The Block
Quick Take Igloo, Pudgy Penguins’ parent company, has raised $11 million in a funding round led by Peter Thiel’s Founders Fund. Igloo has set up a new venture called Cube Labs to develop Abstract, a consumer-focused Layer 2 blockchain.
Eight different issuers launched ether ETFs to institutional investors and retail traders.Less than one hour into the trading session, spot Ethereum ETFs accumulated $200 million in trading volume.
Quick Take Binance Labs has invested an undisclosed amount of money in Pluto Studio, the publisher of the Telegram mini-game Catizen. Pluto recently also raised $6 million in two rounds, co-founder Ricky Wong told The Block.
Quick Take Network3, a startup developing web3 AI infrastructure, raised $5 million in pre-seed and seed funding. The firm plans to use its fundraise to grow its team and continue developing its tech stack.
The Grayscale Ethereum Trust exchange-traded fund conversion removes discounts and lock-in periods, which could prompt investors to sell their shares for cheaper ETFs from issuers like BlackRock and Fidelity, an analyst said.Outflows from the converted Grayscale’s Ethereum Trust could weigh on the price of ether in the initial period after the launch of ETF trading, the analyst added.
Quick Take Tether CEO Paolo Ardoino argued that increased stablecoin competition is creating a more resilient market. Ardoino sees USDT as becoming a “global payment system” less correlated to other cryptocurrencies. USDT could become more important to commodities markets, he also said.
Bitwise, one of eight issuers set to launch a spot Ethereum ETF on Tuesday, has announced the ENS addresses for its ETHW ether holdings.Bitwise had already committed to disclosing its Ethereum addresses, but becomes the first U.S. spot Ethereum ETF to publish them and set ENS subnames for each.
The Bitcoin ETFs were widely seen as the most successful ETF launches ever.While the Ethereum ETFs are likely to secure just a fraction of their assets, they could still do exceptionally well.
The SEC allowed S1 registration statements to become effective on Monday, which marked the final sign-off for those funds to begin trading.Perfumo predicted $750 million to $1 billion of net inflows per month for the first five to six months.
Quick Take Pro-crypto group Fairshake has become the largest super PAC of this election cycle, according to a monthly filing with the Federal Election Commission. Fairshake raised over $25 million in June, contributing to a total of nearly $203 million for the 2023-2024 period.
