LATEST: Grayscale Awaits SEC Approval For Dogecoin ETF Launch Under GDOG Ticker

Grayscale is moving ahead with plans to launch an exchange-traded fund (ETF) tied to Dogecoin, filing to rename its existing Grayscale Dogecoin Trust into the Grayscale Dogecoin Trust ETF. If approved by the U.S. Securities and Exchange Commission (SEC), the fund will trade under the ticker symbol “GDOG” on NYSE Arca. This marks another step in Grayscale’s ongoing push to expand crypto investment options for mainstream traders.

The filing comes as competition heats up among firms seeking SEC approval for crypto ETFs. Rivals Rex-Osprey and Bitwise have also submitted applications, while regulators are reviewing proposals tied to other tokens such as Solana (SOL) and XRP. The momentum reflects a more favorable regulatory climate under the Biden administration, following landmark approvals of spot Bitcoin and Ethereum ETFs earlier this year.

Grayscale has been central in shaping this landscape after a pivotal court ruling forced the SEC to greenlight its spot Bitcoin ETF. Today, BlackRock’s iShares Bitcoin Trust (IBIT) dominates with over $88 billion in assets, but Dogecoin’s potential ETF debut could open a new frontier for crypto investors.

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Friday charts: Investor’s crystal ball, cloudy with a chance of FOMO

This is a segment from The Breakdown newsletter. To read more editions, subscribe.

“100% of the information you have about any business reflects the past, and 100% of the value of that business depends on the future.” 

— Bill Miller

Are markets still forward-looking?

A core tenet of investing theory is that asset prices are driven by the market’s best (and sometimes worst) guesses about the future.

This is why stocks are valued on forward earnings multiples, not trailing ones. And bonds are priced on what the economy is expected to do, not what it’s already done.

It doesn’t feel like that’s what’s happening just now.

This week’s data showed…

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Corporations don’t care about your blockchain

This is a segment from the Lightspeed newsletter. To read full editions, subscribe.

We learned this week that Stripe and Circle are planning to launch their own L1 chains.

Ethereum community members were quick to question why corporations shouldn’t launch L2s instead.

Ethan Buchman has a simple explanation: Vertical integration is profitable.

Christian Catalini of Lightspark echoes this view in Forbes:

“… stablecoin issuers have strong incentives either to commoditize the rails — by issuing on multiple networks and positioning themselves at the center of interoperability across them — or to nudge most activity to a network they control. Either strategy gives…

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A Bitcoiner’s Dilemma In The Age Of Rampant Speculation

Strategy, Michael Saylor and MSTR have taken over Wall Street. To many people’s chagrin, the suitcoiners and corporates are here: Bitcoin held by corporations in the form of bitcoin treasury companies is hypnotic to look at. It has captured more or less everyone’s mind — mine, included.

It’s the latest fad on the world’s capital markets, celebrated by a narrow sway of financially savvy Bitcoiners and insiders, yet hated by tradfi people who can’t for the love of humanity understand why anybody, let alone a company, would want bitcoin at all. Every odd Bitcoin podcaster has joined one or more bitcoin treasury companies as investors or advisors… or, to put their role more…

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DAT-a crunch: Momentum builds around ETH treasury companies

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

It’s worth taking another look at those corporations hoarding crypto — particularly as we see momentum around the ones accumulating ETH. 

You may know them as crypto treasury companies or, as Blockworks Research’s Dan Smith calls them: DATs (digital asset treasuries). 

But no matter the label, they’ve grown big enough for many to notice — and we’re not just talking about Michael Saylor’s Strategy.  

Though Strategy (holding 628,946 BTC) has historically dominated trading volumes in this segment of companies, we saw BitMine Immersion (BMNR) eclipse the firm on that…

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LATEST: Hedge Fund Brevan Howard Holds $2.3 Billion In Bitcoin ETFs

Hedge fund powerhouse Brevan Howard has taken the lead in the race for Bitcoin ETF dominance. A new SEC filing reveals the firm now holds about 37.5 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth nearly $2.3 billion as of June 30. This marks a steep climb from 21.5 million shares in the first quarter, pushing Brevan Howard ahead of Goldman Sachs, which previously topped the list with a $1.4 billion stake.

The investment highlights Brevan Howard’s growing commitment to digital assets. Best known for its macro trading strategies, the hedge fund has been rapidly scaling its presence in crypto through BH Digital, a division managing billions across blockchain infrastructure and related technologies. This bold move solidifies the firm as a leading force in institutional crypto adoption.

IBIT continues to dominate the market with more than $88 billion in Bitcoin under management. Other major holders include Symmetry Investments, Capula Management, Mubadala Investment, and notably Harvard Management, which entered the top 20 with a $1.9 billion position, reflecting rising institutional appetite for Bitcoin exposure.

Filing

Winklevoss twins’ crypto exchange launches Gemini Wallet

This is a segment from The Drop newsletter. To read full editions, subscribe.

Winklevoss twins-backed exchange Gemini launched a wallet product yesterday, presumably to better compete with rivals like Coinbase and Kraken in the consumer market.

So how does it hold up — and where does it fit into the increasingly competitive wallet landscape?

The Gemini Wallet is a self-custody solution that also ties into a web-based dashboard, dubbed “Onchain,” which essentially offers a bigger screen to examine your crypto portfolio and make trades.

As of right now, this experience is on the web — there’s no standalone Gemini Wallet mobile app (yet). It’s not a Chrome…

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Digital Currency Group Sues Genesis Over $1.1 Billion 2022 Bailout Amid Bankruptcy Dispute

Digital Currency Group (DCG) has initiated legal action against its bankrupt lending arm, Genesis Global Capital LLC, seeking repayment related to a $1.1 billion support package issued during the crypto market crash of 2022.

The lawsuit, filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, claims the funds were provided to offset the financial damage caused by the collapse of Three Arrows Capital (3AC), The Block reported on Friday.

Genesis, a major lender to 3AC, suffered a $2.36 billion default after the hedge fund failed to meet a margin call in 2022.

DCG alleges the shortfall impacted the equity of Genesis Asia Pacific, prompting DCG to step in with the…

Read more on Benzinga

Home Bitcoin Mining Is Going To Heat Europe

Maximilian Obwexer had a problem. 

He was heating his home in Austria with conventional heating oil, and it was expensive. A tinkerer by nature, and a former engineer having worked on hydropower plants, he was trying to find a better way to heat his home. 

After many rounds of experimentation and having delved down the Bitcoin (mining) rabbit hole, three years ago he founded a company devoted to the effort. His company, 21energy, makes well-balanced, sturdy, and incredibly beautiful (and incredibly quiet!) miners for home use. The early models of Ofen 1 boasted up to 10 TH/s, while the premium model could reach, at top speed and making plenty of noise, 40 TH/s. Having scaled up…

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Online Privacy Is Under Threat In The UK And US. Policy Expert Freddie New Advises How To Protect Yourself

Due to certain laws and court rulings, it’s becoming more and more difficult to preserve one’s privacy when communicating and transacting online, but there are steps we can take to maintain our privacy, as per what Bitcoin policy advocate Freddie New shared in my recent interview with him.

Before getting to those steps, though, please allow me to offer some background on how online privacy has been negatively impacted in both the UK and US as of late.

July 25 marked the first day of enforcement for the UK’s Online Safety Act, which requires that UK internet users input identifying information before browsing certain websites in efforts to protect children from accessing…

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