Today's News Highlights:
Grayscale launches a new Dogecoin Trust Fund
21Shares applies to launch a spot Polkadot ETF
Tether introduces the stablecoin USDT to the Bitcoin Lightning Network
Uniswap v4 officially goes live
Swarms is pushing a new proposal to increase team token holdings to 10% to prevent price manipulation
Vitalik Buterin reveals his holdings: BTC accounts for less than 10%, and non-ETH assets are all below 10%
Tether's profits reach $13 billion in 2024, with U.S. Treasury holdings at an all-time high
The U.S. SEC has delayed its decision on Grayscale's conversion of the Digital Large Cap Fund to an ETF
Regulation/Macro
According to an official announcement, Canadian asset management firm Purpose Investments Inc. has submitted a preliminary prospectus for the world's first Ripple (XRP) spot ETF to Canadian securities regulators. The ETF plans to invest most of its assets in XRP, aiming to provide investors with long-term capital appreciation opportunities within a regulated framework. Purpose Investments manages over $23 billion in assets and previously launched the world's first Bitcoin and Ethereum ETFs. The company's founder, Som Seif, stated that the growing institutional adoption of XRP prompted this product innovation, and the ETF will lower the participation threshold for investors. If ultimately approved, the product will need to be reviewed by the Canadian Securities Commission, with specific trading fees and risk terms to be determined in the final prospectus.
Turkish exchange Thodex founder has some charges dropped but still faces imprisonment for fraud
According to foreign media reports, the 22nd District Court of Istanbul, Turkey, has dropped the "organized crime" charges against Thodex founder Faruk Fatih Ozer but has maintained his fraud charges and continued his detention. Ozer is accused of defrauding over 400,000 users in the 2021 Thodex exchange collapse, involving $2 billion, and was sentenced to 11,196 years in prison in September 2023. His legal team stated they would push for further sentence reduction and emphasized that "the judicial process is not yet over." Thodex was a leading exchange in Turkey, which suddenly closed in April 2021, leaving 391,000 users unable to withdraw funds. Ozer fled and was arrested in Albania in 2022. The court previously found him guilty of money laundering, fraud, and other charges, but the latest ruling determined that some charges lacked sufficient evidence.
Unfolded tweeted that the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Grayscale Digital Large Cap Fund converting its BTC, ETH, XRP, SOL, and ADA tokens into an ETF.
AI
Italian data regulator restricts DeepSeek and launches investigation
The Italian Data Protection Authority has launched an investigation into the AI chatbot DeepSeek, a Chinese startup, and has stated that it has prohibited the company from processing data of Italian users. The Italian Data Protection Authority indicated that after inquiring about the company's use of personal data, the response received was "completely inadequate," prompting the decision to take action.
The agency stated in a press release that it has ordered "the urgent and immediate restriction of Hangzhou DeepSeek AI and Beijing DeepSeek AI from processing data of Italian users, as they are the Chinese companies providing DeepSeek chatbot services."
The statement added that, meanwhile, authorities have begun an investigation.
Project Updates
LayerZero Labs has reached a settlement agreement with FTX bankruptcy assets, ending a two-year legal dispute. Previously, FTX's asset side accused LayerZero of engaging in "fraudulent transactions" with Alameda Research in 2023, where days before FTX's bankruptcy, Alameda agreed to sell back its 5% equity stake (valued at $150 million at the time of litigation) in exchange for the cancellation of a $45 million loan. Another transaction involving 100 million Stargate tokens (initially costing $25 million, repurchased at a discounted price of $10 million) was not completed. LayerZero co-founder Bryan Pellegrino stated that they have returned the original equity buyback amount to FTX's asset side and said, "After the settlement, we can focus on technology development."
According to an official announcement, the IOST Foundation has unveiled an airdrop and staking plan, intending to allocate 4.26 billion IOST tokens to reward loyal users, attract new users, and support builders. Existing users will receive 40% of the token allocation, new users will receive 35%, ecosystem support will account for 23%, and early bird voters will receive 2%. The plan emphasizes long-term participation and the sustainable development of the ecosystem.
Tether introduces stablecoin USDT to the Bitcoin Lightning Network
According to Tether's official website, Tether has announced the integration of its stablecoin USDT into the Bitcoin ecosystem, covering both the base layer and the Lightning Network. This integration is driven by the Taproot-powered protocol Taproot Assets, developed by Lightning Labs, combining Bitcoin's "decentralization" and security with the "speed and scalability" of the Lightning Network, redefining the application of stablecoins in Bitcoin. After integration, USDT will operate on both the Bitcoin base layer and the second-layer Lightning Network, enabling fast and low-cost transactions.
MicroStrategy founder Michael Saylor (@saylor) announced on Twitter that MicroStrategy has priced its Strike preferred stock ($STRK) issuance and increased the planned transaction size from $250 million to $584 million.
According to the official announcement, Nasdaq-listed MicroStrategy (MSTR) has completed the issuance of 7.3 million Series A perpetual preferred shares (STRK) at a price of $80 per share, expecting net financing of $563.4 million. The liquidation price of the preferred stock is $100 per share, with an annual dividend rate of 8%, payable in cash or A-class common stock, and convertible into common stock at an initial conversion price of $1,000 per share.
MicroStrategy stated that this financing will be used for general corporate purposes, including continuing to increase Bitcoin holdings and supplementing operating funds. According to the terms, if the total liquidation value of the circulating preferred shares falls below 25% of the total issuance, the company can redeem them in full; if a significant tax or legal event occurs, investors can request a buyback.
The issuance is co-underwritten by institutions such as Barclays and Moelis & Company, with settlement expected to be completed by February 5, 2025. As of January 2025, MicroStrategy holds approximately 190,000 Bitcoins, and this financing may further expand its Bitcoin holdings.
Grayscale launches a new Dogecoin Trust Fund
Grayscale has announced the launch of a new closed-end fund—the Dogecoin Trust—providing exposure to Dogecoin (DOGE). The asset management company believes that DOGE is no longer just a meme coin but has become a tool for global financial inclusion, especially in regions with underdeveloped banking infrastructure. With its low transaction costs and fast transfer speeds, DOGE is seen as the best tool for international remittances. The launch of this trust comes shortly after President Trump took office, who promised to promote the development of the crypto industry and named one of his newly established organizations "D.O.G.E." DOGE's market capitalization is nearly $50 billion, making it the largest meme coin globally.
Uniswap v4 officially goes live
According to Uniswap's official news, Uniswap v4 is now live, becoming the latest version of the Uniswap protocol. After contributions from hundreds of community members, nine independent audits, the largest security competition in history, and a $15.5 million bug bounty, Uniswap v4 is now enabled on multiple chains, including Ethereum, Polygon, and Arbitrum. This update transforms the protocol into a highly customizable developer platform, allowing developers to customize logic for liquidity pools, swaps, fees, and more through "hooks" plugins.
Data shows that Uniswap v4 offers lower trading costs, with new pool creation fees reduced by 99.99% compared to previous versions, and it supports ETH trading pairs, significantly saving on gas fees. Additionally, this version has no critical security vulnerabilities, and all code is open for community contributions and audits. Liquidity providers can migrate to v4 through the Uniswap app, and traders' swap processes will automatically route through v4 liquidity pools.
UBS Tests ZKSync Layer-2 Technology
Swiss banking giant UBS has completed a proof of concept for its "UBS Key4 Gold" gold product on the Ethereum Layer-2 network ZKSync. This move aims to explore how to scale its gold products while protecting privacy. Key4 Gold allows Swiss customers to purchase physical gold with real-time pricing, deep liquidity, and optional physical delivery.
FTX Reaches Settlement with K5 Global
According to a press release, on January 31, 2025, FTX Trading Ltd. (FTX.com) and FTX Recovery Trust announced a settlement with venture capital firm K5 Global, resolving a lawsuit filed by FTX in June 2024. FTX stated that both parties will work together to maximize recoveries for FTX stakeholders.
The Chapter 11 reorganization plan approved by FTX's U.S. bankruptcy court became effective on January 3, 2025, and initial distributions are expected to be completed within 60 days.
21Shares Applies to Launch Spot Polkadot ETF
The exchange-traded fund-focused company 21Shares has submitted an S-1 registration application to the U.S. Securities and Exchange Commission (SEC) to launch a Polkadot Trust Fund. It will be traded on the Cboe BZX Exchange, Inc. and will track the performance of Polkadot Network's native token DOT. According to the statement, Coinbase Custody Company, LLC will custody its DOT. Earlier this week, Tuttle Capital applied for 10 leveraged cryptocurrency ETFs, including one tracking Polkadot.
Tensor Foundation: TNSR Q4 Airdrop Claims Now Open
The Tensor Foundation tweeted that TNSR Q4 airdrop claims are now open, with a total of 4% of the TNSR supply rewarded to active users of Tensor Protocols' S4, with nearly 50,000 wallets eligible for S4 rewards. Additionally, users claiming in the VECTOR.FUN application will receive an extra 25% reward.
Previous News indicates that the Tensor Season 4 reward claim check tool has been launched, and claims will begin at the end of January next year.
NYSE Applies to List and Trade Grayscale's Spot Dogecoin ETF
The New York Stock Exchange Arca has submitted a 19b-4 form to the U.S. SEC seeking approval to change rules to list and trade Grayscale's spot Dogecoin ETF. This move comes shortly after Grayscale announced the launch of the Dogecoin Trust Fund.
The document states: "Similar to Bitcoin and Litecoin, Dogecoin can be used to pay for goods and services or can be exchanged for fiat currency, such as the U.S. dollar, with the exchange rate determined by digital asset trading platforms or by individual end-user to end-user transactions under a barter system. Additionally, Dogecoin can also be used to pay miners for validating transactions on the Dogecoin network."
The proposed ETF will provide investors with an opportunity to invest in Dogecoin without directly owning it. Coinbase Custody Trust Company will serve as the custodian, while BNY Mellon will handle management and transfer agency duties.
Swarms Pushes New Proposal to Increase Team Token Holdings to 10% to Prevent Price Manipulation
The AI agent protocol Swarms tweeted that due to the team's low token holdings (2%), which has led to price manipulation, it is currently pushing a new proposal to establish a DAO and increase team holdings to 10% to prevent market manipulation. This proposal will ensure that the team has the resources to continue supporting the agent infrastructure project and protect it from malicious whales and bad actors. Additionally, the official will pay profits to DAO investors quarterly.
Opinion
CZ: Speculation May Yield Short-Term Profits, While Builders Win Long-Term
CZ tweeted that speculation may yield short-term profits, while builders win long-term.
Important Data
Bitcoin Spot ETF Saw Net Inflows of $319 Million Yesterday, Continuing Four Days of Net Inflows
Vitalik Buterin Reveals His Holdings: BTC Accounts for Less Than 10%, Non-ETH Assets All Below 10%
Ethereum co-founder Vitalik Buterin (@VitalikButerin) revealed on social media that Bitcoin (BTC) accounts for less than 10% of his personal crypto assets, while the total holding ratio of all non-Ethereum (ETH) assets is also below 10%.
Tether's 2024 Profits Reach $13 Billion, U.S. Treasury Holdings Hit All-Time High
Tether released its Q4 2024 report, showing an annual net profit exceeding $13 billion, with group equity surpassing $20 billion. In the fourth quarter, U.S. Treasury holdings reached $113 billion, surpassing historical records, making Tether one of the largest holders of U.S. Treasuries globally. Additionally, Tether's excess reserves exceeded $7 billion for the first time, with a year-on-year growth of 36%.
According to on-chain analyst @ai_9684xtpa, a whale that built a position in TRUMP 3 days ago liquidated 7 hours ago, incurring a loss of $590,000 in this round. The address 2geJd…m49Aj spent $2.8 million to buy 92,700 tokens during the rebound trend on January 28, but the price subsequently fell, and it was sold off entirely 7 hours ago at an average price of $23.82. However, its profits from the previous three rounds were substantial, currently totaling a profit of $7.44 million on TRUMP.
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