1. Grayscale withdraws Ethereum futures ETF application
According to Cointelegraph, Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF, just three weeks before securities regulators were forced to make a decision on it. Grayscale initially submitted a 19b-4 application for an Ethereum futures ETF on September 19, 2023, and if approved, the ETF would be listed on the New York Stock Exchange.
Comments from SEC Chairman Gary Gensler in a May 7 interview with CNBC suggest that the SEC is still weighing its decision on an Ethereum spot ETF. The commission must make a decision on VanEck’s application on May 23, while ARK 21 Shares and Hashdex have final deadlines of May 24 and May 30, respectively.
2. FTX submits a restructuring plan to fully repay all creditors and pay billions of dollars in additional compensation
FTX and its affiliated debtors today filed their expected amended reorganization plan and accompanying disclosure statement with the U.S. District Court for the District of Delaware. Under the plan, 98% of FTX creditors will receive at least 118% of their claims in cash within 60 days of the plan becoming effective, and other creditors will receive 100% of their claims and billions of dollars in compensation for the time value of their investments.
3. Wintermute will provide liquidity for Hong Kong Bitcoin and Ethereum spot ETFs
According to CoinDesk, cryptocurrency trading firm and market maker Wintermute will provide liquidity for Hong Kong Bitcoin and Ethereum spot ETFs, and will help OSL and HashKey buy, sell and deliver the underlying assets of the ETFs to achieve a seamless creation and redemption process.
4. Australian Taxation Office asks cryptocurrency exchanges to provide customer data to combat tax evasion
According to Reuters, the Australian Taxation Office (ATO) has asked cryptocurrency exchanges to provide personal data and transaction details of up to 1.2 million accounts in an effort to crack down on users who fail to pay taxes. The ATO said that the complexity of the cryptocurrency industry may lead to a lack of awareness of people's real tax obligations. In addition, using false information to buy crypto assets may attract those who try to evade tax obligations.
5. Former NFL star Rob Gronkowski agrees to pay $1.9 million to settle Voyager investor lawsuit
According to The Block, court documents show that former NFL star and four-time Super Bowl champion Rob Gronkowski has agreed to pay $1.9 million to settle a lawsuit from Voyager Digital investors. In 2021, Gronkowski signed on as a Voyager brand ambassador and shareholder. The following year, the company filed for bankruptcy.
6. Quantitative trading company Susquehanna invested more than $1 billion in Bitcoin spot ETF in Q1
According to Cointelegraph, according to the 13 F-HR documents submitted to the US SEC, in the first quarter of 2024, quantitative trading company Susquehanna International Group invested more than $1 billion in Bitcoin ETFs. As of March 31, 2024, the company held 17,271,326 shares of Grayscale GBTC, with a market value of approximately $1.09 billion. In addition, Susquehanna also holds 1,349,414 shares of Fidelity FBTC, worth approximately $83.74 million. The company also increased its holdings of ProShares BITO. According to investment research firm Fintel, as of March 31, Susquehanna held 7,907,827 shares of BITO, worth approximately $255 million, an increase of 57.59% from the 5,021,149 shares submitted in February.
The firm also holds shares of MicroStrategy. However, during the portfolio rebalancing period, Susquehanna reduced its MicroStrategy holdings by nearly 15%, from 287,180 shares in February to 244,863 shares on March 31. Overall, Susquehanna’s cryptocurrency allocation represents only a small portion of the trading firm’s portfolio, which was valued at more than $575.8 billion at the end of the first quarter.
7. Yesterday, the total net outflow of US Bitcoin spot ETFs was about 15.64 million US dollars
According to SoSoValue data, yesterday (May 7, Eastern Time), the total net outflow of Bitcoin spot ETFs was about 15.64 million US dollars, of which the Grayscale ETF GBTC had a net outflow of about 28.61 million US dollars in a single day. The Bitcoin spot ETFs with the largest net inflows in a single day were Invesco and Galaxy Digital BTCO, with a net inflow of about 5.99 million US dollars in a single day, followed by Fidelity ETF FBTC, with a net inflow of about 4.139 million US dollars in a single day, and Ark Invest and 21 Shares' ETF ARKB had a net inflow of about 2.839 million US dollars in a single day. As of press time, the total net asset value of Bitcoin spot ETFs was 52.21 billion US dollars, the ETF net asset ratio (market value to the total market value of Bitcoin) reached 4.21%, and the historical cumulative net inflow reached 11.76 billion US dollars.
