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Tether Seeks To Raise $200 Million For Tokenized Gold Treasury – Report

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According to a recent report, the world’s largest stablecoin company, Tether, and a partner firm are looking to raise capital for a digital asset treasury company that would accumulate its tokenized gold.

Tether To Launch Digital Asset Treasury Firm With XAUT: Report

On Friday, October 3rd, Bloomberg reported that Tether and financial services firm Antalpha Platform Holding are leading an effort to raise at least $200 million to set up a digital asset treasury company. Citing unnamed sources close to the matter, this public vehicle would use the capital to purchase XAUT, Tether’s gold token.

Bloomberg revealed that Antalpha Platform Holding has close ties to Bitmain Technologies, the world’s largest Bitcoin hardware supplier based in China. According to a report from the University of Cambridge Judge Business School, the Bitcoin hardware manufacturer supplies about 82% of the world’s crypto mining machines.

Bloomberg posited that this capital-raising effort would further strengthen the relationship between two of the largest companies in the global crypto industry. Meanwhile, this venture would represent a continuation in digital asset treasury companies’ craze happening this year, with more than 80 firms set up so far in 2025.

Furthermore, the report revealed that asset manager Cohen & Company is the lead advisor on the deal, with further talks kept private. While most parties declined to comment, Tether reportedly pointed out a post on the social media platform X about its recent announcement with Antalpha.

Source: @paoloardoino on X

As per the post on X, Antalpha revealed that it would be integrating Tether Gold into its Real-World Assets (RWA) Hub, offering tokenized gold-backed lending and infrastructure solutions. The financial services firm also announced that it would set up physical vaults in major financial centers around the world to allow holders to exchange the tokens for gold bars.

This move to offer XAUT-backed lending came after Tether had purchased an 8.1% stake in Antalpha during its initial public offering (IPO) earlier in May 2025. 

Tether Gold, launched in 2020, offers investors an exposure to gold without physically owning the metal. With a market capitalization of about $1.5 billion, Tether claims that the almost 250,000 XAUT tokens in circulation are backed by an equivalent of more than 7.66 tons of gold.

USDT Market Cap At $175 Billion

At the same time, Tether owns the largest dollar-backed stablecoin and the fourth-largest digital asset in the cryptocurrency market, with a market cap of more than $175 billion.

The USDT market cap at $176 billion on the daily timeframe | Source: USDT chart on TradingView

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Jobs report in limbo, but Q4 could be stellar for crypto
NFT Gaming

Jobs report in limbo, but Q4 could be stellar for crypto

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A crucial catalyst for the crypto market was supposed to be Friday’s U.S. non-farm payrolls data, but that’s now in limbo due to the government shutdown, which is currently in its fourth day.

Summary

  • The crypto market would have reacted to the upcoming U.S. non-farm payrolls data.
  • Some top coins like Zora, Optimism, and EigenLayer will have token unlocks.
  • This week marks the start of the fourth quarter, which is the best one for cryptocurrencies.

Economists polled by Reuters expect the report to show the economy added 39,000 jobs in September, up from 22,000 in August. The unemployment rate is expected to hold steady at 4.3%.

This labor market report will be critical for the crypto market, as it could influence the Federal Reserve’s next interest rate decision. A weaker jobs report would be bullish for cryptocurrencies, as it would increase the likelihood of a rate cut at the Fed’s next meeting.

Several Fed officials—including Raphael Bostic, Jerome Powell, and Austan Goolsbee—have recently expressed caution about cutting rates too soon, citing persistent inflation. Therefore, disappointing job numbers would strengthen the case for easing.

Major Token Unlocks

The market was also watching for several significant token unlocks this week. According to data from DeFi Llama, unlocks totaled around $280 million.

  • Zora, a popular token on the Base blockchain: $9.35 million worth of tokens, or 4.6% of its circulating supply.
  • Sui: $174 million worth of tokens, equivalent to 1.5% of its float.
  • Other notable unlocks included tokens from EigenLayer, Immutable X, Orderly, and Optimism.

Start of Q4 — Historically Bullish

Data from CoinGlass shows that Bitcoin’s average return in Q4 since 2013 is 85%, with a median return of 52%. Ethereum, since 2016, has posted an average Q4 return of 23%.

Given the recent market correction, the seasonal trend could support a potential rebound.

Looking ahead, the fourth quarter brings several key events that could drive prices higher. These includ

Together, these catalysts set the stage for a potentially strong finish to the year in the crypto market.



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Gold's Rare Red Day Allows BTC to Advance
Crypto Trends

USDT Issuer Tether to Launch Tokenized Gold Treasury Firm With Antalpha: Report

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Tether, the company behind the USDT stablecoin USDT$1.0005, is working with crypto miner financing firm Antalpha to raise at least $200 million for a new digital asset treasury for tokenized gold, Bloomberg reported Friday, citing sources familiar with the matter.

The planned vehicle would stockpile XAUT$3,892.89, a blockchain-based token backed by physical gold bars under custody in a Swiss vault. XAUT is the largest tokenized gold offering on the market with nearly $1.5 billion market capitalization.

Antalpha is known as a key lender of Chinese crypto mining equipment manufacturer Bitmain, and offers supply chain and margin loans.

The report follows an expanded partnership between Tether and Antalpha, announced on Monday, to launch a dedicated hub for XAUT-backed lending, custody and token redemption services. Antalpha said then it plans to work with partners to open vaults in major financial hubs, allowing users to redeem digital tokens for physical gold.

Tether has expanded beyond issuing its flagship USDT token, the largest stablecoin boasting a $174 billion supply, with investments spanning across bitcoin BTC$111,480.33 mining, payments, energy and artificial intelligence (AI). It was a lead investor, alongside Bitfinex, with which it shares key executives and ownership, and SoftBank, in bitcoin treasury firm XXI Capital that launched earlier this year. Tether also reportedly seeks to raise funds at a $500 billion valuation to fuel its expansion.

Paolo Ardoino, CEO of Tether, has been a vocal proponent of gold as a hard asset, The company held $8.7 billion in the yellow metal on its balance sheet, according to its June attestation.



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Gaming Gear

Google is also removing apps used to report sightings of ICE agents

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Following Apple’s removal of ICEBlock from the App Store, an app used to report on the activity of Immigration and Customs Enforcement agents, 404 Media reports that Google is also removing similar apps from the Play Store. In a statement to Engadget, Google said “ICEBlock was never available on Google Play, but we removed similar apps for violations of our policies.”

Google says that it decided to remove apps that shared the location of a vulnerable group following a violent act that involved the group and a similar collection of apps. It suggests the apps were also removed because they didn’t appropriately moderate user-generated content. To be offered in the Play Store, apps with user-generated content have to clearly define what is or isn’t objectionable content in their terms of service, and make sure those terms line up with Google’s definitions of inappropriate content for Google Play.

404 Media report specifically focuses on Red Dot, an app that both Google and Apple removed. Like ICEBlock, Red Dot designed to let users report on ICE activity in their neighborhood. Rather than just rely on user submissions, the app’s website says that it “aggregates verified reports from multiple trusted sources” and then combines those sources to determine where to mark activity on a map of your area. “Red Dot never tracks ICE agents, law enforcement, or any person’s movements” and the app’s developers “categorically reject harassment, interference, or harm toward ICE agents or anyone else.” Despite those claims, the app is not currently available to download from the Play Store or the App Store.

The pushback against ICE tracking apps seemed to begin in earnest following a shooting at a Dallas ICE facility that injured two detainees and killed another on September 24. According to an FBI agent that spoke to The New York Times, the shooter “had been following apps that track the location of ICE agents” in the days leading up to the event.

Apple pulled the ICEBlock app from the App Store yesterday following a request from US Attorney General Pam Bondi. In a statement shared with Fox Business, Bondi said that “ICEBlock is designed to put ICE agents at risk just for doing their jobs, and violence against law enforcement is an intolerable red line that cannot be crossed.” Apple’s response was to remove the app. “Based on information we’ve received from law enforcement about the safety risks associated with ICEBlock, we have removed it and similar apps from the App Store,” Apple told the publication.

Google says it didn’t receive a similar request to remove apps from the Play Store. Instead, the company appears to be acting proactively. The test for either platform going forward, though, is if there’s a way that developers can offer these apps without them being removed again.



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GameFi Guides

South Korea’s Crypto Scene Shrinks As Traders Flock Offshore: Report

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South Korean crypto trading is shifting overseas as domestic exchanges see big drops in fiat deposits and trading activity, according to reports. While user numbers have risen, the money parked in won and the size of local markets have shrunk, signaling that more capital is finding its way to foreign platforms.

Capital Flight Accelerating

According to Fnnews, KRW deposits held on local exchanges fell by 42% to about ₩6.2 trillion compared with the end of last year. Daily average trading volume also slipped to ₩6.4 trillion, down 12% from the prior half-year.

Domestic crypto market capitalization was reported at roughly ₩95.1 trillion, a decline of 14% over the same period, while the global market cap fell by about 7%.

At the same time, outflows of crypto reached ₩101.6 trillion overall, with ₩78.9 trillion routed to registered foreign operators — that channel rose by 4%. These figures point to large sums moving beyond Korea’s trading venues.

Kimchi Coins Face Listing Pressure

Reports have disclosed that exchanges are tightening which tokens they list. The number of unique crypto assets listed domestically is 653, up by 55, but many of those assets trade only on a single platform.

There are 279 single-listing assets and about 43% of them have market caps of ₩100 million or less. That level of concentration leaves small tokens exposed to sharp price swings and to delisting risk if liquidity dries up or regulators press for stronger disclosure.

User Growth But Smaller Trades

User accounts are up to about 10.77 million, an increase of 11% from the prior year-end. Yet average capital per user appears lower, given the fall in KRW deposits and daily volume.

Total crypto market cap currently at $3.94 trillion. Chart: TradingView

Average losses from peak prices have also deepened; the mean maximum drawdown rose to about 72% from 68% previously. In short: more people hold accounts, but less money is staying on local platforms and risk for small holders has increased.

Regulatory And Banking Frictions Come Into Play

Based on reports, stricter rules and tougher bank partnerships are part of the story. Some exchanges struggle to keep real-name bank accounts or to meet new oversight criteria.

When fiat rails are weak, users turn to overseas venues that offer broader token lists and larger pools of liquidity. That has created an incentive for both traders and projects to look beyond the domestic market.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Product Reviews

AMD in early talks to make chips at Intel Foundry, report says

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Intel is in the early stages of talks with AMD about making the fabless chip designer an Intel Foundry customer, according to a report from Semafor.

The report, citing “people familiar with the matter,” doesn’t say just how much of AMD’s chip manufacturing would move to Intel. The company currently fabs its chips at TSMC. (Intel fabs some products at TSMC, too.)

In the past several weeks, Intel has seen a flurry of activity and investments. The United States announced a 9.9% ownership stake in Intel, while Softbank bought $2 billion worth of shares. Alongside Nvidia, Intel announced new x86 chips using Nvidia graphics technology, with the graphics giant also purchasing $5 billion in Intel shares. There have also been reports that Intel and Apple have been exploring ways to work together.

Such a partnership with AMD could validate former Intel CEO Pat Gelsinger’s vision. He had previously expressed interest in building chips for all of the world’s major tech companies, including long-time rival AMD. It’s unknown if AMD is considering a stock purchase similar to Nvidia.

AMD would be a major get for Intel, the latter of which has talked to many companies in a search for foundry customers. Current Intel CEO Lip-Bu Tan has suggested the company could stop offering its 18A node entirely if there isn’t enough demand for it.

Intel and AMD did not respond to requests for comment from Tom’s Hardware in time for publication.

It makes sense for Intel’s former rivals — especially American companies — to consider coming to the table. The White House is pushing for 50% of chips bound for America to be built domestically, and tariffs on chips aren’t off the table. Additionally, doing business with Intel could make the US government, Intel’s largest shareholder, happy, which can be good for business. AMD faced export restrictions on its GPUs earlier this year as the US attempted to throttle China’s AI business.

In general, Intel’s Foundry technology is perceived as less advanced than TSMC’s, but partnering with Intel could provide a backup if AMD ever needs one.


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Exchange Review August
NFT Gaming

Traders Eye September Jobs Report for Cues on BTC Breakout Above $120K

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Crypto markets remained unchanged Monday and Tuesday after last week’s $1.5 billion liquidation flush, but traders remain cautious ahead of a critical run of U.S. economic data that could set the tone for October.

Bitcoin bulls defended the $110,000 support level several times over the past week, while Ether clawed back from a sharp dip to $4,075 that coincided with nearly half a billion dollars in leveraged longs being wiped out.

Total market capitalization now sits near $3.85 trillion, about 1.3% lower than a week earlier despite a 3.5% weekend rebound.

The Fed’s most recent rate cut initially provided a modest boost to Bitcoin, but investors say the path forward depends less on past easing than on Powell’s Tuesday speech and upcoming jobs data that is scheduled to be released on Friday at 8:30 a.m. (ET).

“The crypto market is at a macroeconomic crossroads, caught between a softening labor market and resilient economic growth,” said Nick Ruck, director at LVRG Research, in a message to CoinDesk.

“This week’s data — Consumer Confidence, Initial Jobless Claims, and the pivotal September Jobs Report — will be critical in gauging the Fed’s next move. Any signs of further labor market cooling could reignite rate cut expectations, providing a tailwind for majors like BTC, ETH, and XRP. Conversely, strong data may extend the current period of uncertainty and pressure,” he said.

Jobs data shows how many people are getting or losing work in the U.S. economy. If fewer people are working and unemployment rises, it suggests the economy is slowing.

That usually makes the Federal Reserve more likely to cut interest rates to support growth, which can boost risk assets like stocks and crypto. But if job numbers are strong and unemployment stays low, it signals the economy is still running hot. That can keep inflation high, making the Fed less likely to cut rates.

“This macro uncertainty is likely to maintain Bitcoin’s dominance, potentially capping the upside for Ethereum and the broader DeFi sector despite their superior yield opportunities,” Ruck added.

Market structure reflects the indecision. A guage for sentiment fell to 28 on Friday, entering “extreme fear,” before bouncing back to a neutral 50 by Monday. Bitcoin has consolidated in a tight $108,000–$118,000 range, with open interest compressed and funding rates normalized after the liquidations.

“The rebound is coming from roughly the same levels as in early September,” Alex Kuptsikevich, senior market analyst at FxPro, said in an email. “Once again, altcoins are recovering stronger than BTC. Such outperformance in the early stages of recovery often indicates the future winners of the race, which in this case are altcoins.”

Kuptsikevich noted Bitcoin’s technical levels remain pivotal: “At the end of last week, Bitcoin found support at 109,000. It was bought at roughly the same levels as the end of August and even slightly higher, which is positive for the bulls.”

“On the other hand, September’s local high is lower than the previous one, which generally indicates a decrease in volatility and a stronger movement towards a breakout beyond the $108-118K range. Movements within the range can give many false short-term signals,” he noted.

Ethereum faces its own inflection point. Analysts flagged a potential bottom, citing technical exhaustion after last week’s selloff. The token is also in focus after the launch of the first U.S. ETF with staking features, from REX Shares and Osprey Funds, with applications from BlackRock and Fidelity still under SEC review.

News around Solana added to the altcoin narrative. The network’s total value locked surged to $12.2 billion, up 57% since June, prompting fresh calls for a $300 price target. Meme coins have grown more prominent as well, with sector capitalization climbing 70% over three months.

Regulatory headlines, however, kept traders wary. The Wall Street Journal reported that U.S. regulators are probing potential insider trading tied to companies accumulating crypto reserves.
Elsewhere, ratings giant Moody’s separately warned that the rapid expansion of stablecoin use in developing countries poses risks to monetary sovereignty and financial stability.



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EA private acquisition deal expected to go smoothly, says report, as "what regulator is going to say no to the president's son-in-law?"
Game Reviews

EA private acquisition deal expected to go smoothly, says report, as “what regulator is going to say no to the president’s son-in-law?”

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The $55bn private acquisition of EA is expected to run smoothly, the Financial Times has reported, due to the influence of Jared Kushner and Saudi Arabia on The White House.

The acquisition announced yesterday will see a group of investors comprising Saudi Arabia’s Public Investment Fund, and investment firms Silver Lake and Affinity Partners, acquiring EA, the publisher known for its sports games, BioWare’s RPGs, The Sims, and many more.

Though the acquisition won’t be completed until Q1 FY27, a report from The FT suggests it won’t face much opposition.

That’s due to Saudi Arabia being considered a key ally to the US, as well as the involvement of President Trump’s son-in-law Kushner, CEO of Affinity Partners.

“Kushner has a personal relationship and he has deep ties in Saudi Arabia. He is very comfortable operating in the Middle East. It created a basis of trust,” a person briefed on the talks told the FT.

Another source stated: “We are in a regulatory environment that is welcoming of [Saudi Arabia]. We are not in what was the previous regime.”

“What regulator is going to say no to the president’s son-in-law?” stated another source close to the inner workings of the Trump administration.

The involvment of Saudi Arabia’s PIF is controversial, due to the country’s ruler Prince Mohammed bin Salman chairing the fund. He’s been blamed by the CIA for the assassination of Washington Post journalist Jamal Khashoggi, and has upheld the country’s notoriously poor human rights record.

While the last big video game acquisition – Microsoft’s acquisition of Activision Blizzard – was met with opposition, it seems this latest deal for EA will be less contested.

Eurogamer has contacted the US Federal Trade Commission for comment on EA’s private acquisition.

In a further report from the FT, it’s suggested the deal is a huge bet that AI can significantly cut EA’s operating costs.

The $55bn buyout is backed by $36bn in equity and $20bn in JPMorgan debt, which EA will need to cover. AI will therefore be a key factor in cutting costs, according to sources involved in the transaction.

Last year, EA CEO Andrew Wilson stated AI is “the very core of our business” at the company’s Investor Day 2024. “For years we have talked about our games delivering experiences that are always new and different,” he said. “We predict that with generative AI we will truly be able to fulfil this promise for billions of people for billions and billions of hours.”

One area of AI innovation for the company is efficiency, which Wilson described as not just about cost saving but “doing what we do today faster, cheaper, and at a higher quality”.

With the growing reputation of AI tools being used across the games industry, no doubt this presentation proved influential in the eventual acquisition by private investors.

In a statement to employees yesterday, Wilson stated EA’s “values and our commitment to players and fans around the world remain unchanged”. However, the deal has sparked fear among fans for the future of EA’s most queer-friendly franchises, including The Sims, Mass Effect, and Apex Legends, due to the involvement of Saudi Arabia.



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Bitcoin And Ethereum Funds Shed $1.1 Billion While Solana Investment Products Gain $291 Million - Report
NFT Gaming

Bitcoin And Ethereum Funds Shed $1.1 Billion While Solana Investment Products Gain $291 Million – Report

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According to a CoinShares report published earlier today, global crypto investment products related to Bitcoin (BTC) and Ethereum (ETH) experienced total outflows of $1.1 billion over the past week. In contrast, Solana (SOL) investment products attracted $291 million in inflows.

Bitcoin, Ethereum Products Bleed While Solana Shines

Crypto investment products experienced a total net outflow of $812 million over the past week, primarily driven by Bitcoin products, which incurred $719 million in weekly outflows. Ethereum followed with its investment products, losing funds worth $409.4 million.

The report attributes the outflow in BTC and ETH investment products to the lower expectations of interest rate cuts this year, following the stronger-than-anticipated macroeconomic data in the US. Notably, the GDP and durable goods figures were revised to the upside, showing resilience in the economy.

That said, cumulative month-to-date (MTD) inflows remain strong, hovering around the $4 billion mark. Similarly, the cumulative year-to-date (YTD) inflows stand at $39.6 billion, inching closer to last year’s record $48.6 billion inflows.

Notably, BlackRock’s iShares spot Bitcoin exchange-traded fund (ETF) lost $68 million in funds. Meanwhile, Grayscale Investments’ GBTC ETF saw $300 million in outflows, while Fidelity’s FBTC witnessed outflows to the tune of $738 million. The report adds:

Importantly, there was no commensurate increase in short-bitcoin investment product demand, suggesting that the negative sentiment was likely low-conviction and likely to prove temporary.

In terms of countries, the US saw outflows to the tune of $1.03 billion, while Sweden-based crypto investment products lost $13.4 million in funds. On the contrary, Swiss products gained $126 million, while Canadian investment products attracted $58.6 million in inflows.

Unlike Bitcoin and Ethereum investment products, Solana investment products shone as they attracted inflows worth $291 million. Even more impressive, Solana products have pulled in $1.8 billion worth of funds on a YTD basis.

Besides the positive momentum in investment products, SOL is also seeing bullish price action as it steadily moves toward its all-time high (ATH) value of $293, recorded earlier this year in January.

Analysts say that SOL’s recent positive price action can be attributed to the rising likelihood of spot SOL ETFs getting approved in the near term. A recent report remarked that SOL-based ETFs could be approved in as little as two weeks.

Will Macroeconomic Factors Benefit Cryptocurrencies?

Latest data from FedWatch gives an 68% probability of the US Federal Reserve (Fed) lowering interest rates by 50 basis points (bps) during its December 10 meeting. The rate cut is expected to benefit risk-on assets, including cryptocurrencies like BTC, ETH, and SOL.

Source: FedWatch

In addition, future lower-than-expected inflation readings may further encourage the Fed to slash interest rates on an even larger scale. At press time, BTC trades at $113,628, up 3.1% in the past 24 hours.

Bitcoin trades at $113,628 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash.com, charts from FedWatch and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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EA are about to be bought for $50 billion by Saudi Arabia and Jared Kushner's investment firms, claims report
Game Updates

EA are about to be bought for $50 billion by Saudi Arabia and Jared Kushner’s investment firms, claims report

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Battlefield, EA Sports FC and Apex Legends publishers Electronic Arts are holding “advanced talks” to go private with a valuation of $50 billion after 35 years as a public company, according to reports this weekend.

If rumour breathe true, the buyers are a group of investors that include private equity firm Silver Lake, Saudi Arabia’s Public Investment Fund, and Affinity Partners, the Saudi-backed investment firm founded by Donald Trump’s son-in-law Jared Kushner.

The report comes via the Wall Street Journal (paywall) and Reuters, the latter of whom cite “sources familiar with the matter”. They claim that if the deal goes through, it could happen this week.

If the deal does happen, it will mean that BioWare, Criterion Games, DICE, Motive Studio, and Respawn Entertainment are now partly overseen by the investment arm of a state that oppresses women and queer people, executes journalists and imprisons political dissenters. Mass Effect and Dragon Age developers may find the prospect especially unwelcome, given the focus their games place on diverse casts.

A now-legendary, much-memed Electronic Arts print advertisement from not long after the company’s founding in 1983. | Image credit: Jordan Maynard / Chris Hecker

Reuters frame the investments as part of Saudi Arabia’s “Vision 2030” strategy to diversify the Kingdom’s heavily oil-reliant economy. The PIF were rumoured to be discussing a $2 billion investment deal via their subsidiary Savvy Games with the infamously acquisition-happy Embracer Group some years ago. These talks reportedly fell through in May 2023, triggering a brutal period of mass layoffs and cancellations.

More recently, the PIF acquired Scopely, US publishers of licensed games like Marvel Strike Force and the current developers of Pokemon Go. They have also funded the creation of a new Assassin’s Creed: Mirage DLC pack set in the historic city of AlUla, prompting internal criticism from Ubisoft developers.

In addition to investing in games publishers, the PIF have poured a lot of money into esports, acquiring companies and hosting tournaments in what has been widely styled a case of ‘sportswashing’ the Kingdom’s abysmal human rights record. Earlier this month, the Public Investment Fund-backed company Qiddiya became co-owner of fighting game tournament Evo. Savvy Games already own ESL FACEIT Group, a merger of two esports organisers, who are organising next year’s much-trumpeted Esports World Cup in Riyadh.

As for the other two investment groups who are allegedly party to the EA deal, Silver Lake are a 1999-founded firm who once owned Skype, and who have also sunk a few doubloons into game engine company Unity and PC manufacturer Dell. Affinity Partners were founded by Kushner in 2021, and have received billions from the PIF, with Saudi ruler Mohammed bin Salman personally intervening to push the investment through. Kushner is the subject of scrutiny as to whether his Saudi partnerships have influenced his work in the US government.

The rumoured EA buyout would continue the past decade’s consolidation of game developers and publishers in the hands of a select few megacorporations. Microsoft completed their acquisition of Activision-Blizzard last year, adding Call of Duty, Diablo and Candy Crush Saga to the Xbox haggis. The world’s largest videogame publisher, Tencent, have scooped up big outfits like Riot Games, Sumo Group and Funcom, while acquiring majority stakes or sizeable minority shares in the likes of Epic, Krafton and Paradox Interactive. Tencent recently funnelled a large reservoir of money into Ubisoft as part of the latter’s wider corporate restructuring to focus on Assassin’s Creed, Far Cry and Rainbow Six.

EA have seen “better-than-expected” revenue growth lately, but they’ve had some significant disappointments in the past year or two, and are currently betting rather a lot on Battlefield 6, with executives allegedly hell-bent on attracting 100 million players. Whatever their current fortunes, it seems plausible that layoffs will follow any buyout, as the new overlords seek to ‘optimise’ their investment.

I’ll wire EA a request for comment.



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