Meta Title: Bitcoin Miner Cipher Weighs Takeover Amid SEC’s 2024 Ether ETF Greenlight
Meta Description: Stay informed on Bitcoin miner Cipher’s takeover bid, the SEC’s imminent 2024 Ether ETF approvals, Tether’s strategic move, and Grayscale’s AI fund launch.
The United States Securities and Exchange Commission (SEC) is allegedly on the verge of approving several spot Ether exchange-traded funds (ETFs). Preliminary approval has been reportedly granted to some asset managers, including BlackRock, Franklin Templeton, and VanEck. Analysts indicate that the SEC is considering a potential market debut on July 23 after instructing asset managers to finalize their S-1 filings to include management fees.
According to news sources, Invesco and Galaxy have set their management fees at 0.25%, while VanEck and Franklin Templeton offer slightly lower fees at 0.20% and 0.19%, respectively. BlackRock has also set its fee at 0.25% ahead of a potential launch next week. In a bid to capture market share, 21Shares announced plans to waive charges for up to six months post-listing or until its fund secures $500 million in assets, whichever comes first.
Analysts predict that the approval of these ETFs could pave the way for other altcoins, including Solana (SOL).
Tether Hires Chainalysis’ Chief Economist for USDT Reports
Stablecoin issuer Tether has appointed Philip Gradwell, former chief economist at blockchain analytics firm Chainalysis, as its new head of economics. Gradwell will be responsible for quantifying and communicating Tether’s USDT usage to regulators and stakeholders.
After six years at Chainalysis, Gradwell will now examine USDT data worldwide. Since 2017, USDT has seen daily trading volumes of billions of dollars. Gradwell’s duties will include engaging with regulators, especially in the United States, where Tether’s relationship with federal agencies has been marked by both cooperation and scrutiny.
African Blockchain Venture Funding Declines
Blockchain venture funding in Africa has reportedly decreased by 70% in the first half of 2024 compared to the same period in 2023. According to a recent report from venture capital firm CV VC, Africa secured $34.7 million in H1 2024, a significant drop from the $116 million raised in H1 2023.
Despite the decline in funding, CV VC reported a 9% increase in the number of deals made in the region. These deals accounted for 6.4% of all global venture funding and 12.5% of regional deals.
Bitcoin Miner Cipher Receives Takeover Offer
News sources suggest that the Bitcoin miner Cipher is considering a sale after receiving a takeover bid. According to a Bloomberg report citing unnamed sources, the company is currently deliberating and consulting with advisers to gauge potential interest. However, management may consider not selling the company.
Following the news, Cipher’s share price surged to a high of $8 but later settled at $6.56. Despite this fluctuation, the stock has shown significant growth from the start of 2024, when it was trading at $4.77.
Grayscale Launches Decentralized AI Fund
Grayscale has introduced a new crypto fund to provide investors with exposure to decentralized artificial intelligence (AI) protocols. Announced on July 17, the fund includes a basket of tokens such as Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR).
This fund is available exclusively to accredited investors, meaning it is not open to the general public. The fund’s strategy focuses on three primary categories of decentralized AI assets: protocols building decentralized AI services, solutions to centralized AI-related problems such as authenticity checks against bots, and AI infrastructure.
Additional Insights
The current week’s developments in the crypto market highlight significant moves, including Tether’s new strategic hiring and Cipher’s potential sale. The anticipated approval of Ether ETFs by the SEC could be a game-changer, not just for ETH but also for other altcoins like Solana. Moreover, the decline in African blockchain venture funding contrasts with the positive growth in deal numbers, indicating a complex but evolving landscape.
Bitcoin miner Cipher’s decision-making process regarding the takeover bid and Grayscale’s innovative AI fund underline the dynamic nature of the crypto industry. With Bitcoin, BTC, and Ethereum Spot ETFs gaining traction, the market continues to evolve rapidly, presenting new opportunities and challenges.
