Gaming retailer GameStop (GME) has raised an additional $450 million through the additional sale of zero-coupon convertible senior notes, the company announced in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday. This latest move follows last week’s $2.25 billion private bond issuance, bringing the total capital raised to $2.7 billion. The additional notes were sold upon the full exercise of a 13-day greenshoe option granted to the initial investor. The notes, due 2032, are convertible into GameStop Class A common shares at $28.91 per share, a 32.5 percent premium to the volume-weighted average of the shares at the time of the initial offering on June 12. Related News: Fearless Giant Whale James Wynn Couldn't Resist: Revealed His New Bitcoin (BTC) Position and Expectations! GameStop said it will use the capital raised for general corporate purposes and in line with the company’s investment policy, which includes investing in digital assets like Bitcoin (BTC) as treasury reserves. The company joins the ranks of public companies adopting the practice of holding crypto reserves, following a similar path to the cryptocurrency strategy pursued by Strategy, led by Michael Saylor. GameStop implemented the strategy by purchasing 4,710 Bitcoins for about $500 million following its $1.3 billion bond offering in May. *This is not investment advice. Continue Reading: GameStop, One of the Most Talked-About Companies in the US, Makes Another Move to Purchase a Massive Amount of Bitcoin
After dropping crypto in 2023, SoFi is getting back in the game with Bitcoin and Ethereum trading, stablecoins, lending, and beyond.
ISRAEL AND HAMAS HAVE SHOWN INTEREST IN GETTING DEAL DONE: WSJ
GameStop has successfully raised $2.7 billion through convertible senior notes, signaling a strategic shift that may include Bitcoin as part of its treasury reserves. The additional capital was secured via
BitcoinWorld Revolutionary Republic Tokens: Access SpaceX Private Equity Now! Have you ever dreamed of investing in groundbreaking companies like Elon Musk’s SpaceX, long before they hit the public market? For most of us, such opportunities have been exclusive, reserved only for wealthy individuals and institutional investors. But what if that barrier was crumbling, thanks to innovative financial platforms and the power of blockchain? The landscape of investment is undergoing a significant transformation, and a key player leading this charge is Republic, with its pioneering offering of Republic tokens . Unlocking Exclusive Opportunities: What Are Republic Tokens ? In a world where access often dictates opportunity, Republic is stepping up to democratize the private investment space. Their latest initiative involves selling digital tokens designed to give everyday investors a piece of highly sought-after private companies. Imagine owning a slice of a company like SpaceX, a venture typically beyond the reach of the average person. That’s precisely what Republic aims to make possible. These Republic tokens are not just a digital receipt; they are structured to represent an economic interest in the underlying private company. The valuation of these tokens is tied to secondary market evaluations, meaning their price reflects the current perceived value of the private company. If the company achieves a liquidity event, such as going public through an IPO or being acquired, token holders are entitled to a share of the price increase. This mechanism opens a powerful new avenue for wealth creation that was previously locked behind high minimum investments and exclusive networks. Key Characteristics of Republic Tokens: Accessibility: Lowers the barrier to entry for private market investments. Valuation: Prices are based on secondary market assessments of the underlying company. Upside Potential: Holders benefit from price appreciation upon a liquidity event (IPO or acquisition). Liquidity (Future): While currently focused on long-term holding, the tokenized nature hints at potential future secondary trading markets. Democratizing Wealth: How Retail Investors Can Access Private Equity For too long, the world of private equity has been a closed garden, flourishing primarily for accredited investors – individuals or institutions meeting specific income or asset thresholds. This has created a significant disparity in investment opportunities, limiting the potential for ordinary retail investors to participate in the early growth stages of revolutionary companies. Republic’s tokenization model directly challenges this traditional structure. By issuing tokens, Republic is effectively fractionalizing ownership in private companies. This means that instead of needing to commit hundreds of thousands or millions of dollars, a retail investor might be able to purchase tokens representing a much smaller, affordable stake. This shift is not merely about access; it’s about empowering a broader segment of the population to participate in the wealth-building potential of innovative startups and pre-IPO giants. It’s about leveling the playing field and ensuring that the next big success story isn’t just for the already wealthy. Benefits for Retail Investors: Feature Traditional Private Equity Tokenized Private Equity (Republic) Minimum Investment High (e.g., $250,000+) Potentially much lower (e.g., $100s or $1,000s) Investor Type Accredited investors, institutions Retail investors, accredited investors Access to Companies Limited, network-dependent Broader, platform-driven Liquidity Very low, long lock-up periods Currently low, but potential for future secondary markets Beyond the Hype: The Promise of SpaceX Tokens and Other Private Giants The mention of SpaceX immediately captures attention, and for good reason. SpaceX, under the visionary leadership of Elon Musk, is at the forefront of space exploration, satellite internet (Starlink), and humanity’s journey to Mars. It’s a company with immense growth potential, yet its shares have remained exclusively in private hands. The prospect of investing in SpaceX tokens through Republic represents a monumental shift. However, Republic’s ambition extends beyond just SpaceX. The platform aims to offer exposure to a diverse portfolio of private companies across various sectors, from cutting-edge technology and biotech to sustainable energy and consumer brands. This diversification is crucial, as it allows investors to spread their risk while still participating in the high-growth potential of the private market. The ability to invest in these ‘unicorns’ before they go public is a game-changer, offering the chance for significant returns that were once the sole domain of venture capitalists and institutional funds. Why are private companies so appealing? Private companies, especially those in high-growth sectors, often experience their most significant value appreciation during their private phase. By the time they go public, a substantial portion of their growth trajectory may have already occurred. Accessing these companies pre-IPO means getting in on the ground floor, potentially yielding far greater returns than investing post-IPO. The ‘SpaceX tokens’ are just one shining example of the caliber of opportunities Republic is striving to bring to a wider audience. The Mechanics of Innovation: Understanding Tokenized Assets At the heart of Republic’s groundbreaking offering lies the concept of tokenized assets . But what exactly does that mean? In essence, tokenization is the process of converting rights to an asset into a digital token on a blockchain. This digital representation can then be easily bought, sold, and transferred, much like a cryptocurrency, but with the underlying value tied to a real-world asset – in this case, a share or economic interest in a private company. Blockchain technology provides several advantages for this process: Transparency: Transactions are recorded on an immutable ledger, enhancing trust and auditability. Fractional Ownership: Assets can be easily divided into smaller, more affordable units, enabling broader participation. Efficiency: Automated processes and smart contracts can streamline issuance, transfer, and management, reducing intermediaries and costs. Potential for Liquidity: While current regulations might limit immediate secondary trading, the underlying technology facilitates the creation of liquid secondary markets in the future, unlike traditional private equity which is highly illiquid. For Republic’s tokens, the structure involves creating a legal wrapper around the private company interest, which is then represented by the digital token. This ensures that the token holder has a legitimate claim to the economic benefits, such as a share of the proceeds if the company is sold or goes public. It’s a sophisticated blend of traditional finance and cutting-edge blockchain technology. Navigating the Future: Challenges and Opportunities in Private Equity Tokenization While the promise of tokenized private equity is immense, it’s crucial to approach this nascent field with a clear understanding of both its opportunities and the challenges it faces. The primary concern, as highlighted by the Wall Street Journal, revolves around the tokens’ legality and regulatory scrutiny. Challenges to Consider: Regulatory Uncertainty: The legal framework for tokenized securities is still evolving globally. Regulators are grappling with how to classify and oversee these new financial instruments, which can lead to delays or changes in offerings. Liquidity: Despite the inherent promise of blockchain for liquidity, secondary markets for private company tokens are still nascent. Investors might face long holding periods before they can exit their positions. Valuation Complexity: Valuing private companies can be inherently difficult due to limited public information. While Republic relies on secondary market evaluations, these can be less transparent or volatile than public market valuations. Investor Protection: Ensuring robust investor protection mechanisms in this new landscape is paramount. Clear disclosures, robust security, and dispute resolution mechanisms are vital. Opportunities on the Horizon: Wider Capital Access: Tokenization can open up new capital sources for private companies, moving beyond traditional venture capital and institutional funding. Global Reach: Blockchain-based tokens can transcend geographical boundaries, allowing companies to raise capital from a global pool of investors. Enhanced Transparency: The inherent transparency of blockchain can lead to more efficient and trustworthy private market transactions. Innovation in Finance: This movement is driving innovation in financial products and services, potentially reshaping the entire investment ecosystem. Republic’s venture into offering private company tokens, including those with exposure to SpaceX, represents a bold step towards a more inclusive financial future. While the path ahead involves navigating complex regulatory landscapes and building robust secondary markets, the potential benefits for retail investors are undeniable. It’s a testament to how technology can break down traditional barriers, bringing previously exclusive opportunities within reach of a much wider audience. As this space evolves, staying informed and understanding the underlying mechanisms and risks will be key for any aspiring investor looking to tap into the next generation of growth companies. To learn more about the latest crypto market trends, explore our article on key developments shaping blockchain and institutional adoption. This post Revolutionary Republic Tokens: Access SpaceX Private Equity Now! first appeared on BitcoinWorld and is written by Editorial Team
Circle's stock price is down 30% amid a sell-off following a sharp rise of more than 10x as it touched $300 to now trade at around $200.
Public companies are increasingly adopting Bitcoin treasury strategies, transforming corporate finance and influencing the cryptocurrency market dynamics. This trend, led by firms like Strategy, showcases a high-stakes cycle of capital
Grayscale Investments launched the Grayscale Space and Time Trust, providing exposure to the SXT token. Digital Asset Manager Grayscale Debuts Trust for Space and Time Blockchain’s Native Token The trust invests solely in SXT, the native token of the Space and Time blockchain network. SXT is used for network security through staking and for processing
Summary Next Technology's valuation is driven by Bitcoin holdings but lacks any real operating business or cash flow to support its premium. The company issued over 400 million shares and warrants in Q1 to acquire 5,000 BTC, resulting in extreme dilution without the guardrails of a functioning business. BTC per share sits at ~$1.42, while the stock trades at $2.32, implying a speculative premium of ~40%. Given the absence of credible operations, poor digital infrastructure, and unsustainable capital structure, I rate NXTT a Strong Sell until fundamentals improve. Next Technology Holding (NASDAQ: NXTT ) is a Chinese tech company that markets itself as an AI-enabled software services provider and is also involved in other tech verticals like blockchain and new energy. The company was originally known as WeTrade Technology Co. but rebranded last year. Last year, the company also pivoted to being a Bitcoin ( BTC-USD ) treasury company, though it has held BTC since 2023. NXTT has surged lately following the Bitcoin corporate treasury strategy pivot and recent Bitcoin purchase. Bitcoin adoption has accelerated greatly on the corporate level. Publicly traded companies are increasingly modeling their approach on Strategy's ( MSTR ) aggressive Bitcoin buy playbook, raising funds through debt or equity to purchase Bitcoin for treasury allocation or long-term strategic reserve purposes. Companies purchasing Bitcoin at scale do so in the hopes that their dollar-cost average, or cost basis as it's formally known, will appreciate over time, and the value of their holdings will compound, creating value for shareholders via an increase in BTC per share. Investors are also exposed to the underlying operating business of these companies - whether good or bad-which may amplify or diminish the appeal of the Bitcoin strategy; though for now, companies with bad underlying operating businesses still enjoy inflated valuations under the cloak of the Bitcoin narrative, and the market still assigns generous multiples despite ongoing operating losses, I believe this will normalize over time as the market reaches a more rational equilibrium between hype and fundamentals. I believe at some point, the market will recalibrate; and when it does, Bitcoin alone won't be enough to justify the premium on companies pursuing corporate treasury strategy. Companies with no real operating strength face the risk of eventually being forced to sell what they hold as long-term reserves. Their reserve assets could easily become "fire sale" assets. And at that point, the market will price them for what they are, not for what they hold. The market has seen this movie before, with the COVID-era SPAC mania , for example, which resulted in massive write-downs, and liquidations. While Bitcoin is different in the sense that it is liquid, scarce, and now globally adopted, it still tied to the same pattern of speculative capital chasing narrative premiums, often detached from fundamental performance. I believe at this juncture of early-stage but accelerating experimentation in Bitcoin corporate treasury strategy, it is imperative for investors to begin scrutinizing early the capital structure of the companies pursuing these BTC-overlay models. The reality is that virtually every company pursuing a Bitcoin (or other crypto) corporate strategy has or faces a highly dilutive or structurally fragile capital structure (in the traditional sense, and only propped up by the crypto holdings in most cases). If a business pursuing a crypto treasury strategy is using excess free cash flow for purchases, then that's an entirely different and easier conversation. In the context of Next Technology, which reported no revenue from its underlying business in Q1, Strategy is the reference model here to benchmark Next Technologies against in this piece. Strategy has engineered a capital structure around its corporate treasury strategy that amplified shareholder exposure to the underlying asset without compromising long-term integrity. I'll be unpacking the nuances between NXTT's and MSTR's strategies, poking necessary holes where warranted, and highlighting structural strengths for NXTT where deserved. Next's Q1 and Capital Structure Under the Lens Looking at Next Technology's latest 10-Q filing (Q1 2025), the first reality check for investors sizing up NXTT is that there was no revenue from its AI SaaS business in Q1, despite the headline of $193.4 million in net income driven entirely by unrealized Bitcoin gains (thanks to FASB accounting rules). Income statement (10 Q) Next Technology's rebranding from WeTrade last year and the subsequent dissolution of its subsidiary, WeTrade Technology Co. last year offered no operational income as we see on the income statement above, as the net income from discontinued operations was "nil", meaning even before dissolution there was no active sales generation or service revenue from its SaaS business. This lack of an operational backstop business for Next Technology is a glaring concern. Almost every publicly traded company can more accessibly engineer a capital injection through direct equity or warrants via a single or few PIPE investors to finance treasury asset purchases, but gaining the trust of institutional investors to underwrite a hybrid of strategic capital, like the convertible notes with low to zero interest which comes with a more measured and deferred dilution schedule that makes MSTR standout, requires the type of foundational confidence that at least sales generation from a backstop business gives institutional investors. That sales generation from a backstop business is missing in Next Technology's case. This hybrid of strategic, deferred capital is particularly important for a company pursuing a crypto treasury strategy, especially in the absence of core operational profitability and free cash flow because a sole reliance on equity means dilution happens faster than appreciation, and what happens to the BTC-per-share metric, which is a measure of investor exposure to the reserve asset, is that it also gets diluted. Cash flow (10 Q) The story of Next Technology's cash flow is similar to its income. Just as revenue was zero, operational cash flow was at a critical "nil" for both Q1 2025 and Q1 2024 (as shown in the cashflow statement above). There is no cash from core operations, and Next Technology relies on unsecured, interest-free loans from former execs and other third parties to cover operating expenses, posing a potential related-party risk. As of Q1, these short-term loans from former execs and third parties who are likely related parties amounted to $1.63 million and rose from $760k as of Q4 end (as shown in the next table from the Q1 10-Q). Other payables (10 Q) Though the payments due to related parties were recorded as $221,000 in the balance sheet (see the table below), a closer look at the 10-Q and the disaggregation of the Other Payables line items (seen in the preceding table) shows that the $2.06 million Other Payables balance includes $1.63 million in short-term loans from Next Technology's former executives and from other third parties, alongside $427,574 in professional fees and operating expenses (as seen in the preceding table). Balance sheet (10 Q) Next Technology is missing any type of sales generation from a backstop business and also faces structural risks from these related parties because they are essentially funding the company's ongoing OpEx, which creates an unsustainable reliance. In my view, the inability to raise funds from truly independent third parties implies a profound lack of external confidence in the company's fundamentals, and I believe institutions also think along the same lines. This persistent lack of sales, coupled with the inherent related party risks, both stand as glaring red flags, in my view. The Stockholders' Equity also paints a clearer picture of dilution. The common stock saw an extraordinary increase in value from $71,718,790 to $217,676,957. More critically, the number of shares issued and outstanding skyrocketed from 6,976,410 as of Q4 last year, to a staggering 436,265,135 by Q1. This massive increase is directly attributable to the issuance of hundreds of millions of shares and warrants for the 5,000 Bitcoin purchase in March. As I mentioned earlier, dilution is nothing new to Bitcoin treasury companies; however, what makes it particularly troubling in Next Technology's case is that it was done without the guardrails of a functioning business, institutional oversight, or capital structure discipline, leaving investors exposed to unchecked equity issuance without any offsetting operating value. Equity dilution (10 Q) So while the company boasts holding 5,833 BTC as of Q1 end, the real picture becomes clearer when you look at it on a per-share basis. With 436,265,135 shares outstanding, that translates to 5,833 BTC ÷ 436,265,135 shares = ~0.00001337 BTC per share. At BTC's current price of $106,000, the implied BTC value per share is $1.42. NXTT currently trades at $2.32. And at $2.32 per share, only ~$1.42 of that is backed by the actual Bitcoin holding. The premium to NAV baked into NXTT's valuation is about $0.90 per share, which is arguably speculative, especially given the company has no revenue, sees no cash flow, and has a highly dilutive capital formation. Takeaway Right now, the market is pricing in a ~60% Bitcoin backing per share and ~40% is purely narrative-driven. That's a very generous premium for a company with no operating business, no free cash flow, and heavy reliance on dilution. The moment the market starts discounting these risks or BTC sees downward price movement for macro or other reasons, the BTC premium on NXTT could evaporate - very fast. Next Technology official website as of June 25, 2025 (Next Technology) Trading at a premium to NAV is nothing new for Bitcoin treasury companies. However, Next Technology's premium feels particularly fragile given the lack of operating business, aggressive dilution, and speculative structure behind it. I'd close this piece with an extra, perhaps trivial, detail that may seem unconventional for Seeking Alpha, but I believe it's vital context. A thorough perusal of Next Technology's website shows no functional demonstration or documentation of any products across its claimed verticals-SaaS, Blockchain, New Energy, or Digital Assets. The website has no SSL certificate either. A public company with non-secure HTTP pages and non-functional product links reflects very poor digital infrastructure and a lack of execution, particularly for a tech firm touting blockchain and AI products. In a market where Bitcoin treasury strategies are gaining interest, NXTT is an example of what happens when form outruns substance. The company's Bitcoin holdings may look impressive at a glance, but everything else-the dilution, the lack of business fundamentals, the speculative capital structure, and the absence of execution-screams caution. For me, this is a Strong Sell until a credible business model emerges.
The analysts set a price target of $510, writing that the share price could also benefit from the company's varied initiatives and dominant market position.