The Friday Focus: Issue 8
SEC rejects VanEck’s spot-based bitcoin ETF: Investors are thirsty for a US bitcoin ETF that holds spot bitcoin. According to market analysts, with the recent rejection, it looks like they have to go thirsty for a while.
Joe Biden signs infrastructure bill into law: The infrastructure bill is relevant for the cryptocurrency industry because it includes a paragraph that drastically increases the tax reporting requirements for cryptocurrency businesses. Several members of Congress are working to strike the crypto reporting requirements from the bill.
Twitter will not invest in bitcoin - at least for now: The Twitter CFO said that a bitcoin investment doesn’t make sense for the social media giant right now. The bitcoin price tumbled after the statement.
Lots of capital raises: Digital Currency Group raises $600 million of debt. Binance US is raising $200 million as part of their planned IPO. The custody firm Anchorage plans a fundraise that values the company at $3 billion. The bitcoin mining giant Bitdeer is planning to go public in a SPAC deal, valuing the company at around $4 billion. Another bitcoin miner, Iris Energy, upsizes its IPO, valuing the company at $1.5 billion. Gemini raises $400 million at a $7.1 billion valuation. NFT platform OpenSea is preparing for a new funding round that would value the company at $10 billion.