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FTX’s BlockFi Facts, Invade The Trade Room, Lost ARKK Of The Covenant

FTX’s BlockFi Facts, Invade The Trade Room, Lost ARKK Of The Covenant

**Hey, up here! The Great Stuff team is exercising their freedom to not work tomorrow on account of it being Independence Day and all that. We’ll be partying out by the pool tomorrow, but rest assured the market lunacy will return on Tuesday. Stay safe out there, all you firework fiends!**

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Clipping Crypto Coupons

Listen up, all y’all bitcoin bargain hunters and thrifty Ethereum traders! Wall Street’s rumor mill is a-spinnin’ stories once again — this time, over in the cryptosphere.

Earlier this week, everyone on the Street thought that crypto exchange FTX was going to buy out Robinhood (Nasdaq: HOOD).

Robinhood’s trying its darnedest to be the go-to crypto trading platform, you see. And as the logic goes, one crypto platform gobbling up another crypto platform equals … profit? Sure, why not. Heck, Robinhood investors saw the rumors and probably thought “yippee, a way to revive HOOD stock.”

The problem is that this time around, the rumors were just that — rumors. Those “people somewhat familiar with the matter” weren’t that familiar with the matter after all.

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That’s because FTX is actually snatching up … drumroll … BlockFi!

Oh. Alrighty. Yay?

That’s about as much a reaction as I expected. We don’t usually get too in the crypto weeds here in Great Stuff — pssh, that’s what we have Ian “The Crypto” King for — but basically, BlockFi is a crypto lending platform.

Yeah, you read that right: Crypto. Lending.

As you might expect by the crypto market’s vast sell-off over the past few weeks, it’s not the best of times for the humble crypto lender.

But FTX? Much like honey badger, FTX don’t care. FTX is gonna make the best of a pessimistic crypto market. When there’s blood in crypto’s virtual streets, FTX is buying.

It started with FTX extending a $250 million emergency line of credit to BlockFi last week. (Originally that emergency $250 million was supposed to go to yours truly, but hey, I thought I’d be charitable and decline.)

Anyway, FTX gives BlockFi $250 million, then says: “You know what? How much do you guys want for the whole company? $25 million? That’s it?!” And bada bing, an equity deal is in the works.

Let’s be clear here: $25 million is a fire-sale price for BlockFi, which was previously valued at $4.8 billion. That’s, like, 99% off! Granted, it’s still singed around the edges by said crypto fire, but hey, the price is right.

Now it’s up to FTX to make BlockFi’s credit lending business, you know, actually survive and prosper in a difficult trading environment for cryptos.

Thing is, you don’t need the resources of an entire crypto exchange to tell you what’s a crypto bargain worth scooping up … and what cryptos are better off left in the virtual ashes. No, siree!

You only need Ian King.

If you’re looking at the crypto market as a fire sale instead of, you know, the apocalypse, this is for you:

Ever since stocks started tumbling lower, crypto’s moved in sync. And the million-dollar question on everyone’s mind is: When will this trend reverse?

But according to Ian King — America’s No. 1 crypto expert — that’s the wrong way to play this crypto bear market. Instead, he urges people to find the best cryptos … and start buying small stakes while prices are at rock bottom.

Not sure where to start? Go here to get Ian’s insight now.

Otherwise, here’s some other Great Stuff you might’ve missed this week.

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Sure, they might make you cry every now and then. But as Ian King explains, now’s the prime time to buy the best cryptos while they’re still on sale.

 

 

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Write to us whenever the market muse calls to you! GreatStuffToday@BanyanHill.com is where you can reach us best.

In the meantime, here’s where you can find our other junk — erm, I mean where you can check out some more Greatness:

Until next time, stay Great!

The Great Stuff Team

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