Securitize debuts on NYSE
The world's largest tokenization platform, Securitize, officially debuted on the NYSE this morning under the ticker SECZ. The company raised ~$400 million at a $1.25 billion pre-money valuation and is trading up ~8% this morning. Read more →
Robinhood Debuts 'Robinhood Chain'
Robinhood launched the public mainnet of Robinhood Chain, an Arbitrum-powered Ethereum L2. With it, comes the launch of tokenized stock trading with the ability to use the tokens in lending pools or as collateral in DeFi. Robinhood also opened perps trading directly in its wallet as well as switched on Robinhood Earn, letting users lend the USDG stablecoin for ~7% APY. HOOD shares closed up more than 8% on the launch. Read more →
Bitwise CIO calls the bottom
Bitwise CIO Matt Hougan said the sharp sell-off in Strategy's STRC we’ve covered the past week was a "painful but necessary" part of the current crypto market cycle and argued it reflects the kind of end-of-cycle deleveraging that precedes a market bottom. So when exactly will that bottom occur? It’s hard to know exactly, but Hougan points to a few potential signs: 1) MSTR trading at a discount to its NAV. 2) The Crypto Fear and Greed Index hitting all time lows. 3) Leverage funding rates turning decidedly negative, indicating more retail interest in shorting bitcoin than going long. “I’m convinced the bottom is closer than ever—and that we will enter a new bull market in the fall.” Read more →
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