Riding The Wave News Summary 223
Bitcoin ETF Giant Grayscale Introduces a Crypto Staking Fund, SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals, & more.
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Tweets
Bitcoin ETF Giant Grayscale Introduces a Crypto Staking Fund
SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals
US Supreme Court case could change crypto industry regulation
Tweets
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Bitcoin ETF Giant Grayscale Introduces a Crypto Staking Fund
Grayscale, the investment firm behind the biggest spot bitcoin ETF, has introduced a new fund that stakes cryptocurrencies to earn income.
The Grayscale Dynamic Income Fund (GDIF), the company said Tuesday, initially will own assets for nine blockchains: Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL). It aims to distribute rewards in U.S. dollars on a quarterly basis.
"As our first actively managed Fund, GDIF is an important expansion of our product suite and enables investors to participate in multi-asset staking through the convenience and familiarity of a singular investment vehicle," Grayscale CEO Michael Sonnenshein said in a statement.
Staking plays a key role in how some blockchains. Whereas the Bitcoin network relies on proof-of-work – in which miners crunch complex numerical puzzles to create new bitcoin (BTC) – proof-of-stake networks like Ethereum instead allow owners of their token to pledge their assets to run the network. Doing so is called staking, and it generates income for the staker.
SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals
The United States Securities and Exchange Commission (SEC) has delayed its decision to approve or reject BlackRock and Fidelity’s spot Ether exchange-traded funds (ETFs).
In separate March 4 filings, the SEC announced that its decision on applications from BlackRock for its iShares Ethereum Trust and Fidelity for its Ethereum Fund will be delayed.
The SEC first delayed its decision on BlackRock’s and Fiedlity’s Ether ETF applications in January, shortly after it approved a roster of spot Bitcoin (BTC) ETFs to go live. The SEC can delay its decision up to three times before making a final decision.
The SEC’s delay hasn’t come as a surprise, with market commentators and ETF analysts long speculating that the SEC will only decide to approve or deny the ETFs once the first final deadline arrives in May.
In an earlier Feb. 7 post to X, Bloomberg ETF analyst James Seyffart said that May 23 — the final deadline for VanEck’s spot ETH ETF application — is the “only date that matters” when it comes to Ethereum ETFs.
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