Morning Minute: Kraken Eyes 15% Deal in Aave for $385M

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Today’s top stories:

• Crypto majors are usually in the red down 1-5%, SOL leads; BTC at $59.5k
• Strategy’s STRC falls to $73 and new low; MSTR at $84
• Tether’s USDT turns ETH into FDV after ETH’s slide, now the 2nd largest token
• Kraken wants a 15% stake in Aave for $385M
• Story Protocol is also adapted as a data network and pivots to AI Training

🏦 Kraken Eyes is a 15% Stake in Aave for $385 Million

Kraken is in talks to buy a 15% stake in Aave at a cost of $385 million.

Kraken has invested 35,000 ETH(~$55M) in exchange for 250,000 AAVE tokens ($20M) and a 15% common stake in Aave Group, the company behind the protocol, a package worth about $71 million.

The move comes as Aave rebuilds from April’s KelpDAO, which saw billions of dollars removed even though Aave’s smart contracts were not compromised. For Kraken Payward’s parents, it’s pushing diversification ahead of a potential IPO.

The deal came the same week Standard Chartered switched to AAVE token trading. Geoff Kendrick launched the publication of AAVE with a price that means about 50 times at the end of the decade, which will put $4,000 compared to $81 today, which is built on the bank’s opinion that tokenization and onchain loans will drive the greatest growth in DeFi lending. So in one week, you have a big bet in the bank on the brand and a big buy in the company.

Now here’s the problem, for token holders or prospective token buyers. The Kraken deal values ​​Aave’s company at $385B, but the AAVE token trades in the market at about $1.24B. That’s three times the equity calculation. In traditional economics, the company is where its value resides, as it has a business and its capital. But of course crypto is different, and the value of defining the value and value of the company has been a central theme in the previous trends.

With Aave, most of the protocol’s finances flow to the token, through the DAO Treasury and the purchasing program that uses the protocol’s currency to purchase AAVE, while the company builds and operates the program. So the market is clearly saying that the token captures more of Aave’s value, or that the token is simply more valuable than the underlying business. Kraken did not choose sides, taking all signs and justice in the same agreement. But for someone who is looking from the sidelines, it is difficult to buy the stock of the brand at 3x + the value of the company.

We will soon see if the market corrects or becomes comfortable with the price gap…

🤖 BlackBerry Rises 20% As It Relaunches In Physical-AI Software Game

BlackBerry shares it jumped nearly 20% on Thursday after raising more money and taking control, the former phone maker leaned on its role in building AI and robotics. First-quarter revenue came in at $152.9 million, up 26% year-over-year and beating the $138 million expected, while EBITDA rose 144% and the company posted its first-quarter revenue in nine years.

The driver is QNX, BlackBerry’s integrated operating system, which grew 26% to $72.3 million. QNX is a proven, proven real-time security solution that is already running in over 275M vehicles. The same characteristics that make them reliable in cars make them essential for robots and autonomous machines, where software failures have physical consequences. Chipmakers like Nvidia and AMD are already using it in smart cars and robots, and BlackBerry is positioning it as the foundation for software-based cars, robotics, and industrial automation.

So the latest word is that BlackBerry has been quietly playing on physical AI. Robots and autonomous machines need a fail-safe operating system, and that’s where BlackBerry fits in with QNX. A survey conducted by QNX found that 89% of robotics developers see physical AI as a top priority in their thinking, and the stock’s move shows that Wall Street is starting to treat BlackBerry as an AI and robotics player…

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🚚 What is happening in NFTs?

• Directors of NFT most of them were flat; Punks even at 32 ETH, BAYC -1% at 8.75 ETH, Pudgy +1% at 4.55 ETH; Hypurr’s +3% at 202 HYPE
• Funkari (+17%) and Captainz (+14%) led the top movers