Hedera blockchain’s HBAR Foundation, in partnership with OnlyFans founder Tim Stokely, is making a late bid for TikTok, challenging tech giants like Amazon. With TikTok facing an April 5 deadline to sell its US operations or face a ban, the clock is ticking.
HBAR Foundation and Stokely’s startup, Zoop, submitted their Intent to Bid to the White House earlier this week, according to Reuters. The partnership aims to shift the paradigm to one where creators and communities directly benefit.
Zoop co-founder RJ Phillips told Reuters, “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.”
The duo is collaborating with investors on this venture. Amazon is also among the bidders for TikTok. ByteDance, TikTok’s parent company, has until April 5 to sell its US operations to avoid a ban under the Trump administration.
An HBAR ETF is awaiting approval from the SEC, following Canary Capital’s filing in January. Hedera is experiencing growing institutional adoption, despite not being a top-15 digital currency. Analysts are watching Hedera’s price, with speculation it could reach $0.9 in the long term.
HBAR Foundation’s TikTok bid highlights the increasing diversification trend among crypto firms. Tether recently acquired 8,888 Bitcoin units and a stake in the Italian digital media firm BeWater. JellyJelly and other projects are also exploring investments in non-crypto entities, signaling a broader integration of crypto innovations into diverse ecosystems.