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Hey Tea Sippers 👋,
There are just a few more hours left until your weekend starts. I don’t want to tire you out, so let’s make this short and sweet!
The first order of business is that we got news about Celsius the crypto company, and its end is coming very fast. FTX CEO, Sam Bankman-Fried says that their balance sheet is too poor for them to acquire it and investors are upset about their funds failing to be returned. Uh Oh, is right.
In other news, the SEC has rejected the application from Grayscale for their bitcoin ETF that they planned on launching. Grayscale is filing a lawsuit. Uh Oh x2.
Well, we are going to send you off. We hope that you enjoy the stories we have for you. Grab your tea and start sipping!
Cheers! ☕️
1. Radioshack is trying to make the comeback of the decade.
Do you remember that small store you used to go to to get that cell phone battery that you couldn't find anywhere? That was Radioshack, which quickly disappeared without any notice. Radioshack was once known for being the one-stop shop to purchase all your electronic needs. They were as big as it gets for consumer electronics (telecommunications). What happened to them?
In 2006 it was reported that they closed most of their stores due to an insignificant amount of revenue being produced.
Finally, in February of 2015, they filed for bankruptcy.
Now what… The resurrection?
Radioshack is attempting to make the comeback of the decade but in a rather common way as of recently. Implementing crypto functionalities into their product.
Let’s dive in:
They are now called Radioshack swap, a crypto exchange similar to Uniswap. Think of it like Robinhood, but specifically for cryptocurrency assets making it easy to purchase cryptocurrency tokens on the blockchain.
How is this happening?
The leadership of the company has changed and it is now being run by Tai Lopez (A famous, controversial YouTuber), who is working on changing the entire structure of the company’s operation.
Tai Lopez’s company REV purchased RadioShack, Models Sporting Goods, Pier 1 Imports, Dressbarn, and more.
The Big Gulp ☕️:
GameStop is trying to make a comeback, now Radioshack is attempting to make a comeback. Why? Because it is the perfect time to strike. With a new industry emerging and everything in disarray, this is when the prosperous companies come out strong. Is Radioshack’s approach the best? Only time will tell. For now, stay tuned to see what Radioshack will do, but more specifically check out their rather interesting tweets. Take a read here.
2. Goldman Sachs looks to purchase Celsius’ assets at a low price.
Your favorite investment bank, Goldman Sachs is looking to enter into new territory. They are looking to explore the idea of making purchases on what they believe to be discounted assets.
Recently:
The cryptocurrency market has entered into a bear market causing all the prices to rapidly decrease.
Tech stocks have drastically decreased in value, causing a complete market downturn.
Companies are looking for ways to extend their cash flow, but also looking for ways to invest and get in at lower prices before the next bull market.
Could this be it?
As many big crypto companies have been declared insolvent, many big-name individuals/companies have been exploring possibilities of purchasing these assets instead of outright purchasing the company.
We have all been seeing the news about BlockFi, now Celsius, and lastly 3AC is being liquidated. There have also been reports that there are many exchanges on the market that are insolvent leaving many scrambling for what to do. It is time for the big players to come in and take control.
The Big Gulp ☕️:
The market right now has hit an interesting point. We are in a bear market (declining), with rising prices, and talks of a recession, but spending remains rampant. Nevertheless, one thing for sure is that with the crypto downturn also comes the ability to “buy the dip” as many say. This means being able to purchase assets that were once overvalued or at the market price at a lower price. This is what Goldman is seeking to do. Celsius is dead and is looking to get bought out or funded. Will this be their only option? Let’s wait and see what they have in store.
Extra Tea ☕️
Big Buy- MicroStrategy purchases another $10 Million in bitcoin after it falls below $20,000.
Data- Coinbase announces they will be selling data to ICE.
Speculation- FTX was close to buying lending platform BlockFi for $25M.
Tik Tok- Crypto exchange Binance has partnered with Khaby Lame, the most followed influencer on Tik Tok.
Tea Pods ☕️
Interested in hearing about the value of NFTs and how they are changing the retail game? Listen to this podcast episode with Ivan Soto, the CEO of MoonPay on The Scoop podcast.
Listen Here.
Sencha Tea Fact of the Week ☕️
“Coinbase was the first crypto exchange to go public on the NASDAQ and also has been here since 2012.”
Since you made it this far!
If you or a friend know anyone interested in the space, feel free to recommend them.
And, if you have any questions, feel free to contact me: Kristian Lamarre.
Cheers!☕️