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GRIID, a US-based Bitcoin mining company, has officially commenced trading on the NASDAQ Global Market, heralding a new chapter in its journey. Known for its vertically integrated mining facilities leveraging sustainable energy, GRIID’s foray into the NASDAQ marks a notable milestone in the cryptocurrency sector’s intersection with traditional financial markets.
The move signifies a pivotal moment for GRIID, emphasizing its strategic expansion and commitment to delivering value to shareholders.
GRIID’s NASDAQ listing comes on the heels of a successful merger with Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC). This strategic move underscores GRIID’s dedication to fortifying its market position and enhancing shareholder value. With the completion of the merger on January 2nd, GRIID swiftly transitioned to public trading, showcasing its agility in capitalizing on market opportunities.
As GRIID joins the ranks of publicly traded Bitcoin miners on NASDAQ, including industry giants like Coinbase Global and Marathon Digital, the cryptocurrency ecosystem continues to integrate into mainstream finance. GRIID’s presence on NASDAQ not only bolsters its visibility and liquidity but also underscores the growing investor interest in cryptocurrency-related ventures.
GRIID’s NASDAQ debut marks a significant milestone for the company and the broader cryptocurrency industry. With its innovative approach to Bitcoin mining and strategic market moves, GRIID is poised to make waves in the financial landscape, further bridging the gap between traditional finance and the burgeoning world of digital assets.
In the heart of the rapidly evolving EV market in the United States, the Vietnamese automaker is confidently carving out its niche.
Vietnamese Electric Vehicle (EV) manufacturer, VinFast is set to debut on the tech-focused Nasdaq Composite (INDEXNASDAQ: .IXIC) this morning in New York. This significant step follows the successful completion of its merger with the US-listed Special Purpose Acquisition Company (SPAC), Black Spade.
CEO Le Thi Thu Thuy articulated the magnitude of VinFast’s achievement in a recent report, stating:
“It’s a big milestone for us to be listed in the US. The listing is going to open access to the capital markets for us in the future.”
VinFast’s journey to Nasdaq is a remarkable tale of ambition, innovation, and the convergence of global markets. Founded in 2017 as part of the Vingroup conglomerate, VinFast’s mission was to put Vietnam on the map as a serious contender in the automotive industry, focusing initially on traditional gasoline vehicles.
However, it did not take long for the company to pivot towards EVs, recognizing the critical role they play in addressing environmental concerns and the global shift toward sustainable transportation.
By 2021, VinFast had not only produced a line of electric automobiles but also electric buses and scooters, demonstrating its versatility and commitment to green mobility. This daring path caught the interest of investors, setting the road for its historic merger with Black Spade Acquisition.
The allure of SPACs lies in their ability to expedite Initial Public Offering (IPO) processes, offering companies like VinFast an efficient way to access capital markets. VinFast stated in a recent joint statement that its merger with Black Spade is valued at approximately $23 billion.
The merger not only elevated VinFast’s financial position but also integrated Black Spade as a wholly-owned subsidiary of the EV maker. Consequently, Black Spade is anticipated to delist from the New York Stock Exchange, streamlining VinFast’s presence on Nasdaq.
In the heart of the rapidly evolving EV market in the United States, the Vietnamese automaker is confidently carving out its niche.
Faced with giants such as Tesla Inc (NASDAQ: TSLA) and BYD VinFast’s CEO highlighted the company’s strategy, which includes “offering premium quality products at affordable pricing with excellent after-sales service”. This strategy is the foundation of the company’s success, allowing it to present its goods as high-quality alternatives to other market competitors.
A notable example of VinFast’s pricing strategy is evident in its 5-seater VF 8 model, starting from $46,000, closely competing with the basic Tesla 5-seater Model Y priced from $47,740.
While Tesla benefits from federal tax credits for its vehicles, VinFast’s vehicles currently do not qualify for these incentives as they are not manufactured in the US. Notably, VinFast is constructing a manufacturing facility in North Carolina in order to enhance its foothold in the US.
With a projected annual capacity of up to 150,000 vehicles, the factory is poised to become a crucial asset in VinFast’s expansion strategy.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
One of the hottest cryptocurrencies of 2021 was added to a leading retail broker on Thursday, which could boost shares of a company going public via SPAC.
What Happened: eToro, a company set to merge with FinTech Acquisition Corp V (NASDAQ:FTCV), added Shiba Inu coin (CRYPTO: SHIB) to its platform.
Shiba Inu is a cryptocurrency similar to Dogecoin (CRYPTO: DOGE) as it uses the popular Shiba Inu dog. The cryptocurrency leverages Ethereum’s (CRYPTO: ETH) network and plans to launch a DeFi ecosystem.
Shiba Inu’s ShibaSwap platform will allow users to stake rewards and also plans to launch NFTs.
See Also: How To Buy Shiba Inu
Why It’s Important: eToro, based in Israel, launched Bitcoin (CRYPTO: BTC) trading in 2013 on its platform. Cryptocurrency has been a major driver of the company’s growth, with eToro launching it on its platform in the U.S. in 2019.
eToro had 17.5 million registered accounts at the end of 2020 and announced over 20 million registered accounts in March.
Revenue in 2020 was up 147% year-over-year for eToro. The company has seen compounded annual growth of 78% from 2016 to 2020.
The company plans to launch stock trading in the U.S. in the second half of 2021.
Shiba Inu has seen strong interest from retail crypto traders and the coin is currently not available to trade on many of the most well-known crypto trading platforms.
Coinbase Global Inc (NASDAQ:COIN) announced plans to add Shiba Inu earlier this year to its Pro platform. The company saw strong demand and delayed the addition.
Voyager Digital Ltd (OTC:VYGVF) CEO Stephen Ehrlich offered to put the Shiba Inu coin on a Nascar car if the Shiba Army of holders signed up for Voyager accounts.
Robinhood Markets (NASDAQ:HOOD) reported that Dogecoin represented 34% of cryptocurrency transaction revenue in the company’s first-quarter compared to 4% in the fourth quarter of 2020.
Having Dogecoin on its platform when many others didn’t allow trading could have provided a huge boost to Robinhood. Webull announced the addition of Dogecoin in April 2021 after strong demand from customers.
eToro will be one of the largest brokers to offer Shiba Inu, which could help the company boost its subscriber and revenue figures in 2021.
Price Action: FTCV shares trade down 0.098% to $10.19 on Friday.
Shiba Inu coin is trading at $0.000006156 Friday at publication. The coin hit a high of $0.0000388 earlier this year.
Goldman Sachs found out that 15% of respondents in a survey of over 150 global family offices are already exposed to the crypto market.
A recent survey conducted by Goldman Sachs Group Inc (NYSE: GS) reveals nearly half of the family offices the bank works with want to add digital assets in their portfolios. Bloomberg reported that Goldman Sachs found out that 15% of respondents in a survey of over 150 global family offices are already exposed to the crypto market.
Additionally, the survey found out that another 45% are much interested in the crypto space as a hedge factor. Some of the key aspects included are higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.
Notably, 22% of the surveyed participants have assets under the management of over $5 billion. Whilst 45% of the participants have assets under management between $4.9 billion and $1 billion.
Over the years, family offices have put a lot of focus on SPACs and global acquisitions. However, the crypto frenzy seems to put all that to a halt as the returns surpass notably. Moreover, more institutional investors including Ark Investment have led in crypto assets adoption.
According to Meena Flynn, who helps lead private wealth management for Goldman Sachs, most family offices are interested in blockchain and digital ledger technology. A clear testimony of surging demand in the Defi market. “There are many who think that this technology is going to be as impactful as the internet has been from an efficiency and productivity perspective,” Flynn noted.
However, the survey noted that there is still a notable number of family offices that are concerned over the long-term value of cryptocurrencies.
Family offices have proliferated in the past decade, more so due to the emergence of tech billionaires. As more investors earn the title of billionaire, the demand for a better store of value over the inflationary market rises over time.
Goldman Sachs partakes in the global investment industry, particularly wealthy investors. Having seen a notable demand for crypto assets from its customers, the bank is more likely to push for more investments like the Grayscale versions.
This comes as the crypto market is relatively trapped in a mini correction and bear market for the past two to three months. However, analysts anticipate a major breakout to another bull market as more money from institutional investors comes in.
The largest digital asset by market capitalization, Bitcoin, was trading around $32,184.20, after adding approximately 4% in the past 24-hours. The entire crypto market cap according to CoinGecko is around $1.357 trillion.
A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”
As per the deal, the Zegna family is expected to raise $880 million by collaborating with Investindustrial. It will also retain a 62% majority stake in the company, valued at $2.5 billion.
The Ermenegildo Zegna Group, an Italian luxury fashion line, will publicly list on the New York Stock Exchange (NYSE). Catering exclusively to men, the fashion company has agreed with Investindustrial Acquisition Corp to go public for an initial enterprise value of $3.2 billion. Investindustrial is a special purpose acquisition corporation, or SPAC, launched by the Investindustrial Group’s investment subsidiaries. Founded and managed by Andrea Bonomi, the group is based in London and has been affiliated with Italian couture brands for quite some time now. Through the SPAC, Zegna will go public later this year.
The Zegna decision to partner and with the SPAC and go public is borne out of the desire by the fashion company to expand its reach in Asia and the United States. Funds received from public investors will enable the fashion company to compete aggressively with bigger brands.
The US SPAC led by Sergio Ermotti, former chief executive at Swiss bank UBS, will structure the new public profile of the company in the manner that best serves Zegna’s interest in increased growth and expansion. China is also a big target for the company. In 2019, the company’s sales accounted for 35% of its 1.3 billion in 2019. The United States also remains on the radar due to its prevalence of affinity for luxury clothing. In addition, the SPAC deal will also help the company’s profile expand further by acquiring other brands.
Founded by Ermenegildo Zegna in 1910, the company was privately owned for 111 years by the Zegna family. Initially a textile company, it eventually snowballed into a leading luxury brand over time. Zegna currently owns and operates approximately 300 stores in 80 countries. The new SPAC partnership allows Zegna to retain relative autonomy in the brand’s visual appeal.
As per the deal, the Zegna family is expected to raise $880 million by collaborating with Investindustrial. It will also retain a 62% majority stake in the company, valued at $2.5 billion. The transaction between both parties should also pull in nearly $880 million for the company, in gross figures. Zegna CEO Gildo Zegna believes that although the company would have done just fine under private ownership, the benefits of going public is a much-needed boost in market expansion and proceeds generation. Gildo said:
“Today’s announcement underscores the success of our strategy of continuously focusing on the group’s brand equity, while also continuing to build upon our…unique craftsmanship…”
Over the past few years, similar occurrences have taken place between fashion-line powerhouses and private equities. Bigger fashion brands are also buying up smaller ones to increase global visibility. Capri Holdings, formerly known as Michael Kors Holdings, acquired Versace for $2.1 billion in 2018. Tapestry, formerly known as Coach, has acquired Kate Spade and Stuart Weitzman.
All parties should complete the initiative in the fourth quarter of this year.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.