Source: Cointelegraph
Original: “Crypto Biz: Cantor Fitzgerald Expands into Crypto Business, Ethereum (ETF) Inflows Highlight Major Shift in Industry Sentiment”
The first 90 days of President Trump's administration were tough for Bitcoin and the broader cryptocurrency industry. Despite positive developments in the regulatory environment and the historic first White House cryptocurrency summit on March 7, the prices of digital assets remained weighed down by trade wars and recession fears.
However, this week saw a significant shift in sentiment in the cryptocurrency market, with reports indicating that Trump is slowing down the comprehensive tariff war with China. This shift was not negatively impacted, as Trump's media empire—Trump Media and Technology Group—struck a deal with Crypto.com to launch the upcoming "Made in America" exchange-traded funds (ETFs).
This week's Crypto Biz newsletter focused on the rebound in Bitcoin ETF inflows, potential crypto projects supported by Cantor Fitzgerald, and Coinbase's plans to seek a federal banking charter. Finally, it also highlighted Tesla's decision to hold its Bitcoin position, despite the company reporting disappointing quarterly earnings.
Bitcoin ETF Sees Largest Inflows Since January
Capital is flowing back into U.S. spot Bitcoin ETFs, highlighting a positive shift in institutional investor sentiment.
According to Glassnode, as of April 21, 11 spot Bitcoin ETFs registered a net inflow of $381.3 million, with the ARK21Shares Bitcoin ETF accounting for nearly one-third of the total.
A day later, the net inflow for these 11 funds reached $912.7 million, marking the largest inflow since January when Bitcoin's trading price hit an all-time high. The ARK21Shares, Fidelity, and BlackRock Bitcoin funds experienced the largest inflows on April 22.
With billions of dollars flowing back into Bitcoin ETFs, the spot Bitcoin price rebounded to $94,000 on April 23, pushing the total cryptocurrency market capitalization close to $3 trillion.
Reports: Cantor Fitzgerald Supports $3 Billion Crypto Project
Reports indicate that Cantor Fitzgerald is in talks with SoftBank, Tether, and Bitfinex to establish a $3 billion crypto acquisition company named 21 Capital.
According to a Financial Times report on April 23, the company aims to leverage the favorable cryptocurrency environment in the U.S. following Trump's election. It also hopes to emulate the success of Strategy, a business intelligence firm that transformed into a Bitcoin bank and accumulated over 534,000 Bitcoins.
The report also noted that stablecoin issuer Tether will provide $1.5 billion for this new venture, SoftBank is expected to invest $900 million, and Bitfinex will contribute $600 million.
It is reported that 21 Capital also plans to raise $350 million through convertible bonds and aims for $200 million in private equity financing. The funds raised will primarily be used to purchase Bitcoin.
Coinbase Considers Applying for U.S. Banking License
Coinbase is considering applying for a federal banking charter in the U.S., which could mark the cryptocurrency exchange's entry into traditional banking services.
A spokesperson for Coinbase confirmed this option to Cointelegraph but did not elaborate on the reasons.
The spokesperson stated, "This is something Coinbase is actively considering, but no formal decision has been made yet."
A U.S. federal banking charter is significant as it allows licensed institutions to perform core banking functions, including accepting deposits and providing loans. For a cryptocurrency exchange like Coinbase, obtaining such a charter could be a major step in integrating traditional banking with digital assets.
Tesla Holds Bitcoin Despite Disappointing Earnings
Electric vehicle manufacturer Tesla released disappointing first-quarter earnings this week but chose to continue holding its Bitcoin investment, indicating that Musk's company still sees potential for price appreciation in digital assets.
Tesla's net income for the first quarter fell by 71%, with revenue down 9% and vehicle sales down 20% year-over-year.
Tesla's disappointing earnings highlight the absurdity of mixing business with politics, partly attributed to Musk's role in Trump's White House.
Despite the earnings decline, Tesla continues to hold its digital asset position, maintaining 11,509 Bitcoins—unchanged since 2022. At current prices, this holding is worth nearly $1.1 billion.
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Related: Axiym Company, Supported by Avalanche Blockchain, Bets on Currency Services Business
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