Bitcoin could fall to $60,000, a headline projection presented in the coverage. Zcash plunged 37% in the same report. Keel Infrastructure fell 8% after upsizing its convertible note offering to $400 million.
Keel Infrastructure, formerly known as Bitfarms, increased its convertible senior note offering to $400 million, up from an initially planned $350 million. These notes are 1.25% convertible and are set to mature in 2032, with an initial conversion price of $7.41 per share, which represents a 25% premium over the closing price on June 4.
The company has repositioned itself as a leader in AI and digital infrastructure, concentrating on developing data centers designed for high-performance computing and AI workloads. The proceeds from this offering are intended to support the expansion of its data center operations and its AI infrastructure pipeline, highlighting Keel’s strategic shift in focus to this sector.
Bitcoin treasury companies have lost about $62 billion since October amid the unwind of the DAT trade, and their combined valuation fell from nearly $134 billion to about $72 billion. Bitcoin is down about half from its October high. Across the broader cohort, companies are conducting reverse stock splits, restructuring financing, and issuing fresh preferred securities to stay funded. These recorded changes reflect reported adjustments within the sector.
Strategy disclosed its first bitcoin sale since 2022, offloading 32 BTC to fund preferred-stock dividend obligations. Forward Industries deposited 455,784 SOL worth about $31.87 million to Coinbase Prime after a month of dormancy. The company’s overall SOL position is reported to be around $1.13 billion underwater with a cost basis above $230. The coverage also notes SOL is at risk of further slide and that Forward’s position is down $1.1 billion on its treasury bet.
The preceding paragraphs present the reported losses, sell-offs and financing measures. The details reflect the specific figures and transactions presented in the coverage. This section focuses on the reported figures, corporate actions and financing measures reported here.
The article depicts a cautious, bearish market environment marked by sharp declines in key crypto assets and related companies. It records substantial price falls and equity losses alongside concentrated sell-offs across the sector. Companies are responding with financial restructuring and funding measures, including reverse stock splits, revised financing and the issuance of preferred securities to sustain liquidity.
