Coinbase's Nasdaq Listing Delayed/ BTC Mining Firm Plans Merger with SPRT / Proxy BTC Funds Hopeful For SEC Approval

Plus: Microsoft is looking to add bitcoin payments to Xbox

Inside.com Part of   Network March 22, 2021

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Bitcoin (BTC) $56,786 Ethereum (ETH) $1,782 Binance Coin (BNB) $271 Global Market Cap       $1.78T Prices as of 3 p.m. ET.

Coinbase Global Inc.'s Nasdaq listing is delayed until April. Representatives for Coinbase declined to comment on the delay of its highly anticipated public offering. More:  The offering of Coinbase (NASDAQ: COIN) will be the first major direct listing to take place on the Nasdaq. Coinbase reportedly has a public market valuation of about $67.6B, based on total shares outstanding and the volume-weighted average price per share. The company's financial statements for 2020 showed net revenue of $1.14B last year, with transaction fees accounting for 86% of total revenue and subscription and services bringing in 4%. Coinbase announced on Friday that it would pay $6.5 million in a settlement with the Commodity Futures Trading Commission (CFTC) over allegations that it self-traded cryptocurrencies between 2015 and 2018.

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Bitcoin mining firm Greenidge Generation Holdings announced plans to go public through a merger with Support.com (SPRT  +219.16%). The stock-for-stock merger transaction, set to conclude in Q3 of this year, will result in Support.com becoming a wholly-owned subsidiary of Greenidge. More: Shares of SPRT were up 300% during pre-market trading following the announcement.   Support.com will provide Greenidge with an estimated $33M in cash. Following the deal, Greenidge plans to scale up its bitcoin mining capacity by 115% to 41 megawatts, giving an estimated computing power of 1.1 exhashes per second (EH/s). Greenidge’s self-mining farms in the U.S mined 1,186 BTC in the past 12 months, at the cost of about $2,869 per bitcoin. The firm projects that it will receive more than $50M in EBITDA for 2021.

Proxy bitcoin funds are hopeful for a long-awaited SEC approval. With the Commodity Futures Trading Commission having already approved bitcoin futures, signs are pointing to SEC approval soon. More: The SEC has previously voiced concerns about fraud and manipulative acts using crypto ETFs, citing its decision to deny fund approval “to protect investors and the public interest.” Canada’s recent decision to approve the trading of CI Galaxy Bitcoin ETF (BTCG-UN.TO -3.23%) on the Toronto stock exchange marked the third cryptocurrency ETF traded in North America. Chicago-based KKM Financial has filed for approval to launch the Valkyrie Innovative Balance Sheet ETF. JPMorgan Chase (JPM  -2.20%) has filed to launch a structured note based on companies' equity performance within the JPMorgan Cryptocurrency Exposure Basket. MicroStrategy (MSTR  -4.81%), with currently $3.2B bitcoin on its balance sheet, and Square (SQ  +2.14%), with $200M of cryptocurrency on its balance sheet, will be included in the JPM Exposure Basket, if approved.

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QUICK HITS: Monogram is bringing 3D printed custom knee replacements and orthopedics to market. Learn more about how you can invest in this revolutionary company. * Morgan Stanley (MS  -0.72%) in talks to acquire a stake in Bithumb, South Korea's top cryptocurrency exchange, for between $254M and $441M. Microsoft (MSFT  +2.66%) recently began polling participants in their Xbox Insider program about the addition of bitcoin as a payment option. Co-founder of the crypto exchange BTCC, Bobby Lee, predicts that bitcoin's price will hit $100K by the summer and "potentially" $300K by the end of the year.  Connext, an Ethereum-based interoperability project promising fast and noncustodial swaps within the Ethereum ecosystem, has raised $2.2 million in seed funding led by Polychain Capital. 100+ companies including those backed by Google Ventures, Andreessen, Founders Fund, Kleiner and Bloomberg have hired software engineers from this company. * *This is sponsored content

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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