1. Crypto Long & Short: Is ETH Coming to Corporate Balance Sheets?
Yes, but ether isn’t replacing bitcoin as a reserve asset — it belongs elsewhere.
MicroStrategy, Tesla and Square have done it. So have many others, although more quietly.
I’m talking about holding corporate treasury reserves in bitcoin (BTC, +1.76%). This trend is attracting attention even from trade press. Consultancies and crypto companies are scrambling to launch services to help businesses navigate the process. “Mad Money” host Jim Cramer thinks it’s “almost irresponsible” for companies to not do so. This week, sponsored content from Deloitte explaining the benefits and risks appeared in the Wall Street Journal.
Whether it’s a good idea or not — that’s up to each corporate treasurer to decide — one question we’re starting to hear is: “What about ether (ETH, +3.79%)?”
Would the native token of the Ethereum blockchain make a good corporate reserve asset?
2. Burnt Banksy NFT Sells for $380K in ETH
A Banksy piece bought by a group of crypto-savvy artists, burned in a park and memorialized as an NFT has sold for 228.69 ETH.
An original Banksy artwork burned by a group of crypto-savvy artists has sold for 228.69 ETH, or roughly $380,000 at purchase.
The group behind the statement on non-fungible tokens (NFTs) accepted the offer Sunday afternoon Eastern time. The OpenSea sale comes just days after the group physically burned the artwork in a Brooklyn park. An unnamed source told us earlier this week that the artists bought the piece for roughly $100,000.
Injective Protocol is the firm behind the Banksy buy. Spokesman Mirza Uddin said the group is still deciding on which charity will receive the proceeds from the NFT sale, though he did say it will be COVID-focused.
“We’re already planning our next event in collaboration with a prominent artist,” Uddin told us. “Our aim is to bridge the world of traditional art with the world of NFTs. So, we’ll definitely be doing more to uphold this ethos.”
3. Bitcoin Retakes $50K on US Stimulus Progress; Uniswap’s UNI Cracks the Top 10
The top cryptocurrency is changing hands near $50,500 at press time, representing a 4% gain on the day, having clocked a high of $51,320 early today.
Bitcoin, a perceived store of value asset, trades higher on Sunday, with U.S. President Joe Biden on the verge of passing an historic $1.9 trillion fiscal stimulus plan aimed at accelerating economic recovery.
The top cryptocurrency is changing hands near $50,500 at press time, representing a 4% gain on the day, having clocked a high of $51,320 early today.
The Senate approved Biden’s stimulus plan on Saturday, paving the way for $1,400 checks and jobless aid. The bill heads back to the House where it will be voted on Tuesday, according to media reports.
4. Ripple Investor’s Request to Reclaim Its $175M Investment Rejected by Court
Tetragon lost its bid to reclaim its portion of a $200 million Series C investment in the blockchain company.
One of Ripple Labs’ largest financial backers lost its bid to reclaim its $175 million investment in the blockchain company.
A Delaware court denied the multi-billion asset manager Tetragon Financial Group’s request to redeem its Ripple equity for cash in the midst of an ongoing legal battle between Ripple and the U.S. Security and Exchange Commission.
U.K.-based Tetragon filed suit in January to reclaim its portion of the $200 million Series C financing of the blockchain company it led in 2019. The suit also aimed to freeze Ripple’s liquid assets until it paid up. Now it appears Ripple won’t have to, with a Delaware Chancery Court judge on Friday rejecting the plaintiff’s case.
5. Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury
Cayman Islands-incorporated Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5.
Hong Kong-listed Meitu Inc. , which makes image and video processing software, said it had purchased $22 million in ether (ETH, +3.37%) (ETH) and $17.9 million of bitcoin (BTC, +1.67%) (BTC), making it the first time a firm has disclosed a major purchase of ETH for its treasury.
Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5.
The purchases were under the terms of a previously board-approved cryptocurrency investment plan that allows the company to put up to $100 million of crypto, financed by cash reserves other than any remaining proceeds from Meitu’s 2016 IPO.
While the company said that while buying crypto helps diversify its holdings away from cash, “More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry.”
The company said it’s evaluating the feasibility of integrating blockchain tech into its overseas business, including launching Ethereum-based dApps. ETH is the native token of the Ethereum blockchain. It’s also evaluating potential investments in blockchain-based projects, many of which accept ETH as consideration for investment.
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March 8, 2021
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