Bitmain may have misled investors in pre-IPO funding | Bakkt could get greenlight for bitcoin futures | Bitfury exploring potential IPO
Bitcoin $6,474
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Ethereum $202.71
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Crypto Mkt Cap $209B
▼ BTC Dominance 53.60%
Bakkt could get regulatory greenlight for its bitcoin futures as soon as next week
AMD’s sales of mining GPUs are now negligible, shares tumble 25%
“With stories about crypto hacking continuing to dominate headlines, it’s obvious that security must be top of mind for all stakeholders in the crypto space” — Pascal Gauthier, President Ledger
The Big Block
Bitmain, the crypto mining giant, had been a flashpoint since its founding five years ago, and a report from CoinDesk today will only add fuel to the fire. The crypto news site says Bitmain may have misled investors in its recent $1B funding round -- a capital raise ahead of Bitmain's anticipated IPO. If the allegations prove true, the IPO itself could be delayed or shelved as Bitmain might face financial liability.
CoinDesk raised the following concern: When soliciting investment in the $1B round, the company sent out pitch decks implying that Digital Sky Technologies Global and GIC Private Limited had both invested in Bitmain. Apparently, that isn't true in either case. CoinDesk found three versions of the pitch deck -- two in English, one the site translated from the Chinese -- that claimed the two entities had invested in the earlierSeries B round. At that time, Bitmain raised a whopping $400 million at a valuation of $12 billion. In the recent fundraise, Bitmain reportedly achieved a small bump in valuation to $14B while taking in the additional $1B.
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Bakkt could get regulatory greenlight for its bitcoin futures as soon as next week
Intercontinental Exchange's Bakkt could get the green-light to launch its bitcoin futures product as soon as next week, according to a source with direct knowledge of the situation.
Bakkt, the cryptocurrency platform, in recent weeks has been meeting frequently with regulators from the Commodities Futures Trading Commission to get its product approved. A source said the regulator could approve the so-called Bitcoin (USD) Daily Futures Contract by the first week of November. — More
AMD’s sales of mining GPUs are now negligible, shares tumble 25%
AMD released its Q3 earnings yesterday, which sent its stock price down by 25% in after-hours trading. The reported revenues were below analysts' estimates mainly because of the decreasing demand for GPUs. In its financial report, AMD says that "blockchain-related GPU sales in the third quarter were negligible" compared to "approximately high single digit percentage of total AMD revenue" in Q3 of 2017. In Q4 of 2017, blockchain-related GPU sales were "approximately low double-digit"percentage of total AMD revenue. Kinngai Chan, Summit Insights Group analyst, told Reuters that "AMD had too high an exposure to the crypto-currency market." — More
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Blockchain partners with Ledger to develop custom hardware device — More