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BlackRock’s Ethereum ETF Rockets to $10B, Third-Fastest in History

BlackRock’s iShares Ethereum Trust (ETHA) has topped $10 billion in assets, marking the third-fastest ascent to that milestone in ETF history, Bloomberg data shows, in a sign of surging investor appetite for Ethereum.

ETHA needed just 251 days to reach this threshold, less time than all but the iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fundspot Bitcoin funds, which needed just 34 days and 53 days, respectively.

The fund doubled in size over 10 days ending Wednesday, adding $5 billion in assets to become the shortest period ever for a fund to grow from that mark to $10 billion, Bloomberg Senior ETF Analyst Eric Balchunas said.

Tom Lee's BitMine Now Largest Corporate Ethereum Treasury With $2.1 Billion in ETH

BitMine Immersion Technologies' Ethereum token holdings have reached $2.1 billion, according to a Thursday statement from the company. It is the largest corporate Ethereum treasury.

The cryptocurrency mining firm holds 566,776 ETH, the most of any treasury company, according to data available from Ethereum treasury firms. Bitmine purchased the tokens at an average price of $3,643.752 per ETH, according to its statement. 

Bitmine has been aggressively pursuing that goal since pivoting its focus from Bitcoin mining in late June. It closed a $250 million initial private placement on July 8, which it used to add to its coffers with Ethereum, according to its statement. 

Michael Saylor Amps Up Bitcoin War Chest With $2.8 Billion Deal

Michael Saylor’s one-of-a-kind capital markets machine just got bigger.

As crypto prices continue to boom, Saylor’s Bitcoin holding company, Strategy launched a new kind of preferred stock, and then promptly upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified.

The security that priced on Thursday, which the company is calling Stretch, promises buyers a hefty 9% annual payout, with no end date attached — unusual in the arcane world of preferred stock offerings.

Crypto Inflows Surge to $60B Year-to-Date, Outpacing Private Equity: JPMorgan

Capital is flooding into digital assets at a record pace this year, according to Wall Street bank JPMorgan (JPM), marking a sharp contrast with declining flows into private equity and private credit markets.

JPMorgan estimates that net capital inflows into digital assets have hit $60 billion year-to-date, a nearly 50% jump since the firm’s last update at the end of May, the bank said in a report on Wednesday.

That figure includes crypto fund flows, Chicago Mercantile Exchange (CME) futures activity, and crypto venture funding, and puts 2024 on track to eclipse last year’s record.

FTX to Start Next Round of Creditor Repayments on Sept. 30

FTX, the once prominent crypto exchange, will begin the next round of cash redistribution on Sept. 30, the bankrupt firm said in a statement on Wednesday.

The firm, which was led by founder Sam Bankman-Fried, started paying back its creditors earlier this year. FTX has repaid nearly $6.2 billion after getting approval for its redistribution plan by the U.S. bankruptcy court.

The former crypto giant used to be a mainstay in the digital asset ecosystem till a CoinDesk expose in 2022 resulted in the downfall of Sam Bankman-Fried's empire.

Ethereum Treasury Firm Buys $5M CryptoPunk—And Is Borrowing Stablecoins Against It

GameSquare, a digital media company with an Ethereum treasury strategy, said Thursday that it acquired a rare CryptoPunk NFT for $5.15 million worth of preferred shares.

The Ethereum-based NFT was previously owned by Robert Leshner, who founded the decentralized lending protocol Compound and now serves as CEO of crypto asset manager Superstate. His preferred shares can be converted into common stock at $1.50 per share, GameSquare said.

Featuring “Cowboy Hat” and “Ape” as traits, the CryptoPunk is among the 24 rarest NFTs from the iconic collection of 10,000 pixelated profile pictures, per marketplace OpenSea. Lesher purchased the NFT for 2,501 ETH worth $9.4 million in 2022, blockchain data shows.

Ripple's Chris Larsen Has Moved $140 Million in XRP to Exchanges During Record Surge

Ripple co-founder and Executive Chairman Chris Larsen moved more than 50 million in XRP over the past week just before the token set a record high.  

Blockchain sleuth ZachXBT posted the entirety of the movements on X, noting that Larsen had made transactions totaling $175 million to four addresses since July 17. Over $140 million of the coins hit exchanges, the investigator said.

The transactions happened just as XRP, the third largest cryptocurrency by market cap, hit $3.65 last week. XRP has since dipped and was recently trading for $3.25 per coin, according to CoinGecko. It is still up nearly 50% over the past month amid a wider market upturn spurred by an increasingly favorable political environment for digital assets. 

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $226.61 million. The total net asset value of Bitcoin spot ETFs is $154.45 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.54%.

The Bitcoin spot ETF with the highest net inflow on July 24 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $106.58 million. Following that was VanEck Bitcoin ETF (HODL), with a net inflow of46.36 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Thursday was $231.23 million. The total net asset value of Ethereum spot ETFs is $20.70 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.59%.

The Ethereum spot ETF with the highest net inflow on July 24 was Fidelity Ethereum Fund (FETH), with a net inflow of $210.06 million. Following that was Grayscale Ethereum Mini Trust ETF (ETH), with a net inflow of 25.34 million, according to SoSoValue.

Source: SoSoValue