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Bitcoin Drops Below $117,000 with a 4.3% Decrease in 24 Hours
Bitcoin has dropped below $117,000 and is now trading at $116,933, with a narrowed 4.3% decrease in 24 hours.
Crypto Asset Manager Grayscale Files Confidentially for US IPO
Grayscale Investments LLC has filed confidentially for a US initial public offering, the latest cryptocurrency-related company to tap public markets with digital assets led by Bitcoin hitting record highs.
The crypto asset manager on Monday announced that it had submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission. The number of shares to be registered as well as the price range have not yet been determined, the company said.
Founded in 2013, Grayscale launched the first publicly-traded Bitcoin fund and the first Ethereum investment fund. The company now has more than $33 billion in assets under management and more than three dozen products, according to its website.
CoreWeave Data Center to Double City’s Power Needs as AI Strains US Supply
CoreWeave, Inc. is expanding a data center that is projected to double the electricity needs of a city near Dallas, another example of the strains that artificial intelligence workloads are placing on the US power supply.
Local officials have grappled with how to handle the increased stress on the electricity grid from the project, according to a late 2024 presentation and emails seen by Bloomberg.
The site is being developed by Core Scientific, Inc. and will be used by OpenAI in Denton, Texas. Last week, CoreWeave announced it would acquire Core Scientific for about $9 billion, in part, to gain direct control of its data centers aimed at supplying AI work.
Bitcoin Holdings of Saylor’s Strategy Swell to Over $70 Billion
The total value of Bitcoin held by Michael Saylor’s Strategy has surpassed $73 billion as the cryptocurrency treasury company resumed purchases of the digital asset with prices at an all-time high.
The former MicroStrategy Inc. bought 4,225 Bitcoin tokens for $472 million at an average price of $111,827 during the seven days ended July 13, according to a filing with the US Securities and Exchange Commission on Monday.
The purchase, the latest in a series of almost weekly acquisitions of the cryptocurrency, increased the Tysons Corner, Virginia-based firm’s holdings of the digital asset to around $73 billion, or around 2.8% of all the 21 million tokens that will ever be minted. Strategy is the largest corporate owner of Bitcoin and boasts a market capitalization of more than $121 billion.
Riot Platforms Further Trims Bitfarms Stake
Riot Platforms has further trimmed its stake in Bitfarms Ltd. as it continues to review its investment in the bitcoin miner.
Riot sold 1,784,000 common shares of Bitfarms, representing ~0.32% of the issued and outstanding shares of the company. Following the sales, Riot beneficially owned 57.2M shares, representing ~10.29% of the issued and outstanding shares.
Coinbase Gets New Buy Rating from Argus as Growth Trajectory Is Poised to Continue
Argus assigned a Buy rating to Coinbase Global, Inc. as the crypto trading platform continues a strong record of growth, while the recently passed GENIUS Act provides an impetus for further growth.
In addition, the company's aggressive spending on R&D and acquisitions is expected to boost its daily user count, Argus said.
Still, the risks on Coinbase include valuations. Regarding fundamentals, "shares are off the charts," Argus analysts Kevin Heal and Masako Inagaki wrote in a note to clients.
U.S. Regulators Issue Guidelines for Banks Safekeeping Crypto
The Federal Reserve Board, Federal Deposit Insurance Corp. ("FDIC") and the Office of the Comptroller of the Currency ("OCC") issued on Monday a joint statement that outlines considerations for banks that provide custody of crypto assets for their customers, or other services for safekeeping of crypto.
The statement discussed how existing laws, regulations and risk-management principles apply to crypto safekeeping but doesn't create any new supervisory expectations, the regulators said. The Fed, FDIC, and OCC define "safekeeping" as the service of holding an asset on a customer’s behalf for the purposes of the statement.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $297.40 million. The total net asset value of Bitcoin spot ETFs is $153.29 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.41%.
The Bitcoin spot ETF with the highest net inflow on Jul. 14 was iShares Bitcoin Trust ETF, with a net inflow of $394.71 million. Following that was Grayscale Bitcoin Mini Trust ETF, with a net inflow of 12.75 million, according to SoSoValue.
SoSoValue