The start of Bitcoin ETFs, an asset token, Ripple’s acquisition, and more.

Ten years after Cameron and Tyler Winklevoss filed to launch the Winklevoss Bitcoin Trust in 2013, a Bitcoin (BTC) exchange-traded fund (ETF) has finally launched in the United States. The US Securities and Exchange Commission approved nine ETF applications from several major asset management firms on January 10.

Market analysts They expect an investment flow of around $10 billion by 2024. The historic decision solidifies Bitcoin's status as a legal asset and sets the stage for a variety of derivative investment products, including leveraged and short Bitcoin ETFs.

Apart from that, the decision could strengthen Bitcoin's role in the decentralized finance (DeFi) space, especially as a collateral asset, creating opportunities to further integrate the crypto industry with traditional financial markets.

However, the ripple effects of this development may be felt beyond the financial markets.

The nod from the US regulator represents a landmark moment for the wider adoption and recognition of BTC, which underpins the cryptocurrency and its underlying blockchain technology. Moments like these can reshape our economic system, change perceptions of trust, and open up a whole new world of opportunities not yet imagined.

As expected, crypto enthusiasts have been on a rollercoaster over the past few days. For those who missed something in the Bitcoin ETF frenzy, this week's crypto biz also covered Brevan Howard and Hamilton Lane's token assets, Ripple's buyback, Core Scientific's oversubscribed equity offering and Grayscale's funds rebalance.

Spot Bitcoin ETF trading volume exceeded $1.6B within minutes of launch

Bitcoin spot exchange-traded funds (ETFs), which officially began trading on January 11, got off to a spectacular start, with a total of around $1.6 billion just minutes after the opening bell. The move comes after the United States Securities and Exchange Commission approved the first spot Bitcoin ETFs. As trading opened, Grayscale (GBTC), BlackRock (IBIT), Fidelity (FBTC) and Arch (ARKB) were the top BTC ETFs traded.

Brevan Howard, Hamilton Lane for Simulating Properties with the Libre Protocol

Brevan Howard and Hamilton Lane will be the first asset managers to register assets on the upcoming Web3 infrastructure provider's Libre protocol – powered by Brevan Howard WebN and Nomura Laser Digital. Libre is scheduled to go live in the first quarter of 2024, offering asset tokens and smart contracts through the Polygon network, supporting collateralized loans and automatically balancing independently managed accounts. As for Brevan Howard, who is known for focusing on macroeconomic trading strategies, Libre allows him to simulate his portfolio of illiquid assets, while Hamilton Lane uses the protocol for fixed income products.

Ripple Labs' $285 Million Auction to Buy Back: Report

Ripple Labs is planning a tender offer to buy back $285 million of the company's shares from previous investors and employees. The company plans to spend $500 million in this process. The budget includes the cost of converting restricted stock units into common stock. According to Reuters, investors can sell only 6 percent. The transaction values ​​the company at $11.3 billion. More purchases are expected as Ripple intends to offer early investors an exit. Ripple CEO Brad Garlinghouse said the company has no plans to go public anytime soon in the US, where it is based, due to the country's uncertain regulatory environment.

Ripple is valuing the company at $11 billion to buy back $285 million in shares – sources pic.twitter.com/maaeoF0TXN

— Reuters (@Reuters) January 10, 2024

Grayscale drops MATIC, adds AVAX, XRP to rebalancing funds

Asset manager Grayscale has adjusted the weightings for its three cryptocurrencies, removing tokens such as Polygon (MATIC) and adding Avalanche (AVAX) and XRP (XRP), according to a Jan. 5 announcement that the new allocation is part of Grayscale's quarterly. Review and impact his Digital Large Cap Fund (GDLC), DeFi Fund and Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). Although MATIC is dropped from the GDLC's new composition, it remains in the GSCPxE fund basket. As for Greyscale's DeFi fund, changes include the removal of the Curve DAO (CRV) token from the portfolio.

Bitcoin Miner Core Scientific Completes $55 Million Equity Offering

Bitcoin miner Core Scientific has closed a $55 million equity financing round as it returns to settlement. According to the Jan. 8 announcement, the $55 million equity offering expired a week ago and was oversubscribed. CEO Adam Sullivan said the proceeds, combined with the full repayment of debt financing, will allow the company to emerge from Chapter 11 bankruptcy by the end of January. In the year According to the company's most recent financial disclosure as of November 2023, Core Scientific had assets of $2.3 billion with liabilities of $559 million, resulting in net equity of $1.8 billion. The company intends to re-enter the Nasdaq stock exchange once it completes bankruptcy proceedings.

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