China News by Thebittimes.Com

Crypto exchanges Gemini and Bullish recently filed IPO documents, and they weren’t pretty. Despite the market for crypto IPOs being particularly hot in the wake of the blockbuster offering by Circle, these two filings reveal dismal profitability for even major incumbents of the industry. Bullish priced its IPO at $37 per share and it seemed initially like a roaring success. Shares opened for trading above $95 and rallied to $118 within minutes.  Unfortunately, every day since its debut has been a disappointment. After a week of sobering decline, Bullish now trades below $64 — about half its peak value on the day of its debut. Undeterred, Gemini filed its S-1 IPO form two days after Bullish started trading. Despite a polished slide deck boasting vanity metrics like $285 billion in lifetime trading volume by 1.5 million lifetime transacting users, the company buried its net income far below its colorful opener. Like Bullish, Gemini utilized newly revised G...

Bullish Inc. (NYSE: BLSH), a global digital asset platform catering to institutional clients, announced Tuesday it has received $1.15 billion in proceeds from its initial public offering (IPO), settled entirely in stablecoins. According to an announcement from the Cathie Wood favored firm, the transaction marks a significant milestone for the use of blockchain-based currencies in U.S. capital markets. The majority of the stablecoins were minted on the Solana (SOL) blockchain, with Jefferies serving as the billing agent for the offering. Jefferies oversaw the minting, conversion and distribution of the digital assets, coordinating with multiple issuers and platforms across North America, Europe and Asia. Bullish received a range of US dollar-and euro-denominated stablecoins, including USD CoinVertible and EUR CoinVertible issued by Societe Generale-FORGE, Global Dollar and PayPal USD issued by Paxos, Ripple USD on the XRP Ledger, USD1 from World Liberty Financial,...

Animoca Brands, the NFT and Metaverse firm, hopes to pass a resolution at its annual general meeting (AGM) on December 23 that would replace its auditor, DFK Collins, with Hall Chadwick. This is according to the distributed agenda.  Animoca has arguably been slow to file its recent audit reports, not completing its 2020 report until mid-2023. The report included comments from DFK Collins, which noted that for Animoca to “continue as a going concern” would be “dependent upon” it “raising new equity funds” as well as “support from the convertible note holders.” It would also need to “convert cryptocurrencies into fiat currencies as and when required.” However, despite these comments, it is important to note that DFK Collins also said that its “opinion is not modified in respect” of these matters. The crumbling empire of Fred Schebesta, Australia’s self-titled Crypto King Read more: Animoca Bra...