Crypto Daily | Volatility Shares Aims to Launch Leveraged ETFs for Bitcoin, Ethereum and XRP

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Volatility Shares Aims to Launch Leveraged ETFs for Bitcoin, Ethereum and XRP

ETF manager Volatility Shares has applied with the SEC to bring 5x leveraged Bitcoin, Ethereum, XRP, Solana, and other funds to the market.

Such ETFs use leverage to maximize returns for investors.

But investors can lose a lot of money buying such ETFs too.

BitMine Adds $417 Million Worth of Ethereum to Treasury During Market Dip: Onchain Data

BitMine Immersion Technologies added 104,336 ETH, worth $417 million, to its corporate Ethereum treasury on Wednesday.

Lookonchain, using Arkham data, reported that the ETH was received in three new addresses through seven transactions originating from two wallets, one each from Kraken and BitGo. However, BitMine has not officially confirmed the transaction. 

BitMine's official ETH holdings stood at 3.03 million, worth around $12.2 billion, according to its last update on Oct. 13. The treasury firm, led by Fundstrat co-founder Tom Lee, is currently the largest ETH treasury and the second-largest crypto treasury, behind Michael Saylor's Strategy.

“Bitcoin Jesus“ Pays Nearly $50 Million to End US Tax Case

Roger Ver, the cryptocurrency advocate known as “Bitcoin Jesus,” has paid nearly $50 million to resolve a US tax evasion indictment without having to admit he committed a crime.

Prosecutors agreed to dismiss the indictment against Ver, who admitted in a deferred-prosecution agreement that he failed to pay all the taxes that he owed to the Internal Revenue Service on the sale of Bitcoin after he renounced his US citizenship in 2014, the Justice Department said Tuesday.

Prosecutors had charged Ver with evading more than $48 million in taxes due from profits made by selling $240 million in crypto tokens. He was arrested by Spanish authorities, but released on bail on the island of Mallorca. After Donald Trump’s return to the White House, Ver appealed for a pardon, while lobbying for his case on social media.

Ethereum Treasury Firm ETHZilla Falls on Reverse Stock Split Move

Shares in publicly traded Ethereum treasury firm ETHZilla fell nearly 5% Wednesday following an announcement that the firm is enacting a 1-for-10 reverse stock split.

The Palm Beach, Florida-based firm expects the split to become effective in trading at market open on October 20, at which point every 10 shares of outstanding ETHZ will be converted into one share.

“As part of ETHZilla’s effort to expand engagement with institutional investors, the reverse split is designed to provide these investors with access to collateral and margin availability associated with stock prices greater than $10.00,” the firm posted on X.

Crypto Exchange Backpack Adding Tokenized Stocks for Trading

Crypto exchange Backpack said it is adding SEC-registered U.S. equities to its trading platform with Superstate, the blockchain finance startup led by Compound founder Robert Leshner.

Announced on Wednesday, the deal embeds Superstate’s Opening Bell platform into Backpack, allowing non-U.S. users to trade tokenized shares of public companies onchain.

With the addition, Backpack claimed the bragging rights of being the first centralized crypto exchange to list issuer-backed, SEC-registered equities natively onchain. Supported equities and rollout date will be announced in the coming weeks, the firms said.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $94 million. The total net asset value of Bitcoin spot ETFs is $152.66 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.82%.

The Bitcoin spot ETF with the highest net outflow on October 15 was Grayscale Bitcoin Trust ETF (GBTC), with a net outflow of $82.90 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Wednesday was $5.32 million. The total net asset value of Ethereum spot ETFs is $27.69 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.66%.

The Ethereum spot ETF with the highest net inflow on October 15 was Bitwise Ethereum ETF (ETHW), with a net inflow of $12.31 million, according to SoSoValue.

Source: SoSoValue