Bitcoin has rebounded from major losses before, and its long-term growth remains impressive. Before the pandemic boom in crypto prices, its value hovered well below $10,000. True believers, who call themselves Bitcoin maximalists, remain adamant that the cryptocurrency will eventually break from its correlation with risk assets.

Michael Saylor, the chief executive of the business-intelligence company MicroStrategy, has spent billions of his firm’s money on Bitcoin, building up a stockpile of more than 125,000 coins. As the price of Bitcoin has cratered, the company’s stock has dropped roughly 75 percent since November.

In an email, Mr. Saylor blamed the crash on “traders and technocrats” who don’t appreciate Bitcoin’s long-term potential to transform the global financial system.

“In the near term, the market will be dominated by those with less appreciation of the virtues of Bitcoin,” he said. “Over the long term, the maximalists will be proven correct, because billions of people need this solution, and awareness is spreading to millions more each month.”

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European Green Energy Firms Often Fall Short on Financing

LONDON — When Jakob Bitner was 7, he left Russia for Germany with his parents and sister. Twenty-eight years later, he is set on solving a vexing green-energy problem that could help Germany end its dependence on imported energy from Russia, or anywhere.

The problem: how to make wind and solar energy available 24 hours a day, seven days a week, even if the sun is not shining or the wind not blowing.

The company that Mr. Bitner co-founded in Munich in 2016, VoltStorage, found some success selling storage battery packs for solar power to homeowners in Europe. Now the company is developing much larger batteries — each about the size of a shipping container — based on a chemical process that can store and discharge electricity over days, not just hours like today’s most popular battery technology.

These ambitions to overcome the unreliable nature of renewable energy fit perfectly with Europe’s targets to reduce dependence on fossil fuels. But Mr. Bitner’s company is facing a frustrating reality that threatens to undercut Europe’s plans and poses a wider challenge in the global fight against climate change: a lack of money to finish the job.

plenty of capital available globally for the multitrillion-dollar task of funding this transition to greener energy.

The war in Ukraine has made Europe’s energy transition even more urgent. The European Union has said it will cut imported Russian natural gas by two-thirds this year and completely by the end of the decade. While some of that supply will be made up by imports from other countries, such as the United States and Qatar, expanding domestic renewable energy capacity is a critical pillar to this plan.

But attracting investors to projects trying to move beyond mature technologies like solar and wind power is tough. Venture capitalists, once cheerleaders of green energy, are more infatuated with cryptocurrencies and start-ups that deliver groceries and beer within minutes. Many investors are put off by capital-intensive investments. And governments have further muddied the water with inconsistent policies that undermine their bold pledges to reduce carbon emissions.

Tony Fadell, who spent most of his career trying to turn emerging technologies into mainstream products as an executive at Apple and founder of Nest, said that even as the world faced the risks of climate change, money was flooding into less urgent developments in cryptocurrency, the so-called metaverse and the digital art collections sold as NFTs. Last year, venture capitalists invested $11.9 billion in renewable energy globally, compared with $30.1 billion in cryptocurrency and blockchain, according to PitchBook.

Of the $106 billion invested by venture capitalists in European start-ups last year, just 4 percent went into energy investments, according to PitchBook.

“We need to get real,” said Mr. Fadell, who now lives in Paris and has proposed ideas on energy policy to the French government. “Too many people are investing in the things that are not going to fix our existential problems. They are just investing in fast money.”

It has not helped that the industry has been burned before by a green tech boom. About 15 years ago, environmentally conscious start-ups were seen as the next big thing in Silicon Valley. One of the premier venture capital firms, Kleiner Perkins Caufield & Byers, made former Vice President Al Gore a partner and pledged that clean energy would eventually make up at least a third of its total investments.Instead, Kleiner became a cautionary tale about the risks of investing in energy-related companies as the firm missed out on early backing of social media companies like Facebook and Twitter.

There is evidence that these old fears are receding. Two years ago 360 Capital, a venture capital firm based in Paris and Milan dealing in early-stage investment, introduced a dedicated fund investing in clean energy and sustainability companies. The firm is now planning to open up the fund to more investors, expanding it to €150 million from a €30 million fund.

There are a growing number of dedicated funds for energy investments. But even then there is a tendency for the companies in them to be software developers, deemed less risky than builders of larger-scale energy projects. Four of the seven companies backed by 360 Capital’s new fund are artificial intelligence companies and software providers.

Still, the situation has changed completely since the company’s first major green-energy investment in 2008, Fausto Boni, the firm’s founder, said. “We see potentially lots of money coming into the sector, and so many of the issues we had 15 years ago are on their way to being overcome,” he said. But the availability of bigger investments needed to help companies expand in Europe still lags behind, he added.

Breakthrough Energy Catalyst, which is backed by Bill Gates, is trying to fill the gap. It was formed in late 2021 to help move promising technology from development to commercial use. In Europe, it is a $1 billion initiative with the European Commission and European Investment Bank to support four types of technologies — long-duration energy storage, clean hydrogen, sustainable aviation fuels and direct air capture of carbon dioxide — that it believes need to scale quickly.

In Europe, there are “significant difficulties with the scaling-up phase,” said Ann Mettler, the vice president for Europe at Breakthrough Energy and a former director general at the European Commission. There is money for start-ups, but when companies become reasonably successful and a bit larger, they are often acquired by American or Chinese companies, she said. This leaves fewer independent companies in Europe focused on the energy problems they set out to solve.

Companies that build complex — and often expensive — hardware, like Mr. Bitner’s batteries for long-duration energy storage, have an especially hard time finding investors willing to stomach the risks. After a few investment rounds, the companies are too big for early-stage investors but too small to appeal to institutional investors looking for safer places to park large amounts of cash.

“If you look at typical climate technologies, such as wind and solar and even the lithium-ion batteries, they took well over four decades to go from the early R&D to the large-scale commercialization and cost competitiveness,” Ms. Mettler said, referring to research and development. “Four decades — which obviously we don’t have.”

There are some signs of improvement, including more funds focused on clean energy or sustainability and more companies securing larger investment rounds. But there is a sense of frustration as investors, companies and European governments agree that innovation and adoption of new technology need to happen much more quickly to reduce carbon emissions sharply by 2030.

“You won’t find a place in the world that is more attuned to what is needed than Europe,” Ms. Mettler said. “It’s not for lack of ambition or vision — it’s difficult.”

But investors say government policy can help them more. Despite climate pledges, the regulations and laws in place haven’t created strong enough incentives for investments in new technologies.

Industries like steel and concrete have to be forced to adopt greener methods of production, Mr. Boni, the 360 Capital founder, said.

For energy storage, hydrogen, nuclear power and other large-scale projects, the government should expedite permitting, cut taxes and provide matching funds, said Mr. Fadell, who has put his personal fortune into Future Shape, which backs start-ups addressing societal challenges.

“There are few investors willing to go all in to put up $200 million or $300 million,” Mr. Fadell said. “We need to know the government is on our side.”

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Crypto Industry Helps Write, and Pass, Its Own Agenda in State Capitols

In July, the state ordered a dozen A.T.M. providers that sell crypto in exchange for cash — including Cash Cloud, Coin Now and DigiCash — to register as money transmitters, despite appeals from the companies, documents obtained by The Times show.

Last year, Mr. Aloupis introduced the bill to exempt two-party crypto transactions, after lobbying appeals by Mr. Armes and a trade group he leads, the Florida Blockchain Business Association. (Its members include Binance, the large crypto exchange.) The bill failed to win Senate approval, and it was reintroduced for this year’s session.

Russell Weigel, the Florida commissioner of the Office of Financial Regulation, said he endorsed the legislation that Mr. Armes had championed.

“If I go and buy groceries at your food store, that’s a two-party transaction,” Mr. Weigel said. “Do I need a license for that? It seems absurd.”

Lobbyists for Blockchain.com, a cryptocurrency exchange that moved last year from New York to Miami, and Bit5ive, which manufactures crypto mining equipment in the Florida area, joined the effort, contacting dozens of state lawmakers.

“They are very pro crypto,” Robert Collazo, the Bit5ive chief executive, said of Florida lawmakers.

In the future, the company plans to raise money for crypto-friendly legislators in Florida, said Michael Kesti, Bit5ive’s lobbyist. The legislative affairs director of the Florida blockchain association, Jason Holloway, is already running for the State House, with donations — some in cryptocurrency — from Mr. Armes and others.

“I don’t want it to seem like we are paying for the influence,” Mr. Kesti said. “But we do want to support them.”

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Marcus & Millichap Closes Eight-Asset Reno Multifamily Portfolio Sale for $302 Million

RENO, Nev.–(BUSINESS WIRE)–Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The ERGS Portfolio, a six-property multifamily portfolio spanning a total of 1,077 units across eight assets. The portfolio traded for $302.5 million, or $280,872 per unit.

“With this purchase, the buyer establishes a strong presence in Reno’s multifamily market,” said Kenneth Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office. “The tremendous upside potential that can be captured through value-add renovations across the majority of the assets in the portfolio, along with the high-value major employers that can be found in the Tahoe-Reno Industrial Center (TRI Center), made for an extremely attractive acquisition.” Blomsterberg, Ryan Rife and Daniel Winrod represented the seller and procured the buyer. “Over the past five years, the Reno-Sparks region has experienced a rapidly evolving landscape of business development and employment opportunities, and this trend is projected to continue,” added Rife. “Tesla, Apple, Google, Amazon, Blockchain LLC, Switch, and Panasonic are only a few of the major employers that have brought thousands of new jobs to the region. Many of these companies are in the TRI Center, the nation’s largest industrial park, located just a short drive from the ERGS Portfolio.”

Built between 1958 and 2021, the assets are:

“The bulk of the ERGS Portfolio is located in the North Valleys submarket, which is the second-fastest growing employment location in Northern Nevada,” said Winrod. Truckee Meadows Community College is located less than five minutes from the ERGS Portfolio, and the University of Nevada, Reno is nearby. Lake Tahoe, the Black Rock Desert, and North Valleys Regional Park are within a short drive.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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With Remote Work, Women Decide Who Knows They’re Pregnant

For the past nine months, I have been pregnant. But I have not — for the most part — been pregnant at work.

In the beginning, when I felt nauseous, I threw up in my own bathroom. Saltine crackers became a constant companion but remained out of view of my Zoom camera. A couple of months later, I switched from jeans to leggings without any comment from my co-workers.

And as my baby grew from the size of a lemon to a grapefruit to a cantaloupe, the box through which my colleagues see me on video calls cropped out my basketball-sized gut.

Outside the virtual office, an airport security screener scolded me for trying to pick up a suitcase, cashiers became extra nice and strangers informed me of how big or small or wide or high my belly was.

Bureau of Labor Statistics.

commonplace.

And research suggests that pregnant women tend to be seen as less competent, more needing of accommodation, and less committed to work as compared with women who don’t have children, said Eden King, a professor of psychology at Rice University who studies how pregnancy affects women in the workplace.

Similar stereotypes affect mothers — 63 percent of whom are working while their youngest child is under three, according to the Labor Department — but pregnancy is a more visible identity, said Ms. King. “It can be a very physical characteristic in a way that motherhood isn’t,” she said. “So some of those experiences and expectations may be exacerbated.”

In interviews with 10 pregnant or recently pregnant remote workers for this article, several women said that being visibly pregnant in real life but not on a work Zoom screen helped them feel more confident and less apprehensive about what parenthood might mean for their career. Christine Glandorf, who works in education technology and is due with her first child this month, said that like many professionals on the brink of parenthood, she worried that people’s expectations of her in the workplace could change. Remote work solves part of that equation.

“It’s nice that it’s literally not in people’s face in any way, shape or form unless I choose for it to be a part of the conversation,” she said.

a study published in the journal Personnel Psychology in 2020, Ms. King and her colleagues asked more than 100 pregnant women in a variety of industries to track how much their supervisors, without having been asked for help, did things like assign them less work so they wouldn’t be overwhelmed or protect them from unpleasant news.

Women who received more unwanted help reported feeling less capable at work, and they were more likely to want to quit nine months postpartum.

“The more you experienced those seemingly positive but actually benevolently sexist behaviors, the less you believed in yourself,” Ms. King said.

Journal of Applied Psychology in 2019, examined this apparent shift in treatment.

believe women and men should be treated equally at work and at home, mothers in opposite-sex relationships still handle a majority of the housework and child care. The same pattern holds for parental leave. While almost half of men support the idea of paid paternity leave, fewer than five percent take more than two weeks.

In 2004, California began a paid family leave program that provides a portion of a new parent’s salary for up to eight weeks. Though the program offers the same benefit to both new fathers and new mothers, a 2016 study found that it increased the leave women took by almost five weeks and the leave that men took by two to three days.

That was the disparity when new fathers actually had an option to take paid paternity leave. Most don’t. Paid leave is still uncommon for both men and women. According to the Bureau of Labor Statistics, in 2021, 23 percent of all private industry workers had access to parental leave, up from 11 percent 10 years earlier. Although the Department of Labor stopped differentiating between maternity and paternity leave in its data more than 25 years ago, other surveys suggest that paid leave is far more uncommon for fathers.

These inequalities are one reason the gender pay gap, even between spouses, widens after women have children.

The virtual office may be relatively new, but women have long thought about how to shape their colleagues’ perception of their pregnancies. In a 2015 study conducted by Ms. Little, researchers interviewed 35 women about their experience being pregnant at work.

companies summon people back to the office, fewer people will have that choice. But there is part of the remote work pregnancy experience that can be replicated offline, Ms. King said.

“Some women do need help, and some women do want accommodations,” she said. But “you have to ask women what they want and what they need and not assume that we know.”

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Twitter Wants to Reinvent Itself, by Merging the Old With the New

The Bluesky project would eventually allow for the creation of new curation algorithms, which would show different tweets at the top of users’ timelines than Twitter’s own algorithm. It would give users more choice about the kinds of content they saw, Mr. Dorsey said, and could allow Twitter to interoperate with other social media services.

Bluesky grabbed the attention of many technologists who were already working on decentralization. Soon small groups of them were meeting with Mr. Agrawal and Mr. Dorsey on Sundays to discuss the project, according to two participants who spoke on the condition of anonymity to discuss the private meetings, while others traded ideas in an online chat room.

Some Bluesky participants proposed a single app that piped in all their social media feeds. Others wanted custom algorithms that could, for instance, block them from seeing spoilers about their favorite TV show. And some were focused on making their online identities portable, so that an account could be moved between social media companies the way a phone number can be moved from AT&T to Verizon.

“One of the things that Bluesky would offer is curation and filtering experiences that are independent of those offered by the social media proprietorships,” said Tim Bray, an internet software pioneer and a former vice president at Amazon who participated in some of the discussions.

Jay Graber, a cryptocurrency developer, was selected in August to lead the Bluesky organization. And in February, Ms. Graber announced that the project had officially registered as a public benefit corporation and was building a prototype.

The project caught the attention of engineers at Reddit, who had preliminary discussions with Twitter engineers about how their sites might someday interoperate, two people familiar with the conversations said, but the companies have not formally agreed to any plans to work together.

Some skeptics believe Twitter is jumping on the web3 bandwagon, joining a trendy movement in tech to shift many services, including social media, to so-called blockchain technology. But executives say that Twitter is catering to what an overwhelming number of users want, while following the decentralization mandate laid out by Mr. Dorsey before he departed as C.E.O. in November.

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Intercontinental Exchange Announces Strategic Investment in tZERO Group, Inc.

NEW YORK & ATLANTA–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced today that it is making a strategic investment in tZERO, a leader in blockchain innovation and liquidity for digital assets. In connection with ICE’s investment in tZERO, David Goone, a longtime member of ICE’s management team and currently ICE’s Chief Strategy Officer, will join tZERO as its next Chief Executive Officer and will serve on tZERO’s Board of Directors.

Goone, who joined ICE in 2001, will continue to serve ICE and its Chairman and CEO, Jeff Sprecher, in a consulting capacity.

“David Goone was present at many of ICE’s milestone moments and deals over two decades, a key player on our management team as we built our world-class trading, clearing and data infrastructure and product line, and has been a steward of our problem-solving culture,” said Jeff Sprecher, Founder, Chairman and CEO of Intercontinental Exchange. “David’s leadership and his mastery of trading, data, and clearing technology will be a big asset as tZERO begins its next chapter leading the growth and adoption of next-generation market infrastructure.”

During his tenure at ICE, Goone developed and managed many of the company’s product lines and oversaw ICE Benchmark Administration, which has administered LIBOR and the global gold and silver fixings. He has served on many of ICE’s subsidiary exchange boards and represents ICE on several industry boards, including the Depository Trust Clearing Corporation (DTCC), Options Clearing Corporation (OCC), and the National Futures Association (NFA). Goone also served as Vice Chairman of CETIP S.A. until its merger with B3 exchange in Brazil.

tZERO, through a wholly owned subsidiary, operates an SEC-regulated alternative trading system (ATS) and broker-dealer in the digital asset space, and is a technology firm with the goal of democratizing access to capital markets. tZERO brings together issuers and financial firms seeking a transparent, automated, digitally enabled marketplace and investors seeking access to unique private assets, public equities, cryptocurrencies, and other digital assets, including non-fungible tokens (NFTs).

Terms of ICE’s investment in tZERO, which will make ICE a significant minority shareholder in tZERO, are not being disclosed, and the financial impact of the transaction will not be material to ICE or impact ICE’s capital return plans. Other participants in tZERO’s fundraising round include Overstock.com, Inc. (NASDAQ: OSTK), an original investor in tZERO, and Medici Ventures, L.P., a blockchain-focused fund whose general partner is an entity affiliated with Pelion Venture Partners, among others.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.

Source: Intercontinental Exchange

ICE-CORP

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Divorcing Couples Fight Over the Kids, the House and Now the Crypto

“Francis has been less than forthright with his ever-changing stories,” Ms. deSouza’s lawyers claimed in one filing.

No secret stash ever materialized. A spokeswoman for Mr. deSouza said he had disclosed the entirety of his cryptocurrency holdings at the beginning of the divorce. “As soon as Francis knew that the Bitcoin was caught up in the Mt. Gox bankruptcy, he told his ex-wife,” the spokeswoman said. “Had the Mt. Gox bankruptcy not occurred, the division of the BTC would have been entirely uncontroversial.”

Ms. deSouza declined to comment through her lawyer.

But the appeals court found that Mr. deSouza, 51, who is now the chief executive of the biotech company Illumina, had violated rules of the divorce process by failing to keep his wife fully apprised of his cryptocurrency investments.

He was ordered to give Ms. deSouza about half the total number of Bitcoins he had owned before the Mt. Gox bankruptcy, leaving him with 57 Bitcoins, worth roughly $2.5 million at today’s prices. Ms. deSouza’s Bitcoins are now worth more than $23 million.

Not all crypto divorces involve such large sums. A few years ago, Nick Himonidis, a forensic investigator in New York, worked on a divorce case in which a woman accused her husband of underreporting his cryptocurrency holdings. With the court’s authorization, Mr. Himonidis showed up at the husband’s house and searched his laptop. He found a digital wallet, which contained roughly $700,000 of the cryptocurrency Monero.

“He was like: ‘Oh, that wallet? I didn’t think I even had that,’” Mr. Himonidis recalled. “I was like, ‘Seriously, dude?’”

In another case, Mr. Himonidis said, he discovered that a husband had moved $2 million in cryptocurrency out of his account on the Coinbase exchange, a platform where people buy, sell and store digital currencies. A week after his wife filed for divorce, the man transferred the funds to digital wallets, and then left the United States.

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