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Crypto News

Galaxy Digital to List on Nasdaq

Billionaire Michael Novogratz’s crypto conglomerate Galaxy Digital Holdings Ltd has received permission for a direct listing on the Nasdaq stock exchange, with trading expected to happen shortly after special shareholder meeting, the company said in a press release.

Galaxy, which offers services ranging from trading to asset management, announced Monday that the US Securities and Exchange Commission approved its registration to move the company from the Cayman Islands to Delaware and to list on the Nasdaq. A special meeting of shareholders to approve the reorganization will be held on May 9. Subject to the approval of shareholders and the Toronto Stock Exchange, Galaxy expects to list under the ticker symbol GLXY.

Strategy Pauses Bitcoin Buys as Unrealised Losses Hit $5.91B

Michael Saylor’s firm, Strategy, halted Bitcoin (CRYPTO:BTC) purchases last week despite the cryptocurrency’s price dipping below $87,000.

This decision comes amid heightened market volatility and significant unrealised losses reported by the company.

In an April 7 filing with the U.S. Securities and Exchange Commission (SEC), Strategy disclosed that it made no Bitcoin acquisitions during the week of March 31 to April 6.

The firm currently holds 528,185 BTC, acquired at a total cost of $35.6 billion, with an average purchase price of $67,458 per Bitcoin.

Wall Street’s Crypto Appetite Tested Again With New Altcoin ETF

Alternative asset manager Teucrium Investment Advisors LLC is launching a leveraged exchange-traded fund linked to cryptocurrency XRP, the asset at the center of a recently ended probe of Ripple Labs Inc. by US regulators.

The Teucrium 2x Long Daily XRP ETF, which aims to use swaps to offer twice the daily return of the XRP token, starts trading on Tuesday, according to the company’s website. The product will be the first ETF of its kind in the US to offer exposure to the fourth-largest cryptocurrency, with a market value of around $111 billion. The ETF will trade under the ticker XXRP and have a 1.85% expense ratio.

Binance Founder Zhao to Help Pakistan Boost Crypto Trading Bid

Pakistan has roped in Changpeng Zhao, the co-founder of the world’s largest crypto exchange Binance, to set up a globally competitive platform for digital finance in the South Asian nation.

Binance’s Zhao will guide the Pakistan’s newly-formed Crypto Council on regulation, infrastructure, education and adoption as a strategic advisor, according to a statement issued by the finance ministry.

The appointment comes at a time when Pakistan is desperately looking for investments to bolster the country’s economy that dodged a financial default in 2023. The government plans to develop a legal framework for crypto currency trading to lure foreign investors.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was -$109.21 million. The total net asset value of Bitcoin spot ETFs is $87.86 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.61%.

The Bitcoin spot ETF with the highest net inflow on Apr. 7 was Grayscale Bitcoin Trust, with a net outflow of $74.01 million. Following that was Invesco Galaxy Bitcoin ETF, with a net outflow of 12.86 million, according to SoSoValue.