As the crypto market continues to grow, six asset managers have filed applications with the U.S. Securities and Exchange (SEC) for ether (ETH) futures-based exchange-traded funds (ETFs). The first application was submitted on July 28 by Volatility Shares Ether Strategy ETF, and was quickly followed by five other applications: the Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF. Grayscale currently operates the Grayscale Ethereum Trust (ETHE) with just more than $3 billion in assets under management, which has suffered from a long period of trading at a substantial discount to net asset value – 41.5% as of yesterday, according to CoinDesk.
MicroStrategy (MSTR), the software developer that’s amassed a giant bitcoin stash in recent years, also filed to raise up to $750 million in share sales, with plans to use the proceeds to in part buy more bitcoin. The news came just after the company announced its second quarter results late Tuesday afternoon. Including some small bitcoin purchases made last month, MicroStrategy’s holdings as of July 31 amounted to 152,800 tokens worth about $4.5 billion at current prices.
Binance counts China as its largest market, followed by South Korea, Turkey, Vietnam, and the British Virgin Islands, according to documents reviewed by the Wall Street Journal. The Journal reports that despite the ban on crypto within China, teams from Binance regularly collaborate with Chinese law enforcement to detect potential criminal activity. It also has 900,000 active users in-country, according to the report. Data from the Journal shows that China is a $80.6 billion futures market and a $9.4 billion spot market for Binance.