Hi all, Julie here.
Well, it’s officially the first Friday of the summer! We’re going to start publishing our final post of the week a bit earlier to accommodate those of you that might be taking off a bit early on days like today. And in true summer Friday fashion, the news flow was a bit slower today as well. TLDR: this newsletter is short and sweet.
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(Here's all the legal jargon we know you love reading.)
MIT’s Bitcoin Experiment Nets Students Huge Returns
I love this story. In 2014, dubbed the MIT Bitcoin Project, every undergraduate on the Cambridge campus had the chance to claim fractional ownership of a Bitcoin. About 3,100 students took advantage. Today, the amount of Bitcoin that was given out would be worth more than $60M. It’s unclear how many students are HODLing, sold, or forgot they even had it.
Apple Getting Into Crypto?
Rumors are flying around Apple and crypto as someone found a job posting for a business development manager with a specialization in alternative payments. The job post mentioned that the ideal applicant will have a five-year experience “with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency.” I mean, I think it’s a bit of a stretch for anyone to take this job posting as a direct indication that Apple is getting into crypto soon. I also have no doubt that Apple has people working there that have thought about how the firm could use crypto too. The far more likely scenario in the near term would be Apple pursuing BNPL and digital wallet options. That being said, if anyone has heard any more details around this, I’m all ears!
Marqeta Sets A Date
Marqeta officially has an IPO date! Get ready for the company to go public on the Nasdaq under the ticker MQ on the 9th. The card issuer’s platform plans to sell about 45.5M shares at $20 to $24 each, the prospectus for the deal said. This could change depending on how the road show goes, and we’ll get a final pricing on the 8th before the listing on the 9th. Will be interesting to see how this IPO goes now that the markets have cooled down a bit.
Trellis Raises $10M
Insurtech Trellis announced a $10M round led by QED Investors with participation from existing investors NYCA Partners and General Catalyst. The startup, which launched early last year, offers digital and secure insurance. Rather than offer the insurance directly, Trellis helps users find the best offerings online for their home and auto insurance.