Connect with us

Uncategorized

AI Firm CoreWeave Files for IPO, Citing $1.9B in Revenue

Published

on

CoreWeave, an AI firm in close partnership with bitcoin miner Core Scientific (CORZ), filed for an initial public offering (IPO) today.

The company is expected to raise $4 billion, with a valuation of more than $35 billion.

Today’s filing showed the company had seen $1.9 billion in revenue in 2024, resulting in a net loss of $863 million due to the firm’s AI-related investments. The company currently carries an accumulated deficit of $1.5 billion.

CoreWeave has enlisted Core Scientific’s assistance to build 500 megawatts (MW) of infrastructure for AI-related purposes. The latter company used to be CoreWeave’s biggest GPU supplier when the former was still mining ether.

The move comes as demand for AI has spiked significantly amid the adoption of the tech from small retail users to large institutions. CoreWeave said that the AI industry will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030, according to IDC.

The shares of CORZ are up 3.5% post-market trading.

Read more: Bitcoin Miners Are Pivoting to AI to Survive. Core Scientific Entered the Race Years Ago

Continue Reading
Click to comment

Leave a Reply

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Uncategorized

Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC

Published

on

By

Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.

June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.

COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.

The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.

Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.

The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.

Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.

Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.

Continue Reading

Uncategorized

Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts

Published

on

By

Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.

Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.

The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.

The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.

Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.

Continue Reading

Uncategorized

Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market

Published

on

By

XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.

One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.

Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.

On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.

XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.