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Bitfarms Acquires Stronghold Digital Mining in $125M Deal
Bitfarms has announced its acquisition of Stronghold Digital Mining in a deal valued at approximately $125 million, which includes assumed debt of around $50 million. Stronghold shareholders will receive 2.52 shares of Bitfarms for each share they own, marking a 71% premium based on recent market prices. The acquisition is expected to add up to 307 megawatts of power capacity, positioning Bitfarms to expand its energy portfolio to over 950 megawatts by the end of 2025. This move is part of Bitfarms' strategy to diversify beyond Bitcoin mining and enhance long-term shareholder value.
Mt. Gox Transfers Over $700 Million in Bitcoin to Unknown Wallet
Mt. Gox reportedly transferred 12,000 BTC (worth $709.44 million) to an unknown wallet, as well as 1,264.69 BTC ($74.77 million) to a cold wallet identified as belonging to the exchange, according to blockchain analytics firm Arkham. These movements, similar to past transactions, may signal that Mt. Gox is nearing the completion of creditor repayments. Established in 2010, Mt. Gox was once the world's largest Bitcoin exchange but suffered a major breach in 2014, leading to the loss of 850,000 BTC. Creditors have been waiting for their Bitcoin to be returned for years.
Tether to Introduce UAE Dirham-Pegged Stablecoin
Tether is launching a new stablecoin pegged to the United Arab Emirates dirham in partnership with Phoenix Group and Green Acorn Investments. The token will seek licensing under the UAE Central Bank's Payment Token Services Regulation and aims to offer users a cost-effective, transparent means of transacting in dirhams while mitigating currency fluctuations. Tether CEO Paolo Ardoino highlighted that this stablecoin will be a valuable addition for businesses and individuals in the UAE, enhancing cross-border payments and trading. This development expands Tether's portfolio of fiat-pegged stablecoins, reinforcing its position as the largest stablecoin issuer by market cap.
Trading Desk Insights
Bitcoin's recent price activity has been relatively subdued, with occasional spikes that are quickly met by selling pressure. The short-term outlook remains uncertain, and a decisive break and close above the $61,000 mark, particularly above the 50-day moving average, would be necessary to shift sentiment toward a more optimistic outlook. Although the market has faced significant selling pressure, the end of the summer period is expected to bring increased liquidity, especially as the U.S. elections approach.
In corporate news, Bitcoin miner Bitfarms has announced an agreement to acquire its competitor, Stronghold Digital, in a stock deal valued at $175 million. This acquisition is part of Bitfarms' strategy to diversify its revenue streams.
Regarding U.S.-listed ETFs, Bitcoin has seen a fourth consecutive day of inflows, totaling $88 million, while Ethereum experienced outflows of $6.5 million.
On the political front, Donald Trump has gained an edge over Kamala Harris in the latest Polymarket odds, currently standing at 52-47 in his favor. While there's no direct correlation between Bitcoin's price movements and Trump's electoral prospects, a Trump presidency could potentially usher in a new bull market for the cryptocurrency sector.
Lastly, equity futures remained relatively stable on Wednesday, as traders anticipate the minutes from the Federal Reserve's latest policy meeting. The market is closely watching for any signals of a potential interest rate cut, with attention turning to Fed Chair Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium, where he may provide further insight into the Fed's next steps ahead of their September meeting.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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