February 8, 2025
What Did You Miss in Crypto This Week – TipRanks.com – Cryptosaurus

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As investor attention shifts to bitcoin, ethereum and other cryptocurrencies, Wall Street and its traditional banks are continuing to adjust to the change. Check out this week’s top stories highlighting the interconnectedness of these old guard and new school sectors of finance with this recap compiled by The Fly.

Court reverses ruling on bitcoin ETF: A three-judge appeals panel of the US Court of Appeals for the District of Columbia wrote in an August 29 order: “The Securities and Exchange Commission recently approved trading of two bitcoin futures funds on national exchanges, but Grayscale’s bitcoin Denied approval.” Fund. In petitioning for review of the commission’s denial order, Grayscale says its proposed bitcoin exchange-traded product is materially identical to bitcoin futures exchange-traded products and should be approved to trade on NYSE Arca. , we agree. The rejection of Greyscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. Therefore, we accept the plea of ​​Greyscale and set aside the order.” ”_blank”>(read more)

On Wednesday, after reviewing Grayscale’s appeal against Oppenheimer’s denial of conversion, Judge Neomi Rao granted Grayscale’s petition for review and vacated the SEC’s order. The firm added that the decision does not mean an immediate approval of Grayscale’s application, it simply requires the SEC to review its application which could once again result in rejection. Oppenheimer sees this as another major court victory for Grayscale and the industry following the Ripple case, but he doesn’t expect it to lead to a flood of spot bitcoin ETF approvals in the near term. That said, the decision builds a strong foundation for long-term spot bitcoin ETF approval, which could be beneficial to both Coinbase (COIN) and the industry. The firm said that Grayscale has indicated that it is reviewing the court’s decision and would like to share future steps as soon as possible. (Read more)

More Competition for Coinbase: Mizuho analyst Dan Dolev said Tuesday that he thinks positive momentum for the legal battle between Coinbase and the SEC prompted most of the stock’s 16% intra-day gain after an appeals court ruled in Grayscale’s favor. Did. However, the company is “less enthused” as it argues that bitcoin trading in the US has become “more commoditized” with the launch of a bitcoin ETF. The company believes that competition has increased in the asset category which is already witnessing low retail participation. Pricing pressure is likely to increase over time, with Coinbase placing an underperform rating and $27 price target on the shares. (Read more)

Celsius, US Bitcoin Corp sign hosting deal US data mining group, dba US Bitcoin Corp, announced on Thursday that it has secured a deal with Celsius Network to host an initial 8,500 miners on its USBTC alpha site with an estimated sticker hashrate of 820 petahash. USBTC President Asher Genut said, “Having the opportunity to manage Celsius Assets is a significant milestone. As we move forward with Fahrenheit, we’re starting a new chapter that builds on that success. The synergy between USBTC, Celsius and Fahrenheit reflects our commitment to redefining the mining industry. Together with Fahrenheit, we envision a future where bitcoin mining is not only profitable but sustainable and industry-advanced. On February 7, USBTC announced an all-stock merger with Hut 8 Mining (HUT). (Read more)

Bitcoin Depot expands retail reach: Bitcoin Depot (BTM) on Thursday announced the expansion of its BDCout program to Iowa and Louisiana through an ongoing partnership with Income Payments. Initially set to launch in 2022, BDCheckout is an app-based experience that allows users to load cash into their Bitcoin Depot digital wallet directly at the cash register. Through Bitcoin Depot’s partnership with Incom, BDCout is now available at a total of 246 locations in Iowa from various convenience store partners such as Kum & Go, Quick Trip, and Pilot Travel Center. BDCheckout is also expanding to 166 locations in Louisiana. (Read more)

SEC alleges principle effect on NFT ‘securities’: The Securities and Exchange Commission on Monday charged media and entertainment company Impact Theory with allegedly conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens. Impact Theory raised approximately $30 million through an offering from hundreds of investors, including investors across the United States. Pursuant to the SEC order, from October to December 2021, Impact Theory offered and sold three tiers of NFTs, known as Founders Keys, which Impact Theory designated “Legendary,” “Heroic,” and ” named “Relentless”. The order found that Impact Theory encouraged potential investors to view the purchase of Founder’s Key as an investment in the business, saying that if Impact Theory was successful in its efforts, investors would benefit from their purchase. Among other things, Impact Theory emphasized that it was “trying to create the next Disney” and, if successful, would provide “tremendous value” to the founding principal buyers. The order found that the NFTs offered and sold to investors were investment contracts and therefore securities. Accordingly, Impact Theory violated federal securities laws by offering and selling these crypto asset securities to the public in an unregistered offering that would otherwise not have been exempt from registration. Without admitting or denying the SEC’s findings, Impact Theory agreed to a cease-and-desist order, which found that it violated the registration provisions of the Securities Act of 1933, and was required to pay damages totaling more than $6.1 million. Ordered. and a civil penalty. The order also sets up a Fair Fund to refund the amount paid by aggrieved investors to buy NFTs. Impact Theory agreed to destroy all Founder’s Keys in its possession or control, publish notice of the order on its websites and social media channels, and forfeit any future royalties Impact Theory may receive related to Founder’s Keys. Can be obtained from secondary market transactions. (Read more)

Crypto Stock Play: Publicly traded companies in this sector include Bit Digital (BTBT), Coinbase, Core Scientific (KORZ), Greenies Generation (GREE), Marathon Digital (MARA), MicroStrategy (MSTR), Riot Platform (RIOT), Stronghold Digital Mining (SDIG). , and Terawolf (WULF).

Price Action: According to CoinDesk, at the time of writing, bitcoin was stable this week at around $25,974 in the US dollar.

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