Latest Crypto News: Meta Plans $7 Billion Bond Issue, Crypto Exchange Bittrex Files For Bankruptcy

Meta Platforms Inc., the parent company of Facebook intends to raise $7 billion in a second bond issue.

According to a person familiar with the situation, it plans to utilise the money for acquisitions, investments, and to repurchase outstanding shares of its common stock, according to a report by Bloomberg News.

The report says that the 40-year security with the longest term in the five-part bond offering may yield 215 basis points more than Treasury bonds.

According to the article, Meta intends to use the money to finance capital expenditures, repurchase outstanding shares of its common stock, and make acquisitions or investments.

In its first corporate bond offering last year, Meta raised $10 billion. On Wednesday, the company reported first-quarter earnings and revenue that exceeded expectations, and last week, its shares increased by around 13 per cent.

Crypto Exchange Bittrex Files for Bankruptcy

Cryptocurrency exchange Bittrex has filed a bankruptcy petition in the US state of Delaware. This comes in the wake of its announcement previously of its intention to exit the US.

Incidentally, Bittrex also faces a US Securities and Exchange (SEC) action.

According to a court document posted by bankruptcy tracker Randall Reese of Chapter 11 Dockets, the exchange estimates it has more than 100,000 creditors, with estimated liabilities and assets both falling within the $500 million to $1 billion range.

The year 2023 hasn’t been kind to Bittrex’s US division, which fired 80 employees in February 2023 and declared in March that it will cease all operations by the end of April 2023. The non-American cryptocurrency exchange Bittrex Global has not been impacted by these changes.

Cetus DEX’s IDO’s Demand Rises After Sui Mainnet Debut

The 800,000 Sui (SUI) token hard cap target for Cetus’ initial decentralised exchange offering (IDO) has already been surpassed just hours after its launch, with more than 6 million SUI committed, valued at roughly $6.85 million at the time of writing.

The IDO, according to its creators, achieved its first objective less than 30 seconds after the sale went live.

According to developers, the fundraising goal of the initial DEX offering was reached in less than one minute.

A DEX and liquidity protocol called Cetus is based on Sui and Aptos. Despite the main goal being accomplished, the IDO, which is slated to take place from May 8 to 10, is still going on. Out of a total quantity of one billion Cetus tokens (CETUS), 20 million will be made available during the IDO.

Users can swap their SUI into CETUS at a rate of 1 SUI for every 25 CETUS. The Cetus DEX would have a $45.8 million initial valuation based on the terms and token metrics of the public auction and the cost of SUI.

Developers state that after the total commitment exceeds this threshold of 800,000 SUI, which is the hard cap for the IDO, each purchaser’s final purchase amount accepted by the seller will be a portion of their committed amount, calculated proportionally to all the respective committed amounts from all purchasers in the IDO.”