Coinbase CEO Brian Armstrong talks bringing new credit card to market
Brian Armstrong, Coinbase CEO, joins 'Closing Bell Overtime' to talk its new credit card offering, partnering with Circle, and more.
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Yahoo
an hour ago
- Yahoo
Chime rises 37% as the IPO market opens up
Greetings, Term Sheeters. This is finance reporter Luisa Beltran, subbing for Allie. Chime Financial waited years to go public and ended its first day of trading on Thursday with a $16.1 billion valuation. That's 36% lower than the $25 billion valuation Chime snagged in 2021, when it was a buzzy fintech unicorn. Still, the Chime IPO is being celebrated as a win for the company—and more importantly, as a clear signal that the public equities market has cracked open for new issues, especially those in the fintech category. Dan Dolev, a senior analyst in fintech equity research at Mizuho Securities, said the IPO market is open for fintechs. 'There is a lot of thirst for fintech IPOs. If you are going to do a fintech IPO, this is the Chime,' Dolev quipped. Shares of Chime opened Thursday at $43, up 59% from its $27 offer price. The stock soared to an intraday high of $44.94 before losing momentum, closing at $37.11. Shawn Carolan, a partner at Menlo Ventures who led the venture firm's investment in Chime, said he was proud of the fintech's performance. 'Any time you price above the range and trade up, it's a good day,' Carolan said. Menlo Ventures, along with Chime's management, are not selling shares in the IPO. 'The companies that are good you want to hold on to,' he said. Founded in 2012, Chime offers traditional financial services, like fee-free checking and savings accounts, to lower income U.S. consumers that earn up to $100,000 a year. The startup had 8.6 million active members as of March 31, with two-thirds relying on Chime as their primary bank, according to a regulatory filing. Roughly 70% of its members use Chime to buy food, groceries, gas, and utilities. Chime is building a generational financial services company, said COO Mark Troughton, who spoke to Fortune from the Nasdaq. 'We knew from day one that we wanted to be public. It's time to execute in the public market,' he said. Chime is one of several companies, including eToro, Hinge Health, and MNTN, that have recently delivered strong debuts. Many have retained those gains in the aftermarket. But it's the breakout performance of crypto firm Circle that renewed investor appetite for high growth tech companies. Last week, Circle rocketed 168% in its debut on the New York Stock Exchange after raising $1.05 billion with its IPO. Circle's stock continued to gain in later trading sessions and is currently up 243% from its $31 offer price. Chime's more modest first-day pop came after the neobank raised $864 million late Wednesday. The fintech sold 32 million shares at $27 each, $1 above its $24 to $26 price range. Of the 32 million shares, about 6.1 million are coming from shareholders while the company is providing the rest. Chime could've gone public 'way earlier' but had to wait for the markets to settle down for the IPO window to open, Menlo Ventures' Carolan said. IPOs have largely been on hold since the go-go days of 2021, when 397 companies went public using a traditional IPO. But their dismal performance, roughly 80% of the Class of 2021 are still trading below their offer price, cast a pall on new issues. Since late 2021, the number of IPOs has slowed down significantly. Carolan thinks the IPO market is open for great companies. Strong companies like Chime can go public in any market, he said. 'It remains to be seen if the market is receptive to much smaller companies that are less profitable or growing slower,' he said. See you Monday, Luisa BeltranX: @LuisaRBeltranEmail: a deal for the Term Sheet newsletter here. Nina Ajemian curated the deals section of today's newsletter. Subscribe here. This story was originally featured 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
CNBC
an hour ago
- CNBC
Stocks making the biggest moves midday: Circle, Visa, Carnival, Halliburton, Adobe and more
Check out the companies making headlines in midday trading. Oil stocks — Energy stocks climbed amid a jump in oil prices after Israel launched airstrikes against Iran without U.S. support, drawing concerns over the supply outlook from the oil-rich Persian Gulf. Chevron and Exxon Mobil were both up around 1% each, but off their highs of the day. Oil services stock Halliburton gained more than 4%, while EOG Resources rose more than 3%. Payment stocks – Shares of payments companies dropped after the Wall Street Journal reported Walmart and Amazon are considering issuing their own stablecoins in the U.S., which could overtake a high volume of transactions that are usually fulfilled using cash or credit cards, and save the companies billions in fees. Visa and Mastercard fell more than 5% each, while American Express lost 2% and Capital One retreated 1%. PayPal lost 4% and Block was lower by 2%. Circle — The issuer of USDC continued to rise following its successful IPO last week and after Shopify said Thursday it would enable payments in the stablecoin available for merchants on its payments platform. Circle shares jumped more than 12%. Shopify shares were down 2%. Gold stocks — Stocks tied to gold advanced as investors flocked to the perceived safe haven amid the geopolitical escalation. Newmont and SSR Mining both rose more than 2%, as did the VanEck Gold Miners ETF (GDX) . Defense stocks — Weapons manufacturers rose amid elevated geopolitical risk following Israel's attack on Iran. RTX and Northrop Grumman both surged about 3%, Lockheed Martin gained 3% as well and L3Harris Technologies added 2%. Cruise lines and airlines — Travel companies slid as investors worried that heightened risk would deter vacationers and spikes in oil prices would hurt profit. Carnival fell more than 4%, Norwegian Cruise Line and Royal Caribbean Cruises dropped about 2% each. United Airlines weakened more than 2% while Delta Air Lines and American Airlines each declined more than 3%. Southwest Airlines shed about 1%. Hotel stocks — Hotel and resort stocks declined as traders weighed the outlook for diminished travel demand following Israel's strike on Iran. Hilton Worldwide , InterContinental Hotels Group and Marriott were all off about 1%. RH — The home furnishings retailer jumped 12% after a better-than-expected fiscal first-quarter. RH earned 13 cents per share, excluding items, while analysts surveyed by LSEG expected a loss of 9 cents per share. Revenue, however, trailed Street estimates. RH shares were down more than 50% year to date ahead of the report. DraftKings — Shares of the sports betting app lost nearly 2% after imposing a 50-cent transaction fee in Illinois starting in September after state lawmakers passed a budget including what one analyst described as a surprise increase in an online gambling tax . Adobe — Shares fell more than 5% despite the software company posting better-than-expected second-quarter earnings and raising its full-year forecast. StreetAccount said there was a "slight deceleration in Subscription and cRPO growth rates [and] implied Q4 growth outlook." — CNBC's Alex Harring, Yun Li, Jesse Pound, Sean Conlon and Brian Evans contributed reporting
Yahoo
2 hours ago
- Yahoo
Crypto legislation just had a 'gigantic' week. Here's why.
Bitcoin (BTC=F) is holding above $100K despite market jitters tied to tensions in the Middle East. Axios crypto reporter Brady Dale joins Morning Brief host Brad Smith to break down the pivotal week in crypto legislation and what congressional stablecoin action could mean for bitcoin. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Bitcoin still holding above the $100,000 level but losing some ground as stocks slump amid increasing Mideast tension. We're taking a look at crypto related stocks as well, including Coinbase, also largely lower along with the broader market. So, does this spell the end of the risk on rally for right now or could impending legislation and a crypto-friendly administration prove to be a boost? I want to bring in Brady Dale, Axios's crypto reporter here. Brady, good to have you back on the program with us. Just take us into your evaluation of what the mindset around riskier portions of the investment thesis, riskier assets like crypto, especially within the broader playing out of the Middle East tensions right now. How that is typical and what we should expect this time around? Yeah, I mean, I think probably what investors are looking at is, does this war get a lot worse? And so, I think that's why some people backed out. Now, keep in mind the amount that Bitcoin is down right now is roughly 2%, and in the crypto markets, that could have just been like a very lackluster Tuesday. You know, I mean, the markets can easily move that much on nothing at all. So really, this is kind of a smaller shift down than I would have expected for something that could end up being so much bigger than it has become so far. Yeah, certainly. It's also been a big week, we know for cryptocurrency. You've got everyone from the president even opining in and weighing in. I saw our own Brian Sozzi, executive editor, post a video where even at the most recent conference that was taking place here in New York, um, there is still within the conversation this willingness or want and desire to make sure that the administration is positioning itself as continuously crypto-friendly. How's that playing out? I mean, this was a gigantic week in crypto legislation. Um, you know, more in the Congress side. Um, genius, uh, the genius bill, which is about stable coins, uh, got a closure vote for a second time in the Senate, teed it up for a very likely final passage vote sometime. I think we're looking at Tuesday right now. Uh, and so that's been a big fight in the Senate, and then over in the House, uh, two different committees, uh, the Ag Committee and the House Financial Services Committee voted the clarity act to the floor, and that's an act that would sort of decide how disclosures and regulations would work for cryptocurrency. And then on top of that, the final big regulator got a hearing in the, in the Senate, um, Brian Quinten's the CFTC. So it was a gigantic week in crypto legislation. If the stable coin legislation is able to move forward, what what does that mean for, of course, the poster child of crypto in in Bitcoin? Uh, yeah, that is the big interesting question. You know, historically thus far, when, uh, there has been more activity of really any kind in the cryptocurrency market, like, you know, your viewers might remember the ICO craze of 2017, which was really all about Ethereum. That drove a ton of, uh, value to Bitcoin regardless. So that's what we'd expect, but you know, it could be that these things are starting to decouple. You know, stable coins are a financial utility. People can use them for a lot of reasons that have nothing to do with Bitcoin. So it could be that stable coins explode and we see a modest bump to Bitcoin, but no direct gigantic gain, or it could be that the explosion of stable coins, uh, brings a lot more energy to Bitcoin. We just, we just don't know right now. I mean, we're entering into a very new world. Yeah, I imagine some of the prominent profiles that were promoting ICOs, uh, and then got dinged by the SEC, certainly remember that period very well. Brady, thanks so much for taking the time. Thank you.
