Pension funds invest in crypto, Bitmain reports $500m loss, Indonesia regulates crypto futures.
Crypto mining hardware manufacturer Bitmain reports a 3rd quarter loss of $500m in IPO filing according to a CoinDesk exclusive report. Bitmain applied for an IPO with the Hong Kong Stock Exchange back in September and recently provided updated financials, which have yet to be released to the public. According to CoinDesk’s source, Bitmain reported $500m in profit over the first three quarters of last year. Previously they had reported $1b in profit for the first half of 2018, leaving a $500m loss for the third quarter of 2018. Coindesk’s article dives deeper into the financials and the impact the bear market has had on the mining hardware manufacturer.
First pension funds investing in crypto. CoinTelegraph profiles Morgan Creek Digital, a $40 million crypto investment firm that operates as a division of Morgan Creek Capital, a hedge fund with $1 billion under management. In-depth and well worth reading.
“Cointelegraph spoke directly to Pompliano to unpack some of the details around the fund, how it managed to seal investment from pension schemes, and the challenges of managing a crypto investment firm during trying marketing conditions.”
Indonesia passes regulation on the trading of cryptocurrency futures. The Commodity Futures Trading Regulatory Agency in Indonesia released a twenty-nine-page report detailing the procedures and requirements that cryptocurrency futures exchanges must now comply with to continue operating. While the regulation is aiming to protect investors, Reuters reports on traders protesting the new futures rules.