U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a budget hearing final approvals for spot Ethereum exchange-traded funds (ETFs) could be granted by summer's end.

Nasdaq-listed business intelligence firm MicroStrategy has announced plans to raise $500 million through convertible senior notes due in 2032 in a private offering targeted at institutional investors in a bid to fuel further Bitcoin buys.

Cryptocurrency venture capital firm Paradigm has announced the closing of its third fund, securing $850 million to invest in early-stage crypto projects.

Top stories in the Crypto Roundup today:

• Spot Ether ETFs on Track for End of Summer Approval: SEC's Gensler
• MicroStrategy Plans $500 Million Convertible Notes Offering to Boost Bitcoin Holdings
• Paradigm Raises $850 Million to Bolster Early-Stage Crypto Ventures
• Crypto Market Movers – JASMY, ONDO, UNI

Spot Ether ETFs on Track for End of Summer Approval: SEC's Gensler

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a budget hearing final approvals for spot Ethereum exchange-traded funds (ETFs) could be granted by summer's end.

Speaking to a subcommittee of the Senate Appropriations Committee in a hearing on the regulator’s budget, Gensler said the approval process was “working smoothly” after the initial go-ahead given to a group of these ETFs, referring to the SEC clearing the path for these funds.

Before spot Ether ETFs can start trading their S-1 filings must be approved, and Gensler said these are being handled at the “staff level.” When asked directly whether ETH is a commodity, Gensler remained noncommittal, reflecting the SEC’s uncertain stance on the classification of the digital asset.

In contrast, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam definitively stated, "yes," when asked about ETH being a commodity. The distinction holds weight in determining the appropriate regulatory body for various cryptocurrencies.

The SEC will oversee securities, while the CFTC is set to regulate commodities. While Gensler has repeatedly suggested most digital assets fall under securities purview, he has refrained from specifically identifying them beyond those already targeted by the SEC in enforcement actions.

Gensler, who has led both the SEC and CFTC, expressed concern that the cryptocurrency industry is “thumbing its nose” at established regulations and suggested the CFTC's current structure may not be well-suited for a disclosure-based oversight system, unlike the SEC's approach.

MicroStrategy Plans $500 Million Convertible Notes Offering to Boost Bitcoin Holdings

Nasdaq-listed business intelligence firm MicroStrategy has announced plans to raise $500 million through convertible senior notes due in 2032 in a private offering targeted at institutional investors in a bid to fuel further Bitcoin buys.

The offering will be subject to market conditions and could be increased by an additional $75 million. The notes will carry interest paid twice a year and will convert to MicroStrategy stock if certain conditions are met.

Proceeds from the sale will be used primarily to buy more Bitcoin, according to a company press release, as well as for “general corporate purposes.” MicroStrategy is the world’s largest corporate Bitcoin holder, with 214,400 BTC worth over $14 billion on its balance sheet.

Specifics of the offering, including the interest rate and conversion terms, will be determined closer to the sale date, with MicroStrategy noting it “expects that the reference price used to calculate the initial conversion price for the notes will be the U.S. composite volume weighted average price of MicroStrategy’s class A common stock from 9:30 am through 4:00 pm EDT on the date of pricing.”

Paradigm Raises $850 Million to Bolster Early-Stage Crypto Ventures

Cryptocurrency venture capital firm Paradigm has announced the closing of its third fund, securing $850 million to invest in early-stage crypto projects.

In a blog post unveiling the new fund, co-founder Matt Huang underscored the team's strengthened conviction, stating that "crypto is now a main character on the world's political stage.”

The conviction reflects the growing prominence of crypto regulation in the upcoming U.S. presidential election and the looming June 30th deadline for Europe's MiCA stablecoin framework.

Paradigm has a successful track record in early-stage investments as the firm participated in the seed round for decentralized exchange Uniswap and spearheaded the Series B round for Flashbots last year.

Paradigm's prior fund, launched in November 2021, secured a staggering $2.5 billion. However, the firm’s investment history hasn’t been without blemishes, as it famously invested $278 million in collapsed cryptocurrency exchange FTX.

Crypto Market Movers – JASMY, ONDO, UNI

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

JasmyCoin (JASMY) - JASMY is a cryptocurrency based on the ERC 20 standard. It is designed to be used for transferring tokens as a proof of value exchange or payment for services by individuals and businesses. The vision behind JasmyCoin is to build an economic community where data is treated as a personal asset, and the value of this data is returned to the individual who owns it.

Ondo (ONDO) - Ondo is a decentralized finance (DeFi) project that offers risk-isolated, fixed-yield loans backed by yield-generating crypto-assets. It is a permissionless protocol allowing users to engage in peer-to-pool interactions without intermediaries. Ondo Finance, which includes the ONDO token, is backed by Coinbase and is a part of the Ethereum ecosystem.

Uniswap Protocol Token (UNI) - UNI is a governance token issued by the Uniswap decentralized exchange protocol, which was launched in September 2020. The UNI token plays a crucial role in the decentralized governance of the protocol, allowing the community to have a say in the platform's future development and updates.

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State of the Crypto by Top Tier Exchange Volume

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