The Crypto Roundup: 11 June 2024 | CryptoCompare.com

At a high-profile fundraiser in San Francisco, Republican presidential candidate Donald Trump made a strong case for his support of the cryptocurrency industry while criticizing Democratic regulatory approaches. The event, held at the Pacific Heights home of tech investors David Sacks and Chamath Palihapitiya, successfully raised $12 million.

Semler Scientific (Nasdaq: SMLR), a leading developer of technology products for healthcare providers, has purchased another 247 bitcoins, amounting to $17 million in cash. This brings the company’s total Bitcoin holdings to 828 bitcoins, acquired at an aggregate cost of $57 million, inclusive of fees and expenses, as of 6 June 2024.

The Arbitrum Foundation, which supports the Ethereum-based Layer 2 network Arbitrum, has announced a significant investment aimed at fostering the gaming industry within its ecosystem. Over the next three years, the foundation will allocate 225 million Arbitrum (ARB) tokens, valued at about $215 million, to the newly created Gaming Catalyst Program (GCP).

Top stories in the Crypto Roundup today:

• Donald Trump Pledges Support for Crypto at $12M San Francisco Fundraiser
• Nasdaq-Listed Healthcare Tech Leader Semler Scientific Expands Bitcoin Holdings
• Arbitrum Foundation Allocates $215 Million to Boost Gaming Ecosystem
• Bakkt Reportedly Considering Sale Amid Crypto Market Consolidation

Donald Trump Pledges Support for Crypto at $12M San Francisco Fundraiser

At a high-profile fundraiser in San Francisco, Republican presidential candidate Donald Trump made a strong case for his support of the cryptocurrency industry while criticizing Democratic regulatory approaches. The event, held at the Pacific Heights home of tech investors David Sacks and Chamath Palihapitiya, successfully raised $12 million.

During the event, Trump positioned himself as a fervent advocate for cryptocurrencies with Trevor Traina, a tech executive and former U.S. ambassador, noting that Trump described himself as the future “crypto president.”

This comes as the cryptocurrency sector seeks to influence political figures amid increased scrutiny following significant industry bankruptcies in 2022, which exposed fraudulent activities and resulted in substantial investor losses.

Republican National Committeewoman Harmeet Dhillon conveyed that Trump emphasized the importance of cryptocurrency and expressed his robust support for the industry. However, Trump did not provide detailed plans regarding his approach to crypto policy.

Despite San Francisco’s predominantly liberal leaning, Trump has found support among a growing number of venture capitalists and crypto investors in the area. These supporters, including several prominent figures, are concerned about what they perceive as overregulation under the current administration. Jacob Helberg, a Palantir adviser, mentioned that Trump vowed to halt what he described as the “Biden-Gensler crusade against crypto” within an hour of taking office.

The event attracted notable attendees from the crypto industry, including executives from Coinbase and the Winklevoss twins, Tyler and Cameron, well-known for their significant crypto investments. David Sacks and Chamath Palihapitiya, who have been vocal about their crypto investments, especially in Bitcoin, hosted the fundraiser in the Pacific Heights neighborhood.

Nasdaq-Listed Healthcare Tech Leader Semler Scientific Expands Bitcoin Holdings

Semler Scientific (Nasdaq: SMLR), a leading developer of technology products for healthcare providers, has purchased another 247 bitcoins, amounting to $17 million in cash. This brings the company’s total Bitcoin holdings to 828 bitcoins, acquired at an aggregate cost of $57 million, inclusive of fees and expenses, as of 6 June 2024.

On 28 May, Semler Scientific revealed its acquisition of 581 bitcoins for $40 million, including fees and expenses. Eric Semler, the company’s chairman, highlighted Bitcoin’s significance as a major asset class. He emphasized Bitcoin’s scarcity and finite supply, presenting it as a viable hedge against inflation and a safe haven amid economic uncertainties.

Semler noted that Bitcoin’s digital resilience and architecture provide advantages over gold, which has a market value of approximately ten times that of Bitcoin. He suggested that Bitcoin’s potential acceptance as digital gold could yield significant returns.

Before deciding on Bitcoin, Semler Scientific’s board and senior management evaluated various uses for their cash reserves, including acquisitions. Eric Semler explained that after considering different options, the company determined that investing in Bitcoin was the best use of its excess cash.

Semler Scientific’s CEO had this to say about his firm’s latest Bitcoin purchase: “Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash.”

Semler Scientific has filed an S-3 with the U.S. Securities and Exchange Commission to raise $150 million through debt securities, with plans to use part of the funds to purchase more Bitcoin.

Arbitrum Foundation Allocates $215 Million to Boost Gaming Ecosystem

The Arbitrum Foundation, which supports the Ethereum-based Layer 2 network Arbitrum, has announced a significant investment aimed at fostering the gaming industry within its ecosystem. Over the next three years, the foundation will allocate 225 million Arbitrum (ARB) tokens, valued at about $215 million, to the newly created Gaming Catalyst Program (GCP).

This initiative, which received approval on 7 June, seeks to enhance the adoption and use of Arbitrum, Orbit, and Stylus among game developers and gamers. The proposal, originally introduced in March, garnered strong support from notable organizations such as L2Beat, Wintermute, and Treasure DAO, despite opposition from entities like Blockworks Research and Camelot DAO.

Treasure DAO, celebrating the initiative’s passage, highlighted Arbitrum’s potential as a key player in the gaming sector. The GCP aims to support both emerging and established game developers. Grants up to 500,000 ARB (approximately $483,000) will be available to new and early-stage developers, while more seasoned developers can seek investments involving value-sharing components like tokens or equity. Funds will also be allocated to infrastructure-related bounties and operational costs to support the broader ecosystem.

The GCP will be managed by a specialized team under the guidance of a five-member council with expertise in gaming, venture capital, data analysis, and DAO governance. This council will ensure that funds are used effectively and in alignment with the program’s goals. They also hold veto power over investment decisions and team appointments, maintaining accountability.

Additionally, the GCP has set a cap of $25 million for operational expenses, with any expenditures beyond this limit requiring DAO approval. The Arbitrum DAO decided in March against funding the legal defense of Tornado Cash developers Roman Storm and Alexey Pertsev.

Bakkt Reportedly Considering Sale Amid Crypto Market Consolidation

Bakkt Holding, the digital-asset marketplace founded by Intercontinental Exchange (ICE), is considering a potential sale in light of increasing takeover activity within the cryptocurrency sector. According to sources familiar with the situation, Bakkt has engaged a financial advisor to evaluate various strategic options, including a possible breakup.

However, the company has not yet made a final decision and may choose to continue operating independently. Representatives for Bakkt, based in Alpharetta, Georgia, declined to comment on these speculations.

Launched in 2018 with high expectations, Bakkt initially partnered with major corporations like Starbucks Corp. and Microsoft Corp. Its founding CEO, Kelly Loeffler, later served as a U.S. Senator from Georgia. Despite its promising start, Bakkt faced challenges earlier this year, risking delisting from the NYSE after revealing doubts about its ability to remain operational.

Bakkt provides a comprehensive range of services, including trading and custody, and its consideration of a sale comes as the digital asset sector undergoes significant consolidation. With cryptocurrency prices nearing record highs, some firms are looking to expand, while others are recovering from the industry-wide downturn two years ago.

For instance, Robinhood Markets recently announced its acquisition of European crypto exchange Bitstamp, and Riot Platforms, a major Bitcoin mining company, proposed a takeover of its competitor Bitfarms.

Having gone public through a merger with a blank-check company in 2021, Bakkt reported a first-quarter loss of $21 million on revenues of $855 million. Despite financial setbacks, Bakkt continues to develop its platform, recently partnering with Crossover Markets to create a crypto electronic communication network (ECN).

Bakkt’s notable assets include a BitLicense from the New York State Department of Financial Services, allowing it to operate legally within New York.

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