1. The US SEC confirms receipt of the application to convert the Grayscale Digital Large Cap Fund (GDLC) into an ETF.
The ETF Store President Nate Geraci posted on X that the U.S. Securities and Exchange Commission (SEC) has confirmed receipt of the application to convert the Grayscale Digital Large Cap Fund (GDLC) into an ETF. GDLC holds approximately 77% Bitcoin, 17% Ethereum, and the remainder in SOL, XRP, and AVAX. The SEC is currently seeking public comments.
2. Bybit accepts a €2.25 million fine from the Dutch bank.
Bybit Powered by SATOS acknowledges the Dutch Central Bank (DNB) decision to impose a fine of €2.25 million for providing unregistered services from October 2, 2020, to September 15, 2023. Since September 2023, Bybit has been operating under Bybit Powered by SATOS with a DNB-approved SATOS virtual asset service provider (VASP) license.
3. Binance appoints Jeff Li as its new Vice President of Products.
Binance appoints Jeff Li as its new Vice President of Products, where Jeff will oversee the global product and design teams, focusing on accelerating the mass adoption of cryptocurrencies and lowering the entry barrier for Web3 technologies. Jeff Li has over 16 years of experience in Web2 and Web3 product and software engineering, previously serving as Vice President of a large cryptocurrency exchange and Global Head of CeFi Products, Product Director at TikTok, and Global Head of TikTok Money and Compliance Platform.
4. Reddit has sold most of its cryptocurrency holdings in Q3.
According to Decrypt, based on documents filed by Reddit with the U.S. Securities and Exchange Commission (SEC), Reddit sold most of its cryptocurrency portfolio in the third quarter, primarily Bitcoin and Ethereum. SEC documents noted that Reddit sold nearly $6.9 million worth of cryptocurrencies during the quarter.
5. Microsoft shareholders have begun preliminary voting on whether the company should invest in Bitcoin.
According to Cointelegraph, Microsoft shareholders have begun preliminary voting on whether the company should invest in Bitcoin.
6. The US Treasury report: CBDC should replace stablecoins.
According to Decrypt, based on a report released by the US Treasury on Wednesday, the Treasury expressed concerns about the growth of the stablecoin market and believes that CBDC should replace stablecoins as the main digital currency supporting tokenized transactions. It also expressed concerns about stablecoin decoupling and the increasing interconnectivity between stablecoins and traditional financial markets through treasury bonds.
7. Canary Capital submitted an SOL ETF application to the US SEC
According to The Block, cryptocurrency investment firm Canary Capital has submitted an SOL ETF application to the U.S. Securities and Exchange Commission (SEC), marking the third cryptocurrency ETF application submitted by the company this month. Canary has now applied for SOL ETF, LTC ETF, XRP ETF, and launched HBAR Trust.
8. Kazakhstan's CBDC pilot significantly shortens the waiting time for VAT refunds
According to Cointelegraph, Kazakhstan has launched a new pilot project for its central bank digital currency (CBDC) to demonstrate its programmability. The National Bank of Kazakhstan (NBK) has made significant progress in VAT refund processing in collaboration with the Ministry of Finance. VAT in B2B transactions using CBDC will be automatically marked, reducing the waiting time for exporters' refunds from 70-75 days to 10-15 days, with the goal of achieving instant refunds. Pilot projects are currently underway to use CBDC in public procurement, targeted financing by the national sovereign wealth fund, and investment subsidies.
9. Coinbase reported sales of $1.2 billion in the third quarter, a 17.4% decrease from the previous quarter, and announced a $1 billion stock buyback program.
According to Decrypt, Coinbase reported sales of $1.2 billion in the third quarter, a 17.4% decrease from the previous quarter. The company attributed the decline in third-quarter revenue to a decrease in trading volume, which was $185 billion in the third quarter compared to $226 billion in the second quarter. The decline in trading volume was primarily due to a reduction in retail customers, with trading revenue from retail customers falling to $483 million, a 27% decrease from $664 million in the second quarter; trading revenue from institutional users also decreased by 13% from $63 million in the second quarter to $55 million. The company also disclosed that its board has approved a $1 billion stock buyback program, with the timing and amount of buybacks depending on market conditions.
10. MicroStrategy plans to raise $42 billion over the next three years to acquire more Bitcoin.
According to CoinDesk, MicroStrategy announced its financial performance for the third quarter of 2024. As of the end of the third quarter, the company held 252,220 bitcoins, with a year-to-date bitcoin yield of 17.8%. The company also announced a $42 billion capital plan, stating that it will raise $21 billion in equity and issue $21 billion in bonds over the next three years, using additional capital to purchase more bitcoins as financial reserve assets for higher bitcoin returns.
11. The Hong Kong Compliance Industry Association has been established to promote compliance and talent development in industries such as Web3 and AI.
At the 'New Financial Ecosystem - Web3.0 Navigation: Hong Kong Market High-End Dialogue' event, the Hong Kong Compliance Industry Association announced its establishment, with guests including Hong Kong Legislative Council member Paul Chan, Hong Kong University of Science and Technology Vice President Guo Yike, Matrixport Chairman Wu Jihan, and Jian Kun Investment Management Company founder Gao Ting attending the ceremony.
The Hong Kong Compliance Industry Association is advised by the deans of Hong Kong's three top law schools, bringing together elite and leading figures in the compliance industry to promote cooperation and innovation in the compliance field between Hong Kong and the world. The association actively integrates into national development strategies, focusing on compliance innovations in emerging fields such as fintech, blockchain, Web3, and artificial intelligence, while advocating for environmental, social, and governance (ESG) principles to ensure that technological advancements keep pace with risk management. In the future, the association will deepen compliance culture and promote professional education and talent development, contributing to compliance governance in Hong Kong and globally.
12. The Ethereum-based solar company Glow has completed a $30 million financing round led by Framework Ventures.
The Ethereum-based solar company Glow has completed a $30 million financing round led by Framework Ventures and Union Square Ventures. This funding will be used to expand the company's generating capacity from 5 megawatts to 600 megawatts over the next 18 months and to extend its business into more countries.
Glow operates a DePIN network composed of solar farms in the United States and India, aimed at assisting struggling solar power plants by designing subsidy-based and token incentive models. Currently, there are 63 operational solar power plants in the network, which have produced 365 megawatt-hours of electricity so far. The company plans to launch a new 4 megawatt solar power plant in India soon.
13. Arkreen and PowerPod collaborate to launch a $100 million green energy RWA program aimed at accelerating the development of renewable energy.
The distributed charging network platform PowerPod and the DePIN-based green energy infrastructure network Arkreen announced a $100 million Real World Asset (RWA) program aimed at accelerating the development of renewable energy. The project will utilize tens of thousands of photovoltaic power plants, charging stations, and battery exchange cabinets in Southeast Asia, along with related carbon credits, to issue DePIN-based RWA tokenized assets. By integrating blockchain technology, this initiative aims to enhance the transparency, accessibility, and credibility of renewable energy investments.
PowerPod focuses on integrating DePIN technology into the next-generation energy network, aiming to create a distributed and resilient charging ecosystem. Arkreen, as a DePIN energy network, connects renewable energy and monetizes it to support global efforts to achieve carbon neutrality.
The initiative by PowerPod and Arkreen marks an important step forward for sustainable finance. It transforms renewable energy assets into transparent and accessible investments, contributing to carbon neutrality.
14. MicroStrategy plans to raise $42 billion over the next three years to invest in Bitcoin.
According to Forbes, based on the third-quarter financial report published on October 30, 2024, MicroStrategy revealed its plan to raise $42 billion over the next three years for Bitcoin investments. Coingecko data shows that as of September 30, 2024, the company holds 252,220 bitcoins, making it the largest publicly traded company Bitcoin holder globally.
The plan, named '21/21 Plan,' aims to raise $21 billion through stock issuance and an additional $21 billion through fixed-income securities from 2025 to 2027.
