There's a GameStop Treasury Company
So we talked about a company that pivoted to holding gold: not crypto, but vaguely spiritually aligned. I speculated about other possibilities:
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Dave Portnoy's XRP Sell-Off Cost Him Millions—His Reaction? 'I Want To Cry'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. When XRP hit fresh all-time highs above $3.40 last Thursday, not all were rejoicing. 'I would've made millions, and I want to cry,' Barstool founder Dave Portnoy said that day in a video posted on X, disclosing that he had sold his XRP bag two weeks earlier at $2.40. 'I don't own it anymore, even though I was the leader of the XRP army,' he said. Portnoy, also known as 'El Presidente,' said he had dumped his XRP holdings on the advice of an unidentified person who had put him on to the asset in the first place. Portnoy said the individual told him that he was 'unhappy' with XRP because he believed Ripple would likely face stiff competition from Circle (NYSE:CRCL), issuers of the USDC stablecoin. Ripple is a blockchain cross-border payments firm. The founders of Ripple were also the creators of XRP. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . The person's concern appears to have emerged around the time Ripple and Circle filed for banking charters in the U.S. to bolster their stablecoin businesses. Portnoy said he held nearly $3 million worth of XRP before he sold. 'I wasn't gonna sell it,' he said Monday in an extended video lamenting his loss. 'I was gonna diamond hands it.' Heightening Portnoy's pain, his purported XRP adviser did not sell his holdings. 'And then the guy is like, well, I didn't sell it,' he said. 'He's like, I hold things for five years. Well, why did you text me out of the blue, been like I don't like it. I just put it away. I wasn't even thinking about it.' The XRP saga is another instance that highlights Portnoy's impulsive trading style. Despite posting 'XRP to the moon' on multiple occasions and claiming to be an 'XRP army' member, his tale suggests he had no conviction in the asset's fundamentals. Trending: New to crypto? on Coinbase. Portnoy admitted as much in May. 'It's FOMO,' he said, explaining his rationale for investing in XRP while speaking at Consensus 2025 at the time. 'It's not like I have some grand belief in it.' Portnoy speculated that XRP could experience the same level of growth as Bitcoin, fantasizing about a future where the asset could trade for thousands of dollars. Meanwhile, it is not the first time Portnoy has fumbled a major cryptocurrency bag. He initially ventured into cryptocurrencies in August 2020, throwing $2 million into Bitcoin and an estimated $300,000 into Chainlink following a conversation with the Winklevoss twins. However, he famously abandoned his positions about a week publicly bewailed this decision in March 2021, stating 'I f—-d up Bitcoin' as the asset's price rallied. The decision appears to continue to torment Portnoy. In December, he highlighted that his initial Bitcoin investment would have been up 10x if he had held. 'Dave is sad,' he said, pointing out that his cost price in 2020 was $11,000 as the asset surged over $100,000. The sting of this regret appears to have encouraged Portnoy to get back in the Bitcoin game, and unlike the last time, the market has so far looked kindly on him. 'I'm still doing good in obviously Bitcoin and ETH,' he said on Monday. Read Next: 7,000+ investors have joined Timeplast's mission to eliminate microplastics— Image: Shutterstock This article Dave Portnoy's XRP Sell-Off Cost Him Millions—His Reaction? 'I Want To Cry' originally appeared on 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
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Oil Holds Advance on US Trade Deal Optimism, Diesel Tightness
(Bloomberg) -- Oil steadied after its biggest gain in a week on optimism over US trade talks ahead of next week's deadline, and as tightness in diesel markets boosts sentiment. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Brent crude rose above $69 a barrel after climbing 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the US before Aug. 1, while Brazil and Mexico looked to broaden trade ties. Meanwhile, diesel prices have soared, leading to steep premiums for niche crude grades that yield more of the fuel and injecting much-needed strength into a bogged down oil market. The latest European Union measures restricting Russian energy imports have also added to the tightness, according to TotalEnergies SE. Crude has remained in a holding pattern this month, but is down for the year as increased supply from OPEC+ adds to concerns over a looming glut. The group will next meet on Aug. 3 to decide on production levels. 'As summer demand wanes and surging crude supply continues into the fall, we think global crude inventories will rise sharply,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. Brent prices are likely to decline toward $60, he said. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.
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China's Stealthy Solar Exports Stay One Step Ahead of US Tariffs
(Bloomberg) -- The hum of solar panel factories in this steamy island city doesn't sound like much. But to American trade officials, it's the muffled noise of rules being bent — or broken. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom In recent months, Batam, a duty-free Indonesian enclave a short ferry ride from Singapore, has become a key waypoint in a convoluted global shuffle. Chinese solar manufacturers, facing stiff US tariffs, are quietly assembling their equipment in Indonesia and slipping their products into the American market, tariff-free. It's an elegant workaround. But it may not last long. According to Bloomberg News analysis of trade and corporate records, Indonesia's 10 biggest exporters of solar cells and panels sold $608 million worth of products to the US during the first half of 2025. Of those, Bloomberg News identified six firms in Batam where company records indicate they are ultimately owned by executives at Chinese solar companies. Those firms accounted for almost 70% of the exports to the US. Earlier in July, a coalition of US solar manufacturers, including First Solar Inc. and Mission Solar Energy, filed trade petitions against Indonesia, India and Laos. They claimed Chinese companies were gaming the system, flooding the US market with unfairly cheap goods made in the three Asian countries. This prompted the US International Trade Commission to begin an investigation into the anti-dumping and countervailing allegations.'Under President Trump, America is no longer a dumping ground for cheap imports that undermine our industries and workers,' White House spokesman Kush Desai said. 'While the Department of Commerce conducts an anti-dumping investigation into solar panels, the administration is closely monitoring transshipment and other methods of undermining our tariffs policies.' The Trump administration hasn't released any detailed definition of what exactly constitutes a transshipment. It's also unclear whether any of these Chinese-owned Batam-based solar companies are rerouting products through Indonesia to avoid the steep US solar tariffs — which has effectively barred Chinese firms' direct access to the lucrative American market — or if the firms are genuinely producing the products in Batam to count as Indonesian Batam, the Indonesian authority managing the island economy, said it hasn't as yet received any confirmation about the start of an anti-dumping investigation. It's working closely with the central and local government to support fair and transparent international trade, BP Batam said in response to a Bloomberg News query. 'So far, partner countries have acknowledged and appreciated the role of the Indonesian government, BP Batam, and the Batam City government in navigating global trade dynamics responsibly,' it said. Indonesia's trade ministry and China's commerce ministry didn't respond to a request for comment on the allegations from the US solar industry. This would not be China's first dance around trade barriers. When Western nations slapped tariffs on Chinese solar goods over a decade ago, the country's manufacturers simply moved production — first to Vietnam, Malaysia, and Thailand. The strategy worked. Southeast Asian exports, often Chinese in disguise, flowed into the US tariff-free for years. By 2024, the region had become the largest solar exporter to the US. Then Washington moved to shut the loophole. First, the US Department of Commerce, under former President Joe Biden, launched an anti-dumping and countervailing probe against Cambodia, Vietnam, Malaysia, and Thailand. The year-long investigation found manufacturers were dumping cheap exports into the American market at prices lower than the cost of production. Then in April, under President Donald Trump, the four Southeast Asian nations were hit with tariffs as high as 3,521%. 'Chinese-headquartered solar companies have been cheating the system, undercutting US companies and costing American workers their livelihoods,' Tim Brightbill, co-chair of law firm Wiley's international trade practice, said in April. Brightbill is lead counsel for the Alliance for American Solar Manufacturing and Trade, the coalition of solar companies that successfully pressured the Commerce Department into launching the investigation. The April tariffs forced US buyers to reshuffle where they shop. Indonesia, not covered by the ruling, emerged as one of the biggest winners. Batam, a popular spot for cheap golf trips and long a weekend escape for Singaporeans, turned into the destination for something else: Chinese capital and solar ambitions. 'As other jurisdictions in Southeast Asia have come under increasing scrutiny, factories have continued to relocate in a cat-and-mouse fashion,' said Niclas D. Weimar, head of technology at Sinovoltaics, a Dutch-German compliance and quality assurance firm for the solar industry. Some of the biggest Chinese solar companies have landed there in the last two years, churning out solar panels straight for the US market. Indonesia exported a total $733 million in solar products to the US between January and May this year, a 350% increase from last year, according to US customs data. One example: PT Rec Solar Energy Indonesia, now the country's largest solar exporter to the US. The company sent $219 million worth of panels across the Pacific in the first half of 2025 — virtually all of its output. It began exporting from Batam in 2023, based on information from its parent NE Solar, a Cambodian company founded in 2022, according to their website. Dig a little deeper, and Cambodian companies registry shows NE Solar's previous director was Huang Yunfei, who is also the owner of a Chinese manufacturer called Huzhou Zhongdian Solar. US and Canadian trademark data show Huzhou Zhongdian Solar owns the 'NE Solar' trademark, while the Cambodian NE Solar owns the trademark in that country. NE Solar's current director is Cheng Shen, whose office address in a Cambodian registry shows is just 4 kilometers away from Huzhou Zhongdian Solar. The ties don't end there. In the first half of 2025, PT Rec imported 91% of its production materials, or $92 million worth, from Huzhou Paluo Yunpeng New Materials, a company owned by the same owners as Huzhou Zhongdian, according to Chinese business records. In other words: the factory might be in Indonesia, but the supply chain — and control — appears to be firmly to PT Rec's office in Batam went unanswered. Calls to a personal phone number listed for Cheng Shen on Cambodia's registration record went unanswered, while Bloomberg News couldn't find contact details for Huang Yunfei. Calls to Huzhou Zhongdian also went unanswered. Email inquiries sent to NE Solar and Huzhou Zhongdian were also unanswered. Companies registries in Indonesia and China also list Chinese solar firms' directors or subsidiaries as the beneficial owners of five other Batam-based companies – PT Nusa Solar Indonesia, PT Blue Sky Solar Indonesia, PT Allianz Solar Indonesia, PT Thornova Solar Indonesia and PT Msun Solar Nusa and PT Blue Sky didn't respond to requests for comment when contacted by phone, and a PT Nusa employee declined to immediately comment when reached on LinkedIn. Bloomberg News couldn't find phone numbers for the rest of the companies in public records or online. Emails sent to all five firms' listed addresses weren't responded to, while messages sent to company employees at four of the firms on LinkedIn went unanswered. Bloomberg News reporters haven't visited these factories. Together, the six Chinese-owned companies sold $419 million worth of solar cells and panels directly to America in the first half of this year, up 148% from a year ago. The surge of solar exports to the US isn't limited to Indonesia. In Laos, which was also spared the April tariff ruling, solar exports have skyrocketed from virtually nothing in early 2024 to $717 million in the first five months of this year, US trade data showed. India went from $10 million in 2022 to $345 million this year. If the US International Trade Commission's investigation against Indonesia, Laos and India concludes there were unfair trade practices, another round of duties could soon hit. Which raises the question: where do the Chinese solar giants go next?The answer depends on how painful the new tariffs turn out to be. Indonesia has negotiated Trump down from a retaliatory tariff rate initially set at 32% in April to 19% earlier this month, making it more attractive than its neighbors, according to BNEF analyst Felix many Chinese firms aren't waiting to find April, JA Solar told Bloomberg News it was accelerating its overseas expansion while closely tracking US tariff developments. Among its bets: a new plant in Oman expected to open by the end of 2025, with a capacity of six gigawatts for cells and three gigawatts for Holding Co., another heavyweight, is going bigger. It's building a 10-gigawatt cell and module factory in Saudi Arabia, in partnership with the kingdom's sovereign wealth fund and Vision Industries. Neither company has indicated plans to sell to the US market. Still, there's no denying that Chinese solar companies will need to tread more cautiously with Trump at the helm, says Cosimo Ries, a Shanghai-based analyst at researcher Trivium China. 'If you're trying to make a long-term decision to invest, everywhere has become so unstable,' Ries said. 'Solar especially, because it's one of the most attacked industries of all.' But at least for now, the faint hums of Batam's solar factories are continuing. --Andy Lin and Ocean Hou. --With assistance from Skylar Woodhouse, Eko Listiyorini, Shadab Nazmi, Chandra Asmara, Tassia Sipahutar and Ben Otto. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Sign in to access your portfolio
