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Strategy loss, Bullish acquisition, Coinbase layoffs, PayPal cuts

In today’s episode of Crypto Daily Download, Jane King covers several significant developments in the cryptocurrency space. First, Jane highlights MicroStrategy’s wider loss as its Bitcoin holdings reach $64 billion. Notably, Michael Saylor has proposed selling some Bitcoin to fund dividend payments for its stretch bond, indicating a shift towards actively managing their balance sheet to enhance the value of Bitcoin per share.

Jane also highlights Bullish, a crypto exchange led by former NYSE president Thomas Farley, which announced its acquisition of transfer agent Equiniti for $4.2 billion. This move will provide Bullish with access to a regulated transfer agent, essential for tracking registered shareholders and supporting its operations.

In other news, Coinbase’s CEO, Brian Armstrong, revealed plans to lay off about 14% of their workforce, citing a profound shift in the company’s strategy. He mentioned that Coinbase will focus on smaller teams that manage AI agents and digital bots for coding tasks, alongside human managers.

Lastly, Jane touches on PayPal’s decision to cut 20% of its staff over the next two to three years, which translates to approximately 4,700 positions. This reduction is part of PayPal’s strategy to accelerate the adoption of artificial intelligence and streamline costs.

Jane King with the latest from the NYSE.

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