Latest news with #U.S.SecuritiesandExchangeCommission
Yahoo
7 days ago
- Business
- Yahoo
MARA Holdings Plans $850M Convertible Note Offering to Fuel Bitcoin Buys, Repay Debt
Bitcoin miner MARA Holdings (MARA) said it plans to raise $850 million through a private sale of 0% convertible senior notes due in 2032. The deal, aimed exclusively at qualified institutional buyers, includes an option for initial buyers to purchase an additional $150 million of the notes, potentially bringing the total raise to $1 billion, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday. The notes won't pay regular interest and are convertible into cash, shares of MARA stock, or a mix of both, depending on buyer's choice. They are are set to mature in August 2032, but investors will have an option to require Marathon to repurchase the notes in 2030 if certain stock price conditions are not met. MARA will also have the right to redeem the notes starting in 2030, subject to certain thresholds. The miner plans to use a portion of the proceeds - up to $50 million - to repurchase some of its existing 1% convertible notes due in 2026, helping reduce its short-term liabilities. The rest of the funds will be used to buy more bitcoin, support general operations, expand infrastructure, and fund strategic acquisitions, the company said. A portion of the money will also go toward "capped call transactions" - a type of financial hedge designed to protect against stock dilution if the notes are converted into equity. These moves help maintain shareholder value while giving investors upside exposure to the stock. MARA holds 50,000 BTC ($5.9 billion) on its balance sheet, according to data tracked by Bitcoin Treasuries. This makes it the second largest public-listed holder of bitcoin, behind only the granddaddy of corporate BTC accumulators Strategy (MSTR), and far ahead of any of its peers in the mining sector. MARA shares were trading lower by over 4% at $19.05 in pre-market trading on 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
23-07-2025
- Business
- Yahoo
Citadel Securities Warns SEC Against Rushed Tokenized Securities Rollout
Citadel Securities is pressing U.S. regulators to slow down on new rules that would enable widespread trading of tokenized securities, citing concerns about market disruption and investor a letter to the U.S. Securities and Exchange Commission's Crypto Task Force, the market-making firm argued that allowing these blockchain-based products to advance without a clear regulatory framework could create unfair advantages for cryptocurrency platforms and drain liquidity from traditional equity markets, reported securities brings traditional assets onto the blockchain, and this year tokenized stocks have been taking off, with offerings from Backed Finance, Gemini, and Robinhood, among point out that tokenized securities can not only be traded round-the-clock, fractionalized, and provide faster settlements, they can also be used within the decentralized finance (DeFi) space. Citadel, however, isn't convinced the benefits outweigh the risks.'Tokenized securities must achieve success by delivering real innovation and efficiency to market participants, rather than through self-serving regulatory arbitrage,' the firm wrote in its comments come as SEC Chairman Paul Atkins signals openness to updating securities laws to support financial innovation, including urged any move in that direction to go through a formal rulemaking process, not piecemeal exceptions or guidance. It flagged potential harm to the initial public offering market, as it would offer private firms another options to raise capital and 'siphon liquidity away' from equity liquidity could move to 'pools that are inaccessible' to institutions including pensions, endowments, banks, and other firms, Citadel added.
CNBC
19-07-2025
- Business
- CNBC
Nvidia CEO Jensen Huang sells an additional $12.94 million worth of shares
Nvidia CEO Jensen Huang sold 75,000 shares on Friday, valued at about $12.94 million, according to a filing with the U.S. Securities and Exchange Commission. Friday's sale is part of a plan adopted in March for Huang to sell up to 6 million shares of the leading artificial intelligence company. Earlier this week, Huang sold 225,000 shares of the chipmaker, totaling about $37 million, according to a separate SEC filing. The CEO began trading stock per the plan last month. Surging demand for AI and the graphics processing units that power large language models has significantly boosted Huang's net worth and pushed Nvidia's market capitalization beyond $4 trillion, making it the world's most valuable company. Nvidia announced this week that it expects to resume sales of its H20 chips to China soon, following signals from the Trump administration that it would approve export licenses. Earlier this year, U.S. officials had stated that Nvidia would require special permission to ship the chips, which are specifically designed for the Chinese market. "The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon," the company said in a statement on Tuesday. Huang said during a news conference on Wednesday in Beijing that he wants to sell chips more advanced than the H20 to China at some point.
Business Recorder
17-07-2025
- Business
- Business Recorder
Trump's World Liberty crypto tokens to become tradable
Holders of the digital tokens issued by World Liberty Financial, one of the crypto ventures of the family of Donald Trump, voted on Wednesday to make them tradeable, paving the way for their wide sale and purchase – potentially boosting the value of the president's holdings of them. The World Liberty tokens, known as $WLFI, were sold to investors after the Trump family and their partners launched the venture - a 'decentralised finance' platform that has also issued a stablecoin - last autumn. The tokens were not made tradeable at their initial sale. Instead, they gave holders a right to vote on some changes to the business, such as its underlying code. Early investors have said the primary draw of $WLFI was the connection to Trump and, in turn, their expectations the tokens would grow in value due to his backing. Making the tokens tradeable would see investors determine their price, enabling speculation, earning trading fees for exchanges that list them and likely stoking interest from a wider swath of crypto investors. The extent to which the Trump family, which reaps three-quarters of revenues from the initial sales of the tokens, will benefit from their wider trading is not clear. Gains in the tokens' price would, however, swell the value of the family's token holdings, the exact level of which is unclear. World Liberty and Trump's other crypto businesses have faced criticism from Democratic lawmakers and ethics experts as the president's administration reshapes regulations in the booming crypto sector. Democratic Senator Elizabeth Warren and Democratic Representative Maxine Waters sent a letter to the U.S. Securities and Exchange Commission earlier this year in which they said, 'The Trump family's financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration's oversight—or lack thereof—of the cryptocurrency industry.' The World Liberty tokens have not been designated as securities by the SEC, meaning they are not subject to the same scrutiny as investments like stocks. How Dubai intends to become the 'capital of crypto' The White House has said Trump's assets are in a trust managed by his children and that there are no conflicts of interest. The White House has not released the details of the trust arrangement. The Trump family business has been placed into a trust whose sole beneficiary is the president, meaning that the hundreds of millions of dollars from crypto deals struck while Trump is in office could hypothetically be withdrawn at any time, or at the latest, be at his disposal when he leaves office in less than four years. Trump's company, DT Marks DEFI LLC, was set to receive 22.5 billion out of a total 100 billion $WLFI tokens, according to a description of the project released in October. The president held 15.75 billion of the tokens at the end of last year, according to a public financial disclosure report published last month. The Trump family has made around $500 million from World Liberty since the platform was launched, according to Reuters calculations based on the company's terms and conditions, transactions traced by crypto analysis firms and publicly-disclosed deals. Asked by Reuters how the vote would impact the value of $WLFI tokens held by Trump and his family, the White House press office said: 'This is not an inquiry for the White House.' The Trump Organization did not respond to a request for comment. In response to Reuters' questions about how the tokens will become tradable, a World Liberty spokesperson said: 'Additional details are forthcoming.' The venture says on its website that making $WLFI tradeable 'brings us one step closer to building a more open, transparent, and powerful financial system.' 'The American public should be very concerned about the president's vested interests in the cryptocurrency market,' said Chris Swartz, a former longtime attorney at the U.S. government's Office of Government Ethics, including under both Trump administrations, who now serves as senior ethics counsel for Democracy Defenders Action, a legal advocacy group. 'Not only is it a potential conduit for foreign emoluments and other illicit payments, but it puts the president in competition against other cryptocurrency issuers at the same time he is advocating for digital asset marketplace legislation. That is a clear conflict of interest.' 99.9% support The World Liberty proposal to 'formally initiate the tradability of the token,' posted on its website on July 9, was approved by 99.94% of around 20,900 votes. Some voters cited expectations of price gains or support for Trump as reasons for their choice. 'We invested to get rich,' one wrote on the World Liberty website. 'To make america great again,' wrote another. The identities of nearly all holders are hidden behind wallet addresses. A Milan-based person using the name Paolo, who declined to give his full name, told Reuters he had bought 95,000 $WLFI tokens for about $5,000. $WLFI tokens were sold in two initial tranches at $0.015 and $0.05. Paolo said he voted in favour of making the tokens tradeable and planned to hold the tokens until they reach $12. 'Then I try to buy more when the price drops,' he said. The World Liberty proposal said the timing for making the tokens tradeable, and the eligibility requirements, would be determined at a later, unspecified date. Tokens held by World Liberty's founders, team and advisers would not be initially 'unlocked' for trading and would be subject to a longer 'unlock schedule,' it said. The implementation of approved proposals would 'occur within a reasonable time from the passage of the applicable proposal,' according to the project description from October.
The Star
16-07-2025
- Business
- The Star
Trump's World Liberty crypto tokens to become tradable
-Holders of the digital tokens issued by World Liberty Financial, one of the crypto ventures of the family of Donald Trump, voted on Wednesday to make them tradeable, paving the way for their wide sale and purchase -- potentially boosting the value of the president's holdings of them. The World Liberty tokens, known as $WLFI, were sold to investorsafter the Trump family and their partners launched the venture - a "decentralised finance" platform that has also issued a stablecoin - last autumn. The tokens were not made tradeable at their initial sale. Instead, they gave holders a right to vote on some changes to the business, such as its underlying investors have said the primary draw of $WLFI was the connection to Trump and, in turn, their expectations the tokens would grow in value due to his backing. Making the tokens tradeable would see investors determine their price, enabling speculation, earning trading fees for exchanges that list them and likely stoking interest from a wider swath of crypto investors. The extent to which the Trump family, which reaps three-quarters of revenues from the initial sales of the tokens, will benefit from their wider trading is not clear. Gains in the tokens' price would, however, swell the value of the family's token holdings, the exact level of which is unclear. World Liberty and Trump's other crypto businesses have faced criticism from Democratic lawmakers and ethics experts as the president's administration reshapes regulations in the booming crypto sector. Democratic Senator Elizabeth Warren and Democratic Representative Maxine Waters sent a letter to the U.S. Securities and Exchange Commission earlier this year in which they said, "The Trump family's financial stake in World Liberty Financial represents an unprecedented conflict of interest with the potential to influence the Trump Administration's oversight—or lack thereof—of the cryptocurrency industry." The World Liberty tokens have not been designated as securities by the SEC, meaning they are not subject to the same scrutiny as investments like stocks. The White House has said Trump's assets are in a trust managed by his children and that there are no conflicts of interest. The White House has not released the details of the trust arrangement. The Trump family business has been placed into a trust whose sole beneficiary is the president, meaning that the hundreds of millions of dollars from crypto deals struck while Trump is in office could hypothetically be withdrawn at any time, or at the latest, be at his disposal when he leaves office in less than four years. Trump's company, DT Marks DEFI LLC, was set to receive 22.5 billion out of a total 100 billion $WLFI tokens, according to a description of the project released in October. The president held 15.75 billion of the tokens at the end of last year, according to a public financial disclosure report published last month. The Trump family has made around $500 million from World Liberty since the platform was launched, according to Reuters calculations based on the company's terms and conditions, transactions traced by crypto analysis firms and publicly-disclosed deals. Asked by Reuters how the vote would impact the value of $WLFI tokens held by Trump and his family, the White House press office said: "This is not an inquiry for the White House." The Trump Organization did not respond to a request for comment. In response to Reuters' questions about how the tokens will become tradable, a World Liberty spokesperson said: "Additional details are forthcoming." The venture says on its website that making $WLFI tradeable "brings us one step closer to building a more open, transparent, and powerful financial system." "The American public should be very concerned about the president's vested interests in the cryptocurrency market," said Chris Swartz, a former longtime attorney at the U.S. government's Office of Government Ethics, including under both Trump administrations, who now serves as senior ethics counsel for Democracy Defenders Action, a legal advocacy group. "Not only is it a potential conduit for foreign emoluments and other illicit payments, but it puts the president in competition against other cryptocurrency issuers at the same time he is advocating for digital assetmarketplace legislation. That is a clear conflict of interest." 99.9% SUPPORT The World Liberty proposal to "formally initiate the tradability of the token," posted on its website on July 9, was approved by 99.94% of around 20,900 votes. Some voters cited expectations of price gains or support for Trump as reasons for their choice. "We invested to get rich," one wrote on the World Liberty website. "To make america great again," wrote another. The identities of nearly all holders are hidden behind wallet addresses. A Milan-based person using the name Paolo, who declined to give his full name, told Reuters he had bought 95,000 $WLFI tokens for about $5,000. $WLFI tokens were sold in two initial tranches at $0.015 and $0.05. Paolo said he voted in favour of making the tokens tradeable and planned to hold the tokens until they reach $12. "Then I try to buy more when the price drops," he said. The World Liberty proposal said the timing for making the tokens tradeable, and the eligibility requirements, would be determined at a later, unspecified date. Tokens held by World Liberty's founders, team and advisers would not be initially "unlocked" for trading and would be subject to a longer "unlock schedule," it said. The implementation of approved proposals would "occur within a reasonable time from the passage of the applicable proposal,' according to the project description from October. (Reporting by Tom Wilson in London; additional reporting by Lawrence Delevingne in Boston. Edited by Tom Lasseter and Aurora Ellis)
