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Bitcoin: NBA Team Houston Rockets’ New Sponsorship Deal Pays Them in $BTC

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American professional basketball team Houston Rockets has announced that thanks to it has signed a sponsorship deal with New York Digital Investment Group (NYDIG), a leading bitcoin company.

According to the press release, which was issued by NYDIG on November 16, “as the Official Bitcoin Services Partner and Bitcoin Platform of the Houston Rockets, NYDIG will be the franchise’s exclusive partner across a range of cryptocurrency services.”

Rockets President of Business Operations Gretchen Sheirr, had this to say:

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From basketball operations to business development, our organization has leaned on advancements in technology to remain on the cutting edge. Partnering with NYDIG allows us to leverage the growth of Bitcoin to provide creative rewards and payment options to our fanbase and associates.

Trey Zeluff, Director of Digital Asset Strategy at Fertitta Entertainment, stated:

Expanding the partnership between the Fertitta family and NYDIG to the Houston Rockets was a natural choice. The Rockets are a leading sports brand and NYDIG is the leader in bitcoin financial services. Together, we will deliver new opportunities for Rockets fans and the City of Houston to learn about and use bitcoin.

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And Kelly Brewster, Chief Marketing Officer of NYDIG, added:

“We are thrilled to have found a forward-thinking partner in the Houston Rockets and the Fertitta family, who understand that by embracing Bitcoin, companies and brands can build loyalty with this expanding and influential customer base.

“The Rockets will be #PaidInBitcoin, and this partnership underscores our excitement about the Houston area and the Bitcoin innovation taking place there. NYDIG’s partnership with the Fertitta family, across their businesses, will significantly accelerate its goal of making bitcoin accessible to all.”

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The press release went on to say that The Rockets will “work with NYDIG to expand the Bitcoin ecosystem through access, educational programming, and community support initiatives while providing NYDIG significant exposure across all of the team’s social, digital, and in-arena platforms.”  Furthermore, NYDIG “becomes the first naming rights partner of Toyota Center suite levels, to be named the ‘Bitcoin Suites by NYDIG,’ and will receive baseline apron signage during Rockets games.”

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Bitcoin Miner Riot Blockchain Purchased ESS Metron for $50 Million

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Riot Blockchain paid $25 million in cash, while the other $25 million consisted of up to 715,413 Riot shares to acquire ESS Metron.

One of the leading cryptocurrency mining companies in the US – Riot Blockchain – acquired the electrical equipment provider – Ferrie Franzmann Industries (known as ESS Metron) for $50 million. As a result, the latter will provide a steady infrastructure supply for Riot’s new mining machines.

Riot’s Expansion

The news was announced in a recent press release by the US Securities and Exchange Commission (SEC). The total amount of the transaction equals $50 million as the bitcoin mining firm paid $25 million in cash, funded with capital from its balance sheet. The other half consisted of up to 715,413 shares of Riot common stock.

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The mining company expects to benefit from the deal by utilizing ESS Metron’s “highly engineered electrical equipment solutions” as Riot plans to expand to 700 MW. Previously, ESS Metron helped Riot develop customized immersion-cooling technology for its 200 MW expansion project.

Jason Les – Chief Executive Officer at Riot Blockchain – described the acquisition as “another milestone in establishing” his firm as a leader in its field.

“Riot’s strategic position across the electrical supply chain is significantly enhanced as the company will benefit from ESS Metron’s existing relationships with leading electrical suppliers globally,” he added.

Stephen Howell – CEO of ESS Metron – asserted that his organization will keep providing “best-in-class service” to its growing customer base and aid Riot Blockchain in its expansion efforts.

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The American bitcoin mining company is one of the giants in its sector and is even listed on Nasdaq under the ticker symbol “RIOT.” A few months ago, it purchased Whinstone US – the owner-operator of North America’s single largest BTC mining and hosting facility.

Riot’s Previous Purchases

Earlier this year, Riot Blockchain increased its mining capacity by buying 42,000 S19 Antminers from Bitmain (a Hong Kong-based cryptocurrency mining products manufacturer).

The purchase was worth at least $138 million and was part of the firm’s plans to boost its bitcoin mining hashrate, aiming at 7.7 EH per second.

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“By nearly doubling its planned hash rate capacity, Riot continues to take great strides forward in growing both the Company’s and the United States’ share of the global network hash rate,” – said Megan Brooks, COO of Riot Blockchain.

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SEC Rejects WisdomTree’s Bitcoin ETF Proposal

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The SEC has rejected another Bitcoin ETF, reiterating its oft-repeated concerns about market manipulation.

The U.S. Securities and Exchange Commission has expectedly shot down WisdomTree’s proposal to launch a spot Bitcoin exchange-traded fund.

In its order, the SEC explains that the rejection is necessary to protect investors from “fraudulent” and “manipulative” acts.   

As reported by U.Today, VanEck’s spot Bitcoin ETF proposal was rejected as well in early November.    

According to Bloomberg Intelligence’s James Seyffart, the regulator will highly likely deny Kryptoin’s spot ETF bid as well before Christmas. 

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While the SEC has greenlit futures-based ETFs in October, the regulator is hesitant to approve an ETF that will directly track the value of the largest cryptocurrency, continuing its string of rejections that started with the application of the Winklevoss twins all the way back in 2013.

As reported by U.Today, SEC Chair Gary Gensler recently said that Bitcoin is trading on unregulated exchanges around the globe that operate outside the U.S. regulatory register, which explains why the regulator is not on board with a spot Bitcoin ETF. 

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Bitcoin network volume increases and Earth “goes to the moon” – Market Summary

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This Thursday (22) while bitcoin continues to struggle below US$57,000, altcoin Terra added more than 60% of the value in one week, resulting in a new ATH. Solana is the only one in the top 5 that has risen in 24 hours, according to CoinGoLive.

Although the month of November was characterized by high volatility, the demand for satoshis has not diminished and the volume of the Bitcoin network is increasing. Also check the Market Summary for the impact of the advancement of the omicron variant on traditional financial exchanges.

Bitcoin network volume is increasing

November was the month in which no one beat the 1.08% inflation measured by the IPC-S. Among the assets best known by Brazilians, CDI (+0.52%), BM&F gold (+0.04%), Ibovespa shares (-1.53%) and even Bitcoin, which accumulates in 30 days a drop of 6% failed to have real gains.

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In the case of Bitcoin in particular, the month of November was characterized by high volatility. However, demand for satoshis has not diminished, quite the contrary: Mempool yesterday posted the highest value since July, when China’s FUD led to market sales.

Mempool Weight – Source: @_Bitcoin_Brasil

Without much influence from the increase in demand, at the moment, the cryptocurrency leader is trading at US$ 56,552 – R$ 320,420 in the main Brazilian brokers – and its market capitalization is still well below US$ 1.1 trillion.

Dominion over the entire market is below 41%. However, the net dominance of BTC is around 72.80%.

First case of the omicron variant in the US

During this week, while waiting for a possible approval of the PEC dos Precatório in the Senate, Brazilian investors returned to worry about the advance of the omicron variant of the new coronavirus and with a new signal from the FED president, Jerome Powell, towards the withdrawal of monetary stimuli .

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Due to these fears, the Ibovespa was pulled to 100,000 points. The dollar, in turn, erased the fall and ended the day with a high of 0.59%, at R$ 5.67.

Read too: THE END OF THE REAL is near, understand why

For Brazilians, it will be interesting to defocus a little on the political agenda, to pay attention to the quarterly GDP data that will be released today by the IBGE. We reported yesterday the data from the Continuous Pnad that indicates a retreat in the unemployment rate in the third quarter.

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New York’s financial markets traded most of yesterday’s session in positive territory, but erased gains after confirming the first case of the new covid-19 variant, the omicron, in the US and closed the session on the downside.

The Dow Jones Index closed yesterday down 1.34%, the S&P 500 retreated 0.18% and the Nasdaq dropped 1.83%. The three indexes even registered gains of more than 1% at the beginning of the session.

the earth goes to the moon

Since yesterday, most altcoins have been in the red. The second-largest cryptocurrency, for example, was an inch away from hitting a new price record yesterday, but failed to reach that level, dropping 3.19% in 24 hours. In contrast, Solana and Dogecoin see slight gains.

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Terra, on the other hand, has the best performance after a double-digit jump. In addition, your native LUNA token hit a new all-time high just a few hours ago, at around $65, with a 60% increase in one week. Could it be said that the Earth went to the Moon, then?

The result of the main altcoins in the last 24 hours is as follows: Ethereum (-3.19%), Binance Coin (-3.37%), Solana (+1.99%), Cardano (-0.07%), Ripple (-2.80%), Polkadot (-4.18%), Dogecoin (+1.22%), Avalanche (-5.94%), Terra (+5.50%) and Shiba Inu (-4 .44%).

According to CoinGoLive, the market capitalization of all crypto assets is around $2.74 trillion as of this Thursday.

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Follow the crypto market news on the Cointimes Telegram group (log in) and have a great day of trading.

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