The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! Bitcoin has fallen below the key $100,000 psychological level, but analysts argue whales are buying the dip — scooping up more than 45,000 BTC this week as leverage resets and macro conditions soften.
In today’s newsletter, Canary Capital launches a spot XRP ETF, Polymarket quietly relaunches in the U.S., Grayscale files for an IPO, and more.
Meanwhile, the Czech central bank buys bitcoin for the first time as part of its digital asset “test portfolio.”
Let’s get started!
P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!
Canary Capital launches spot XRP ETF
Canary Capital has officially launched its spot XRP ETF on Nasdaq under the ticker XRPC, giving U.S. investors direct exposure to the XRP Ledger’s native cryptocurrency.
- Nasdaq previously certified and approved XRPC for listing despite the recent government shutdown, using SEC guidance that lets crypto ETF S-1 filings go effective without delaying amendments as long as they meet the agency’s new generic listing standards.
- As part of the process, firms have to file a Form 8-A, which Canary did earlier this week, enabling Thursday’s debut.
Other asset managers, including Bitwise, 21Shares, WisdomTree, and Grayscale, have also proposed similar XRP ETFs. - REX Shares launched a non-standard-route U.S. XRP ETF under a different legal structure in September that holds XRP directly while allocating at least 40% of its assets to other XRP-related ETFs.
- Dogecoin ETFs could follow next, with the first standard route fund potentially going effective by Nov. 23.
Polymarket quietly relaunches US trading platform as integration deals stack up
Polymarket has quietly reopened its U.S. platform in beta, letting some users trade again as it finalizes its regulated domestic relaunch.
- Polymarket founder Shayne Coplan said at Cantor Fitzgerald’s crypto conference that the U.S. platform is “live and operational,” allowing select users to place bets on real contracts, Bloomberg reported.
- The soft restart follows its $1.4 million settlement with the CFTC in 2022 and the subsequent acquisition of licensed exchange QCX, giving Polymarket the regulatory footing it needed to return stateside.
- Polymarket also announced Thursday it has signed a multi-year exclusive partnership with TKO Group to bring real-time prediction markets into UFC and Zuffa Boxing broadcasts, adding to a stack of recent deals with Google, Yahoo Finance, PrizePicks, DraftKings, and the NHL.
Grayscale seeks NYSE debut in latest sign of crypto IPO momentum under Trump
Grayscale filed for an initial public offering, seeking to list Class A shares on the NYSE under the ticker GRAY, reporting $35 billion in assets under management and a $365 billion addressable market for its product suite.
- The firm plans to go public with a dual-class voting structure that leaves parent company Digital Currency Group in control through super-voting Class B shares.
- However, pricing terms were not yet included in the S-1 filing with the U.S. Securities and Exchange Commission.
- The filing adds to a wave of crypto-related IPOs under the Trump administration as firms like Gemini, Circle, and Figure move into public markets.
Japan Exchange Group weighs tighter oversight of listed crypto treasury firms
Japan Exchange Group is weighing stricter oversight of listed digital asset treasury firms, amid mounting concerns over the volatility and losses associated with such companies.
- The Tokyo Stock Exchange operator is exploring measures, including a stricter interpretation of existing reverse merger rules and potentially requiring companies to undergo fresh audits if they pivot into large-scale crypto accumulation, Bloomberg reported.
- While no decisions have been finalized, at least three companies have reportedly paused planned crypto purchases after JPX warned that their fundraising capacity could be limited if they pursued crypto acquisitions as a core business model.
- The scrutiny follows steep selloffs in Japanese DAT stocks, with Metaplanet, Convano, and Bitcoin Japan all sliding sharply on Thursday.
- Metaplanet said separately that it has not been subject to regulatory actions or investigations related to its business operations.
JPMorgan sees bitcoin support at $94,000, keeps $170,000 upside case intact
JPMorgan analysts said bitcoin’s production cost has climbed to an estimated $94,000, reinforcing a historically reliable price floor that suggests limited downside from current levels.
- The analysts also maintained their six to 12-month upside case of approximately $170,000, based on bitcoin’s volatility-adjusted valuation relative to gold.
- JPMorgan attributed the rising floor to a sharp rise in network difficulty and noted that bitcoin appears undervalued following recent liquidations and weak sentiment.
In the next 24 hours
- Eurozone GDP data are due at 5 a.m. ET on Friday.
- U.S. FOMC member Rafael Bostic will speak at 9:20 a.m.
- Wormhole is set for a token unlock.
- Bitcoin Amsterdam concludes. Crypto Fest kicks off in Cape Town.
Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
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