Tag: Parent

Telecom Giant and T-Mobile (TMUS) Parent Deutsche Telekom Plans to Mine Bitcoin

Deutsche Telekom has been very active in the digital assets sector for years. It has been running validators on networks such as Polygon, Q, Flow, Celo, Chainlink and Ethereum. The telecom giant also started Energy Web Chain last year, which the company said was “the world’s first public blockchain designed explicitly for the energy sector” and will help to create a “more decentralized, digitalized, and decarbonized energy system.” Source

DCG, parent of GBTC Sponsor, Reports Q1 Revenue of $229M

In January, Grayscale converted GBTC, which had been in existence as a closed-end fund for over a decade, into a spot ETF, becoming one of ten issuers to bring such a fund to the market. While billions flowed into the new vehicles, GBTC, whose management fee of 1.50% was more than 100 basis points above its competitors, experienced billions in outflows. Source

Swan Bitcoin Unveils BTC Mining Unit as Parent Company Prepares to Go Public

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The miners have faced a brutal crypto winter as their revenue is directly correlated to the price of bitcoin. At the depth of the bear market, many large miners, such as Core Scientific (CORZ), went bankrupt, and others barely hung on. However, the recent rally in bitcoin price, helped by the spot bitcoin ETF, has helped the mining economics and even seen companies, such as Core, coming out of bankruptcy. Original

TikTok Parent Company ByteDance to Spend $5B Buying Back Stock

TikTok’s parent company ByteDance plans to spend $5 billion buying back stock from shareholders. This will bring its valuation to $268 billion. As per recent reports, ByteDance, the parent company of TikTok, plans to spend about $5 billion buying back stock from its shareholders. This comes as the company has faced several setbacks in its journey to becoming publicly listed, including the economy back in China and regulatory issues in the United States. ByteDance Buying Back Stock Reports suggest that ByteDance will be offering $160 per share to current holders,…

Genesis strikes repayment deal with parent firm DCG to end $620M lawsuit

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Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), has struck a deal that could end an ongoing lawsuit to claw back $620 million in repayments from DCG.  In a Nov. 28 filing to a New York Bankruptcy Court, Genesis said DCG agreed to pay its outstanding $324.5 million in loans by April next year, and Genesis can chase up on any unpaid amounts. The proposed deal aims to allow Genesis to end a lawsuit filed against DCG in September that sought to have the firm repay overdue…

Upbit parent Dunamu’s profits drop 81% in Q3

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Dunamu, the owner of Upbit — one of South Korea’s biggest crypto exchanges by trading volume — saw a drop of 81.6% in net profit in the third quarter of 2023 compared to the same period last year. The company reported a net profit of 159.9 billion Korean won (KRW), worth around $123 million, in 2022 Q3. However, on Nov. 28, the company said that in the third quarter of this year, it could only generate 29.5 billion KRW, worth around $23 million. This marks a drop of 81% in the company’s…

Aave parent company rebrands to Avara, adds crypto Family Wallet to offerings

Founder Stani Kulechov said the name change does not affect Aave as a lending protocol and that its latest acquisition focuses on propelling mass web3 adoption. Aave Companies, the entity behind Aave protocol (AAVE) and Aave Labs, rebranded to Avara as founder Stani Kulechov disclosed a strategy aimed at bootstrapping adoption for decentralized finance (defi) solutions.  In addition to the name change, which Kulechov said is final, Avara also acquired a team of blockchain developers called Los Feliz Engineering. Los Feliz built an Ethereum-based wallet currently available in beta.  The…

Bitfinex Parent Firm Announces $150M Share Buyback to Protect Hack Vitcims

The proposal outlines a deal that encompasses roughly 9% of iFinex’s outstanding capital and assigns a value of $1.7 billion to the company. As per the latest report, the parent firm of the Bitfinex exchange – iFinex Inc – has started exploring a $150 million share buyback, as per the letter written to shareholders on September 22. The directors of iFinex have proposed an offer of $10 per share for 15 million shares. The document notes that a group of directors within iFinex and its subsidiaries are eligible to participate…

Genesis sues parent company DCG, other affiliate for $600M loans, then stays action

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Bankrupt cryptocurrency lender Genesis Global Capital (GGC) filed two suits on Sept. 6 seeking the repayment of overdue loans from affiliated companies. The loans are worth over $600 million in total.  GGC filed the complaints against Digital Currency Group (DCG) and DCG International Investments (DCIG) in the Southern District of New York Bankruptcy Court. GGC and DCGI are both owned by DCG. According to the complaint against DCGI, GGC loaned it 18,697.7 Bitcoin (BTC) in June 2022 under an open loan agreement reached in 2019. The outstanding balance of the…