Alpaca Finance Institutional Newsletter #93
Highlights
- Five Spot Ethereum ETFs, Including Fidelity and VanEck, Set to Launch July 23rd
- BlackRock CEO Larry Fink Now Calls Bitcoin “Digital Gold”
- Stripe Expands Crypto Purchases in EU with Credit and Debit Cards
Five spot Ethereum ETFs, including those from Fidelity and VanEck, are set to launch on July 23rd, according to the CBOE exchange. The CBOE posted new issue notifications revealing the launch date and confirmed that it will house most of the initial trading. The ETFs include the Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF. Firms have also disclosed their fee structures, with most waiving fees initially. The SEC’s timing aligns with the largest Bitcoin conference, spotlighting the significance of crypto ETFs. This launch may influence future ETF approvals, with anticipation for a Solana ETF next.
BlackRock CEO Larry Fink, head of the $10.6 trillion asset management firm, recently admitted he was wrong about Bitcoin, calling it “digital gold” and a “legitimate financial instrument” during a CNBC interview. Fink, previously a skeptic, acknowledged Bitcoin’s potential for uncorrelated returns and its appeal in times of economic and political instability. BlackRock’s iShares Bitcoin Trust has become the largest Bitcoin ETF, with significant inflows this year. Following Fink’s comments and the German government’s final Bitcoin offload, Bitcoin’s price saw a positive response, breaking a period of negative price action.
Stripe has expanded its cryptocurrency integration to the European market, allowing EU clients to purchase cryptocurrencies using credit or debit cards. According to a July 16 report, EU shoppers can now buy Bitcoin, Ether, and other cryptocurrencies through an online widget that handles charges, disputes, and KYC requirements. John Egan, Stripe’s head of crypto, noted that this move helps crypto companies facilitate quick and easy purchases for European consumers. This expansion follows Stripe’s recent support for stablecoin payments, enhancing its global reach and boosting its valuation to $70 billion.
News
Five Spot Ethereum ETFs To Launch on July 23, CBOE Says
BlackRock’s Larry Fink says he was wrong, calls Bitcoin digital gold
Kraken receives bitcoin from Mt. Gox Trustee, payouts anticipated in 7–14 days
WazirX Files Police Complaint After $230M Hack, Engages With India’s Cyber Crimes Unit
Products
EU Stripe clients now have crypto purchasing power: Report
Grayscale launches new decentralized AI fund
Battle Bulls — fast-growing play-to-earn game on Telegram
State Street looks to create its own stablecoin: Bloomberg
Regulation
South Korea’s inaugural crypto law goes into full effect
Hong Kong Regulator Plans Licensing Regime for Stablecoin Firms
Tether taps Chainalysis’ former Chief Economist to help communicate with regulators and stakeholders
What we know about Kamala Harris’ views on crypto
Funding
Menlo Ventures launches $100M AI startup accelerator with Anthropic
Singapore commits $74.3M for quantum and AI in finance
Bitrue Ventures launches Web3-focused $40M investment fund
Outlier Ventures, Morgan Creek Digital launch Web3 Latam accelerator program
