Bitcoin, mid-caps, and infrastructure: where the bulls are heading now
Douglas Boneparth, President at Bone Fide Wealth, and Simeon Hyman, Global Investment Strategist at ProShares, discuss market disruption, Bitcoin, tax cuts, and top equity picks.
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35 minutes ago
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Cathie Wood buys $373M of hot tech stock
Cathie Wood buys $373M of hot tech stock originally appeared on TheStreet. On June 5, Cathie Wood's investment firm, ARK Invest, bought around 4.48 million shares of Circle Internet Group (NYSE: CRCL) on the day of its public debut. ARK Invest invested in the stablecoin issuer's 4.48 million shares valued at $373 million on its debut day, as per the stock's closing price of $83.23. The investment firm also trimmed the shares of other crypto stocks from its portfolio on the same day. It offloaded $39 million in the shares of Coinbase, the largest crypto exchange in the U.S. The firm also shed $18.5 million in the shares of the crypto and stock trading exchange Robinhood Markets (Nasdaq: HOOD). $10.4 million in Jack Dorsey's Block, Inc. (Nasdaq: XYZ) shares are also among the shares unloaded by ARK Invest. The tech and financial services company has integrated Bitcoin into several of its applications, such as Cash App and Bitkey. Cathie Wood's investment company is well-known for investing in forward-looking tech stocks such as AI, crypto, fintech, etc. As reported earlier, ARK Invest had already indicated its plan to purchase Circle shares. Circle is a popular crypto firm that issues USDC, a stablecoin pegged to the U.S. dollar. A stablecoin is a type of cryptocurrency that aims to maintain a stable price, unlike traditionally volatile cryptocurrencies like Bitcoin. The stablecoin issuer made a spectacular debut on the NYSE yesterday, opening at $69 apiece against the IPO price of $31. The total crypto market cap dipped 1.7% in a day to $3.24 trillion at the time of writing. Bitcoin, the largest cryptocurrency, was trading at $103,970.46 at press time as per Kraken, down 1.3% a day. Cathie Wood buys $373M of hot tech stock first appeared on TheStreet on Jun 6, 2025 This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.
Business Wire
2 hours ago
- Business Wire
Oblong Announces $7.5 Million Private Placement to Launch Bittensor-Centric AI and Digital Asset Strategy
DENVER--(BUSINESS WIRE)--Oblong, Inc. (Nasdaq: OBLG) ('Oblong' or the 'Company'), a technology services provider specializing in innovative IT solutions, today announced it has entered into a securities purchase agreement to raise approximately $7.5 million through the sale of 1,989,392 shares of common stock (or common stock equivalents in lieu thereof) at $3.77 per share in a private placement priced at-the-market under Nasdaq rules. The offering, led by institutional investors focused on emerging technology, is expected to close on or about June 11, 2025, subject to customary closing conditions. Oblong is strategically allocating capital to enter the AI-driven digital asset space through the accumulation of $TAO, the native token of Bittensor—a decentralized intelligence protocol. The Company's transition will be supported by software development initiatives that actively enhance this emerging ecosystem. Oblong is embracing the next evolution of the internet: permissionless intelligence. 'Bittensor is an open network for intelligence, the same way the original internet was for information,' said Peter Holst, Chief Executive Officer of Oblong. 'By building on this open platform, problems can be solved collaboratively at global scale, with the world's brightest minds incentivized by $TAO. With over 25 years of experience scaling technology businesses, we believe we are uniquely positioned to capitalize on this next major inflection point in AI and digital infrastructure.' Technology-First Strategy in the $TAO Ecosystem Oblong will allocate the majority of proceeds toward acquiring $TAO tokens and contributing to Bittensor's decentralized AI network—an open marketplace for compute, inference, data, and model training. This architecture democratizes access to intelligence, much like an OpenAI for the world. In addition to the proceeds from the private placement, the Company had $4.3 million in cash and no debt as of March 31, 2025, and intends on making significant investments in building software tools that drive usage and solve infrastructure challenges within the network. Additionally, Oblong's strategy will include participating in subnet 0, achieving a yield on a portion of its $TAO holdings. The Company's approach is anchored in confidence around $TAO's tokenomics—no venture capital, no insider allocations, and no vesting cliffs that distort market value. This rare structure gives Oblong confidence to accumulate $TAO for the long term, unlike most altcoins, which fail to store value relative to Bitcoin. Strategic Rationale and Market Opportunity Oblong believes the fusion of artificial intelligence and digital assets marks the third great era of crypto, following Bitcoin and smart contract infrastructure (L1's like Ethereum and Solana). Just as those phases delivered generational upside, this AI x crypto era offers similar potential—and Bittensor is at the forefront. $TAO is the leading Layer 1 asset in the AI digital asset space, with a rapidly growing ecosystem of subnets, applications, and contributors. With a market capitalization of approximately $3 billion and strong fundamentals, the Company believes $TAO is positioned to be the defining asset of this new category. Why $TAO and Bittensor Bittensor's $TAO is a Layer 1 cryptocurrency—akin to Ethereum, Bitcoin, and Solana—but differentiated by its foundational role in creating a global intelligence market. By rewarding computational contributors in a permissionless environment, Bittensor enables collaborative, decentralized AI that challenges the dominance of centralized platforms. With a capped supply of 21 million tokens and quadrennial halving events, $TAO mirrors Bitcoin's scarcity-driven model. Its deflationary design, transparent issuance schedule, and absence of insider holdings provide a credible long-term value proposition. The Company's strategic focus on $TAO reflects its conviction that decentralized AI infrastructure will be the next frontier of software development, digital monetization, and investor opportunity. For more information about Oblong's strategy, please review our Summary Investment Thesis filed as an exhibit to the Company's Current Report on Form 8-K, which will be filed substantially concurrently with the issuance of this press release. Dawson James Securities, Inc. is acting as the exclusive placement agent for the offering. The gross proceeds from the offering are expected to be approximately $7.5 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to launch its Bittensor-centric AI and digital asset strategy. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the 'Securities Act'), and/or Regulation D promulgated thereunder and have not been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. Oblong has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock, including the shares of common stock issuable upon exercise of the common stock equivalents sold in the private placement. About Oblong, Inc. Oblong (Nasdaq: OBLG) provides innovative and patented technologies that change how people work, create, and communicate. Oblong's product Mezzanine™ is a remote meeting technology platform that offers simultaneous content sharing to achieve situational awareness for both in-room and remote collaborators. Oblong supplies Mezzanine systems to Fortune 500 and enterprise customers. For more information, visit Forward-looking and cautionary statements This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Oblong assumes, plans, expects, believes, intends, projects, estimates, or anticipates (and other similar expressions) will, should, or may occur in the future are forward-looking statements and include, but are not limited to, the completion of the offering, the satisfaction of customary closing conditions related to the offering, the intended use of proceeds from the offering, and statements regarding market opportunity and the Company's new Bittensor-centric AI and digital asset strategy. Oblong's actual results may differ materially from its expectations, estimates, and projections, and consequently, you should not rely on these forward-looking statements as predictions of future events. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements relating to the Company's plans to develop innovative software solutions to enhance the Bittensor extensive and rapidly growing ecosystem. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events and involve factors, risks, and uncertainties, including market and other conditions and the volatility of market price for our securities, that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company's Annual Report on Form 10-K for the year ending December 31, 2024, and in other filings made by the Company with the SEC from time to time. Any of these factors could cause Oblong's actual results and plans to differ materially from those in the forward-looking statements. Therefore, the Company cannot give any assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, correct, update, or revise any information contained herein.
Yahoo
3 hours ago
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Elon Musk Joins Bitcoin Maxis in Warning of ‘Potential' U.S. Fiscal Collapse or Are We There Already?
Last month, CoinDesk discussed in detail how bond market activity is challenging the notion that the U.S. government is good for money, raising questions on the long-held "kayfabe" or illusion of fiscal stability. Now, billionaire tech entrepreneur Elon Musk has raised the alarm on X through his [perhaps rightful] diatribe against President Donald Trump's big, beautiful tax bill, which is projected to boost the fiscal deficit by $2.4 trillion over ten years. That's happening at a time when mounting fiscal concerns are already driving investors away from U.S. assets and into alternatives, such as bitcoin and gold. As of FY 2024, the fiscal deficit stood at $1.8 trillion, and as of today, the national debt is already at $36 trillion, with annual interest payments amount to $1.13 trillion. Someone as influential and popular as Musk taking fiscal concerns public could result in two things: First, it could accelerate the shift away from U.S. assets. Is it merely a coincidence that at a time like this, corporate treasury adoption of bitcoin and other tokens, including XRP, has picked pace? Secondly, investors concerned about the government's fiscal health are likely to demand a higher inflation-adjusted yield to lend money to the government. So, expect yields to remain sticky on the higher side, further complicating the fiscal situation and economic growth. Bitcoin BTC believers, have been warning of this day for a long time. To paraphrase a former CoinDesk employee, "Crypto may not have all the right answers, but it does ask correct questions." The popular narrative has been that the U.S. government is bankrupt, and the dollar is headed for a collapse. According to Musk, the government risks bankruptcy if fiscal prudence isn't restored. In theory, the government has been bankrupt for decades. That's evident from the repeated debt ceiling lift-offs over the years. Congress set the first federal debt limit at $45 billion in 1939, granting the Treasury wide discretion over the use of borrowing instruments as long as the total debt does not exceed the self-imposed limit. Since then, the ceiling has been repeatedly hit and raised, a sign of fiscal crisis and, in many ways, form of hiding bankruptcy. As of 2025, the debt limit stands at $36 trillion! That's right trillion. This brings to my mind a joke by an Indian standup comedian about government officials artificially raising the danger mark during floods, to create the illusion of control and normalcy. Similarly, repeatedly raising the debt ceiling has been an attempt to mask the country's fiscal bankruptcy. For at least a decade, Bitcoin believers have been saying that the monetary system is broken and we need to fix the "money" – essentially the debt-based fiat money. And they may be right, as the government debt-to-GDP ratios across the advanced world have risen past 100%, a sign that the debt-based fiat money's ability to generate growth has collapsed. A blog post on Mises Institute described the debt-based fiat money (paper money with a government stamp backed by nothing) as follows: "The government and powerful bankers established a system in 1913 that typically works like this: Every dollar of the monetary base (or 'narrow money' or 'high-powered money') comes into existence with a one-to-one increase in the public debt, collectively owed by the taxpayers. Then, private banks use that base to create more dollars (in 'broad money') that come into existence with a one-to-one increase in private debt." "Going the other way, if people in the private sector ever paid off all of their debts, and the federal government paid off all of its bondholders, then the supply of U.S. dollars would be virtually extinguished." "This is the sense in which our fiat-money, fractional-reserve system uses 'debt-based money.' Although market prices are flexible and can react to deflation much better than most people realize, it is still true that our system is tragically absurd." A debt-to-GDP ratio above 100% means that the total government debt exceeds the nation's annual economic output. In such a situation, for every additional dollar borrowed by the government and invested in the economy, the resulting impact (multiplier effect) is less than one dollar – that is, the return on additional borrowed funds diminishes. To explain in the context of the law of diminishing returns/utility, the marginal utility of each additional dollar spent in generating growth is negative. It also means that extra debt no longer generates productive economic growth and may actually be harmful. Imagine gorging on your favorite ice cream without a break (just as governments gorging on borrowed money for decades); eventually, at some stage, you will throw up. That's where we are in terms of fiscal finances and the debt-to-GDP ratios in the U.S. and other advanced nations. Economist Russel Napier, known for his expertise on debt and fiscal policy, has discussed several steps governments are likely to take to reduce debt-to-GDP ratios. These include engineering higher nominal GDP growth through a structural level of inflation, which is what many countries, including the U.S. and the U.K., did to inflate away debt after World War II. Allowing moderate inflation to erode the real value of the debt, thereby reducing debt servicing and lowering the ratio, could galvanize demand for assets like gold and bitcoin. Other steps could include devaluing currencies and implementing capital controls and financial repression, all of which could bode well for alternative investments, such as cryptocurrencies. On a lighter note, reducing fiscal spending – a strategy initially promoted by Trump – might be the only way to get the economy back on track. Consider this medical analogy. When your body is exposed to excessive blood sugar over an extended period, cells tend to develop insulin resistance, leading to type 2 diabetes. Doctors often recommend fasting to help restore insulin sensitivity. Similarly, curbing fiscal spending could be the only way to meaningfully lower the debt-to-GDP ratio below 100%, thereby restoring the effectiveness of the debt-based fiat system's ability to generate growth. That said, what if governments fail? The debt-based fiat system may be truly over then, intensifying the search for alternatives, with blockchain and crypto as potential options. Let's see how things unfold.
