Superhero / Swyftx

"Swyftx-Superhero merger on track despite surprise capital raise" - AFR /swyftx-insists-capital-raise-isn-t-ftx-related-superhero-merger-on-track-20221123-p5c0l0

Some interesting quotes:

"it was yet to integrate the Superhero business in a delay it attributed to regulatory and customer service issues"

"Australian cryptocurrency exchange Swyftx has run to market for a short-term capital injection, seeking to shore up its balance sheet and ability to fund longer-term growth plans."

"Investors reckon the capital injection could be paired with another round of heavy job layoffs, as Swyftx tries to re-set its cost base and fights for survival."

"The brief mention of a funding round has put the frights through investors, who realise it’s not a great time for a crypto exchange to be passing its cap around for fresh funds."

"The funding round comes only three months after Swyftx laid off 74 employees, the equivalent of 21 per cent of its workforce at the time, and less than six months after it merged with online share trading platform Superhero."

"Swyftx is reported to still owe Superhero $55 million as part of the acquisition it agreed near the top of the cryptocurrency and tech stock bubble in June 2021."

(Interesting relative to SWF's $50m market cap. SWF having the higher market share, and higher pricing point along with it (gained that market share even with that pricing, but with proper CHESS).

"FTX...created short-term disruption that could prove unhelpful to other (crypto) players trying to raise capital."

"FTX’s collapse was sparked by a run on its liquid assets as customers learned the exchange had lent up to $US10 billion in customer money to a sister company named Alameda that lost the funds on risky trades."

"On Tuesday, Brisbane-based crypto exchange Digital Surge admitted it has frozen withdrawals because of its exposure to FTX, sparking outrage from its customers, who are largely made up of self-managed super funds."


Superhero offer super. I wonder if the combined group will be tempted to promote crypto in their super offering...


The combined Swyftx/Superhero seems to be having some trouble. Seeking short-term debt, because they can't get anything better currently. Firing significantly to cut costs.




Stake has a larger cash balance, like 1+ year.