Top Crypto News Of The Day: MicroStrategy, Hong Kong ETFs, and More

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Here is the top crypto news of the day curated by CoinChapter.com.

MicroStrategy Continues Bitcoin Accumulation Despite Q1 Loss

MicroStrategy, the largest corporate holder of Bitcoin (BTC), reported a net loss of $53.1 million in Q1 2024 due to a $191.6 million impairment loss on its Bitcoin holdings.

MicroStrategy’s net loss was due to a $191.6 million impairment charge on its digital asset holdings during the first quarter. This impairment loss represented a tenfold increase compared to the same period last year. The company’s revenue also declined, falling 5.5% year-over-year to $115.2 million in Q1 2024, as per MicroStrategy’s quarterly financial results.

However, the company continued adding to its Bitcoin stash, purchasing another 122 BTC for $7.8 million in April. Now, its total holding is around $13.5 billion.

Bitcoin ETF Launches Expected in Australia

Australia’s largest securities exchange, ASX, is expected to approve spot Bitcoin ETFs this year. Sources claim the approval will take place “before the end of 2024.”

Meanwhile, Hong Kong’s Securities and Futures Commission (SFC) recently approved multiple spot Bitcoin and Ethereum ETFs from asset managers ChinaAMC, Harvest, and Bosera HashKey. Trading began on April 29.

However, enthusiasm for U.S. spot Bitcoin ETFs has waned recently, with three straight days of outflows amid “moderating” investor enthusiasm for the products.

SEC Considered Ethereum a Security Since March 2023, Lawsuit Reveals

Redacted portions of a lawsuit filed by Consensys against the SEC reveal that the agency has internally viewed Ethereum as a security for more than a year. In March 2023, the SEC’s Enforcement Division Director issued an order announcing an investigation into “Ethereum 2.0” and authorizing the agency to subpoena parties involved in ETH trading.

The order, approved by the Commission in April 2023, explicitly referred to ETH as a security lacking registration or exemption. This contrasts with SEC Chair Gary Gensler’s repeated refusal to clarify the agency’s stance on Ethereum, including as recently as last month.

Another Crypto News of the Day: Eigenlayer Reveals Token Plans, Bans U.S. Airdrop

Ethereum staking protocol Eigenlayer has released a white paper detailing its proposed EIGEN token. The token will be used for applications relying on “intersubjective agreement,” such as prediction markets and gaming.

Eigenlayer official website. Source: Eigenlayer

The token will be airdropped, but users in the U.S., Canada, and several other jurisdictions will be excluded. Eigenlayer claims its solution is more secure as it inherits the security of Ethereum by using staked Ether as its native coin.

Eigenlayer claimed that the new EIGEN token will be useful for forming consensus around statements that cannot be verified as true or false on-chain, but can still be easily verified by real persons.

Tether Acquires Majority Stake in Brain-Computer Interface Company

Tether, the company behind the largest stablecoin USDT, has acquired a $200 million majority stake in Blackrock Neurotech, a renowned brain-computer interface (BCI) technology company.

The investment positions Tether as the majority stakeholder in the biotech firm. This will also enhance Blackrock Neurotech’s ability to commercialize its medical tools and further its research and development initiatives.

Tether’s investment via its Tether Evo division is part of its expansion beyond stablecoins. It aims to integrate technology and human potential in areas like healthcare and cognitive functions.

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