Bitcoin institutional flow looms, Coinbase debt round and more.

Asset managers expect inflows into Bitcoin (BTC) exchange-traded funds (ETFs) to accelerate further in the second half of 2024. ” Looking to increase or increase exposure to Bitcoin ETFs in the coming months.

Bitwise Chief Investment Officer Matt Hugan said in a note to investors that many individual investors, family offices, hedge funds and venture capital firms are set to increase their stakes in Bitcoin ETFs by the end of June.

Overseas investors are also interested in investing in Bitcoin ETFs. The Securities and Exchange Commission of Thailand has reportedly amended its rules to allow private funds to invest in Bitcoin ETFs where they are traded on US exchanges. Brazil made a similar move weeks ago, allowing investors to invest in BlackRock ETFs through depositary receipts.

All Bitcoin tokens, however, may not be enough to increase Coinbase's cash flow. The exchange plans to raise $1 billion in highly volatile notes to repay the debt it has already paid.

With the buzz surrounding Bitcoin, this week's crypto biz explores Ether (ETH) ETFs, Ubisoft as an XPLA validator, Coinbase's challenges, and global banks' perspective on blockchain.

SEC radio silence on Ethereum ETF ‘not a good sign' – Bloomberg analyst

A dispute over Ether ETFs from the US Securities and Exchange Commission (SEC) to issuers could be a bad sign for those hoping for Ether ETF approvals by May. Bloomberg ETF analyst Eric Balchunas told Cointelegraph that there were more than a few factors that have now lowered the probability of Ether ETF approval to 35%. According to the analyst, providers are less than 70 days away from the deadline, and there has been no communication or comment from the SEC yet. “This is not a good sign,” Balchunas said. Balchunas' Gary Gensler's stance on Ether may also be a factor, Gensler said, adding that he still sees Ether as a security.

Ubisoft is now a validator on the XPLA blockchain.

Ubisoft, the creator of several popular game franchises including Assassin's Creed and Far Cry, has joined the XPLA blockchain as a node validator. According to a press release from XPLA, Ubisoft will “actively participate in management proposal decisions” as part of the partnership. Based in France, Ubisoft is one of the world's largest game companies. His games have sold a combined 800 million titles. With a market capitalization of around $2.75 billion, it is the second largest in Europe after Poland's CD Projekt Red ($2.99 ​​billion). Some of the most popular intellectual properties with games on the XPLA blockchain include The Walking Dead: All-Stars and Summoners War: Chronicles.

Coinbase shares fall after hours as exchange plans to offer $1 billion in convertible notes

Crypto exchange Coinbase plans to raise $1 billion in senior convertible notes to repay debts and for “general corporate purposes.” The notes will be offered privately only to qualified institutional buyers and are due April 1, 2030, unless they are purchased, withdrawn or converted earlier, the firm said in a March 12 blog post. The notes are senior to common stock because holders have priority in the event of insolvency or bankruptcy. Coinbase said it intends to use it to repay its outstanding convertible senior notes at maturity in 2026, 2028 and 2031. The three notes have respective interest rates of 0.50%, 3.375% and 3.625%.

International banks are participating in large-scale blockchain trials

Major financial institutions, including Goldman Sachs, BNY Mellon and Cboe Global Markets, have completed large-scale trials using blockchain technology. Institutional investors have executed more than 350 virtual transactions on the Canton network, launched in May 2023 by startup Digital Asset Holdings, with distributed ledger technology such as tokenized assets, fund registry, digital money, repo, collateral lending and margin management. The pilot included 15 asset managers, 13 banks, four custodians, three exchanges and stablecoin issuer Paxos Trust.

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