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Bankruptcy

AMC

GME

OSTK

SONY

The movie 'Dumb Money', based on the GameStop saga, is set to release on Sept. 22, 2023. The movie is a Sony Group Corp production and was made for around $30 million. The film's release could draw attention to GameStop and AMC Entertainment Holdings. The author of the book on which the movie is based suggested that moviegoers should support the film by investing in meme stocks like AMC, Bed Bath & Beyond, and BlackBerry. Bed Bath & Beyond has declared bankruptcy and sold its assets to Overstock.com.

Portfolio Pulse from Chris Katje

September 12, 2023 | 7:53 pm

GCT

GigaCloud Technology Inc (NASDAQ:GCT) has entered into an agreement to acquire substantially all assets of Noble House Home Furnishings for $85 million. The acquisition is in connection with Noble House's Chapter 11 bankruptcy proceedings.

Portfolio Pulse from Bill Haddad

September 12, 2023 | 3:15 pm

COIN

Shares of Coinbase Global Inc (NASDAQ:COIN) are trading higher by 6.1% amid a rebound in the price of Bitcoin. This comes after major cryptocurrencies saw a sharp decline due to concerns about potential selling pressure from the bankruptcy of exchange FTX. FTX is preparing to liquidate $3.4 billion in crypto assets, with Galaxy Digital set to oversee the sale.

Portfolio Pulse from Henry Khederian

September 12, 2023 | 2:44 pm

WFC

Wells Fargo's CFO has stated that the bank expects its deposits to decrease over the course of the year.

Portfolio Pulse from Bill Haddad

September 12, 2023 | 11:41 am

GCT

GigaCloud Technology has placed a stalking horse bid of $85 million to acquire Noble House Home Furnishings amidst the latter's Chapter 11 bankruptcy proceedings.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 10:02 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin saw a sharp decline due to concerns about potential selling pressure from the bankruptcy of exchange FTX. FTX is seeking regulatory approval to liquidate $3.4 billion in crypto assets, with Galaxy Digital proposed as the investment manager for the sale. FTX's crypto holdings include Bitcoin, Ethereum, Dogecoin, and others. Meanwhile, the global crypto market capitalization stands at $1.01 trillion, a 2.29% decrease in the last day.

Portfolio Pulse from Mehab Qureshi

September 12, 2023 | 3:00 am

ALGOUSD

CELUSD

Bankrupt cryptocurrency lending company, Celsius, is likely to appoint former Algorand CEO Steve Kokinos to its successor company. The new company, currently named 'NewCo', will be registered under a Delaware corporation. Its board of directors includes executives from WeWork, Credit Suisse and UBS. Celsius filed for bankruptcy protection as it owed billions to investors during the crypto downturn. Celsius creditors are in favor of Fahrenheit’s proposed takeover, which could allow investors to recover some of their lost funds.

Portfolio Pulse from Khyathi Dalal

September 11, 2023 | 8:28 pm

BTCUSD

FTTUSD

SOLUSD

SRMUSD

Crypto exchange FTX has amassed assets totaling approximately $7 billion, including $1.16 billion in Solana tokens and $560 million in Bitcoin, according to court documents. The company also made massive payments to its top-tier executives prior to its bankruptcy declaration in November 2022. By the end of that month, the company had consolidated $1.5 billion in cash. As of August 31, 2023, FTX's crypto assets were valued at $3.4 billion. The portfolio also includes lesser-known tokens such as MAPS and Serum, collectively worth hundreds of millions.

Portfolio Pulse from Murtuza Merchant

September 11, 2023 | 5:45 pm

ETHUSD

SOL

SOLUSD

Analytics firm IntoTheBlock has suggested a potential $3 billion sell-off in the cryptocurrency market, possibly triggered by the impending liquidation of bankrupt crypto exchange FTX. The firm's digital asset portfolio, valued at around $3 billion, is under threat. Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) have been singled out as significant parts of FTX's assets. The exact timeline for the liquidation remains unknown.

Portfolio Pulse from Benzinga Neuro

September 11, 2023 | 11:00 am

BTCUSD

Bankrupt cryptocurrency exchange FTX has reportedly paid nearly $750,000 to former NBA player Shaquille O’Neal, along with other celebrities, as part of its marketing efforts. The payments were disclosed in court documents related to FTX's ongoing bankruptcy proceedings. Several of these celebrities, including O’Neal, are already embroiled in lawsuits filed by FTX creditors over their promotion of the company. FTX’s current management is exploring strategies to reclaim the funds paid to promoters to balance its significant debts.

Portfolio Pulse from Mehab Qureshi

September 11, 2023 | 9:04 am