The broader and gradual adoption of cryptocurrencies continues. Following the approval of crypto-focused ETFs in multiple markets, the NYSE is teaming up with CoinDesk to introduce a host of crypto-related products. Meanwhile, crypto miner Riot Platforms (NASDAQ:RIOT) is looking to create the largest Bitcoin (BTC-USD) mining entity globally by launching a hostile bid for Bitfarms (NASDAQ:BITF). In another major development, more and more corporations may be looking to add cryptocurrencies to their balance sheets.
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NYSE Teams Up with CoinDesk
To start off, the NYSE is teaming up with CoinDesk to introduce financial products tracking spot Bitcoin prices. The two companies are collaborating on cash-settled index options that will track the CoinDesk Bitcoin Price Index (XBX). Notably, XBX is the longest-operating spot Bitcoin index. The NYSE’s move follows the recent regulatory approval for Bitcoin and Ethereum (ETH-USD) ETFs.
Companies Look to Emulate MSTR’s Crypto Success
Meanwhile, more and more corporates may be looking to emulate MicroStrategy’s (NASDAQ:MSTR) success in the cryptoverse. Over time, MSTR has become more of a crypto play than software with its massive BTC hoard. The Michael Saylor-led company held nearly 214,400 BTC at the end of April. According to Bitcoin Magazine CEO David Bailey, companies in two foreign capital markets are looking to emulate MSTR’s business model.
Riot Goes after Bitfarms
In another major development, crypto miner Riot Platforms has launched a hostile bid for fellow miner Bitfarms. Riot also disclosed a nearly 9.25% stake in the target. It also plans to call for a special meeting of BITF’s investors to add new independent directors to the latter’s board. Notably, a combination between the two companies would create the largest Bitcoin mining entity globally, with nearly 52 EH/s of self-mining capacity by the end of this year. In response, Bitfarms has launched a strategic alternative review to maximize value for its shareholders.
Is Bitcoin Going to Rise or Fall?
Meanwhile, the TipRanks Technical Analysis tool is flashing a Strong Buy signal for Bitcoin on a weekly timeframe. The Bullish signal indicates a potential continuation of the massive 148% rally in Bitcoin’s price over the past year.
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