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Crypto News

Bitcoin Drops Below $119,000 with a 3.6% Decrease in 24 Hours

Bitcoin has dropped below $119,000 and is now trading at $118,937, with a narrowed 3.6% decrease in 24 hours.

Ethereum Surpasses $4,600 with a Narrowed 2.82% Decrease in 24 Hours

Ethereum has crossed the $4,600 benchmark and is now trading at $4,633, with a narrowed 2.82% decrease in 24 hours.

Bullish Joins Top Five Bitcoin Reserve Companies

Data from BitcoinTreasuries reveals that the U.S. stock market crypto trading platform Bullish has entered the top five publicly listed companies with the largest Bitcoin reserves, holding 24,000 BTC. Meanwhile, Tesla Motors has fallen out of the top ten in this category.

Exchange Operator MIAX Jumps 34% After $345 Million IPO

Miami International Holdings, Inc. rose 34% from its initial public offering price as the exchange operator became the most recent financial services business to get a warm welcome in its trading debut.

Shares closed at $30.74 each on Thursday, versus an IPO price of $23. MIAX, as the company is known, raised $345 million in a heavily oversubscribed deal that priced above the marketed range of $19 to $21 apiece. The trading gives MIAX a market value of $2.4 billion based on the outstanding shares listed in its filings.

MIAX operates nine securities and derivatives exchanges, and has a 16% market share of the US-listed options market. Options trading has exploded since the Covid-19 pandemic and the meme-stock craze of 2021. Options in the US trade on exchanges, meaning MIAX and its competitors, such as Cboe Global Markets Inc., Nasdaq Inc. and Intercontinental Exchange Inc. have benefited from the rise in retail trading.

Circle Insiders Rush to Lock In 349% Surge With Early Share Sale

As investors trampled over each other to buy into this week’s hot crypto initial public offering, executives at Circle Internet Corp. were working to quickly capitalize on the stunning gains in its own shares since the stablecoin issuer went public in early June.

The company on Tuesday announced a sale of 10 million shares — 2 million from Circle, the rest from shareholders including Chief Executive Officer Jeremy Allaire — worth about $1.4 billion at current market prices, just a day before digital assets exchange Bullish soared 84% in its debut session. Circle is off to a hot start itself: The stock is up 349% and it reported solid quarterly numbers earlier this week.

The offering comes far sooner than expected, just two months after Circle’s debut — well within lock-up arrangements that would otherwise restrict insider selling until the end of the year. But JPMorgan, the lead bank on the IPO and the decision-maker on whether those lockups can be waived, isn’t standing in the way of the sale.

Block Launches Modular Bitcoin Mining System, Fleet Management Software

Block, Inc. announced on Thursday the launch of its modular bitcoin mining system, Proto Rig, and its free and open-source fleet management software, Proto Fleet.

The fintech company made the announcement at an event held at Proto customer Core Scientific's facility in Dalton, GA.

Proto Rig lets operators upgrade individual hashboards without replacing entire units, transforming what has historically been a 3-5 year disposable asset into a 10-year infrastructure investment, reducing costs by 15-20% each upgrade cycle.

SEC Delays Decision on Solana ETF Proposals Until October

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Bitwise Solana ETF and 21Shares Core Solana ETF proposals. The new deadline for the decision is set for October 16. The SEC stated that extending the timeframe is necessary to thoroughly evaluate the proposed rule changes and address any related issues.

Other Solana ETF applications, including those from Grayscale and Fidelity, have also experienced delays in the past.

Bitcoin Spot ETF Flow

The overall net inflow of the US ETH spot ETF on Thursday was $119.93 million. The total net asset value of ETH spot ETFs is $29.30 billion, and the ETF net asset ratio (market value compared to total ETH market value) is 5.22%.

The ETH spot ETF with the highest net inflow on Aug 14 was Grayscale Ethereum Mini Trust ETF, with a net inflow of $60.73 million. Followed by Fidelity Ethereum Fund, with a net inflow of 56.94 million, according to SoSoValue.