21Shares to Rename Spot Ether ETF; Galaxy Digital's Unique Collateral Loan; Polygon Labs Acquires Toposware
Summary:
In an abrupt move, investment company 21Shares plans to rename its proposed spot Ether exchange-traded fund (ETF) and exclude ARK Invest from the application. This has sparked concerns within the crypto community. Meanwhile, Galaxy Digital turned a vintage Stradivarius violin into a non fungible token to secure a loan. Polygon Labs has acquired Toposware, marking its third investment in a zero-knowledge startup. Bitcoin miner Riot's revenues have decreased due to Bitcoin halving, but Marathon Digital increased its sales. Finally, Avail secured massive funding in its Series A round as it aims to address issues within the Web3 ecosystem.
Without warning, 21Shares, an investment corporation, made a late Friday announcement to the U.S. Securities and Exchange Commission (SEC). They are planning to change the name of their proposed spot Ether (ETH) exchange-traded fund (ETF) and to exclude ARK Invest from the application. A representative from ARK Invest confirmed they had chosen not to pursue the crypto offering, stating a reevaluation of their investment strategy was needed. This prompted questions about the near-term viability of the recently approved ETFs within the crypto sector. On June 5, the head of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, hinted at possible delays in the final approval process for asset managers. ETFs will requisition "extra time," Gensler stated. The SEC is still to approve S-1 registration statements from applicants. ARK Invest and 21Shares will continue collaborating on their spot Bitcoin (BTC) ETF, which debuted in January. This week's edition of Crypto Biz also examines a tokenized loan from Galaxy Digital to Animoca Brands, fundraisers by Avail, the acquisition of Toposware, and initial revenue reports from Bitcoin miners post-halving. Galaxy Digital has loaned an undisclosed sum to Yat Siu, co-founder of Animoca Brands, using a tokenized 1708 Stradivarius violin, once owned by Russian Empress Catherine the Great, as collateral—an innovation in the use of nonfungible tokens (NFTs). Polygon Labs consummated the purchase of blockchain research and development company Toposware, marking their third investment in a Zero-Knowledge (ZK) startup in as many years. Led by former Polygon co-founder Arjun, Avail, a new modular blockchain platform, completed an oversubscription of its Series A funding round, raising $43 million and bringing its total fundraising haul to $75 million. Bitcoin miner Riot Platforms reported a production decrease of 43% in May, despite fleet expansion, due to the halving of Bitcoin rewards. However, post-halving, Marathon Digital sold 63% of its BTC production. Franklin Templeton CEO Jenny Johnson remains optimistic about the future of Bitcoin investment, believing that significant institutional investments are yet to be tapped.
Published At
6/8/2024 12:00:00 AM
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