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CFTC Deepens Crypto Push With Approval of Derivatives Collateral
The Commodity Futures Trading Commission will allow Bitcoin, Ether, and the dollar-pegged stablecoin USDC to be used as collateral for derivatives trades, a decision that pushes crypto deeper into the plumbing of US finance.
The pilot project initiative, issued as a package of two staff advisories and a no-action letter sent to Coinbase Financial Markets Inc., applies to futures brokers, swap market participants and clearing houses. The collateral-related guidance also includes tokenized versions of US Treasuries and money-market funds, with clear requirements for asset segregation, reporting and surveillance.
Tokenized assets refer to digital representations of real-world assets or financial assets on the blockchain, a form of digital ledger. Although they don’t represent a direct claim on the asset itself, proponents say the process would deepen liquidity, support fractional asset ownership and potentially enable overseas investors to more easily gain access to US markets.
Bitcoin Treasury Firm Strategy Adds $963 Million in BTC to Holdings
Strategy revealed its largest Bitcoin purchase over 100 days on Monday, after spending nearly $1 billion on the asset last week, according to a press release.
The Tysons Corner, Virginia-based firm spent $963 million on 10,624 BTC, with proceeds that largely came from issuing common stock. The company now owns roughly 660,600 Bitcoin, which was recently worth around $60 billion, based on current prices.
Strategy’s latest acquisition was significantly larger than most purchases it has disclosed in recent months. The size of Strategy’s latest purchase is equal to the entirety of its Bitcoin-buying activity since mid-September, when Bitcoin changed hands around $115,000, for example.
Tom Lee’s BitMine Buys $429 Million in Ethereum as ETH Rebounds
BitMine Immersion Technologies, the top Ethereum treasury company ranked by holdings, announced that it purchased 138,452 ETH last week, or about $429 million worth based on the current price of the second-largest cryptocurrency by market cap.
That brings the company’s ETH holdings to 3.864 million, or about $12 billion worth, along with 193 Bitcoin ($17.3 million worth) and $1 billion in cash.
It’s the company’s largest Ethereum purchase in nearly two months, since buying over 200,000 ETH in a purchase announced on October 19.
HashKey Launches Hong Kong IPO Seeking up to $214.7 Million
HashKey Group, Hong Kong's largest licensed crypto exchange, is aiming to raise up to HK$1.67 billion ($214.66 million) in its initial public offering in the city, according to a prospectus lodged on Tuesday.
The company is offering 240.6 million shares at a price range of HK$5.95 to HK$6.95 each.
Final pricing is slated for December 16, with shares set to debut on the Hong Kong exchange the following day.
HashKey Group, founded in 2018, offers a wide range of services including asset management, brokerage and tokenisation, and runs the city's largest licensed crypto exchange.
BlackRock Plans to Launch an Ethereum Staking ETF
BlackRock filed an S-1 registration statement with the SEC on Friday for ETHB—a new staked Ethereum trust exchange-traded fund.
Unlike the firm’s popular iShares Ethereum Trust spot ETF (ETHA), the staking Ethereum trust ETF will track the performance of Ethereum and add rewards earned from the trust’s staked ETH.
“The trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of Ethereum and staking some portion of the Ethereum it holds (which may vary from time to time),” the filing reads.
PayPal's PYUSD Stablecoin Sees 224% Supply Surge in Circulation in Last 3 Months
PayPal’s PYUSD stablecoin is surging as decentralised finance protocols and their users pile into the dollar-pegged token.
Since September, the amount of PYUSD in circulation has jumped 224% to over $3.8 billion, making it the sixth-biggest stablecoin after World Liberty Financial’s USD1.
Ethena, a DeFi protocol and issuer of the dollar-pegged USDe token, has become the single biggest holder of PYUSD, with $1.2 billion in custody through the custodian Copper, onchain records show.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Monday was $60.48 million. The total net asset value of Bitcoin spot ETFs is $118.50 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.54%.
The Bitcoin spot ETF with the highest net inflow on December 8 was iShares Bitcoin Trust (IBIT), with a net inflow of $28.76 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Monday was $35.49 million. The total net asset value of Ethereum spot ETFs is $19.61 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.18%.
The Ethereum spot ETF with the highest net inflow on December 8 was was iShares Ethereum Trust ETF (ETHA), with a net inflow of 23.66 million, according to SoSoValue.
Source: SoSoValue
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