Public keys are weekly summary Decryption This tracks major crypto companies that are publicly traded.
Eta hits warp speed
iShares from Black Rock Ethereum Traded under the ETHA ticker, Trust has become the third fastest ETF, reaching $10 billion.
We reached a milestone in 251 days. They were then beaten by BlackRock’s Ishares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.
When the July 2024 Spot Ethereum ETF launched in January 2024 didn’t get a kind of response, as did Bitcoin ETF in January 2024, there was a lot of hand-stitching and head scratching on Wall Street.
We’re talking about $1 billion in trading volume for the ETH fund debut and $4.5 billion in Bitcoin. However, investors don’t seem to be worried or confused now.
There is reason to believe that cryptographic ETFs will be able to accelerate further in the future. The analyst said recently Decryption Bitcoin and Ethereum ETF issuers may get a nod from the SEC and offer redemption and creation of shares.
That means that the stock can be purchased in BTC or ETH (which happens to be a basic asset), and investors can receive BTC or ETH when redeemed for the stock.
While this feature is popular with investors, regulators are concerned that the process is complex and could pose security concerns to crypto-based funds.
Stretching and a lawyer
Bitcoin Glutton Strategy (formerly known as MicroStrategy) has returned to the market where they raise cash to buy even more Bitcoin. This time, it’s with a new preferred stock product that will allow you to add another $2.5 billion to your War Chest.
At the time of writing, Strategy’s 607,770 Bitcoin is currently worth $70.6 billion, with unrealized profits of 1,519.17% after adding another $739.8 million to its holdings on Monday.
The company initially said it would raise $500 million with a new stretch preferred stock offer, selling 5 million shares at $100 pop. After that, the news came out (first reported) Bloomberg) The company will expand its services to $2 billion.
When the SEC filing finally hit Edgar on Friday, it was revealed that the company intends to raise nearly $2.5 billion in new stretch preferred stock offerings.
Meanwhile, there is a new class action lawsuit that is fostering new class action lawsuits over how the strategy has revised terms on the delivery of Strike Preferred Stock. The company confirmed on July 21 that the plaintiff filed a class action lawsuit to argue that holders of MSTR common stock should have been given the opportunity to vote for the July 7 amendment.
Speaking of class action lawsuits, the July 15 deadline was passed for the judge to select the lead plaintiff. other A strategic class action lawsuit surrounding statements made by executives regarding the risks associated with Bitcoin’s Ministry of Finance.
Minor problems
If you are a bitcoin miner, you issue debts to buy bitcoin.
At least that can be inferred from the way Mara Holdings saw the stock price fall when executives announced a $850 million salary increase on Wednesday. The shares slipped again on Thursday, with an SEC filing revealing that the company had raised its services to $950 million.
Miners already hold it at the Treasury Department (only seconds in the stash of strategy), and are currently worth $5.8 billion. This makes Bitcoin Holding almost equal to the market capitalization of the company, which at the time of writing, which is $6 billion.
But the company isn’t like that just I plan to buy Bitcoin with the proceeds from my pay raise. The SEC application wrote that it plans to use some of the new cash for “working capital, strategic acquisitions, expansion of existing assets, and repayment of additional obligations.”
Mara’s stock appears to end the week 12% lower than its start as it has grown from $19.98 per share to $17.15 at the time of writing.
But the compass point analyst considers dip as a minor problem.
Earlier on Friday, Compass Point analyst Engel upgraded Mara from cell to neutral, almost doubled its price target from $9.50 to $18. However, he paid attention in the shared notes Decryption Investors should expect to see “pullbacks during the seasonally weak August.”
The upgrades are driven primarily by Bitcoin’s recent performance, he added, but that’s not the only one.
“Although most miners are moving to HPC,” he wrote. “Mara appears to be committed to a HODL strategy that prioritizes ATMs and convertible debt sales over BTC sales,” he wrote.
He also noted that while the company is increasingly using BTC holdings in its yield generation strategy with Engel counts, Mara has not yet disclosed ROI.
Other keys
- “Scam” backed loans: People familiar with JP Morgan’s business said Financial Times The CEO who called Bitcoin a “fraud” The former bank is considering that clients can use Bitcoin and Ethereum as collateral for their loans.
- XRP flip-flop: Before the altcoin got caught up in its own bubble, the XRP market capitalization climbed high enough to overturn PepsiCo, BlackRock and Uber. It even surpassed McDonald’s. By Friday afternoon, however, XRP was at risk of falling below $3, bringing its market capitalization back to $181 billion.