Streetbeat News

Bankruptcy

ARKB

FBTC

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Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are trading higher amid fears of U.S. regional banking instability. The SPDR S&P Regional Banking ETF fell 3.12%, reflecting concerns over increased regulatory scrutiny for regional banks. Analysts predict a potential market peak for Bitcoin by October 2025, following historical trends of post-halving rallies. Cathie Wood of Ark Invest highlighted crypto assets' appreciation during banking crises as a hedge against fiat assets. Bitcoin ETFs, including ARKB and FBTC, continue to see significant volume despite recent market corrections.

Portfolio Pulse from Shivdeep Dhaliwal

February 02, 2024 | 6:28 am

FTTUSD

Genesis Global Holdco, a subsidiary of Digital Currency Group and currently in bankruptcy, has agreed to a $21M settlement with the SEC over a lawsuit concerning its lending program. The settlement, resulting from extensive negotiations, aims to resolve the SEC's civil action claim in Genesis's Chapter 11 cases, thereby avoiding the costs and uncertainties of prolonged litigation. This agreement follows Genesis's financial troubles, which began in January 2022 after the collapses of Three Arrows Capital and FTX, leading to its bankruptcy.

Portfolio Pulse from Murtuza Merchant

February 01, 2024 | 7:34 pm

WBD

Larry David, who starred in an FTX Super Bowl commercial, expressed regret over his participation following the company's bankruptcy. He revealed losing a significant amount of money as part of his salary was in cryptocurrency. David is also involved in a class action lawsuit against FTX. The ad was part of Super Bowl LVI, which featured multiple cryptocurrency ads, earning it the nickname 'crypto bowl'. Warner Bros. Discovery (NASDAQ:WBD), which airs 'Curb Your Enthusiasm', is indirectly related through David's promotional activities.

Portfolio Pulse from Chris Katje

February 01, 2024 | 6:56 pm

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C.H. Robinson Worldwide, Inc. (CHRW) shares fell over 12% after reporting Q4 financial results below market expectations. Other stocks showed significant movement, with companies like Minim, Inc. (MINM) and Clearmind Medicine Inc. (CMND) experiencing substantial gains. Conversely, Revelation Biosciences, Inc. (REVB) and InVivo Therapeutics Holdings Corp. (NVIV) saw notable declines. The article also highlights stocks that moved due to earnings reports, strategic agreements, and other corporate actions.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 6:17 pm

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MINM

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NVIV

REVB

Nasdaq Composite surged over 100 points as U.S. stocks traded higher, with jobless claims rising to 224,000. Minim, NeuroBo Pharmaceuticals, and FibroBiologics saw significant stock increases, while Revelation Biosciences, InVivo Therapeutics, and CareMax experienced declines. The increase in jobless claims and mixed global market responses also highlighted the economic backdrop.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 2:45 pm

HUT

Celsius Network LLC has emerged from bankruptcy, planning to repay up to $3 billion to creditors in cryptocurrency, fiat, and Ionic Digital stock. The reorganization plan, approved by the Bankruptcy Court for the Southern District of New York, received support from 98% of Celsius' account holders. The company will wind down operations and establish a new Bitcoin mining entity, Ionic Digital, Inc., managed by Hut 8 Corp. (NASDAQ:HUT). Ionic Digital's stock is expected to be publicly traded after receiving necessary approvals.

Portfolio Pulse from Murtuza Merchant

February 01, 2024 | 2:27 pm

NVIV

InVivo Therapeutics Holdings and its subsidiary have filed for Chapter 11 bankruptcy in Delaware, intending to continue operations under court supervision as a debtor-in-possession, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 1:29 pm

BTCUSD

ETHUSD

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin fell after the Fed left rates unchanged, signaling a temporary setback. Meanwhile, a new ETF allows investment in major tech stocks, and Binance faces a lawsuit for allegedly aiding terrorists. In the US, market sentiment declined following the Fed's decision, impacting stocks and the Dow. Globally, tensions with Iran and China's cyber activities raise concerns. Economic indicators suggest a looming recession, while in tech, Apple's new products and partnerships draw attention. The electric vehicle sector sees advancements and legal challenges for Tesla.

Portfolio Pulse from Akanksha Bakshi

February 01, 2024 | 1:22 pm

FTTUSD

FTX, the bankrupt crypto exchange, has announced plans to fully repay its customers, abandoning the idea of 'FTX 2.0' due to lack of potential buyers. The exchange's native token FTT experienced an 11% surge followed by a 15% decline over the last 24 hours. Sam Bankman-Fried, FTX's former CEO, was convicted last year for misappropriating funds prior to the collapse.

Portfolio Pulse from Murtuza Merchant

January 31, 2024 | 5:03 pm

ADBE

JBLU

SAVE

The Biden Administration's stance on mergers has led to blocked deals, including JetBlue's (JBLU) acquisition of Spirit Airlines (SAVE), which is now facing bankruptcy. Spirit's value has plummeted from $3.8 billion to under $1 billion. The blocked Adobe (ADBE) and Figma merger also reflects regulatory challenges. These developments have implications for merger arbitrage investors, the banking sector's revenue from M&A, and the companies involved. While JetBlue's stock rose 4% after the blocked merger, Adobe's shares fell 14% on the day of announcing its Figma acquisition but have since recovered.

Portfolio Pulse from Caleb Naysmith

January 31, 2024 | 4:30 pm