Coinbase wins OCC trust charter approval

Coinbase says it has received conditional OCC approval to form Coinbase National Trust Company, which is a meaningful regulatory step – but not because the company is becoming a bank. As Coinbase and Brian Armstrong both stressed, this is about putting its custody and market infrastructure business under a more uniform federal framework, not taking deposits or making loans. Coinbase is trying to strengthen the regulatory footing of one of its core institutional businesses, while also laying groundwork for future products like payments and related services. Paxos, BitGo, Ripple, and Circle have also applied for similar charters. Read more →

We’ve covered Anthony Pompliano’s DAT Procap Financial (BRR) a few times over the past few months (see here, here, and here), especially regarding it’s major dilutive and self-serving deal regarding CFO Silvia. Well, looks like shareholders didn’t care as they just voted to approve the acquisition, handing over more than 20% of the company back to Pomp. The stock is now trading at a .48 mNAV.

BlackRock is moving deeper into the bitcoin ETF stack with a new product expected to trade under BITA, a premium-income fund designed to pair bitcoin exposure with an options strategy. The idea is basically hold bitcoin-linked assets, including shares of IBIT, and write covered calls against them to generate income. For investors, that makes this less a pure “number go up” vehicle and more a tradeoff product – you may collect option premium, but likely give up some upside if bitcoin rips higher. No fee or launch date has been set yet. Read more →

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