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Institutions just can't get enough crypto exchange-traded funds (ETFs). With Trump AKA the "Crypto President" now in office, the industry is going full steam ahead with its ambitions to milk the digital asset market at every opportunity.
This week saw a slew of ETFs applications reach the US Security Exchange Commission's doorstep from enthusiastic exchanges on behalf of even more eager asset managers.
Chicago’s Cboe Exchange has submitted four separate applications to the SEC for XRP ETFs from WisdomTree, Bitwise, 21Shares, and Canary. Meanwhile, Franklin Templeton filed for regulatory approval from the SECto launch a new crypto index ETF, and Crypto.com announced plans to launch an ETF for its native token, Cronos (CRO), while planning its own stablecoin. Even more surprisingly, 21Shares filed for a Polkadot ETF, much to the dismay of the crypto industry.
This all comes as the SEC intends to scale back its crypto enforcement unit. Lawyers from the unit are reportedly being reassigned to other departments within the agency, with one top lawyer being moved out of enforcement. This reassignment has been regarded as an unfair demotion, by some, potentially signalling internal disagreements about the agency’s direction on crypto regulation.
It's not just the US that has crypto-institutional fever either. BlackRock this week revealed it plans introduce an exchange-traded product (ETP) linked to Bitcoin in Europe.
Managing over $4.4 trillion in ETFs globally, the world's largest asset manager has already amassed $58 billion in assets through its US Bitcoin ETF. Its new European fund is reported to be domiciled in Switzerland with BlackRock expected to market the product this month.
But not everything is rosy in the world of crypto. MicroStrategy, which unexpectedly rebranded to "Strategy," reported a mixed financial performance in its Q4 earnings.
The company posted $120.7 million in revenue, falling short of analyst expectations of $123.25 million. Total revenue declined 3% year-over-year, while subscription services revenue grew 48.4% to $31.9 million. Other revenue streams, including product support and consulting services, saw declines.
Its stock price, which soared 740% in 2024 alone, has consequently taking a bit of a beating, trading at 20% below its 2024 high.
That said, it's not exactly like the market is having a great week either. Perhaps still hungover from the whole DeepSeek market crash last week, both the stock market and crypto market aren't performing at their best this week.
Bitcoin is down slightly under 1% but is still trading below its celebrated $1o0K mark. Ethereum is down more than 5%, far below the $3K mark.
Risk appetites have slipped last week's 76, "Extreme Greed," to 44, "Fear." The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But as always, BRN is here to calm your woes. "We anticipate that the numerous positive developments will drive Bitcoin and altcoins to significantly higher levels in 2025. As such, we maintain our recommendation to hold a heavy crypto allocation and buy the dip—continuing to favor Bitcoin over Ethereum," BRN analyst, Valentin Fournier suggests.
Yesterday, the SEC acknowledged ETF applications for $XRP, $SOL:, and $LTC. While this does not guarantee approval, it signals a more favorable stance from the current administration towards lower-cap ETFs.
— BRN (Blockhead Research Network) (@thebrn_co) February 7, 2025
Top Stories (In No Particular Order)
Franklin Templeton Seeks SEC Approval for New Crypto Index ETF
Franklin Templeton has filed for regulatory approval from the US Security Exchange Commission (SEC) to launch a new crypto index exchange-traded fund (ETF).
According to the filing, Franklin Templeton's crypto index fund is currently limited to holding only Bitcoin and Ethereum.
Blockhead
Winklevoss Twins' Crypto Exchange Gemini Considers IPO
Winklevoss-backed cryptocurrency exchange, Gemini, is reportedly considering an initial public offering (IPO) as early as this year.
The exchange is said to be currently in discussions with potential advisors regarding a public listing.
Blockhead
Cboe Submits XRP ETF Applications to SEC From WisdomTree, Bitwise, 21Shares, Canary
Chicago’s Cboe Exchange has submitted four separate applications to the U.S. Securities and Exchange Commission (SEC) for XRP exchange-traded funds (ETFs) from WisdomTree, Bitwise, 21Shares, and Canary.
Blockhead
MicroStrategy Rebrands to Strategy, Stock Dips on Q4 Earnings Miss
MicroStrategy, the business intelligence firm and Bitcoin treasury company, has officially rebranded to Strategy, reflecting its deepened commitment to Bitcoin and artificial intelligence.
Blockhead
Robinhood Suspends Super Bowl Bets, CFTC to Hold Public Roundtable on Prediction Markets
Robinhood has removed the ability to bet on the Super Bowl after receiving a formal request from the US Commodity Futures Trading Commission (CFTC).
In a blog post, the exchange revealed that the regulator requested that Robinhood “not permit customers to access sports event contracts." As a result, Robinhood is suspending the rollout of its "Pro Football Championship" market, which was rolled out yesterday to around 1% of customers.
Blockhead
Crypto.com Reveals CRO ETF, Stablecoin Launch in Roadmap
Crypto.com is set to launch an exchange-traded fund (ETF) for its native token, Cronos (CRO), while planning its own stablecoin.
In its 2025 roadmap, Crypto.com said it would make the Cronos ETF a top priority this year and that its stablecoin is hoped to be launched by the third quarter. The CRO is expected to launch in Q4.
Blockhead
Cryptos' Surge Bring Big Profits: Kraken & Tether in Focus
There is more good news for the crypto sector, with many firms in the industry reporting healthy profits and revenue during a record-breaking rally of top tokens.
The outlook points to a more optimistic year with Trump's embrace of the sector.
Blockhead
BlackRock to Launch Bitcoin ETP in Europe
BlackRock is set to introduce an exchange-traded product (ETP) linked to Bitcoin in Europe.
Managing over $4.4 trillion in ETFs globally, the world's largest asset manager has already amassed $58 billion in assets through its US Bitcoin ETF. Its new European fund is reported to be domiciled in Switzerland with BlackRock expected to market the product this month.
Blockhead
21Shares Files for Polkadot ETF With SEC, Triggers Backlash
21Shares has filed for a Polkadot exchange-traded fund (ETF) with the US Securities Exchange Commission (SEC), much to the dismay of the crypto industry.
The proposed 21Shares Polkadot Trust would be listed on the Cboe BZX Exchange, tracking Polkadot’s price in US dollars with Coinbase expected to act as the custodian.
Blockhead
SEC Scales Back Crypto Enforcement Unit
The United States Securities and Exchange Commission (SEC) is scaling back its crypto enforcement unit.
Lawyers from the unit are reportedly being reassigned to other departments within the agency, with one top lawyer being moved out of enforcement. This reassignment has been regarded as an unfair demotion, by some, potentially signaling internal disagreements about the agency’s direction on crypto regulation.
Blockhead
Events
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Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
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