Ben Strack

Bitwise’s proposed solana ETF is set to go live on the NYSE Arca Tuesday — marking the latest milestone in a pivotal year for crypto.&nbsp;



The firm revealed the upcoming launch Monday evening, calling its Solana Staking ETF (BSOL) the “first US ETP to have 100% direct exposure to spot SOL.” Staking of the product’s SOL will be powered by Helius, Bitwise said. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="717" height="600" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png" alt="" class="wp-image-109550" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=717 717w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=307 307w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=312 312w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=262 262w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=80 80w" sizes="auto, (max-width: 717px) 100vw, 717px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/BitwiseInvest/status/1982927182901993968">X</a></figcaption></figure>



 The announcement came just hours after Bitwise wrote “Big week incoming” in an X post, fueling speculation of ETF developments. A NYSE <a href="https://www.sec.gov/Archives/edgar/data/2045872/000114336225000365/BSOL102725.pdf">letter</a>, dated Monday, noted the exchange “certifies its approval for listing and registration” of the product.  



Proposed Canary Capital ETFs that hold hedera (HBAR) and litecoin (LTC) also “went effective” Monday, Canary CEO Steven McClurg told me in an email. The plan is for those to begin trading on the Nasdaq tomorrow morning, he added.



The imminent product debuts follows the launch of US bitcoin and ether ETFs in January 2024 and July 2024, respectively.&nbsp;



Issuers had been working with the SEC’s Division of Corporation Finance in recent months to finalize S-1 registration statements tied to solana product proposals. Though progress was slowed amid the ongoing US government shutdown, discussions with the regulator did not halt completely.&nbsp;



The greenlight from the SEC to launch these ETFs comes after the agency last month finalized generic listings standards for exchange-traded products that hold spot commodities.



Read more: <a href="https://blockworks.co/news/crypto-etf-swell">Crypto ETF swell approaching after Grayscale’s latest launch</a>



The standards essentially streamline an ETF’s approval so long as the underlying holdings meet certain requirements — like having futures trading on CFTC-regulated venues for six-plus months.



Bitwise CIO Matt Hougan told Blockworks last month that new crypto ETPs could <a href="https://blockworks.co/news/crypto-etf-market-outlook">launch by Halloween</a>.



Hougan wrote in a September <a href="https://experts.bitwiseinvestments.com/cio-memos/solana-season">memo</a> that Solana’s promoters argue it’s “the only blockchain fast enough to support the tokenization of major assets at a global scale.”&nbsp;



Other issuers with solana ETF proposals include Grayscale, 21Shares, Canary Capital, Franklin Templeton, VanEck, Fidelity and CoinShares.&nbsp;



A number of asset managers, including Bitwise, are also seeking to launch ETFs holding other crypto tokens. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="502" height="572" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png" alt="" class="wp-image-109551" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=502 502w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=263 263w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=226 226w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=229 229w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=192 192w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=70 70w" sizes="auto, (max-width: 502px) 100vw, 502px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/EricBalchunas/status/1980775078922166338">X</a></figcaption></figure>







With the generic listing standards in place, industry watchers expect many more single-asset crypto ETFs — including products that hold XRP — to hit US exchanges by the end of the year.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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Bitwise

Bitwise slated to launch milestone US solana ETF Tuesday

Circle shares surged during their first day trading on the New York Stock Exchange as interest in the stablecoin issuer spilled over to retail investors.



The company’s stock opened around $69 — more than double the upsized IPO price of $31 per share. CRCL shares peaked at $103.75 before settling at $82 when the market closed, up 167% from the IPO price and about 20% from the opening price.



Institutional demand for Circle was evident when the company on Monday <a href="https://blockworks.co/news/circle-upsizes-ipo">increased both the number of shares</a> it planned to offer and the price range. Circle <a href="https://blockworks.co/news/circle-shares-price-before-nyse-debut">revealed further upsizing</a> — 34 million shares at $31 each — Wednesday evening after a Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-06-04/circle-ipo-is-said-to-be-likely-to-price-above-marketed-range-mbi24hhn?embedded-checkout=true">report</a> indicated the offering was roughly 25 times oversubscribed.



GSR research analyst Carlos Guzman told Blockworks that Circle’s “impressive pop” as shares hit the NYSE is “further evidence of the market’s substantial demand for crypto equities as both institutional and retail investors rush to scoop up shares.”



The stock pared gains but held up despite a broader crypto selloff. Bitcoin’s price was about $102,000 at 4 pm ET — down 2.5% from 24 hours prior.&nbsp;&nbsp;



<a href="https://blockworks.co/tag/circle">Circle</a>’s listing marks a milestone for the industry, giving equity investors another access point for crypto exposure. It comes roughly four years after Coinbase’s arrival on the Nasdaq in April 2021 — a direct listing different from the IPO route that Circle chose.



VanEck’s Matthew Sigel <a href="https://blockworks.co/news/circle-ipo-price-listing-demand">told Blockworks Tuesday</a>: “If Coinbase is one of the main storefronts in the onchain economy, Circle could be the payments pipework running beneath it: less visible, but still essential to the flow of capital and trust.”



Bitwise research head Ryan Rasmussen said it makes sense for investors with a positive outlook on the long-term growth of crypto to hold both COIN and CRCL.&nbsp;



&#8220;Coinbase is the <a href="https://blockworks.co/news/coinbase-circle-amazon-of-crypto">Amazon of crypto</a> — trading, derivatives, custody, staking and, of course, stablecoins,” Rasmussen said. “Circle now offers pure-play exposure to stablecoins. I suspect investors will want both in their portfolios.”



Circle’s USDC stablecoin has a market cap of roughly $62 billion — about a quarter of the broader stablecoin market (~$230 billion). Tether (USDT) leads the category with a market cap above $150 billion. Public market investors examining the stablecoin space notice that Tether generates more profit than Goldman Sachs, Rasmussen noted. The company posted an operating profit exceeding $1 billion during the first quarter. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Why are people shocked by the CRCL price action? Circle is going after the same market as Tether, which generates more profit than Goldman Sachs (and Goldman&#39;s worth $187 billion). Circle is currently valued at $17 billion&#8230; <a href="https://t.co/vtxSY2KIxT">pic.twitter.com/vtxSY2KIxT</a>&mdash; Ryan Rasmussen (@RasterlyRock) <a href="https://twitter.com/RasterlyRock/status/1930698675527078391?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“They want to invest in it, but they can&#8217;t; they know that Circle is the second-largest stablecoin issuer today and is growing rapidly,” the Bitwise executive told Blockworks. “With stablecoin legislation <a href="https://blockworks.co/news/senate-advances-genius-act">likely to pass this year</a>, that growth is only going to accelerate. So, they smash the buy button on Circle.”



While Circle labeled “intense and increasing competition” and “fluctuations in interest rates” as risk factors in IPO filings, industry watchers have pointed to tailwinds for the company. Aside from regulatory clarity, we have seen many traditional financial companies exploring more ways to use blockchain technology.&nbsp;&nbsp;



“To say that stablecoins are simply a new form of payment or a new digital currency would be like saying that the internet is a better version of the fax machine,” Circle executive Spencer Spinnell said at last week’s Stablecon conference.



Read more: <a href="https://blockworks.co/news/stablecon-execs-bullish-stablecoins-financial-revolution">Digesting Stablecon: Execs bullish on imminent financial infrastructure revolution</a>



Circle’s public debut follows the Nasdaq listings of fellow crypto-focused firms Galaxy Digital and DeFi Technologies last month. Segment observers had predicted 2025 to be a year of <a href="https://blockworks.co/news/2025-crypto-stocks-to-watch">more crypto public listings</a>, as well as mergers and acquisitions.



Guzman noted: “With this IPO surpassing everyone’s expectations, we’ll likely see greater institutional and retail attention directed toward crypto and stablecoins, along with more crypto companies looking to go public.”



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Circle

Circle ends NYSE debut up 167% from IPO price

Casey Wagner

Stablecoin issuer Circle started trading on the New York Stock Exchange Thursday at a price of $69 per share, but quickly jumped as high as $75 in initial trading. The company trades under the ticker symbol CRCL. The stock was halted for volatility within minutes of opening.&nbsp;



“We’ve seen really, really tremendous demand from phenomenal investors that I think see what we see, which is that the internet is entering a new chapter,” Circle CEO Jeremy Allaire said during an interview with CNBC Thursday ahead of the listing.&nbsp;



“It is the chapter of upgrading the financial system with stablecoin money.”&nbsp;



This opening trade price is higher than the company’s Wednesday evening initial public offering price of $31, which was above the <a href="https://blockworks.co/news/circle-upsizes-ipo">proposed range.</a> Investors who purchased directly from underwriters are now up roughly 144%.&nbsp; 



Allaire rang the opening bell at the NYSE ahead of trading and is scheduled to ring the closing bell virtually from Circle’s New York headquarters.&nbsp;



Circle, its founder and its early shareholders <a href="https://www.bloomberg.com/news/articles/2025-06-04/circle-ipo-is-said-to-price-above-range-to-raise-1-1-billion">raised</a> $1.1 billion from 34 million shares. After the close on Wednesday, the company upped the offering from 32 million shares.



There was overwhelming investor demand for the IPO. The offering was 25 times oversubscribed, according to a <a href="https://www.bloomberg.com/news/articles/2025-06-04/circle-ipo-is-said-to-be-likely-to-price-above-marketed-range-mbi24hhn?embedded-checkout=true">report</a> from Bloomberg.&nbsp;



Read more:<a href="https://blockworks.co/news/circle-ipo-price-listing-demand"> Weighing institutional, retail demand for Circle ahead of public debut</a>



“This is how the US becomes the global crypto/blockchain hub and fulfills the administration&#8217;s objective,” 10T Holdings CEO Dan Tapiero wrote in a Wednesday LinkedIn <a href="https://www.linkedin.com/feed/update/urn:li:activity:7335823053962080257/">post</a>. “The bigger companies in the digital asset world gain added credibility by going through a real-world vetting process.”



Now, all eyes are on <a href="https://blockworks.co/news/circle-nyse-listing-predictions">how the stock moves</a> in the first few hours of trading.&nbsp;



VanEck’s Matthew Sigel told Blockworks Tuesday that Circle can be considered a “boring is beautiful trade” for institutions given its profitability, minimal leverage and position within the Web3 ecosystem. But retail investors “may find it harder to latch on” to a company with less volatility and brand recognition than an exchange like Coinbase, he argued.&nbsp;



Circle’s NYSE listing comes a few weeks after <a href="https://blockworks.co/news/galaxy-defi-technologies-nasdaq-us-listings">Galaxy Digital and DeFi Technologies</a> made their respective US public debuts on the Nasdaq.&nbsp;



Tapiero said at Blockworks’ Digital Asset Summit in March that ownership of crypto companies via exchange listings was a “mini step” that leads to more value moving onchain.



“American investors like to own businesses with cash flow, balance sheets, income statements, a proper board — and also legitimacy,” he noted at the time.



This story was updated 6/5: Added additional context throughout.



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Circle hits $75 per share in first-day pop on NYSE

Katherine Ross

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" target="_blank" rel="noreferrer noopener">subscribe</a>.



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By the end of the day today, a stablecoin issuer will be public on the New York Stock Exchange.&nbsp;



Last night, <a href="https://blockworks.co/news/circle-shares-price-before-nyse-debut">the stock priced at $31</a>, well above the initial range of $24 to $26, so clearly there’s excitement for the IPO. Not to mention, it once again upsized its share offering. We’re now at 34 million shares, and it looks like the IPO is on track to raise over $1.1 billion.



I’d expect the first trade to happen mid-morning if not a bit after, taking the demand into account. So this morning, I’m going to do things a little differently and set the stage for today.&nbsp;



The big challenge, ahead of the first trade, will be carefully balancing supply and demand, Bitwise’s general counsel (and former investment banker) Katherine Dowling told me. It’s something that Fineqia’s Matteo Greco <a href="https://blockworks.co/news/circle-nyse-listing-predictions/?nocache">highlighted to my colleague</a> (and Forward Guidance author) Ben Strack as well.&nbsp;



I almost hesitate to bring up Coinbase, because a direct listing and an IPO are two different beasts. But the bankers on Circle’s deal will be cautious to keep the stock’s price at a level where it can’t take off and then come crashing down to earth…which is a bit of <a href="https://www.cnbc.com/2021/04/15/coinbase-coin-climbs-11percent-in-premarket-after-nasdaq-debut.html">what happened </a>with Coinbase (the stock hit $429 before closing below its opening price of $328).&nbsp;



“You really want that kind of Goldilocks pricing to kind of try to keep it within a narrower band,” Dowling said. “Obviously, that did not happen with Coinbase. So you want to avoid that scenario.”



A strong debut from Circle, eToro’s Bret Kenwell tells me, would be a “huge win” for bulls and crypto.&nbsp;



It’ll also be a testing of the waters for crypto firms, Dowling added. So far, we’ve heard about the institutional demand for Circle’s IPO, but today will also <a href="https://blockworks.co/news/circle-ipo-price-listing-demand">test the retail demand</a>. Because it’s oversubscribed, she wouldn’t be surprised if there’s a jump in demand which then tapers off.&nbsp;



“I think for the long run, [Circle’s] a good horse to jump on. So I think you&#8217;ll still see that demand out there for the folks that aren&#8217;t getting involved at the IPO stage,” Dowling told me.&nbsp;



Especially given that Circle has (perhaps without meaning to) timed its IPO pretty dang well.&nbsp;



We have lawmakers mulling over a stablecoin bill over in DC at the same time Circle’s making its debut. While I’m not privy to the insider discussions around the IPO, I’d imagine the team is pretty happy about that.&nbsp;



Dowling noted that Circle is just a sign of the evolution we’re seeing in crypto and marks how far we’ve come. Especially taking into account that Circle confidentially <a href="https://www.circle.com/pressroom/circle-announces-confidential-submission-of-draft-registration-statement-for-proposed-initial-public-offering">filed</a> its initial S-1 back in January 2024.&nbsp;



“The importance of that evolution is notable…because it&#8217;s not just as simple as, ‘We had an administration change, so now we&#8217;re pro-crypto.’ It really isn&#8217;t just about that. You&#8217;ve had people…both sides of the aisle, have a much greater understanding of what [stablecoins are], how they work, and that this is a technological change, and I think that&#8217;s been really helpful to that evolution and to getting where we are today,” she said.



“We’ve come such a long way from the Luna debacle, right?” Dowling said. And if nothing else puts this historical moment into perspective, perhaps that will.&nbsp;



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What to expect when Circle’s stock goes public

Circle’s taken one of its final steps to going public.&nbsp;



On Wednesday, the stablecoin issuer <a href="https://www.businesswire.com/news/home/20250604831596/en/Circle-Announces-Pricing-of-Upsized-Initial-Public-Offering">announced</a> the pricing of its initial public offering. Shares of the upsized IPO are expected to price at $31. The issuer is going public on the New York Stock Exchange on Thursday.



The firm now expects to offer 34 million shares. Bloomberg first <a href="https://www.bloomberg.com/news/articles/2025-06-04/circle-ipo-is-said-to-price-above-range-to-raise-1-1-billion">reported</a> the news.&nbsp;



The announcement comes just days after Circle filed yet another amendment to its S-1, <a href="https://blockworks.co/news/circle-upsizes-ipo">upsizing the offering and the price</a>. The filing noted the company intended to offer 32 million Class A common stock in its public markets debut, a jump up from its initial plan to offer <a href="https://empire-blockworks.beehiiv.com/p/meme-to-mainstream?_bhlid=ae8ff9f4587d7becb731092a20ad1600bbabdb5b&amp;last_resource_guid=Post%3Ae12c0195-6707-494d-9dcd-963bdc706fd9&amp;utm_campaign=meme-to-mainstream&amp;utm_medium=newsletter&amp;utm_source=empire-blockworks.beehiiv.com">24 million shares.</a>&nbsp;



Circle said Monday it expected the offering price to be between $27 to $28, an increase from the original range of $24 and $26.&nbsp;



The changes in the Monday filing marked “a crystal-clear signal of strong demand” among institutions, Architect Partners founder Eric Risley told Blockworks earlier this week.&nbsp;&nbsp;



Read more: <a href="https://blockworks.co/news/circle-ipo-acquisition">Why an acquisition of Circle may be off the table as its IPO approaches</a>



The stablecoin issuer noted that Cathie Wood-led Ark Invest showed interest in buying roughly $150 million worth of shares. A Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-05-28/blackrock-is-said-to-plan-to-buy-shares-in-circle-internet-ipo">report</a> last week indicated that BlackRock might also look to acquire Circle shares.&nbsp;



Matthew Sigel, VanEck’s head of digital assets research, <a href="https://blockworks.co/news/circle-ipo-price-listing-demand">told Blockworks yesterday</a> that Circle is positioning itself as a “boring is beautiful trade” for institutions seeking crypto exposure without balance sheet risk.&nbsp;



“Retail may find it harder to latch on,” Sigel added. “Circle doesn’t have the same volatility, beta, meme potential or brand recognition as Coinbase.”&nbsp;



Read more: <a href="https://blockworks.co/news/circle-nyse-listing-predictions/?nocache">Why it’s ‘difficult to predict’ how Circle’s NYSE listing plays out</a>



Circle was expected to debut on the public markets this week after filing its original S-1 amendment last week.



Jay Woods, chief global strategist for Freedom Capital Markets, previously told Blockworks that he wouldn’t be surprised if the company picked Thursday for its debut. There’s not a set reason for it, but it has become a popular choice for IPOs over a Wednesday debut.



As Circle was finalizing its IPO, which it officially announced at the beginning of last year, there were rumors of a potential acquisition by either Coinbase or Ripple. However, Woods said that the S-1 amendment pretty much put the talks of acquisitions to rest, at least for now.&nbsp;



Ben Strack contributed reporting.



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Circle shares price at $31 ahead of NYSE debut

Stablecoin issuer Circle has taken a step toward going public.



Circle plans to list its stock on the New York Stock Exchange pending SEC approval, a Tuesday filing shows. It would trade under the ticker CRCL.&nbsp;&nbsp;



“We think that we can create a new defining internet platform company that is built on the internet financial system,” Circle wrote in its S-1 — a form used to register securities offerings with the SEC. “And we believe that we are still in the very early stages in the development of this new financial system.”&nbsp;



Circle CEO Jeremy Allaire said that the stablecoin firm’s journey is complex, having to navigate an “evolving ecosystem where innovative technology and highly regulated, legacy financial services are intersecting in ways that will give rise to challenges and uncertainties.”&nbsp;



Allaire added: “Building a new internet financial system, creating major new infrastructure for money and economic activity, shaping and responding to policy, and operating this infrastructure in a complex global macro environment — well, it’s hard.”



The filing represents the first time Circle’s finances are available for public review.



Circle reports minting roughly $504 billion of USDC and redeeming about $464 billion of USDC from Jan. 1, 2021 to Dec. 31, 2024 — “redemptions that have always been one-for-one with the US dollar,” the company wrote.&nbsp;



Adjusted earnings before income tax, depreciation or amortization (EBITDA) for 2024 came out to $284 million, per the filing.&nbsp;&nbsp;



In the risk factors section of the filing, Circle warned that it operates in a “rapidly changing and highly competitive industry, and our results of operations and future prospects depend in part on the continued growth of the Circle stablecoin network, our ability to monetize the Circle stablecoin network, and our ability to innovate and create successful new products and services and improve existing products and services.”



Risk factor sections are normal in these types of SEC filings.&nbsp; Circle’s filing comes about a week after trading platform eToro filed for an IPO.



10T Holdings CEO Dan Tapiero said at last month’s Digital Asset Summit that he’s expecting “a crypto IPO, M&amp;A, SPAC boom” <a href="https://blockworks.co/news/crypto-ipo-boom-etoro-kraken">in the coming months</a>.&nbsp;



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Circle files S-1 ahead of long-awaited IPO

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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Industry insiders have predicted <a href="https://blockworks.co/news/crypto-ipos-bringing-back-retail">more crypto IPOs</a> in 2025. In a possible preview, today we saw a segment player uplisted to a major exchange.



Shares of crypto wallet provider Exodus became available on the NYSE American stock exchange Wednesday. It was a <a href="https://blockworks.co/news/exodus-wallet-post-election-check-in">“finally” moment</a> for the company, which had prepared for this in May before an unexpected <a href="https://www.globenewswire.com/news-release/2024/05/09/2878404/0/en/Listing-of-Exodus-Class-A-Common-Stock-Delayed-by-NYSE-American.html">delay</a>.



Exodus considers itself “a pure-play crypto company” at a time when more investors seek exposure.



CFO James Gertneztke said access to capital markets could be helpful for product and marketing initiatives, or for buying other companies.&nbsp;



The focus in 2025 is to launch and (extend the reach of) products that bridge the TradFi-crypto gap (i.e. passkeys and XO Swap), he noted.



“We have a large warchest already so this is not necessarily an immediate impact,” Gertneztke said of the capital markets access. Part of that warchest he’s referring to is a treasury comprising 1900 BTC and 2,660 ETH.&nbsp;



Exodus has held bitcoin since its 2015 founding. The company receives most of its revenue in BTC and USDC; revenues linked to its exchange aggregator processing record volume in Q4 helped Exodus recently add <a href="https://blockworks.co/news/company-treasuries-btc-reserve-asset">100 BTC to its treasury</a>.



“We have no debt, so our holdings are not ‘levered,’” the CFO added. 



The company’s BTC holdings might seem small relative to <a href="https://blockworks.co/news/microstrategy-bitcoin-bet">MicroStrategy’s</a> (439,000 BTC). But 1,900 BTC (currently worth ~$200 million) is nothing to sneeze at, and corporate <a href="https://blockworks.co/news/marathon-buying-btc-momentum">BTC buying sprees</a> seem poised to continue.



Gertneztke, indeed, made it clear to me: “We don’t plan on stopping in the new year.”



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crypto exchanges

A long-awaited NYSE American listing

<div id="highlights-block_62b0c1e09a8ea" class="highlights">
 <ul>
 <li>ProShares launched the first bitcoin futures ETF in the US in October</li>
 <li>Horizons ETFs Management’s BetaPro Inverse Bitcoin ETF on the Toronto Stock Exchange is up roughly 80% year to date</li>
 </ul>
 
</div>



Looking to profit from an extended downturn in cryptocurrency markets, an ETF that bets against bitcoin is set to start trading Tuesday in the US.



Run by fund issuer ProShares, the Short Bitcoin Strategy ETF (BITI) is designed to deliver the inverse of the performance of the S&amp;P CME Bitcoin Futures Index via bearish bitcoin futures. The company is dubbing it the first short-bitcoin ETF in the US.



The company is also set to launch a mutual fund, the Short Bitcoin Strategy ProFund (BITIX). Neither fund will invest in bitcoin or other cryptocurrencies directly.



The launches come as bitcoin traded just below the key resistance level of $20,000 on Monday at 2:30 pm ET, reflecting a drop of nearly 60% so far this year — and about 30% in the last month.



“As recent times have shown, bitcoin can drop in value,” ProShares CEO Michael Sapir said in a statement. “BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings.”



Canada-based Horizons ETFs Management launched the <a href="https://www.horizonsetfs.com/ETF/BITI" target="_blank" rel="noreferrer noopener">BetaPro Inverse Bitcoin ETF</a> on the Toronto Stock Exchange in April 2021. The fund, which has $45 million in assets, was up roughly 80% year to date.



“This ETF isn’t exactly launching at the best time, given that bitcoin has already experienced significant carnage,” said Nate Geraci, president of The ETF Store, of the ProShares offering. “That said, I expect this product to find an audience among traders looking to play the high-volatility nature of bitcoin.”



Sapir said the company now allows investors to express their view on the direction of bitcoin in more ways than one.



The ETF issuer, which manages about $56 billion, was the first in the US to bring to market an ETF focused on bitcoin futures. The ProShares Bitcoin Strategy ETF (BITO), which launched last October, gathered roughly $1 billion in assets within <a href="https://cms.blockworks.co/first-bitcoin-futures-etf-nears-1b-on-first-day-of-trading/" target="_blank" rel="noreferrer noopener">its first day of trading</a>. The fund is down about 30% in the last 30 days and 56% since the beginning of 2022. 



Amplify Investments’ Transformational Data Sharing ETF (BLOK), the largest blockchain ETF in the US with about $540 million in assets, is down 54% so far this year and about 15% in the past month.



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Bitcoin

ProShares To Launch First US ETF That’s Bearish on Bitcoin

Jack Kubinec

<div id="highlights-block_62acd57cc3cf4" class="highlights">
 <ul>
 <li>Executives remain mostly shielded from crypto&#8217;s job squeeze</li>
 <li>Deep-pocketed traditional and decentralized finance firms announce job openings as struggling crypto firms make cuts</li>
 </ul>
 
</div>



Decentralized trading platform Uniswap Labs brought on Stacy Cunningham, former president of the New York Stock Exchange, as an adviser this week. The company hopes Cunningham’s experience in the top echelons of traditional finance will bring insight to the protocol.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Excited to bring my years (decades?!) of exchange experience to <a href="https://twitter.com/haydenzadams?ref_src=twsrc%5Etfw">@haydenzadams</a> and the <a href="https://twitter.com/Uniswap?ref_src=twsrc%5Etfw">@Uniswap</a> team to advance their mission of democratizing new markets. <a href="https://t.co/eS4X10sH9E">https://t.co/eS4X10sH9E</a>&mdash; Stacey Cunningham (@stacey_cunning) <a href="https://twitter.com/stacey_cunning/status/1537129387585331200?ref_src=twsrc%5Etfw">June 15, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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CoinFund appointed Margaret Gabriel as the firm’s head of talent. Gabriel will lead CoinFund’s talent acquisition program and will advise the firm’s portfolio companies on new hires. Gabriel previously worked in recruitment roles at Gemini and Google.&nbsp;



Crypto payment service BitPay made Allison Raley its chief compliance officer. The hire comes as Congress <a href="https://cms.blockworks.co/congress-mulling-stablecoin-regulation-after-terra-crash/" target="_blank" rel="noreferrer noopener">weighs</a> crypto regulation amid widespread decentralized finance (DeFi) liquidity issues. After receiving her law degree from Baylor University, Raley previously worked in digital asset compliance for an Arkansas law firm.



Kraken Product Manager Pierre Rochard has informed the company of his retirement. Rochard, who was with the exchange for almost three years, <a href="https://twitter.com/pierre_rochard/status/1537084282778357762?s=20&amp;t=-CMwToXnLDuP4dkmhV6fFQ" target="_blank" rel="noreferrer noopener">insisted</a> on Twitter that his departure will allow him “to spend more time with family” and is not related to dysfunctional company culture recently <a href="https://www.nytimes.com/2022/06/15/technology/kraken-crypto-culture.html" target="_blank" rel="noreferrer noopener">reported</a> by The New York Times.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">No 😂. Huge fan of Jesse, Kraken, and the culture there, an excellent team of builders I enjoyed working with. I’ll miss them a lot. I’m stepping aside to spend more time with family and enable a new product leader to take bitcoin and Lightning at Kraken to the next level.&mdash; Pierre Rochard (@pierre_rochard) <a href="https://twitter.com/pierre_rochard/status/1537084282778357762?ref_src=twsrc%5Etfw">June 15, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<a href="https://cms.blockworks.co/job-security-a-growing-concern-as-crypto-companies-continue-layoffs/" target="_blank" rel="noreferrer noopener">Layoffs</a> abounded in the crypto industry last week — with <a href="https://cms.blockworks.co/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn/" target="_blank" rel="noreferrer noopener">Crypto.com</a>, <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">BlockFi</a>, <a href="https://cms.blockworks.co/coinbase-cut-workforce-ceo-wary-of-potential-recession/" target="_blank" rel="noreferrer noopener">Coinbase</a> and <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/" target="_blank" rel="noreferrer noopener">Gemini</a>, among others, announcing staff cuts — but several of the space’s largest funds have so far avoided downsizing and are publicizing new job openings. 



Binance CEO Changpeng Zhao tweeted that the trading platform is looking to hire 2,000 new employees, and Kraken <a href="https://blog.kraken.com/post/14372/kraken-announces-global-hiring-push-and-commitment-to-crypto-first-culture/" target="_blank" rel="noreferrer noopener">wrote</a> in a blog post that the company is hoping to fill 500 positions by the end of 2022. FTX, OpenSea, Everstake, Polygon and Ripple all also indicated they are looking to bring on new employees.



Traditional finance firms are opening their doors to some of crypto’s recently fired. Deloitte has listed 144 crypto-adjacent job openings, while CashApp and Jack Dorsey’s Block are also looking to fill dozens of crypto positions, according to research from CryptoJobsList.com.&nbsp;



Layoffs are expected to continue as the market slides, but firms with the resources to weather the crypto winter will benefit from an expanding pool of available labor.



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Bitpay

Latest in Crypto Hiring: Firms Fill High-profile Roles as Layoffs Continue

Jacquelyn Melinek

<div id="highlights-block_62054187f5ffd" class="highlights">
 <ul>
 <li>“Web2 had a profound impact on the media sector and…we believe that Web3 may have an equally important role to play in the future of journalism and publishing,” a Binance spokesperson told Blockworks</li>
 <li>This deal is another example of crypto companies’ growing presence in the mainstream market</li>
 </ul>
 
</div>



Binance, one of the largest cryptocurrency exchanges in the world, has committed a $200 million strategic investment into global media company Forbes.



“First and foremost, this is a financial investment in the media industry,” a Binance spokesperson told Blockworks. “Web2 had a profound impact on the media sector and, at Binance, we believe that Web3 may have an equally important role to play in the future of journalism and publishing.”



As a part of the investment, Patrick Hillmann, chief communications officer at Binance, and Bill Chin, head of Binance Labs’ venture capital arm, are expected to join Forbes’ board of directors this quarter after the transaction is closed.



Forbes was founded in September 1917 and is almost 105 years old. It’s well known for its Forbes 30 Under 30 list as well as its billionaires list, which tracks the wealthiest people in the world.



Binance’s Founder and CEO Changpeng ‘CZ’ Zhao ranked <a href="https://www.forbes.com/profile/changpeng-zhao/?sh=6ccd10df6277" target="_blank" rel="noreferrer noopener">22nd</a> on Forbes’ “Singapore’s 50 Richest” list in August 2021, with a $1.9 billion net worth at the time. However, estimates differ; as of last month, Zhao’s net worth was estimated at $96 billion, according to the <a href="https://www.bloomberg.com/news/features/2022-01-09/binance-ceo-cz-s-net-worth-billionaire-holds-world-s-biggest-crypto-fortune" target="_blank" rel="noreferrer noopener">Bloomberg Billionaires Index</a>.



“As Web3 and blockchain technologies move forward, and the crypto market comes of age, we know that media is an essential element to build widespread consumer understanding and <a href="https://cms.blockworks.co/binance-us-new-risk-officer-crypto-industry-must-educate-regulators/" target="_blank" rel="noreferrer noopener">education</a>,” Zhao said in a press release. “We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.”



Binance began in 2017 and quickly scaled to become the largest cryptocurrency exchange in the world by volume, <a href="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noreferrer noopener">data</a> from CoinMarketCap shows. On Thursday, Binance had $19.51 billion in 24-hour volume, over five times the volume of the second-largest exchange, Coinbase, which had $3.46 billion.



Forbes has sought out $400 million of capital through private placement as part of its <a href="https://www.forbes.com/sites/forbespr/2021/08/26/forbes-to-become-public-company-through-business-combination-with-special-purpose-acquisition-company-magnum-opus/?sh=a5b8437320eb" target="_blank" rel="noreferrer noopener">plans</a> from August 2021 to go public with Magnum Opus, a special purpose acquisition company (SPAC). Binance will account for half of that commitment.



The media conglomerate is expected to go public this quarter on the New York Stock Exchange with the ticker FRBS. The shift to the public sector will help Forbes capitalize on its digital transformation, use technology and data-driven insights to further engage audiences and have high recurring revenue streams, it said.



This deal is another example of crypto companies becoming more mainstream. In recent months, a wave of partnerships between crypto firms and sports teams or celebrities inundated the market. Binance itself <a href="https://cms.blockworks.co/binance-hires-nba-star-to-warn-against-celebrity-ads/" target="_blank" rel="noreferrer noopener">hired</a> NBA All-Star Jimmy Butler to warn crypto users not to listen to celebrities.



On Wednesday, the Washington Nationals Major League Baseball team partnered with Terra, while Crypto.com shared its plans to sponsor what will be known as the Formula One Crypto.com Miami Grand Prix in May, Blockworks <a href="https://cms.blockworks.co/washington-nationals-latest-pro-sports-team-to-strike-crypto-deal/" target="_blank" rel="noreferrer noopener">reported</a>.



The Binance stake in Forbes, however, is the first major crypto investment into a US media firm.



Binance is no stranger to ambitious investment sums. In 2020, it put up <a href="https://www.binance.org/en/accelerator" target="_blank" rel="noreferrer noopener">$100 million</a> to support projects on its Binance Smart Chain with an accelerator fund, and in October 2021, it created a <a href="https://cms.blockworks.co/binance-creates-1b-fund-to-accelerate-crypto-adoption/" target="_blank" rel="noreferrer noopener">$1 billion fund</a> to accelerate crypto adoption more broadly.



“With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators,” Mike Federle, CEO of Forbes, said in a statement.&nbsp;



Federle added that Forbes can become a “true leader” in the emerging world of digital assets with Binance’s help.



Forbes was not available for immediate comment on Thursday.



This story was updated on Feb. 10, 2022, at 12:29 pm ET.



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Binance

Binance Invests $200M in Forbes to Bring Web3 to Journalism

<div id="highlights-block_61a6ac6d3f593" class="highlights">
 
</div>


<div id="highlights-block_61a6ad343f594" class="highlights">
 <ul>
 <li>Ohio-based self-mining company plans to have 734 megawatts of operational power by 2023</li>
 <li>Merged businesses expected to be listed on the New York Stock Exchange under the ticker GRDI</li>
 </ul>
 
</div>



Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC), is set to acquire bitcoin self-miner Griid Holdco, the companies revealed Tuesday.



The planned transaction values the combined company, including debt. The mining company will receive $246 million in cash from Adit EdTech’s trust account after the deal is finalized and anticipates its fiscal year 2023 revenue to hit $1.6 billion, it said.&nbsp;



Griid Holdco is the parent company of Cincinnati, Ohio-based Griid Infrastructure (GRIID), a bitcoin-focused self-mining company. Adit EdTech is a publicly listed SPAC focused on mergers, asset acquisition and reorganization. It is sponsored by its affiliate Adit Ventures, an investment adviser firm.&nbsp;



GRIID and Adit EdTech did not immediately return Blockworks’ request for comment.



GRIID <a href="https://cms.blockworks.co/blockchain-com-gives-bitcoin-mining-infrastructure-company-griid-525m-credit/" target="_blank" rel="noreferrer noopener">secured a $525 million credit facility</a> from Blockchain.com last week to help it scale its capabilities, bring on additional mining capacities and build upon its available power. 



“GRIID’s focus on utilizing next-generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure,” Eric Munson, Adit’s founder and managing partner, said in a statement.&nbsp;



GRIID owns and operates carbon-free energy infrastructure and bitcoin mining facilities across the US. It has about 1,300 megawatts (MW) of power, the company reported, and plans to have 734 MW of that power operational by 2023.



“There are a couple other SPACs that have announced deals with bitcoin miners and the deals haven’t closed yet, so this will be like a third one, which may be more than people really want,” Blockworks’ Market Strategist Byron Gilliam said. “But I think it’s good to have as many listed options as possible because lots of asset managers can’t buy crypto directly, so the more listed options you have the better.”



Crypto mining platform <a href="https://www.reuters.com/business/crypto-mining-platform-bitdeer-go-public-through-4-bln-spac-merger-2021-11-18/" target="_blank" rel="noreferrer noopener">Bitdeer</a> went public earlier this month through a $4 billion SPAC merger with blank-check firm Blue Safari Group Acquisition Corp. That deal came after crypto mining company Core Scientific announced its merger with a SPAC backed by <a href="https://cms.blockworks.co/blackrock-ceo-sees-huge-opportunities-in-digital-currency/" target="_blank" rel="noreferrer noopener">BlackRock</a> in July.



Upon closing the proposed acquisition, GRIID and Adit EdTech are expected to operate as Griid Infrastructure Inc. and be listed on the New York Stock Exchange under the ticker GRDI. 



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acquisition

Griid Infrastructure Plans NYSE Listing Through Adit EdTech Acquisition

<div id="highlights-block_60e89182c6c76" class="highlights">
 <ul>
 <li>Bullish preparing release of crypto exchange that will provide portfolio balancing tools, deep predictable liquidity</li>
 <li>CEO of Block.one, which gave Bullish initial capital injection in May, to serve as company’s chairman</li>
 </ul>
 
</div>



Digital assets firm Bullish announced plans on Friday to become a public company through a merger with Far Peak Acquisition Corporation, a SPAC led by former New York Stock Exchange president Thomas Farley.



Farley, who led NYSE as president from 2013 to 2018, will become the CEO of Bullish upon completion of the deal. Block.one CEO Brendan Blumer, will be appointed the company’s chairman.



The transaction, approved by the director boards of Bullish and Far Peak, is expected to close by the end of the year, and the combination’s equity value at signing is roughly $9 billion at $10 per share. Proceeds include $300 million in private investment in public equity, or PIPE, commitments from EFM Asset Management, as well as funds and accounts managed by BlackRock, Cryptology Asset Group and Galaxy Digital.



Donald Putnam, a managing partner at principal investing firm Grail Partners, told Blockworks that this is a situation tailor-made for a SPAC merger, adding that the PIPE participants provide important validation as well as funding.



“It’s a story stock, and the story is about the future, not the past,” Putnam explained. “At the moment, SPACs have a decided advantage when it comes to growth company funding – they compete brilliantly with private equity investors, at much lower cost and vastly better transparency.”



Bullish is preparing to launch a crypto exchange with portfolio balancing tools and deep predictable liquidity that will serve both retail and institutional investors, the firm said in a news release. Farley said in a statement that the increased interest from institutional players and sophisticated traders in crypto makes it critical to iterating on the existing exchange infrastructures.



In a survey by Arcane Research published last month, institutional market participants labeled reliability of technology, depth of liquidity and low latency, and certainty of execution as the three most important factors when selecting a cryptocurrency trading venue.



&#8220;We view the cryptocurrency market as a high growth market that is large, profitable, and filled with opportunities,” Farley told Blockworks. “In terms of the merits of the investment overall, the cryptocurrency market is just in the first or second inning.”



The company will run a private pilot program before its public launch during which participants will test the platform in a simulated market environment. Tools users will try include the Bullish Hybrid Order Book and the firm’s liquidity pools.



Block.one, developer of the EOSIO protocol, injected $100 million, 164,000 of bitcoin, and 20 million of EOS to launch Bullish in May. Other investors in the capital raise were Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and global investment bank Nomura.



“Bullish&#8217;s entry into the public markets allows our customers to take part in the growth of Bullish by holding a piece of our company without any of the regulatory uncertainties or jurisdictional limitations of a profit-sharing token issuance,” Blumer said in an email.



Meltem DeMirors, chief strategy officer at Coinshares, said in June that excluding Bullish, there had been more than $7 billion in venture deals announced in 2021, noting that there is now more capital than ever looking to be allocated to various parts of the crypto ecosystem.



Bullish’s plans come a few months after crypto exchange <a href="https://www.coinbase.com">Coinbase</a> became a public company <a href="https://cms.blockworks.co/coinbase-direct-listing-shares-are-limited-demand-is-high/">through a direct listing</a>. Competing exchange <a href="https://cms.blockworks.co/kraken-could-ipo-by-end-of-2022/">Kraken is prepping to potentially go public</a> by the end of 2022, the company’s CEO, Jesse Powell, told Bloomberg TV last month.  



Powell has said that Kraken is likely too big to go public through a SPAC, and was considering an IPO, <a href="https://fortune.com/2021/06/10/crypto-exchange-kraken-rethinks-ipo-plans-after-coinbase-stock-listing/">Fortune reported</a> last month.

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