Cathie Wood’s Ark Investment has bought 639,069 shares in Grayscale’s Ethereum Trust (ETHE) in the first quarter of the year. The company’s holdings are now worth over $20 million.

The U.S. Office of the Comptroller of the Currency (OCC) is reportedly asking staff to review its cryptocurrency-related guidance, issued last year under former comptroller Brian Brooks.

Cryptocurrency lender BlockFi has mistakenly deposited excessive amounts of bitcoin to users’ accounts as rewards connected to a March promotional giveaway. BlockFi was supposed to deposit stablecoins to users’ accounts, but seemingly deposited BTC without changing the value. In some shared screenshots, as much as 700 BTC was awarded to users.

Sponsored: Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

Top stories in the Crypto Roundup today:

• BlockFi Mistakenly Sends Users Outsized BTC Rewards
• Acting OCC Chief Begins Staff Review of Crypto-Related Actions
• Ark Investment Buys $20 Million of Grayscale Ethereum Trust Shares
• Sponsored: Learn More About Invictus Capital's $10,000 Giveaway

Ark Investment Buys $20 Million of Grayscale Ethereum Trust Shares

Cathie Wood’s Ark Investment has bought 639,069 shares in Grayscale’s Ethereum Trust (ETHE) in the first quarter of the year. The company’s holdings are now worth over $20 million.

Ark’s ETH investment was seen as bullish by both Ethereum and decentralized finance proponents, with some pointing to a potential “regime change” in which altcoin prices start decoupling from bitcoin’s price.

Institutional money managers have been buying millions worth of Ethereum over the last few months, but despite the allocation Ark’s Q1 filing with the U.S. Securities and Exchange Commission (SEC) shows the firm’s portfolio is still heavily betting on bitcoin.

Ark Investment has reportedly also invested in Coinbase (NASDAQ: COIN) via both the Ark Innovation ETF and the ARK Next Generation Internet ETF.

Acting OCC Chief Begins Staff Review of Crypto-Related Actions

The U.S. Office of the Comptroller of the Currency (OCC) is reportedly asking staff to review its cryptocurrency-related guidance, issued last year under former comptroller Brian Brooks.

Acting Comptroller of the Currency Michael Hsu requested the review, and said in a release:

“My broader concern is that these initiatives were not done in full coordination with all stakeholders. Nor do they appear to have been part of a broader strategy related to the regulatory perimeter. I believe addressing both of these tasks should be a priority."

The review also covers pending licensing decisions. Applications from cryptocurrency firms including BitGo and BitPay will be subject to the review and it’s unclear whether firms that gained conditional approval like Paxos fit into the review process.

Hsu noted he plans on keeping an open mind but is “committed” to ensuring banks remain safe for customers.

BlockFi Mistakenly Sends Users Outsized BTC Rewards

Cryptocurrency lender BlockFi has mistakenly deposited excessive amounts of bitcoin to users’ accounts as rewards connected to a March promotional giveaway. BlockFi was supposed to deposit stablecoins to users’ accounts, but seemingly deposited BTC without changing the value. In some shared screenshots, as much as 700 BTC was awarded to users.

The rewards were distributed after the firm’s March Trading promotion, which rewarded users if they traded a certain volume in USD during the promotional period. On May 14, BlockFi tweeted there was an issue and participants could see an inaccurate bonus displayed on their transaction balance, writing:

“Some clients who participated in the March trading promotion may see an inaccurate bonus payment displayed in their transaction history. Our team is working on a fix and the proper amounts will be reflected shortly.”

Some users have, however, immediately withdrawn the outsized rewards. In response, BlockFi threatened legal action. A BlockFi spokesperson said that fewer than 100 clients were incorrectly credited with outsized cryptocurrency rewards.

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Learn More About Invictus Capital's $10,000 Giveaway

Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

The total assets under management (AUM) of funds managed by the company's team of veteran investment professionals peaked at $112 million in February, and ended the quarter at just over $100 million — a 50% growth over the quarter. The InvictusCapital.com token (ICAP), which allows loyal investors the chance to share in Invictus Capital’s success, has appreciated over 400% since its launch in Q1 this year. 

As part of the company’s broader plan to become a global leader in alternative asset investing, Invictus has integrated Binance Smart Chain based assets for fund investments. This integration solves the pain of high fees associated with using Ethereum and Bitcoin.

To celebrate the newly launched Binance Smart Chain (BSC) feature, a $10,000 giveaway will be distributed randomly to ten lucky users. 

The promotion starts on 30 April 2021 and ends on 31 May 2021 at 11:59 GMT and it’s not available to U.S. residents. Read more about the promotion rules here.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.

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