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- 🥜 Ethereum ready to launch
🥜 Ethereum ready to launch
PLUS: A rising tide lifts all boats
Today’s edition is brought to you by RYSE - the smart home company that aims to become the Ring and Nest of the smart shades industry.
GM to all 64,612 of you. Crypto Nutshell #341 anchorin’ down... ⚓ 🥜
We’re the crypto newsletter that’s more heartwarming than a robot finding love in a post-apocalyptic world... 🤖💛
What we’ve cooked up for you today…
🤔 Ethereum ready to launch soon
⛵️ A rising tide lifts all boats
🤑 They’ve done it
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:50am ET
Only the top 20 coins measured by market cap feature in this section
ETHEREUM READY TO LAUNCH SOON? 🤔
BREAKING: Ethereum ETF June launch ‘legit possibility’ as BlackRock files S-1
BlackRock has updated its S-1 filing for its spot Ethereum ETF.
Last week saw the approval of the 19b-4 filings, now we’re waiting on the S-1 filings - both need approval for the ETF to begin trading.
Expect more S-1 amendments to roll in soon as other issuers follow.
Interestingly, ETF analyst Eric Balchunas stated that “end of June launch a legit possibility”.
Although he still believes they’ll likely go live after July 4th.
It’s important to note that this S-1 amendment isn’t the final version. It’s still missing crucial data such as the management fee. (likely to be revealed as late as possible)
But it’s close to the final version…
From this filing the ETF will trade under the ticker $ETHA.
ETF analyst James Seyffart also commented on the filing:
“This is almost certainly the engagement we were looking for on the S-1’s following the 19b-4 approvals. Issuers and SEC are working towards spot Ethereum ETF launches… I think it’ll be weeks personally. (We’re already one week in). The norm is months though.”
The launch of the Ethereum ETFs is just around the corner.
We’ll keep you posted on any further updates. 😎
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A RISING TIDE LIFTS ALL BOATS ⛵
Michael Saylor thought an Ethereum ETF would never be approved.
But last week, to almost everyone’s surprise, we saw it happen.
Is this a bad thing for Bitcoin?
According to Saylor - absolutely not.
At the beginning of this month, Saylor spoke at MicroStrategy’s Bitcoin for Corporations conference.
In his keynote, he argued that we would never see other crypto assets get a spot ETF.
“None of [these tokens] will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street. None of them will be accepted by mainstream institutional investors as crypto assets.”
Then, not even a month later, we saw spot Ethereum ETFs approved.
What does this mean for Bitcoin?
Speaking on the What Bitcoin Did podcast, Saylor argues that this isn’t a zero sum game.
But rather, it’s a case of ‘a rising tide lifts all boats.’
“Is this good for Bitcoin or not? Yeah, I think it’s good for Bitcoin. In fact it may be better for Bitcoin because I think that we are politically much more powerful supported by the entire crypto industry.”
Saylor believes the crypto space is stronger together, not divided.
“I think Bitcoin has gotten too mature, has become too powerful to be threatened by another crypto. I think this is going to be a case of a rising tide is going to lift all boats.”
Saylor finished up the interview pointing out that 2024 will go down as the year Bitcoin went from a $1 trillion dollar idea, to a $100 trillion dollar idea.
“The single most important thing that happened in this epic, was the approval of the spot Bitcoin ETFs. That was basically the crossing of the chasm that said: Bitcoin is not a multi-hundred billion dollar asset class. But Bitcoin is a $10 to $100 trillion dollar asset class.”
The approval of a spot Ethereum ETF has definitely evolved Saylor’s views on Ethereum.
This will undoubtedly continue into the future.
We’ll keep you posted. 🫡
THEY’VE DONE IT 🤑
We said it would happen this week…
And now it’s official…
BlackRock has overtaken Grayscale as the largest Bitcoin ETF issuer.
The chart above tracks the amount of Bitcoin held by both BlackRock (IBIT) and Grayscale (GBTC).
Here’s the current breakdown:
🟢 IBIT: 288,670 BTC
🔴 GBTC: 287,450 BTC
BlackRock’s Bitcoin ETF has been an overwhelming success. 📈
But check this out…
Eric Balchunas recently put the ridiculousness of IBIT into more context:
There’s only ever been one other ETF in history to reach $20 billion in assets in under 1000 days.
JEPI did it in 985 days.
IBIT is about to do it in 137 days…
Just goes to show how much demand there really is for these ETFs.
Now that IBIT has passed GBTC, the next target is BlackRock’s own gold ETF IAU. 🎯
IAU launched in 2005 and has ~$29 billion in assets.
With IBIT at nearly $20 billion in assets already, it could catch it by year-end.
CRACKING CRYPTO 🥜
Gemini Earn returns over $2 billion in crypto, triggering concerns of sell pressure. Crypto exchange Gemini said its failed Earn product users would get over $2 billion worth of their digital assets back.
NYSE would consider crypto trading if regulatory picture was clearer. NYSE President Lynn Martin and Bullish CEO Tom Farley discussed crypto regulations and changing U.S. politics.
Mastercard launches Crypto Credentials system to simplify crypto transactions. Mastercard launched Mastercard Crypto Credential on May 29 with a focus on user verification and address labelling.
Cathie Wood Says Ether ETF Filings Were Approved Because Crypto Is an Election Issue. Wood said the proposed ether ETFs weren't approved in a regular way.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
This altcoin is meant to be “silver to Bitcoin’s gold“. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Litecoin 🥳
Litecoin was originally dubbed as “silver” to Bitcoin’s “gold”.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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