Nasdaq has formally requested SEC approval to list shares of the Grayscale Avalanche Trust (AVAX), aiming for a spot exchange-traded fund (ETF) designed to track the price of the Avalanche network’s token, avalanche (AVAX). The filing, submitted under SEC Form 19b-4, outlines plans to trade the fund under Nasdaq Rule 5711(d) for commodity-based trust shares, according to a 109-page document made public this week.
As the clock ticked, XRP’s value waned, dipping by 5.6% to a paltry $2.19, amidst a broader crypto market selloff that seemed to spare none. Its one-day trading volume, however, defied the downtrend, swelling by over 17% to $3.83, while the crypto’s 24-hour high of $2.36 served as a poignant reminder of bygone glory. Meanwhile, XRP Futures Open Interest slumped 2% to $3.96 billion, a stark reflection of the market’s somber mood. 📉
Led by Executive Chairman Michael Saylor, the firm formerly known as MicroStrategy has vacuumed up 506,137 bitcoin (BTC), currently worth roughly $44 billion at BTC’s current price near $87,000, in the span of about five years. To the casual observer, the company seems to have a magic, unlimited pool of funds from which to draw on to buy more bitcoin. But Strategy acquired a sizable chunk of its stash by issuing billions of dollars in equity and convertible notes (debt securities which can be converted into equity under special conditions), and more recently via the issuance of preferred stock, a type of equity that provides dividends to investors. 🎩✨
A recent gathering of minds—pitting the insightful Leena ElDeeb from 21Shares against the wary Max Shannon of CoinShares—reveals a stark divergence in their outlook for the future of cryptocurrency, replete with sagacity yet garnish with humor too.
According to the ever-reliable CoinMarketCap (because who doesn’t trust a website with “market cap” in its name?), BNB’s trading volume has skyrocketed by a jaw-dropping 31% to a whopping $2.24 billion in just 24 hours. I mean, that’s more than my entire life savings—if I had any! The price, which was doing its best impression of a rollercoaster, reversed course at $627.06. BNB is now on a slow but steady climb, like a tortoise in a race against a hare that’s too busy scrolling through TikTok.
Good sir, gather ’round and listen well, for I have a tale to tell of the most absurd and ridiculous sort. ‘Tis a story of two tokens, both bearing the name Broccoli, and the great drama that ensued when one was declared the winner and the other, well, not so much.
So, Binance decided to list four cryptocurrencies, including our star, Mubarak. Expected? Sure! But the crash? Oh, that was a surprise party nobody wanted to attend! 🎉 Experts are scratching their heads, thinking the sellers were just waiting to cash in on the potential rally like kids at a candy store.
Since its debut in March of the year twenty-twenty-four, this most singular of games, featuring a hamster of discerning taste at the helm of a virtual crypto exchange, has drawn in excess of two hundred million adventurers. One cannot help but be charmed by the absurdity of it all, rather like encountering a witty repartee at a society ball. 🐹💸
The communication, dated with the grace of March 27, requests a transformation of the existing Grayscale Avalanche Trust (AVAX), which itself bears a resemblance to a gentleman making the transition to a more fashionable cravat. This financial derivative thus seeks to liberate itself from the chains of its previous incarnation—a close-ended fund introduced in the summer of 2024, no less! 🕶️
Enter Eleanor Terrett, a valiant journalist from Fox Business, wielding her quill (or perhaps her smartphone?) to elucidate the shadows cast over Ripple. With the SEC dropping accusations like a poorly made hat during a monsoon, one must ask: What sinister forces linger behind this delay? 😏