Kategorie: Crypto News

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BlackRock’s IBIT flips Grayscale’s GBTC to become world’s largest Bitcoin ETF

  • BlackRock’s IBIT has flipped Grayscale’s GBTC in Bitcoin ETF holdings.
  • IBIT holdings have surged to 288,670 BTC compared to 287,450 for GBTC.

One of the top Bitcoin news headlines today is that BlackRock’s iShares Bitcoin Trust (IBIT) has become the largest Bitcoin exchange-traded fund (ETF) in the world, surpassing Grayscale’s Bitcoin Trust (GBTC).

On May 28, inflows into IBIT reached $103 million while GBTC saw outflows of $105 million. Overall, the spot Bitcoin ETF market recorded net inflows for the 11th straight trading day on May 28 with a total of over $45 million.

IBIT surpasses GBTC as largest Bitcoin ETF

As Grayscale’s spot BTC ETF recorded outflows of $105 million or 1,540 BTC, BlackRock’s IBIT saw inflows of nearly $103 million, or plus 1,501 BTC.

BlackRock now holds 288,670 BTC for its IBIT ETF, while Grayscale’s GBTC holdings have shrunk further to 287,450 BTC.

Notably, when spot Bitcoin ETFs debuted in January, Grayscale’s ETF held 620,000 Bitcoin. However, as data HODL15Capital shared on X shows, these have quickly shrunk as BlackRock, Fidelity and others swelled in the last four months.

BlackRock’s IBIT has added BTC holdings as Grayscale’s GBTC bleeds since SEC approved first spot Bitcoin ETFs for US market in January 2024

According to HODL15Capital, Grayscale’s outflows have come amid the fee issue (1.5% for GBTC vs. 0.2% for peers).

“Grayscale held 620,000 BTC at the time of the conversion (1/10/2024), which was more than 3% of circulating supply, but refused to lower the fee (1.5% vs 0.2% for peers), even after investors pulled 330,000+ BTC.  So much for the “differentiated” strategy,” HODL15Capital noted.

A Bloomberg report published on Wednesday notes that BlackRock’s BTC holdings reached $19.68 billion as of the end of trading Tuesday, compared to $19.65 billion in BTC for Grayscale. Fidelity’s FTBC, which registered inflows of $34.3 million on May 28, currently holds $11.1 billion.

IBIT’s flippening of GBTC comes as BlackRock revealed in a regulatory filing that its funds have purchased IBIT shares.

Specifically, the BlackRock Strategic Income Opportunities Fund (BSIIX) bought IBIT shares worth $3.56 million in the first quarter. Meanwhile, the Strategic Global Bond Fund (MAWIX) holds the ETF’s shares worth $485,000.

The post BlackRock’s IBIT flips Grayscale’s GBTC to become world’s largest Bitcoin ETF appeared first on CoinJournal.

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Judge orders the U.S. SEC to pay $1.8M in Debt Box case dismissal

  • Judge dismisses U.S. SEC’s case against Debt Box, orders SEC to pay $1.8 million in fees.
  • The Ruling cites SEC’s bad faith conduct in obtaining asset freeze order.
  • Debt Box calls the court’s decision a significant victory against regulatory overreach.

In a significant legal victory for Digital Licensing, the firm known as Debt Box, a federal judge has dismissed the U.S. Securities and Exchange Commission’s (SEC) civil lawsuit and ordered the regulatory body to pay approximately $1.8 million in fees.

The ruling, handed down on May 28 by Judge Robert Shelby in the U.S. District Court for the District of Utah, marks a notable rebuke of the SEC’s actions in this case.

The U.S. SEC on the receiving end

The fees include roughly $1 million for attorney fees and costs, and an additional $750,000 for receiver fees and costs.

This order followed a March court decision that found the SEC had engaged in “bad faith conduct” by seeking a temporary restraining order to freeze Debt Box’s assets based on inaccurate information. This misconduct led the court to threaten sanctions against the commission.

Judge Shelby’s ruling mandated that the SEC cover all attorney fees and costs resulting from the erroneous ex parte relief, with the exception of one $649 fee which he deemed inappropriate.

Debt Box, in a statement released via X, hailed the decision as a major triumph, stating, “This is a significant win for us. It means that the SEC cannot proceed with the case as it stands.”

What was the Debt Box case all about?

The SEC’s lawsuit, initially filed in July 2023, accused Debt Box of orchestrating an illegal $50 million cryptocurrency scheme.

However, Debt Box countered with documentation suggesting that the SEC had made false statements and misrepresentations, which led to the improper restraining order.

This case drew considerable attention within the cryptocurrency community, highlighting issues of regulatory overreach.

Meanwhile, the SEC continues to pursue legal actions against several other crypto firms, including Binance, Kraken, Ripple, and Coinbase.

In response, lawmakers are advocating for clearer regulatory frameworks for digital assets, with proposed legislation like the Financial Innovation and Technology for the 21st Century Act aiming to address these concerns.

The post Judge orders the U.S. SEC to pay $1.8M in Debt Box case dismissal appeared first on CoinJournal.

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Google Cloud becomes a key node validator for Fantom (FTM)

  • Fantom partners with Google Cloud as a key node validator to boost DApp development.
  • Google Cloud’s infrastructure and AI capabilities will enhance Fantom’s ecosystem.
  • FTM price shows little reaction despite the trading volume surging by 34%.

Fantom (FTM) has partnered with Google Cloud, which will now serve as a key node validator for the platform.

The collaboration is set to enhance the development and performance of smart decentralized applications (DApps) on Fantom, leveraging Google Cloud’s robust infrastructure and artificial intelligence (AI) capabilities.

This partnership builds on an existing relationship where Google Cloud indexes Fantom’s data in BigQuery as part of its public datasets program. By deepening this collaboration, Fantom aims to capitalize on its Directed Acyclic Graph (DAG) protocol’s scalability and secure a larger market share.

Incentivizing innovation in the Fantom (FTM) ecosystem

Beyond validating transactions, Google Cloud will play a crucial role in incentivizing innovation within the Fantom ecosystem.

The partnership is designed to empower developers to create the next generation of secure and engaging DApps.

Google Cloud’s infrastructure is renowned for its scalability, security, and resilience, making it an ideal backbone for Fantom’s ambitious plans.

Validator role to eventually transition to Sonic Network

While Google Cloud will handle validator responsibilities on Fantom’s Opera Network following this partnership, there are plans to transition these duties to the new Sonic Network, which is compatible with the Ethereum Virtual Machine (EVM).

This shift is part of Fantom’s broader strategy to pivot in the smart contract space, enhancing its ecosystem’s performance and developer appeal.

Fantom price jumps on the news

While the partnership announcement has had a little impact on the price of Fantom (FTM), the trading volume has surged by 34% to $239,543,832, indicating growing interest and optimism among investors.

As the partnership unfolds, the entire Fantom ecosystem is expected to benefit from improved performance and increased developer engagement, potentially driving FTM’s price higher.

The strategic alliance with Google Cloud marks a significant milestone in Fantom’s journey towards becoming a leading platform for smart DApps and decentralized innovations.

The post Google Cloud becomes a key node validator for Fantom (FTM) appeared first on CoinJournal.

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Riot Platforms wants to buy Bitfarms for $950 million

  • Riot Platforms offers $950M to acquire Canadian Bitcoin miner Bitfarms.
  • Bitfarms is facing leadership turmoil amid CEO Geoffrey Morphy’s lawsuit.
  • The merger would create largest publicly listed Bitcoin miner by capacity.

Riot Platforms, a prominent Bitcoin miner and Bitfarms’ largest shareholder, has made a hostile takeover offer of $950 million for Bitfarms, a Canadian Bitcoin mining company.

Riot’s buyout offer represents a 24% premium over Bitfarms’ one-month volume-weighted average share price as of May 24, 2024.

Shareholders to own 17% of Bitfarms after Riot’s takeover

Riot Platforms, already the largest shareholder in Bitfarms with a 9.25% stake, had initially approached Bitfarms’ board with a private offer on April 22.

However, following the rejection of the offer, Riot has now taken the proposal public.

The deal would involve a combination of cash and common stock, with Bitfarms shareholders standing to own approximately 17% of the merged entity.

Bitfarms’ disputes with former CEO

The timing of Riot’s bid coincides with a period of transition and turmoil within Bitfarms’ management. The company has been grappling with the departure of its CEO, Geoffrey Morphy, who was dismissed in May amidst a legal dispute.

Morphy’s abrupt exit and subsequent lawsuit against Bitfarms for breach of contract and wrongful dismissal have raised questions about the company’s leadership stability and governance practices.

Riot Platforms has seized upon these developments to assert its case for the acquisition, alleging that certain directors, including Bitfarms’ co-founders Nicolas Bonta and Emiliano Grodzki, may not be acting in the best interests of shareholders.

Riot has pledged to push for the addition of new, independent directors to Bitfarms’ board through a special shareholders meeting scheduled after the company’s upcoming Annual General and Special Meeting on May 31.

Bitfarms’ disappointing earnings compared to Riot Platforms

Notably, Bitfarms’ disappointing earnings in 2023, despite a costly technical upgrade, have contributed to its vulnerability.

Analysts had expected better performance post-Bitcoin halving, but Bitfarms’ April earnings dropped 29% year-on-year.

In contrast, Riot reported a 131% increase in net income in Q1 2024, reaching $211 million.

If successful, the combined entity would emerge as the largest publicly listed Bitcoin miner, boasting significant self-mining and power capacities.

Riot Platforms envisions leveraging this enhanced scale and operational efficiency to drive future value creation for shareholders and strengthen its competitive position in the burgeoning cryptocurrency mining industry.

The post Riot Platforms wants to buy Bitfarms for $950 million appeared first on CoinJournal.

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Notcoin (NOT) near top 100 by market cap amid price surge

  • Notcoin (NOT) price jumped 20% on Tuesday as the new token continued to rise.
  • Currently with a market cap of $942 million, Notcoin looks primed for a break into the top 100 coins.

Bitcoin, Ethereum and Solana have all slipped 3% in the past 24 hours. This in turn sees most of the crypto market struggling.

However, Notcoin (NOT), Celestia (TIA) and memecoins Floki and Pepe are among the exceptions as momentum keeps them in the green.

Notcoin price soars, token on cusp of breaking into top 100 coins

Notcoin, a recently launched crypto token, has outperformed amid bullish projects and could break into the top 100 coins by market cap if gains hold.

As CoinJournal highlighted on Monday, the price of NOT went vertical as bulls rode a fresh surge in interest. Key to this is Notcoin’s airdrop announcement and the unveiling of a passive earning feature.

According to data from CoinGecko, Notcoin (NOT) token has pumped 20% in the past 24 hours to reach $0.009873. NOT price is currently at $0.009197, indicating a 61% increase this past week. NOT ranked second behind Pepe (PEPE) as top trending tokens last week.

Notcoin has a total supply and circulating supply of 102,708,221,600.

The fully diluted valuation (FDV) stands at just over $942 million. Per CoinGecko, at current prices, the altcoin’s market cap of $942 million puts it in 107th spot among largest cryptocurrencies.

In terms of ranking, NOT has flipped EOS and IOTA. Notcoin is likely to overtake Tezos and Sythentix Network, which are 105 and 102 respectively with market caps of $948 million and $980 million.

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