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Globe and Mail
6 days ago
- Business
- Globe and Mail
Trump Media (DJT) Moves Closer to Launching Joint Bitcoin/Ethereum ETF
Trump Media & Technology Group (DJT) is closer to launching its planned Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF). Confident Investing Starts Here: The New York Stock Exchange (NYSE) has filed for a rule change that would enable Trump Media to list its 'Truth Social Bitcoin and Ethereum ETF,' a dual-asset cryptocurrency fund, on the big board. If approved, the ETF would hold both Bitcoin and Ethereum in a 3:1 ratio and be managed by which will also serve as the fund's liquidity provider. The New York Stock Exchange filing was made through the U.S. Securities and Exchange Commission (SEC) and marks a procedural step toward public trading but doesn't guarantee the ETF's approval. The filing comes less than a month after Trump Media, the company behind the Truth Social platform, said it would raise $2.4 billion to begin building a Bitcoin treasury. Other Crypto Products Beyond the joint Bitcoin/Ethereum ETF, Trump Media is planning to launch a full suite of politically branded cryptocurrency investment products. These include an 'America First Bitcoin Fund,' the 'America First Blockchain Leaders Fund,' and the 'America First Stablecoin Income Fund.' Only the proposed Bitcoin/Ethereum ETF has been filed with the SEC for approval so far. Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $107,460. So far in 2025, BTC has gained 20%. Is BTC a Buy? three-month performance. As one can see in the chart below, the price of BTC has risen 20.72% in the last 12 weeks.
Crypto Insight
25-06-2025
- Business
- Crypto Insight
Tokenized US Treasurys increase market risk vectors
The growing use of yield-bearing tokenized US Treasury products as collateral for leveraged crypto trading creates new pathways for risk transmission across markets, increasing the likelihood of cascading effects on decentralized finance (DeFi) protocols. Tokenization is the process of converting real-world assets into digital tokens on a blockchain. In the case of US Treasurys, these tokens represent onchain claims to government debt, offering an alternative comparable to money market fund shares. The current market capitalization of tokenized US Treasurys stands at nearly $7.4 billion. According to a June report from rating service Moody's, although short-term liquidity funds are low-risk assets, they are not riskless: 'In addition to risks borne by all MMFs and similar short-term funds, such as credit, interest rate and liquidity risk, tokenized short-term liquidity funds have additional risks that stem from the novel technology.' One such risks is tied to leveraged trading, which relies on loan-to-value (LTV) ratios. When the value of the posted collateral declines below a certain threshold, traders are either automatically liquidated or sent a warning message to add more collateral to maintain their leveraged position. In June, crypto exchanges Deribit and became early adopters of this trend by allowing users to post tokenized US Treasury funds as collateral for leveraged trades. Both platforms integrated BlackRock's BUIDL fund, a tokenized money market instrument issued via Securitize. The fund holds nearly $2.9 billion in value locked, according to data from In a recent presentation to the Treasury Borrowing Advisory Committee, the US Treasury noted that tokenization provides a bridge to asset volatility that 'could spill over into the broader financial markets as the size of tokenized assets become more significant,' warning that, 'in times of stress, seamless ledgers can become a negative as deleveraging and fire sales can rapidly spread across assets.' Tokenized treasuries are exposed to several additional risk vectors, including de-dollarization by foreign countries, fiscal spending policies, liquidity issues, interest rate decisions and geopolitical turmoil. Nick Jones, founder of Zumo, a crypto-as-a-service platform, urged vigilance to protect against any structural shocks. The executive told Cointelegraph: 'Robust risk management, the anticipated increased regulatory oversight, and transparency will all be key to mitigating such variables as traditional finance and decentralized finance continue to converge.' Next step for tokenized collateral While tokenized Treasurys have become a key entry point for institutions into onchain finance, growing concerns over US fiscal stability and geopolitical tensions are prompting investors to explore a wider range of tokenized real-world assets, including gold and real estate, as alternative stores of value. US Treasury yields spiked following US President Donald Trump's sweeping trade tariffs as bond investors responded to the proposed policy by dumping US government debt. 'Ultimately, bond yields are a function of the ability of the government to pay its debts. As its credit-worthiness declines, yields rise,' author and economist Saifedean Ammous wrote in an April 23 X post. Inflation, geopolitical tensions and growing concerns about the US government's creditworthiness have increased demand for alternative and relatively stable tokenized real-world assets (RWA), including gold, real estate, and energy-backed commodities. 'While tokenized treasuries offer institutions a way to park their capital in a low-risk, yield-bearing asset, this does not offer the investors in these funds enough,' Kevin Rusher, founder of the RWA lending ecosystem RAAC said in a message sent to Cointelegraph. Rusher added that the next phase of the RWA-backed market will be the tokenization of hard assets such as gold and real estate, the latter of which provides cash flow income. Tokenized gold could also provide users with cash flow if the tokens are lent out for yield. Conversely, tokenized gold could be used as collateral to secure loan financing across the DeFi ecosystem. Source:
Globe and Mail
23-06-2025
- Business
- Globe and Mail
Visa's Crypto Integration: A Game Changer or a Risky Bet?
A global payment giant, Visa Inc. V, is increasing its focus on blockchain technology to bridge the gap between the worlds of traditional finance and decentralized currencies. The company has been increasing its presence in the crypto space through fintech partnerships and pilot projects. It has teamed up with crypto platforms like and Coinbase to issue crypto-linked cards and enable direct crypto payments. V has been on a roll, expanding its interoperability efforts. The company launched its first seven-day-a-week stablecoin settlement. It has already surpassed a whopping $200 million in cumulative stablecoin settlement volume. On the programmability front, Visa has also developed the Visa tokenized asset platform, which is designed to help banks issue and utilize stablecoins for innovative new forms of programmable finance. In the stablecoin market, Visa is actively concentrating on a wider range of product opportunities and collaborations. These strategies are designed to make cross-border payments smoother, speed up transactions and meet the needs of a new wave of consumers who are savvy about cryptocurrencies. Visa's cross-border volume increased 13% year over year on a constant-dollar basis in the second quarter of fiscal 2025. Its focus on utilizing stablecoins to reduce remittance fees is a major positive. In a world quickly moving toward digital-first finance, Visa's forward-thinking strategy could help ensure it stays relevant for many years. However, these strategies come with some risks. Regulatory scrutiny of cryptocurrencies is still quite intense across various regions, and the inherent volatility of digital assets can threaten stability and trust. How Are Competitors Faring? Some of V's competitors in the digital assets space include Mastercard Incorporated MA and PayPal Holdings, Inc. PYPL. Mastercard is one of the closest competitors of Visa in the crypto arena. Mastercard has launched Crypto Credential to secure blockchain transactions. The company is also launching crypto-linked cards across various geographies. Wirex, Bit2Me and have also joined MA's Crypto Credential ecosystem. PayPal is among the pioneers in the fintech space when it comes to cryptocurrency adoption. It has allowed users in some markets to buy, sell and hold cryptocurrencies on its platform. PayPal introduced its own stablecoin, PYUSD, which is designed to facilitate quick and affordable digital payments within its ecosystem. Visa's Price Performance, Valuation & Estimates Shares of Visa have gained 7.1% in the year-to-date period against the 0.1% decline of the industry. From a valuation standpoint, V trades at a forward price-to-earnings ratio of 27.35, above the industry average of 21.66. The Zacks Consensus Estimate for Visa's fiscal 2025 earnings implies a 12.9% jump from the year-ago period. It witnessed 10 upward estimate revisions in the past 60 days against one downward movement. Visa stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mastercard Incorporated (MA): Free Stock Analysis Report Visa Inc. (V): Free Stock Analysis Report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report
Yahoo
20-06-2025
- Business
- Yahoo
Coinbase Wins European MiCA License in Luxembourg
Crypto exchange Coinbase has won a European Union Markets in Crypto Assets license (MiCA) from Luxembourg, the company said in a statement on Friday. The exchange, which is the fifth-largest crypto exchange by volume according to CoinGecko, will now be able to offer services across the 30 nations in the European Economic Area. It joins other major exchanges which have secured the MiCA license. Bybit, the second largest exchange secured its MiCA license from Austria in May, while, OKX and secured their MiCA licenses from Malta. Though the EU MiCA license grants companies access to all the nations in the European Union plus Iceland, Liechtenstein and Norway, countries in the bloc have still been vying to attract major crypto companies. "Luxembourg has always been a key player in Europe's financial ecosystem, and we're delighted to share that Coinbase is officially establishing its European crypto hub in this dynamic country, under the Markets in Crypto Assets regulatory framework (MiCA)," Coinbase said in its statement. Luxembourg has passed four blockchain-related policies through national legislature, Coinbase said. Update (June 20, 15:18 UTC ): Adds more context to the third, fourth and fifth paragraphs. Sign in to access your portfolio
Crypto Insight
19-06-2025
- Business
- Crypto Insight
Deribit, Crypto.com integrate BlackRock's BUIDL as trading collateral
Crypto derivatives exchange Deribit and spot exchange are accepting BlackRock's tokenized US Treasury fund as trading collateral for institutional and experienced clients. The move will allow institutional traders to use a low-volatility, yield-bearing digital instrument as collateral for their accounts, lowering the margin requirements for leveraged trading, according to Forbes. Coinbase, one of the world's biggest exchanges by trading volume, announced a $2.9 billion deal to acquire Deribit in May 2025. The deal can expand the utility of BlackRock's Institutional Digital Liquidity Fund (BUIDL). The fund holds nearly 40% of the tokenized Treasurys market share, or roughly $2.9 billion in value locked, according to data from Tokenized US Treasury products are slowly emerging as an alternative to traditional stablecoins, thanks to their yield-bearing properties. The growth of these products reflects the broader merger of cryptocurrencies with the legacy financial system. Tokenized yield-bearing government securities proliferate as centralization risks grow BlackRock tipped plans to integrate BUIDL as a collateral asset across crypto derivatives platforms and centralized crypto exchanges, including OKX and Binance, in October 2024. In January 2025, the community governing Frax Finance, a decentralized finance (DeFi) protocol, voted to add support for BUIDL as backing collateral for the Frax-USD stablecoin (frxUSD). Proponents of the integration characterized BUIDL as beneficial, providing deeper liquidity, transfer options and lower counterparty risk from using a collateral asset created and backed by the world's largest asset manager, BlackRock, with around $11.5 trillion in assets under management. Despite the positive outlook from the Frax Finance community and other digital asset platforms, centralization concerns and the possibility of structural financial risk persist among industry executives and market participants. Six firms, including BlackRock, Franklin Templeton, Ondo Finance, Superstate, Centrifuge and Circle account for over 88% of the tokenized US treasury market. Most of the US Treasurys currently onchain were tokenized on the Ethereum network, which continues to be the leading blockchain for real-world tokenized assets. Ethereum holds $5.7 billion of the total $7.3 billion in tokenized government securities. Source:
