Bitcoin Devotees Plowed $3 Billion Into ETFs Amid Crypto's Surge
Cryptocurrency investors waded back into the market last week, riding a surge in Bitcoin.
Exchange-traded funds tracking Bitcoin and Ether attracted more than $3.2 billion last week, with the iShares Bitcoin Trust ETF (ticker IBIT) alone seeing a nearly $1.5 billion inflow — the most this year, data compiled by Bloomberg show. Other Bitcoin-focused funds also saw meaningful infusions, with investors adding more than $620 million to the ARK 21Shares Bitcoin ETF (ARKB) and roughly $574 million into the Fidelity Wise Origin Bitcoin Fund (FBTC).
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Yahoo
17 minutes ago
- Yahoo
Bitcoin is introduced into Africa's largest slum, with risks and rewards
KIBERA, Kenya (AP) — Dotting the roadside in what is widely considered Africa's largest urban slum are typical stands selling vegetables. What isn't typical is their acceptance of bitcoin as a form of payment. Around 200 people use bitcoin in Soweto West, a neighborhood of the Kibera slum in Kenya 's capital. It's part of an initiative to extend financial services to one of the country's poorest and most under-banked areas. Its promoters say the adoption of crypto fits with the ideals of bitcoin as an accessible, democratic technology — but experts say it also has major risks. Bitcoin came to Soweto West via AfriBit Africa, a Kenyan fintech company, through its nonprofit initiative to improve financial inclusion. 'In many cases, people in Kibera do not have an opportunity to secure their lives with normal savings,' said AfriBit Africa co-founder Ronnie Mdawida, a former community worker. With bitcoin, "they do not need documentation to have a bank account … that gives them the foundation for financial freedom.' Bitcoin, the first and largest crypto, was created in 2009 in the wake of the global financial crisis as a decentralized digital asset that could act as an alternative method of payment. The asset has found more popular use as a store of value, like a digital form of gold. Bitcoin has attracted enthusiastic supporters as prices have climbed almost 1,000% in the last five years. But its volatility and lack of regulation are concerns. AfriBit Africa introduced bitcoin into Soweto West in early 2022 through crypto-denominated grants to local garbage collectors, who are often funded by nonprofits. The groups are made up of dozens of young people, who Mdawida says are more likely to be open to new tech. After gathering on a Sunday to collect trash, garbage collectors are paid a few dollars' worth of bitcoin. AfriBit Africa estimates that it has put some $10,000 into the community, with garbage collectors acting as the main agents of spreading bitcoin in Soweto West. In Kibera, many people earn about a dollar a day. Now a small number of other residents hold bitcoin, and some merchants and motorcycle taxis accept payments in crypto. Damiano Magak, 23, a garbage collector and food seller, said he prefers bitcoin to M-PESA, the ubiquitous mobile money platform in Kenya, because M-PESA transaction costs are higher and the network can be slower. There are no fees for M-PESA transactions between individuals or businesses up to 100 Kenyan shillings (78 cents), but after that the fees increase with transaction size. Fees for the Lightning bitcoin network where transactions take place are free if people use a platform that AfriBit Africa introduced into the community. Onesmus Many, 30, another garbage collector, said he feels safer with his money in a bitcoin wallet instead of in cash because of crime. Some merchants have found benefits to accepting crypto, including Dotea Anyim. She said around 10% of customers at her vegetable stand pay in bitcoin. 'I like it because it is cheap and fast and doesn't have any transaction costs,' she says. 'When people pay using bitcoin, I save that money and use cash to restock vegetables.' The possibility that crypto prices could keep rising also appeals to residents of Soweto West. Magak and Many said they now have around 70% to 80% of their net worth in bitcoin, a far higher level of exposure than most people. 'It is my worth and I'm risking it in bitcoin,' Magak said. That concerns Ali Hussein Kassim, a fintech entrepreneur and chair of the FinTech Alliance in Kenya. 'In an extremely volatile asset like bitcoin, it's overexposure. I can't afford to lose 80% of my wealth. How about a guy in Kibera?' Kassim said. 'You are exposing a vulnerable community to an ecosystem and to financial services that they can't necessarily afford to play in.' Kassim acknowledged the potential benefits that digital assets could bring, particularly in facilitating cheaper cross-border payments like remittances, but failed to see the benefit in Kibera. Bitcoin's volatility could negate the benefits of cheaper transaction fees, Kassim said, and bitcoin does not have the same protections as other financial services due to a lack of regulation. Mdawida disagreed, calling bitcoin's unregulated nature a benefit. 'We don't shy away from the risks involved,' the AfriBit Africa co-founder said, noting the group's investments in bitcoin education in Kibera, including financial literacy training and crypto courses in the community. Efforts to introduce bitcoin into developing countries have faced challenges. Bitcoin was adopted as legal tender in El Salvador and Central African Republic but both countries have reversed their decision. In Kenya, the digital asset sector has faced legal and regulatory challenges, including crackdowns on cryptocurrency giveaways. This small project, focusing only on Soweto West, has been allowed. 'On my phone I put notifications on when bitcoin rises … and it's all smiles," Magak said. "Whenever it fluctuates up and down, I know at the end of the day it will just rise.' ___ For more on Africa and development: The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
24 minutes ago
- Associated Press
Bitcoin is introduced into Africa's largest slum, with risks and rewards
KIBERA, Kenya (AP) — Dotting the roadside in what is widely considered Africa's largest urban slum are typical stands selling vegetables. What isn't typical is their acceptance of bitcoin as a form of payment. Around 200 people use bitcoin in Soweto West, a neighborhood of the Kibera slum in Kenya 's capital. It's part of an initiative to extend financial services to one of the country's poorest and most under-banked areas. Its promoters say the adoption of crypto fits with the ideals of bitcoin as an accessible, democratic technology — but experts say it also has major risks. Bitcoin came to Soweto West via AfriBit Africa, a Kenyan fintech company, through its nonprofit initiative to improve financial inclusion. 'In many cases, people in Kibera do not have an opportunity to secure their lives with normal savings,' said AfriBit Africa co-founder Ronnie Mdawida, a former community worker. With bitcoin, 'they do not need documentation to have a bank account … that gives them the foundation for financial freedom.' Bitcoin, the first and largest crypto, was created in 2009 in the wake of the global financial crisis as a decentralized digital asset that could act as an alternative method of payment. The asset has found more popular use as a store of value, like a digital form of gold. Bitcoin has attracted enthusiastic supporters as prices have climbed almost 1,000% in the last five years. But its volatility and lack of regulation are concerns. AfriBit Africa introduced bitcoin into Soweto West in early 2022 through crypto-denominated grants to local garbage collectors, who are often funded by nonprofits. The groups are made up of dozens of young people, who Mdawida says are more likely to be open to new tech. After gathering on a Sunday to collect trash, garbage collectors are paid a few dollars' worth of bitcoin. AfriBit Africa estimates that it has put some $10,000 into the community, with garbage collectors acting as the main agents of spreading bitcoin in Soweto West. In Kibera, many people earn about a dollar a day. Now a small number of other residents hold bitcoin, and some merchants and motorcycle taxis accept payments in crypto. Damiano Magak, 23, a garbage collector and food seller, said he prefers bitcoin to M-PESA, the ubiquitous mobile money platform in Kenya, because M-PESA transaction costs are higher and the network can be slower. There are no fees for M-PESA transactions between individuals or businesses up to 100 Kenyan shillings (78 cents), but after that the fees increase with transaction size. Fees for the Lightning bitcoin network where transactions take place are free if people use a platform that AfriBit Africa introduced into the community. Onesmus Many, 30, another garbage collector, said he feels safer with his money in a bitcoin wallet instead of in cash because of crime. Some merchants have found benefits to accepting crypto, including Dotea Anyim. She said around 10% of customers at her vegetable stand pay in bitcoin. 'I like it because it is cheap and fast and doesn't have any transaction costs,' she says. 'When people pay using bitcoin, I save that money and use cash to restock vegetables.' The possibility that crypto prices could keep rising also appeals to residents of Soweto West. Magak and Many said they now have around 70% to 80% of their net worth in bitcoin, a far higher level of exposure than most people. 'It is my worth and I'm risking it in bitcoin,' Magak said. That concerns Ali Hussein Kassim, a fintech entrepreneur and chair of the FinTech Alliance in Kenya. 'In an extremely volatile asset like bitcoin, it's overexposure. I can't afford to lose 80% of my wealth. How about a guy in Kibera?' Kassim said. 'You are exposing a vulnerable community to an ecosystem and to financial services that they can't necessarily afford to play in.' Kassim acknowledged the potential benefits that digital assets could bring, particularly in facilitating cheaper cross-border payments like remittances, but failed to see the benefit in Kibera. Bitcoin's volatility could negate the benefits of cheaper transaction fees, Kassim said, and bitcoin does not have the same protections as other financial services due to a lack of regulation. Mdawida disagreed, calling bitcoin's unregulated nature a benefit. 'We don't shy away from the risks involved,' the AfriBit Africa co-founder said, noting the group's investments in bitcoin education in Kibera, including financial literacy training and crypto courses in the community. Efforts to introduce bitcoin into developing countries have faced challenges. Bitcoin was adopted as legal tender in El Salvador and Central African Republic but both countries have reversed their decision. In Kenya, the digital asset sector has faced legal and regulatory challenges, including crackdowns on cryptocurrency giveaways. This small project, focusing only on Soweto West, has been allowed. 'On my phone I put notifications on when bitcoin rises … and it's all smiles,' Magak said. 'Whenever it fluctuates up and down, I know at the end of the day it will just rise.' ___ For more on Africa and development: The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Yahoo
24 minutes ago
- Yahoo
Qualcomm Agrees to Buy Chip Firm Alphawave for $2.4 Billion
(Bloomberg) -- Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The offer equates to about 183 pence per share for Alphawave, the companies said in a statement on Monday. That's a 96% premium to the company's share price on March 31, the last trading day before Alphawave and Qualcomm disclosed the talks. The deal, which is still subject to regulatory and shareholder approval, is expected to close in the first quarter of 2026. Qualcomm Chief Executive Officer Cristiano Amon is looking to lessen the company's reliance on the smartphone market, where growth has slowed, and push into new areas. Alphawave makes high-speed semiconductor and connectivity technology that can be used for data centers and AI applications, two growth areas in the chip industry that are being driven by demand for products like OpenAI's ChatGPT. Alphawave's board has unanimously recommended the cash offer. Investors representing 75% of shares must vote in favor of the deal for it to go through. Alphawave shareholders and directors representing about 50% of shares have agreed to vote in favor of the deal, the company said. Alphawave shares rose 23% to 183.60 pence at 8:53 a.m. in London. The shares have risen about 117% this year. Alphawave, which held an initial public offering in 2021 at 410 pence per share, has consistently traded below that level. The company had struggled with a reliance on large customers and navigating geopolitical tensions between the US and China, where Alphawave decided to cut back its business last year. Still, the company's technology has been gaining traction and had reported a surge in orders in the fourth quarter. Chief Executive Officer Tony Pialis said in a statement at the time that orders from North American AI customers were driving the business. As an alternative to the cash offer, Alphawave shareholders can also opt to exchange their stock for 0.01662 shares of Qualcomm. Qualcomm has also said that each Alphawave share could be exchanged for 0.00964 of a new 'series A Qualcomm exchangeable security' and 0.00698 of a new 'series B Qualcomm exchangeable security.' The Alphawave directors declined to recommend the alternative offers. In particular, they said they're unable to declare whether the second alternative deal, where shareholders trade stock for exchangeable securities, is fair and reasonable 'given the significant and variable impact of the advantages and disadvantages.' (Updates with premium in second paragraph) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
