Tuesday August 16, 2022
◾ The Federal Reserve announced final guideline for banks, including an outline for crypto banks that do not operate under the supervision of a federal banking agency, to gain access to Fed master accounts and payment services. (Federalreserve)
◾ BitGo is planning to seek a $100 break-up fee from Galaxy's (GLXY) claiming Galaxy made an “improper decision to terminate the merger agreement.” (Bitgo)
◾ The Canadian Securities Administrators (CSA) announced that crypto trading platforms will need to provide a pre-registration undertaking to their principal regulator to continue operations while their license application is being reviewed. (CSA)
Public Company Releases
◾ Crypto miner Prime Block has terminated its $1.25 billion SPAC merger agreement with 10X Capital Venture Acquisition Corp II (VCXA). (SEC)
◾ Riot Blockchain (RIOT) increased year-over-year revenue by 112% to $72.9 million in the second quarter with mining revenue accounting for 63% of the reported top line. (Globenewswire)
◾ Greenidge Generation (GREE) posted $31.3 million in revenue during the second quarter and plans to “prioritize liquidity and preserve capital” by pausing its Texas development efforts and focus on operations at its existing South Carolina and New York mining facilities. (Greenidge)
◾ TeraWulf (WULF) generated $1.4 million of revenue in Q2 from its initial mining operations announcing that its nuclear energy powered mining facility will begin production by the end of the year. (Businesswire)
◾ BitNile Holdings (NILE) delayed the release of its quarterly earnings but reported a drop in revenue due to lower returns in lending and trading activities. (Bitnile)
◾ BitNile (NILE) has entered a hosting agreement to secure 20 MW with Compute North. (Businesswire)
◾ Digihost Technology (DGHI) reported mining bitcoin and ether drove quarterly revenue to $7.4 million with gross profit falling to $860k due to a jump in D&A and miner lease agreements with Northern Data. (SEDAR)
◾ Bitfarms (BITF) announced Q2 revenue of $42 million with an operating loss of $173 million. (Bitfarms)
Restructuring, Losses and Legal News
◾ Crypto lending platform Hodlnaut filed for a temporary moratorium on creditor claims in Singapore. (Hodlnaut)
◾ Today’s court ‘Second Day Hearing Presentation’ for Celsius says the company “and its advisors are preparing a business plan for a standalone reorganization that provides optionality for customer recovery.” (Cases.stretto)
◾ Court documents show that Celsius is expecting to have over $65 million in liquidity at the end of August but will end up in a negative cash position by mid October. (TheBlock)
Protocols, Applications & Business News
◾ Crypto VC DragonFly Capital acquired hedge fund MetaStable Capital. (Bloomberg)
◾ Terra’s (LUNA) founder Do Kwan says he has not been in touch with Korean authorities. (Coinage)
◾ BitGo’s CEO said he received an all-cash offer that exceeded the $1.2 billion value Galaxy (GLXY) had negotiated, but the company is not entertaining acquisition offers and may consider an IPO in the future. (Bloomberg)
◾ XP, Brazil’s largest broker, has launched bitcoin and ether trading to its 3.6 million users. (Bitcoinmagazine)
Exchange, Custody and Product Updates
◾ Crypto.com received approval for pre-registration undertakings from Ontario’s Securities Commission. (Crypto.com)
◾ UK trading app platform Revolut received approval to offer crypto services across Europe through a regulatory license in Europe. (UKtech)