Crypto Biz: Is This What A Bear Market Looks Like? (spoiler: No)

Bitcoin's price dips below $90,000, yet Republic and Kraken ink nine-figure deals. If this is a bear market, someone forgot to tell big money.

As Bitcoin (BTC) plunged below $90,000 this week, igniting fresh fears that the bull market may be over, hundreds of millions of dollars continued to flow into crypto companies, signaling that institutional appetite for the sector remains strong.

Republic Technologies became the latest company to add Ether (ETH) to its treasury, securing $100 million in financing under unusually favorable terms for the industry. The deal was structured as a zero-interest convertible note, meaning Republic neither pays interest nor risks defaulting for missed payments — a rare setup in the crypto financing landscape.

“Republic’s raise, while unique, probably won’t spark off a new normal for how funds are raised in the crypto industry, though it is a sign of a maturing market that new forms of money raising are being seen, and that is the trend that is likely to continue,” Komodo chief technology officer Kaden Stadelmann told Cointelegraph.

Elsewhere, crypto exchange Kraken raised a staggering $800 million at a $20 billion valuation as it moves toward going public, with $200 million of that investment coming from Citadel Securities.

This week’s Crypto Biz delves into these and other stories from the business world of digital assets.

Republic Technologies has raised $100 million through a zero-interest convertible note facility to expand its Ether holdings — a structure the company says limits shareholder dilution while allowing it to build a sizable position in the digital asset.

Because the notes carry no interest, Republic does not have to spend cash servicing the debt and cannot default due to missed interest payments.

The company contrasted its approach with that of other Ether-focused companies, including BitMine Immersion, whose recent $365 million raise included 200% warrant coverage. This level could lead to significant shareholder dilution if the warrants are exercised.

Beyond Republic, there are 18 other publicly traded companies holding Ether treasuries, according to industry data.

Source: CoinTelegraph