Crypto Daily | ETH Drops Below $4,200; SMNR Stocks Soar 66% After Scilex to Exchange $200M in Subsidiary Shares for Bitcoin

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Bitcoin(BTC) Drops Below $113,000 with a 0.08% Decrease in 24 Hours

Bitcoin has dropped below $113,000 and is now trading at $112,636, with a narrowed 0.08% decrease in 24 hours.

Ethereum(ETH) Drops Below $4,200 with a 0.28% Decrease in 24 Hours

Ethereum has dropped below $4,200 and is now trading at $4,171, with a narrowed 0.28% decrease in 24 hours.

Crypto Giant Tether Seeks Funding at $500 Billion Valuation

Tether Holdings SA, issuer of the world’s largest stablecoin, is in talks with investors to raise as much as $20 billion, a deal that could propel the crypto firm into the highest ranks of the world’s most valuable private companies.

The El Salvador-based company is seeking between $15 billion and $20 billion in exchange for a roughly 3% stake through a private placement, according to two people familiar with the matter.

Gold and Bitcoin to Coexist in Central Bank Reserves by 2030, Deutsche Bank Says

Gold is quickly cementing its status as the ultimate safe haven in 2025, as it hit a new all-time high on Tuesday. The demand has been driven by expectations of further rate cuts, strong central bank demand, talks about the Federal Reserve's independence and geopolitical concerns.

Parallelly, Bitcoin has also remained stable as it stayed above the $110K mark. The cryptocurrency's price suggests that there has been an increase in institutional adoption and its potential to attain a macro hedge status, according to Deutsche Bank Research Institute.

Semnur Pharmaceuticals Stocks Soar 66% After Scilex to Exchange $200M in Subsidiary Shares for Bitcoin

Shares of Semnur Pharmaceuticals rose 66% on Tuesday after the company announced an agreement with an institutional investor to receive Bitcoin in exchange for $200M worth of common stock held in its Semnur Pharmaceuticals Inc. unit.

As part of the Securities Purchase Agreement (SPA), the investor is set to spend $16.00 per share to purchase 12.5M shares of Semnur common stock held by the non-opioid pain therapy developer. The agreement is expected to be completed on or around Sept. 23, subject to closing conditions, Scilex said.

SEC Chief Eyes Rule Exemptions for Crypto Trading by December

Wall Street’s top regulator said he wants by the end of the year a new “innovation exemption” to let crypto firms immediately launch products — the latest example of the US Securities and Exchange Commission’s more friendly approach to digital assets.

SEC Chairman Paul Atkins also said on Tuesday that the agency would be working to write new rules for crypto in the coming months. In July, Atkins floated the idea of an exemption to let some businesses quickly enter the market with new technologies without having “to comply with incompatible or burdensome prescriptive regulatory requirements.”

Morgan Stanley Taps Partner to Offer Crypto to E*Trade Clients

Morgan Stanley is partnering with cryptocurrency infrastructure provider Zerohash to let E*Trade clients trade popular coins beginning in the first half of next year.

The firm will start with major cryptocurrencies Bitcoin, Ether and Solana, according to Jed Finn, Morgan Stanley’s head of wealth management. Allowing clients to trade coins is just “phase one,” he said, adding that the firm will next seek to build a full wallet solution for clients.

“The underlying technology has been proven and blockchain-based infrastructure is obviously here to stay,” Finn said in an interview. “Clients should have access to digitized assets, traditional assets and cryptocurrencies, all in the same ecosystem that they’re used to.”

BlackRock's Cryptocurrency ETFs Generate Significant Revenue

Data shared by Leon Waidmann, head of research at the nonprofit Onchain Foundation, reveals that BlackRock's Bitcoin and Ethereum ETFs have generated an annualized revenue of $260 million. Of this, the Bitcoin ETF contributed $218 million, while the Ethereum product added $42 million. Waidmann suggests that the profitability of BlackRock's cryptocurrency-themed ETFs could encourage more traditional financial giants to launch regulated crypto trading products. BlackRock's crypto ETFs have become a benchmark for institutional and traditional pension funds.

Ethereum Spot ETF Flow

The overall net outflow of the US ETH spot ETF on Tuesday was $140.75 million. The total net asset value of ETH spot ETFs is $27.48 billion, and the ETF net asset ratio (market value compared to total ETH market value) is 5.45%.

The ETH spot ETF with the highest net outflow on Sep. 23 was Fidelity Ethereum Fund, with a net outflow of $63.4 million. Followed by Grayscale Ethereum Mini Trust ETF, with a net inflow of 36.37 million, according to SoSoValue.