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There's a GameStop Treasury Company

There's a GameStop Treasury Company

Bloomberg2 days ago
Well. The other day, I wrote that the 'crypto treasury strategy' trade is very good, but saturated. The US stock market will pay $2 for $1 worth of Bitcoin, so lots of companies have acquired Bitcoin to make their stock go up, but the returns are diminishing. Companies have moved into other cryptocurrencies, Ethereum and Tron and Solana and BNB and Trumpcoin, but they are running out of open space. I wrote:
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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(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. 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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

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