Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Wal-Mart Stores, Inc. (NYSE: WMT) is aggressively attempting to adapt to the global shift to e-commerce, and the company’s most recent move is to abandon its plans to take on the Chinese e-commerce market alone. Instead of fighting for market share in an extremely crowded and difficult environment in China, Wal-Mart has decided to turn over control of its Yihaodian Chinese e-commerce platform to JD.Com Inc(ADR) (NASDAQ: JD) in exchange for a 5 percent stake in JD.
JD.com is the largest e-commerce rival to market leader Alibaba Group Holding Ltd (NYSE: BABA) in China.
Wal-Mart will now have a pore passive stake in the Chinese online marketplace, although it will continue to operate the Yihaodian platform.
“Selling up in return for a 5 percent stake in JD.com is a good way of staying in the space while reducing the risk,”China Market Research Group analyst Ben Cavender explained.
Wal-Mart has been taking similar steps in the United States and China to streamline its brick and mortar operations by closing locations that are struggling financially. Wal-Mart now operates more than 400 stores in China.
Alibaba’s Tmall currently holds 61.4 percent of China’s e-commerce market share, while JD.com holds 18.6 percent.
So far this year, Wal-Mart’s stock is up 16.4 percent, Alibaba’s stock is down 3.5 percent and JD.com’s stock is down 35.1 percent.
Disclosure: The author is long BABA.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!