- World’s largest cryptocurrency exchange Binance poured $200 million into Forbes, a leading media and publishing company.
- Forbes plans to use the funds to merge with a publicly traded special purpose acquisition company in Q1 2022.
- Back in 2020, Steve Forbes, chief editor of the company, said that Bitcoin could become the new gold.
- Binance coin price stumbled in response to news of Binance’s investment in Forbes.
The world’s largest exchange’s latest investment in media and publishing giant Forbes had a negative impact on Binance Coin price. Forbes would use the $200 million investment to merge with a SPAC.
Binance becomes one of the top two investors in Forbes
Binance announced its $200 million strategic investment in Forbes. The publishing giant plans on merging with a Special Purpose Acquisition Company (SPAC) before the end of Q1 2022.
Previously cryptocurrency firms have gone public, powered celebrity endorsements, affixed their name to sports arenas; however, this is the first media company purchase.
Binance has revealed plans to replace $200 million in commitments from institutional investors in Forbes by August 2022. Institutional investors chose not to be identified before the transaction was announced.
Historically, investors are skeptical of deals involving SPAC. However, with its latest investment, Binance is one of the top two biggest owners of Forbes. Once the merger with SPAC is complete, Forbes will be listed under the ticker FRBS on the New York Stock Exchange (NYSE).
Two directors out of nine on the board would be from Binance.
Analysts have evaluated the impact of Binance’s latest investment decision on native token Binance Coin’s price. Proponents expected news of Binance’s latest investment to fuel a bullish outlook among BNB investors.
The analyst from YouTube channel Wolf Lopez expect a strong uptrend in Binance Coin. The analyst has predicted a continuation of the Binance Coin uptrend, on track to $500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana tops $185 as SOL pairs dominate private DEXs and meme coin trading
Solana's (SOL) price is nursing minor losses, down almost 2% to trade at $180 at the time of writing on Wednesday. Over the past weeks, the meteoric rise changed the trend from bearish to bullish, reflecting strong risk-on sentiment in the broader crypto market.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC eyes $105K breakout, ETH holds key support, XRP targets $3
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to show strength as the broader crypto market sustains its bullish momentum. BTC is testing a critical resistance level that could mark a fresh push toward record highs while ETH remains supported by a key level, signaling potential for upward continuation.
Crypto Today: BTC rekindles all-time high prospect as SOL, ETH and DOGE lead $3.5 trillion recovery
The global crypto market capitalization rose by another 2% on Tuesday, retaking the $3.5 market cap milestone after a brief dip towards $3.2 trillion on Monday. In terms of key bullish catalysts, vital figures in the US CPI data released have raised expectations of imminent Fed rate cuts.
Why is the crypto market up today? Weak CPI boosts market confidence
Bitcoin (BTC) saw a 1.4% uptick on Tuesday — reclaiming $104,000 — and Ethereum (ETH) gained 9% after the US Consumer Price Index (CPI) for April came in at 2.3%, below market expectations of 2.4%.
Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.