Bloomberg Slashes May Ethereum ETF Approval Odds to 30%

Bloomberg analysts have significantly reduced their expectations for a spot Ethereum ETF approval in May to a 30% likelihood, down from previous estimates of 60-70%. Despite this, market making firm GSR remains cautiously optimistic but signals readiness to adjust expectations if no progress is observed soon. The skepticism stems from a noticeable lack of movement towards approval, contrasting with the proactive filings observed before Bitcoin ETF approvals. 

Recent meetings between Coinbase, Grayscale, and the SEC have not yielded clear indications of progress, dampening optimism further. Experts argue that the SEC’s previous approval of Ether futures ETFs should logically extend to spot Ethereum ETFs, yet the absence of meaningful engagement with issuers and a clear path to approval raises doubts about a positive outcome by the deadline.

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MapleStory Transitions to Web3 on Avalanche Platform

Nexon Group is partnering with Ava Labs to transition its iconic MMORPG, MapleStory, to Web3, rebranding it as MapleStory Universe on the Avalanche network. This move aims to integrate Web3 rewards, including NFTs, into the game, enhancing player engagement through the creation of in-game worlds. 

MapleStory Universe will operate on its own Avalanche Subnet, ensuring a secure and tailored gaming experience. The first Web3-enabled version, MapleStory N, is anticipated to launch on PC by year-end. Since its 2003 debut, MapleStory has garnered over 180 million users, pioneering the free-to-play online game model.

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MicroStrategy Buys 12k BTC Using Convertible Notes Proceeds

MicroStrategy, under Michael Saylor’s leadership, recently acquired an additional 12,000 Bitcoins, leveraging $782 million from a convertible debt offering. This purchase raises its total BTC holdings to 205,000, valued at approximately $14.7 billion. The firm paid around $68,477 per BTC, totaling $821.7 million spent, funded by the debt proceeds and surplus cash. 

The acquisition followed a raised target of $700 million from a planned $600 million through convertible senior notes sale. This strategic move coincides with BTC’s price surge, notably reflecting in a nearly 10% pre-market stock price increase for MicroStrategy.

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Arbitrum Set to Release $2.32B in Vested Tokens on March 16

Arbitrum, a Layer-2 blockchain network, is set to unlock $2.32 billion in vested tokens on March 16, comprising about 76% of ARB’s circulating supply. Approximately 1.1 billion ARB tokens will be released, with 673.5 million designated for the team and advisers, and 438.25 million for investors. This “Cliff Unlock” will release all tokens at once, stirring expectations of price volatility within the crypto community. 

While some anticipate a price drop, others, recalling Solana’s post-unlock price surge, remain optimistic. This event coincides with other significant token unlocks this week, bringing the total to approximately $2.7 billion in digital assets entering the market.

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Other breaking news

• Coinbase Claims SEC Broke Law Rejecting Crypto Rulemaking
• MetaMask, Mastercard Test Blockchain Payment Card
• VanEck Temporarily Waives Bitcoin ETF Fee Amid Asset Lag
• Solana Hits All-Time High in Daily New Addresses
• Tether’s USDT Launches on Celo

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