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3 April 2024 | FXGT.com

Crypto News Roundup – Tether announces plans to invest 15% of its net profits into Bitcoin

  • BlackRock’s newly launched Ethereum-based tokenized fund, BUIDL, attracted $245 million in its first week, signaling robust demand. The fund, which focuses on tokenizing U.S. Treasuries, now ranks second in its market, closely following Franklin Templeton’s offering. This surge underscores the growing interest and potential in tokenizing real-world assets, with major financial institutions exploring blockchain technology for traditional financial instruments.
  • Tether has recently acquired 8,888 Bitcoins, valuing $618 million, boosting its total Bitcoin holdings to 75,354. This purchase places Tether as the seventh-largest holder of Bitcoin globally. Additionally, Tether has announced plans to invest 15% of its net profits into Bitcoin, further diversifying its stablecoin backing assets.
  • The Chinese government, in partnership with Conflux Network, has launched a public blockchain infrastructure platform named “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This platform aims to support cross-border cooperation projects by providing a public blockchain base for application development. Despite China’s restrictive stance on cryptocurrencies, this initiative marks a significant move towards embracing blockchain technology for international collaborative projects.
  • Grayscale Investments has unveiled the Dynamic Income Fund, a novel investment vehicle aimed at sophisticated investors interested in harnessing staking rewards from cryptocurrency tokens. The fund plans to convert staking rewards into U.S. dollars weekly and distribute them quarterly. It will prioritize tokens like Osmosis, Solana, and Polkadot for their staking benefits, with a focus on maximizing staking income while considering capital growth secondary.
  • The ARK 21Shares Bitcoin ETF experienced a record $201.8 million in inflows, significantly surpassing its daily average as Bitcoin prices neared $72,000. This marked an almost four-fold increase from its usual inflows, showcasing a growing investor interest in Bitcoin through ETFs amid fluctuating market prices.
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