Schlagwort: blockchain markets

• Robinhood has agreed to acquire WonderFi for US$179 million, marking its entry into Canada.
• The acquisition deal values WonderFi at CA$0.36 per share, a 41% premium.
• The deal includes the acquisition of Bitbuy and Coinsquare platforms.

Robinhood Markets has announced that it has agreed to acquire Vancouver-based WonderFi Technologies in an all-cash transaction valued at US$179 million, marking the retail brokerage’s official entry into the Canadian cryptocurrency market.

Under the terms of the deal, WonderFi shareholders will receive C$0.36 per share, representing a 41% premium over the firm’s closing price before the announcement, in a transaction that values the Canadian firm at approximately C$250 million.

Investors have responded positively to the news, sending Robinhood shares up 6.4% to trade around $61 on Wednesday, while WonderFi’s stock on the Toronto Stock Exchange jumped 34% to C$0.24, highlighting the market’s enthusiasm for cross-border crypto consolidation.

Veteran investor Kevin O’Leary, a prominent backer of WonderFi and Shark Tank personality, praised the acquisition as a testament to WonderFi’s “picks and shovels” approach, which focuses on durable infrastructure rather than speculative token bets.

O’Leary remarked in a recent interview that the proliferation of stablecoins and real-time settlement capabilities will play a more decisive role in crypto’s mainstream adoption than volatility-driven price rallies.

Robinhood’s entry into the Canadian market

Robinhood’s expansion into Canada via WonderFi complements the company’s mission to democratize finance for all, tapping into a market where retail crypto adoption continues to accelerate alongside growing mainstream interest.

The acquisition brings under Robinhood’s umbrella two of Canada’s most prominent crypto trading platforms, Bitbuy and Coinsquare, each of which has built a loyal user base since their respective inceptions.

By integrating WonderFi’s infrastructure and expertise, Robinhood gains immediate access to a market that saw over C$3.57 billion in trading volume on WonderFi’s platforms during fiscal 2024, reflecting a 28% year-over-year increase in activity.

All of WonderFi’s existing employees, whose ranks now exceed 140 professionals specialising in customer support and regulatory compliance, will transition to Robinhood, bolstering the US firm’s ability to navigate Canada’s distinct financial oversight environment.

Notably, the acquisition follows Robinhood’s announcement earlier this year that it expects to close its US$200 million purchase of Bitstamp, the Luxembourg-based crypto exchange, in the first half of 2025, further underscoring the company’s global ambitions.

Robinhood is evolving beyond commission-free equities

The move underscores Robinhood’s broader strategy to evolve beyond its origins as a commission-free equities trading app by cultivating a more diversified, borderless financial services ecosystem centred on digital assets.

Robinhood’s Chief Executive Officer, Vlad Tenev, emphasised that the WonderFi acquisition represents “a critical first step” in establishing the company’s Canadian presence, noting that the region’s regulatory framework and investor adoption rates position it as a natural complement to Robinhood’s existing markets.

Analysts at Mizuho predicted that a successful Canadian launch could ultimately contribute up to $250 million in incremental annual revenue, assuming Robinhood can leverage WonderFi’s local brand recognition and operational footprint.

Robinhood’s Q1 2025 earnings report, released just days before the WonderFi deal, showcased a 50% surge in revenue to $927 million, driven in large part by a $252 million contribution from its crypto trading business.

The company’s net income of $336 million for the quarter reflected a 114% increase year-over-year, positioning Robinhood among the most profitable US fintech platforms in an industry still grappling with regulatory uncertainty.

If executed smoothly, the acquisition could serve as a blueprint for Robinhood’s future forays into other regulated markets, leveraging a playbook of acquiring established, locally compliant crypto services rather than building from scratch.

The post Robinhood expands into Canada with WonderFi acquisition appeared first on CoinJournal.

• Hashed deposit of 18.45 million SAND to Binance signals a possible sell-off.
• The Sandbox (SAND) price, which has risen by 32.6% over the week, has dropped 4.1% today.
• The key levels to watch are the support at $0.31 and the resistance at $0.3627.

The Sandbox (SAND) has been capturing attention in the cryptocurrency market, with its price climbing 32.6% over the past week to $0.3517.

Despite this impressive gain, the token has faced a 4.1% decline in the last 24 hours.

Adding to the market dynamics, crypto investment firm Hashed recently deposited 18.45 million SAND tokens, valued at approximately $6.3 million, to Binance.

Hashed(@hashed_official) deposited 18.45M $SAND($6.3M) to #Binance 2 hours ago.

Hashed is very good at buying low and selling high—just last month, they withdrew 11.36M $SAND($2.9M) from #Binance at $0.26. Since then, $SAND is up 35%.https://t.co/NbfRQu5wf2 pic.twitter.com/LYmx4WQxkG

— Lookonchain (@lookonchain) May 13, 2025

This significant transaction has sparked discussions among traders and analysts about its potential impact on SAND’s price trajectory.

Recent SAND price movements

Over the past 24 hours, SAND has traded between $0.337 and $0.3706, reflecting the inherent volatility in the cryptocurrency market.

Despite the recent dip, the token has shown resilience, with a remarkable 32.6% increase over the past seven days, moving from a low of $0.2641 to a high of $0.3679.

Looking at a broader timeframe, SAND has gained 17.4% over the last 14 days and 33.2% over the past month, indicating a strong upward trend.

However, it’s worth noting that over the past year, the token has decreased by 16.7%, highlighting the cyclical nature of cryptocurrency investments.

Impact of Hashed’s strategic token movement

Notably, today’s SAND transaction, valued at around $6.3 million, follows a strategic withdrawal by Hashed last month.

On April 10, 2025, at 3:00 PM UTC, Hashed withdrew 11.36 million SAND tokens from Binance when the price was $0.26, totalling $2.9 million.

Since then, SAND’s price has appreciated by 35%, reaching $0.35 before the recent deposit.

Today’s deposit of such a large amount of SAND to Binance could signal that Hashed is preparing to sell, which might put downward pressure on the price.

This is especially relevant given the increased trading volume observed after the deposit.

Immediately after the deposit, trading activity surged, with volume on the SAND/USDT pair jumping to over 25 million SAND in the subsequent hour.

This was significantly higher than the previous 24-hour average of 15 million SAND.

The heightened activity suggests that traders are reacting swiftly to the news, possibly anticipating a price movement.

From a technical perspective, the Relative Strength Index (RSI) is at 64 after briefly entering the overbought region on the daily chart, suggesting that while SAND has been on an upward trend, it is currently cooling off in anticipation of the next move.

The MACD is also signalling a retracement with a declining histogram and the MACD and signal lines converging.

If the price falls below the support at $0.31, we could witness a retest of the support at around $0.27.

However, if the $0.31 support holds and the resistance at $0.3627 is broken, the token could regain its bullish momentum, propelling it towards $0.41.

However, it’s important to note that the broader cryptocurrency market has been experiencing mixed sentiments, which could influence risk appetite for assets like SAND, although metaverse and gaming tokens, including SAND, have been gaining traction recently, driven by renewed investor interest in virtual reality projects.

Keeping an eye on trading volumes, technical indicators, and broader market sentiments will be crucial for those looking to capitalise on or hedge against potential price swings in the coming days.

The post The Sandbox price prediction amid Hashed’s deposit of 18.45 million SAND tokens to Binance appeared first on CoinJournal.

• The inclusion, effective before trading begins on May 19, will see the crypto major replacing Discover Financial Services in the index.
• Analysts at Bernstein estimate the move could trigger roughly $9 billion in inflows from passive investment vehicles linked to the S&P 500.
• At a market capitalization of approximately $52 billion, Coinbase would represent around 0.1% of the S&P 500

Coinbase is set to become the first pure-play cryptocurrency firm to be included in the S&P 500 index.

The inclusion, effective before trading begins on May 19, follows the pending completion of Discover Financial Services’ acquisition by Capital One.

Wall Street brokerage Bernstein estimates that Coinbase could see approximately $16 billion in buying pressure as a result of its inclusion in the S&P 500.

Of this, around $9 billion is expected to come from passive index funds that track the benchmark, while an additional $7 billion could stem from active fund allocations responding to the index change.

“We estimate $9 billion potential buying into Coinbase driven by passive S&P 500-linked ETFs and non-ETFs,” said Bernstein’s Gautam Chhugani in a note to clients on Tuesday.

For S&P-benchmarked active funds, a 0.1% allocation could translate into another $7 billion in potential buying, he added.

At a market capitalization of approximately $52 billion, Coinbase would represent around 0.1% of the S&P 500 and about 0.7% of the index’s financial sector weighting.

The S&P 500 currently has a total market value of about $52 trillion.

The long road to mainstream

Coinbase’s path to the index follows what Bernstein described as a dramatic turnaround, after the company had previously been involved in litigation with the US Securities and Exchange Commission.

Coinbase debuted on the Nasdaq via a direct listing in April 2021 and now holds about 66% share of the US crypto exchange market, with more than $400 billion in assets and around 10 million active users.

As the saying goes…

“First they ignore you.
Then they laugh at you.
Then they fight you.
Then they add you to the S&P 500.”

…or something like that.

— Coinbase 🛡️ (@coinbase) May 12, 2025

“This is a big deal,” said Coinbase President and COO Emilie Choi.

“The S&P 500 is arguably the most tracked and influential index in the world, is a 401(k) cornerstone, and a magnet for institutional capital.”

CEO Brian Armstrong added, “Crypto is about to be in everyone’s 401k,” and expressed hope that entry into a COIN50 index might eventually carry similar weight.

Market reaction to Coinbase’s inclusion

Coinbase shares rose about 16% in the early hours of trading on Thursday following the announcement and were last seen trading at $241.60.

However, the stock remains down about 5% year-to-date.

The listing comes shortly after Coinbase announced a $2.9 billion deal to acquire Deribit, a crypto derivatives exchange.

The acquisition includes $700 million in cash and 11 million Coinbase Class A shares.

The post S&P 500 inclusion could drive $9B–$16B inflows into Coinbase: Bernstein appeared first on CoinJournal.

• The total cryptocurrency market capitalization declined by 1.7% over the past 24 hours to $3.29 trillion.
• As the broader market stalls after yesterday’s rally, XRP, Cardano (ADA), and Bitcoin Pepe are beginning to show signs of major upside.
• BPEP tokens are currently priced at $0.0326, with the presale scheduled to end on May 31, 2025.

The total cryptocurrency market capitalization declined by 1.7% over the past 24 hours to $3.29 trillion, even as equity markets continued to post gains.

A strengthening US dollar, driven by renewed tariff-related developments, weighed on crypto prices.

This pressure was amplified by Bitcoin’s recent rally to near-record levels, prompting short-term profit-taking.

Despite the pullback, investor sentiment remains firm. The Crypto Fear & Greed Index held steady at 70 for the fourth consecutive day, reflecting ongoing risk appetite in the market.

Bitcoin illustrated its typical volatility on Tuesday, briefly dipping to $100.5k before recovering to $102.7k, suggesting that the decline was primarily driven by profit booking followed by renewed buying interest.

With market optimism largely intact, price behavior around the $105k level remains a key area to watch in the near term.

As the broader market stalls after yesterday’s rally, XRP, Cardano (ADA), and Bitcoin Pepe are beginning to show signs of major upside.

Cardano

Cardano (ADA) fell 4% to $0.785 on Tuesday, marking a pause in its recent bullish trend following a 19% rally last week.

The decline suggests some loss of momentum in the short term, but broader sentiment within the Cardano community remains resilient.

Investor optimism has been buoyed by the long-awaited integration of ADA into the Brave Wallet, a move that enhances Cardano’s real-world utility.

The announcement was followed by comments from Cardano founder Charles Hoskinson, who described the Brave integration as the “first of many” upcoming partnerships.

He added that these deals had originally been planned for 2022 but were delayed due to what he described as a lack of follow-through by an unnamed party: “A certain entity dropped the ball, we got ignored.”

Hoskinson said the remaining deals—linked to the Midnight release—will be rolled out over the coming summer and fall, contributing to growing expectations for continued development across the ecosystem.

Despite the recent price pullback, the improving sentiment around Cardano and its ongoing partnerships suggest investors are looking beyond short-term volatility.

XRP

Following a strong rally on Monday, XRP overtook Tether to become the third-largest cryptocurrency by market capitalization, which briefly crossed $150 billion.

Despite a pullback amid broader market corrections, XRP is still trading 4% higher on the 24-hour chart at $2.47.

Data from Coinglass indicates continued bullish sentiment among traders, with XRP futures open interest rising 14.42% to $5.29 billion and options volume jumping 76%.

Meanwhile, blockchain analytics firm Santiment reported that the XRP Ledger has reached a milestone of 6.5 million users—the highest in its 12-year history.

Bitcoin Pepe to list on May 31

Bitcoin Pepe (BPEP) is positioning itself as a project that combines Bitcoin’s established presence in the crypto market with the viral momentum often seen in meme coins.

The project promotes its approach as a first-of-its-kind initiative, aiming to bridge the gap between the two segments. According to its messaging:

“The opportunity isn’t subtle. Meme coins hit $100B without Bitcoin. Bitcoin sits at $2T without memes. We’re the first to merge them.”

Investor interest has been building, with the ongoing presale raising over $8 million so far.

BPEP tokens are currently priced at $0.0326, with the presale scheduled to end on May 31, 2025.

A potential exchange listing is expected to follow soon after, which could act as a catalyst for further price movement.

With positive sentiment returning to the broader crypto market, Bitcoin Pepe may attract further attention from investors seeking exposure to speculative meme-driven assets.

The post Best crypto to buy: XRP, ADA and Bitcoin Pepe appeared first on CoinJournal.

• Coinbase (COIN) shares surged over 8% after-hours on news of its S&P 500 inclusion.
• Coinbase will replace Discover Financial in the index effective before market open on May 19.
• The inclusion marks a significant milestone, giving broad investor/portfolio exposure to a crypto firm.

Shares of cryptocurrency exchange Coinbase (COIN) experienced a significant surge in after-hours trading on Monday following the landmark announcement that the company will be added to the prestigious S&P 500 stock index.

This inclusion marks a pivotal moment for Coinbase and the broader digital asset industry, signaling increased mainstream acceptance and potentially ushering in a new wave of investor exposure.

A new entrant to Wall Street’s premier index

Coinbase is set to join the S&P 500, which tracks 500 of the largest publicly traded US companies across diverse sectors, effective before the market opens on May 19.

According to an S&P press release, Coinbase will replace Discover Financial Services (DFS) in the index, as Discover is currently in the process of being acquired by Capital One.

With a market capitalization nearing $53 billion, Coinbase, which currently trades on the Nasdaq exchange, will soon rub shoulders with Wall Street titans like Apple, Microsoft, Amazon, and Google within the S&P 500.

Crypto gains mainstream exposure

The inclusion of a crypto-focused company like Coinbase in such a widely followed benchmark index is a significant development.

It means that millions of everyday investors, as well as numerous model portfolios and index-tracking funds, will now gain direct exposure to the digital asset sector through their holdings.

The anticipated impact on trading volume is substantial. “COIN about to be in every portfolio in America,” commented Juan Leon, senior investment strategist at asset manager Bitwise, in a post on X (formerly Twitter).

He projected, “The S&P 500 inclusion is going to force 7x the daily trading volume into [the] stock,” as index funds rebalance their portfolios to include the new constituent.

News of the impending S&P 500 inclusion sparked immediate investor excitement.

Coinbase shares jumped to as high as $225 in post-market trading, an increase of 8.6%, building upon a nearly 4% gain achieved during Monday’s regular trading session.

Coinbase’s journey and eligibility

This milestone comes just over three years after Coinbase’s public debut on the Nasdaq in 2021, at which time it had a market capitalization of $52.78 billion.

While its current share price (closing at $207.22 on Monday) remains below its 2021 peak (above $357), the company has increasingly bridged the gap between the crypto world and traditional finance, particularly as institutional interest in digital assets has grown.

Eligibility for the S&P 500 is stringent, requiring companies to report a profit in their most recent quarter and demonstrate cumulative profitability over the preceding four quarters.

According to CNBC reports, Coinbase has met all these criteria.

The company recently reported a profit of $65.6 million for its latest quarter. While this is a significant decrease from the $1.18 billion profit reported a year prior, its revenue has shown healthy year-over-year growth of approximately 24%, reaching $2.03 billion.

Coinbase’s addition to the S&P 500, which already includes a diverse range of technology companies beyond just large-cap tech, follows other recent tech-related inclusions such as Dell, Palantir, Super Micro Computer, and CrowdStrike, reflecting the evolving composition of the US economic landscape.

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