Gary Gensler, Chairman of the US SEC, will officially step down on January 20, 2025
According to an announcement released on the official website of the U.S. Securities and Exchange Commission (SEC), SEC Chairman Gary Gensler will officially step down at noon on January 20, 2025. Since taking office on April 17, 2021, Gensler has promoted a number of important reforms, including capital market efficiency, resilience, and integrity. During his tenure, the SEC completed thousands of enforcement actions, recovered approximately $21 billion in fines, and returned $2.7 billion to damaged investors.
Gensler has made significant enforcement efforts in the field of cryptocurrency, taking action against false transactions, registration violations and other behaviors. According to SEC data, about 18% of reports in fiscal year 2024 were related to cryptocurrency. In addition, he has promoted a number of rule reforms, including shortening the stock settlement cycle to one day, enhancing network and climate risk disclosure, and strengthening supervision of investment advisors.
Bloomberg ETF analyst James Seyffart wrote that Cboe BZX exchange documents show that the exchange proposes to list and trade four Solana-related ETFs on its platform. These ETFs were initiated by Bitwise , VanEck, 21Shares and Canary Funds, and are classified as "commodity-based trust fund shares" and submitted in accordance with Rule 14.11(e)(4). If the SEC formally accepts the application, the final approval deadline is expected to be early August 2025.
Trump Media may launch crypto payment service "TruthFi"
According to the New York Times, US President-elect Donald Trump's social media company Trump Media & Technology Group recently filed a trademark application to launch a crypto payment service called "TruthFi". The platform will focus on crypto payments, financial custody and digital asset trading.
Charles Schwab plans to launch spot crypto trading after regulations improve
According to Bloomberg, Charles Schwab’s incoming CEO Rick Wurster said the company plans to launch spot cryptocurrency trading after crypto regulations improve in the United States. “We expect the regulatory environment to change and are preparing for that possibility,” Wurster said in an interview.
Schwab currently offers crypto-related ETFs and crypto futures, but has not yet directly entered the spot trading market. Wurster mentioned that cryptocurrencies have attracted a lot of attention, but he personally has no investment plans for the time being, although he supports customers investing in crypto assets. Wurster will take over the CEO position in early 2025, and the current CEO Walt Bettinger will retire.
Coinbase International will launch CoW Protocol perpetual futures contracts
Coinbase International Station announced on the X platform that Coinbase International Station and Coinbase Advanced will add support for CoW Protocol perpetual futures contracts. The COW-PERP market is expected to open at or after 17:30 on November 26, 2024, Beijing time.
Michael Novogratz: Bitcoin is expected to pull back, there is a lot of leverage in the crypto market
According to CNBC, Galaxy Digital founder and CEO Michael Novogratz expressed his views on Bitcoin. He said that Bitcoin is expected to break through the much-anticipated $100,000 mark in the strong rebound after the US election, but this does not mean that it will continue to rise. Novogratz pointed out in the "Financial Forum" program that although it is "inevitable" for Bitcoin prices to reach six figures and may continue to rise, it will eventually pull back. He emphasized that there is a lot of leverage in the cryptocurrency market at present, and the crypto community is already highly leveraged, so a market correction is coming.
However, Novogratz predicts that Bitcoin will not fall below $80,000, the level before Trump's election. He also warned that stocks like MicroStrategy, which trade in a similar way to leveraged Bitcoin, may face a bigger correction. In addition, Novogratz recommends that investors buy Bitcoin directly instead of companies like MicroStrategy.
Bitcoin mining company MARA completes $1 billion convertible senior notes issuance
According to official news, Bitcoin mining company MARA Holdings, Inc. completed the issuance of $1 billion convertible senior notes, including $150 million of notes issued pursuant to the purchase agreement granting the initial purchasers a purchase option with a term of 13 days from the date of the first issuance of the notes. The initial purchasers exercised all of them on November 19, 2024, and the additional purchases were completed on November 20, 2024.
According to MicroStrategy's announcement, the company has completed the issuance of $3 billion in zero-interest convertible senior bonds, which will mature in 2029 and have a conversion price of 55% higher than the market price, about $672 per share. The net proceeds from this issuance are approximately $2.97 billion, and MicroStrategy plans to use most of the funds to purchase more Bitcoin and other company operations.
The bond issuance is only for qualified institutional investors and is not registered with the U.S. Securities and Exchange Commission. After conversion, it can be converted into cash, stock, or a combination of the two. MicroStrategy continues to consolidate its position as the "world's largest Bitcoin treasury company."
Steakholder Foods board of directors approves purchase of cryptocurrency as reserve asset
Canaan Inc. Raises $30 Million in Preferred Stock Offering
According to Finance Magnates, Bitcoin mining machine manufacturer Canaan Inc. (NASDAQ: CAN) recently signed a securities purchase agreement to sell up to 30,000 shares of Series A-1 preferred stock to an institutional investor at $1,000 per share. The agreement will raise $30 million to support the development of digital mining and equipment in North America. Previously, Canaan Technology completed its Series A financing in September 2024, in which it sold up to 125,000 shares of Series A convertible preferred stock.
Decentralized game player network KGeN completes $10 million financing, led by Aptos Labs
According to official news, the decentralized game player network KGeN announced the completion of US$10 million in financing, led by Aptos Labs, with participation from Game7 DAO and Polygon.
According to reports, KGeN aims to provide more accurate user portraits for game projects based on its data collection of game players and reduce customer acquisition costs. So far, KGeN has mapped over 197 million game player attributes based on 10.8 million players, thereby gaining insights into gaming behavior.
According to Greeks.live, 29,000 BTC options will expire this week, with a Put Call Ratio of 1.1, a maximum pain point of $86,000, and a total notional value of $2.84 billion. At the same time, 164,000 ETH options will expire, with a Put Call Ratio of 0.65, a maximum pain point of $3,050, and a total notional value of $550 million.
