Crypto News – What Were the Biggest Stories in the 13-18 May Crypto Newsletter?

Crypto News – What Were the Biggest Stories in the 13-18 May Crypto Newsletter?

Crypto News – Exploring the 12-18 May Crypto Newsletter

Crypto News - Exploring the 12-18 May Crypto Newsletter

Crypto News – The earnings results for Galaxy Digital and CoinShares, Franklin Templeton’s blockchain wager, Polymarket‘s capital raise, and a change in leadership at dYdX are all included in this week’s newsletter.

CoinShares Q1 Revenues Up 216%

In the first quarter of 2024, European asset manager CoinShares claimed a notable performance improvement, which was primarily attributable to the market’s recovery during that time. Revenue for the company increased to 19.5 million pounds ($24.5 million) over the same time in 2023, a 216% rise. EBITDA increased significantly as well, going from 7 million pounds ($8.8 million) to 34.2 million pounds ($43 million), a fourfold increase and a 78% EBITDA margin from the previous year. 

Franklin Templeton Continues to Support Blockchain

In a recent interview, the CEO of Franklin Templeton, Jenny Johnson, reaffirmed her support for blockchain. “ETFs and mutual funds are all going to be on the blockchain,” Johnson stated during a tokenization debate, noting that the technology has been shown to provide significant cost savings over conventional accounting techniques. 

Polymarket Completes $70 Million Funding Round

Founders Fund, the venture capital firm founded by Peter Thiel, along with Vitalik Buterin, the co-founder of Ethereum, spearheaded a $70 million funding round for Polymarket, an online platform that facilitates political wagering. Bloomberg reports that Polymarket has raised $70 million in two funding rounds, demonstrating the growing popularity of betting on the US presidential election of 2024.

Galaxy Digital’s Revenue Breaks Record in the First Quarter

2024 was a strong first quarter for Galaxy Digital. The business’s net income shot up to $422 million, a 40% increase over the prior quarter. Its mining operations and management fees generated unprecedented money, which supported the increase. Due in major part to an increased mining capacity that produced a hash rate of 5.7 exahashes per second, the company’s mining revenue reached a new high of $31.5 million, up 69% over the previous quarter.

FAQ

What is EBITDA?

An alternative metric for assessing profitability to net income is EBITDA (earnings before interest, taxes, depreciation, and amortization). To approximate the cash profit created by the company’s activities, EBITDA includes depreciation and amortization in addition to taxes and debt servicing costs.

What is Franklin Templeton Known for?

One of the biggest alternative asset managers in the world is Franklin Templeton.

Who is Peter Thiel?

Peter Andreas Thiel is an American venture capitalist, political activist, and entrepreneur. He was the first outside investor in Facebook and a co-founder of PayPal, Palantir Technologies, and Founders Fund.

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