Hodler's Digest

Any level above $150,000 for Bitcoin would be “speculative fever,” US SEC cancels SAB 121 rule, and more: Hodler’s Digest

Nasdaq has submitted a filing on behalf of asset manager BlackRock, seeking a rule change to permit in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).

Bloomberg ETF analyst James Seyffart said in a Jan. 24 X post that BlackRock should have been allowed to do this from the get-go when the BlackRock iShares Bitcoin Trust launched alongside the other ten US spot Bitcoin ETFs in January 2024.

On the same day as the filing, six more crypto ETF applications were filed in the US.

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Bitcoin’s $180,000 price target remains on the table, says a trader, while 2024 marks the worst year for NFTs since 2020: Hodler’s Digest.

Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, has endorsed plans for global leaders to create Bitcoin strategic reserves.

In a Jan. 17 blog post on economic freedom, Armstrong said cryptocurrencies were the next chapter of capitalism, offering suggestions for policymakers to integrate digital assets into their economies in 2025.

The Coinbase CEOs ideas included crypto-friendly laws, government efficiency, special economic zones, and the establishment of a Bitcoin reserve as a hedge against inflation. 

The next global arms race will be in the digital economy, not space, Armstrong speculated. Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation-states.

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Real Vision co-founder and CEO Raoul Pal says crypto is heading for ‘Banana Singularity,’ Russia seizes $10M in Bitcoin, and more: Hodler’s

New Hampshire and North Dakota have become the latest US states to introduce legislation for a strategic Bitcoin reserve, signaling a continued push among lawmakers to diversify state treasuries with the cryptocurrency.

According to Satoshi Action Fund CEO Dennis Porter, the New Hampshire bill was introduced by Representative Keith Ammon, a Republican who represents the 40th District.

The New Hampshire bill doesnt explicitly mention Bitcoin but instead refers to digital assets. Porter said this is a way for state lawmakers to push through the legislation without causing political friction. 

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VanEck researcher is optimistic of a spot SOL ETF listing in 2025, Terraform Labs co-founder Do Kwon pleads not guilty: Hodler’s Digest

The odds of a Solana exchange-traded fund (ETF) listing in the United States this year are even higher than a popular betting markets optimistic forecast, according to Matthew Sigel, VanEcks head of digital assets research. 

On Jan. 1, cryptocurrency prediction platform Polymarket said the odds of a US Solana ETF listing in 2025 are around 77%. In a post on the X platform, Sigel described Polymarkets forecast as underpriced. 

Sigels optimism mirrors industry-wide expectations of more crypto ETF listings in the US after President-elect Donald Trumps November election win. Trump said he wants to make America the worlds crypto capital.

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An analyst predicts that Ether may outperform Bitcoin in January 2025, IRS introduces new DeFi rules, and more: Hodlers Digest

Top Stories of The Week

The United States Internal Revenue Service (IRS) has issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end platforms that facilitate transactions involving digital assets for customers, such as decentralized exchanges.

Set to take effect in 2027, the rules mandate that brokers disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions.

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Bitcoin correction approaching a conclusion, Hawk Tuah influencer releases statement, and more: Hodlers Digest

Haliey Welch, the influencer behind the viral Hawk Tuah video clip, has released a statement after a memecoin bearing her handle was pumped and dumped quickly after its December launch.

In a Dec. 20 X post, Welch said she was fully cooperating with lawyers who represented investors in the Hawk Tuah (HAWK) token.

The crypto users filed a lawsuit against the projects creators and partners Welch herself was not named as a defendant in the suit alleging they engaged in the promotion and sale of an unregistered securities offering.

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Sygnum Bank say surging institutional inflows could cause Bitcoin “demand shocks” in 2025, Ripple stablecoin news, and more: Hodlers Digest

Analysts at JPMorgan raised price targets for four Bitcoin mining stocks to reflect value from the miners electrical power assets and BTC holdings, according to a Dec. 10 report shared with Cointelegraph. 

The mining operations to see upgrades include MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) and Iren (IREN), according to the report, which was written by analysts Reginald Smith and Charles Pearce. Each stock is already trading near or above its revised price target. 

We previously valued Bitcoin miners based on the four-year gross profit opportunity for each operator, the analysts said.  We are expanding upon this framework by incorporating 1) the value of each companys land and power assets [] and 2) a HODL premium, which gives miners credit for holding Bitcoin on their balance like MicroStrategy. 

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This week Bitcoin reached $100,000 for the first time ever, Trump nominates pro-crypto Paul Atkins to replace Gary Gensler: Hodler’s Digest

The United States Securities and Exchange Commission is set to reject applications in line for spot Solana exchange-traded funds (ETFs).

The agency has notified at least two of five issuers seeking approval for a Solana ETF, according to Fox News reporter Eleanor Terrett.

The consensus here, Im told, is that the SEC wont entertain any new crypto ETFs under the current administration, Terrett said on Dec. 6.

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Dogecoin has surpassed the market capitalization of Porsche, a memecoin trader turned a $160 investment into millions: Hodler’s Digest

Dogecoin has surpassed the market capitalization of luxury automaker Porsche, driven by endorsements from Elon Musk and the potential launch of an exchange-traded product for the memecoin.

Dogecoin has risen 175% during the past month to a $57.8 billion market capitalization, surpassing Porsches $56.1 billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph data showed.

Dogecoin has had significant momentum in 2024, partly driven by continued social media endorsements from billionaire Elon Musk. Musks recent involvement in creating the nascent Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulations, has further stoked interest.

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A crypto trader mulls over whether Bitcoin will retrace back to $90,000, Solana ETF filings flood in and more: Hodlers Digest

Cboe BZX Exchange submitted four 19b-4 filings for asset managers to list spot Solana exchange-traded funds (ETFs) on Nov. 21 the same day the United States Securities and Exchange Commission Chair Gary Gensler confirmed he would resign in January.

If approved, the Bitwise, VanEck, 21Shares and Canary Capital-issued spot Solana ETFs will be listed on the Cboe BZX Exchange.

The 19b-4s inform the SEC of a proposed rule change by a self-regulatory organization such as a financial regulatory body or stock exchange.

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