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Tag: Ethereum (ETH)

  • Grayscale to top the market cap of the largest ETF

    Grayscale to top the market cap of the largest ETF

    Asset management firm, Grayscale, has exceeded $50 billion in cryptocurrency holdings for the first time. The asset manager is set to break the record of the largest commodity ETF which stands at a valuation of $57 billion.

    The largest exchange-trade fund GLD, which is physically backed by gold has listing on many major stock markets. GLD is a safe haven investment for investors throughout the world because of its safety and almost zero volatility. But the rise of cryptocurrencies has led to the consideration of cryptocurrencies replacing gold. GLD has nearly stagnant yields and by the principle of the stock market, the high risk of cryptocurrencies is equal to high rewards.

    Grayscale has plans to convert into ETF if the SEC regulations allow. Grayscale would have been the second largest ETF, if approved, currently and close to become the largest. The CEO of Grayscale Michael Sonnenshein believes Grayscale will top GLD soon.

    The asset manager is holding approximately 3.5% of the total BTC circulating supply – around 660,000 Bitcoin tokens. Grayscale’s assets under management range from Bitcoin to lesser known coins. It also has a hefty holding of $7.4 billion ETH in its Ethereum trust funds. The firm has a total of ten crypto trust funds with a total valuation of $50 billion.

  • Exodus Wallet Regulated Offering Record Share Sale

    Exodus Wallet Regulated Offering Record Share Sale

    Exodus a multi-currency wallet that supports over a hundred cryptocurrencies set a record share sale in a regulated public offering. The Delaware-based firm, Exodus Movement, commenced the share sale on April 8 after the approval of the United States Securities and Exchange Commission.

    In just five days, the firm has been able to raise around $59 million. The share is being offered at $27.42 and the offering will last until the goal of $75 million is reached. The crypto wallet had been able to complete around 80% of its fundraising goal from over 4,000 investors.

    The Regulation A sale enabled Exodus to reach far beyond accredited investors. The firm reported a majority of the investment has come from retail and non-accredited investors while accredited investors only accounted for 8% of the total investment. The offering was only available to investors in Texas, Arizona and Florida. The wallet accepted investment in Bitcoin, Ethereum and USDC instead of fiat currency.

    With Coinbase’s NASDAQ listing scheduled for later today, it is expected to shatter Exodus Wallet’s share sale record. Coinbase’s direct listing is expected to be the largest crypto offering in history but with the reference price set below expectations, things may not go as hoped.

  • From a crypto sceptic to staunch believer: Billionaire Mark Cuban

    From a crypto sceptic to staunch believer: Billionaire Mark Cuban

    The American entrepreneur, Mark Cuban, is a cryptocurrency believer. Cuban has revealed his cryptocurrency portfolio comprising 60% Bitcoin, 30% Ethereum, and 10% other altcoins. The billionaire believes Ethereum (ETH) to be the “closest to a true currency” while citing Bitcoin as a better alternative to gold. Per the entrepreneur, Bitcoin is better suited as a store of value and a safe haven asset – like gold but better. And Ethereum, with its scalability, is ideal for transactionary demand – making it a viable currency.

    The tech billionaire hadn’t always been big on cryptocurrencies. Cuban has been vocal about the absence of any intrinsic value of Bitcoin, at the same time, he compared Bitcoin to gold – stating both gold and Bitcoin will serve to real purpose to an average investor, rather pose problems because of their complications. Cuban’s comment “I’d rather have bananas” on Bitcoin and gold had become quite famous.

    Now, with the cryptocurrency market in a boom primarily due to the popularity of the decentralized block chain technology, the billionaire like many others have had a shift in fundamentals and is now a staunch believer of cryptocurrencies as well as their underlying technology. Cuban pointed out towards the decentralized technology of cryptocurrencies and how that has the potential to become the “next big thing” in a growingly connected world.