Scandinavia and Hong Kong are fueling speculation a wave of non-U.S. corporate treasurers might follow MicroStrategy, Tesla and Square into buying cryptocurrencies, according to a new report by the Norwegian analysis firm Arcane Research.
Hong Kong-listed Meitu, a maker of photo-retouching software, said it bought 15,000 ETH and 379 BTC (+3.58%) in open-market transactions last week. Arcane figures the company paid an average $47,230, well below the current market level of around $57,000.
In addition, on Monday Aker, a Norwegian energy engineering company, added 1,170 BTC to its balance sheet, paying approximately $58 million, at an average price of around $49,600.
Recommended News
-
FFIL will help Filecoin grow in distributed storage in the multi-chain era
Up to now, the blockchain industry has formed a new technological revolution, in which the concept of distributed ledger has been comprehensively upgraded and optimized, and distributed digital storage has begun to be applied. Filecoin’s mission is to create a distributed, efficient, and powerful infrastructure for social information storage. We believe that humanity’s most valuable resource is information, and Filecoin is passionate about storing and protecting this valuable resource with efficient pricing, distribution, and protection. The launch of IPFS network also started the wave of distributed storage, in which FIL,…
-
A New Blockchain Financial System – MIGO
As the core behind the Internet 3.0 era, blockchain technology has been increasingly accepted by mainstream institutions. The global economy has slowed down on its growth, but the digital economy is still ushering in exponential growth, with a number of digital currencies such as Bitcoin entering a new bull market. The new bull market is not just about the growth of assets and value. Digital assets have formed a new financial model through the immutable and decentralized nature of blockchain. Right now, how to truly combine blockchain technology with physical commerce has become an important question to ponder, so as to ensure the success and authenticity of the new financial model. A New Financial System The advent…
-
How Coinbase’s Wild Earnings Stack Up Against Normie Financial Firms
Based on earnings estimates announced Tuesday, nothing else in the financial services industry really compares to Coinbase right now. Wedded to the rising fortunes of cryptocurrencies themselves, soon-to-list Coinbase expects to make more money in the first quarter of this year than in all of 2020, and has seen an exponential rise in engaged customers. Coinbase’s revenue for the first three months of 2021 is expected to be $1.8 billion with earnings of about $800 million, compared with $1.3 billion in revenue and earnings of $322 million for all of 2020. Crypto is…
-
DEFI New Finance: New HS Network Coming Out
Digital currency is the product of block chain technology. Block chain (Blockchain) refers to the technical scheme of maintaining a reliable database collectively through decentralization and distrust. From the perspective of financial accounting, block chain can be regarded as a highly trusted network electronic account book with full node participation. With the deep application of block chain technology, the value of digital currency in the future will become increasingly prominent. HS Network is a block chain DEFI Token trading platform based on Ethernet technology. Built by the Global Ecological…
-
JPMorgan Posts 34 Blockchain Jobs as It Beefs Up JPM Coin
U.S. mega-bank JPMorgan has 34 open blockchain job positions posted on its website. It’s quite possibly a record for any company in the space (JPMorgan has been noted for its enthusiastic blockchain hiring in the past). The majority of the job openings, posted this month and last, are spread across the U.S., India and Singapore. Many of the jobs relate directly to Onyx, the division created in October of last year to oversee JPM Coin, the bank’s wholesale payments token. By signing up, you will receive emails about CoinDesk products and you agree to…
-
Community-Driven Interstellar Metaverse GiiiO Interstellar Explorer, Will List Binance NFT Soon
Recently, the chain game track featuring concepts such as Metaverse and Play to Earn (play to earn) has become more and more popular, accompanied by the wealth effect brought by playing earning games and the influx of a large number of users. This track where encryption technology is fully applied in the game industry has attracted the attention of the industry. This article will select the “potential stocks” projects that may be underestimated in the chain game track in the near future according to the current development status and…
-
Tesla’s Elon Musk Wants Coinbase to Become DOGE-Friendly
Tesla CEO and unabashed dogecoin fan Elon Musk wants the Coinbase exchange to end its “No DOGE Allowed” policy and list the meme-based cryptocurrency. Musk tweeted an exclamatory “Yes” on Saturday after a Twitter user asked the billionaire investor whether Coinbase should enable the Shiba Inu-represented cryptocurrency on its platform. Musk’s Twitter reply.Source: https://twitter.com/elonmusk/status/1370557948494233604 A listing on Coinbase would expose dogecoin to a whole new breed of investor and thus unleash its potential. That’s because the U.S.-regulated exchange is considered synonymous with institutional investors and high net worth individuals. Tesla bought bitcoin worth $1.5 billion…
-
Wealth Managers Want Clarity on Bitcoin Rules: Reuters
Leuthold Group Chief Investment Officer Jim Paulsen told Reuters he is frustrated by not being able to hold bitcoin (BTC, +5.14%) for his clients. Leuthold Group manages $1 billion but regulatory barriers prevent the firm from holding cryptocurrency. “What I like about bitcoin is … its correlation to stocks and other assets is extraordinarily independent,” Paulsen told Reuters. In lieu of holding the asset itself, wealth managers are clamoring for the approval of bitcoin exchange-traded funds (ETFs) that would meet the legal standards required of traditional investments, according to the report. The U.S. Securities and…
-
Why Bitcoin Is a Better Risk Bet Than a Stack of Penny Stocks
Bitcoin is getting boring at a time when annualized 30-day volatility as of Thursday’s close has seen a sharp downward dip, in a March with its own type of (weather) volatility. Source: CoinDesk Bitcoin Price Index To emphasize the point, have a look at the chart above, which shows the volatility of bitcoin daily returns for the past month. To be fair, I’m employing a little chart crime here, starting the y axis at 40% in order to accentuate the drop between March 24-25, as all but the last days of February have…
-
Forget Buying the Dip, MicroStrategy Buys $15M of Bitcoin as It Nears the All-Time High
Business analytics firm MicroStrategy has made yet another large bitcoin (BTC, -0.15%) purchase, buying a further $15 million worth. MicroStrategy announced Friday it purchased approximately 262 more BTC at an average price per coin of $57,146, just a little over $1,000 away from the cryptocurrency’s all-time high. This latest purchase brings the firm’s total bitcoin holdings to around 91,326, bought for an average of $24,214 apiece. At the time of writing, this is equal to around $5.1 billion, compared to the approximate $2.21 billion MicroStrategy paid for them. The company’s share price has partly recovered from a…
