What has happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, as well as appealing background reports, are presented in a pointed and compact manner in the weekly review.
Selected articles of the week:
After the highly successful launch of the nearly 50 billion USD iShares Bitcoin ETFs (IBIT) in the USA, BlackRock is entering the European market. Switzerland, with its established crypto infrastructure and regulatory clarity, seems to offer the ideal conditions for this step. The “iShares Bitcoin ETP” is issued by a special purpose vehicle based in Switzerland, with Coinbase handling custody and Flow Traders executing trades. With the launch of a European product, BlackRock is entering a highly competitive market six years later. Providers like 21Shares are well-established and have similar products on the market. Nevertheless, BlackRock could quickly gain market share through its strong brand, institutional connections, and extensive experience.
BlackRock is planning a Bitcoin ETP in Switzerland and is partnering with Coinbase to target institutional investors.
Fidelity starts the next crypto push
In addition to BlackRock, Fidelity, another financial heavyweight with 5.8 trillion USD in assets under management (AuM), is betting heavily on digital assets. The company manages a successful Bitcoin and Ethereum ETF, while this week it filed for the next fund focused on Solana. In addition to investment products, Fidelity also announced plans to launch its own stablecoin. This move is part of a strategic positioning by the US government to further cement the dominance of the dollar internationally. Alongside Fidelity, Bank of America (BoFA) and the Trump family’s crypto project are working on a stablecoin to compete with market leaders like Tether.
Fidelity plans stablecoin for digital financial products, backed by political shifts and competition in the stablecoin market.
Trump Media plans to launch crypto ETFs
Trump Media & Technology Group Corp. (TMTG), operator of the social media platform Truth Social, announced a partnership with the crypto exchange Crypto.com. The goal of the collaboration is to introduce a series of exchange-traded US funds (ETFs). These will include both digital assets and securities with a clear “Made in America” focus, covering various industries such as energy and technology. Crypto.com will provide the backend technology, handle custody, and supply cryptocurrencies like Bitcoin as well as its own token Cronos (CRO) for the ETFs. Trump Media, in turn, plans to fund the ETFs with 250 million USD in startup capital.
Trump Media and Crypto.com form a partnership for crypto ETFs – a deal with implications for the crypto markets.
Bad omen for Solana ETFs?
After launching Bitcoin and Ethereum futures, the Chicago Mercantile Exchange (CME) recently introduced contracts for the third cryptocurrency, Solana (SOL). However, the first trading week at the world’s largest futures exchange went uneventfully. On the first day, Solana futures saw a trading volume of about 12 million USD, falling far behind the launches of Bitcoin and Ethereum futures on the same platform. In light of this, expectations for the upcoming Solana ETFs in the USA should not be too high. After all, even Ethereum was not able to come close to the success of Bitcoin ETFs.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
GameStop takes inspiration from MicroStrategy
Additionally: Video game retailer GameStop announced plans to raise 1.3 billion USD through the issuance of convertible senior bonds to acquire Bitcoin. This decision follows the unanimous approval by the board to include Bitcoin as a treasury reserve asset in the new corporate strategy. GameStop’s core business, which relies on the sale of physical games, has been declining for years. Digital downloads and streaming services dominate the gaming market, threatening the long-term survival of the company. Whether a pivot with Bitcoin as a reserve asset can save GameStop remains to be seen.
GameStop plans to raise USD 1.3 billion through convertible bonds to purchase Bitcoin as a treasury asset and strengthen its balance sheet.
