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Coinbase IPO sparks rush for 'picks and shovels' crypto assets


Coinbase IPO sparks rush for ‘picks and shovels’ crypto assets
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The $110 billion US initial public offering of cryptocurrency exchange Coinbase has yielded an estimated $500 million windfall for Westpac’s venture capital fund and poured fuel on the demand from Australian institutional and retail investors for the digital asset gold rush.
Coinbase signage during the company’s IPO at the Nasdaq MarketSite in New York. 
Bloomberg
That looming profit is a timely boost for the bank, which also scored big on its investment in buy now, pay later juggernaut Zip Co that it exited for $366 million in October 2020, for a profit of $317 million. ....

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Why Bill Gates and Richard Branson see opportunity in SPACs


Why Bill Gates and Richard Branson see opportunity in SPACs
By
Matt Leibowitz
13 April 2021
Special purpose acquisition companies (SPACs) or “blank cheque companies” have become the ultimate hype beast of Wall Street and can be likened to the annual Yeezy drop of the trading world.
Everyone from celebrity billionaires, start-up entrepreneurs and side-hustling digital stock broking users are lining up for their opportunity for the drop of a stock. 
Some notable big name SPAC investors include Microsoft founder Bill Gates who, even still, notes that high-quality SPACs – especially in the green category where he’s investing heavily can improve their balance sheets via these financial instruments. ....

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Local broker Stake forced to suspend GameStop trading


Local broker Stake forced to suspend GameStop trading
1.22pm
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Australian low-cost trading platform Stake has blocked customers from buying high-flying US stocks including GameStop and Nokia due to restrictions imposed by its US broker DriveWealth.
Stake said DriveWealth’s move, which upset customers, was made after the capital requirements for trading in GameStop, Nokia and AMC Entertainment was increased significantly and made the funding required prohibitive.
“Any buy orders on any of these symbols made after Monday’s close will automatically be cancelled prior to market open Tuesday,” Stake said.
GameStop has been at the centre of a trading frenzy as a chatroom-inspired army of retail investors took on hedge funds which were shorting the stock. ....

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