Wall Street’s Revolution with Cryptocurrency Strategic Investments; Stocks Mentioned: (NYSE American: $KULR) @KULRTech , (NASDAQ: $COIN), (Nasdaq: $MSTR), (NYSE: $SQ), (NASDAQ: $RUM)
December 27, 2024 - Investorideas.com, a go-to investing platform covering cryptocurrency and cleantech stocks releases a snapshot looking at publicly traded companies and how the strategic investment of cryptocurrency is reshaping their financial futures ,featuring KULR Technology Group, Inc (NYSE American:KULR), a leader in advanced energy management platforms.
Stocks mentioned in this article: Coinbase (NASDAQ: COIN), MicroStrategy Incorporated (Nasdaq: MSTR), , Block, Inc. (NYSE:SQ), Rumble Inc. (NASDAQ:RUM).
Bitcoin and other cryptocurrencies once scoffed at by Wall Street elites have now become a part of the financial future of publicly traded companies as President-elect Trump and his team give credibility to Bitcoin as an asset.
As BraveNeCoin reported, “Donald Trump may issue an executive order to make Bitcoin a United States reserve asset on his first day back in office, according to Strike CEO, Jack Mallers.”
“If it goes ahead, such a bold move could prompt a $20 billion BTC purchase by the Treasury in 2025, potentially transforming the cryptocurrency landscape and driving Bitcoin’s price to unprecedented heights. The news drove Bitcoin to a new all-time high.”
Multiple publicly-traded companies are following Trump’s lead and entering a new era of cryptocurrency strategic investments.
Always looking to the future of innovation, KULR Technology Group, Inc (NYSE American:KULR) just announced that it has completed the purchase of 217.18 Bitcoin (“BTC”) for approximately $21 million, at an average price of $96,556.53 per BTC.
This news is a paid advertisement/ news disseminated on behalf of/issued on behalf of KULR Technology Group, Inc.
Read this news featuring KULR in full at https://www.investorideas.com/news/2024/cryptocurrency/12271Wall-Street-Cryptocurrency-Strategic-Investments.asp
The purchase follows the Company’s announcement on December 4th of its Bitcoin Treasury strategy in which it announced allocating up to 90% of its surplus cash to BTC. The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward. KULR selected Coinbase’s (NASDAQ: COIN) Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC.
MicroStrategy® Incorporated (Nasdaq: MSTR), the largest corporate holder of Bitcoin and the world’s first Bitcoin Treasury Company, has changed the perception of Bitcoin on Wall Street by recently becoming a member of the Nasdaq 100 equity index.
Covering the historic news, Zacks Research reported, “MicroStrategy holds an astounding number of 423,650 Bitcoins, making it a unique and volatile addition to the Nasdaq 100. The index comprises the top 100 tech and non-financial companies from the larger Nasdaq Composite index (IXIC), which houses over 2,500 firms.”
Coindesk reported that “The Company bought 5,262 BTC for a total of $561 million in the week ended Dec. 22 to take its total holdings to 444,262 BTC.”
“The purchase, at an average price of $106,622 per Bitcoin, was teased by Executive Chairman Michael Saylor in a Sunday post on X. It brings the value of MicroStrategy's holdings to $42.2 billion at current market prices and raises the average cost to $62,257 per Bitcoin.”
According to Inside Monkey, Block, Inc. (NYSE:SQ) is one of the largest corporate holders of Bitcoin.
From the article: “In the nine months ending September 30, Block (NYSE:SQ) generated Bitcoin revenue of $7.77 billion. Moreover, the company was safeguarding assets related to Bitcoin held for other parties worth $1.143 billion. Block holds Bitcoin for two purposes: as a long-term investment and for facilitating customer transactions on Cash App. As of September 30, 2024, the company owned approximately 8,363 Bitcoins, which had a total cost basis of $241.1 million. This was an increase from 8,038 Bitcoins, with a total cost basis of $220.0 million, held on December 30, 2023.”
From the article: “Overall, SQ ranks 8th on our list of companies hoarding Bitcoin like there’s no tomorrow.
Rumble Inc.’s (NASDAQ:RUM) stock doubled in one day based on news of a crypto strategic investment. The video-sharing platform and cloud services provider, announced on December 20th that it entered into a definitive agreement for a strategic investment of $775 million from Tether ($USDT) ("Tether"), the largest company in the digital assets industry and the most widely-used dollar stablecoin across the world with more than 350 million users. Over the last few years, Tether has become one of the most recognized symbols for financial inclusion.
From the news: The Company will use $250 million of the proceeds to support growth initiatives and the remaining proceeds to fund a self tender offer for up to 70 million of its Class A Common Stock, at the same price ($7.50 per share) as Tether's investment. Following the completion of the transaction, Chris Pavlovski, Rumble's Chairman and CEO, will retain his controlling stake in the Company.
From the news: Chris Pavlovski stated, "I could not be more excited about this collaboration with Tether for a number of reasons. First, many people may not realize the incredibly strong connection between the cryptocurrency and free speech communities, which is rooted in a passion for freedom, transparency, and decentralization. Second, the immediate commitment of adding $250 million in cash to our balance sheet not only confirms the level of support and commitment to a collaboration between our companies, it also fuels our growth initiatives. And, third, this transaction provides an immediate liquidity event for all of our stockholders who elect to participate in the self tender offer. I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth."
From the news: Paolo Ardoino, CEO of Tether, added, "Tether's investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today's world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives.
Rumble's dedication to fostering open communication and innovation makes them an ideal ally as we continue building the infrastructure for a more decentralized, inclusive future. Lastly, beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble."
Searching the list of public companies adopting strategic allocation of Bitcoin within its corporate treasury, they range from the expected crypto miners and tech companies to the unexpected, such as biotech and healthcare stocks.
Wall Street in undergoing massive change with AI, and now crypto and investors are witnessing a revolution from the old to the new.
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