🔔 MARKET MOVING NEWS! (27/12/24)
1️⃣ Hong Kong Stablecoins Bill Advances To The Legislative Council ▶️
Hong Kong’s proposed Stablecoins Bill has reportedly entered the Legislative Council, moving it closer to becoming law. Specifically, it must go through three readings, which comprise a series of debates, examinations and potential amendments. When the bill passes the third reading, it will be forwarded to the region’s chief executive, who can sign it into law. The bill was forwarded to the Legislative Council for its first reading on Dec. 18th.
2️⃣ Asset Manager Strive Files For ‘Bitcoin Bond’ ETF 💸
Asset manager Strive is reportedly seeking permission from regulators to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers. The filing states that the Strive Bitcoin Bond ETF will be actively managed and gain exposure to Bitcoin bonds either directly or through financial derivatives such as swaps and options. Strive has not yet revealed the management fees investors will be charged. Notably, Strive was founded by Vivek Ramaswamy, an outspoken ally of President-elect Donald Trump.
3️⃣ Ethereum Co-Founder Vitalik Buterin 'Adopts' Viral Pygmy Hippo Moo Deng With $293,000 Donation To Thai Zoo 🦛
Ethereum co-founder Vitalik Buterin has reportedly become the "adoptive father" of Moo Deng, a pygmy hippopotamus that became a viral internet sensation. The adoption follows Buterin’s donation of at least 10,000,000 Thai baht (roughly $293,000 USD or 88 ETH) to the Khao Kheow Open Zoo. The zoo stated that the donation will support "the operations of Khao Kheow Open Zoo, the Wildlife Sponsorship Program, and the development of a dedicated exhibit for Moo Deng and her family."
Acknowledging the adoption, Buterin tweeted,
On behalf of the whole Ethereum ecosystem, I would like to offer our thanks and a gesture of friendship to all of the country...What better way to do that than through a Christmas present to someone who is dear to all Thai people, Moo Deng, and who has become one of the most unexpected and important Thai celebrities on the world stage.
4️⃣ Bitwise Files For ETF Tracking Firms With Big Bitcoin Treasuries ‼️
ETF issuer Bitwise has reportedly submitted a proposal to introduce a new fund designed to invest in companies “that have adopted the ‘Bitcoin standard.’” Specifically, the ETF seeks to invest in publicly traded companies that hold at least 1,000 BTC in their corporate treasuries. It also stipulates that the Bitcoin-holding firms in the ETF would be required to have a market capitalisation of at least $100 million, a minimum average daily liquidity of at least $1 million and a public free float of under 10%. The ETF named ‘the Bitwise Bitcoin Standard Corporations ETF’ will reportedly purchase shares in the qualifying companies weighted not by the companies' market capitalizations but by the value of their bitcoin holdings.
5️⃣ Tether Makes First Crypto VC Fund Investment Into Arcanum Capital 💰
Stablecoin issuer Tether has reportedly made an investment of $2 million into Arcanum Capital’s Arcanum Emerging Technologies Fund II - a tokenized investment vehicle specialising in decentralised Web3 projects. Notably, this also marks Tether’s first crypto venture capital fund investment. This is the latest in a string of diversification moves from the stablecoin issuer.
