Core Viewpoint - BlackRock's chairman and CEO Larry Fink has shifted his perspective on cryptocurrencies, acknowledging that his initial skepticism was incorrect as the firm becomes a significant player in the crypto investment space [1][2]. Group 1: BlackRock's Involvement in Crypto - BlackRock's iShares Bitcoin Trust ETF (IBIT), launched in early 2024, has quickly become the largest US-listed bitcoin ETF, accumulating over $70 billion in assets [2][3]. - The ETF is now recognized as the world's fastest-growing ETF and has become BlackRock's most profitable product [3]. Group 2: Market Dynamics and Volatility - Fink noted that bitcoin remains heavily influenced by leveraged players, contributing to ongoing volatility in the crypto markets [4]. - Recent market events, including a significant sell-off on October 10, highlight the inherent volatility of bitcoin and the broader crypto market [3]. Group 3: Future of Finance and Tokenization - Fink emphasized that tokenization presents a transformative opportunity for traditional finance, potentially reducing friction costs and simplifying investment processes [5]. - BlackRock and other financial firms are awaiting Senate approval on the Clarity Act, which aims to establish a regulatory framework for tokenized assets [6].

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Core Viewpoint - Core Scientific, Inc. is a significant player in the blockchain infrastructure and digital asset mining sector in North America, utilizing proprietary technology and large-scale facilities to enhance mining efficiency and provide hosting solutions to institutional clients [1] Business Model - The company operates a dual business model, generating revenue from both proprietary digital asset mining and hosting services for third-party clients [2] - Core Scientific's revenue streams include digital asset mining, blockchain infrastructure, and colocation services, with a notable focus on high-density colocation and AI-related workloads [5] Financial Performance - In the third quarter, total revenue decreased to $81.1 million from $95.4 million year-over-year, while high-density colocation revenue increased to $15 million from $10.3 million [6] - The company reported a gross profit of $3.9 million, a significant improvement from a loss of $0.2 million in the previous year, despite a net loss of $146.7 million attributed to non-cash fair-value adjustments [6] - Liquidity remains strong at $694.8 million, including $453.4 million in cash and $241.4 million in bitcoin, providing the company with the capacity to fund its AI-infrastructure initiatives [6] Investment Activity - VR Advisory Services established a new position in Core Scientific, acquiring 1.2 million shares valued at approximately $21.7 million, representing 5.3% of the fund's reportable U.S. equity AUM [3][4] - This investment reflects VR Advisory's confidence in Core Scientific's transition towards more stable revenue streams, moving away from the volatility associated with bitcoin mining [5][7]

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Core Insights - Core Scientific is undergoing a significant transformation, with a major investor, VR Advisory Services, acquiring a substantial stake of 1.2 million shares valued at approximately $21.7 million [1][2][10] Company Overview - Core Scientific operates as a leading provider of blockchain infrastructure and digital asset mining services in North America, utilizing advanced data centers and proprietary technology to enhance mining efficiency [6][9] - The company's market capitalization stands at $4.9 billion, with a revenue of $334.2 million and a net income of -$768.3 million for the trailing twelve months [4] Financial Performance - In the third quarter, Core Scientific reported total revenue of $81.1 million, a decrease from $95.4 million year-over-year, while high-density colocation revenue increased to $15 million from $10.3 million [11] - The company experienced a net loss of $146.7 million, attributed to non-cash fair-value adjustments rather than operational issues, and maintains strong liquidity of $694.8 million, including $453.4 million in cash and $241.4 million in bitcoin [11] Strategic Shift - Core Scientific is pivoting towards high-density colocation and AI-related workloads, moving away from reliance on volatile bitcoin mining revenues [10][12] - The recent investment by VR Advisory Services indicates confidence in Core's strategic transition and its potential to stabilize revenue streams [10][12]

Day 1 of #BinanceBlockchainWeek was pure fire.Mind-blowing talks, non-stop energy, and thousands of builders in one place.That’s a wrap for today!Tomorrow, we’ll turn it up even louder — see you there 🤙 https://t.co/CH3ZbPSGVF ...

🇦🇪 At @Binance Blockchain Week presented by @Celo, @davidwachsman says Dubai’s growth mirrors the growth of crypto:"We repair and we rebuild. And we've seen in the same type of trajectory we've seen Dubai grow, we've seen crypto grow too.” https://t.co/kGzXx4cJTO ...

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Capital Markets & Investment Trends - Current capital markets privatize gains and socialize losses [1] - Over 95% of valuable companies remain private, excluding retail investors from top opportunities [1] - Equity can't scale to billions of holders, but tokens can [2] - Internet's liquidity layer will end the US markets monopoly on liquidity [2] - Internet Capital Markets are coming faster than people think [2] Blockchain & Tokenization - Public blockchains like Solana can make asset ownership trivial for anyone with a phone [1] - Reducing barriers for asset issuers and investors using internet-native infrastructure is key to UBO (Universal Basic Ownership) [1] - Crypto simplifies compliance [1] - Anything becomes an asset through tokenization (Spotify artists, DoorDash restaurant futures, Uber Riders) [2] Future Economic Models - Societies will move towards a UBI (Universal Basic Income) or UBO (Universal Basic Ownership) model [1] - The hard part (network, apps, demand) is built; the last piece is supply coming from capital markets going on the internet [2]

Market Overview - Bitcoin is currently trading above $92,000, a significant level that traders are monitoring, indicating a potential move towards $100,000 [1][6] - Recent bullish developments have improved investor sentiment, including Vanguard's introduction of crypto products and Bank of America's recommendation for a 4% crypto asset allocation for wealth management clients [1] Performance Analysis - Bitcoin is recovering from a challenging November, where it experienced an 18% decline [2] - Bitcoin exchange-traded funds (ETFs) are rebounding after facing their second-largest monthly outflows on record [2] Institutional Influence - Bitcoin's price movements are heavily influenced by institutional flows, which tend to slow mid-month, making sustained breakouts less likely [3] - The recent break above $92,000 may pave the way for a retest of the $100,000 level [3] Federal Reserve Expectations - Investors are anticipating a 25 basis point rate cut at the upcoming Federal Reserve policy meeting on December 10 [3] - Prediction markets suggest an 80% chance that Kevin Hassett will be nominated to replace Jerome Powell as Fed Chair, which is viewed positively for the crypto industry [3][4] Regulatory Environment - Under Kevin Hassett's leadership, the White House National Economic Council published a report recommending regulations for the blockchain industry and digital assets, which could be beneficial for the crypto market [4] - A pro-crypto Fed Chair could facilitate the integration of blockchain technology into the banking system [5]