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IBIT

Bitcoin (BTC) surged to $59,000, driven by market enthusiasm, institutional investment, and the upcoming halving event, leading to $71M in short squeezes. BlackRock's IBIT ETF saw over $1.3 billion in daily trading volume. The surge resulted in over 81,157 traders being liquidated, totaling $243.06 million, with Bitcoin and Ethereum (ETH) seeing significant short liquidations.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 9:27 am

MSTR

Benchmark, an investment banking firm, initiated coverage on MicroStrategy Inc (NASDAQ:MSTR) with a 'buy' recommendation and a price target of $990, citing potential Bitcoin rallies as a key catalyst. The firm's bullish stance on Bitcoin, predicting it could reach $125,000 by the end of 2025, is based on the approval of spot bitcoin ETFs in the U.S. and the impact of the fourth bitcoin halving. MicroStrategy's recent acquisition of an additional 3,000 Bitcoins, bringing its total holdings to 193,000 BTC, underscores its position as the largest corporate holder of the cryptocurrency.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 9:05 am

NVDA

Bill Smead, founder of Smead Capital Management, warns investors about the potential risks of the AI stock boom and the over-reliance on the 'Magnificent Seven' stocks driving the S&P 500 to record highs. He compares the current market situation to past bubbles, such as the Nifty Fifty and the dot-com bubble, suggesting a major correction could be imminent. Smead's views are supported by concerns from other experts, including Jeremy Siegel's warning about tech stock valuations like NVIDIA Corp (NVDA), indicating a possible speculative bubble.

Portfolio Pulse from Benzinga Neuro

February 28, 2024 | 8:42 am

FIVN

Five9, Inc. has upsized its offering of convertible senior notes due 2029 to $650 million at 1.00% interest, from the previously announced $600 million. The offering may increase to $747.5 million if the initial purchasers exercise their option to buy additional notes. The sale is expected to close on March 1, 2024, with net proceeds of approximately $633.5 million, potentially rising to $728.8 million.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 8:18 am

PRGS

Progress Software has upsized its offering of convertible senior notes to $400M, with a 3.50% interest rate, due in 2030. The initial offering was set at $350M, potentially reaching $402.5M if additional notes are purchased. The closing is expected by March 1, 2024, pending customary conditions.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 7:40 am

DOLE

Dole plc has announced the sale of its 65% equity stake in Progressive Produce to PTF Holdings, a portfolio company of Arable Capital, for $120.25 million. Progressive Produce is a leading grower, packer, and distributor of produce in the U.S. and Canada, with annual sales over $400 million.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:43 am

BTCUSD

TRX

Justin Sun, founder of TRON, revealed his Bitcoin holdings of 28,613 BTC, valued at approximately $1.638 billion. He made this disclosure in response to comments about his usage of the HTX exchange, emphasizing his active participation. This announcement coincides with Bitcoin's price surge to $57,000, a peak not seen since December 2021. The crypto market has seen a ripple effect from this rally, with increased investments in Bitcoin ETFs and a significant rise in the global cryptocurrency market cap. Sun also highlighted TRON's commitment to integrating Bitcoin scalability solutions and collaborating with Bitcoin layer-2 protocols.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 5:54 am

EWA

Australia's Construction Work Done for Q4 showed a 0.7% increase, slightly above the 0.6% estimate and following a revised 1.4% increase in the previous quarter. This indicates a slight slowdown in growth but still surpasses expectations.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 5:30 am

BTCUSD

DOGEUSD

PEPEUSD

SHIBUSD

The market cap for the top 100 meme-themed cryptocurrencies surged to $26.5 billion, a 10% increase, driven by Bitcoin's rally to $56,000. Santiment highlighted significant traction in meme coins like Pepecoin, Floki, and Dogwifhat, with warnings about FOMO in the crypto market. Pepecoin saw a 23% increase in 24 hours, reaching its highest value since May 2023. Dogecoin and Shiba Inu also experienced surges of 8-12% in a single day.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 5:14 am

NVDA

Jeremy Siegel, a finance professor at Wharton, warns of a potential bubble in tech stocks, particularly highlighting NVIDIA Corp (NASDAQ:NVDA) due to its soaring valuations. Nvidia's stock has significantly increased, driven by demand for its AI chips, leading to concerns of a speculative bubble similar to the dot-com era. Despite these warnings, Siegel remains optimistic about the U.S. economy overall.

Portfolio Pulse from Benzinga Neuro

February 28, 2024 | 4:21 am