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Digital Currency Group wraps up $600 million debt capital raise

Grayscale’s parent company Digital Currency Group has completed another financing. This time, it involved $600 millions . On Wednesday, Digital Currency Group (DCG), confirmed that it had raised $ 600 millions through a debt capital raising following a secondary equity transaction of $700million. It is home to some of the most prominent names in the…

Grayscale’s parent company Digital Currency Group has completed another financing. This time, it involved $600 millions

On Wednesday, Digital Currency Group (DCG), confirmed that it had raised $ 600 millions through a debt capital raising following a secondary equity transaction of $700million. It is home to some of the most prominent names in the blockchain industry, including Grayscale, the digital asset manager. Other subsidiaries that it owns are CoinDesk, a cryptocurrency news outlet, and Genesis, a full-service digital currency prime brokerage.

A shared media release , revealed that Elbridge was the agent responsible for the administration of the credit facility.

The emergence of the debt capital market

This is the first time that a Manhattan-based private company has moved in the capital markets. The new credit facility will be used by the crypto investment company to expand its portfolio. The funding had boosted the company’s’strategic and operational’ financial capabilities.

Barry Silbert, chief executive of the firm, said that the capital would better position them to seize industry opportunities.

“We’ve solidified our premier market position in recent years through the development and growth of our diversified subsidiaries, continued expansion of our investment portfolio, and via acquisitions,” the firm’s Chief financial officer Michael Kraines added. “This debt financing is an important milestone to ensure DCG continues to play a leading role in the financing and development of this remarkably dynamic sector.”

DCG currently manages more than $50 trillion assets. There were many parties involved in the debt raise, including creditors and funds managed jointly by Capital Group, Francisco Partners and Davidson Kempner Capital Management.

Silbert extolled the collaborations noting, “We’re very pleased to partner with this cohort of high-quality institutional lenders and, as a profitable and rapidly growing company, we are fortunate to be able to access this growth financing with an attractive cost of capital.”

$700 million secondary stock sale

The maiden million debt funding round comes a few days after the company attained the milestone of a $10 billion valuation after completing a $700 million secondary stock sale. SoftBank led the sale, along with Ribbit Capital (Alphabet’s CapitalG). The giant crypto entity had previously raised $25 millions before it reached decacorn status.

DCG was one of few privately-held companies that has a large valuation. Silbert made a comment about secondary stock sales, noting that the goal was not to raise capital, but to give investors the opportunity to make profits. The funds raised were divided among shareholders who sold their shares. None of them chose to release all their shares.

Bitcoin

Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
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Bitcoin

The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.