Companies Load up on Altcoins

One of the oldest publicly traded crypto companies, Bakkt’s (BKKT), stock is down more than 40% this morning due to an offering of shares & warrants at $10 per share. With the stock trading at north of $17 yesterday, naturally the stock price dumped. Bakkt states that the raise is for crypto investments, which may come soon, but as of today the company has made zero investments. Trump's Truth Social was reportedly in advanced talks to acquire Bakkt last November. Read more →

On a recent podcast, Ray Dalio warned that exploding government debt and the likelihood of more inflation have left traditional markets mispriced. His big suggestion? Investors should now park 15% of their portfolios in gold or Bitcoin. Dalio stated the obvious: we’re facing a U.S. budget that spends “40% more than in takes in” and “pays $1 trillion a year on interest.” The portfolio allocation suggestion falls on the heels of BBVA telling wealthy clients to allocate up to 7% into crypto just last month, and Ric Edelman calling for at least 10% allocation sizes for “conservative” portfolios. Read more →

Issuing shares or bonds in order to buy more bitcoin or ether has become a hot trend this year. But little-known companies and SPACs are now targeting other tokens for their treasury as they seek to differentiate themselves from the rest. Below are a few FT pointed out in their latest story. Read more →