alt Hacker NewsBinance has a market cap just shy of $100B, so a $5.8B sure hurts, but it’s not a showstopper I’d say.
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Market cap has nothing to do with free cash to absorb a $6billion loss. Money is also going to pour out of Binance now, one would imagine.
boss: did you just send $5B of our company's liquid capital to a nigerian prince?
me: no worries boss, our market cap is $100B
boss (who is also the tooth fairy): oh right cool np
It really hurts when there's this much misunderstanding of market cap vs. revenue. P/E ratios exist for a reason.
That $100 billion is exchange holdings, i.e. customer funds, not market cap. It would be highly illegal for Binance to use any of that $100 billion to cover this loss.
That's assuming these AI hacks stop, right? Why would they, ever?
A market cap predicated on the price of bitcoin. A market cap is not funds available, it's just the valuation of the market, which is fickle.