The cryptocurrency market was relatively subdued during the Asian and European trading hours to close out the week. Bitcoin slipped 0.45% over 24 hours, trading near $58,500. Ethereum dropped by 0.7%, while Solana saw a modest gain of 0.44%. The broader digital asset market, as tracked by the CoinDesk 20 Index, rose by about 0.39%. Bitcoin had fallen below $57,000 late Thursday without a clear reason, despite gains in both the Nasdaq and S&P 500 at the time.
South Korea's National Pension Service recently acquired nearly $34 million worth of MicroStrategy shares. Following MicroStrategy's 10:1 stock split earlier this month, the pension fund now holds 245,000 shares valued at $32.32 million, based on Thursday’s closing price of $131.93. This investment indirectly supports bitcoin, as MicroStrategy is the largest corporate holder of the cryptocurrency. Earlier this month, Wall Street broker Benchmark raised its price target for the company, led by Michael Saylor, from $1,875 to $2,150. This upgrade came despite MicroStrategy missing its second-quarter revenue target. Additionally, NPS holds over $45 million in Coinbase shares.
The New York Stock Exchange has abandoned its plans to list bitcoin ETF options, according to an SEC filing. The SEC had extended its review period several times after the NYSE's proposal was made public in February, initiating formal proceedings in April. The proposal was withdrawn before a final decision could be reached. Meanwhile, the CBOE, which hosts several bitcoin ETFs, initially withdrew its application but has since refiled with a more comprehensive proposal, as noted by Bloomberg's James Seyffart. The SEC has yet to provide public feedback on the matter.
**Chart of the Day**
The chart illustrates recent flows and total assets under management (AUM) of U.S.-listed spot bitcoin ETFs. BlackRock's iShares ETF has recently surpassed Grayscale's Bitcoin Trust as the largest in terms of AUM. Although Grayscale's GBTC had a significant head start since it existed in a different form for several years, it has seen considerable outflows in favor of the newer ETFs listed since January.
Source: Bloomberg, CoinShares
- Jamie Crawley
