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FTX looking to raise $1B in funding at $32B valuation

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FTX looking to raise $1B in funding at $32B valuation

FTX looking to raise $1B in funding at $32B valuation Zeynep Geylan · 7 hours ago · 2 min read

Temasek, SoftBank, and Tiger Global are among existing investors who have agreed to fund FTX in the upcoming round.

2 min read

Updated: September 22, 2022 at 3:12 pm

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Cover art/illustration via CryptoSlate

Sam Bankman-Fried‘s (SBF) exchange FTX is reportedly in talks with investors to raise funding up to $1 Billion at a valuation of $32 billion.

Singaporean investment companies Temasek, SoftBank, and Tiger Global are among existing investors who agreed to fund FTX in the upcoming round.

The exchange giant also held a funding round in January and raised $400 million to reach $32 billion in valuation. Meanwhile, its U.S.-based derivative unit, FTX US, raised another $400 million for itself in the same round and increased its valuation to $8 billion.

Investments so far

SBF has been focusing on investments and acquisitions from all angles. On May 2022, FTX purchased 7.6% of Robinhood for $648.3 million. Even though it’s a small investment compared to the scale of FTX, it still saved Robinhood’s struggling stocks and led to an increase of 36%.

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One month later, SBF lent a hand to BlockFi. CryptoSlate reported the news when SBF was in talks with the troubled exchange and two other potential investors. As a result of the negotiations, SBF loaned $400 million in credit to the exchange. Afterward, BlockFi offered the option to purchase the entire company for up to $240 million depending on its performance.

In July, it was revealed that South Korean exchange Bithumb and FTX had been negotiating an acquisitions agreement for two months. Even though the negotiations are not concluded yet, purchasing Bithumb would serve two main goals of SBF: expanding over Asia and preventing further contagion in the market.

In the meantime, SBF-owned Alameda Ventures have been continuing its investments separately. In June, Alameda loaned 15,000 Bitcoin (BTC) and $200 million in cash and USDC to Voyager Digital in an attempt to save the due to its exposure to Three Arrows Capital. However, the attempts weren’t enough, as both entities went bankrupt in the following weeks.

Ivoyagernvestments before the winter market

In reality, mergers and acquisitions have been a top priority for FTX even before the winter market started. In the early days of the bear market, FTX US president Brett Harrison said that the company was looking to purchase local businesses to expand abroad.

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He said:

“We’re doing that globally, in places like in Japan, Australia, in Dubai, different places where we’ve been able to either partner with local companies or sometimes do acquisitions to be able to get licenses that we need,”

Following their plan, FTX inked an agreement to acquire the Japanese crypto exchange Liquid on February 2022. The amount spent by FTX was not disclosed; however, Liquid was an essential step for FTX’s expansion over Asia.

Bankruptcy

Marathon Digital invested over $30 million in bankrupt Compute North

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Marathon Digital invested over $30 million in bankrupt Compute North

Marathon Digital invested over $30 million in bankrupt Compute North Oluwapelumi Adejumo · 6 hours ago · 2 min read

Marathon holds 10,670 BTC, which is valued at roughly $207.3 million.

2 min read

Updated: October 6, 2022 at 7:02 pm

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Cover art/illustration via CryptoSlate

Bitcoin (BTC) miner Marathon Digital has disclosed it invested $10 million in convertible preferred stock and $21.3 million in unsecured senior promissory notes in bankrupt crypto firm Compute North, according to an Oct. 6 press statement.

The press release further stated that the BTC miner paid $50 million to Compute North as operating deposits. The deposits covered security deposits and prepayments for its operations on Compute North’s Wolf Hollow and King Mountain mining facilities in Texas.

Marathon Digital does not own mining facilities. Instead, it uses data centers operated by third parties like Compute North for its operations.

Meanwhile, Marathon stated that Compute North’s bankruptcy is unlikely to affect its operations as it remains focused on the projected growth of 23 exahashes per second (EH/s) in 2023. It currently has a capacity of 5.7 EH/s.

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CEO Fred Thiel said:

“While we expect operations to continue as originally anticipated, our asset light model provides us with the optionality to relocate our miners to other locations, should the need arise.”

Compute North filed for bankruptcy last month due to the liquidity issues arising from the bear market. The firm says its bankruptcy filing would allow it to restructure its businesses. The firm owes 200 creditors roughly $500 million.

Marathon now holds over 10,000 BTC

The press statement revealed that Marathon now holds 10,670 BTC, valued at roughly $207.3 Million. According to the firm, it produced 360 BTC in September 2022 and 616 BTC during the third quarter of this year.

On the year-to-date metrics, Marathon saw a 23% increase in its BTC production, as it has produced 2,582 BTC as of Sept. 30.

According to CEO Thiel, the firm is eyeing more success as it looks to onboard 19,000 additional miners within the next 30 days. The firm currently has 57,000 active miners, representing approximately 5.7 exahashes per second.

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Meanwhile, Marathon shares are down by over 60% despite improved numbers. Its shares performance mirrors other publicly traded crypto-related companies.

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Investments

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter

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DOGE up 8% as Elon Musk makes new acquisition offer for Twitter

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter Liam ‘Akiba’ Wright · 16 mins ago · 2 min read

Elon Musk offers $54.20 per share for Twitter as deal is back on the cards and possibility of Dogecoin integration re-emerges

2 min read

Updated: October 4, 2022 at 7:07 pm

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Cover art/illustration via CryptoSlate

Trading has halted on Twitter as Elon Musk has reportedly reissued his original offer of $54.20 per share to buy the company. The stock was up 12% on the day before trading was halted.

Musk had discussed adding the capability for users to pay for Twitter’s premium service, Twitter Blue, using Dogecoin prior to the deal going south over concerns around the number of bots on the platform.

Bloomberg reported that the trial scheduled for Oct. 17, in which Twitter’s board was suing Musk for pulling out of the original deal, may no longer go ahead. The Twitter board attempted to force the sale through legal means, and the court case would have scrutinized the use of bots on Twitter in a public arena.

The price of DOGE jumped 8% as the news broke, hitting a local high of $0.066. The coin was down 91% since its all-time high in May 2021. It is, however, up 31% since the local bottom of $0.048, seen on Jun. 18, 2022.

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Source: TradingView

Musk is also currently the subject of a $258 billion lawsuit in which he was accused of shilling  Dogecoin through a pyramid scheme. The price movement of DOGE relative to Elon Musk’s business ventures cannot be denied. Over the years, whenever Musk has mentioned DOGE, the coin has seen a short-term pump in both volume and price action.

However, in June of this year, Musk denied the allegations stating

“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy that have encouraged me to buy and support Dogecoin. So I’m responding to those people.”

The last public reference to Dogecoin by Musk was in September when he promoted a Cybertuck-inspired whistle which could only be purchased via the Tesla website using DOGE. The whistle was available for 1,000 DOGE and is currently out of stock.

Musk also made Tesla merchandise available to purchase with DOGE in May. While Musk has been relatively quiet on the Dogecoin front in recent months, he talks to a graphic designer for the Dogecoin Foundation almost daily on Twitter.

The Dogecoin community will be waiting with bated breath as to whether the deal will finally go through, and Musk will keep his promise of allowing Twitter users to also pay with Doge, similar to what he has done with Tesla.

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DeFi

Uniswap Labs rumored to be raising $100M in funding at a $1B valuation

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Uniswap Labs rumored to be raising $100M in funding at a $1B valuation

Uniswap Labs rumored to be raising $100M in funding at a $1B valuation Liam ‘Akiba’ Wright · 4 hours ago · 1 min read

Techcrunch reported that Uniswap Labs is being valued at $1B ahead of a proposed new $100M funding round

1 min read

Updated: September 30, 2022 at 2:27 pm

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Cover art/illustration via CryptoSlate

TechCrunch has released information stating that the parent company of the Uniswap DEX, Uniswap Labs, is preparing for a new $100 million funding round to expand its offering.

“Uniswap Labs is in early stages of putting together a new round…as the parent firm of the popular eponymous decentralized protocol gears up to broaden its offerings.”

The tech news outlet could not cite sources for the information but claimed that “four sources familiar with the matter” have confirmed the report. Watcher Guru on Twitter also speculated that the round would likely value the company at $1 billion.

JUST IN: Uniswap Labs to raise equity at a $1,000,000,000 valuation.

— Watcher.Guru (@WatcherGuru) September 30, 2022

Ethereum founder Vitalik Buterin also commented on the strength of the Uniswap platform, arguing that its value proposition allows for trades to be completed in 30 seconds. The comment was made about a post promoting the future popularity of app chains and the “inevitability of UNIchain.”

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I have a hard time believing this argument.

Uniswap’s main value proposition is that you can just go and get a trade done in 30 seconds without thinking about it. A uniswap chain or even rollup makes no sense in that context. A copy of uniswap on every rollup does.

— vitalik.eth (@VitalikButerin) September 30, 2022

Uniswap Labs are yet to comment publicly on the matter.

The UNI token is trading up 2.3% on the day following the news after being up 7.5% in early morning trading. The token is down 66% since the start of the year but down only 9% against Bitcoin over the same period.

Source: CryptoSlate

CryptoSlate has reached out to the Uniswap team for comment but has yet to respond immediately.

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