- The Wisconsin pension fund disclosed its investments in Bitcoin ETFs, indirectly linking pensioners to Bitcoin ownership.
- For three years, El Salvador has utilized geothermal energy to mine Bitcoin, positioning itself as a model in sustainable mining.
- Over 600 institutional firms now possess Bitcoin ETFs, with Millennium Management holding the largest stake at $2.2 billion.
- Tether minted an additional $1 billion USDT, historically signaling potential Bitcoin price increases.
- Anton and James Pepaire-Bueno allegedly exploited the Ethereum network, stealing $25 million in cryptocurrency in under 12 seconds.
The crypto market experienced its usual array of notable events over the past week.
One of the highlights was a Reuters report revealing that El Salvador mined nearly 500 Bitcoin (worth over $30 million) using geothermal energy from its volcanoes.
Additionally, a report from the US Department of Justice (DOJ) detailed how two brothers exploited the Ethereum network in a "first of its kind" scheme, resulting in the theft of $25 million worth of $ETH.
In this section, we'll delve into some of the most intriguing crypto stories from the past week, offering concise summaries to keep you informed about the latest developments:
US Allegedly Holds $164M Worth of Spot Bitcoin ETFs
Bitcoin ETFs have been attracting significant institutional interest since their inception. Last week, a filing with the U.S. Securities and Exchange Commission (SEC) revealed that the State of Wisconsin Investment Board (SWIB) holds spot Bitcoin ETFs from Grayscale and BlackRock valued at $164 million.
This is significant because the SWIB manages the state’s pension system, meaning Wisconsin pensioners now have spot ETF holdings in their portfolios. The SWIB's filing disclosed holdings of more than 2.4 million shares in BlackRock's IBIT and over one million shares of Grayscale's GBTC. This translates to approximately $100 million worth of IBIT and $164 million worth of GBTC.
El Salvador Has Mined Nearly 500 Bitcoin Using Geothermal Volcanic Energy
A Reuters report last week highlighted El Salvador’s innovative use of geothermal energy from its volcanoes to mine Bitcoin. Over the past three years, the country has mined nearly 500 Bitcoins, valued at around $30 million at current prices.
These Bitcoins were mined using the Tecapa volcano, with 300 mining processors utilizing 1.5 megawatts of the 102 megawatts generated by the national power grid. El Salvador’s approach showcases a sustainable and renewable energy source for Bitcoin mining, addressing global concerns about the industry's environmental impact. As of now, El Salvador holds approximately 5,750 BTC, worth about $354 million.
Over 600 Firms Collectively Hold $3.5 Billion Worth of Bitcoin ETFs
Last week, over 600 companies filed 13F reports with the SEC, revealing collective holdings of Bitcoin ETF shares valued at $3.5 billion. Notable firms include Schonfeld Strategic Advisors, Boothbay Fund Management, and Morgan Stanley.
Interestingly, Millennium Management stands out, holding over 70% of these ETFs, amounting to $1.9 billion across issuers like BlackRock, Fidelity, Grayscale, ARK 21Shares, and Bitwise. Bloomberg's senior ETF analyst, Eric Balchunas, noted in a tweet that Millennium Management's holdings are about 200 times the average for new ETF investors.
Tether Minted Another $1 Billion Worth of $USDT
Tether, the leading stablecoin issuer, made headlines last week by minting an additional $1 billion worth of USDT. According to LookOnChain, this minting reflects a bullish outlook for Bitcoin.
The recent mint has increased the total USDT supply on the Ethereum and Tron blockchains to $31 billion. Historically, Tether's regular minting has been a factor in Bitcoin's price surges, such as its climb from $27,000 to its all-time high of $73,000. This latest minting could signal another potential rally for Bitcoin, which recently recovered from $60,000 to around $67,000.
US DOJ Arrested Two Brothers For "Manipulating The Ethereum Network"
In more somber news, the US DOJ charged brothers Anton Peraire-Bueno, 24, and James Pepaire-Bueno, 28, with a groundbreaking crypto theft. They allegedly manipulated the Ethereum network to steal $25 million worth of ETH in just 12 seconds.
The brothers, both MIT graduates in computer science and mathematics, reportedly accessed pending transactions on the Ethereum network and conducted test transactions to trick the blockchain into releasing funds rapidly. They face charges including conspiracy, wire fraud, and money laundering, raising serious concerns about the security of the Ethereum network.
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information but does not guarantee the absence of errors. Cryptocurrencies are highly volatile financial assets; thorough research and informed financial decisions are crucial.