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Tether’s Landmark Fundraise on Hold as Crypto Giant Seeks Audit
Tether Holdings SA’s plans to raise as much as $20 billion are on pause as the stablecoin giant awaits the results of its first full financial audit, a step that may revive one of the most anticipated fundraisings in the digital-asset era.
Prospective investors and bankers have been pressing Tether for greater transparency around its finances throughout the fundraising process, according to people familiar with the matter. Still, some would-be backers remain prepared to back the firm even without the audit, one of the people said, asking not to be identified discussing non-public information.
Circle Shares Fall Most Ever On Latest Stablecoin Rewards Move
Circle Internet Group Inc., the issuer of the USDC stablecoin, fell the most on record on Tuesday, with investors weighing potential changes to stablecoin regulation and competition in the sector.
The stock declined as much as 22%, its steepest intraday drop ever, and leading losses across crypto-linked equities. Coinbase Global Inc. fell as much as 11%, while MARA Holdings Inc., Bullish, Galaxy Digital Holdings Ltd. and Robinhood Markets Inc. also moved lower.
Bernstein Says Bitcoin Has Bottomed Even as U.S.-Iran Peace Talks Remain Uncertain
Bernstein analysts led by Gautam Chhugani have stated that the Bitcoin bottom is likely in, with further upside moves on the horizon. This comes as BTC continues to face pressure due to the U.S.-Iran war, with peace talks uncertain amid contrasting statements from both sides.
In a note to clients today, Bernstein analysts said they believe that Bitcoin has found its bottom and could now head higher. These analysts reiterated their year-end target of $150,000 for the leading crypto.
Bitcoin Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Wednesday was $61.95 million. The total net asset value of Bitcoin spot ETFs is $90.94 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.44%.
The Bitcoin spot ETF with the highest net outflow on March 24 was Fidelity Wise Origin Bitcoin Fund, with a net outflow of $45.35 million, according to SoSoValue.