This week in crypto, a lot happened on the ETF front, with the Sovereign Wealth Fund of Luxembourg allocating 1% to Bitcoin ETFs, while Grayscale enabled staking for spot Ethereum ETFs. Meanwhile, President Trump is contemplating a presidential pardon for Binance founder Changpeng Zhao. However, the administration is worried about the optics of such a decision. Here are the biggest stories of the week!
Bitcoin
Luxembourg’s Intergenerational Sovereign Wealth Fund has allocated 1% of its portfolio to Bitcoin ETFs and other crypto assets. The decision, announced by finance minister Gilles Roth, makes Luxembourg the first country in the Eurozone to invest in Bitcoin through its sovereign fund.
Crypto entrepreneur Roger Ver, popularly called “Bitcoin Jesus,” reached a deal with the United States Department of Justice (DOJ) to have his tax evasion case dropped. Ver was arrested in April 2024 and charged with mail fraud, tax evasion, and filing false tax returns.
Ethereum
Crypto asset manager Grayscale has enabled staking for its US Ethereum Trust ETF (ETHE) and its Ethereum Mini Trust ETF products. The decision allows investors to earn additional yield on their holdings. The asset manager has also activated staking for the Grayscale Solana Trust (GSOL).
Business
Web3 wallet MetaMask has introduced perpetual contract trading after launching in-wallet access to Hyperliquid’s DEX market. The feature will help MetaMask establish itself as an all-in-one self-custodial trading and investment hub for global finance.
Dogecoin treasury company CleanCore announced that it holds 710 million DOGE worth $188 million. The company aims to hold 1 billion DOGE and is backed by the Dogecoin Foundation.
Intercontinental Exchange, the parent entity of the New York Stock Exchange (NYSE), has announced a $2 billion stake in prediction market platform Polymarket. The move marks its foray into event-driven markets and enhances the platform’s credibility in the US.
RWA tokenization platform Ondo Finance completed the acquisition of Oasis Pro, a regulated digital asset broker-dealer and alternative trading system (ATS). The deal allows Ondo Finance to develop and provide tokenized securities markets in the US.
Web3
NEAR has developed the Intents framework for seamless, multichain execution. Intents utilizes solvers and chain signatures to create a process that feels as simple as a token swap. For developers, Intents enables the creation of dApps that can interact with multiple chains. Developers can also access the tooling and libraries that come bundled with Intents.
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Regulation
The United States Securities and Exchange Commission (SEC) will formalize an “innovation exemption” for crypto and digital asset companies by the end of the year. The exemption will allow companies to leverage digital assets and other innovative technologies in the US.
President Trump is reportedly considering a presidential pardon for Binance founder Changpeng Zhao. A presidential pardon could restore Zhao’s reputation in the cryptocurrency industry and clear the path for a return to Binance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
