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Produced by Daniel Aharonoff & Mogul Media AI

Ripple's Upcoming Stablecoin Set to Transform Market

Ripple's Upcoming Stablecoin: A New Player in the Cryptocurrency Market As the cryptocurrency landscape continues to evolve, Ripple is set to make waves with its forthcoming stablecoin, which promises to be fully backed by U.S. dollars, short-term U.S. government treasuries, and other cash equivalents. This bold move indicates Ripple's belief in the potential for the stablecoin market to transform into a multi-trillion-dollar sector. With monthly attestations and third-party audits, Ripple aims to foster trust and transparency, essential components in the world of digital currencies. The Vision Behind the Stablecoin Ripple's Chief Technology Officer, David Schwartz, shared insights with Decrypt about the rationale behind this venture: Market Potential : The current stablecoin market, valued at approximately $150 billion, is expected to grow exponentially. Schwartz emphasized Ripple's unique positioning to capture this opportunity. Institutional and DeFi Presen...
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Produced by Daniel Aharonoff & Mogul Media AI

CoinShares Acquires Valkyrie Funds: Expanding Reach into U.S. Market

CoinShares, the European asset manager, recently announced its decision to exercise its option to acquire Valkyrie Funds, the U.S.-based ETF business of Valkyrie Investments. This move comes on the heels of Valkyrie's launch of a spot Bitcoin ETF, the Valkyrie Bitcoin Fund, which trades on Nasdaq under the BRRR ticker. The acquisition includes the newly approved BRRR ETF, along with the Valkyrie Bitcoin and Ether Strategy ETF (BTF) and the Valkyrie Bitcoin Miners ETF (WGMI). As CoinShares expands its reach into the U.S. market, here are some key points to consider:

CoinShares' Acquisition of Valkyrie Funds:

  • CoinShares, based on the island of Jersey, has $4.5 billion in assets under management and is a leading European investment company specializing in digital assets.
  • With the acquisition of Valkyrie Funds, CoinShares will bring $110 million worth of assets under its control, including the BRRR Bitcoin ETF and other Valkyrie offerings.
  • CEO Jean Marie Mognetti expressed confidence in the acquisition, highlighting the company's aim to provide regulated digital asset products to American investors.

Market Performance Insights:

  • On its first day of trading, the BRRR Bitcoin ETF closed at $13.29, experiencing a slight decline of 1.8%.
  • Despite the promising launch, the trading volume of BRRR on the debut day was around $9 million, representing approximately 0.2% of the total volume of all 10 spot Bitcoin ETFs.
  • Major trading activities were observed on BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC, indicating strong competition in the market.

CoinShares' strategic move to acquire Valkyrie Funds reflects its commitment to expanding its presence in the U.S. market and offering American investors access to diverse digital asset products. As the company navigates the competitive landscape of Bitcoin ETFs, it will be interesting to see how CoinShares leverages its expertise to establish a strong foothold in the U.S. market alongside established players.

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