Grayscale’s DeFi Fund has undergone changes, including the removal of the Curve DAO (CRV) token from its portfolio. In other news, Bitcoin miner Core Scientific has successfully closed a $55 million equity financing round, marking its return to solvency. The company’s CEO, Adam Sullivan, stated that the funds raised, along with the full repayment of their debtor-in-possession financing, will enable the company to exit Chapter 11 bankruptcy by the end of January. Core Scientific also plans to reenter the Nasdaq stock exchange following the completion of its bankruptcy proceedings.
Meanwhile, a decade after Cameron and Tyler Winklevoss first applied to launch the Winklevoss Bitcoin Trust, a spot Bitcoin exchange-traded fund (ETF) has finally been launched in the United States. The U.S. Securities and Exchange Commission approved nine ETF applications from several major asset management firms. Market analysts predict an investment inflow of around $10 billion to the ETFs in 2024. This historic decision not only cements the status of Bitcoin as a legitimate asset but also sets the stage for a range of derivative investment products, including potential leveraged and short Bitcoin ETFs.
Bitcoin spot exchange-traded funds (ETFs) had a remarkable start as trading officially began with a total volume of around $1.6 billion just minutes after the opening bell. Grayscale (GBTC), BlackRock (IBIT), Fidelity (FBTC), and Ark (ARKB) topped the list of BTC ETFs traded.
Asset managers Brevan Howard and Hamilton Lane will be the first to tokenize assets on the upcoming Web3 infrastructure provider Libre protocol. Libre is scheduled to go live in the first quarter of 2024, offering asset tokenization and smart contracts through the Polygon network. Brevan Howard will use Libre to tokenize its portfolio of illiquidity assets, while Hamilton Lane will use the protocol for fixed-income products.
Ripple Labs is planning a tender offer to buy back a $285 million stake in the company from early investors and employees. The company plans to spend $500 million in the process, which includes the cost of converting restricted stock units to common shares. Ripple’s CEO Brad Garlinghouse stated that the company has no plans to go public anytime soon in the U.S., where it is based, due to the country’s uncertain regulatory environment.
Finally, asset manager Grayscale has rebalanced weights for three of its crypto funds, removing tokens such as Polygon’s MATIC and adding Avalanche AVAX and XRP. The new allocations are part of Grayscale’s quarterly review and impact its Digital Large Cap Fund (GDLC), DeFi Fund, and Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Brad Garlinghouse, Adam Sullivan, Tyler Winklevoss, Cameron Winklevoss |
| Companies | Ark, Brevan Howard, U.S. Securities and Exchange Commission, Core Scientific, Ripple Labs, Libre Protocol, Fidelity, BlackRock, Grayscale, Hamilton Lane |
| Currencies | Bitcoin, XRP, Polygon, Avalanche |
| Securities | Grayscale (GBTC), Ripple Labs, Fidelity (FBTC), BlackRock (IBIT), Ark (ARKB) |
