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Reddit has announced plans to IPO under the ticker RDDT. It disclosed it had used excess cash for investments in Bitcoin and Ether to hold on the balance sheet in its filings with the SEC. In addition to holding crypto for investment purposes, Reddit also holds ETH and MATIC for sales of select digital collectibles.
The courts have approved FTX's proposal to sell its $1 billion equity stake in AI startup Anthropic. FTX had invested $500 million in Anthropic in 2021 and now aims to use the proceeds of this sale to help repay affected customers. The sale of Anthropic shares is part of FTX's court-supervised asset liquidation to compensate its customers.
Bitcoin miner Marathon is launching a new service called Slipstream aimed at expediting the processing of larger and more complex Bitcoin transactions. The service, the first direct transaction submission service offered by a Bitcoin mining company, is designed to encourage Bitcoin development and innovation. Users will be able to submit these large or non-standard transactions to Marathon and Marathon will process them via its proprietary mining pool, MARA Pool.
Conduit has announced the rollout of its L3 launchpad for Base and the OP Stack. Users can deploy L3 testnets in the Conduit app using L2 networks for settlement layers, utilizing Celestia for data availability to reduce costs further. The L3s give apps greater blockspace scale and allow for new user experiences with lower transaction fees. Aligning with established L2s allows developers to leverage existing liquidity and distribution channels.
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The Price Volume Momentum Trifecta is a framework for finding entries in altcoins in a trending environment. It involves observing the resetting of the Relative Strength Index, which indicates momentum. The framework emphasizes the correlation between resetting RSI, price dynamics, and volume. Traders should find key contextual levels in the market for confluence.
EigenLayer’s restaking mechanism has taken center stage recently, but there is quite a bit of confusion around how it works and how big of a role it might play in the Ethereum ecosystem. This post provides a good overview to get familiar with restaking. Unlike traditional staking, restaking allows users to secure one or multiple decentralized services, termed as Actively Validated Services (AVS). EigenLayer claims that this mechanism allows non-Ethereum protocols to tap into Ethereum’s security, but some fear that it could have unintended consequences.
Kraken is standing up to what it claims to be overreach by the SEC during a congressional hearing. The company argues that existing laws are insufficient to cover the crypto landscape and that concurrent principles limit creativity in the sector. The company vouched for Congress to define rules that cater to the specific risks and benefits of crypto. Kraken recently filed a motion to curb the SEC's lawsuit against it, citing jurisdictional issues and ambiguities in crypto investments classification.
This thread from Lattice Fund partner Regan Bozeman attempts to explain where we are in this crypto cycle, with a focus on where venture funds are and how they’re thinking about the cycle. Many venture funds were likely caught offside late last year as the market surged and they are now scrambling to deploy capital. Bozeman also discusses some of the market dynamics and eccentricities, such as memecoins, that venture funds and their LPs don’t have to consider in other industries.
Eigen Labs, the team behind EigenLayer, has announced one of the biggest fundraises of the year - $100 million from a16z Crypto.
Valkyrie's CIO McClurg believes that, because of its inherent differences from Bitcoin, a spot Ethereum ETF is unlikely to be approved soon - but it may be possible within 1-2 years.
An Ordinals team successfully inscribed a Nintendo 64 emulator on Bitcoin using Brotli Compression, making classic game preservation on the blockchain feasibly affordable.
Adam Back's email exchanges with Satoshi Nakamoto before Bitcoin's launch, which discussed papers Satoshi was using in his research and the general development of Bitcoin, were recently revealed in court records.