SEC postpones BlackRock Ethereum ETF decision, MicroStrategy plans $600M Bitcoin buy, rare CryptoPunk sells for $16M, Fantom seeks $122M recovery.
SEC Delays Decision on BlackRock Ethereum ETF

SEC Delays Decision on BlackRock Ethereum ETF

SEC postpones BlackRock Ethereum ETF decision, MicroStrategy plans $600M Bitcoin buy, rare CryptoPunk sells for $16M, Fantom seeks $122M recovery.

Last update:
Mar 6, 2024
| Issue

Welcome to today’s edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

SEC Delays Decision on BlackRock Ethereum ETF

The SEC has once again delayed its decision on BlackRock’s proposed spot Ethereum ETF, marking continued hesitancy in the approval of Ethereum-based ETFs despite the success of spot Bitcoin ETFs. This delay, affecting not just BlackRock but also other firms like Fidelity, Invesco, and Galaxy Digital, underscores the growing demand for Ethereum ETFs amid rising cryptocurrency prices and the anticipation of Ethereum’s Dencun upgrade. 

Bloomberg’s James Seyffart suggests such delays could persist until May 23, highlighting the regulatory uncertainty facing these applications. Meanwhile, the remarkable inflows into Bitcoin ETFs and Ethereum’s price surge indicate significant market interest in cryptocurrency ETFs.

MicroStrategy Aims to Raise $600M to Buy More Bitcoin 

MicroStrategy aims to raise $600 million through senior convertible notes maturing in March 2030 to fund further Bitcoin acquisitions, reinforcing its position as the largest corporate Bitcoin holder. These notes, prioritized over common stock in bankruptcy scenarios, can convert into cash, MicroStrategy stock, or a combination. 

This financial strategy, outlined in a March 4 announcement, highlights the firm’s continued investment in Bitcoin amidst a robust market, with Bitcoin nearing its all-time high. MicroStrategy, experiencing a significant stock rally and holding approximately 193,000 BTC valued at $13 billion, demonstrates substantial gains from its strategic Bitcoin investments under Michael Saylor’s guidance.

Rare CryptoPunk Sells for $16M in ETH

A rare alien CryptoPunk NFT, #3100, was sold for 4,500 ETH (approximately $16 million), becoming the second highest-selling CryptoPunk to date. This sale underscores the significant interest and value in unique NFTs, particularly those classified as rare within the CryptoPunk collection, which consists of 10,000 digital art pieces. 

CryptoPunk #3100, distinguished by its alien avatar and headband, is one of only nine of its kind. The purchase, made by an anonymous bidder after days of competitive bidding, highlights the growing market and collector interest in rare NFTs, demonstrating the substantial financial investments being made in digital art ownership.

Fantom Pursues Multichain Liquidation to Recover $122M

The Fantom Foundation is pursuing the liquidation of the Multichain Foundation in Singapore to recoup $122 million lost in a Multichain exploit. After securing a default judgment for breach of contract and fraudulent misrepresentations, Fantom seeks to have the High Court declare Multichain bankrupt, enabling the appointment of a liquidator. This step aims to recover and distribute the lost or frozen assets. 

Fantom’s efforts reflect a broader attempt to address the consequences of the exploit and offer a legal pathway for all affected users to claim restitution. This development highlights the ongoing challenges and legal complexities in the blockchain and cryptocurrency sectors.

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