Latest news for  (OTC:RCOOS) Stock

Wingstop's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WING#NYSE">WING</a>) short percent of float has fallen 7.46% since its last report. The company recently reported that it has 1.71 million shares sold short, which is 5.83% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.39 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Wingstop Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721835021_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Wingstop has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Wingstop's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Wingstop's peer group average for short interest as a percentage of float is 10.18%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

WING

How Is The Market Feeling About Wingstop?

CDW (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDW#NASDAQ">CDW</a>) has outperformed the market over the past 10 years by 11.32% on an annualized basis producing an average annual return of 22.03%. Currently, CDW has a market capitalization of $30.93 billion. 
Buying $1000 In CDW: If an investor had bought $1000 of CDW stock 10 years ago, it would be worth $7,353.39 today based on a price of $230.15 for CDW at the time of writing.
<h3>CDW's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721835017_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

News

Here's How Much $1000 Invested In CDW 10 Years Ago Would Be Worth Today

Richtech Robotics's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RR#NYSE">RR</a>) short percent of float has fallen 23.28% since its last report. The company recently reported that it has 411 thousand shares sold short, which is 1.78% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.01 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Richtech Robotics Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721835016_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Richtech Robotics has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Richtech Robotics's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Richtech Robotics's peer group average for short interest as a percentage of float is 3.13%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About Richtech Robotics?

Deckers Outdoor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) has outperformed the market over the past 20 years by 16.49% on an annualized basis producing an average annual return of 24.77%. Currently, Deckers Outdoor has a market capitalization of $22.05 billion. 
Buying $100 In DECK: If an investor had bought $100 of DECK stock 20 years ago, it would be worth $8,899.08 today based on a price of $867.66 for DECK at the time of writing.
<h3>Deckers Outdoor's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721835012_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

DECK

$100 Invested In This Stock 20 Years Ago Would Be Worth $8,900 Today

Union Pacific's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) short percent of float has fallen 5.68% since its last report. The company recently reported that it has 5.04 million shares sold short, which is 0.83% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.92 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Union Pacific Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721835011_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Union Pacific has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Union Pacific's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Union Pacific's peer group average for short interest as a percentage of float is 7.58%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About Union Pacific?

Shares of Madison Square Garden Entertainment Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGE#NYSE">MSGE</a>) climbed in <a href="https://www.benzinga.com/general/sports/24/01/36670289/new-york-knicks-owner-faces-lawsuit-could-legal-troubles-lead-to-sale-of-nba-team-madison-square-g">early trading on Wednesday</a>.
The company is well-positioned to beat fiscal 2025 consensus expectations for revenues, adjusted operating income and free cash flows, according to Goldman Sachs&#8217; Stephen Laszczyk.
The Madison Square Garden Analyst: Laszczyk upgraded the rating for Madison Square Garden from Neutral to Buy, while raising the price target from $41 to $45.
The Madison Square Garden Thesis: The company faces a strong event bookings environment at its arena and theaters, with upside driven by "a combination of strong supply of concert tours (across both legacy and new artists) and fan demand for live entertainment," Laszczyk said in the upgrade note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
There is room for robust growth in Christmas Spectacular in fiscal 2025, despite the record performance in fiscal 2024, the analyst stated. He estimates Christmas Spectacular revenues of around $157 million for fiscal 2025, "driven by higher show-count, modest increases in sell-through, and increased ticket pricing."
"We model Sponsorship revenues of $286M in FY2025 (up 7.5% YoY vs just 1% growth in FY2024)," Laszczyk wrote.
The recent selloff in the stock offers "an opportunity for investors to gain exposure to a unique, pure-play venues business with an attractive financial model," he added.
MSGE Price Action: Shares of Madison Square Garden Entertainment had risen by 1.10% to $39.40 at the time of publication on Wednesday.
Now Read: 
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<li><a href="https://www.benzinga.com/personal-finance/24/07/39935076/warren-buffett-says-inflation-is-never-gone-its-always-in-remission-its-something-that-is-human-">Warren Buffett Says &#8216;Inflation Is Never Gone It&#8217;s Always In Remission. It&#8217;s Something That Is Human-Made And Governments Can Create&#8217;</a></li>
</ul>

Analyst Color

Long Ideas

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Events

Analyst Ratings

Movers

MSGE

Madison Square Garden Has Room For 'Robust Growth' Thanks To Concert Lineup, Christmas Spectacular: Analyst

Roth MKM analyst Craig Irwin maintains Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Neutral and maintains $85 price target.

TSLA

Roth MKM Maintains Neutral on Tesla, Maintains $85 Price Target

Westinghouse Air Brake Technologies Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAB#NYSE">WAB</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAB#NYSE">WAB</a>) shares are trading lower after the company reported <a href="https://www.benzinga.com/pressreleases/24/07/b39926913/wabtec-reports-second-quarter-2024-results-raised-and-tightened-adjusted-eps-guidance" target="_blank" rel="noreferrer noopener">second-quarter FY24 results</a>.
Sales growth&nbsp;of&nbsp;9.8%&nbsp;Y/Y to&nbsp;$2.644 billion,&nbsp;marginally beating the consensus of&nbsp;$2.643 billion.
Sales growth&nbsp;was driven&nbsp;by higher sales in Freight (+13.1%&nbsp;Y/Y) and Transit (+2.0%&nbsp;Y/Y) segments.
The adjusted gross margin expanded 290 basis points to&nbsp;33.3%, and the adjusted operating margin was 19.3%, up 290 basis points.&nbsp;
At the end of the quarter, the total backlog stood at $22.08 billion, down 1.6% Y/Y. Adjusted EPS of $1.96 (+39.0% Y/Y) <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">topped the consensus of $1.88.</a>
During the quarter, the company returned&nbsp;$235 million&nbsp;to shareholders via share repurchases and dividends.&nbsp;
Operating cash flow was&nbsp;$235 million&nbsp;versus&nbsp;$115 million a year ago. Wabtec held cash, cash equivalents and restricted cash of $595 million and total debt of $4.00 billion&nbsp;at the end of the quarter.&nbsp;
Rafael Santana, Wabtec&#8217;s President and CEO said, &#8220;Demand on our end markets continues to be strong and we have significant opportunities for further growth given the quality of our products and the productivity and reliability that we provide for our customers.&#8221;
FY24&nbsp;Guidance: Wabtec raised the adjusted EPS&nbsp;outlook&nbsp;to&nbsp;$7.20&nbsp;to&nbsp;$7.50 (<a target="_blank" href="https://www.benzinga.com//node/38403160" rel="noreferrer noopener">from $7-$7.40 earlier</a>)&nbsp;versus the consensus of&nbsp;$7.39.
The company reiterated sales of&nbsp;$10.25 billion-$10.55 billion&nbsp;versus a consensus of&nbsp;$10.375 billion.
Dividend: On July 18, the Board of Directors declared a regular quarterly dividend per share of $0.20, payable on August 28, 2024, to holders of <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39849104/wabtec-declares-regular-quarterly-common-dividend" rel="noreferrer noopener">record as of August 14, 2024</a>.
Investors can gain exposure to the stock via&nbsp;Janus Henderson U.S. Sustainable Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSPX#NYSE">SSPX</a>) and IShares Environmental Infrastructure And Industrials ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFRA#NASDAQ">EFRA</a>).
Price Action: WAB shares are down 4.46% at $160.61 at the last check Wednesday.

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Wabtec Reports Solid Gains In Freight And Transit, Raises EPS Outlook Despite Slight Backlog Decline

Roth MKM analyst Philip Shen reiterates Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) with a Buy and maintains $140 price target.

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Roth MKM Reiterates Buy on Enphase Energy, Maintains $140 Price Target

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Shares of semiconductor stocks are trading lower amid recent earnings in the sector and concerns over potential China restrictions.

Loop Capital analyst Alton Stump maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Buy and raises the price target from $106 to $120.

Loop Capital Maintains Buy on Crown Holdings, Raises Price Target to $120

Benchmark analyst Nathan Martin reiterates Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Hold.

Benchmark Reiterates Hold on Canadian National Railway

Roth MKM analyst Rohit Kulkarni maintains Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) with a Buy and raises the price target from $202 to $206.

GOOG

GOOGL

Roth MKM Maintains Buy on Alphabet, Raises Price Target to $206

Loop Capital analyst Mark Schappel maintains Manhattan Associates (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) with a Buy and raises the price target from $250 to $265.

MANH

Loop Capital Maintains Buy on Manhattan Associates, Raises Price Target to $265

The parent company of well-known non-fungible token collection Pudgy Penguins has raised $11 million from investors including Founders Fund to help launch a consumer-focused blockchain for the <a href="https://www.benzinga.com/crypto">mass adoption of cryptocurrency.</a>
What Happened: Since <a href="https://www.benzinga.com/markets/cryptocurrency/22/04/26449887/pudgy-penguins-founders-sell-control-how-new-leadership-is-boosting-the-floor-price">being acquired by</a> Luca Netz for 750 Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) in 2022, Pudgy Penguins has emerged as a leading NFT collection, with its consumer products now available in major retailers worldwide.
The company has launched plushies, keychains, blind bags and more inside the likes of Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) and on Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
Now the attention of Igloo Inc, the parent company of Pudgy Penguins, turns to establishing Cube Labs and developing Abstract.
Igloo <a href="https://www.prnewswire.com/news-releases/igloo-inc-raises-11m-from-founders-fund-to-contribute-to-new-consumer-focused-blockchain-abstract-302204197.html">announced </a>Tuesday that it raised $11 million in a funding round led by Peter Thiel's Founders Fund. Additional investors included Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital.
The new funding round will help accelerate the development of Abstract, a blockchain designed to power consumer apps and drive the mass adoption of crypto.
"Abstract will open up a new world of possibilities for crypto-native developers and global brands – in turn creating the dominant crypto consumer platform," Abstract co-investor and Cube Labs CEO Michael Lee said. "We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect, and play."
The announcement said Abstract is built to lead the consumer crypto revolution and bring billions of people onchain for the first time. Abstract's technology is said to make the process of developing decentralized apps cheaper and easier.
Abstract was co-invented by blockchain entrepreneurs Michael Lee, Luca Netz and Lorenzo Melendez and engineered by web3 developers Cygaar, 0xbeans, and stinkypablo.
"My work has always centered around creating a web3 ecosystem that enables new ways for brands to interact directly with their consumer base," Igloo Inc CEO Luca Netz said. "Our vision is to change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds. We are excited to drive the consumer crypto revolution forward."
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35787692/exclusive-pudgy-penguins-the-next-chapter-in-the-ultimate-web3-comeback-story">EXCLUSIVE: Pudgy Penguins — The Next Chapter In The Ultimate Web3 Comeback Story</a>
Why It's Important: While the NFT sector has faced pressure over the last year, Pudgy Penguins has remained one of the most talked about names in crypto and has crossed over into the mainstream.
The company's consumer products and GIFs created from the Penguins NFTs, which have been viewed over 25 billion times, have put the brand in front of millions of people that don't realize the crypto-native founding of the company.
Several Founders Fund partners hit on this notion with comments in the press release and on social media.
"Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand," Founders Fund partner Joey Krug said.
Krug, who sports a Pudgy Penguin as his profile picture on X, joined Founders Fund in 2023.
"Abstract is built for everyone – not just cryptonatives – and we're extremely happy to be supporting them on this journey."
In a <a href="https://x.com/joeykrug/status/1815820982793441722">thread </a>on X, Krug said Pudgy Penguins has a negative customer acquisition cost (CAC).
"The reason is whenever someone buys a Pudgy Penguin in stores like Walmart and Target, Igloo Inc actually makes money on those sales, and it's basically a way to not only not pay for users, but actually acquire users profitably."
Krug said the company's products are also a fun way to onboard people to crypto with their first interaction.
The Founders Fund partner called Netz "one of the best marketers on the planet."
"Doing our first main investment in a project in the NFT space, but I believe over the next year Luca will continue to take this more and more mainstream such that it no longer feels that way."
Founders Fund associate Bridget Harris <a href="https://x.com/bridge__harris/status/1815807254857408668">shared </a>on X that Pudgy Penguins has the best distribution edge she's seen in the crypto space.
"They've created the most lovable brand in crypto by far – one that appeals to everyone, not just cryptonatives," Harris said.
Harris said the consumer crypto revolution to bring the masses onchain is similar to Netscape's mission to bring the world online. She said Pudgy, Igloo and Abstract aim to bring the masses onchain.
The investment in Igloo Inc now sits alongside past and current <a href="https://foundersfund.com/portfolio/">investments </a>made by Founders Fund that include SpaceX, Palantir, Stripe, Neuralink, OpenAI, The Boring Company and Polymarket.
Pudgy Penguins characters were used in an <a href="https://x.com/vaneck_us/status/1815736230832750704">advertisement </a>from VanEck to promote its recently launched VanEck Ethereum ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ETHV#BATS">ETHV</a>).
The Pudgy Penguins NFTs currently have a floor <a href="https://opensea.io/collection/pudgypenguins">price </a>of 11.19 Ethereum, or around $38,730.16.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29895821/exclusive-why-luca-netz-fell-in-love-with-pudgy-penguins-whats-next-for-nfts">EXCLUSIVE: Why Luca Netz Fell In Love With Pudgy Penguins, What&#8217;s Next For NFTs</a></li>
</ul>
Photo by Pratya Jankong courtesy Benzinga.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Financing

$ETH

AMZN

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FIVE

Peter Thiel, Founders Fund Lead $11M Investment In Pudgy Penguins Parent Company: 'Excited to Drive the Consumer Crypto Revolution Forward'

Benchmark analyst Cody Acree reiterates Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) with a Buy and maintains $230 price target.

Benchmark Reiterates Buy on Texas Instruments, Maintains $230 Price Target

Loop Capital analyst Ananda Baruah maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Buy and raises the price target from $105 to $135.

Loop Capital Maintains Buy on Seagate Tech Hldgs, Raises Price Target to $135

Roth MKM analyst Jason Wittes maintains Mind Medicine (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNMD#NASDAQ">MNMD</a>) with a Buy and maintains $36 price target.

MNMD

Roth MKM Maintains Buy on Mind Medicine, Maintains $36 Price Target

BLMZ

BloomZ Shares Resume Trade

Luxury carmaker Ferrari is stepping on the gas when it comes to cryptocurrency, announcing plans to extend its <a href="https://www.benzinga.com/24/07/39753235/following-coinbase-and-stripe-deal-fiat-to-crypto-payments-players-see-big-future">crypto payment scheme</a> to European dealerships by the end of July.
What Happened: The Italian automaker is catering to its tech-savvy clientele by offering Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) as payment options for its high-end vehicles. 
This follows a successful launch in the United States last year, according to Reuters.
Interestingly, Ferrari isn&#8217;t the first blue-chip company to embrace crypto – but it is certainly one of the most high-profile.
&#8220;We&#8217;re shifting gears to meet the evolving needs of our discerning clientele,&#8221; said a Ferrari spokesperson. &#8220;The enthusiastic response in the U.S. has paved the way for this European expansion.&#8221;
The program, set to roll out by the end of the month, will allow affluent car enthusiasts to purchase their dream vehicles using select cryptocurrencies. 
Ferrari plans to further accelerate this initiative, aiming to implement the payment option across its global network by the close of 2024, wherever crypto transactions are legally permitted.
While many blue-chip companies have kept their distance from the volatile world of cryptocurrencies, Ferrari&#8217;s decision to embrace digital assets sets it apart in the luxury market. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39929556/ethereum-etfs-shine-on-day-1-with-107m-net-inflows-but-what-about-the-bitcoin-etfs">Ethereum ETFs Shine On Day 1 With $107M Net Inflows — But What About The Bitcoin ETFs?</a>
Why It Matters: The move comes as a response to growing demand from its wealthy customer base, who increasingly view cryptocurrencies as a viable payment method for high-value transactions.
&#8220;Our clients are at the forefront of financial innovation,&#8221; the spokesperson added. &#8220;We&#8217;re simply aligning our services with their preferences.&#8221;
To navigate the complexities of crypto transactions, Ferrari had previously partnered with cryptocurrency payment processor BitPay for its U.S. operations. 
This collaboration allowed for transactions in Bitcoin, Ether and USDC, while protecting dealers from market fluctuations by immediately converting crypto payments into traditional currency.
However, the company has yet to disclose details about potential partnerships or specific cryptocurrencies accepted for its European expansion. 
The success of this program could potentially influence other luxury brands to follow suit, despite ongoing concerns about cryptocurrency&#8217;s environmental impact and regulatory uncertainties.
This development highlights the growing intersection between traditional luxury markets and the world of digital assets, a topic that&#8217;s sure to be a key point of discussion at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39915620/ethereum-may-be-headed-for-a-sell-off-after-etfs-launched-10x-research">Ethereum May Be Headed For A Sell-Off After ETFs Launched: 10x Research</a></li>
</ul>
Image: Shutterstock

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