The Weekend Rip: A Big Week for Big Tech

This week will be a beefy one for Big Tech earnings. 🥩

Facebook will kick off the festivities on Monday. On Tuesday, Microsoft, Twitter, and Google will follow suit. Apple, Amazon will pick up the back end of the week. 

They could use a boost. Concerns about rising interest rates and revenue misses might be sowing doubt in the minds of investors. After Snapchat’s revenue miss last week, there’s even more at stake. 😱😱😱 

It’s also worth mentioning that they’ll be joined by a slew of other smaller-but-still-pretty-dang-big tech companies such as AMD, Spotify, Shopify, and Robinhood.

However, given the strong earnings reported so far in the quarter, investors might have little to worry about. Of the 117 names in the S&P 500 that have reported earnings, 83.8% have posted earnings above analyst estimates.

Check out our earnings section below to see what Stocktwits has its eyes on this week. 👀

The first-ever Bitcoin-linked ETF got off to a record-breaking start this week. It’s having a small problem keeping up with all the inflows. ⚠️⚠️⚠️

The ProShares Bitcoin Strategy ETF ($BITO) tracks bitcoin futures, which are purchased through the Chicago Mercantile Exchange (CME). CME has a limit for how many bitcoin contracts can be bought by a single entity. $BITO is currently within reach of hitting that limit. 😳

One way ProShares could resolve this limit is requesting that CME lift that limit. ProShares has also preemptively applied for a waiver to limit the amount of bitcoin futures “a buyer can purchase in the new fund” according to Coindesk. 

However, in the case that ProShares is unable to see that limit raised (or limit buyers), the ETF will have to imagine new solutions. According to ProShares CEO Michael Sapir, if CME doesn’t grant the waiver, the company will shift assets into later-dated contracts, structured notes or swaps, or invest in equities with crypto exposure. 🤔

Problems with futures could be mitigated entirely if the SEC is willing to approve a Bitcoin spot ETF. However, the SEC has made it known that it prefers the futures format for its “investor protections.” 

(P.S: If you like crypto news, we’re launching a new crypto newsletter called The Litepaper tomorrow. You can subscribe here to get tri-weekly crypto updates.)

Shiba Inu was just shy of the top-10 cryptos today, after posting enormous gains this week. 📈

The memecoin hit an all-time high of $0.00004442 earlier today, after rallying over 50% intraday. It has since-then pulled back, bringing its 7-day performance to +60% on the week. As of this writing, $SHIB.X‘s market cap is worth over $15.4 billion.

The speculative frenzy comes as the Shiba Inu community has rallied support around a change.org petition, requesting Robinhood to list the coin. As of this writing, the petition has over 304,000 signatures. 📝

It’s a surprise turnaround for the crypto, which was bounced from highs in May 2021. It fell over 70% in mere days after Ethereum co-founder Vitalik Buterin sold/donated/burned a large portion of the supply in a controversial move.

The crypto’s “bounce back” demonstrates the staying power of meme coins and highly online nerd meme money, which has made its presence known in crypto circles over the last year — thanks to the performance of dog-related coins such as $SHIB.X, $DOGE.X, and the like. 🐕🐕🐕

$SHIB.X is up over 37 million percent this year.