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Fairshake to spend $25m on ads for 18 US House candidates
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5 months agoon
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adminFairshake, a prominent crypto-focused super PAC, plans to invest $25 million in TV ad campaigns to support 18 House of Representatives candidates from both parties.
According to Fairshake spokesman Josh Vlasto and Fox Business reporter Eleanor Terrett, this effort highlights a growing bipartisan consensus on the importance of crypto and blockchain in the future economy.
The PAC will support nine candidates from both parties with different political opinions.
Fairshake’s goals
Fairshake supports candidates committed to advancing crypto-friendly legislation and fostering innovation in the U.S. Their recent efforts include backing House Financial Services Chair Patrick McHenry, Rep. Dusty Johnson, and Rep. Josh Gottheimer (D-N.J.), all key figures in promoting crypto legislation.
The PAC is backed by major crypto firms like Coinbase, Ripple, and Andreessen Horowitz. Recently, Fairshake has helped spend over $37 million on primary race ads, contributing to notable victories, including Rep. John Curtis’s win in Utah. The organization continues to influence elections with significant contributions and strategic ad placements.
Fairshake PAC and its affiliates recently won three state primaries after losing in Arizona. They supported Wesley Bell, Bob Onder, and Shri Thanedar in Missouri and Michigan, while Emily Randall led in Washington’s 6th District.
Fairshake, along with Defend American Jobs PAC and Protect Progress PAC, spent $4 million supporting pro-crypto candidates and opposing anti-crypto incumbents like Cori Bush.
What is a PAC?
A PAC, short for Political Action Committee, is a group that collects and utilizes funds to support and/or oppose political candidates.
PACs typically follow specific donation restrictions and reporting regulations and operate within strict contribution limits from both individuals and entities. They can also contribute directly to candidates’ campaigns.
On the other hand, super PACs have the ability to raise and spend unlimited sums of money but are not allowed to coordinate directly with candidates or political parties.
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Stablecoin Issuer Tether Invests $775,000,000 Into YouTube Rival Rumble
Published
10 minutes agoon
December 23, 2024By
adminTether, the issuer of the largest stablecoin by market cap, is announcing a $775 million investment into YouTube alternative Rumble.
Rumble says in a press release that it will be using $250 million of the proceeds to support “growth initiatives” and the remaining capital to fund a self-tender offer for up to 70 million of its Class A common stock.
Tether has agreed to acquire 103,333,333 Rumble Class A shares at $7.50. Meanwhile, Rumble chairman and CEO Chris Pavlovski will retain his controlling stake in the company.
Says Pavlovski,
“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.”
On top of Rumble’s prioritization of free speech and decentralization, Tether CEO Paolo Ardoino says that the company also intends to look into a crypto payment solution for the YouTube rival.
“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives.
Rumble’s dedication to fostering open communication and innovation makes them an ideal ally as we continue building the infrastructure for a more decentralized, inclusive future. Lastly, beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”
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blockchain games
Solana L2 Sonic includes TikTok users in airdrop
Published
45 minutes agoon
December 23, 2024By
adminSolana GameFi network Sonic will airdrop free tokens to TikTok users for joining its crypto game.
Layer-2 gaming-centric Solana-native network Sonic plans to send SONIC tokens to TikTok users onboarded via its social media blockchain game. The Solana (SOL) Virtual Machine protocol designed its SonicX game directly on TikTok, similar to The Open Network developers behind Telegram mini-games.
The idea revolves around tapping existing web2 audiences for web3 projects, accessing millions of users already on platforms like Telegram and TikTok.
Over 1 billion monthly active users log on to TikTok, with numbers expected to reach more than 2 billion by 2029.
SonicX, the first TikTok App Layer from Sonic SVM, will distribute $SONIC tokens to all eligible TikTok users. Over 2 million users have already joined via a seamless onboarding flow—no external wallet setup or gas fees required.
Sonic on X
Social media-native games became widely popular on TON and Telegram. Projects like Notcoin (NOT) and Hamster Kombat (HMSTR) amassed millions of users in a few short months.
However, the trend appeared shortlived as protocols experienced a sharp drop in activity post-token airdrop. Hamster Kombat lost over 80% of its users right after its cryptocurrency distribution. Crypto giants like Binance and Gate have also released reports detailing a drop in Telegram mini app vitality.
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Bitcoin
Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC
Published
13 hours agoon
December 23, 2024By
adminTokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.
Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.
According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.
The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).
The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.
Metaplanet buys dip
The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.
Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.
Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.
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