Could Crypto Collapse Formula One? (Issue #35)
Liberty Media Formula One (NASDAQ: FWONK — $29.79bn) Mercedes Formula One Team has suspended their agreement with FTX. They removed the logos from their car and all other associations just before the Sao Paulo Grand Prix this weekend. This is a tad ironic as Sam Bankman-Fried (SBF), FTX Founder and CEO, flew to Brazil’s neighbor Argentina with a “missing” ~$600m from FTX.
Now that the cryptocurrency exchange has officially gone Chapter 11 bankrupt and the SBF has resigned I hope that Mercedes took a cash payment upfront. Now it remains to be seen how other crypto exchanges fair going forward. This could have an important effect on Formula One as a whole since crypto exchanges sponsor practically every team as well as entire Grand Prix. Some of these include Crypto.com, Binance, Coinbase, and more.
Portfolio Update:
As I’m sure you are all aware the market rallied a bit this week. If you want to see the rest of the spreadsheet with link deep dives go here.
Meme Of The Week:
Thread Of The Week:
Until Next Sunday,
Soren