Crypto Currents: Corporate digital asset treasuries top $100B

Institutional adoption of cryptocurrency hit a major milestone this week as corporate digital asset treasuries surpassed the $100B mark, fueled by a massive buying spree that saw firms add nearly 30,000 bitcoin in just two days. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

EXCHANGES PUSH FOR FASTER ETF APPROVALS, SOLANA FUND FILED: Cboe BZX and NYSE Arca have formally asked the SEC to approve a rule change that would significantly speed up the approval process for future crypto ETFs. In separate filings, the exchanges proposed amending their listing standards to allow certain crypto ETFs to be listed automatically without requiring the current case-by-case review process, bringing crypto ETF treatment more in line with traditional assets.

CORPORATE TREASURIES TOP $100B AS BUYING SPREE ACCELERATES: Corporate cryptocurrency treasury holdings have surpassed the $100B mark, according to a Galaxy Research report released Thursday, showing the effects of a new wave of institutional adoption. The trend was highlighted by a massive buying spree this week, with data from Capriole Investments showing corporate treasuries adding nearly 30,000 BTC in just 48 hours. This strategic shift is exemplified by several public companies. Volcon Inc. officially changed its name to Empery Digital (EMPD) to reflect its new bitcoin treasury strategy, reporting its holdings have grown to 3,803 BTC. In a similar move, Abu Dhabi-based bitcoin miner Phoenix Group launched a $150M strategic cryptocurrency reserve holding both bitcoin (BTC) and solana (SOL), becoming the first public company on the Abu Dhabi Securities Exchange to establish a digital asset treasury.

ANALYSTS SEE ETHER STAKING AS GAME-CHANGER FOR INSTITUTIONS: Analysts are predicting that SEC approval for staking within spot ether ETFs could “dramatically reshape the market” by attracting significant institutional investment. Markus Thielen, head of research at 10x Research, told Cointelegraph that the added 3% yield from staking could bring the total return potential of an arbitrage strategy to 10% unleveraged, marking a “monumental structural shift.” Ryan McMillin, CIO of Merkle Tree Capital, added that yield is a “massive consideration” for institutions like pension funds, making ether ETFs a “compelling portfolio addition.” Hank Huang, CEO of Kronos Research, stated that an ETF blending staking rewards with flexible exits would set a “new gold standard” for bringing crypto into mainstream finance.

OTHER CRYPTO NEWS:

• DWS, Galaxy-backed venture launches Euro stablecoin: A new company named AllUnity, backed by Deutsche Bank’s DWS Group, Flow Traders, and Galaxy Digital (GLXY), has launched a euro-denominated stablecoin called AllUnity EUR (EURAU). The token is fully collateralized, regulated under the EU’s MiCA framework, and launches on the Ethereum blockchain.
• South Korea flags high-leverage crypto lending: South Korea’s financial watchdogs have raised concerns over high-leverage crypto lending products launched by exchanges Upbit and Bithumb. In response to the regulatory pressure, Upbit halted its Tether (USDT) lending product, citing legal uncertainty.
• USDT-to-cash ATMs launch for tourists in South Korea: Foreign visitors to South Korea can now use select crypto ATMs to convert the stablecoin $USDT into cash. The service is part of a “regulatory sandbox” program and is operated by DaWinKS in partnership with the Kaia DLT Foundation.

PRICE ACTION: As of time of writing, bitcoin was trading near $118,220.55 while ethereum was trading at $3,791.44.