| | | Good afternoon. Much of the crypto industry is off to Nashville for Bitcoin 2024. Stay tuned for major announcements in the coming days. | Today’s Stories:
🎸 CoinSnacks Team @ Nashville
🚀 Ether ETFs Recap
🦢 Swan Cancels IPO as Fold Announces SPAC | Today's newsletter is 1,102 words, a 5-minute good read. |
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CoinSnacks Heads to Nashville |
As you’re reading this, your CoinSnacks editors are en route to Nashville to attend Bitcoin 2024. |
With Press Passes in hand – it’ll be nice to get out of the cave for a bit and explore all that's poppin’ these days in the “bitcoin community.” If you’re attending, hit reply and let us know. Drinks on us. |
Now, while we’re there, we’ll be sure to stop and smell the roses – shake hands, meet people, and embrace the vibes of the industry that has somewhat shaped our careers. |
On the other hand, frequent readers know that we’ll also not forget to stop and smell the bullsh*t – all the overly sensationalized hype and posturing that commonly occur at such events. |
| There’s no such thing as “the Bitcoin community” - that’s the whole point. | | | 11:38 PM • Jul 12, 2024 | | | |
| | 4K Likes 324 Retweets | | 375 Replies |
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Putting our skepticism aside, there’s still much to look forward to. The agenda is packed with discussions on mining, banking & ETFs, new scaling technologies, regulation, BTC on the balance sheet, and so forth. |
We’ll be sure to report to you next week on the things we find rationally insightful. |
Most anticipated event: Rumors are spreading that Trump, when speaking on Saturday, will announce his plans to establish a U.S. strategic reserve, aligning to our nation-state game theory proposition last week. Another kind of rally almost formed: In a turn of events, Kamala Harris was reportedly working with conference organizers to squeeze in a speech as well. It was reported today, however, that she is officially out. The stage is now all yours, Mr. Trump. |
| Ari Paul ⛓️ @AriDavidPaul | |
| I’d lay 10:1 against the U.S. adding bitcoin as a strategic reserve in next 4 years. (Bet me now if you’re gonna make fun of me for being wrong in 4 years.) With that said, plausible to me that Trump might *say* it, which would be very bullish for BTC medium time frame. | Dennis Porter @Dennis_Porter_ HUGE BREAKING: Trump to announce a USA #Bitcoin strategic reserve in Nashville 🇺🇸 - Sources |
| | | 3:47 PM • Jul 18, 2024 | | | |
| | 278 Likes 14 Retweets | | 58 Replies |
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Spot Ether ETFs Take Off |
Yesterday, spot ether ETFs had their much anticipated trading debut. The day closed with: |
$1.1 billion in volume $107 million of inflows (Total ex-Grayscale’s ETHE) |
According to Bloomberg’s Eric Balchunas, this represented one of the best showing of ETF launches this year: |
I was curious how the ETH ETFs would rank in Day 1 volume vs all 600 or so new launches in the past 12mo but excluding the BTC ETFs, $ETHA would be #1 (by a lot), $FETH #2, $ETHW #5 and $ETH 7th, and $ETHV in 13th spot. And $CETH, which was lowest among group, would still rank in Top 10% vs a normal new launch. Just another way to illustrate how unusual all this is. |
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Next up, here is how the launch compared to Day 1 for the Bitcoin ETFs: |
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The most impressive stat: If you remove the Grayscale (ETHE & GBTC) flows, the ether ETFs did almost 80% of the inflows that the bitcoin ETFs did on Day 1. Mind you, this is an asset currently trading at only a third of the market cap of bitcoin. |
Speaking of Grayscale, anyone who previously owned the Grayscale Ethereum Trust (ETHE) woke up today to some new shares in their trading account. That’s because every holder of ETHE received a proportional share of Grayscale’s new “mini” trust (ETH). |
Grayscale launched the “mini trust” to prevent another outflow blunder, as we all witnessed during the BTC ETF debut. The mini trust is boasting a 0% fee for the first six months. |
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Swan Abandons IPO Plans |
It’s time for us to maybe eat some crow swan. |
In February of this year, we repeated the idea that Swan Bitcoin might just be the first crypto company to go public in 2024. |
As it turns out, not only will they not be the first as Fold today announced they will be going public very soon (albeit through a SPAC), but they also might not even be going public at all… |
According to a tweet from CEO Cory Klippsten, the company’s Managed Mining business is not generating the revenue it needs and for that reason they will be backing off the IPO and letting go a large number of employees. |
| Cory Klippsten 🦢 #Bitcoin is for everyone @coryklippsten | |
| ANNOUNCEMENT - @Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future. Accordingly, Swan is pulling back from our… x.com/i/web/status/1… | | | 4:51 PM • Jul 22, 2024 | | | |
| | 921 Likes 66 Retweets | | 222 Replies |
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This is quick turnaround from the announcement of the Managed Mining unit only two months ago. |
What really happened here? It’s hard to say. |
And while we wish Swan and the team the best, it’s hard to feel very sorry for someone who has spent much of their time talking down on their competition. |
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| Wait a minute…NASDAQ and S&P down and #Bitcoin is up? Risk off? Risk on? Correlation? Technical Analysis? Macro bananas? Reserve Asset? Just stack sats and chill. | | | 4:02 PM • Jul 19, 2024 | | | |
| | 7 Likes 0 Retweets | | 3 Replies |
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