The United States Securities and Exchange Commission is on the brink of greenlighting several spot Ether exchange-traded funds (ETFs), with preliminary approval reportedly already granted to some asset managers, including BlackRock, Franklin Templeton and VanEck.
According to analysts, the regulator is considering a potential market debut on July 23 after instructing asset managers to finalize their S-1 filings to include management fees.
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 set its fee at 0.25% ahead of a potential launch next week.
As part of the fees war, 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 the ETFs will open the doors for other altcoins, including Solana’s SOL (SOL).
This week’s Crypto Biz also explores Tether’s new hiring, a takeover bid for Cipher, Grayscale new decentralized artificial intelligence fund, and more.
Tether hires Chainalysis’ chief economist for USDT usage reports
Stablecoin issuer Tether has hired Philip Gradwell, former chief economist at blockchain analytics firm Chainalysis, as its new head of economics. Gradwell will be in charge of quantifying and communicating Tether’s USDT (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 in the billions of dollars. Among Gradwell’s duties will be engaging with regulators, especially in the United States. Tether’s relationship with federal agencies in the country has been marked by a mix of cooperation and scrutiny.
African blockchain venture funding down 70% in H1 2024 — CV Labs
Blockchain venture funding in Africa 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. Compared to H1 2023, when funding reached $116 million, the number marks a 70% year-on-year decline in the amount raised. While Africa experienced a downturn in funding, CV VC reported a 9% increase in the number of deals made in the region, which accounted for 6.4% of all global venture funding and 12.5% of regional deals.
Bitcoin miner Cipher receives takeover offer, considers sale: Report
Bitcoin mining company Cipher is reportedly 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, though management may consider not selling the company. Cipher’s share price jumped to a high of $8 following the news but fell back down to $6.56. However, this still represents a sharp increase from the start of 2024, when the stock was trading at a high of $4.77.
Grayscale launches new decentralized AI fund
Grayscale has launched a new crypto fund to give investors exposure to decentralized artificial intelligence protocols. According to a July 17 announcement, the new fund has a basket of tokens that include Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR) and Render (RNDR). The fund is available exclusively to accredited investors, which means it isn’t open to the general public. Its strategy focuses on three primary categories of decentralized AI assets, including protocols building decentralized AI services, solutions to centralized AI-related problems, such as authenticity checks against bots, and AI infrastructure.