What we learned from the latest ETH ETF filing dump

A new slate of amended spot ether ETF applications are in, and at least one more round is expected before the products are able to launch. 

The latest document dump suggests another fee battle is in store and revealed that one issuer has decided to focus more on bitcoin. 

While the Securities and Exchange Commission on May 23 approved 19b-4 proposals filed by Cboe, NYSE Arca, and the Nasdaq to list such funds, the regulator now turns to finalizing S-1 registration statements as a last step before launch. 

Read more: On the Margin Newsletter: What needs to happen before ETH ETFs hit your brokerage accounts

BlackRock revealed its $10 million in seed capital and authorized participants…

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MicroStrategy, Michael Saylor settle with DC AG for $40M in income tax fraud case

Michael Saylor and MicroStrategy will pay $40 million to resolve a tax fraud case with the Washington DC Attorney General’s office. 

AG Brian Schwalb posted about the resolution in a series of X posts. 

The case marks the “largest income tax fraud recovery” in DC history, Schwalb said. 

“Saylor illegally pretended to live in lower-tax jurisdictions to avoid paying taxes on hundreds of millions of dollars of income — all while living in a 7,000 square foot Georgetown penthouse and docking multiple yachts at Washington Harbour,” Schwalb added. 

According to court documents, MicroStrategy and Saylor will pay a total of $40 million to resolve the case. 

Read more: Bitcoin…

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Fold Adds New Feature And Team Member To Better Bank Bitcoiners

Fold recently released its Direct to Bitcoin feature as part of a set of features that the team at Fold calls its Bitcoin Checking Account. Fold Users can now auto-convert anywhere from 1% to 100% of their fiat deposits to bitcoin from a checking account through which they can also make payments.

This new feature is the first of many that the company plans to release in the coming months that will help its users more easily live on a bitcoin standard.

You can now transition to a bitcoin standard in two taps using @fold_app.Earn in bitcoin and maintain access to all the day to day financial tools you need. pic.twitter.com/V8BQgwTs7S

— WILL REEVES (@wlrvs) May 31, 2024

“Direct to Bitcoin…

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LATEST: Billionaire Investor Chamath Palihapitiya Believes in Bitcoin Hitting $500K

Weeks after Bitcoin’s fourth halving, the cryptocurrency community is buzzing with predictions about its future value. Billionaire investor Chamath Palihapitiya suggests Bitcoin could reach a staggering $500,000 within a few years, citing historical data showing significant growth 12 to 18 months post-halving. Previously, Bitcoin has shown flatter growth immediately following halvings, with real momentum building months later.

According to past patterns, the first halving cycle saw a 10.67x increase after six months. Subsequent halvings had milder initial growth but eventually reached 27.92x and 7.80x peaks. If Bitcoin follows these trends, the current price consolidation could simply be a precursor to another major price rally.

Palihapitiya also highlights the increased commercialization of Bitcoin, noting the introduction of spot ETFs in the U.S. While emphasizing that his views aren’t financial advice, his forecast aligns with Bitcoin’s established growth cycles, potentially setting the stage for unprecedented highs by October 2025.

X

Empire Newsletter: Crypto natives dig themselves in to the RWA space

Real-world attitude

Wall Street may have taken the lead in the bitcoin ETF arms race, but crypto natives are still holding their ground in the real-world asset space.

There’s now almost $1.5 billion tied up in tokenized funds buying US Treasurys and other public securities, a figure which has tripled over the past year and nearly doubled year-to-date.

BlackRock’s and Franklin Templeton’s funds, BUIDL and FOBXX, are the two biggest with $456 million and $348 million a pop from 13 and 419 token holders, according to RWA.xyz.

WisdomTree Prime’s government money market digital fund has otherwise attracted $5.5 million from 130 contributors.

(A $5-million minimum investment for BUIDL…

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LATEST: Bitcoin Holds Strong at $69k Amid Growing Investor Confidence

Bitcoin’s price is currently stable at around $69,000, supported by robust demand. Data from IntoTheBlock reveals a strong interest in the cryptocurrency within a specific price range, indicating a bullish sentiment among investors.

Between $66.9k and $68.9k, a significant demand zone has been identified where over two million addresses have collectively accumulated approximately 1.1 million BTC. This concentration of buying activity suggests that traders are optimistic about the future potential of Bitcoin, reinforcing its position as a favored asset in the crypto market.

The current stability in Bitcoin’s price, coupled with high trading activity, underscores the growing confidence in its value and resilience. As the digital currency maintains its stronghold above $68k, it continues to attract attention from both seasoned and new investors, signaling a positive outlook for its trajectory.

IntoTheBlock