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More good news for crypto, but will good news keep flowing? In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | Is FDV a Meme? Low vs High Float Crypto | | Low float crypto account for 21.3% of the top 300 large cap crypto, while only 24.7% are fully diluted.
Notably, 14 out of the 74 fully diluted large cap crypto are memecoins, mostly launched this year or last year. | | | An unexpected approval?
In a positive development, the U.S. Securities and Exchange Commission (SEC) has approved spot Ethereum ETFs, just four months after the agency approved spot Bitcoin ETFs.
Prior to this week's deadline, the SEC seemed likely to reject the Ethereum ETFs, especially given the lack of communication between the SEC and issuers. Optimism spiked when the SEC started talking to issuers and requested that 19b-4 forms be amended and submitted within the deadline week.
This turn of events was reflected in the price action of Grayscale's Ethereum Trust, which saw its discount shrink from -24% to -6% prior to approval. Once the ETFs are available for trading, Grayscale's Ethereum Trust will be converted into a spot ETF, and holders will be able to exchange their shares for the cash value of the underlying ETH.
Eight issuers have received approval, namely BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Franklin Templeton, and Invesco Galaxy. However, only the 19b-4 forms have been approved, and ETF issuers need to have their S-1 registration statements before trading can begin. Notably, the main change to the submissions thus far has been the removal of any mention of staking ETH.
Editor's Take:
Unlike the spot Bitcoin ETFs, which were available for trading shortly after approval, Ethereum ETFs may take a couple of weeks or even months to go live. Issuers still need to submit S-1 registration statements, and the SEC will take time to review and approve them.
In a report, Galaxy Digital noted that spot Ethereum ETFs have greater risk profiles than spot Bitcoin ETFs, and this could prolong the decision-making process by the SEC. On top of that, the variety of decentralized applications (dApps) on Ethereum adds to a range of disclosable items. | | | Looking to put your SOL to work? Check out some of these liquid staking protocols on Solana! | | | Winding Down
Gate.HK, the Hong Kong entity of centralized crypto exchange Gate.io, is winding down operations and has withdrawn its crypto trading platform license application in the region.
The trading platform has not been around for long, having officially launched in May 2023. Subsequently, it submitted its virtual asset trading platform application with the Hong Kong Securities and Futures Commission (SFC) in February 2024 but withdrew it on May 22. No reason has been given for the withdrawal, but Gate.HK has stated its intention to resume operations in Hong Kong in the future.
In the meantime, it is urging users to withdraw all assets from the platform by August 28. New user registration and deposits have also been stopped. All tokens will also be delisted on May 28.
Many centralized crypto exchanges have applied for retail trading licenses in Hong Kong. The SFC is reviewing applications from 20 firms, including OKX, Bybit, and Crypto.com. On the flipside, exchanges such as HTX and HKVAEX have withdrawn their applications.
| | | Learn about Solscan, a popular Solana blockchain explorer, and how you can use it to monitor wallets, transactions, tokens, and more. | | | In Other News... TAO Rumors. Decentralized AI platform Bittensor gains 15% amid unconfirmed Grayscale rumors, where Grayscale plans to register a new trust that tracks the token.
Introducing Stepn Go. FSL is releasing a new version of move-to-earn game Stepn, called Stepn Go, packing in various social elements on iOS and Android.
Two New Trusts. Asset manager Grayscale announced two new trusts, giving certain investors exposure to the Bitcoin layer-2 Stacks and Near Protocol.
A New Foundation. Fantom Foundation launches Sonic Foundation and Sonic Labs for new blockchain, raising $10M in a funding round that will go towards Sonic's ecosystem development.
First Bank to Support Bitcoin Deposits via Lightning Network. The move builds on Gibraltar-regulated Xapo Bank's prior introduction of Lightning-powered small payments in collaboration with Lightspark.
No.2 App in Google Playstore. The crypto and NFT wallet Phantom beat out PayPal, Venmo, Zelle and others in the Google Play store for free finance apps.
Rest In Peace, Kabosu. Popular dog Kabosu, the face of dogecoin and several other meme tokens, passed away early Friday, his owner wrote in a blog post. He was over 17 years old.
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