Shares of Long Blockchain (formerly known as Long Island Ice Tea Corp.) were delisted by the SEC. Epic is settling a class action lawsuit by paying Fortnite and other players $78 million worth of digital (in-game) currency. Chinese regulators put stricter requirements on internet loans. Treasury Secretary Janet Yellen called Bitcoin "an extremely inefficient way of conducting transactions" (but she's hopeful about a digital dollar). Bankers can't put a "fair value" on Bitcoin. Coinbase was valued at $100 billion before it goes public in the coming days. An anonymous donor sent $800,000 in Bitcoin to a Cape Cod hospital. Lindsay Lohan continued selling NFTs with a Daft Punk piece priced at $15,000. A Swiss bank Bordier & Cie started offering crypto trading. MicroStrategy upped the ante (following Tesla and Square) with an additional $1 billion Bitcoin buy. Former Bank of England governor Mark Carney joined Stripe's board. Tether and Bitfinex settled an investigation by the New York attorney general for $18.5 million without admitting wrongdoing. Square bought 3,318 ($170 million worth) more Bitcoins. Swedish fintech Klarna is considering a direct listing. Nvidia is making special new chips for mining Ethereum. NBA star Russell Westbrook led a $63 million investment round for Varo Bank. In light of the looming expiration date, you can expect some market mischief to be afoot this week among the Reddit trading community, with a potential crowd effort to keep the GameStop stock price high and those options in the money. “Back for round 2…30k YOLO,” they commented. Some have a slightly longer lead time: another forum member posted a photo showing they bought more than $31,000 worth of GameStop options expiring on March 12th, betting the stock would be at least $90 by then. You can bet that r/wallstreetbets is well aware of this: One user who goes by Jaboyles posted a screen shot of their portfolio showing $5,385 worth of call options expiring on Friday. That means that options are set to expire on Friday, two days from now-the last trading day of the month. Well, guess what? February is a short month. This can create additional end-of-month trading volatility, as Barron’s recently explained. Such options, known as puts and calls, often expire at the end of each month, with the stock price at the time determining the value of the options and whether investors owe or are owed shares. A big part of the reason the Redditors chose the end of January for their short squeeze was because many of them owned GameStop stock options-relatively complex instruments (at least compared to regular stocks) that apps like Robinhood have made much easier to trade for retail investors.
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