Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what you’ll find in today’s edition:

The latest movement in the ether ETF saga after initial SEC approvals, and what needs to happen before the products hit your brokerage account
A potential stand-off is brewing after Riot Platforms’ “hostile bid” to acquire Bitfarms  
A look ahead at what Congress is up to and whether or not the new crypto bills will actually make it to the President’s desk

$19,925,658,064

That’s the assets under management in BlackRock’s iShares Bitcoin Trust (IBIT) as of Thursday, according to the fund giant’s website. That makes it…

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