Dig Deeper, Invest Smarter
Fartcoin (FARTCOIN) is down slightly by 0.68% at press time to trade at $1.18 today, July 7. Despite the slight correction, a renowned crypto analyst has predicted that the FARTCOIN price might be on the verge of a major upside move after it created a bullish candle pattern, suggesting that it could reach $2.28. Analyst
The post Crypto Analyst Says an Explosive Move for Fartcoin Price Is Coming appeared first on CoinGape.
MicroStrategy 2.0:- Bitcoin’s significance as a strategic asset has grown significantly. Today only it surpassed Google’s market cap to become the fifth-largest asset with $1.862 trillion in market value.
As it continues to rally and push further, major investment firms are continuing to scale their Bitcoin Acquisition strategy.
Michael Saylor’s MicroStrategy, now rebranded as Michael Saylor, has been accumulating Bitcoin since 2020. As of April 2024, the company holds 214,400 Bitcoins. It has now become the world’s largest corporate holders of Bitcoin, its primary treasury reserve asset.
In a move attempting to create its alternative,US Commerce Secretary Howard Lutnick’s son has also jumped into it. His son, Brandon Lutnick, has partnered with Tether, Bitfinex and SoftBank to form a MicroStrategy rival – 21 Capital.
The influential wall street figure, Brandon Lutnick, currently serves as the Chairman of Cantor Fitzgeral, LP. As per the Financial Times report, Lutnick’s new SPAC venture, 21 Capital, will be sponsored by Cantor only.
Cantor, the investment banking firm, has created a black check company, Cantor Equity Partners, to drive the operations of this new crypto venture.
It had reportedly raised $200 million in January and plans to recieve $3 bn in Bitcoin from its partners. The trio consortium of its partner includes Tether and Bitfinex, SoftBank. Each will contribute:
1. 1.5 bn of BTC – Tether
2. $900 mn of BTC – SoftBank
3. $600mn of BTC – Bitfinex
On Tuesday, Bitcoin Price surpassed $91,000 – for the first time since March 2. Going by its current price, number of Bitcoins 21 Capital will see in contributions will be roughly around;
1. Tether: $1.5 billion / $91,000 – 16,484 BTC
2. SoftBank: $900 million / $91,000 – 9,890 BTC
3. Bitfinex: $600 million / $91,000 – 6,593 BTC
Once merged, 21 Capital will convert its bitcoin holdings into publicly traded shares priced at $10 each. In the share-issuance calculation, it will value Bitcoin at $85,000 per coin for public investors.
According to 21 Capital, this will lower the barrier to large-scale bitcoin exposure without direct crypto custody unlike MicoStrategy. Its share-pricing formula does highlights the vehicle’s bullish long-term outlook on bitcoin’s price trajectory.
Lutnick’s investment vehicle, 21 Capital, has been dubbed as “MicroStrategy 2.0”. This is because of its aim to replicate MicroStrategy’s treasury-bitcoin accumulation strategy at institutional scale.
MicroStrategy pioneered the corporate-treasury-bitcoin model in 2020. It raised capital via debt and equity to amass over 528,000 bitcoins at an average cost of $66,385 each.
21 Capital seeks to replicate and scale this playbook. It aims to use convertible bonds and private-placement equity alongside its SPAC proceeds. As per the information available, it is expecting to raise $350 million in convertible bonds and a separate $200 million private equity for its BTC purchase. placement
However, this is mirroring MicroStrategy’s own “21/21 Plan”. It targets $42 billion in combined equity and fixed-income raises over three years. On the surface, ‘Strategy’ of both the firms may appear the same, but in the long term, it is the execution that will determine its fate.
Executing bitcoin acquisition strategy on a large-scale comes with certain financial risks. Despite booming Bitcoin gains, MicoStrategy has reported four consecutive quarterly net losses, including a $1.17 billion loss in fiscal 2024,
Though its bold strategy has earned the firm NASDAQ-100 inclusion, success of such firms is subject to market volatility.
There’s a growing spree in the development of such firms. Recently, Kraken Executives acquired Janover to push their acquisition strategy but for Solana.
Thus, the fortune of 21 Capital will be directly tied to the long-term price trajectory of Bitcoin. If bullish, its boon. But if bearish for long-term, it can doom.
The post MicroStrategy 2.0 : All you Need to Know About New Crypto Venture Firm appeared first on CoinGape.
Ripple CEO Brad Garlinghouse and other notable crypto stakeholders will attend the White House Crypto Summit tomorrow. The crypto community is looking forward to the Summit, as US President Donald Trump could make announcements related to the Strategic Reserve.
In an X post, FOX Journalist Eleanor Terrett confirmed that Ripple CEO Brad Garlinghouse will attend tomorrow’s White House Crypto Summit. Before now, it was uncertain if Garlinghouse would attend the Summit as he hadn’t mentioned anything in such regard.
Garlinghouse’s attendance at the Summit is significant as he will be representing the Ripple and XRP community. The Summit is particularly of interest to the XRP community as Donald Trump could give more details about the proposed Crypto Strategic Reserve, just days after the US president announced that XRP will be in the Reserve.
Meanwhile, Terrett also revealed some other crypto stakeholders who will attend the Crypto Summit. They include Chris Giancarlo, the former chairman of the US CFTC; Kris Marszalek, the CEO of Crypto.com; and Gemini’s founders Cameron and Tyler Winklevoss.
Robinhood’s CEO Vlad Tenev, Coinbase’s CEO Brian Armstrong, and Kraken’s CEO Arjun Sethi will attend the White House Crypto Summit. As CoinGape reported, MicroStrategy’s Executive Chairman Michael Saylor, JP Richardson, CEO of Exodus, and Matt Huang, co-founder of Paradigm, will also attend alongside the Ripple CEO and other stakeholders.
White House AI and Crypto Czar David Sacks confirmed that Terrett’s list looks correct. He noted that the Summit is not a conference but a roundtable. As such, while they appreciate the interest shown by several stakeholders, they intend to keep it small to have a “meaningful conversation.”
In an X post, Zach Witkoff, co-founder of World Liberty Financial, confirmed that he will attend the White House Crypto Summit alongside the Ripple CEO and other crypto stakeholders.
Witkoff made this revelation while addressing the crypto community’s call for an ETH representative at the White House Crypto Summit on Friday. He indicated that he was representing the Ethereum community while affirming that his company has been one of the biggest Ethereum supporters from day one.
In line with this, he remarked that they stand with the ETH community and asked community members what they want him to discuss at the Summit. Joseph Lubin, the co-founder of the top layer-1 network, also said he is happy to confirm that Zach is an Ethereum OG and is working with other ETH OGs.
The post XRP News: Ripple CEO Brad Garlinghouse To Attend White House Crypto Summit appeared first on CoinGape.
Canada is set to launch the world’s first spot Solana ETFs after receiving regulatory approval from the Ontario Securities Commission (OSC). The green light allows several issuers, including Purpose, Evolve, CI, and 3iQ, to list their Solana ETFs.
The new financial products will be available to investors starting April 16, 2025, marking an important development in the cryptocurrency investment space.
According to Bloomberg analyst Eric Balchunas, the OSC approved multiple SOL ETFs today. These ETFs will hold actual Solana tokens rather than relying on futures contracts, offering investors direct exposure to the cryptocurrency.
Purpose, Evolve, CI, and 3iQ are among the firms that have secured approval to launch these innovative products.
The launch of these ETFs coincides with an upward surge in the price of Solana. Over the past week, the price of Solana has seen a notable increase of 25%. Experts suggest that the growing institutional interest in Solana, further bolstered by these ETF products, could soon lead to even greater price appreciation. As the world’s first spot Solana ETFs hit the market, the launch is a critical step forward for altcoin-based investment products.
The newly approved SOL ETFs will engage in staking, which offers potential benefits for ETF investors, including enhanced returns compared to traditional investments.
Staking can improve yields and offset holding costs, making these ETFs more attractive. However, according to Balchunas, TD Bank will assist in processing staking information but will not directly facilitate it.
Staking could provide an edge for SOL ETFs over other cryptocurrency ETFs, such as Ethereum-based ETFs, especially with US SEC delaying Grayscale’s ETH Spot ETF staking proposal. The yield from staking and the token’s performance could offer additional incentives for investors looking to diversify their portfolios.
The approval of spot SOL ETFs in Canada comes during heightened activity in the Solana market. Amid the market activity, a whale moved 762,416 SOL, worth approximately $101 million, according to Whale Alert.
In another instance, 790,427 SOL, valued at over $105 million, was moved between unknown wallets. These large-scale transactions suggest that whales, or large holders of Solana, are preparing for future moves, possibly in anticipation of the market momentum the new ETFs could trigger. The approval of the first spot Solana ETFs in Canada follows the recent launch of the first-ever XRP ETF, Teucrium 2x Long Daily, in the U.S.
Concurrently, several major firms have already filed for approval to offer SOL ETFs in the United States. These firms include Grayscale, 21Shares, Bitwise, VanEck, and Franklin Templeton. In addition to the Canadian approval, market expectations for the approval of SOL ETFs in the United States are rising. Polymarket traders now assign an 81% probability to approving a Solana ETF by the end of 2025, up from just 65% in early 2025.
The post Canada Approves Multiple Spot Solana ETFs To Launch This Week appeared first on CoinGape.