Market Analysis Report (23 Jul 2025)
Main Idea
The SEC approved then froze Bitwise's crypto index fund ETF conversion, the FBI ended its probe into Kraken founder Jesse Powell, and Polymarket is reentering the U.S. market through a $112M acquisition of a regulated exchange.
Key Points
1. The SEC approved Bitwise’s plan to convert its crypto index fund (BITW) into a spot ETF but later froze the conversion; BITW manages $1.68 billion and charges a 2.5% management fee.
2. The FBI closed its investigation into Kraken founder Jesse Powell, returning seized devices; the case involved allegations of hacking and cyberstalking related to a nonprofit he founded.
3. Polymarket is reentering the U.S. market by acquiring QCX, a licensed derivatives exchange, for $112 million, following the closure of investigations by the CFTC and DOJ.
4. QCX received CFTC approval to operate on July 9, and the deal aligns with a potential leadership change at the CFTC, with crypto-friendly Brian Quintenz awaiting Senate confirmation.
Description
SEC Approves, Then Freezes Bitwise’s Crypto Index Fund ETF Conversion | FBI Ends Probe of Kraken Founder Jesse Powell, Returns Seized Devices | Polymarket to Reenter U.S. With $112M Deal for Regulated Exchange QCX
