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Top public Bitcoin mining holdings – 2022 review

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Top public Bitcoin mining holdings – 2022 review

Top public Bitcoin mining holdings – 2022 review James Van Straten · 7 hours ago

CryptoSlate has analyzed nine of the top Bitcoin mining holdings.

1 min read

Updated: January 16, 2023 at 2:13 am

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CryptoSlate has analyzed nine of the top Bitcoin mining holdings.

As 2022 began, Bitcoin holdings and production increased as ASICS looked for new homes due to companies bringing on cheap debt in 2021.

Public Mining Company Bitcoin Holdings / Source: Glassnode

BTC holdings peaked in May. However, a summer of stress saw distribution as energy costs increased.

Distribution was the name of the game in the second half of 2022. However, less than 60k #Bitcoin got sent to exchanges in 2022.

2023 has begun with the least amount of sell pressure from miners in 3 years, with only 88 Bitcoin sent to exchanges (7DMA).

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Bitcoin: Transfer Volume from Miners to Exchanges – All Exchanges (7d Moving Average) / Source: Glassnode
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IPO

Stablecoin provider Circle terminates plans to go public

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Stablecoin provider Circle terminates plans to go public

Stablecoin provider Circle terminates plans to go public Richard Adrian · 3 mins ago · 2 min read

Circle canceled its plans to go public following the termination of the company’s SPAC merger with Concord Acquisition Corp. Both companies did not provide any reason for terminating the partnership.

2 min read

Updated: December 5, 2022 at 6:11 pm

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Cover art/illustration via CryptoSlate

Circle, the cryptocurrency firm behind the stablecoin USDC, has reportedly terminated plans to go public after canceling its special purpose acquisition company (SPAC) transaction with Concord Acquisition Corp.

The two companies decided to terminate a planned business combination proposal that was going to pave way for an initial public offering. 

According to reports, the boards for both Circle and Concord decided against going public through the SPAC after reconsidering the option.

Circle had reportedly planned to go public through the SPAC, but It is still unclear why the two companies decided to abandon the plans. 

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The stablecoin issuer published a press release announcing the termination and outlined that the action to cancel the merger was taken after a “careful review and approval by both boards of directors.

Circle’s CEO, Jeremy Allaire stated through a tweet that the business had continued to perform “strongly” since the announcement of the merger and already recorded “positive momentum” in  Q3 2022, where it received an estimated $274 million in total revenue and $43 million in net income. The document further reiterated that it had nearly $400 million of unrestricted cash. 

Circle and Concord initially announced their plans to form a SPAC merger in July 2021. Meanwhile, a renegotiation of the agreement took place in February this year, whereby Circle’s valuation doubled from $4.5 billion to $9 billion.  

A SPAC or special purpose acquisition company is a firm created for the sole purpose of forming a merger, expanding a business partnership, or asset reorganization.  

Despite canceling the SPAC transaction, the USDC issuer said it would continue exploring other avenues for becoming a publicly-traded company. The company also noted its commitment to “building the infrastructure and services to enable the global cryptocurrency economy.”

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The news comes after Circle revealed in April that it had raised $400 million in a round of funding led by BlackRock, Fidelity, Fin Capital, and Marshal Wace LLP. The Series E round valued the company at $3 billion. 

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10X Capital

Bitcoin Mining Startup Primeblock To Go Public Via SPAC Merger As SEC Targets SPAC Deals

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Bitcoin Mining Startup Primeblock To Go Public Via SPAC Merger As SEC Targets SPAC Deals

The bitcoin mining startup Primeblock has announced plans to go public via a special purpose acquisition company (SPAC) deal. Primeblock will merge with a blank-check firm 10X Capital Venture Acquisition Corp. II, and the company’s shares will be listed on Nasdaq.

Primeblock Reveals SPAC Merger With Plans to Be Listed on Nasdaq in the Second Half of 2022 — SEC Targets SPACs, Shell Companies, and Projections

  • Another bitcoin mining firm is going public and will be listed on the Nasdaq stock exchange. Primeblock revealed a SPAC merger with 10X Capital and the merger should be complete by the end of Q2 2022.
  • Primeblock will join a number of mining operations that have already gone public. Companies such as Riot Blockchain and Marathon Digital Holdings are listed on Nasdaq.
  • The deal with 10X Capital, will bring Primeblock’s overall valuation including debt up to $1.25 billion. The company further explained during the SPAC merger announcement that it had secured $300 million in equity financing from the firm Cantor Fitzgerald & Co.
  • Primeblock operates data centers in North America and the website explains it had 1,000 petahash of hashrate. That equates to 0.6% of Bitcoin’s global hashrate today and Primeblock details it has over 70 megawatts of capacity across the company’s mining facilities.
  • The mining operation offers hosting services, equipment supply chain resources, logistics, and mining containers. “Primeblock’s fully integrated approach to mining and digital infrastructure is a critical advantage that ensures industry-leading deployment lifecycle from planning to complete setup,” the company’s website explains.
  • Following the merger, the company will be led by Primeblock’s chief executive officer Gaurav Budhrani.
  • Primeblock follows a slew of crypto firms that have gone public and more specifically firms that have leveraged a special purpose acquisition company deal. Firms like Griid, Apifiny, Circle, Bitdeer, and Coincheck have all utilized SPAC deals.
  • However, the U.S. Securities and Exchange Commission recently revealed new draft reforms for SPAC disclosures. SPAC deals could face legal challenges if the proposals are enacted and SPACs will have to disclose a lot more financial information concerning sponsors and blank-check firms.
  • “The Securities and Exchange Commission is proposing rules intended to enhance investor protections in initial public offerings by special purpose acquisition companies (SPACs),” the U.S. regulator’s proposed rules document notes.
Tags in this story

10X Capital, Apifiny, Bitcoin, Bitcoin (BTC), Bitcoin mining, BitDeer, Cantor Fitzgerald & Co, Circle, Coincheck, Gaurav Budhrani, Griid, IPO, Marathon Digital Holdings, nasdaq, Nasdaq Listing, Nasdaq Stock Exchange, North America, Primeblock, public, Regulation, Riot, SEC, SPAC, SPAC deal, special purpose acquisition companies

What do you think about Primeblock’s SPAC deal with 10X Capital? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Courtyard

Fractional Investing Company Public Acquires NFT Startup Otis

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Fractional Investing Company Public Acquires NFT Startup Otis

The fractional investing company Public announced the acquisition of the digital collectibles and non-fungible token (NFT) technology startup Otis. Public’s co-CEO believes the acquisition will give Public the ability to provide people with the only place in the world “where people can invest in — and build a modern portfolio with — any fractional asset.”

‘Fractionalizing Any Asset’ — Social Investing Firm Public Acquires NFT Startup Otis

On March 9, the investing company Public explained in a blog post that the firm has acquired the NFT auction platform Otis. Bitcoin.com News reported on Otis at the end of 2021, back when Otis revealed it was auctioning six physical assets. The physical items revealed that day included a 1993 Simpsons Matt Groening DeBart card, a mint condition 2003 Topps Chrome Lebron James Rookie card, a Pokémon Yellow Gameboy video game, Nintendo’s Super Mario Bros. 3, and a 1971 Bob Ross painting.

Essentially, Otis takes an item valued at $5K or more, and then mints an NFT that represents the vaulted physical collectible. The owner of the physical item then gets the NFT and it can be traded and fractionalized. Public and its website public.com offers fractional investments as well, as the company provides users with fractional shares of stocks and exchange-traded funds (ETFs). Public has secured capital on several occasions including an initial seed round in 2018, a Series A through C, and the firm’s Series D fundraise in 2021 saw a $1.2 billion capital injection.

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“We’re excited to announce the acquisition of Otis, a pioneer in fractional investing in NFTs, art, and collectibles,” Leif Abraham, Public’s co-CEO said in a statement on Wednesday. “With Otis joining Public, the Public platform will soon be the only place in the world where people can invest in — and build a modern portfolio with — any fractional asset. That means NFTs, art, collectibles, real estate, crypto, funds, stocks, and more — all in one place.”

Fractionalized Digital Collectibles See Significant Demand Over the Last year

Fractionalized digital collectibles have become a hot topic in the last 12 months, and there are various projects dedicated to the concept. For instance, the protocol Unicly fractionalizes NFT collectibles via the use of a native token called utoken. At press time, dappradar.com metrics show the current market capitalization for fractionalized NFTs stands at $89.2 million today.

The physically-back NFT platform Courtyard recently partnered with the asset protection firm Brink’s in order to store 1,000 graded Pokémon cards and then mint them into NFTs. A project called Fractional and another one dubbed Daofi offer fractionalized digital collectible products as well. Dappradar.com stats further indicate that the fractionalized Doge NFT (DOG) is the largest project of its kind in terms of market cap.

What do you think about fractional investing company Public acquiring NFT startup Otis? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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