The red-hot cryptocurrency market shows no signs of cooling. Thanks to increased adoption of Bitcoin by companies like Visa and PayPal, coupled with retail, and institutional interest, it comes as no surprise that executives like MicroStrategy CEO Michael Saylor believe Bitcoin could see a $100 trillion valuation. It also comes as no surprise that companies like Visa are pushing deeper into Bitcoin. In fact, according to Visa CEO Al Kelly, “Our focus is on five different opportunities that we see in this space and I would say that this is space that we are leaning into in a very big way and I think are extremely well-positioned," as quoted by The Block Crypto. All could lead to a world of opportunity for companies like Tokens.com Corp. (NEO:COIN), Coinbase (NASDAQ:COIN), Riot Blockchain (NASDAQ:RIOT), Marathon Digital Holdings Inc. (NASDAQ:MARA), and Square Inc. (NYSE:SQ).
Look at Tokens.com Corp. (NEO:COIN), for example
Tokens.com Corp. is a Proof-of-Stake technology company that provides investors with a simple and secure way to gain exposure to Staking rewards and cryptocurrencies. The Company provides investors with exposure to the digital assets that power Decentralized Finance and Non-Fungible Tokens, without the burden of buying, managing and securing digital assets themselves.
In addition, Tokens.com Corp. (formerly COIN Hodl Inc.) just announced it has completed the acquisition of all of the outstanding shares of Tokens.com Inc. by way of a three-cornered amalgamation.
The Company has also received final approval for listing of the common shares in the capital of the Company on the NEO Exchange Inc. , with trading to commence at market open on Friday, April 30, 2021. As a result of the closing of the Transaction, the Company will now carry on the business of Tokens Inc., which is a Proof-of-Stake (PoS) technology company that powers digital asset transactions, including Decentralized Finance (DeFi) applications.
"We are excited to be going public at such a pivotal time for blockchain technology and when the Decentralized Finance and Non-Fungible Token sectors are booming,” commented Andrew Kiguel, CEO of the Company.
Description of the Transaction
In preparation for the Closing, on April 27, 2021, the Shares were de-listed from the TSX Venture Exchange and the Company amended its articles to provide for, among other things:
the change of name of the Company to "Tokens.com Corp.";
- the consolidation of the 16,779,730 Shares then outstanding on the approximate basis of one post-consolidation Share for every 11.9868 pre-consolidation Shares; and
- a return of capital, pursuant to which the Company distributed an aggregate of $3,553,114 in cash and 1,011,250 common shares in the capital of Abbax Technologies Inc. to its shareholders.
Also on April 27, 2021, Tokens Inc. amended its articles to, among other things, provide for a forward split of its 12,868,131 then outstanding Class A common shares on the basis of 3.133 post-split Tokens Shares for each pre-split Tokens Share.
On April 28, 2021:
- all subscription receipts issued by Tokens Inc. in connection with its $25.0 million private placement financing, were converted into an aggregate of 33,329,972 post-consolidation Shares on a 3.133 for one basis; and
- Tokens Inc. amalgamated with 2821956 Ontario Inc., a wholly owned subsidiary of the Company. In connection with the Amalgamation, the Company issued the Tokens Shareholders an aggregate of 73,645,812 post-consolidation Shares, on a one for one basis, in exchange for each Tokens Share held. In addition, each convertible security of Tokens Inc. was exchanged for a replacement convertible security of the Company, having substantially the same economic terms.
The Transaction constituted a reverse takeover of the Company by Tokens Inc., with Tokens Inc. being the reverse takeover acquirer and the Company being the reverse takeover acquiree. As a result of the Closing, the Company's auditor has changed from MNP LLP, the Company's former auditor, to Manning Elliott LLP, the auditor of Tokens Inc.
Other related developments from around the markets include:
Coinbase co-Founder and CEO Brian Armstrong recently noted, “A decade of work and so many people brought us here. This includes every Coinbase employee, focused for years on building a financial system that’s free, fair, and open to everyone. It also includes you, the 56 million people who use Coinbase. And of course, we have to recognize Satoshi Nakamoto, who started it all by introducing Bitcoin to the world in 2008. We’ve had a number of ups and downs on our way here. Through luck and skill, Coinbase succeeded where many predicted it would fail. We weathered the ups and downs through innovation and keeping our eye on the long term. And along the way, we made cryptocurrency easier to use, introducing millions of people to this new technology. I’m proud of what we have accomplished so far. But we certainly didn’t do all this work just for one day.”
Riot Blockchain, one of the leading Nasdaq listed Bitcoin mining companies in the United States, announces an operations update that includes an unaudited Bitcoin production and an unaudited BTC holdings update, through March 2021. In March 2021, Riot produced 187 BTC, an increase of 80% over its pre-halving March 2020 production of 104 BTC. In Q1 2021, the Company produced 491 BTC, an increase of 75% over its pre-halving Q1 2020 production of 281 BTC. As of March 31, 2021, Riot holds over 1,565 BTC on its balance sheet, all of which was produced by its mining operations.
Marathon Digital Holdings Inc., one of the largest enterprise Bitcoin self-mining companies in North America, announced that its board of directors has appointed Fred Thiel as its new chief executive officer, effective today. Thiel will succeed Merrick Okamoto, who has served as the Company’s chief executive officer since 2018, and who will serve as executive chairman of the board of directors following the transition.
Square Inc. will release financial results for the first quarter of 2021 on May 6, 2021, after market close. Square will also host a conference call and earnings webcast at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time on the same day to discuss these results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Square’s Investor Relations website at investors.squareup.com. A replay will be available at the same website following the call.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Tokens.com Corp. by Tokens.com Corp. We own ZERO shares of Tokens.com Corp. Please click here for full disclaimer.
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