CoinShares to go public through SPAC

Strategy $MSTR ( ▼ 1.78% ) shares dipped on the open today after missing out on the S&P 500s quarterly rebalance announced on Friday after market close. Their seat at the big table was instead taken by Robinhood $HOOD ( ▲ 15.83% ), with shareholders enjoying a nice bounce today thanks to the so-called “index inclusion effect.” (Since 2021, stocks newly added to the S&P 500 have outperformed the equal-weighted index by an average of 4 percentage points on the announcement day.) As for Strategy, they remain one of the largest companies not in the S&P 500. Read more →

Tether, the world’s largest stablecoin operator and one of the most profitable companies in the world, is looking to deepen it’s investments into what the company’s CEO calls “natural bitcoin” – gold. While Tether already owns a massive $8.7 billion of gold bars, the position is only used as collateral for it’s stablecoin. The company though is looking to take some of it’s profits ($4.9 billion in Q2) and invest in miners and royalty companies. In June, Tether invested $105 million into gold royalty company Elemental Altus, with another $100 million investment announcement on Friday. And according to the FT, they are holding talks with multiple other firms to do similar deals. Read more →

Crypto asset manager CoinShares has agreed to go public through a combination with blank-check company Vine Hill Capital Investment Corp. (VCICU). The company is currently the 4th largest manager of digital asset ETP products, and while 4th place at first seems lame, realize that the top three are BlackRock, Grayscale, and Fidelity. You may know them for their Bitcoin ETF (BRRR). The deal will value the company at $1.2 billion pre-money. Read more →

📥️ Want to advertise in CoinSnacks? Learn More