Latest news with #AdamBack
Yahoo
2 days ago
- Business
- Yahoo
Bitcoin shrugs off $9bn Galaxy dump with ‘barely a blip'
'Twas but a scratch. Galaxy Digital confirmed it executed one of the largest Bitcoin sales in history on Friday, offloading more than 80,000 Bitcoin worth over $9 billion on behalf of a Satoshi-era investor. But despite the staggering size of the transaction, the market barely flinched. Bitcoin prices dipped from around $118,000 to $115,000 before rebounding to pre-sale levels on Sunday. Analysts say the absorption is a sign that Bitcoin has matured into a deep, liquid market capable of handling major exits without panic. 'The market absorbing 80,000 Bitcoin in days with barely a blip is a big deal — Bitcoin isn't fragile,' Strike CEO Jack Mallers wrote on X. 'It's going to take orders of magnitude more to stop what's coming.' Even other major cryptocurrencies barely reacted. Ethereum has rebounded to trade higher than it was before the sale, while XRP is down just 1% from its price on Friday. Still, not everyone was impressed with how the sale was handled. 'Why is someone selling $9 billion in one shot?' asked Bloomberg Intelligence analyst Eric Balchunas on X. 'The slippage cost is probably insane.' Slippage refers to the difference between the expected price of a trade and the actual execution price. It's a major risk when large orders are dumped on public exchanges rather than sold gradually. Early Bitcoin developer and Blockstream CEO Adam Back was even more blunt: 'Why so clumsy — no OTC, no TWAP?' he wrote, referring to over-the-counter desks and time-weighted average price strategies, which are often used to avoid tanking the market. 'Probably hedged to at least recover the price drop they caused.' Crypto market movers Bitcoin has gained 0.6% in value over the past 24 hours and is trading at $118,150. Ethereum is also up 0.6% in the same period to $3,770. What we're reading BlackRock's crypto chief just jumped ship for Ethereum's second-biggest treasury company — DL News Finding the next MSTR — Milk Road GameSquare Buys Rare CryptoPunk NFT From Robert Leshner for $5.15 Million — Unchained LIBRA promoter Davis calls token a 'memecoin' in updated defence after suspicious transfers surface — DL News Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ 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
Yahoo
7 days ago
- Business
- Yahoo
Blockstream Expands in Europe With Acquisition of Swiss Crypto Firm Elysium Labs
Adam Back's Bitcoin development firm, Blockstream, has acquired Swiss blockchain startup Elysium Labs. The acquisition will see the creation of a European incubator entity, Blockstream CH SAGL, according to an emailed announcement shared with CoinDesk on Monday. The deal terms weren't disclosed by the firms. Blockstream is building momentum around its European ventures, following the inception of its Lugano Research Center, which is focused on product development of Bitcoin layer-2 networks Lightning and Liquid. The firm has not disclosed financial details of the acquisition. Blockstream CH SAGL will serve as a hub for Blockstream's European operations alongside its Turin, Italy-based research and development team and the Lugano Research Center, according to Monday's announcement. An early proponent of the cypherpunk movement, Blockstream CEO and co-founder Adam Back is a notable figure in Bitcoin lore. Back developed Hashcash in 1997 to combat email spam, which was a direct influence on Satoshi Nakamoto in creating Bitcoin's proof-of-work mechanism, and was cited as such in the original whitepaper. 'Bringing Elysium Lab into Blockstream strengthens our Swiss presence and amplifies our commitment to nurturing innovation across Europe,' Back said in Monday's announcement. Read More: Adam Back's Bitcoin Treasury Firm to Go Public with 30K BTC and $1.5B in Buying Power
Business Wire
21-07-2025
- Business
- Business Wire
Blockstream Launches Swiss HQ with Elysium Lab Acquisition, Cementing Leadership in European Bitcoin Infrastructure
LUGANO, Switzerland--(BUSINESS WIRE)--Blockstream, the global leader in Bitcoin-powered financial infrastructure, today announced the acquisition of Lugano-based digital asset company, Elysium Lab. The deal will mark the official launch of Blockstream CH SAGL, Blockstream's new European headquarters and incubator entity. Blockstream acquires Swiss digital asset firm Elysium Lab, establishing a European HQ in Lugano to expand Bitcoin infrastructure and deepen R&D across the region. This move deepens Blockstream's long-term commitment to Switzerland's vibrant fintech landscape and positions the country as a core pillar of Bitcoin infrastructure development in Europe. ' Bringing Elysium Lab into Blockstream strengthens our Swiss presence and amplifies our commitment to nurturing innovation across Europe, ' said Dr. Adam Back, CEO and co-founder of Blockstream. ' This acquisition reinforces our strategic expansion in the region and underscores our role as an ecosystem builder. ' Strengthening Blockstream's European Presence The acquisition builds on Blockstream's November 2024 launch of its Lugano Research Center and marks a new phase in the company's international growth strategy. As part of this strategy, Blockstream CH SAGL will serve as the operational hub for European initiatives, working in close collaboration with the Lugano Research Center and Blockstream's Turin-based R&D team. Together, these locations form a cross-border innovation network focused on advancing Bitcoin-native product development, ecosystem engagement and regional R&D. To further support ecosystem growth, Blockstream is offering incentives for startups and developers relocating to Lugano, including CHF 100,000 monetary grants, to build on Blockstream-developed technology, including the Liquid Network. First announced at the 2024 Plan ₿ Forum, these incentives reflect the company's commitment to making Switzerland a global epicenter for Bitcoin innovation. ' Acquiring Elysium gives us immediate access to talent, technology, and a fully operational presence in Switzerland, one of the world's leading financial centers, ' said Monette Stephens, VP Corporate Development. 'This strengthens our position to serve institutional clients and scale our Bitcoin infrastructure offerings across key markets. ' Elysium Lab brings a skilled team of professionals who will join Blockstream and contribute to Blockstream's broader mission of advancing Bitcoin infrastructure and financial innovation across the region. Founded in 2022 by Aron Clementi (CEO) and Gianmarco Guazzo (CTO), Elysium Lab quickly became a recognized player in Switzerland's Bitcoin landscape. ' Joining Blockstream allows us to contribute to a broader vision of Bitcoin-native infrastructure worldwide, alongside one of the industry's most respected names. As a Swiss founder, I'm proud to help carry forward our country's long-standing tradition of financial innovation,' said Aron Clementi, Co-Founder and CEO of Elysium Lab. ' We built Elysium to bring Bitcoin to the masses,' added Gianmarco Guazzo, Co-Founder and CTO. 'Becoming part of Blockstream lets us take that work further, and on a much larger scale with a team whose technical leadership and mission closely align with our own. ' As a result of the transaction, Blockstream has also acquired patents and intellectual property assets held by Elysium Lab. This strengthens Blockstream's position as a long-term ecosystem steward and signals its continued investment in Bitcoin-native research and innovation rooted in Europe. About Blockstream Founded in 2014, Blockstream is a global leader in Bitcoin and blockchain infrastructure, with offices and team members distributed around the world. Serving as the technology provider for the Liquid Network, Blockstream offers a sidechain solution that enables secure, trustless Bitcoin swap settlements and robust smart contracts, empowering financial institutions to tokenize assets efficiently. The company's Core Lightning is a leading implementation of the open Lightning Network protocol, widely adopted for enterprise Bitcoin Lightning Network deployments. Blockstream Jade, an open-source hardware wallet, delivers advanced security for Bitcoin and Liquid assets in an easy-to-use form factor. For consumers, the Blockstream App is a highly secure and user-friendly Bitcoin wallet. About Elysium Lab Elysium Lab is a Swiss digital asset company founded by Aron Clementi and Gianmarco Guazzo, two entrepreneurs at the forefront of Bitcoin usability and keyless authentication. Based in Lugano, the company is part of the Lugano Plan ₿ initiative and USI Startup Centre, reflecting Switzerland's growing leadership in Bitcoin infrastructure.
Yahoo
18-07-2025
- Business
- Yahoo
Adam Back's Bitcoin Treasury Firm to Go Public with 30K BTC and $1.5B in Buying Power
The deal between early Bitcoin (BTC) advocate Adam Back and Cantor Fitzgerald to form a new bitcoin treasury strategy company is taking shape. Named Bitcoin Standard Treasury Company (BSTR), the firm announced on Thursday it plans to go public by merging with Cantor Equity Partners I (CEPO), a special-purpose acquisition company (SPAC) affiliated with the Wall Street investment bank run by Brandon Lutnick, son of Trump administration Commerce Secretary Howard Lutnick. Back, a cryptography pioneer and creator of Hashcash that inspired Bitcoin's proof-of-work consensus mechanism, will lead the firm as CEO. Sean Bill, a veteran investor who previously helped a U.S. pension fund make one of the first institutional allocations to BTC, is joining as CIO. According to plans, the firm would debut with over 30,000 BTC, over $3.5 billion at current prices, on its balance sheet, immediately making BSTR the fourth-largest holder of bitcoin among publicly traded companies. The firm is also raising up to $1.5 billion in financing through a private placement in public equity (PIPE). At current prices, that $1.5 billion would buy more than another 12,500 bitcoin, potentially moving BSTR into the number three spot, behind just Strategy's mammoth 601,000 coins and MARA Holdings' 50,000. That initial bitcoin stash comes from founding shareholders including Back contributing 25,000 BTC, plus 5,021 BTC in-kind contribution from early investors. The financing includes $400 million in equity offering, $750 million in convertible notes and $350 million in preferred stock. CEPO would also contribute up to $200 million, subject to shareholder redemptions. The announcement comes as crypto treasury firms, are captivating Wall Street, seeking to mirror the playbook of Michael Saylor's Strategy that has become the world's largest corporate BTC owner. The Financial Times first reported on Tuesday that Adam Back and Cantor Fitzgerald were nearing an agreement to form a BTC treasury firm with 30,000 BTC. CEPO was down 8% on Thursday following the announcement, though still higher by nearly 20% from the time the Back investment was leaked on Tuesday afternoon.
Yahoo
16-07-2025
- Business
- Yahoo
Early Bitcoiner Adam Back Nears $3.5B BTC Deal With Brandon Lutnick-Led Cantor SPAC: FT
Brandon Lutnick, chairman of Wall Street investment bank Cantor Fitzgerald, is in late-stage talks with early bitcoin proponent and Blockstream CEO Adam Back for a bitcoin treasury deal that could be worth over $3 billion, the Financial Times reported on Wednesday. According to the report, Lutnick's blank cheque company Cantor Equity Partners 1 would acquire 30,000 BTC (nearly $3.5 billion at current prices) from Back. In return, Back would receive equity in the vehicle, which would be renamed BSTR Holdings. The firm also seeks to raise $800 million outside capital, the report said. A final deal could be announced within days, though terms are still being negotiated, per the report. The news follows Cantor Fitzgerald's previous bitcoin investment vehicle Twenty One Capital, which was backed by SoftBank, Tether and Bitfinex and headed by Jack Mallers, the CEO of bitcoin-focused payments app Strike. That's been part of a recent trend of turning publicly-traded companies into crypto treasury strategy plays, raising money from investors to acquires digital assets like BTC, Ethereum's ether ETH or Solana's SOL SOL. Back has personally backed several bitcoin-focused companies this year, including Sweden's H100 Group and France's Blockchain lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
