Crypto

Wall Street sees crypto-linked stocks as buying opportunity after Binance hack

Major Wall Street brokerages say there is no reason to leave the crypto market after the Binance hack and are pitching battered crypto-linked stocks as a buying opportunity. Cantor Fitzgerald, TD Cowen and Compass Point say the roughly $6.3 billion breach is unlikely to break the broader recovery. They cite rapid industry action to freeze stolen funds and Binance’s ability to cover losses. Moody’s Ratings took a more cautious view, highlighting cyber risks and uncertainty over final losses.

Crypto

XRP treasury firm Evernos pursues Strategy-style fundraising, size unclear

Evernos, an XRP treasury firm, plans to raise about $80.7 million by selling up to 5,218,935 newly issued Class A common shares to CF Principal Investments, an affiliate of Cantor Fitzgerald. It estimates net proceeds of about $78.3 million after fees and costs. The company plans to use most of the funds to buy more XRP. It is also pursuing funding through warrant exercises that could bring in about $132.2 million if fully exercised in cash.