Gensler sees Ethereum ETF S1 approval this summer
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Gary Gensler has signaled that the approval of the S1 for an Ethereum ETF could be expected in the coming summer. This could mark a watershed moment for the industry that may pave the way for increased mainstream adoption and institutional investment in Ethereum. While the 19b-4 forms have been approved for multiple Ethereum ETF issuers, the SEC must still approve the S1 forms before the ETFs can officially debut and begin trading.
MicroStrategy, known for its massive Bitcoin holdings, has announced a private offering of $500 million in convertible senior notes to acquire more BTC. This is the tech company’s third convertible notes offering in 2024, amounting to a total of $1.6 billion.
In the decentralized finance sector, Curve Finance founder Michael Egorov faced a significant setback as he was liquidated for $140 million of Curve’s native token CRV. Egorov had borrowed nearly $96 million in stablecoins, primarily crvUSD, against his CRV collateral on five different protocols. The liquidation, triggered by a 24% drop in CRV price, resulted in Llamalend being hit with a $1 million debt without collateral.
Today’s Newsletter
- SEC’s Gensler sees Ethereum ETF S1 approval this summer, trading to follow
- MicroStrategy to expand Bitcoin stash with $500 million convertible notes offering
- Curve Finance CEO liquidated for $140 million of CRV
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ETHEREUM
SEC’s Gensler sees Ethereum ETF S1 approval this summer, trading to follow
The potential approval of an Ethereum ETF this summer would be a game-changer for the crypto industry. It would not only provide a regulated and accessible avenue for institutional investors to gain exposure to Ethereum but also boost the legitimacy of the second-largest cryptocurrency in the eyes of traditional finance. The approval process, while progressing smoothly, still requires the SEC to green-light the S1 forms.
The prospect of an Ethereum ETF is exciting, as it could lead to increased liquidity, stability, and mainstream acceptance of Ethereum. The ETF would allow investors to gain exposure to Ethereum without the need to navigate the complexities of directly buying, storing, and securing Ether. [cryptobriefing]
BITCOIN
MicroStrategy to expand Bitcoin stash with $500 million convertible notes offering
MicroStrategy’s commitment to expanding its Bitcoin holdings through the $500 million convertible notes offering is a testament to the company’s unwavering belief in Bitcoin’s long-term value proposition. By raising additional capital to acquire more BTC, MicroStrategy is doubling down on its investment strategy and sending a strong signal to the market about the growing institutional interest in Bitcoin.
MicroStrategy’s move validates their conviction in Bitcoin’s potential as a store of value and a hedge against inflation. The company’s continued accumulation of Bitcoin, despite market fluctuations, demonstrates a long-term perspective and a willingness to ride out short-term volatility. [cryptobriefing]
ECOSYSTEM
Curve Finance CEO liquidated for $140 million of CRV
The liquidation of Curve Finance founder Michael Egorov’s $140 million CRV position shows us the risks associated with over-leveraging in the DeFi space. The event, triggered by a significant drop in CRV price, teaches crypto investors the value of prudent risk management and the potential consequences of taking on excessive debt against volatile crypto assets.
This incident teaches us to exercise caution when engaging with lending protocols and to carefully monitor positions. While DeFi offers attractive yields and opportunities for passive income, it’s important to understand the implications and avoid overextending oneself. The liquidation of Egorov’s position also raises questions about the concentration of CRV holdings and the potential impact on the token’s price stability. [cryptobriefing]
Other News
Next Week’s Token Unlocks
- ARB is looking at an unlock of $83M, which translates to a 3.2% supply increase, alongside a market cap of $2.6B.
- STRK’s unlock is scheduled at $60M, which is a 4.9% rise in supply, with a market cap of $1.2B.
- APE has an upcoming unlock of $154M, resulting in a 2.5% supply increase. APE has a market cap of $641M.
- MANTA is looking at an unlock of $8M, which translates to a 2.1% supply increase, alongside a market cap of $407M.
- PIXEL’s upcoming unlock of $19M will increase the supply by 7%, with a market cap of $271M.
Vince & Diego
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