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GM to all you crypto nuts. Crypto Nutshell #418 hangin’ out… 🦥 🥜

We're the crypto newsletter that's more puzzling than navigating a giant maze. 🧩🏃‍♂️

What we’ve cooked up for you today…

• 🏦 Solana ETF in trouble?

• ⚡ 3 Things To Make Bitcoin 100x

• 😱 Mt. Gox Continues Distribution

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

SOLANA ETF IN TROUBLE? 🏦

BREAKING: VanEck insists Solana ETF ‘remains in play’ despite regulatory uncertainty

Is Solana a commodity or a security? 🤔

That’s the latest question being debated between the crypto community and the SEC.

You see, the first step in the ETF approval process is the filing of a 19b-4 form.

These 19b-4 forms are then filed by exchanges (Cboe) on behalf of issuers to the SEC.

On July 8th, both VanEck and 21Shares submitted 19b-4 forms for spot Solana ETFs.

However…

These 19b-4 forms were recently removed form the Cboe website.

Reports suggests the reason for this removal stems from concerns that the SEC may classify Solana as a security rather than a commodity.

Basically, the removal of these 19b-4 forms isn’t a good sign for the Solana ETFs.

But VanEck’s head of digital assets, Matthew Sigel, reaffirmed that VanEck’s application is still in play:

Sigel than continued on, outlining his reasoning for why Solana should be considered a commodity.

Nate Geraci, president of The ETF Store had this to say:

ETF analyst Eric Balchunas also believes that we won’t see Solana ETFs this year.

Eric also posted a nice flowchart highlighting the ETF approval process.

So will we see a Solana ETF?

Well considering Ethereum was deemed a security by the SEC, logically you’d assume Solana would be treated the same.

But it’s unlikely to happen this year…

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3 THINGS TO MAKE BITCOIN 100X ⚡

Only 3 things need to happen to make Bitcoin 100x.

Michael Saylor broke them all down.

A 100x would put 1 Bitcoin at $6 million per coin.

In his latest interview, Saylor broke down the 3 things that need to happen before we get there.

The good news?

Most of them are already in motion:

1. Bitcoin Accepted As An Institutional Grade Asset

In January, Bitcoin ETFs were begrudgingly approved by the SEC.

You would think this means Bitcoin has already been accepted as an institutional grade asset.

However, it’s not.

The SEC still does not allow:

• In-kind creation of ETF shares to Bitcoin (if you hold Bitcoin ETF shares, they cannot be redeemed for Bitcoin)

• Option trading on top of the Bitcoin ETFs

Further, the SEC has made it clear they were forced to approve the Bitcoin ETFs.

2. Fair Accounting

Up until this year, Bitcoin held on balance sheets has been treated via ‘indefinite, intangible accounting’.

This type of accounting forces companies to report the value of their Bitcoin at the lowest price it has traded at.

Essentially, you must report your losses & you cannot report your gains.

As you would expect, this deters many companies from wanting to purchase Bitcoin.

The good news?

In January, fair accounting treatment of Bitcoin was made optional.

By January 2025, it will be mandatory.

3. Institutions Must Be Allowed To Self-Custody

Right now, there’s guidance out from the SEC called SAB121.

This guidance makes it impossible for Banks to custody Bitcoin.

Other assets are not given this treatment & it’s clearly a hostile stance against Bitcoin.

Saylor’s point is clear:

For Bitcoin to 100x, it doesn’t need preferential treatment.

It just needs to be treated the same as every other asset.

The good news?

Over the last 12 months, a lot of progress has been made. 💪

And with a regime change likely in November, moving forward, more progress is on the way. 🌤️

MT. GOX CONTINUES DISTRIBUTION 😱

Mt. Gox is on the move again!

But should you be worried?

(spoiler alert… no)

Let’s break it down.

Mt. Gox just transferred 13,265 Bitcoin (~$787.5 million) to two seperate wallets.

• 12,000 Bitcoin to empty address “1PuQB”

• 1,265 Bitcoin to address “1jbez” which is labelled as Mt. Gox cold wallet on Arkham intelligence

Galaxy Digital’s head of research, Alex Thorn, believes that only the smaller transaction (1,265 Bitcoin) will be distributed back to creditors.

The larger transaction (12,000 Bitcoin) was sent to a fresh cold storage solution owned by Mt. Gox.

This amount will be distributed at a later unknown date.

Either way, this marks the first MAJOR movement from Mt. Gox since July 30, when it moved 47,229 BTC.

As it stands Mt. Gox still holds ~45,000 Bitcoin.

Having distributed ~97k of the original 142k Bitcoin.

And the market doesn’t seem to really care about the Mt. Gox distributions anymore…

Bitcoin’s fall in price today, came before the Mt. Gox news began to circulate.

Slowly but surely, we’re finally moving past the Mt. Gox distributions.

CRACKING CRYPTO 🥜

Metaplanet bolsters Bitcoin holdings with additional 57 BTC. Japanese firm Metaplanet experiences stock boost amid Bitcoin purchases.

Tether mints another $1B USDT on Tron network. 19 billion USDT tokens were minted on the Tron network, while 14 billion USDT were created on the Ethereum blockchain in the last year.

Floki Scores Major Deals With English Premier League Teams. Ecosystem tokens and its flagship Valhalla game will be widely featured on stadium screens and as uniform sponsors, boosting the project's visibility as part of an initial one-year contract.

Institutional investors holding steady on bitcoin despite market volatility, analysts say. Despite recent volatility, institutional investors are demonstrating notable commitment to their ETF holdings, analysts said.

WHAT WE’RE READING 📚

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• The Hustle (link) - Get Smarter on Business and Tech

• Your Next Breakthrough (link) - Personal growth with Mark Manson

• The Neuron (link) - AI trends and tools to keep you ahead

CAN YOU CRACK THIS NUT? ✍️

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MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) BNB 🥳

BNB is the fourth largest cryptocurrency.

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