Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

GME drops 14% as GameStop announces plans to sell up to 3.5M shares

After skyrocketing above $370 following the Reddit-driven short squeeze, GameStop shares are now trading at around $160.

GameStop Corporation, an American gaming and consumer electronics retailer, has announced its plans to sell up to 3.5 million GME shares following the stock’s massive and controversial rally.

The firm announced Monday that it has filed a prospectus supplement with the United States Securities and Exchange Commission, under which it may offer and sell up to 3.5 million shares of GME stock via an at-the-market, or ATM, equity offering program. GameStop said that its total global sales increased nearly 11% for the nine-week period ending April 3, 2021.

GameStop noted that its common stock will be offered through American multinational independent investment bank Jefferies Group, which will serve as the sales agent. The firm said that Jefferies may sell common stocks by “any lawful method deemed to be” an ATM offering as defined by rule Rule 415(a)(4) of the Securities Act. “Sales may be made at market prices prevailing at the time of a sale or at prices related to prevailing market prices,” the firm stated.

GameStop emphasized that the offering is strongly capped at 3.5 million shares, stating: “ In no event will the Company sell more than 3,500,000 shares of Common Stock under the ATM Offering, and aggregate gross proceeds will not exceed $1,000,000,000. There will be no sale of Common Stock in any jurisdiction in which one would be unlawful.”

The firm intends to use the net proceeds from the ATM offering sales to “further accelerate its transformation as well as for general corporate purposes and further strengthening its balance sheet.” “The timing and amount of any sales will be determined by a variety of factors considered by the Company,” GameStop added.

Following the announcement, the GME stock tumbled more than 14% to $164 at the time of writing, according to data from MarketWatch. By initiating the ATM offering, GameStop reportedly wants to take advantage of the stock price surge following the Reddit-driven short squeeze that pumped GME above $370 in late January 2021 from $20 earlier that month.

As previously reported by Cointelegraph, GameStop’s short squeeze caused serious issues for some trading platforms such as crypto-friendly stock trading app Robinhood. After suspending GameStop trading in January, Robinhood became the subject of a criminal investigation initiated by the U.S. Department of Justice as well as similar probes by the SEC and the Commodity Futures Trading Commission.

Galaxy Digital CEO Mike Novogratz said that GME’s short squeeze made a big endorsement of crypto, particularly the decentralized finance industry. “It’s a revolution that started with people not trusting central authority. It’s a call for transparency and fairness,” Novogratz stated.

https://ift.tt/3dCu4xl
Labels:

Comments

Post a Comment

Popular posts from this blog

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

The Congolese Mountain of Gold: Surprise Discovery in Africa Shows Metal’s Scarcity Is Hard to Prove

A myriad of gold bugs like to compliment the yellow precious metal for its ostensible scarcity, as estimates say only 2,500 to 3,000 tons of new gold is produced annually. While new gold discoveries have seemingly slowed, investigative studies also show that in some areas, gold is being smuggled into the economy by the ton, and often never accounted for as far as per annum issuance estimates. Recently, reports show a whole mountain of gold was discovered in the Congo, as the Democratic Republic of the Congo is well known for being a region that sees tons of smuggled gold filtered into the global financial system unreported. Surprise Gold Deposits Continue to Crack the Precious Metal’s Scarcity Proposition It has always been said that the precious metal gold (Au) is scarce, and some reports even say that gold mining on earth will end by the year 2050 . Additionally, estimates also show that there’s roughly 2,500 to 3,000 tons of new gold that is accounted for and enters into the fin...
Post a Comment
Read more

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more