Gaming Company 🎮 FaZe Clan Goes Public in SPAC Deal
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Gaming Company 🎮 FaZe Clan Goes Public in SPAC Deal
FaZe Clan, one of the largest global gaming companies, began trading publicly on the Nasdaq following a SPAC merger in a deal valued at $725 million.
The esport company began trading on July 20, after a merger with a blank check company called B.Riley Principal 150 Merger Corp. The company will trade under the moniker “FAZE.”
FaZe Clan generated $53 million in revenue last year, up from $38 million in revenue in 2020. Most of its revenue is generated from sponsorships, consumer products, content production, and esports competitions.
FaZe is one of the biggest esports and gaming lifestyle brands, which is extremely popular with younger audiences.
The company has several competitive esports teams in games like Counter-Strike: Global Offensive, PUBG, Valorant, and Fortnite.
It is also associated with some streamers and content creators like NickMercs, and rapper Lil Yachty, among others.
The company intends to use the funds from its IPO to invest more heavily in Web3 tools and experiences to better connect audiences to its lifestyle and gaming creators network.
Tesla Offloads 🚚 75% of Its Bitcoin Holdings
Electric vehicle-(EV)-maker Tesla has converted 75% of its Bitcoin holdings into fiat, the company announced during its Q2 earnings report. The company sold the coins for $963 million.
In February 2021, Tesla announced it had purchased $1.5 billion worth of bitcoin with its balance sheet capital and said that it would soon accept the popular cryptocurrency as payment for its vehicles.
However, the company CEO Elon Musk later said they were abandoning plans to accept crypto payments, citing environmental concerns.
This February, the company reported that it had held roughly $1.99 billion worth of Bitcoin at the end of 2021.
But now, it has sold a significant portion of its holdings to test Bitcoin’s liquidity. Tesla said the value of its remaining “digital assets” is $218 million.
The automaker’s selloff comes after a sharp decline in the price of cryptocurrencies across the board, including Bitcoin and Dogecoin, which the company had previously supported.
Mojang Studio Bans 🚫 NFT Integration in Minecraft
Swedish video game developer Mojang Studios said it would exclude the integration of non-fungible tokens (NFTs) and the wider blockchain in its popular namesake game.
“To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, nor may Minecraft in-game content such as worlds, skins, persona items, or other mods, be utilized by blockchain technology to create a scarce digital asset,” the company wrote in a blog post.
The company also criticized speculative pricing and investment mentality around NFTs for this move.
Additionally, it also expressed concerns about how third-party NFT projects might prey on the Minecraft player base and the frequent scams that are pulled by managers looking to take advantage of a popular brand or property.
That said, Mojang has not entirely closed the door to incorporating blockchain in the future. It concluded by saying, “we have no plans of implementing blockchain technology into Minecraft right now.”
Digital Experience Analytics Company Contentsquare Raises $600 Million 💰
Contentsquare, the global leader in digital experience analytics, has raised $600 million in its latest funding round.
The funding included $400 million in Series F equity and $200 million in debt financing.
The equity round was led by Sixth Street Growth and participation from new and existing investors Bpifrance, KKR, LionTree, Canaan, Eurazeo, Highland Europe, SoftBank Vision Fund 2, and funds and accounts managed by BlackRock.
The debt financing included contributions from BNP Paribas, JP Morgan, Crédit Agricole Corporate & Investment Bank, Goldman Sachs, and Société Générale.
Founded in 2012, Contentsquare’s AI-powered platform provides rich and contextual insight into customer behaviors, feelings & intent — at every touchpoint in their journey, enabling businesses to build empathy and create lasting impact.
The company plans to use the funds to scale investments in innovation, both organically and through M&A, to support long-term growth in key markets.
It will also use the capital to expand into new territories and deliver a more significant impact in areas where it can make a difference.
Around the Web 🌐
Crypto exchange FTX Seeks More Funds After Shopping Spree: Crypto exchange FTX is in talks to raise more capital after carrying out a buying spree during the recent digital-assets market rout. FTX and it’s U.S subsidiary FTX US are reportedly looking to raise money matching that of a January funding round in which both the firm closed on a $400 million round.
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