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Crypto News
SoFi Rolls Out Crypto Trading as Digital Asset Gold Rush Draws Lenders
SoFi on Tuesday announced plans to roll out crypto trading for customers, as the multi-trillion-dollar crypto sector continues to attract traditional financial firms amid clearer regulation and growing adoption.
The fintech said its customers will be able to buy, sell and hold dozens of cryptocurrencies, including bitcoin, ethereum, and solana, some of the world's biggest tokens by market value.
"SoFi is the first bank in the U.S. to offer crypto trading and investing," CEO Anthony Noto said.
"The product we're launching today is for retail members, but institutional access is right around the corner."
Coinbase Abandons $2 Billion Acquisition of Stablecoin Firm BVNK
Coinbase has ended negotiations to acquire stablecoin startup BVNK, according to a Fortune report on Tuesday. Sources told the publication that the proposed deal was valued at approximately $2 billion.
Both the American crypto exchange and Mastercard had been in advanced discussions to acquire BVNK, the UK-based fintech firm that builds stablecoin infrastructure. Coinbase and BVNK then entered exclusive negotiations.
"After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward," a Coinbase spokesperson said.
Bitcoin Miner CleanSpark Extends Stock Slump After Upsizing Notes Offering to $1.15 Billion
Bitcoin mining company CleanSpark announced plans Monday to offer $1 billion in convertible senior notes, then upsized the offering to $1.15 billion late last night. A further $150 million worth of shares may also be offered, the company said late Monday.
The market response has been much the same following both announcements, with shares of CLSK falling for a second straight day. CLSK sank 6.6% on Tuesday and extending its five-day slide to more than 13%.
The company plans to allocate approximately $460 million of the net proceeds to repurchase its common stock from convertible note investors through privately negotiated transactions. The firm has agreed to repurchase stock at a price of $15.03 per share, or Monday ’ s closing price.
Bitwise Sparks Industry Scramble with Solana ETF Launch
Crypto firm Bitwise Asset Management's successful push to launch the first U.S. spot Solana ETF while the Securities and Exchange Commission was shut down has upended the regulatory playbook and forced competitors to rethink their product plans, said industry executives.
On October 28, Bitwise launched Solana Staking ETF which tracks the spot price of the sixth largest cryptocurrency, using an untested process that does not require a formal SEC sign-off. That gave Bitwise the first-mover advantage in what analysts see as the next biggest market for single crypto ETFs, angering competitors who took a more cautious approach and are now scrambling to catch up, said half a dozen industry sources.
The product has already attracted $420 million in its first week, LSEG data shows. Such "altcoin" ETFs could attract $14 billion during their first six months, of which $6 billion could flow into Solana products, JPMorgan has predicted.
Canary Capital's XRP ETF on Nasdaq Could Come as Early as This Week
Investors will likely have a second option to purchase shares in an XRP-focused exchange-traded fund this week after Canary Capital submitted a regulatory filing that could allow its fund to list on the Nasdaq exchange.
Nashville, Tennessee-based Canary filed an 8-A form on Monday, a U.S. Securities and Exchange requirement for companies registering securities. The Canary XRP ETF would track the spot price of the fourth largest digital asset by market capitalization.
"Canary filed 8A for XRP ETF last night, which points to launch tomorrow or Thursday ( today is holiday ) ," wrote Bloomberg Senior ETF Analyst Eric Balchunas in an X post Tuesday, adding: "Not done deal but all boxes being checked. Stay tuned."
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Tuesday was $523.98 million. The total net asset value of Bitcoin spot ETFs is $137.83 billion, and the ETF net asset ratio ( market value compared to total Bitcoin market value ) is 6.67%.
The Bitcoin spot ETF with the highest net inflow on October 11 was iShares Bitcoin Trust ETF ( IBIT ) , with a net inflow of $224.22 million, according to SoSoValue.
The overall net outflow of the US Ethereum spot ETF on Tuesday was $107.18 million. The total net asset value of Ethereum spot ETFs is $22.48 billion, and the ETF net asset ratio ( market value compared to total Ethereum market value ) is 5.42%.
The Ethereum spot ETF with the highest net outflow on October 11 was Grayscale Ethereum Mini Trust ETF ( ETH ) , with a net outflow of $75.75 million, according to SoSoValue.
