We’ve collected the most important news from crypto industry participants this week.
- Alameda Research Drops Lawsuit Against Grayscale
- Kraken hires two compliance professionals to support global expansion.
- Taurus has received FINMA approval to launch a tokenized securities platform for retail clients.
- Core Scientific shares relist on Nasdaq.
- Bitfarms has completed the purchase of a site in Paraguay for a Bitcoin mining facility.
Alameda Research Drops Lawsuit Against Grayscale
Management of bankrupt trading firm Alameda Research has dropped lawsuits against Grayscale Investments, its CEO Michael Sonnenschein, Digital Currency Group and its head Barry Silbert.
The firm sought “permission to redeem the trusts and reduce their management fees” to unlock assets worth more than $9 billion.
Alameda’s decision comes after GBTC was converted into a spot Bitcoin ETF.
Earlier, CoinDesk journalists learned about the sale of GBTC shares for $908 million from the bankruptcy estate of the FTX company, which is going through bankruptcy proceedings. This could put pressure on the price of the first cryptocurrency.
Kraken Hires Two Compliance Professionals for Global Expansion
Bitcoin exchange Kraken has brought in former N26 and Coinbase executives to “further grow amidst an evolving global regulatory environment.”
Gilles Bianrosa will serve as COO and Chief Product Officer. Previously, he held the positions of Chief Product Officer at N26, SoundCloud and Samsung Electronics.
Marcus Hughes will lead Kraken’s global regulatory strategy after serving as Managing Director of Europe and General Counsel for International Expansion at Coinbase.
In November, the platform’s co-founder Jess Powell said the company was “playing the long game” despite the emergence of “new reputational threats” to the industry.
Taurus Receives FINMA Approval to Launch Security Token Platform for Retail Clients
Swiss infrastructure startup Taurus has received approval from FINMA to launch its tokenized securities and digital asset platform TDX, focusing on retail clients.
“Private markets 2.0 need to be digitized. Buying private equity should be as easy as buying a book on Amazon,” said TDX head of product Yann Isola.
On January 23, US-based tokenization platform Ondo Finance announced the opening of its first office in APAC.
Core Scientific Shares Relist on Nasdaq
Bitcoin miner Core Scientific has completed its restructuring and secured a relisting of its shares on Nasdaq.
Earlier this year, a bankruptcy court approved a reorganization plan for the mining company that would relist its shares on Nasdaq.
In December, the firm set a deadline of mid- to late January 2024 for the initiative, which would result in shareholders receiving approximately 60% of Core Scientific’s new equity and it fully repaying its debt.
This followed an agreement in principle with stakeholders on the distribution of convertible bonds and shares.
Following the reorganization, the miner expects to maintain its leading position thanks to the operation of 202 thousand cryptocurrency mining installations with their subsequent growth to 336 thousand by 2027. The company expects annual revenue to be $583 million in 2024 and to increase to ~$968 million by 2027.
In January, Core Scientific confirmed oversubscription demand for an additional issue of $55 million.
Bitfarms Completes Purchase of Paraguayan Land for 100MW Bitcoin Mining Facility
Mining company Bitfarms has acquired a plot of land in Iguazu, Paraguay, to build a new 100 MW mining complex.
Management noted that the implementation of the initiative will allow for up to 85% of needs to be met through inexpensive green energy, which facilitates environmentally sustainable bitcoin mining.
The company recalled plans to increase the hashrate to 21 EH/s in 2024 upon exercise of the option to purchase Antminer T21 from Bitmain.
Also on ForkLog:
- Changpeng Zhao offered the court bail of $4.5 billion for his departure to the UAE.
- SEC lawsuits against crypto firms increase by 50%.
- Tesla has maintained its position in Bitcoin throughout 2023.
- CommEX has allowed all users to post P2P ads.
- Nexo has demanded $3 billion in damages from the Bulgarian authorities.
- OKX has launched an investigation into the reasons for the 50% drop in the OKB token.
- Abra to Refund $13.6 Million to Customers in Settlement with Texas Regulator
- Mt.Gox has confirmed customer addresses for compensation.
What to read on the weekend?
On January 24, the SEC delayed its decision on BlackRock’s Ethereum spot ETF until March 10. The agency’s head, Gary Gensler, called for less hype around the instrument, citing the “limited” registration of a similar Bitcoin-based product.
ForkLog, in a commentary in the News+ format, examined the reasons for the decision, and also studied the positions of optimists and pessimists regarding the potential approval of the product.
