Good morning, Coin Discoverers!

CRYPTO

• BTC: $56,889.40(-0.30%)YTD (+28.68%)

• ETH: $2,342.25(-0.76%)YTD (-0.45%)

• BNB: $517.16(-0.20%)YTD (+65.00%)

*Crypto numbers as of 5:00 am EST on September 10th

Solana platform DRiP raises $8M

Solana-based NFT drop platform DRiP has raised $8 million in a seed round, with investments led by NFX, Progression, and Coinbase Ventures. The funding aims to support the platform’s growth within the NFT space.

The newly acquired capital will be used to launch DRiP’s mobile app and enhance its suite of tools for creators, further empowering artists to engage with their communities and monetize their content.

Toncoin price begins to rebound after Durov's announcement

Toncoin's value has risen by over 7% in the last 24 hours, while other major altcoins like Ether and Solana remained mostly stable. This price surge stands out amid a relatively flat market for other cryptocurrencies.

Despite the recent recovery following the arrest of Telegram founder Pavel Durov by French authorities, Toncoin has slipped out of the top ten cryptocurrencies, with Tron overtaking its position.

How a Taxi Driver in El Salvador Struck it Rich with Bitcoin

Three years after President Nayib Bukele made Bitcoin legal tender, El Salvador has emerged as a growing cryptocurrency hub.

One local success story is Napoleon Osorio, a 39-year-old taxi driver who was among the first to accept Bitcoin as payment. Previously unemployed, Osorio now owns his own taxi and car rental business, thanks to the opportunities Bitcoin brought into his life.

Tether Makes $100M Bet on Agriculture Industry

Tether, the issuer of the world’s largest stablecoin, has made its first foray into the agriculture sector with a $100 million investment, acquiring a 9.8% stake in Latin American agro-tech firm Adecoagro. This marks a notable shift for Tether, which typically focuses on tech-driven sectors like AI, Bitcoin mining, and digital education.

The investment was made using Tether's own funds, as disclosed in a filing with the US Securities and Exchange Commission. Tether now holds over 10 million shares, nearly 10% of Adecoagro’s total shares, signaling its expanding interest beyond traditional tech ventures.

STOCKS

• DOW: 40,829.53(+1.20%)

• S&P: 5,471.00(+1.16%)

• NASDAQ: 16,884.60(+1.16%) 

*Stock numbers as of market close on September 9th

Hewlett Packard Shares Dip After $1.35B Convertible Stock Offering for Juniper Acquisition

Hewlett Packard Enterprise (HPE) saw its shares fall 6.4% in after-hours trading following the announcement of a $1.35 billion mandatory convertible preferred stock offering. The funds are intended to support the acquisition of Juniper Networks (JNPR).

Earlier this year, HPE revealed plans to buy Juniper for $14 billion in cash, aiming to bolster its AI capabilities and expand its offerings in the networking equipment sector.

NBT Bancorp Acquires Evans Bancorp for $236 Million

NBT Bancorp has agreed to acquire Evans Bancorp in a deal worth nearly $236 million, aiming to expand its presence in western New York. This move reflects a broader trend among small and mid-size banks, which are increasingly pursuing mergers to bolster their balance sheets and enhance competitiveness.

In 2024, banks with assets between $10 billion and $100 billion have already completed 38 deals, up from 29 during the same period last year, according to Dealogic data.

REAL ESTATE

• 15-year: 5.63%

• 30-year: 6.25%

*Mortage rates via Mortgage News Daily

Bonds Hold Last Week’s Gains as Market Awaits Key Moves

Monday's market session was relatively quiet compared to last week's volatility, particularly following Friday's heightened tension over the upcoming rate cut. Fed Funds Futures showed little movement due to a lack of new, actionable information, with no major economic reports or Fed speakers available—currently in their blackout period before the Fed's next meeting.

As the market awaits CPI, PPI, and Jobless Claims reports later this week, it remains to be seen whether bonds will react more to economic data than to Fed commentary. Given Friday's focus on the Fed's perspective, traders may now shift their attention to the forthcoming economic figures.

TECH

Replika CEO: AI Companions Need to Feel More Genuine

Amid the growing commercial potential of artificial intelligence, AI companions have become a key focus in conversational tech. These digital entities, serving as friends, romantic partners, or emotional support, are seeing increasing demand.

Despite media focus on the more provocative aspects of AI relationships, Replika CEO Eugenia Kuyda emphasizes that the conversation around AI companions is more nuanced and multifaceted.

QUICK RECAP

#1. Hostmore (MOREH.L) shares fell over 90% Monday after scrapping its TGI Fridays acquisition due to a management change.

#2. Progress Software will acquire Cloud Software Group’s ShareFile unit for $875 million to enhance its enterprise portfolio.

#3. Permira will now offer $46.50 per share, valuing Squarespace at $7.2 billion, up from $44.

#4. In August, Australian business conditions dropped to their lowest in 2.5 years, with the NAB index at +3.

#5. EQT will acquire a controlling stake in GeBBS Healthcare Solutions for over $850 million.