Crypto
Boosting Cryptocurrency: US Regulators Authorize First Bitcoin Funds On Public Markets
The Securities and Exchange Commission accepted plans for 11 ETFs to list on leading exchanges, including the New York Stock Exchange, “on an accelerated basis,” according to a 22-page ruling.
Exchange-traded funds are exchanged on public markets, allowing investors to gain exposure to asset price changes without directly owning the underlying assets.
However, the funds do make investments in digital currencies.
The approval of the ETFs, which are comparable to stocks or mutual funds in terms of accessibility to ordinary investors, “represents a pivotal juncture for the digital asset space, signifying a movement towards mainstream legitimacy and acceptance,” said Thomas Tang, vice president of investments at Ryze Labs.
“This development comes after years of regulatory scrutiny and market volatility, marking a notable shift in the perception and utilization of digital currencies,” he said.
“Bitcoin ETFs, by virtue of their existence within a regulated framework, will infuse a level of institutional credibility into the realm of digital assets.”
ETFs, which were first introduced in the 1990s, gained popularity in the early 2000s as investors sought a simple and low-cost option to wager on stock indices, commodities, or a specific industrial sector.
According to firm Oliver Wyman, ETFs held around $6.7 trillion globally at the end of 2022.
Until Wednesday, people who wanted to invest in bitcoin had to register an account on a cryptocurrency exchange and deal using a traditional medium of exchange, such as the dollar.
Wednesday’s action allows for trading on vehicles issued by major financial institutions such as Fidelity and BlackRock.
Key Takeaways
- IHC executed a landmark $30 million transaction using the new DDSC token on ADI Chain.
- This milestone expands the UAE crypto market, following approvals for Mbank’s AE Coin and Zand’s AEDZ.
- Developers now plan to connect the Middle East with global markets via new DDSC digital trade corridors.
Major Institutional Transaction Executed
The Abu Dhabi-based global investment company, International Holding Company (IHC), has executed a $30 million (AED 110 million) transaction using a stablecoin backed by the United Arab Emirates (UAE) dirham, marking the first major institutional use of the stablecoin since receiving regulatory approval. The transaction was carried out using the DDSC stablecoin on ADI Chain, an institutional Layer-2 blockchain developed by the ADI Foundation.
Officials said the multimillion-dollar transaction demonstrates the digital currency ecosystem’s operational readiness and ability to handle institutional volumes. DDSC was created through a partnership among IHC, First Abu Dhabi Bank and Sirius International Holding, with technological support from the ADI Foundation.
The Central Bank of the UAE’s approval of the DDSC stablecoin earlier this year is part of a broader regulatory push that has already seen multiple dirham-backed tokens clear licensing hurdles. As per one report, the first AED stablecoin to secure central bank approval was the AE Coin, issued by Al Maryah Community Bank (Mbank). Additionally, Zand Bank recently obtained a license for AEDZ, distinguishing itself as the UAE’s first regulated, multi-chain AED-backed stablecoin designed to operate natively on public blockchains.
According to a media statement, the project aims to provide secure and regulated digital transactions for corporations and individuals while speeding up cross-border payments and trade settlements.
“This transaction demonstrates that the UAE’s digital infrastructure is live, resilient, and ready to support real institutional financial activity,” Syed Basar Shueb, chief executive officer of IHC, said in a statement. “Executing 110 million DDSC on ADI Chain is a clear signal that we are entering the next phase, where institutional-grade digital assets are not only viable, but operational at scale.”
Proponents of stablecoins argue they reduce the high costs, delays and complexities associated with traditional international banking systems, particularly in emerging markets.
Following the successful transaction, developers said they plan to expand institutional participation and establish new digital trade and payment corridors connecting the Middle East with global markets.
This week was a rollercoaster ride in the world of cryptocurrency and NFTs. From Michael Saylor and Kevin O’Leary sharing their insights on Bitcoin, to the surprising performance of XRP ETFs and SpaceX revealing its Bitcoin holdings ahead of its IPO. Not to forget, the popular NFT brand Pudgy Penguins is extending its partnership with Manchester City Soccer Club.
Let’s dive into the details.
Michael Saylor’s Bitcoin Perspective
Michael Saylor, CEO of MicroStrategy Inc., stated that Bitcoin would have been trading between $40,000 and $50,000 without his company’s involvement. MicroStrategy is the world’s largest corporate holder of Bitcoin, owning approximately 818,000 units. Saylor believes that even without his company, Bitcoin would have found success, but MicroStrategy’s involvement accelerated its price appreciation.
Read the full article here.
Kevin O’Leary’s Take On Bitcoin
Kevin O’Leary, the “Shark Tank” star, emphasized the need for a crypto bill to pass for Bitcoin and tokenization to move beyond the fringes for major institutional players. He believes that global compliance within the SEC through the passage of a bill will change everything. With the midterms approaching in November, O’Leary sees the present as the perfect opportunity to pass this bill.
Read the full article here.
XRP ETFs Vs Bitcoin ETFs
While Bitcoin ETFs saw a loss of $1.4 billion, XRP-linked funds attracted $42 million. This stark contrast in performance has left many wondering about the future of these cryptocurrencies. XRP held near $1.37, down 1% on the day.
Read the full article here.
SpaceX’s Bitcoin Holdings
SpaceX, led by Elon Musk, revealed that it holds more than $1 billion in Bitcoin on its balance sheet. The company disclosed 18,712 BTC on hand as of March 31, recognized at a fair value of $1.29 billion. At current prices, this stash would be worth $1.45 billion.
Read the full article here.
Pudgy Penguins And Manchester City
The popular NFT brand Pudgy Penguins announced the extension of its collaboration with English soccer club Manchester City. This follows the successful launch of a limited-edition collectible and hoodie earlier this year. The brand promises to create exciting experiences at the intersection of physical and digital, bringing Pengu and Pudgy Penguins to City fans worldwide.
Read the full article here.
Binance In The Eye Of The Storm
Read the full article here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Key Takeaways
- The Libra Trust got 71 apps and will next fund Argentine firms seeking to grow.
- To fight scam claims, Hayden Davis sent funds on Nov 22 to the trust, which will distribute grants by November.
- To restore market trust, the fund could next pay Viva La Libertad victims filing claims before Nov 22, 2025.
Libra Trust Set up to Empower Argentine Companies After the Token’s Demise
Over a year after the Viva La Libertad project, also known as the Libra token, faced its demise, leaving thousands of investors affected, the funds kept from token purchases seem to be, at last, fulfilling its original purpose.
Proceeds from Libra’s token sale, infamously promoted by Argentine President Javier Milei on social media, are now in the hands of the Libra Trust, which received the funds from alleged Libra creator Hayden Davis on November 22 as a defense strategy to disprove the scam allegations made against Davis in a lawsuit.
According to Argentine media, the trust, whose purpose is to bring these funds to Argentine companies seeking grants to support their growth, has already received 71 applications to access part of these funds.
In the next few days, the Trust will begin organizing these applications and running checks on their feasibility and origin before delivering any funds. While there are no set dates for this, the Trust indicated that the grants will start being delivered before November.
“The timing of the distributions will depend on the promptness with which funding applicants respond to the questions that will be sent in the coming days,” the Trust stated.
“Financing decisions will be made based on the needs of the selected applicants. The trust funds will be managed prudently to enable the financing of strong applications that merit support,” it revealed, without giving further details on how this support would be distributed.
Nonetheless, the trust also opened a path for Libra’s victims to apply for compensation, for Argentine nationals who filed claims regarding alleged losses arising from the investment in the Libra token before November 22, 2025.
Even so, there is no certainty in how many of these funds will be distributed.
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