The HBAR Foundation, the organization backing the Hedera blockchain, has partnered with Zoop, a startup led by OnlyFans founder Tim Stokely, to submit a late bid for TikTok. The move pits them against major tech players like Amazon as they vie for control of the micro-video platform.
HBAR Foundation’s Strategic Move into Social Media
According to a Reuters report, the two entities officially submitted their Intent to Bid to the White House earlier this week. Zoop co-founder RJ Phillips emphasized that the bid is not just about changing ownership but about reshaping the relationship between content creators and their communities.
“Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate,” Phillips stated in an interview.
The bid comes as ByteDance, TikTok’s parent company, faces an impending deadline of April 5 to sell its U.S. operations or risk a potential ban under the Trump administration. With heavyweights like Amazon in the race, HBAR Foundation and Zoop face an uphill battle to secure ownership.
Hedera’s Institutional Momentum and HBAR ETF Hopes
Hedera’s HBAR token has been gaining traction, particularly in institutional circles. A proposed HBAR exchange-traded fund (ETF) is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC). Canary Capital filed for the ETF in January, underscoring the increasing recognition of Hedera’s enterprise-grade blockchain capabilities.
Market analysts have speculated on the potential price movement of HBAR, with long-term forecasts suggesting a surge to $0.9, especially if institutional adoption continues to expand.
Crypto Firms Expanding Beyond Blockchain
HBAR Foundation’s bid for TikTok highlights a growing trend among crypto firms to diversify beyond traditional blockchain applications. This week, stablecoin issuer Tether acquired 8,888 Bitcoin units while investing in BeWater, an Italian digital media company. Other crypto projects, such as JellyJelly, are also exploring investments in non-crypto sectors.
Also Read: Hedera (HBAR) Faces Uncertainty After 40% Drop: Will a Breakout Lead to $0.38 or a Deeper Decline?
As the competition for TikTok intensifies, the outcome of this high-stakes bidding war could reshape the intersection of blockchain, social media, and digital ownership.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
