Market Analysis Report (30 Jul 2025)
Main Idea
The SEC has approved in-kind creation and redemption for spot bitcoin and ether ETFs, enabling institutional traders to use BTC and ETH directly, while Strategy purchased $2.4B in bitcoin and eToro plans to tokenize U.S. stocks on Ethereum.
Key Points
1. The SEC approved in-kind creation and redemption for spot bitcoin and ether ETFs, allowing institutional traders to use BTC and ETH directly instead of cash.
2. Strategy purchased 21,021 bitcoin ($2.4B) using proceeds from an oversubscribed preferred stock offering, now holding 628,791 BTC worth nearly $74B.
3. eToro plans to tokenize U.S.-listed stocks on the Ethereum blockchain as ERC-20 tokens, following similar moves by competitors like Robinhood, Kraken, Gemini, and Bybit.
4. The SEC's approval removes a key barrier for market makers, who previously had to convert dollars into crypto and back to manage ETF liquidity.
5. Strategy's $2.4B bitcoin acquisition follows a $2.5B raise through its new STRC shares, far exceeding its initial $500M target.
Description
SEC Approves In-Kind Redemptions for Spot Bitcoin, Ether ETFs | Strategy Buys $2.4B in Bitcoin After Oversubscribed Preferred Stock Sale | EToro to Tokenize U.S. Stocks on Ethereum
