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- HBAR Foundation and Zoop have joined forces in a bid to acquire TikTok’s U.S. operations.
- Hedera’s price struggles despite the acquisition news, with a potential rebound on the horizon.
There has been a surprise acquisition bid in the ongoing battle over TikTok’s ownership, with Zoop and the HBAR Foundation coming into play. Zoop, a company launched by Tim Stokely, who created OnlyFans, has joined with the foundation operating the Hedera network to make a formal bid to take over TikTok’s U.S. operations.
— HBAR Foundation (@HBAR_foundation) April 2, 2025
According to the reports, the proposal was forwarded to the White House, with ByteDance having until April 5 to divest the platform or face a ban on a national level.
This bid comes as worries in Washington over risks to national security associated with TikTok’s Chinese stake are mounting.
Legislators are concerned that ByteDance’s Chinese connections may enable the Beijing government to tamper with its content or harvest data on U.S. users. The pressure prompted bipartisan backing of legislation compelling ByteDance to sell TikTok’s American business.
Zoop wants to become a mainstream, family-oriented site that encourages engagement and rewards creators with compensation. While OnlyFans specializes specifically in adult-oriented material, Zoop has positioned its brand as a site where it distributes its users’ earnings back to them.
The TikTok bid fits into this vision, with its promise of a new paradigm in which creators and groups reap immediate rewards from their labor. The HBAR Foundation’s backing also heralds a greater role of blockchain technology in social media platforms and holds out an expectation of greater transparency in the monetization of media.
Although details of the bid and its investors are not disclosed, Zoop and HBAR Foundation’s interest creates a new twist to the TikTok drama.
Amazon has also joined with a last-stage bid, adding yet another twist to the takeover battle. The White House, with its leadership by Vice President JD Vance on this negotiating process, now wields considerable leverage over TikTok’s future in the U.S.
TikTok’s Future Uncertain Amid Acquisition Talks
With more than 170 million American users, TikTok has become a point of contention in U.S.- China relations. The prospect of banning TikTok has sparked controversy about freedom of speech, with some claiming that banning TikTok would establish a precedent for suppressing foreign media outlets.
Meanwhile, Donald Trump, who suspended the enactment of divestment legislation until April 5, has suggested that if needed, this deadline may also be pushed back.
According to reports, the United States government has been in touch with several groups about a potential sale. One proposal involves current U.S. investors in ByteDance raising their stakes to gain control over TikTok’s U.S. arm.
This strategy would enable the platform to continue running with consideration of national security issues. Yet, it is unknown if ByteDance will agree to these conditions.
Whereas the White House remains actively involved in supervising the deal, competition between buyers becomes increasingly more fierce. The fact that it involves tech giants as well as investors contributes to its unpredictability.
If ByteDance does not agree to sell, TikTok may be banned, triggering a massive upset in the social media world.
HBAR Eyes $0.38 Target, But Volatility Remains a Challenge
Even with the high-profile participation of the HBAR Foundation in TikTok’s acquisition bid, Hedera’s native coin, HBAR, has not picked up momentum in the markets.
HBAR sits at $0.1556, down 6% over the last 24 hours and a whopping 19% over the last week. The downtrend continues when examining the performance over the last month, with HBAR down by 33.76%.
One of these causes lies in the general downswing in the wider global market due to financial turmoil across the world. Tariff announcement made by Donald Trump recently shook financial markets, triggering a sell-off among risk assets, including cryptocurrencies.
Even with the bearish sentiment, technical trends point to a rebound by Hedera. The token recently created a rounding bottom pattern, a classic sign of a long-term recovery. Some observers think this configuration may result in renewed buying pressure in the coming month.
Carl Moon sees a declining wedge pattern on the day chart and believes that HBAR must cross above this pattern to confirm a short-term uptrend.
If it succeeds, the token may revisit the $0.38 level in the near term. Nevertheless, conditions in the markets are currently volatile, and HBAR will require robust buying interest to turn its current trend around.
