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Crypto Investors Remained Resilient During Market Downturn, Gemini Report Finds

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Gemini’s 2024 Global State of Crypto found that the majority of crypto owners are HODLers across the US, UK, France, and Singapore.

NEW YORK, Sept. 10, 2024 /PRNewswire/ — Today, crypto platform Gemini released its 2024 Global State of Crypto report, finding that crypto adoption remained steady across the United States (21%) and United Kingdom (18%) from 2022 to 2024. The number of crypto owners in France (18%) rose slightly from 2022 (16%), while Singapore ownership dropped slightly from 30% to 26%.

The consistency in ownership is due in part to crypto owners’ attitudes toward the asset class. Nearly two in three crypto owners across these geographies (65%) report buying and holding cryptocurrency for its long-term investment potential, and nearly two in five (38%) hold cryptocurrency as a hedge against inflation.

On November 14, 2022, the combined value of the top 100 cryptocurrencies had dropped to $830 billion, down from $2.7 trillion the year earlier. In 2024. The number of past owners rose slightly in each geography, suggesting that some crypto owners left the market during the downturn. However, more than 70% of past owners report a potential return to the market.

Other key findings include:

  • Lack of regulatory clarity is a barrier to entry: In the US and UK, nearly two in five (38%) non-owners cited regulatory concerns as a barrier to investing in crypto. In France, nearly one in three (32%) said the same, and in Singapore nearly half (49%) of respondents said crypto regulations were a concern.
  • The majority of crypto owners want to allocate 5% or more to digital assets: The majority (57%) of crypto owners say they are comfortable making crypto a core part of their investment portfolio. More than one in four (27%) of past owners said the same, signaling many may soon be re-entering the crypto market.
  • The gender gap in crypto ownership persists, but women are just as likely to HODL: The split between male and female ownership was slightly more pronounced in 2024 compared to 2022, with 69% of crypto owners identifying as male and 31% identifying as female, compared to 58% and 42% in 2022, respectively. However, women are just as likely as their male counterparts to buy and hold for the long term.
  • Spot crypto exchange traded funds (ETFs) bring growth: In the US, nearly two in five (37%) cryptocurrency owners surveyed said they hold some crypto through an ETF. More than one in ten (13%) own crypto exclusively through an ETF, suggesting they entered the market through ETFs when they were introduced this year.
  • Crypto has become a US election issue for the first time: The vast majority of crypto owners in the United States (73%) plan to consider a candidate’s digital asset policies when they vote for the next president of the United States.

“Crypto investors have proven their resilience over numerous market cycles throughout the years, and the latest downturn was no exception,” said Marshall Beard, COO at Gemini. “The introduction of spot crypto ETFs in the United States and the significant headway towards thoughtful regulation in many jurisdictions globally has positioned the industry for strong growth as retail investors rejoin the crypto market or get started for the first time.”

The countries surveyed in the 2024 State of Crypto study were selected because they are nations where Gemini either currently operates or is exploring operations in the future. In addition to the United States, United Kingdom, France, and Singapore, Gemini also surveyed Turkey for the first time this year.

Turkey is overwhelmingly positive toward crypto, with the majority of respondents (58%) reporting owning crypto. An even larger majority of both owners and non-owners (65%) said they were likely to purchase crypto in the next year. Crypto owners in Turkey were significantly more likely to actively trade crypto (62%) compared to owners in other countries surveyed (43%).

Methodology

The 2024 Global State of Crypto report is based on a survey conducted with 6,000 adults across the US, UK, France, Singapore, and Turkey. The survey was conducted online between May 23, 2024 and June 28, 2024 on behalf of Gemini by Data Driven Consulting Group. The total sample has been balanced and is generally representative of the adult population in each country ages 18 to 75 with household incomes of $14,000 USD or more. Data cited in the report as “2022” was from a survey conducted online between November 23, 2021 and February 4, 2022, also on behalf of Gemini by Data Driven Consulting Group.

About Gemini

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Gemini is a global crypto and Web3 platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto products and services for individuals and institutions in over 70 countries. Gemini’s simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom.

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Smartkem Closes $7.65 Million Offering

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MANCHESTER, England, Dec. 23, 2024 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics using its disruptive organic thin-film transistors (OTFTs), announced it has completed its previously announced concurrent public and private offerings of its securities, including shares of its common stock and common stock equivalents, for an aggregate total gross proceeds of $7.65 million.

Smartkem issued 1,449,997 registered shares of common stock and unregistered Class D warrants to purchase up to 1,449,997 shares of common stock to investors in concurrent public and private offerings at a price of $3.00 per share and related Class D warrant. Each investor received one Class D warrant for each share purchased in the public offering.

Pursuant to the separate concurrent private placement, the Company sold to certain institutional investors, including existing investors in the Company, 169,784 unregistered shares of common stock, unregistered pre-funded warrants to purchase up to 930,215 shares of common stock and unregistered Class D warrants to purchase up to 1,099,999 shares of common stock at a price of $3.00 per share and related Class D warrant and a price of $2.9999 per pre-funded warrant and related Class D warrant.  Each investor received one Class D warrant for each share of common stock or pre- funded warrant purchased in the offering.

The Class D warrants are immediately exercisable at an exercise price of $3.00 per share and expire on December 31, 2025.  The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 per share and may be exercised at any time until all of the pre-funded warrants have been exercised in full.

The gross proceeds of the offerings described above were $7.65 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds of the offerings for working capital and general corporate purposes.

Craig-Hallum Capital Group LLC acted as the Company’s exclusive placement agent for the offerings.

In connection with the offerings described above, the Company has entered into a registration rights offering pursuant to which it has agreed to register the shares of common stock issued in the private placement, the shares of common stock issuable upon the exercise of the Class D warrants and the pre-funded warrants sold in the offerings and certain other securities for resale by the holders thereof no later than the earlier of (i) the 10th day after the filing of the Company’s annual report on Form 10-K for the year ended December 31, 2024 or (ii) April 25, 2025.

The sale of the registered shares of common stock was made pursuant to Smartkem’s effective shelf registration statement on Form S-3 (file no. 333- 281608), including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on August 22, 2024 and a prospectus supplement dated December 18, 2024 filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by email at [email protected]. Alternatively, copies of the prospectus supplement and the accompanying base prospectus may be obtained for free at the SEC’s EDGAR website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any Smartkem securities.

About Smartkem

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Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to revolutionize the display industry.  Smartkem’s patented TRUFLEX® liquid semiconductor polymers can be used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays. Smartkem’s organic inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.

Smartkem develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) at Sedgefield, UK. It has a field application office in Taiwan. The company has an extensive IP portfolio including 138 granted patents across 18 patent families, 16 pending patents and 40 codified trade secrets.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, the expected use of proceeds received from the offerings. These statements are not historical facts but rather are based on Smartkem Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

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Designing for the future: SM’s vision through an architect’s lens

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PASAY CITY, Philippines, Dec. 23, 2024 /PRNewswire/ — The SM Group, through its integrated property developer arm, SM Prime Holdings, Inc., is setting a benchmark in sustainable and disaster-resilient design. Embracing innovation, the company integrates environmental considerations and community well-being into its projects, reflecting a commitment to long-term sustainability. 

The SM group’s foresight to incorporate best building practices continues with the next generation, as Jessica Sy, Vice President and Head of Design, Innovation, and Strategy of SM Prime and its residential arm SM Development Corporation (SMDC) emphasizes respecting the land through the creation of green buildings.

“We want to make sure that when we develop a building, it’s going to last for a long time,” said Ms. Sy. “We’ve seen that what’s good for our communities is actually good for our company because addressing their needs also strengthens our connection with them as our customers.”

Drawing from lessons on her first year in studying architecture, Ms. Sy noted the role of water in any development. It can be both beautiful—a source of life or unpredictable in nature. 

“As architects, this was one of the first few things we were taught,” Ms. Sy added. “Water is life-giving but it can also change everything. Floods in properties could heavily impact and uproot the lives of many families.” 

Field Residences is an example of SM’s commitment in meeting the highest standards of disaster resilience in its development. 

A new rainwater detention tank was completed in September this year after SMDC found that water levels in Field Residences had risen over the years. It is designed to handle extreme rainfall similar to those during Typhoon Ondoy (Ketsana), which brought 455 millimeters of rain in 24 hours.

How architecture can also build values 

SMDC also promotes local identity in its projects by specifically choosing native plants that are more well-suited to the area. 

“We try to reduce the types of plants that don’t benefit the local environment nor enliven its biodiversity,” she said. “What we do is to identify plants that can prosper here such as the endemic katmon [Dillenia philippinensis] tree.” 

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SMDC initiated to have future nurseries of these plants in various developments.  

“The decisions that we have today are going to impact the long-term future,” she added. “With sustainability at the forefront of our conversations nowadays, we see that that’s part of the legacy that we need to complete.”

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H.I.G. Realty Announces Strategic Partnership with Queen Mary BioEnterprises Innovation Centre in London

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LONDON, Dec. 23, 2024 /PRNewswire/ — H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $67 billion of capital under management, is pleased to announce that an affiliate has signed a strategic partnership (the “Partnership”) with Queen Mary BioEnterprises Innovation Centre (“QMB”), with an agreement to deliver 40,000 square feet of incubator space at its flagship innovation centre in Whitechapel, London.

H.I.G. and its development partner, Lateral, a UK-based real estate developer, will collaborate with Barts Life Sciences (BLS), Barts Health NHS Trust, Queen Mary University of London (QMUL), and the U.K. Department of Health & Social Care on this project, marking a significant milestone for the Whitechapel Life Science Cluster. The additional space will support the goal of creating a world-class life sciences cluster in the heart of Whitechapel, accelerating the development of life-changing healthcare treatments and outcomes.

Additionally, the development of a state-of-the-art incubator space and its shared services will create a venture-building environment and ecosystem, critical in attracting startup companies and spinouts. QMB’s extensive experience operating incubator spaces will also help deliver long-term, high-quality jobs to the Whitechapel area, foster career pathways, and promote education in the life sciences and STEM sectors.

Jérôme Fouillé, Managing Director at H.I.G. Realty in Europe, commented, “We are thrilled to partner with QMB in developing this first-class incubator space at Cavell Street. Our collaboration marks a significant step in creating a vibrant life sciences cluster in Whitechapel and furthering the growth of H.I.G.’s life sciences real estate platform in the U.K. By providing high-quality facilities and support services, we are cultivating an environment where innovative startups can thrive and contribute to groundbreaking health outcomes.”

Ted Webster, Chairman of QMB, commented, “Our partnership with H.I.G. is an exciting opportunity to expand our proven model of supporting life science startups. The new space will enable us to nurture the next generation of innovative companies, providing them with the resources and conditions they need to succeed. We are committed to driving scientific advancement and delivering significant benefits to the local community and beyond.”

About Queen Mary BioEnterprises Innovation Centre

The existing QMB incubator opened in 2011 as London’s first completely new-built facility for both early and late-stage chemistry and biology start-ups, offering 39,000 square feet of commercial wet laboratory and office space. QMB’s long track record of supporting the growth of innovative companies and facilitating access to the world-class facilities at Queen Mary University of London’s School of Medicine and Dentistry has proven a huge success. This proven expertise ensures that the new incubator space at Cavell Street will provide a nurturing environment for emerging life science companies to innovate and grow. For more information, visit qmbioenterprises.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $67 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  • H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  • H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
  • H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  • H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

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Contact:

Riccardo Dallolio
Managing Director
[email protected]

Jérôme Fouillé
Managing Director
[email protected]

H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
P +44 (0) 207 318 5700
hig.com

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