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Goldman Sachs to Spin Out Digital Asset Platform into Blockchain Venture
News on the Blockchain
November 19, 2024
@newsontheblockchain, 19/11/2024
Confidence in Knowledge. Providing daily news to make sure you're up to date!
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 761
Market Cap: $3.08T (-0.05%)
24h Volume: $191.86B (+25.90%)
Bitcoin Dominance: 58.89%
Ethereum Dominance: 12.20%
ETH Gas Price: 7.53 Gwei
Fear & Greed Index: 83 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $91,301.66 | -0.80% | $1.81T | $72.88B |
Ethereum (ETH) | $3,107.68 | -0.23% | $374.24B | $36.59B |
Tether (USDT) | $1.00 | -0.04% | $128.20B | $154.26B |
BNB (BNB) | $615.90 | -1.56% | $88.69B | $2.18B |
Solana (SOL) | $243.81 | +0.43% | $115.70B | $7.79B |
💹 Market Highlights:
Total DeFi Volume: $11.35B (5.91% of total)
Stablecoins Volume: $174.68B (91.05% of total)
Top Coin by % Change: DSTAG (+56.83%)
🔥Heat Map:
📈 Preview On Today’s News:
- Goldman Sachs to Spin Out Digital Asset Platform into Blockchain Venture
- MicroStrategy Continues Aggressive Bitcoin Investment Strategy with $4.6 Billion Purchase
- Paul Tudor Jones Invests $230M in BlackRock’s Bitcoin ETF Amid Inflation Concerns
Keep reading for more!
Today’s Important News:
1)
Goldman Sachs to Spin Out Digital Asset Platform into Blockchain Venture
Goldman Sachs, the $3 trillion investment bank, plans to convert its digital asset platform into a new company focused on blockchain technology. This move aims to help larger financial institutions create, trade, and settle financial instruments using blockchain. The spin-off, expected within 12–18 months pending regulatory approval, will involve the development of new blockchain capabilities and is already collaborating with partners like Tradeweb Markets Inc.
Goldman Sachs is set to convert its digital asset platform into a blockchain venture to facilitate the use of blockchain for larger financial firms.
The new company will develop financial tools based on blockchain, with plans for a spin-off in 12–18 months, pending regulatory approval, and initial partnerships including Tradeweb Markets Inc.
2)
MicroStrategy Continues Aggressive Bitcoin Investment Strategy with $4.6 Billion Purchase
Michael Saylor’s MicroStrategy has purchased an additional $4.6 billion worth of Bitcoin, adding 51,780 BTC to its holdings. This investment increases the company’s total Bitcoin stash to 331,200 BTC, valued at $16.5 billion. MicroStrategy's average purchase price per Bitcoin is $49,874, significantly lower than the current price of over $90,000 per BTC. Saylor has confirmed that the company intends to continue its aggressive strategy and is even raising $42 billion over the next three years to fund further Bitcoin acquisitions. This bold approach has contributed to recent stock price highs, with the company's connection to Bitcoin seen as a key driver.
MicroStrategy has bought another $4.6 billion in Bitcoin, bringing its total holdings to 331,200 BTC, valued at $16.5 billion.
The company plans to continue investing heavily in Bitcoin, with $42 billion raised over the next three years to fund further acquisitions.
3)
Paul Tudor Jones Invests $230M in BlackRock’s Bitcoin ETF Amid Inflation Concerns
Billionaire investor Paul Tudor Jones has disclosed that his hedge fund holds $230 million worth of BlackRock’s Spot Bitcoin ETF. This move aligns with Jones’ long-standing belief in the potential of Bitcoin, which he considers a form of "digital gold" alongside traditional assets like gold. In response to ongoing inflation concerns and the rising U.S. federal debt, Jones has expressed confidence in Bitcoin's role as a hedge against inflation, highlighting its value as part of a broader commodities investment strategy.
Paul Tudor Jones’ hedge fund holds $230 million in BlackRock’s Bitcoin ETF, underscoring his belief in Bitcoin as a hedge against inflation.
Jones continues to invest in Bitcoin and commodities, driven by concerns over inflation and U.S. federal debt, viewing Bitcoin as a crucial asset in the current economic climate.
