Three Investments Poised To Benefit From Project Crypto
Last week SEC Chair Paul Atkins unveiled Project Crypto in a speech (read it here) that was so empathetically pro-blockchain and bullish that it stunned many. If this new vision of a digital finance future holds, Bitwise’s Matthew Hougan argues the biggest upside sits in three buckets: (1) Layer-1 blockchains like Ethereum that will host tokenized stocks, (2) “super-app” brokerages like Robinhood (HOOD) and Coinbase (COIN) that will legally bundle crypto, equities, staking, etc., and (3), DeFi applications like Uniswap that would no longer be living in a gray regulatory zone. Read more →
Galaxy Q2 Earnings
Galaxy Digital (GLXY) fell ~10% after reporting revenue of $9.1 billion, well below analyst’s $13.9 billion expectation. Not a huge deal as the company is in a major transition, but it still makes for a great headline. The company also announced:
Purchasing 4,272 BTC for it’s treasury
Datacenter expansion from 2.5 to 3.5 GW (a huge amount)
Continual support of treasury companies such as Sharplink, the second largest ETH treasury company
Completed acquisitions of Meridian Labs ($4.2M) and Fierce ($12.5M).
Overall, Galaxy continues to be a confusing company to follow, with a multi-pronged, octopus-arm-like business operation that not only touches every aspect of crypto but is now also moving heavily into AI datacenters. Can they pull it off? Time will tell.
SEC Says Liquid Staking Tokens Are NOT Securities
In new statement from the SEC says that liquid staking tokens are not securites like stocks and bonds. This is huge news for DeFi (and crypto in general) as liquid staking is the second-largest business category in DeFi with more than $67 billion. It also opens the door just a bit wider for the SEC to potentially approve of saking for spot Ethereum ETFs. Read more →
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