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The Pulse: Crypto airdrops going to select communities reminds us it’s an insiders game
This is the fourth edition of a weekly column by The Block’s editor-in-chief on current events in the crypto space and other musings. Today’s topics include airdrops, the SEC going after Uniswap, upcoming Bitcoin ETFs in Hong Kong and the Halving.
The Block·2024/04/14 13:13
Was BTC’s $10K Weekend Crash the Last Correction Before the Next Bitcoin Halving?
BTC’s price has recovered some ground since yesterday’s low, but it is still well in the red on a weekly scale.
Cryptopotato·2024/04/14 12:58
Crypto Weekly Roundup: SEC Goes After Uniswap, Solana Bug, & More
Cryptodaily·2024/04/14 12:46
CRV’s Latest Crash Threatens Curve Founder’s Lending Positions With Liquidation
Coinedition·2024/04/14 10:46
Will BTC and ETH Prices Recover After Unexpected 24-Hour Correction?
Coinedition·2024/04/14 10:43
A giant whale sold 10,000 ETH 20 minutes ago and still holds 75,930 ETH
Jinse·2024/04/14 09:50
Multiple whales buy SLERF, BOME and boden after market decline
ChainCatcher·2024/04/14 07:44
Crypto Markets Lost Over $400B as Bitcoin (BTC) Slumped by $10K in 2 Days (Weekend Watch)
Bitcoin’s dominance keeps increasing as the alts took another massive beating.
Cryptopotato·2024/04/14 07:43
Bitcoin's 'normal drop' leads to $256M longs liquidated — analysts
Traders anticipate further downside, with approximately $1.05 billion in short positions at risk if Bitcoin returns to its price from the previous day.
Cointelegraph·2024/04/14 02:13
Flash
08:12
US Semiconductor Stocks Extend Pre-market Decline, ARM Falls Over 4%BlockBeats News, June 10th, according to Bitget data, pre-market trading of US semiconductor stocks continued to fall. ARM dropped over 4%, Micron Technology dropped over 3%, Marvell Technology dropped nearly 3%, Intel and AMD dropped over 2%, Broadcom dropped nearly 2%, NVIDIA and TSMC dropped over 1%.
07:52
CITIC Securities Maintains 'Buy' Rating on NVIDIA with Target Price of $315 On June 10, CITIC Securities maintained its 'Buy' rating on NVIDIA with a target price of $315, and also maintained its 'Overweight' rating on Broadcom with a target price of $525.
07:41
Goldman Sachs and Morgan Stanley Compete for Lead Underwriter Role in OpenAI and Anthropic IPO, Potential Revenue Exceeding $7 BillionBlockBeats News, June 10th, according to
Fortune
report, Goldman Sachs and Morgan Stanley are competing to be the lead underwriters for OpenAI and Anthropic's future IPO. Previously, Goldman Sachs has secured the lead underwriter position for the SpaceX IPO, scheduled for June 12th. The IPOs of OpenAI and Anthropic are both expected to raise at least $60 billion, totaling over $120 billion. University of Florida IPO expert Jay Ritter stated that the lead underwriter will determine how much IPO stock each fund receives, potentially providing significantly higher returns than other underwriters.
Ritter mentioned that institutional investors often pay substantial "soft dollars" to the lead underwriter to receive more IPO allocations, where trading commissions exceed the actual execution costs. If it is still uncertain whether Goldman Sachs or Morgan Stanley will secure the lead underwriting position for OpenAI and Anthropic, funds may allocate more trading commissions to both investment banks simultaneously to increase their chances of allocation.
Using the SpaceX IPO as an example, if the fundraising reaches $860 billion, the underwriting fee would be around $600 million. However, if the first-day share price rises by 20%, IPO investors' unrealized gains would exceed $17 billion. Ritter estimates that at least 30% of this amount, possibly around $5 billion, could flow back to the investment banks in the form of soft dollars, significantly surpassing the underwriting fee itself.
If both OpenAI and Anthropic companies rise by 20% on their debut days, investors' unrealized gains would reach $24 billion. Calculating based on the same ratio, the investment banks could receive over $7 billion in soft dollars, with most flowing to the lead underwriters. Currently, OpenAI and Anthropic have both secretly filed draft registration statements but have not yet confirmed their listing dates.
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