Public Keys: Strategy Stretches Bitcoin Raise and BlackRock’s Ethereum ETF Hits Warp Speed
Main Idea
BlackRock’s iShares Ethereum Trust (ETHA) reached $10 billion in assets quickly, and Bitcoin and Ethereum ETFs may see accelerated growth with potential SEC approval for in-kind redemption and creation of shares.
Key Points
1. BlackRock’s iShares Ethereum Trust (ETHA) became the third-fastest ETF to reach $10 billion, achieving this in 251 days.
2. Spot Ethereum ETFs launched in July 2024 had $1 billion in trading volume, compared to $4.5 billion for Bitcoin ETFs in January 2024.
3. Analysts predict Bitcoin and Ethereum ETF issuers may get SEC approval for in-kind redemption and creation of shares, allowing purchases with BTC or ETH.
4. MicroStrategy (formerly known as Strategy) is raising $2.5 billion via a preferred stock offering to buy more Bitcoin, adding to its current holdings worth $70.6 billion.
5. A class-action lawsuit alleges MicroStrategy’s common stockholders should have voted on amendments to its Strike preferred stock offering.
6. MARA Holdings saw its stock price drop after announcing an $850 million raise, later increased to $950 million, to fund Bitcoin purchases and other operations.
Description
Ethereum ETF soars to $10B, MicroStrategy eyes $2.5B Bitcoin spree, and MARA stock tumbles on debt news in this week's crypto market roundup.
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